H1 2025 RESULTS Stellantis

    H1 2025 RESULTS Stellantis

    F2 weeks ago 7

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    H1 2025 RESULTS
Citroën C5 Aircross
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    SAFE HARBOR STATEMENT
July 29, 2025 H1 2025 RESULTS | 2
This document, in particular references to “H2 2025 Guidance”, contains forward looking statements. In particular, statements regarding future financial performance and the Company’s 
expectations as to the achievement of certain targeted metrics, including revenues, industrial free cash flows, vehicle shipments, capital investments, research and development costs and 
other expenses at any future date or for any future period are forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, 
“estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, or similar terms. Forward-looking 
statements are not guarantees of future performance. Rather, they are based on the Company’s current state of knowledge, future expectations and projections about future events and are 
by their nature, subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance 
should not be placed on them. 
Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the Company’s ability to launch new products 
successfully and to maintain vehicle shipment volumes; the Company's ability to attract and retain experienced management and employees; changes in trade policy, the imposition of global 
and regional tariffs or tariffs targeted to the automobile industry; changes in the global financial markets, general economic environment and changes in demand for automotive products, 
which is subject to cyclicality; the Company’s ability to successfully manage the industry-wide transition from internal combustion engines to full electrification and accurately predict the 
market demand for electrified vehicles; the Company’s ability to offer innovative, attractive products and to develop, manufacture and sell vehicles with advanced features including 
enhanced electrification, connectivity and autonomous-driving characteristics; the Company’s ability to produce or procure electric batteries with competitive performance, cost and at 
required volumes; the Company’s ability to successfully launch new businesses and integrate acquisitions; a significant malfunction, disruption or security breach compromising information 
technology systems or the electronic control systems contained in the Company’s vehicles; exchange rate fluctuations, interest rate changes, credit risk and other market risks; increases in 
costs, disruptions of supply or shortages of raw materials, parts, components and systems used in the Company’s vehicles; changes in local economic and political conditions; the enactment 
of tax reforms or other changes in tax laws and regulations; the level of governmental economic incentives available to support the adoption of battery electric vehicles; the impact of 
increasingly stringent regulations regarding fuel efficiency and greenhouse gas and tailpipe emissions; various types of claims, lawsuits, governmental investigations and other contingencies, 
including product liability and warranty claims and environmental claims, investigations and lawsuits; material operating expenditures in relation to compliance with environmental, health 
and safety regulations; the level of competition in the automotive industry, which may increase due to consolidation and new entrants; exposure to shortfalls in the funding of the Company’s 
defined benefit pension plans; the Company’s ability to provide or arrange for access to adequate financing for dealers and retail customers and associated risks related to the operations of 
financial services companies; the Company’s ability to access funding to execute its business plan; the Company’s ability to realize anticipated benefits from joint venture arrangements; 
disruptions arising from political, social and economic instability; risks associated with the Company’s relationships with employees, dealers and suppliers; the Company’s ability to maintain 
effective internal controls over financial reporting; developments in labor and industrial relations and developments in applicable labor laws; earthquakes or other disasters; and other risks 
and uncertainties. 
Any forward-looking statements contained in this document speak only as of the date of this document and the Company disclaims any obligation to update or revise publicly forwardlooking statements. Further information concerning the Company and its businesses, including factors that could materially affect the Company’s financial results, is included in the 
Company’s reports and filings with the U.S. Securities and Exchange Commission and AFM.
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    Re-Establishing 
Financial Guidance
Difficult First Half
 Progressing Turnaround
Clear Levers to 
Drive Improvement
H1 2025 Update: Beginning a New Chapter
Jeep® Compass
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    Main Highlights.............
Financial Review...........
CEO Update....................
Appendix.........................
