Peugeot Invest: NAV declines by 12.5% in first half, weighed down by automotive assets (-47%)
The Peugeot family investment company published its first-half accounts on September 23, 2026. The contrast is stark between two halves of the portfolio: on one side, non-automotive Investments advance by 8.5% at constant exchange rates and contribute €236 million to Revalued Net Assets. On the other, automotive assets grouped under Peugeot 1810 lost €792 million in value, with their valuation declining by 47% over the semester, while Stellantis shares fell 47% and Forvia 22%. As a result, NAV per share stands at €144.8, down 12.5% including dividends over the semester.
NAV per share falls from €169.2 to €144.8 in six months
At June 30, 2026, Revalued Net Assets stood at €144.8 per share, compared with €169.2 at December 31, 2025, representing a decline of 12.5% including dividends over the first half. In absolute terms, NAV fell from €4,217 million to €3,608 million. The Peugeot 1810 line item, which groups historical stakes in Stellantis and Forvia, reduced NAV by €792 million (-47%). Over the period, Stellantis shares declined 47% and Forvia shares 22%. The weight of Stellantis in Revalued Gross Assets was reduced to 20%. Conversely, non-automotive Investments contributed €236 million, with a performance of 8.5% at constant exchange rates. Investment funds posted 13.2%, other investments 11.9% and participations 1.4%. The currency effect was €49 million and dividends paid €81 million. Excluding automotive assets, Investments now represent 79% of Gross Assets.
SpaceX and Doctrine drive value creation in Investments
The performance of investment funds stems primarily from funds Valor IV, V and VI managed by Valor Equity Partners, shareholders of SpaceX for several years. The initial public offering of SpaceX, completed on June 12, 2026, made it possible to realize value creation of €131 million for Peugeot Invest. The net asset value of these funds was revalued on the basis of a share price of $170.86 per share, and a hedge was put in place at an average price of $173.5 per share, securing a value exceeding $200 million. On the other investments side, Doctrine was revalued at the sale price to RELX group, an operation finalized in August for a collection of €97 million, whereas Peugeot Invest had invested €18 million there in 2023. Consolidated net profit attributable to the group amounted to €135.8 million in the first half of 2026, compared with €121.5 million a year earlier. According to the company, the decline in dividends linked to the absence of a Stellantis dividend (€152.5 million in the first half of 2025) was offset by the revaluation of investment funds and a positive currency effect of €11 million, compared with -€76.3 million a year previously.
€330 million in disposals and distributions received, and liquidity exceeding €1 billion
Peugeot Invest continued portfolio rotation with €330 million in disposals and distributions received, against €209 million in investments and capital calls. The group disposed of the remainder of its stake in LISI for €116 million and its stake in Immobilière Dassault for €72 million, and invested in Totalmobile-Solvares. Net financial debt stood at €320 million at June 30, 2026, compared with €376 million at end-2025, following the payment of a €81 million dividend, representing a reduction of €56 million. The Loan-to-Value ratio came in at 7.8%, compared with 7.9% at end-2025. Cash reached €255 million and undrawn credit lines represented €785 million, bringing liquidity to an amount exceeding €1 billion. This liquidity should enable repayment of the €300 million bond loan maturing at the end of October 2026 and financing of a $175 million investment in Mérieux NutriSciences, announced on September 21 and intended for the acquisition of Certified Group, with completion expected by year-end.
