Stellantis Reports First Half 2025 Results Reflecting External Headwinds and Ongoing Recovery Actions; Financial Guidance Re-Established
Stellantis Reports First Half 2025 Results Reflecting External Headwinds and Ongoing Recovery Actions; Financial Guidance Re-Established
Net revenues of €74.3 billion, down 13% compared to H1 2024 primarily driven by Y-o-Y declines in North America and Enlarged Europe, partially offset by growth in South America
Net loss of (€2.3) billion, including €3.3 billion of net charges excluded from Adjusted operating income(1), down compared to H1 2024 Net Profit of €5.6 billion. AOI(1) of €0.5 billion, with AOI margin(2) of 0.7%, below prior year levels of €8.5 billion and 10.0%, respectively
Industrial free cash flows(3) of (€3.0) billion, as the subdued level of AOI generation was more than offset by CapEx and R&D expenditures in H1 2025
Total industrial available liquidity at June 30, 2025 was €47.2 billion, above targeted ratio to Net Revenues
Total inventories of 1.2 million units (Company inventory of 298 thousand units) at June 30, 2025, +1% compared with year-end 2024, even as new products launched and consolidated shipments rose +5% sequentially
H1 2025 saw sequential improvement in Shipments, Net revenues, AOI(1) and Industrial free cash flows(3) compared to H2 2024, realizing benefits from an expanded product lineup, revitalized marketing and strong inventory discipline; Net loss deteriorated sequentially
The Company re-established financial guidance, expects continued sequential improvement in H2 2025
"My first weeks as CEO have reconfirmed my strong conviction that we will fix what's wrong in Stellantis by capitalizing on everything that's right in Stellantis, starting from the strength, energy and ideas of our people, combined with the great new products we are now bringing to market.2025 is turning out to be a tough year, but also one of gradual improvement. Signs of progress are evident when comparing H1 2025 to H2 2024, in the form of improved volumes, Net revenues, and AOI, despite intensifying external headwinds. Our new leadership team, while realistic about the challenges, will continue making the tough decisions needed to re-establish profitable growth and significantly improved results." Antonio Filosa, CEO
Jeep® Compass
(€ million)
H1 2025
H1 2024
Change
H2 2025 GUIDANCENet revenues: Increased vs. H1 2025 AOI margin(2): Low-single digitsIndustrial free cash flows(3): Improved vs. H1 2025Note: Guidance assumes current tariff/trade rules in place as of July 29, 2025.
IFRS
Net revenues
74,261
85,017
(13)%
Net profit/(loss)
(2,256)
5,647
(140)%
Diluted EPS
(0.78)
1.86
(142)%
Cash flows from operating activities(4)
(2,287)
3,970
(158)%
NON - GAAP
Adjusted operating income(1)
540
8,463
(94)%
Adjusted operating income margin(2)
0.7%
10.0%
(930)
bps
Adjusted diluted EPS(5)
0.18
2.36
(92)%
Industrial free cash flows(3)
(3,005)
(392)
+667%
____________________________________________________________________________________________________________________________________All reported data is unaudited. Reference should be made to the section "Safe Harbor Statement" included elsewhere within this document.
AMSTERDAM, July 29, 2025 - Stellantis N.V. today announced results for the H1 2025, reporting Net revenues of €74.3 billion, down 13% compared to H1 2024. This decline was primarily driven by North America and Enlarged Europe regions, partially offset by growth in South America. Results also reflect the impacts of foreign exchange headwinds, tariffs, and declines in European LCV industry volumes. Despite the challenging financial results, Stellantis is actively positioning itself for a stronger future through strategic leadership changes and renewed focus.
New Leadership Team Now in PlaceStellantis announced on May 28, 2025 that its Board of Directors had unanimously selected Antonio Filosa as its new CEO, effective June 23, 2025. Filosa brings to the CEO role a people-first management philosophy, an expansive track record of success at the Company, and a clear vision for succeeding in a challenging auto industry.