AGENDA
July 29, 2025 H1 2025 RESULTS | 4
Dodge Charger Daytona EV
Page 5
Page 6
Page 17
Page 33
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    H1 '25 UPDATE: MAIN HIGHLIGHTS
July 29, 2025 H1 2025 RESULTS | 5
Solid Start to '25 Launch Calendar
Launched 4 of 10 planned new '25 
products with the focus on quality 
driving the pace of volume ramp
Clear Levers 
to Drive 
Improvement
Re-Establishing 
Financial 
Guidance
Difficult H1; 
Progressing 
Turnaround
Refer to Appendix for definitions and notes to the presentation
€74.3B in Net Revenues and
€0.5B Adj. Operating Income
Industrial FCF of €(3.0)B; Sequential 
improvement in Net Revenues, AOI 
and IFCF compared to H2 '24
Early Signs of Commercial Progress
EE market share up sequentially, as 
recent product launches continue to 
ramp; NA sees Ram brand exhibiting 
early turn-around momentum
'25 Net Tariff Impact Est. of ~€1.5B
on government policy evolution, 
Company response plan activation, and 
market dynamics becoming more clear; 
~€0.3B of net expense incurred in H1 '25
H2 '25 Guidance Frames Further Progress
with sequential improvement in Net 
Revenues and Industrial FCF compared to 
H1 '25, with recovering, low-single digit AOI 
margin
New Leadership Team In Place 
CEO Antonio Filosa sets streamlined 
and seasoned team of experienced 
leaders to drive recovery and reestablish profitable growth
Sizeable H2 '25 Product Opportunities
In EE, continued ramp of recent Smart Car 
platform products combines with trio of allnew STLA Medium products; NA return of 
iconic vehicle and powertrain franchises
Progress On Key Fundamentals
at recovery-focus regions NA and EE, 
tighter inventories, growing order 
books, and improved offerings set a 
strong foundation for acceleration
Responding to H1 '25 Pressures
with progress on product, new 
approaches to improving in difficult 
segments, and focus on addressing 
cost and execution headwinds
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    Opel /Vauxhall Grandland Electric AWD
July 29, 2025 H1 2025 RESULTS | 6
FINANCIAL REVIEW
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    TOUGH H1 '25 AS DIRECTIONALLY ANTICIPATED 
July 29, 2025
Shipments
(Consolidated)
2.7M
-7%
Due largely to NA fleet sales 
contraction and product 
transition in EE
Net Revenues
€74.3B
-13%
Lower volume/mix and FX 
headwinds, combined with 
moderated pricing 
AOI Margin*
0.7%
-930 bps
Decreases in volume/mix, 
increased incentives and warranty
costs in NA and EE, partially 
offset by lower raw material costs
Industrial FCF*
-€3.0B
vs. -€0.4B
Driven mainly by suppressed 
AOI, which was partially 
offset by lower R&D and 
CapEx expenditures
Consistent with Preliminary Financial Figures 
Released July 21 '25
* Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics
H1 2025 RESULTS | 7
Adjusted Diluted EPS*
€0.18
-92%
Driven mainly by lower AOI, 
partially mitigated by a 
reduction in average 
sharecount
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    74.3
85.0
(7.5) (1.9) (1.8)
0.4
 H1 2024 Volume & Mix Vehicle Net Price FX Translation Other H1 2025
 NET REVENUES DOWN Y-O-Y, DRIVEN MAINLY BY VOLUME AND MIX 
€ billion
NET REVENUES
Figures may not add due to rounding
(13)%
July 29, 2025
• Volume & Mix -9% y-o-y, mainly due 
to declines in NA, driven by lower fleet 
sales and tariff impacts, as well as 
decreases in EE, partially offset by 
stronger volumes in SA
• Vehicle Net Price -2% y-o-y, driven 
by declines in NA and EE, slightly 
offset by positive net pricing in MEA
• FX Translation -2% y-o-y, mainly due 
to translation impacts of Brazilian Real, 
Argentine Peso and Turkish Lira
H1 2025 RESULTS | 8
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    540
8,463
(3,431)
(1,912)
(1,585) (169)
76
H1 2024 Volume & 
Mix
Vehicle Net 
Price
Industrial SG&A R&D FX & Other H1 2025
SIGNIFICANTLY LOWER AOI; VOLUME DECLINE COMBINES WITH PEAK PRICING COMPARISONS
€ million
% = Adjusted Operating Income Margin*
ADJUSTED OPERATING INCOME*
 * Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics
Figures may not add due to rounding
July 29, 2025
• Volume & Mix -41% y-o-y, with lower 
NA and EE shipments and negative 
mix impacts in NA, partially offset by 
increases in SA volumes
• Vehicle Net Price negative impact on 
AOI of 23% driven by declines in NA 
and EE, slightly offset by positive net 
pricing in MEA
• Industrial -19% y-o-y, mainly due to 
increased warranty costs in EE and NA 
and unfavorable absorption of fixed 
costs
• FX & Other -11% y-o-y, mainly due to 
