2025 ANNUAL RESULTS
March 26, 2026Speakers
Jean-Charles Douin
CEO
Sébastien Coquard
Deputy CEO
Highlights full-year 2025
Robust Investment Performance
20%* decrease of Stellantis share price
NAV at €169,2 per share
Invest Performance
Invest Performance (ex-FX)
14,1%
6,4%
NAV
Performance
NAV
Performance (ex-FX)
-1,7%
-5,6%
-€430m*
3
Strategy in action
Significant disposals after strong contribution*
Refocusing
of the fund portfolio
Deployment in core sectors
+39%
+104%
€356m
€104m
22
GPs reduction
35
Fund sold
Total proceeds
€221m
o/w received
in 2025
€55m
Financial
Services
Healthcare
$125m
€105m
4
01
Co-Investments
Med Platform I Med Platform II (Archimed)
Other Co-Investments
Removal of the « Co-investments » category, which is no longer part of the strategy
« Co-investments » renamed « Other Investments » to reflect the non-strategic nature of these assets
Archimed commitments in Med Platform I (MPI) & Med Platform II
(MPII) reclassified under Investment Funds
Other Investments
Investment Funds
(in €m)
-€51m
-€181m
-€81m
€117m
-€523m
€25m
€357m
-€406m
€4,217m
€382m
€169.2
NAV PER SHARE
€4,554m
-5.6%
NAV
PERFORMANCE
(INCLUDING DIVIDENDS)
NAV 2024
Peugeot 1810 (Stellantis + Forvia)
Investments
SG&A, interests & others
FX Impact
Dividends paid NAV 2025
NAV Performance | Peugeot 1810Negative contribution from Stellantis
+56.9%
-€406m
Forvia change
P1810 contribution
Dividend received from Stellantis
-€546m
Stellantis change
Stellantis contribution
-19.8%
€117m
€23m
Focus on Stellantis
Navigating through strong headwinds
1
Increasing regulatory constraints in Europe
2
Uncertain US Market outlook
3
Leadership changes
4
Disappointing Financial Performance
Focus on StellantisImproved Y-o-Y
-4.5 bn
(+€1.5 bn)
Industrial FCF
Progressive Improvement in 2026
€22.3 bn
Low-Single Digit %
-0.5%
(-600 bps)
Decisive Reset Enables Profitable Growth
AOI margin
AOI margin
Mid-Single Digit % Increase
€153.5 bn
(-2%)
5.5 M units
(+1%)
Return to Top-Line Growth in H2 25
Net revenues
Net revenues
2025 actions set up conditions for progressive, profitable growth
Financial review: FY 2025 overview
Strong execution expected in 2026
Positive guidance for 2026
Shipments
(consolidated)
Net loss
Industrial FCF
Double-digit performance for the core asset classes*
€213m
€234m
€21m
+23%
€330m
€34m
€3m
€30m
+10%
+5%
-€51m
€113m
+14.1%
INVESTMENT PERFORMANCE (EXCLUDING FOREX)
Shareholdings Investment funds
Dividend receivedOther Investments
SG&A, interests & others
Investments contribution (excluding FX impact)
FX impact - Key takeawaysLimited cash impact despite significant FX volatility
Shareholdings
22%
Cash
6%
Private equity
funds
39%
Net USD exposure increased by ~$115m over the year, mainly driven by
1
$125m investment in BroadStreet …
2
… partially funded by $75m USD purchases, resulting in a limited
transaction FX impact (-€1m)
3
FX impact mainly driven by year-end revaluation of USD-denominated assets, representing -€180m
$1,6bn
-€180m
USD-
denominated assets
USD-
denominated assets
(2025)
FX impact from USD
purchases : -€1m
Cash
(beginning of period)
Cash
(end of period)
Other investments
33%
Limited long-term FX impact on NAVSignificant appreciation of the euro against the US dollar in 2025
€114m
€86m
-€50m
-€181m
€81m
-€86m -€36m
2020
2021 2022
2023 2024
2025 Total impact on NAV (2020 - 2025)
+9.2%
-7.7%
-5.8%
+3.6%
-6%
+13.1%
Change in EUR/USD
USD Asset Exposure ($bn)
$1.6bn
$1.5bn
$1.6bn
$2bn
$1.7bn
$1.1bn
13
YTD Performance including dividends
Resilient performance:Peugeot Invest's share price up 8.1% in 2025, significantly outperforming its NAV
Stoxx Europe
Small 200
17.0%
CAC Mid 60
11,3%
Liberation Day" (April 2, 2025) - initiation of sweeping reciprocal tariffs
Peugeot Invest
8,1%
Stellantis
-19.8%
Stellantis Posts Annual Results; Share Price Down 9% in Two Days
