Good morning, ladies and gentlemen, and welcome to the Peugeot Invest 2025 annual results presentation. Your hosts today are Jean-Charles Douin, Chief Executive Officer, and Sébastien Coquard, Deputy CEO.

Today's presentation will be followed by a Q&A session. You may submit your question at any time via the webcast platform by using the form available at the bottom of your screen.

I will now hand over to Jean-Charles Douin. Please, Jean-Charles, the floor is yours.

Thank you, Leslie. Good morning, everyone.

It's my pleasure to present our 2025 results. Really, they're a continuation of the ones we presented at half-year, and that is a tale of two halves.

On the one hand, we've seen a solid performance from our investments, which grew by over 14% over the year. Sébastien will go into more detail on this, but this was mainly driven by the strong performance from our listed investments.

On the other hand, Stellantis had a year of transition with a difficult regulatory environment and a reset of its management team and its strategy. During the year, the share price declined by 20%, which is an impact on our valuation of over 400 million, a negative impact of over €400 million.

Added to this was a continuation of the depreciation of the dollar, which had a negative foreign exchange impact of €180 million on our net asset value. As you can see, these three effects combined led to a drop in our net asset value of 5.6% or around €169 per share.

2025 was also the year when we presented our revised investment strategy. We did it at the AGM in May 2025.

If I had to summarize it, it's a strategy that is focused on equity products, has more concentrated and influential investments, and is aligned on four core sectors. We immediately started deploying this strategy during the year: first, by focusing on active management, and we disposed of long-term investments such as SPIE and Lisi at very good conditions.

We also took the opportunity to refocus our funds portfolio on strategic relationships, and we disposed of roughly a third of our position, which had become non-core. Finally, we started deploying capital in attractive opportunities aligned with our investment criteria.

We invested in BroadStreet Partners, which is an insurance broker based in the US, and Novetude, a higher education provider for the healthcare industry based in France and Spain. With this, I will let Sébastien go into the detail of the results.

Thank you, Jean-Charles. Good morning, everyone.

Let me walk you through the key highlights of our full-year results. We have improved the readability of our NAV presentation through a reorganization of its structure.

Investments in MedPlatform 1 and 2 are the flagship funds managed by our healthcare partner, Archimed, have been reclassified under the Fund category for a total amount of €211 million to better reflect their underlying nature. We have also renamed the Co-investment category into Other Investments.

This reflects our strategic decision to no longer pursue small-ticket co-investments alongside funds without active involvement in the underlying companies. NAV stood at €4.2 billion or €169.2 per share, down 5.6% over the year.

As Jean-Charles just mentioned, this evolution reflects a strong underlying performance of our investment strategy at constant exchange rate, more than offset by adverse currency effects and the 20% drop in Stellantis' share price. Peugeot 1810 performance reflects a contrasted evolution across its main holdings.

Stellantis declined by around 20% over the year, including dividends, which contributed to €117 million. Conversely, Forvia delivered a strong rebound of 57% in 2025.

However, most of this performance has reversed in Q1 '26.

As I said earlier, 2025 has been a year of transition for Stellantis. I guess you could call the conjunction of events it faced a perfect storm, or at least very strong headwinds.

In Europe, the regulatory constraints around the electrification are not benefiting local players, and we're seeing a rapid rise of the market share of Chinese players, amongst others. In the US, the introduction of tariffs has created significant uncertainty for American players, such as Stellantis.

Our manufacturing footprint is spread across the US, Mexico, and Canada, which doesn't help in this environment. In addition to this, Stellantis has been through a leadership change with the appointment of Antonio Filosa in late May 2025 and a reset of its strategy.

All of these have led to disappointing financial performance for the year.

We have summarized on this slide the '25 results and updated guidance for Stellantis. Following a net loss of €22.3 billion, the company is now focused on restoring revenue growth, returning operating margins to positive territory, and improving cash flow generation.

Our Investment activity has performed much better. At constant exchange rates, the portfolio delivered a strong performance of 14.1%.

This was primarily driven by our shareholdings, which were up 23%, with listed assets such as SPIE and Lisi as the main contributors. Our Investment Funds also delivered a solid returns of 10%.