FX impacts of Turkish Lira, Brazilian 
Real, Argentine Peso and USD 
H1 2025 RESULTS | 9
10.0%
0.7%
(902)
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    540
185
(345)
428
935 51
(103)
(611)
H2 2024 Volume & Mix Vehicle Net 
Price
Industrial SG&A R&D FX & Other H1 2025
SEQUENTIAL IMPROVEMENT SHOWS ENCOURAGING PRELIMINARY PROGRESS
€ million
% = Adjusted Operating Income Margin*
ADJUSTED OPERATING INCOME*
 * Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics
Figures may not add due to rounding
July 29, 2025
• Volume & Mix consolidated 
shipment volumes rose 5% h-o-h, 
while mix was negative due to 
unfavorable product content and 
nameplate mix in NA 
• Vehicle Net Price positive 
increase due to ~1% sequential 
price improvement
• Industrial costs decreased 
sequentially from H2 '24 in NA and 
EE mainly due to more normalized 
production schedules, after 
significant disruptions in H2 '24
• FX & Other declines mainly 
driven by the impacts from the 
Turkish Lira 
H1 2025 RESULTS | 10
0.3%
0.7%
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    IFCF NEGATIVE, LARGELY DUE TO AOI AND HEAVY CAPEX AND R&D SPEND
July 29, 2025 H1 2025 RESULTS | 11
 € million H1 2025 H1 2024
Industrial Adj. Operating Income 284 8,223
Depreciation & Amortization 3,557 3,579
Capital Expenditures(1) (5,143) (6,770)
Working Capital(2) (1,345) (3,838)
Financial Charges & Taxes (214) (1,598)
Provisions & Other (144) 12
Industrial Free Cash Flow (3,005) (392)
Industrial AOI* to Industrial FCF Bridge
• Industrial Free Cash Flow deteriorated 
by €2.6B y-o-y, due primarily to AOI 
decline of €8.0B, mitigated by lower 
capital expenditures, reduced working 
capital headwinds and lower financial 
charges and taxes 
• Working Capital Moderation driven 
by greater discipline in production 
scheduling from higher order intake
• Capital expenditures Lower, mainly 
driven by product cadence launches and 
M&A activities, substantially higher in 
H1 '24 due to Gigafactories investments 
(1) Capex, Capitalized R&D & Other Investments
(2) Working Capital includes Sales Incentive Provisions
* Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics
Figures may not add due to rounding
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    MAINTAINING STRONG INVENTORY DISCIPLINE AFTER '24 CORRECTIVE ACTIONS
July 29, 2025 H1 2025 RESULTS | 12
Refer to Appendix for definitions and notes to the presentation
1,068 956 967 877 909
340
374 224 333 298
Jun 30 '24 Sep 30 '24 Dec 31 '24 Mar 31 '25 Jun 30 '25
Independent dealers
Company
1,330
Sequential Development
000 units
• Total inventory is being managed with 
consistent discipline in the first half of 
2025 
• Independent dealer stock normalized 
after 2024 inventory reduction initiatives, 
down 15% vs. Jun '24, mainly driven by 
NA (-37%) which has now is stabilized, 
and a slight increase in EE (+7%) due to 
new product launches
1,408
1,191 1,210 1,207
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    July 29, 2025
Net Rev: €28.2B AOI: €(1.0)B AOI %: (3.4)%
Mkt Share: 7.0%
Refer to Appendix for definitions and notes to the presentation
H1 2025 RESULTS | 13
SOUTH AMERICA MIDDLE EAST & AFRICA
NORTH AMERICA
Net Rev: €29.2B AOI: €9.0M AOI %: 0.0%
EU30 Mkt Share: 17.0%
Net Rev: €4.9B AOI: €0.8B AOI %: 15.5%
Mkt Share: 11.9%
Net Rev: €7.8B AOI: €1.2B AOI %: 15.3% Net Rev: €0.9B AOI: €19.0M AOI %: 2.1%
Mkt Share: 23.5%
NA and EE in Turnaround Phase, Other Regions Deliver Profitability
CHINA AND
INDIA & ASIA PACIFIC
Stabilized pricing 
and normalized 
inventory
Intense 
competition across 
key markets
Accelerating 
localization 
efforts
Strong pricing 
pressure and 
warranty headwinds
Benefiting from 
strong industry 
volume growth
U.S. tariffs 
and lower 
fleet sales
New launches offer 
significant share 
opportunity
Continued FX 
pressure from 
Turkish Lira 
Continued 
market share 
leadership
Strong focus on 
inventory 
management 
ENLARGED EUROPE
H1 '25 REGIONAL REVIEW
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    MAINTAINING STRONG LIQUIDITY
 € million, except as otherwise stated H1 2025 H1 2024
H1 2025
vs. 
H1 2024
Combined Shipments(1) (000 units) 2,690 2,931 (8)%
Consolidated Shipments(1) (000 units) 2,664 2,872 (7)%
Net Revenues 74,261 85,017 (13)%
Operating Income (2,710) 6,639 (141)%
Net Financial Expenses/(Income) 160 (350) n.m.
Profit Before Taxes (2,870) 6,989 (141)%
Tax (Benefit)/Expense (614) 1,342 n.m.
Net Profit (2,256) 5,647 (140)%
Diluted EPS (€/share) (0.78) 1.86 n.m.