Stellantis Share
Price Down 26% in 14
Four Days
Discount narrowed in 2025A disconnect between intrinsic value and market price
60.0%
55.4%
57.5%
55.2%
4.8pts
47.3%
47.2%
42.1%
€235.0
€238.7
€199.5
€179.5
€179.6
€182.7
€169.2
€124.0
€104.0
€94.6
€101.4
€89.0
€73.1
€75.8
2019
2020
2021
2022
2023
2024
2025
Discount (%) NAV per share (€) Share price (€)02
Active Asset Rotation in 2025:
Strategic disposals to strengthen the portfolio
€667m
€460m
€432m
€218m
€144m
€171m
€63m
€43m
Total divested (2025)
Shareholdings Investment funds Other Investments Total Invested (2025)
Shareholdings Investment funds Other Investments
Regular asset rotation over the years:
Continuous portfolio rebalancing to enhance quality, diversification and returns
€667m
€534m
€538m
€491m
€442m
€432m
€379m
€333m
54%
PORTFOLIO ROTATION OVER THE PAST 4 YEARS*
2022 2023 2024 2025
Investments DisposalsShareholdings:
Capturing exceptional H1 market momentum after 7.5 years of ownership
2025 SPIE contribution : +39%
Strong rebound in share price YTD outperforming sector peers in 2025
Disposal of half our stake in SPIE in March, and the remaining in July
Strengthens portfolio quality and liquidity
Demonstrates agility in capital allocation
19
Illustrates the benefits of active asset rotation and disciplined decision-making
Strategic exit at peak valuation
€200m
Invested in
2017
€356m
Exit proceeds
2x
Exit multiple
10%
Net IRR
Shareholdings:Crystallizing long-term value to support the next phase of our investment strategy
Long-term, disciplined value creation across cycles
Disposal of half our stake in Lisi
in September, and the remaining in
February 2026
A 50-Year value creation story
Shareholder since 1977
Supported LISI's transformation
into a global aerospace leader
Played an active role in the 2023 capital reorganization
Contributed to increased free float
and improved liquidity
Final step of a phased exit
initiated in 2024
20
2025 Lisi contribution : +104%
+143% share price increase (2025)
*Following the continued share price appreciation in 2026, Peugeot Invest completed the disposal of its remaining stake in February at an average price of €55 per share
€390m
In value creation over the entire holding period
€104m
€116m*
(2025)
(2026)
Exit proceeds
11%
Net IRR Over 5 decades
Investment Funds secondary sale:
Enhancing portfolio quality and unlocking capital for redeployment
€55m
Proceeds received from secondary sale in 2025
€166m
Proceeds to be received by the end of 2026
Key highlights of transaction
€78m Unfunded commitment
35
Funds
22
GPs
Allocation impact on portfolio
RoW
12%
11%
43%
53%
34%
12%
2%
32%
Global
Europe
28%
USA
< 2016
2016-2018
2019-2020
10% 8%
NAV prior disposal (%)
NAV after disposal (%)
2021-2024
27%
29%
34%
NAV prior disposal (%)
NAV after 21
33%
30%
disposal (%)
Investment Funds commitments:€114 commitments to 5 investments funds in core sectors
Europe North America
Pollen Street V
€25m
Charterhouse XII
€40m
New relation
Financial Services
Europe
New relation
Business Services / Healthcare
Europe
Chicago Pacific
Founder IV
$30m
Re-up
Healthcare
United States
Capital A
€20m
The Brain Fund II
€3m
New relation
Business Services / Tech
Europe
Re-up
Impact
Europe
2025 overview
€171m
€144m
€89m
€55m
€55m
€89m
Total capital calls (2025)
Total received (2025)
o/w distributions o/w proceeds from secondary sale
Other Investments:Proceeds
24 M$
Performance
+72%
Proceeds
32 M€
Performance
+23%
2 exits in H1 25 after strong YTD stock performance
03
Attractive financial profile
Net debt Covenant monitoring
€1 023m
€885m
€858m
€763m
-€175m
€551m
€376m
€234m
€1 147m
50%
LTV(1)
2019 2020 2021 2022 2023 2024 2025 Proforma
@March-26
11%
7.9%
Pro forma for completed transactions and proceeds from secondary sale*
15.3% 20%