In particular, the Archimed funds led the way, benefiting from a strong revaluation following three years of relative stability. Finally, our Other Investments were up 5%, reflecting a more mixed performance.

A few positions had a negative impact, notably the decline in Lineage share price, which were more than offset by several positive revaluations. TradingView was the most notable contribution, continuing to perform strongly and benefiting from a transaction at a significant higher valuation.

We have around $1.6 billion of assets denominated in US dollar. As a result, the sharp depreciation of this currency had a significant impact on our NAV.

The exposure increased in '25 by 117%, mainly driven by our investment in BroadStreet. This was funded by $70 million USD purchase executed in the second half and on which there was only $1 million negative forex impact.

Looking at the impact over the past six years, currency effects tend to even out over the long term. Hence, we don't hedge our balance sheet, but we can hedge future cash flow if we have sufficient visibility, as illustrated by the hedging on expected cash inflows in '26 from the secondary disposal.

This exposure is a strategic choice aligned with our aim to diversify geographically and increase exposure to the US economy. Peugeot Invest share price was up 8.1% in '25, despite the drop of Stellantis shares, outperforming our NAV.

As a result, the discount started narrowing to 55%. Now a few words on our activity.

We divested €667 million worth of assets, with shareholding being the major contributor, and invested €432 million in '25. This level of disposal is the highest over the last years, and investment volumes remains broadly in line with historical amounts.

The main disposal was the sale on the market of our stake in SPIE, executed in two blocks in March and July, capitalizing on the strong share price performance. The total proceeds amount to €356 million.

We had been SPIE shareholder for 7.5 years, playing an active role at the board level and supporting management in its M&A strategy, operational execution, and enhanced financial communication. This investment in SPIE delivered a 10% IRR and 2 times on invested capital.

It illustrates our long-term involvement targeting double-digit returns and our agility to seize market opportunities after SPIE shares gaining 60% in H1. The second-largest disposal was a block of Lisi for €105 million executed in September.

We sold the remaining stake on the market in early '26 for €116 million at €55, above the current share price. Lisi has been one of Peugeot Invest's longest-held shareholding, with the Peugeot family supporting the Kohler and Viellard families to expand into aerospace.

This has been a success story with the Aerospace division now driving Lisi's results. Over nearly 50 years, this investment has generated an 11% IRR.

Another major transaction was the partial disposal of our investment fund portfolio. As part of the strategic rebalancing, we sold 35 private equity funds managed by 22 general partners on the secondary market for approximately €221 million.

As part of this transaction, we also reduced our uncalled commitments by €78 million. The payment was scheduled in three installments, which €55 million received in June '25 and the balance in '26.

The disposed portfolio delivered a high single-digit returns. This transaction illustrates our refocus and active management of our portfolio.

In 2025, we also continued to deploy our private equity portfolio, albeit at a more moderate space, with €114 million of commitments across 5 funds in Europe and the United States. These funds are positions in our core sectors, and for some of them, represents strategic partnerships.

They can provide opportunities to invest alongside them in specific companies, as illustrated by our investment alongside Charterhouse in Novetude. On the cash flow side, the distribution and proceeds from the secondary sales funded the majority of capital calls, which amount to €175 million.

Two of our co-investments, IHS and GDiP, which were listed and performed strongly in the first half of 2025, were fully executed, crystallizing value and generating €53 million of proceeds, which can be redeployed into new investment opportunities. Now turning to our credit profile.

Net debt was reduced by €175 million at a low level of €376 million at year-end '25. This represents a record low level for the group.

As a result, the loan-to-value ratio decreased to 7.9%. For reference, the 37% decline in Stellantis share price in '26 year-to-date has a limited impact of around 1.2 points on our loan-to-value ratio.

Taking into account the first-quarter transactions, which we will detail later, as well as the remaining proceeds from the secondary sales of private equity funds, the pro forma net debt is further reduced to €234 million. With total liquidity of approximately €1.1 billion, we have significant investment capacity to seize opportunity as they arise.

Finally, the upcoming €300 million bond maturity will be repaid using available cash and existing credit lines, and we may also consider a new private placement depending on market conditions. Our cash flow was positive in 2025 and contributed to partially fund the dividend.