Adjusted Operating Income* 540 8,463 (94)%
Adjusted Operating Income Margin* 0.7% 10.0% - 930 bps
Adjusted Diluted EPS (€/share) 0.18 2.36 (92)%
Industrial Free Cash Flows* (3,005) (392) (667)%
Industrial Net Financial Position* 8,992
(at Jun 30 ’25)
15,128
(at Dec 31 ’24)
(41)%
(Jun vs. Dec)
Industrial Available Liquidity 47,228
(at Jun 30 ’25)
49,481
(at Dec 31 ’24)
(5)%
(Jun vs. Dec)
(1) Combined Shipments include shipments by Company’s consolidated subsidiaries and unconsolidated JVs, whereas Consolidated Shipments only include shipments by Company’s consolidated subsidiaries
* Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics
 n.m. - not meaningful
• Operating Income includes €3.3B of 
pre-tax net expenses, primarily 
related to program cancellation costs, 
platform impairments and net impacts 
from the CAFE penalty rate 
elimination
• Net Financial Expenses increased, 
driven primarily by lower interest on 
cash investments
• Tax (Benefit)/Expense decrease of 
€2.0B y-o-y, resulted in a benefit 
primarily from lower profitability 
• Industrial Net Financial Position 
and Industrial Available Liquidity
largely reflect decreased Free Cash 
Flows and dividend payments
July 29, 2025 H1 2025 RESULTS | 14
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    • Diversified global footprint with >50%(1) of Group AOI 
from regions largely unaffected by U.S. tariffs 
• 58% of 2024 vehicles shipped for sale in the U.S. were 
also assembled in the U.S. 
• 95% of imported vehicles for sale in U.S. were made in 
MX/CA and USMCA compliant 
• U.S. assembled vehicles predominately domestic content, 
with imported components largely USMCA compliant 
•
TARIFF UPDATE 
July 29, 2025 H1 2025 RESULTS | 15
Strong Stellantis Starting Point:
(1) Excludes amounts for other activities, unallocated items and eliminations
• Administration introduced 3.75% MSRP credit on U.S. 
produced vehicles, offsetting Section 232 listed parts tariffs  
• Expanded U.S. Content definition based on U.S. government 
approved rates for USMCA compliant vehicles built in MX/CA
• Stellantis '25 production adapted to optimize tariff mitigation 
impacts 
• Continuous engagement with policymakers, ongoing longterm scenario planning
Significant Progress:
2025 Net Tariff Expense Expected to be ~€1.5 Billion
Adapting to Evolving Tariffs; Continued Focus on Mitigation
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    July 29, 2025 H1 2025 RESULTS | 16
Re-Establishing
Financial Guidance
 Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metric
AOI Margin Low-Single Digits
Improved
vs. H1 '25
Increased 
vs. H1 '25 Net Revenues
Industrial FCF
H2 2025 GUIDANCE
H2 '25
Notes: 
Guidance assumes current tariff/trade rules in place as of July 29, 2025
Citroën Ë-C3
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    H1 '25 CEO UPDATE
July 29, 2025 H1 2025 RESULTS | 17
Lancia Ypsilon HF
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    NEW LEADERSHIP TEAM IN PLACE
Empowered to Execute: Restructured and Renewed Leadership Team 
July 29, 2025 H1 2025 RESULTS | 18
• Improved communication and 
established clearer accountability
• Refined processes to strengthen 
rigor of execution
• Increased regional autonomy to 
better meet customer needs of 
diverse markets 
• Number of direct CEO reports 
streamlined 
• Deep automotive experience, 
averaging ~25 years in sector 
• Half of top leadership team 
have new or expanded roles
Optimizing a More Effective 
Organizational Structure
Renewed Leadership
 Team In Place
• Unions and Employees
• Distribution Partners
• Suppliers
• Institutions and 
Policymakers
Partnering with 
Stakeholders
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    Recovery Actions Started in H1 '25
• Fuel Cell Program: Discontinuation of 
planned hydrogen LCVs, due to lack of 
commercial viability for foreseeable future
• Product Program Cancellations: 
Product and platform plan changes where 
misalignment to market needs identified
• Approving New & Improved Products: 
Such as Ram 1500 Express trim and Hemi 
V8 return to Ram trucks
NEW LEADERSHIP TAKING IMMEDIATE & DECISIVE ACTION
Decisive Actions Clear Benefits
Product Better Aligned 
with Customer Demand
Supports a More 
Profitable Mix
Accretive to AOI
July 29, 2025 H1 2025 RESULTS | 19
 Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metric
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    H2 '24 H1 '25
CLEAR SEQUENTIAL PROGRESS
July 29, 2025 H1 2025 RESULTS | 20
POSITIONED TO ADVANCE RECOVERY
EE+NA Order Portfolio
EE+NA: Foundation Improved Other Regions: Delivering Well
Jun '24 Dec '24 Jun '25 Jun '24 Dec '24 Jun '25
EE+NA Inventory
-16% +14% +6%
Aggregated ROW(1) AOI
(1) ROW includes SA, MEA, China and India & Asia Pacific Regions
Refer to Appendix for definitions and notes to the presentation
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    EXECUTION
PROFITABILITY
GROWTH
Strong Execution on Our Priorities 
Peugeot E-3008
H1 2025 RESULTS | 21 July 29, 2025
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    H1 '25 COMMERCIAL UPDATE
Opel Grandland Electric AWD
July 29, 2025 H1 2025 RESULTS | 22
GROWTH
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    July 29, 2025 H1 2025 RESULTS | 23
