Slides
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1 2026 1ST HALF RESULTS September 24, 2026
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2 Speakers Jean-Charles Douin CEO Sébastien Coquard Deputy CEO
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3 -€56m Highlights half -year 2026 Investments performance driven by technology exposure Investments now represent c.80% of the Portfolio Significant investment capacity Investments Performance Investments Performance (ex-FX) 10.5% 8.5% 20 % of GAV Stellantis Others* 80% of GAV €376m €320m 2024 2025 H1 2026 Net debt reduction
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4 Strategy in action A continued pace of disposals Refocusing of the fund portfolio with secondary sale €116m €72m €97m €83m €70m €140m Secondary proceeds received in H1 26 To be received in H2 26 $175m Realised in H1 2026 Realised in H2 2026 Deployment in core sectors Technology Business Services
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2026 1st HALF RESULTS 01
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6 €236m €49m NAV 2025 -€792m Peugeot 1810 (Stellantis + Forvia) Investments -€20m SG&A, interests & others FX Impact -€81m Dividends paid NAV H1 2026 €4,217m €3,608m A strong Investment performance, more than offset by Stellantis’ correction NAV per share €169.2 NAV per share €144.8 NAV performance H1 2026 €144.8 NAV per share -12.5% NAV performance Including dividends
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7 NAV performance Stellantis 34 % 34% of GAV 20 % 20% of GAV December 31, 2025 GAV €4.9bn Stellantis €1.6bn June 30, 2026 GAV €4.2bn Stellantis €0.9bn Stellantis' weight reduced to 20% of GAV -47.7% Stock performance in H1 26
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8 6 pillars of FaSTLAne 2030 H1 2026 Stellantis1 Sharper portfolio management 2 Capital allocation & new technologies 3 Optimized footprint4 Strong partnerships Disciplined execution5 Empowered regions6 Source: company presentation €81.6bn Net revenues, +10% YoY €1.7bn AOI, +221% YoY 2.1% AOI Margin, +140 bps YoY
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9 * At constant FX NAV performance Investments +8.5% Investments performance (ex-FX) +€236m Gross value creation (ex-FX) +€14m +€145m +€76m Shareholdings Investment funds Other Investments +13.2*% +11.9*%+1.4*%
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10 $57m Initial exposure to SpaceX NAV December, 2025 NAV June 30, 2026 Current valuation ~$10m >$200m >$200m X20 Peugeot Invest Performance over the period Hedge Hedge SpaceX: Significant value creation in H1 2026 A value creation secured through a hedge on the position $149m Value creation in H1 from SpaceX through Valor Equity Partners Funds (2017, 2019 and 2022)
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11 -86 M€ 13 M€ 86 M€ 81 M€ 2020 114 M€ 2021 2022 -50 M€ 2023 2024 -181 M€ 2025 49 M€ H1 2026 Total impact on NAV (2020-H1 2026) -7.7% -5.8%+9.2% +3.6% -6.0% +13.1% $1.7bn $1.5bn$1.1bn $1.6bn $1.5bn $1.6bn Change in EUR/USD USD Asset Exposure ($bn) -3.0% $1.7bn Limited long-term FX impact on NAV Positive FX impact in H1 26 1.175 1.139
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12 A disconnect between intrinsic value and market price 2019 47.3% 2020 47.2% 2021 55.4% 2022 57.5% 2023 60.0% 2024 55.2% 2025 42.1% H1 2026 €179.5 €104.0 €179.6 €94.6 €235.0 €124.0 €199.5 €89.0 €238.7 €101.4 €182.7 €73.1 €169.2 €75.8 €144.8 €56.4 61.0% Discount (%) NAV per share (€) Share price (€) -20 -15 -10 -5 0 5 10 15 20 25 30 35 40 45 50 55 60 65 0% 50% 100% 150% 200% 250% 300% 350% 35.0% 2017 42.1% 2019 47.2% 2021 57.5% 2023 55.2% 2025 61.0% H1 2026 €154.4 €100.3 €179.5 €104.0 €235.0 €124.0 €238.7 €101.4 €169.2 €75.8 €144.8 €56.4
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Portfolio activity 02
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14 Concluding a 50 -year value creation story €116m H1 2026 exit proceeds €390m Value creation over the holding period 11% Net IRR over five decades Disposal Closed in H1
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15 Completing the planned exit from real estate assets €72m H1 2026 exit proceeds €68m Value creation over the holding period 8.3% Net IRR over 20 years Disposal Closed in H1
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16 An exit in H2 26 that crystallises a standout performance ~€97m Expected proceeds 5.4x Gross multiple 66% Net IRR Disposal Closed in H2