Dec-24 Dec-25100%
Gearing(2)
(1) LTV : Net debt/Gross assets ; (2) Gearing : Net debt/Equity 26
* Sale of Lisi for €116m, Investment in Solvares/Totalmobile for €140m, Proceeds from secondary sale for €166m
Strong investment capacityLiquidity profile Maturity profile
€1,132m
€197m
€935m
€935m
undrawn credit
facility
€300m
€150m
€100m
€20m
Total Liquidity 2025 2026 2027 2028 2029 2030 2031 2032
Cash available
Undrawn credit facilityBond debt US / Euro PP
Positive operating cash flow despite lower Stellantis dividend
(in €m)
224
2018
2019
2020
2021 2022 2023
-19
163
122
69
52
289
24
63
222
252
122
126
141
8 -17
-15
-23
-11
-19
22
-29
-10
-25
-42
-36
-10
-28
-31
-42
-27
-33
-32
-24
-34
-30
-13
-18
-68
87
2024 2025
Cash dividends SG&A Taxes Interest expensesConsolidated P&L as of December 31, 2025
(in €m)
Consolidated income statement in €m | 12/31/25 | 12/31/24 |
Income from long term investments | 362.3 | 250.2 |
Other income | - | - |
Income from ordinary activities | 362.3 | 250.2 |
General administrative expenses | (36.6) | (38.0) |
Other financial income | (76.0) | 20.8 |
Cost of debt | (18.5) | (15.0) |
Pre-tax profit from consolidated companies | 231.2 | 217.9 |
Share in earnings of companies at equity | 1.5 | 13.0 |
Consolidated pre-tax profit | 232.7 | 231.0 |
Income tax (including deferred tax) | 26.7 | (6.1) |
Consolidated net profit - of which attributable to equity holders of the parent | 259.4 223.5 | 224.8 146.3 |
(€/share)
+6.8%
€3,25
€3,25
€3,25*
€2,65
€2,85
€2,15
€2,35
€1,80
€2,00
€2,15
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
04
Continued pace of asset rotation in 2026
Completion of the final exit from
LISI after closing
Peugeot Invest supports the creation of an international champion in Field Service Management software
² Exit proceeds*
€116m
² Investment in Totalmobile / Solvares
€140m
IRR
11%
Held since
1977
over
50 years
Europe
32
Field operations Software
Strategy in action
Regular rotation of portfolio Deployments in core sectors
Realised in 2026
Realised in 2025
Refocusing
of the fund portfolio With secondary sale
€356m
€220m
€116m
€166m
€104m
€55m
Secondary sale To be received received in 2025 in 2026
Financial
Services
Healthcare
Tech
$125m
€140m
€105m
33
Starting 2026 with a robust balance sheet
1
Strong investment performance in 2025
2
Stellantis weighing on performance in 25 and YTD 26
3
Robust balance sheet
4
Disciplined portfolio activity
34
⎯ Financial calendar
May 20, 2026
ANNUAL GENERAL MEETING
September 23, 2026
HALF YEAR RESULTS
For more information please contact
Sébastien Coquard
+33 1 84 13 87 25
sebastien.coquard@peugeot-invest.com
05
A
Others
(8% of GAV)
Other-investments
(13% of GAV)
Investment funds
(23% of GAV)
Shareholdings
(20% of GAV)
Peugeot 1810
(35% of GAV)
Public equity Private equity (7% of GAV) (13% of GAV) |
Med Platform I & II Europe US |
Cash and equivalents Receivables Treasury shares Other assets |
Gross Asset Value
Investments GAV
Others 8%
Others
12%
Robertet Lisi 4%
4%
Immobilière Dassault CIEL group
Other-investments 13%
€4.8bn
Gross Asset Value
Peugeot 1810
35%
Other-Investments
21%
2%
1%
€1.0bn
Direct Investments
Gross Asset Value
21%
Private shareholdings
Investment funds 23%
Direct shareholdings 20%
Investments
2%
Real estate funds 6% Med Platform (MPI & MPII) funds
27%
Private equity funds
Sector and geography diversificationGAV by sector
GAV by geography
Gross Asset Value as of December 31, 2025
Other sectors
Rest of the world
18%
Real Estate 8%
5%
Business Services
44%
Europe
6%
Technology 7%
39%
Automotive
North America
38%
Financials 9%
11%
Consumer
15%
Healthcare
Note : Figures as of December 31, 2025 40
Source : Peugeot Invest's estimates based on allocation of the revenues of all Investments by sectors and geographical areas.
P1810 integrated