GROWTH: ADVANCING EXCITING PRODUCT WAVE EXPANDS MARKET COVERAGE
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    Citroën C5 Aircross
3 Exciting All-New STLA Medium Products To Launch H2 '25
GROWTH: PRODUCT OFFENSIVE IN LARGEST EUROPEAN SEGMENT 
Jeep® Compass DS N°8
July 29, 2025 H1 2025 RESULTS | 24
Significant Opportunity - EU30 Share Improvement
Complement Recently-Launched C-segment Peugeot 3008, 5008 and Opel/Vauxhall Grandland
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    • On hiatus since Q1 '23
• Begins production H2 '25, shipping in late '25
• Return to largest U.S. segment (mid-SUV)
• New hybrid powertrain 
• >1.7M prior generation Cherokees sold(1)
• On hiatus since Q4 '23 
• ICE variants begin production in H2 '25
• Prior generation #1 U.S. muscle car years 
 2014 - 2024
• >2.6M prior generation Charger/Challengers sold(2)
July 29, 2025 H1 2025 RESULTS | 25
1) Represents Jeep®Cherokee total sales volume from Jan '13 - Jun '25
2) Represents Dodge Charger and Challenger total sales volume from May '05 - Jun '25
Jeep ICE Dodge Charger ® Cherokee
GROWTH: ICONIC NAMEPLATES RETURN IN NORTH AMERICA
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    Incredible Teamwork:
Adapted platform & manufacturing 
for Hemi V8 in only 10 months; 
available to customers H2 '25
Expands Opportunity: 
40% of U.S. truck buyers will not 
consider a brand without V8
Resounding Response:
 10K orders in first 24 hours; 12B media 
impressions following campaign launch
ADVANCING 
THE FREEDOM 
OF CHOICE
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    H1 '25 COMMERCIAL UPDATE
Opel Grandland Electric AWD
July 29, 2025 H1 2025 RESULTS | 27
EXECUTION
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    PROGRESS POINTS:
• Maintaining disciplined management after '24 corrective actions
• Total NA order book up ~90% y-o-y at Jun 30 '25
• Ram turnaround emerging 
◦ Retail volumes up 25% y-o-y
◦ Successful Q1 '25 HD refresh, Express trim announced for H2 '25
• Return of iconic products (Jeep® Cherokee, Dodge Charger, Hemi V8 
and SRT) 
IMPROVEMENT AREAS:
• Improve customer experience through elevated quality 
• Gain share in markets where we are re-establishing our presence 
• Actioning fleet sales improvement opportunities
Earlier Stage of NA Recovery 
July 29, 2025 H1 2025 RESULTS | 28
EXECUTION: NORTH AMERICA COMMERCIAL RECOVERY UPDATE
Ram 2500 HD
 * Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics
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    PROGRESS POINTS:
• EU30 market share of 17% in H1 '25 up 127 bps vs. H2 '24
◦ Launched 3 all-new products in H1 '25
◦ +1.4% y-o-y increase in H1 '25 LCV market share
◦ Production ramp of recent launches continues
• Navigating EV transition effectively 
◦ BEV mix up ~250 bps y-o-y
◦ #1 in hybrid vehicles and #2 in BEVs 
Europe Now Rebuilding Market Share
July 29, 2025 H1 2025 RESULTS | 29
EXECUTION: ENLARGED EUROPE COMMERCIAL RECOVERY UPDATE
IMPROVEMENT AREAS:
• Improve customer experience through elevated quality 
• Industrial execution of launches, accelerating production ramp 
• Improve profitability
Opel/Vauxhall Frontera
 * Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics
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    H1 '25 COMMERCIAL UPDATE
Opel Grandland Electric AWD
July 29, 2025 H1 2025 RESULTS | 30
PROFITABILITY
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    PROFITABILITY: TAKING DECISIVE ACTIONS
Hemi V8 to Enhance 
Ram Profitability
H1 2025 RESULTS | 31 July 29, 2025
Actions to Support Greater Efficiency/Profitability
Return of SRT Division 
with Premium Products
Advancing Ramp Up of 
European Smart Car Products
Benefits to Net Pricing from 
Improved Inventory Discipline
Technical Focus on Optimizing 
Total Production Cost
 MY 2026 Products Each 
Targeting Margin Accretion
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    H1 2025 Update: Beginning a New Chapter
Re-Establishing 
Financial Guidance
Difficult First Half
 Progressing Turnaround
Clear Levers to 
Drive Improvement
Jeep® Compass
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    APPENDIX
July 29, 2025 H1 2025 RESULTS | 33
Opel/Vauxhall Mokka, Grandland and Frontera
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    DEFINITIONS AND NOTES TO PRESENTATION
For purposes of this presentation, and unless otherwise stated:
LEV = Low emission vehicles, which include battery electric (BEV), plug-in hybrid (PHEV), range-extender electric vehicle (REEV) and fuel cell electric 
(FCEV) vehicles
MHEV = Mild electric hybrid
EU30 = EU 27 (excluding Malta), Iceland, Norway, Switzerland and UK
Rankings, market share and other industry information are for passenger cars (PC) plus light commercial vehicles (LCV) and for the full year 
unless otherwise stated. Information is derived from third-party industry sources (e.g. Agence Nationale des Titres Sécurisés (ANTS), Associação 
Nacional dos Fabricantes de Veículos Automotores (ANFAVEA), Ministry of Infrastructure and Sustainable Mobility (MIMS), S&P Global, Ward’s 
Automotive) and internal information unless otherwise stated
All Stellantis reported BEV and LEV sales include Citroën Ami, Opel Rocks-e and Fiat Topolino; in countries where these vehicles are classified as 