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17 Backing an international champion in Field Service Management €142m Invested alongside Five Arrows and DBAG European asset Business combination from Germany / UK M&A Value creation plan Investment Closed in H1
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18 Supporting the US expansion of a food testing leader $175m Invested to support Certified Group acquisition International asset strengthening US footprint Synergetic M&A and organic growth value creation plan @MérieuxNustriSciencesCorporation Investment Expected to close in H2
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19 2025 Secondary sale: 22 GPs / 35 Funds €78m unfunded commitment March 31, 2026 €83m Proceeds received December 2026 €70m Proceeds to be received by the end of 2026 June 30, 2025 €55m Proceeds received Investment Funds secondary sale: Finalizing the 2025 secondary sale 2026
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20 €60m €83m €28m Capital calls (H1 2026) Total received (H1 2026) o/w distributions o/w proceeds from secondary sale €111m Investment Funds: H1 2026 overview Commitment into Investment funds +€35m New commitment in Tech/Software across Europe and the US
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21 Other Investments: Progressive disposals with 2 exits in H1 26 Panera preferred shares hold by JAB $16m Exit proceeds 1.8x Gross multiple over the holding period 52% Net IRR $17m Exit proceeds 1.6x Gross multiple over the holding period 7.5% Net IRR Capsa (2017)
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22 €330m Total Divested in H1 2026 €209m Total Invested in H1 2026 Active Asset Rotation in H1 2026: Strategic disposals to strengthen the portfolio €188m €111m €32m €142m €60m €7m Shareholdings Investment funds Other Investments Shareholdings Investment funds Other Investments Realised in H2 2026Realised in H2 2026 €150m €97m
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23 *Investment disposals (2023, 2024, 2025, H1 2026) compared to Investments Gross Asset Value end of 2022 **"Pro forma for the €150m Investment in Mérieux NutriSciences and the disposal of Doctrine for €97m 60% PORTFOLIO ROTATION OVER THE PAST 4 YEARS * Regular asset rotation over the years : Continuous portfolio rebalancing to enhance quality, diversification and returns €196m €491m €379m €432m €209m €359m €243m €442m €538m €667m €330m €427m 2023 2024 2025 H1 2026 H1 2026 Proforma** H2 2022 Investments Disposals Realised in H2 2026
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Financial profile 03
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25 (1) LTV : Net debt/Gross assets ; (2) Gearing : Net debt/Equity Attractive financial profile: Net debt continues to decline, well inside covenants €320m Net debt 14.3% Gearing(2) (vs 15.5% end 2025) 7.8% Loan-to-value(1) (vs 7.9% end 2025) €858m €551m €376m €320m 2023 2024 2025 H1 2026 -€56m
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26 Strong liquidity: A healthy financial profile to meet upcoming maturities €785m Bank credit facilities 100% undrawn €255m Cash and cash equivalents €300m €20m €150m €100m 2026 2027 2028 2029 2030 2031 2032 €1.040m €255m €785m Bond debt US / Euro PP
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27 122 22 126 222 252 289 141 22 87 -23 -29 -36 -31 -33 -34 -30 18 -17 -42 -32 -18 -68 -20 -19 -25 -28 -27 -24 -19 8 -15 2018 -11 2019 -10 2020 -10 2021 2022 2023 -13 2024 2025 -6 H1 2026 63 69 -42 52 122 163 224 24 14 Cash dividends SG&A Taxes Interest expenses Operating cash-flow remains under control (in €m)
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28 Consolidated income statement 06/30/2026 06/30/2025 in €m Income from long term investments 148.9 250.7 Other income - - Income from ordinary activities 148.9 250.7 General administrative expenses (18.9) (13.7) Other financial income 11.1 (76.3) Cost of debt (7.9) (9.1) Pre-tax profit from consolidated companies 133.2 151.6 Share in earnings of companies at equity (2.7) (0.1) Consolidated pre-tax profit 130.5 151.5 Income tax (including deferred tax) 4.7 5.6 Consolidated net profit 135.2 157.1 - of which attributable to equity holders of the parent 135.8 121.5 Consolidated P&L as of June 30, 2026 (in €m)
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29 Dividend: a consistent long -term growth (€/share) +6.8% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 €3.25 €1.80 €2.00 €2.15 €2.15 €2.35 €2.65 €2.85 €3.25 €3.25
