Peugeot Invest SA

Peugeot Invest reported a net asset value of EUR144.8 per share as of June 30, down 12.5% over the period, as a 48% decline in the Stellantis share price more than offset an 8.5% net return on its investment portfolio at constant exchange rates. That portfolio return translated into value creation of just below EUR240 million, or EUR236 million, helped by a positive foreign exchange contribution of EUR50 million, while the investment portfolio now represents 79% of gross asset value and Stellantis accounts for only 20%. Net profit at group share rose year-on-year to EUR135.8 million despite lower dividend income, and the dividend was maintained at EUR3.25 per share, having grown on average 7% per annum over the last 10 years. Net debt fell by EUR56 million to EUR320 million at June 30, with a loan-to-value ratio stable at 7.8% and liquidity of EUR785 million in undrawn credit facilities plus EUR255 million in cash. Disposals completed in the first half totaled EUR330 million, excluding EUR97 million of Doctrine proceeds received in early H2, and included the LISI exit at EUR116 million and the Immobilia Dassault sale at EUR72 million, while new investments comprised EUR140 million in the Total Mobile and Solvares merger and USD175 million in Merion Nutrition, expected to close in October. CEO Jean-Charles Douin said Stellantis's financial performance is disappointing but pointed to early positive signs under the Fastlane 2030 recovery plan, and said share buybacks remain in the toolbox even though the company favors dividends given its small free float.