quadricycles, they are excluded from Stellantis reported combined sales, industry sales and market share figures
U.S. PHEV and LEV rankings are per S&P Global 2024 vehicle registrations (most current data available); PC + light-duty trucks
Commercial Vehicles revenues are an aggregation of revenues reported in Net Revenues of the respective segments
LCV = Light Commercial Vehicle
MY = Model Year
NA = North America, U.S. = United States, SA = South America, MEA = Middle East & Africa, IAP = India & Asia Pacific
SRT = Street and Racing Technology
July 29, 2025 H1 2025 RESULTS | 34
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    NON-GAAP FINANCIAL MEASURES 
Stellantis monitors its operations through the use of several non-generally accepted accounting principles (non-GAAP) financial measures. Company management believes that these non-GAAP 
financial measures provide useful and relevant information regarding our operating results and enhance the overall ability to assess our financial performance and financial position. These 
measures provide comparable measures which facilitate management’s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other 
operational decisions. The non-GAAP measure, Adjusted diluted EPS is also presented, which is not used to monitor our operations but which we believe provides investors with a more meaningful 
comparison of the Company’s ongoing quality of earnings. These and similar measures are widely used in the industry in which the Company operates, however, these financial measures may not 
be comparable to other similarly titled measures of other companies and are not intended to be substitutes for measures of financial performance as prepared in accordance with International 
Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), as well as IFRS as adopted by the European Union.
Stellantis’ non-GAAP financial measures are defined as follows:
• Adjusted Operating Income/(Loss) excludes from Net profit/(loss) adjustments comprising restructuring and other termination costs, impairments, asset write-offs, disposals of 
investments and unusual operating income/(expense) that are considered rare or discrete events and are infrequent in nature, as inclusion of such items is not considered to be indicative 
of the Company's ongoing operating performance, and also excludes Net financial expenses/(income) and Tax expense/(benefit).
Unusual operating income/(expense) are impacts from strategic decisions, as well as events considered rare or discrete and infrequent in nature, as inclusion of such items is not 
considered to be indicative of the Company's ongoing operating performance. Unusual operating income/(expense) includes, but may not be limited to: impacts from strategic decisions to 
rationalize Stellantis' core operations; facility-related costs stemming from Stellantis' plans to match production capacity and cost structure to market demand, and convergence and 
integration costs directly related to significant acquisitions or mergers.
• Adjusted Operating Income/(Loss) Margin is calculated as Adjusted operating income/(loss) divided by Net revenues
• Industrial Free Cash Flows is our key cash flow metric and is calculated as Cash flows from operating activities less: (i) cash flows from operating activities from discontinued 
operations; (ii) cash flows from operating activities related to financial services, net of eliminations; (iii) investments in property, plant and equipment and intangible assets for industrial 
activities, (iv) contributions of equity to joint ventures and minor acquisitions of consolidated subsidiaries and equity method and other investments; and adjusted for: (i) net 
intercompany payments between continuing operations and discontinued operations; (ii) proceeds from disposal of assets and (iii) contributions to defined benefit pension plans, net of 
tax. The timing of Industrial free cash flows may be affected by the timing of monetization of receivables, factoring and the payment of accounts payables, as well as changes in other 
components of working capital, which can vary from period to period due to, among other things, cash management initiatives and other factors, some of which may be outside of the 
Company’s control. In addition Industrial free cash flows is one of the metrics used in the determination of the annual performance for eligible employees, including members of the 
Senior Management.
• Adjusted Diluted Earnings Per Share (“EPS") is calculated by adjusting Diluted earnings per share for the post-tax impact per share of the same items excluded from Adjusted 
operating income as well as tax expense/(benefit) items that are considered rare or infrequent, or whose nature would distort the presentation of the ongoing tax charge of the Company. 
We believe this non-GAAP measure is useful because it also excludes items that we do not believe are indicative of the Company’s ongoing operating performance and provides investors 
with a more meaningful comparison of the Company’s ongoing quality of earnings. Adjusted diluted EPS should not be considered as a substitute for Basic earnings per share, Diluted 
earnings per share from operations or other methods of analyzing our quality of earnings as reported under IFRS.