On June 23, 2025 Filosa announced Stellantis' new leadership team, comprised of individuals with extensive automotive industry expertise. The announcement marked the elevation of several high-performing executives to top-level roles for the first time, with the majority assuming significantly expanded responsibilities.
Filosa was confirmed as a member of the Board of Directors and an executive director of Stellantis at the Extraordinary General Meeting on July 18, 2025.
Commercial Recovery Update - Product Wave in Motion for Further GrowthCommercial recovery actions included the launch of four new models in H1 2025: Citroën C3 Aircross, Fiat Grande Panda, Opel/Vauxhall Frontera, Ram ProMaster Cargo BEV, as well as significant updates to popular products like the Ram 2500 and 3500 Heavy Duty, Citroën C4/C4X and Opel Mokka. New products contributed to a 127-basis points increase in EU30 market share compared to H2 2024, and a significant improvement in North American order books, which can support future period performance.
Stellantis plans to launch 10 new models in 2025, including three STLA Medium products in H2 2025: Jeep® Compass, Citroën C5 Aircross and DS No8, complementing the recently launched STLA Medium-based Peugeot 3008, 5008 and Opel/Vauxhall Grandland.
In direct response to customer feedback, Ram announced the return of the 5.7-liter HEMI® V-8 in the 2026 Ram 1500. The first trucks will arrive at dealerships in H2 2025. The second half of 2025 will also see the return to production for several other iconic products: the hybrid Jeep® Cherokee and the ICE Dodge Charger SIXPACK, each of which has been on production hiatus since 2023. The four-door Charger Daytona also joins the family.
Peugeot announced the comeback of its GTi franchise with a new 208 GTi revealed at the 24 Hours of Le Mans in June 2025.
Additionally, the Fiat Titano pickup truck has been introduced to the Argentine market, with a new engine and transmission, and is now produced at our plant in Córdoba, Argentina.
Tariff Update Stellantis updates its estimate of 2025 net tariff impact to approximately €1.5 billion, of which €0.3 billion was incurred in H1 2025. The Company remains highly engaged with relevant policymakers, while continuing long-term scenario planning.
Stellantis Re-Establishes Financial GuidanceStellantis has initiated financial guidance for H2 2025. The Company expects to see increased Net revenues, low-single digit AOI(2) profitability, and improved Industrial FCF(3) results in H2 2025. Guidance assumes current tariff/trade rules in place as of July 29, 2025.
Upcoming EventsOn July 29, 2025, at 2:00 p.m. CEST/8:00 a.m. EDT, a live webcast and conference call will be held to present Stellantis' First Half 2025 Results, with the presentation expected to be posted at approximately 8:00 a.m. CEST/2:00 a.m. EDT. The webcast and recorded replay will be accessible under the Investors section of the Stellantis corporate website (www.stellantis.com).
About StellantisStellantis N.V. (NYSE:STLA, PARIS:STLAP) is a leading global automaker, dedicated to giving its customers the freedom to choose the way they move, embracing the latest technologies and creating value for all its stakeholders. Its unique portfolio of iconic and innovative brands includes Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, FIAT, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. For more information, visit www.stellantis.com.
