Peugeot Invest SA (FFP) Q2 2026 Earnings Report

The call was predominantly positive, with strong portfolio returns, significant value creation from investments including SpaceX and Doctrine, disciplined disposals, improved diversification, debt reduction, ample liquidity, and continued investment capacity. These positives were partly offset by the 12.5% NAV decline, the 48% fall in Stellantis' share price, the more than 60% share-price discount to NAV, the absence of a Stellantis dividend, and stated automotive-sector headwinds.

Management expects the Mérieux NutriSciences transaction to close in October, subject to customary regulatory approval, with an investment of $175 million; net debt at the end of the year is expected to be “a bit higher” than EUR 320 million but to remain at “a very decent level,” while “an LTV around the 10% level” is considered “still a very conservative level”; the EUR 300 million bond maturing in October can be refinanced from EUR 785 million of undrawn credit facilities and EUR 255 million of cash, although “at some point maybe a new issuance” will be considered; in “the last part of 2026 and 2027,” investment will remain focused on the equity asset class—public equity, private equity, and private equity funds—and the four core sectors of business services, healthcare, technology, and financial services, with the private equity fund portfolio managed as “a self-financing activity.”