• Industrial Net Financial Position is calculated as Debt plus derivative financial liabilities related to industrial activities less (i) cash and cash equivalents; (ii) financial securities that are 
considered liquid; (iii) current financial receivables from the Company or its jointly controlled financial services entities and (iv) derivative financial assets and collateral deposits. Therefore, 
debt, cash and cash equivalents and other financial assets/liabilities pertaining to Stellantis’ financial services entities are excluded from the computation of the Industrial net financial 
position. Industrial net financial position includes the Industrial net financial position classified as held for sale.
July 29, 2025 H1 2025 RESULTS | 35
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    H1 KEY COMMERCIAL METRICS
ENLARGED 
EUROPE
MIDDLE EAST 
& AFRICA
NORTH 
AMERICA CHINA SOUTH AMERICA
H1 2024
H1 2025
MARKET SHARE (1) 7.0% 8.2% 16.1% 17.6% 11.9% 13.2% 23.5% 22.7% 0.4% 0.5% 0.2% 0.2% 1.5% 1.8%
H1 INDUSTRY (1)
(2025 vs. 2024) 3% (0.5)% (0.3)% 14% 3% 10% (14)%
000 units
COMBINED SALES
INDIA & 
ASIA PACIFIC TOTAL
(1) Industry and market share information is derived from third-party industry sources (e.g. Agence Nationale des Titres Sécurisés (ANTS), Associação Nacional dos Fabricantes de Veículos Automotores (ANFAVEA), 
Ministry of Infrastructure and Sustainable Mobility (MIMS), Ward’s Automotive) and internal information. Represents PC and LCVs, except as noted below:
• Enlarged Europe excludes Russia and Belarus. From 2025, this includes Israel and Palestine (prior periods have not been restated); 
• Middle East & Africa exclude Iran, Sudan and Syria. From 2025, this excludes Israel and Palestine (prior periods have not been restated); 
• South America excludes Cuba
• India & Asia Pacific reflects aggregate for major markets where Stellantis competes (Japan (PC), India (PC), South Korea (PC + Pickups), Australia, New Zealand and South East Asia) 
• China represents PC only and includes licensed sales from Dongfeng Peugeot Citroën Automobiles ("DPCA"); and
• Maserati reflects aggregate for 17 major markets where Maserati competes and is derived from S&P Global data, Maserati competitive segment and internal information
Figures may not add due to rounding. Prior period figures have been updated to reflect current information provided by third party industry sources.
July 29, 2025 H1 2025 RESULTS | 36
2,814
703
1,333
245
476
29 22 6.4
2,992
791
1,458
271 404
33 25 8.9
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    Q2 KEY COMMERCIAL METRICS
ENLARGED 
EUROPE
MIDDLE EAST 
& AFRICA
NORTH 
AMERICA CHINA SOUTH AMERICA
Q2 2024
Q2 2025
MARKET SHARE (1) 7.0% 8.0% 15.9% 16.6% 12.7% 11.7% 23.3% 22.3% 0.4% 0.5% 0.2% 0.3% 1.5% 1.7%
Q2 INDUSTRY (1)
(2025 vs. 2024) 3% (1)% 6% 12% 1% 15% (11)%
000 units
COMBINED SALES
INDIA & 
ASIA PACIFIC TOTAL
July 29, 2025 H1 2025 RESULTS | 37
1,436
363
662
133
248
14 13 3.2
1,467
402
701
116 213
17 14 4.1
(1) Industry and market share information is derived from third-party industry sources (e.g. Agence Nationale des Titres Sécurisés (ANTS), Associação Nacional dos Fabricantes de Veículos Automotores (ANFAVEA), 
Ministry of Infrastructure and Sustainable Mobility (MIMS), Ward’s Automotive) and internal information. Represents PC and LCVs, except as noted below:
• Enlarged Europe excludes Russia and Belarus. From 2025, this includes Israel and Palestine (prior periods have not been restated); 
• Middle East & Africa exclude Iran, Sudan and Syria. From 2025, this excludes Israel and Palestine (prior periods have not been restated); 
• South America excludes Cuba
• India & Asia Pacific reflects aggregate for major markets where Stellantis competes (Japan (PC), India (PC), South Korea (PC + Pickups), Australia, New Zealand and South East Asia) 
• China represents PC only and includes licensed sales from Dongfeng Peugeot Citroën Automobiles ("DPCA"); and
• Maserati reflects aggregate for 17 major markets where Maserati competes and is derived from S&P Global data, Maserati competitive segment and internal information
Figures may not add due to rounding. Prior period figures have been updated to reflect current information provided by third party industry sources.