SEGMENT PERFORMANCE
NORTH AMERICA
ENLARGED EUROPE
€ million, except as otherwise stated
H1 2025
H1 2024
Change
€ million, except as otherwise stated
H1 2025
H1 2024
Change
Shipments (000s)
647
838
(191)
Shipments (000s)
1,289
1,387
(98)
Net revenues
28,198
38,353
(10,155)
Net revenues
29,241
29,969
(728)
AOI
(951)
4,366
(5,317)
AOI
9
2,060
(2,051)
AOI margin
(3.4)%
11.4%
(1,480)
bps
AOI margin
—%
6.9%
(690)
bps
Shipments down 23%, mainly due to reduced production of imported vehicles most impacted by tariffs, lower fleet channel sales and production gaps resulting from discontinued models
Net revenues down 26%, primarily due to production gaps resulting from discontinued models, as well as reduced production of certain products most impacted by tariffs
Adjusted operating income/(loss) down 122%, due to significant unfavorable impacts from volume & mix, increased sales incentives, as well as unfavorable variable cost absorption and warranty costs
Shipments down 7%, mainly due to the slower ramp up of recently launched B-segment vehicles, partially offset by higher volumes of Fiat 600, Peugeot 3008 and 5008, as well as Jeep® Avenger
Net revenues down 2%, due to decreased volumes and higher incentive levels, partially offset by positive impacts from vehicle mix
Adjusted operating income down 100%, due to higher sales incentives, lower volumes and unfavorable mix, partially offset by reduced sales of vehicles with a buyback commitment
MIDDLE EAST & AFRICA
SOUTH AMERICA
€ million, except as otherwise stated
H1 2025
H1 2024
Change
€ million, except as otherwise stated
H1 2025
H1 2024
Change
Combined shipments(6) (000s)
251
273
(22)
Shipments (000s)
471
394
+77
Consolidated shipments(6) (000s)
225
214
+11
Net revenues
7,769
7,367
+402
Net revenues
4,944
5,005
(61)
AOI
1,188
1,150
+38
AOI
768
1,047
(279)
AOI margin
15.3%
15.6%
(30)
bps
AOI margin
15.5%
20.9%
(540)
bps
Consolidated shipments up 5%, mainly due to increased shipments of Citroën Berlingo, Peugeot Partner, Opel/Vauxhall Combo and Fiat Doblo Cargo, partially offset by continued impacts from regional importation restrictions
Net revenues down 1%, primarily due to unfavorable FX translation effects, mainly from Turkish Lira, largely offset by increases in volumes & favorable mix, as well as increases in net pricing
Adjusted operating income down 27%, mainly due to unfavorable FX transaction and translation effects primarily related to the Turkish Lira, partially offset by positive pricing actions
Shipments up 20%, driven primarily by increased volumes in Argentina, as well increased y-o-y shipments of Fiat Strada, Fastback and Argo
Net revenues up 5%, largely due to increased volumes, mainly driven by Argentina, largely offset by FX impacts from Brazilian Real and Argentine Peso
Adjusted operating income up 3%, primarily due to increased volumes in Argentina and a benefit from recognition of Brazilian indirect tax credits, partially offset by unfavorable FX
CHINA AND INDIA & ASIA PACIFIC
MASERATI
€ million, except as otherwise stated
H1 2025
H1 2024
Change
€ million, except as otherwise stated
H1 2025
H1 2024
Change
Combined shipments(6) (000s)
28
32
(4)
Shipments (000s)
4.2
6.5
(2.3)
Consolidated shipments(6) (000s)
28
32
(4)
Net revenues
369
631
(262)
Net revenues
923
1,072
(149)
AOI
(139)
(82)
(57)
AOI
19
57
(38)
AOI margin
(37.7)%
(13.0)%
(2,470)
bps
AOI margin
2.1%
5.3%
(320)
bps
Lower results Lower results due to decline in shipments, continued pricing pressures, and FX impacts, partially offset by increased share of profit of equity method investees, driven by improved results from Zhejiang Leapmotor Technology Co., Ltd.
Lower results Lower results due to decreased volume and mix impacts, as well as de-stocking and repositioning efforts in North America and China
Reconciliations
Net revenues from external customers to Net revenues and Net profit to Adjusted operating income
H1 2025
(€ million)
NORTH AMERICA
ENLARGED EUROPE
MIDDLE EAST & AFRICA
SOUTH AMERICA
CHINA AND INDIA & ASIA PACIFIC
MASERATI
OTHER(*)
STELLANTIS
Net revenues from external customers
28,198
29,163
4,938
7,696
919