This reflects several factors. First, after three years of exceptional distribution from Stellantis, the dividend was halved in '25.

Second, our cash SG&A were reduced by around €4 million following lower due diligence costs booked in the P&L, lower brand costs, and lower staff costs. Finally, we recorded significant tax outflow during the year.

These were mainly related to advance tax payments following a strong foreign exchange gain recognized in 2024. We expect to recover most of this amounts in '26 as our '25 tax base is negative, notably due to the adverse foreign exchange impact this year.

Our net profit, group share, stood at €223.5 million, up year-on-year despite lower dividend income and the negative forex impact. It was supported by positive revaluation across our private equity funds and other investments.

The board decided to propose to the AGM to maintain the level of dividend at €3.25 per share, despite NAV decline and the absence of dividend from Stellantis in '26. Over the past 10 years, the dividend has grown at a strong 7%.

That concludes this section. Jean-Charles, I now hand it back to you for the conclusion.

Thank you. Maybe a word first on post-closing events.

In 2026, we have continued our asset rotation at the same pace, at least until the market destabilized about a month ago. First, we have sold the remainder of our stake in Lisi, securing an 11% annual return over nearly 50 years.

Then we have announced our investment into the combination of two leaders in fuel management services, Total Mobile and Solvares. Beyond the attractive fundamentals of each asset, we were really attracted by the industrial logic of this combination.

The two businesses have complementary suits of products and geographic coverage, and we expect them to deliver significant synergies. What's also important is that this transaction are not opportunistic.

They fit perfectly into the execution of our investment strategy. On the one hand, continued regular asset rotation, we will seize market opportunities to It seems we had a slight technical problem, if that's okay, I'll go over the conclusion once again, and then we'll jump straight into questions.

As I was saying, in 2025, there was a few important trends for Peugeot Invest. We had a solid investment performance with an 11% return, and this was mainly driven by strong performance from our listed investments.

This was offset by a negative performance of the Stellantis share price in 2025, and this has continued in '26, and weakening of the US dollar, which has stabilized so far this year. For the current year, we remain confident, as our balance sheet is strong.

We have deleveraged meaningfully in 2025, and our LTV ratios are at healthy levels, even pro forma for the '26 performance of Stellantis. This leaves us with substantial investment capacity and the ability to continue our active but disciplined asset rotation.

We will continue to be looking for opportunities for asset disposals if the market is supportive, and we will also continue to deploy capital in our core sectors, and we expect at least one more transaction this year. Vas-y, il a conclu, on dit la conclusion.

Our first question is, what is your take on the new geopolitical order and how does this impact your investments?

An easy one to start, thank you, Leslie. Look, I think clearly the world is very unstable at the moment, and I think everybody's aware of all the geopolitical tensions we are seeing.

There's a few things for Peugeot Invest which makes us remain confident in this. First, we have some companies which are actually benefiting from this instability.

A good example would be International SOS, which at the moment as we speak is helping evacuate people from the Middle East. More generally, I think we have constructed a portfolio which we want to be resilient and which we want to show a conservative risk profile.

The industries we invest in, insurance broking, wealth management, education, all of these are not really impacted so far by disruption in the supply chain, and most of them are not really disrupted either by the rise of artificial intelligence. A very unstable environment, but we remain confident in the resilience of our portfolio.

Next question. In the current context of economic uncertainties, do you consider that asset valuations are reasonable and that you can seize investment opportunities?

I think it's difficult to give a generic answer to this question. I think the context depends widely between private and public valuations.

We have seen private valuations go down meaningfully, and we think it might be time to re-enter the private market relatively soon. It also depends on the sectors.

We have seen some sectors being potentially overvalued, but some sectors remaining very compelling. This is why our investment approach is very sector-led.

We look at every opportunity with a sector lens, looking for attractive valuations, but also attractive risk profiles.

What is in your investment fund stake your exposure to private debt?

Our exposure to private debt is nil. When we come back to our investment strategy, we said we want to focus on equity, we don't have any debt funds at all.

What is your exposure to the software sector, and do you consider your recent investment in the sector was a good timing?

You want to go first, Sébastien, or can I...