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CONCLUSION 04
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31 1 Solid Investment performance in H1 2026 Penser à une mesure d’Uplift sur les cessions Entering H2 2026 from a position of strength +8.5% Investments Performance (ex-FX) +€236m Gross value creation (ex-FX)
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32 1 Solid Investment performance in H1 2026 Increased share of Investments Penser à une mesure d’Uplift sur les cessions 2 Stellantis Investissements 2002 2009 2023 2024 2025 2026 Entering H2 2026 from a position of strength From 10% in 2002 to 80% of GA V today
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33 1 Solid Investment performance in H1 2026 Increased share of Investments Penser à une mesure d’Uplift sur les cessions 2 Robust balance sheet3 €320m Net debt 7.8% Loan-to-value(1) (vs 7.9% end 2025) Entering H2 2026 from a position of strength
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34 1 Solid Investment performance in H1 2026 Increased share of Investments Penser à une mesure d’Uplift sur les cessions 2 Robust balance sheet3 Disciplined portfolio rotation towards key sectors4 Financial Services Healthcare Business Services Technology Entering H2 2026 from a position of strength
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35 Entering H2 2026 from a position of strength 1 Solid Investment performance in H1 2026 Increased share of Investments2 Robust balance sheet3 Disciplined portfolio rotation towards key sectors4 8.5% Investments Performance (ex-FX) 80% of GAV €320m Net debt
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For more information please contact Q&A session Sébastien Coquard +33 1 84 13 87 25 sebastien.coquard@peugeot-invest.com ⎯ Financial calendar March, 2027 FULL YEAR RESULTS
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APPENDICES 05
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Peugeot Invest Portfolio A
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39 Note : Figures as of June 30, 2026 A diversified portfolio as of June 30, 2026 Peugeot 1810 (21% of GAV) Shareholdings (23% of GAV) Investment funds (30% of GAV) Other-investments (17% of GAV) Others (9% of GAV) Cash and equivalents Receivables Treasury shares Other assets Public equity (3% of GAV) Private equity (19% of GAV) Europe US Med Platform I & II
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40 Investments Peugeot 1810 21% Direct shareholdings 23% Investment funds 30% Other-investments 17% Others 9% A diversified portfolio as of June 30, 2026 Note : Figures as of June 30, 2026 €4.2bn Gross Asset Value 4% 24% 29% 7% 21% 12% Robertet 1% CIEL group Private shareholdings Private equity fundsMed Platform (MPI & MPII) funds 2% Real estate funds Other-Investments Others €950m Direct Investments Gross Asset Value Gross Asset Value Investments GAV
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41 Sector and geography diversification GAV by geography GAV by sector Gross Asset Value as of June 30, 2026 Note : Figures as of June 30, 2026 Source : Peugeot Invest’s estimates based on allocation of the revenues of all Investments by sectors and geographical areas. P1810 integrated 44% 42% 14% Europe North America Rest of the world 24% 16% 14% 12% 11% 7% 4% 12% Automotive Healthcare Consumer Financial Services Business Services Real Estate Other sectors Technology
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42 Sector and geography diversification GAV by geography GAV by sector Gross Asset Value as of June 30, 2026 Note : Figures as of June 30, 2026 Source : Peugeot Invest’s estimates based on allocation of the revenues of all Investments by sectors and geographical areas. P1810 integrated 44% 42% 14% Europe North America Rest of the world 24% 16% 14% 12% 11% 7% 4% 12% Automotive Healthcare Consumer Financial Services Business Services Real Estate Other sectors Technology
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43 Note : Figures as of June 30, 2026 Shareholdings portfolio Investment GAV as of June 30, 2026 4% Listed shareholdings 21% Private shareholdings 15 % Public equity 85 % Private equity Investment GAV @June 2026 Shareholdings @December 2025
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44 Note : Figures as of June 30, 2026 Investment funds portfolio Top 10 largest GPs drive 65% of portfolio value in transparency 50% 38% 12% North America Rest of the World Europe 7%4% 31% 23% 18% 2% 9% 6% Health Care IT Industrials Consumer Disc. Financials Consumer Staples Real estate All Other Sectors €1.2bn €1.2bn % NAV General Partner #Funds 1 VALOR EQUITY PARTNERS 3 2 ARCHIMED 4 3 SUMMIT PARTNERS 6 4 KEENSIGHT CAPITAL 4 5 BDT 2 6 INSIGHT PARTNERS 5 7 WEBSTER EQUITY PARTNERS 3 8 K1 INVESTMENT MANAGEMENT 3 9 FIVE ARROWS 4 10 MONTEFIORE 4
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45 63% Assets in Core sectors Note : Figures as of June 30, 2026 (1) Pet Insurance: Leading Pet Insurance Platforms in North America & Europe ; (2) Vet Care: Generalist Clinics & Specialty Care ; (3) Panera Holding Company: Leading Fast-Casual & Coffee Chains Other-investments portfolio Top 10 investments drive 77% of portfolio value in transparency % NAV 1 PET INSURANCE (JAB)(1) 2 DOCTRINE (sold in H2 2026) 3 ELV Associates 4 VET CARE (JAB) (2) 5 LINEAGE 6 PRÊT PANERA HOLDING COMPANY (JAB) (3) 7 TRADINGVIEW 8 NOMIOS 9 SCHWIND 10 VENTURI North America Rest of the World Europe Consumer Asian assets Real estate JAB - Panera Holding Lineage Healthcare JAB - VetcareTechnology Financial Services JAB - Pet insurance Business Services €0.7bn €0.7bn ASIA
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GOVERNANCE B
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47 A structured & balanced governance Edouard Peugeot Chairman Sophie Banzet – Bérets Director Armand Peugeot Director Camille Roncoroni Director Rodolphe Peugeot Director Christine Dubus Director Sophie Javary Director Anne Lange Director Béatrice Dumurgier Director Michel Giannuzzi Director Xavier Barbaro Representing Cartusia, Director Independent directors Nicolas Huet Representing Etablissements Peugeot Frères, Director Peugeot family members or representative 12 Directors 50% female representation on the board 50% independent directors 4 committees Nominations / remunerations Investments Audit Sustainability
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48 A team of professional investors Managing Committee + 24 team members Marie Ahmadzadeh Managing Director Jean-Charles Douin CEO Sébastien Coquard Deputy CEO Guillaume Falguière Managing Director Jean-Baptiste Molmy General Counsel François Massut Managing Director Elodie Roueil Human Resources Director
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NAV AND FINANCIAL STATEMENTS As of June 30, 2026 C
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50 Detailed NAV as of June 30, 2026 % stake 26/06/30 % GAV % in millions of euros % Stellantis 853 20% Forvia 41 1% PEUGEOT 1810 (A) 76.5% 894 21% Robertet 7.6% 122 3% CIEL group 6.8% 17 0.4% LISI (sold) 0.0% 0 0% Immobilière Dassault (sold) 0.0% 0 0% Σ Listed shareholdings 139 3% Σ Unlisted shareholdings 805 19% SHAREHOLDINGS (i) 944 23% INVESTMENT FUNDS (ii) 1,251 30% Lineage 51 1% Other private investments 653 16% OTHER INVESTMENTS (iii) 704 17% Other financial assets & liabilities 135 3% Cash and cash equivalents 255 6% OTHER ASSETS (iv) 390 9% GROSS ASSET VALUE OF INVESTMENTS (i)+(ii)+(iii)+(iv) = (B) 3,289 79% GROSS ASSET VALUE (A) + (B) 4,183 100% GROSS DEBT (C) 575 NET ASSET VALUE (A) + (B) - (C) 3,608 NAV per share €144.8 Peugeot Invest share prive 30-Jun-26 €56.4
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51 Consolidated balance sheet as of June 30, 2026 Assets 06/30/26 06/30/25 in €m Property, plant and equipment 5.7 2.2 Investments in associates 245.7 108.6 Non-current financial assets 4,382.9 5,358.0 Investments in non-consolidated companies (measured at fair value through other comprehensive income) 1,982.9 3,110.7 Portfolio investment securities (measured at fair value through the income statement) 2,377.4 2,231.2 Other non-current financial assets 22.6 16.1 Deferred tax - Assets 7.1 6.6 Non-current assets 4,641.4 5,475.4 Current tax 14.7 33.9 Other current financial assets - - Other receivables 109.7 150.3 Cash and cash equivalents 256.2 197.0 Current assets 380.6 381.2 Overall total 5,022.0 5,856.6 Equity and Liabilities 06/30/26 06/30/25 in €m Share capital 24.9 24.9 Share premium account and reserves 3,406.9 3,927.5 Net profit for the year 135.8 223.5 Non-controlling interests 268.0 511.5 Equity 3,835.6 4,687.4 Financial liabilities 1,124.9 1,100.9 Deferred tax - Liabilities 37.6 46.3 Provisions 0.3 0.2 Other liabilities 23.6 21.7 Current liabilities 1,186.4 1,169.2 Overall total 5,022.0 5,856.6