Our exposure to IT sector globally is 10% of our gross asset value.

I think it's important to say we have a 10% exposure to technology, but this is not all made of software as a service. Actually, it's a mix of things.

We have some software exposure, we have some SpaceX exposure, I believe. We also have exposure to data services and to cybersecurity as well in this 10%.

We feel relatively confident with our technology exposure. In terms of the timing of our investment into Total Mobile and Solvares, there's a few things that we consider, and of course, we diligence the potential impact of artificial intelligence on this business.

Number one, we have confidence that the pricing of the services of Total Mobile and Solvares, but more importantly, the return on investment for the customers of these businesses is very attractive, and we see the risk of those two business being displaced as relatively low. Number two, as I said, there's a very strong industrial logic in this combination, and the synergies that the deal will generate make the valuation very attractive for us.

Third, in any case, the multiple we paid for the combination was probably at the low end of the transactions in the sector. With all this, we remain confident that this will be an attractive investment.

Can you please come back on what you account under the Other Investment line in your NAV, €641 million? Why do you strip from unlisted stake €642 million?

Is it non-core?

As we presented, we rename our co-investment section into Other Investments. As you said, this activity is non-core as of today.

This part of our assets will be disposed in due time when with our partners the right timing of disposal will happen. When we have the ability to sell some assets, we consider to do so, and that's what we have done in '25 with the disposal of IHS and GDiP.

Are you done with the rationalization of the portfolio or are there still some non-core assets to be divested?

Look, there still are non-core assets. If you link it back to the question that we just answered, I think they will probably be in this Other Investment category.

Again, I think as Sébastien highlighted, we will over time look to reduce the exposure to the other investments. It's important for us to do so in an orderly manner.

We will dispose of them when the conditions are right and when we feel that the market conditions are supportive.

Considering the cut of dividend from Stellantis, what will be your dividend policy going forward?

Our dividend policy has been to maintain a regular dividend and increase it when possible. That's what we have done over the last few years, and that's also what was decided for this year, even though Stellantis share dividend will be cut for '26.

That's our policy. As we mentioned, the environment is quite challenging at the moment, we will see next year what will be the situation, but as of today, that's the policy we try and want to continue.

Given your net asset value discount, what step are you planning to take in 2026?

To reduce the discount?

To reduce the discount.

Look, the discount is a very interesting topic. Every time we speak with investors and analysts, people give us very different reasons for why the discount is so high or not.

One thing to note as well is there seems to be a discount across the industry, and all of our peers display a discount at varying levels. That being said, we're not satisfied with the level of the discount, and it is important for us to address it.

As a reminder, we have embedded this into our objectives. The management is incentivized in its LTIP to reduce the discount, and we think this is a great alignment with shareholders.

In terms of specific steps, I think for us the important is probably around three things. Number one, we really want to continue to be consistent and disciplined in the execution of our investment strategy, and we've talked about it today, and again, this will be a focus for us in 2026.

Number two, and probably even more importantly, delivering strong investment performance. That has to be at the core of what we do, and really, this is what we strive to deliver.

Look, finally, maintaining a regular dialogue with investors. We think it's important to communicate well, ideally without technical issues like today.

Sébastien and I want to be available, and we want to be there to explain and talk to investors when relevant. Really, this will be our focus for the year coming.

Have you had the opportunity to discuss the optimization of Peugeot 1810?

I'm not sure what the optimization means, but we've had the question in the past of, are we open to changes in the shareholdings of Peugeot 1810, I'll take it as the same question. What I would say on this is, look, we obviously need to consider every option.

At the moment, there are no plans to consider a change in the allocation of Peugeot 1810. Any evolution on this would need to be assessed with every stakeholder in mind and more importantly Peugeot Invest itself.

We would need to ensure that this still gives us appropriate governance in our automotive participation. We would need to make sure it preserves the stability of the shareholding structure, and we also need to make sure that it doesn't have any adverse effect for the company itself, i.e.

for Peugeot Invest.

We have no more question. We would like to present our apologies for the technical problems we met this morning.

The team at Peugeot Invest remains available for any follow-up questions, feel free to contact them. Thank you for joining us today, and have a great day.

Thank you.