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    (951)
4,366
(2,773)
(1,173)
(944) (92) (4) (331)
H1 '24 Volume & Mix Vehicle Net Price Industrial SG&A R&D FX & Other H1 '25
INVENTORY REDUCTION ACTIONS LED TO DECREASED PRODUCTION AND LOWER RESULTS
NORTH AMERICA
€ million
% = Adjusted Operating Income Margin
ADJUSTED OPERATING INCOME/(LOSS)
15.4% 16.4%
• 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
• Down 26%, primarily due to production gaps 
resulting from discontinued models, as well 
as reduced production of certain products 
most impacted by tariffs
July 29, 2025 H1 2025 RESULTS | 38
Shipments 
647
838
H1 '25 H1 '24
Net Revenues
28.2
38.4
H1 '25 H1 '24
4,366
H1 '25 H1 '24
11.4%
11.4%
(000 units) (€ billion) (€ million)
• Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics
(3.4)%
(3.4)%
H1 '25 H1 '24
(951)
AOI & Margin
• Down €5B, due to significant unfavorable 
impacts from volume & mix, increased sales 
incentives, as well as unfavorable variable cost 
absorption and warranty costs
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    RESULTS REFLECT IMPACT OF PRODUCT GAPS AND CONTINUED PRICING PRESSURE 
ENLARGED EUROPE
9.8% 9.8%
• Down 2%, due to decreased volumes and 
higher incentive levels, partially offset by 
positive impacts from vehicle mix
• Down €2B, due to higher sales incentives, 
lower volumes and unfavorable mix, partially 
offset by reduced sales of vehicles with a 
buyback commitment
• 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 
July 29, 2025 H1 2025 RESULTS | 39
Shipments
1,289 1,387
H1 '25 H1 '24
Net Revenues
29.2 30.0
H1 '25 H1 '24
AOI & Margin
9
2,060
H1 '25 H1 '24
9
2,060
(834)
(862)
(399) (22)
12 54
H1 2024 Volume & Mix Vehicle Net Price Industrial SG&A R&D FX & Other H1 2025
€ million
% = Adjusted Operating Income Margin
ADJUSTED OPERATING INCOME
6.9%
6.9%
(000 units) (€ billion) (€ million)
• Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics
0.0%
0.0%
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    Combined 
Shipments
225 214
26 59
H1 '25 H1 '24
768
1,047 87
287
(46)
4
(6)
(605)
H1 2024 Volume & Mix Vehicle Net Price Industrial SG&A R&D FX & Other H1 2025
STEADFAST RESILIENCE DESPITE CHALLENGING ENVIRONMENT
251
• 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
• 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 
• Down €279M, mainly due to unfavorable FX 
transaction and translation effects primarily 
related to the Turkish Lira, partially offset by 
positive pricing actions
MIDDLE EAST & AFRICA
July 29, 2025 H1 2025 RESULTS | 40
€ million
% = Adjusted Operating Income Margin
ADJUSTED OPERATING INCOME
20.9% Net Revenues
4.9 5.0
H1 '25 H1 '24
AOI & Margin
768
1,047
H1 '25 H1 '24
15.5% 20.9%
(000 units)
(€ billion) (€ million)
15.5%
• Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics
273
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     SUSTAINED LEADERSHIP IN REGION DRIVES CONSISTENT PERFORMANCE 
SOUTH AMERICA
• Up €38M, primarily due to increased 
volumes in Argentina and a benefit from 
recognition of Brazilian indirect tax credits, 
partially offset by unfavorable FX
H1 2025 RESULTS | 41
• Up 20%, driven primarily by increased 
volumes in Argentina, as well increased y-o-y 
shipments of Fiat Strada, Fastback and Argo
July 29, 2025
1,150 1,188
172
(109)
(202) (19)
21
175
H1 2024 Volume & Mix Vehicle Net Price Industrial SG&A R&D FX & Other H1 2025
€ million
% = Adjusted Operating Income Margin
ADJUSTED OPERATING INCOME
15.6% 15.3%
Shipments
471 394
H1 '25 H1 '24
Net Revenues
7.8 7.4
H1 '25 H1 '24
AOI & Margin
1,188 1,150
H1 '25 H1 '24
15.6%
(000 units) (€ billion) (€ million)
• Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics
15.3%
• Up 5%, largely due to increased volumes, 
mainly driven by Argentina, largely offset by FX 
impacts from Brazilian Real and Argentine Peso
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    CHALLENGING ENVIRONMENT WITH CONTINUED PRESSURE ON RESULTS
€ million, except as otherwise stated H1 2025 H1 2024
H1 2025
vs. 
H1 2024 H1 2025 H1 2024
H1 2025
vs. 
H1 2024
Combined Shipments(1) (000 units) 28 32 (13)% n.a. n.a. n.a.
Consolidated Shipments(1) (000 units) 28 32 (13)% 4.2 6.5 (35)%
Net Revenues 923 1,072 (14)% 369 631 (42)%
Adjusted Operating Income 19 57 (67)% (139) (82) (70)%
Adjusted Operating Income Margin 2.1% 5.3% (320) bps (37.7)% (13.0)% (2,470) bps
CHINA AND INDIA & ASIA PACIFIC MASERATI
(1) Combined Shipments include shipments by Company’s consolidated subsidiaries and unconsolidated JVs, whereas Consolidated Shipments only include shipments by Company’s consolidated subsidiaries
. 
n.a. – Not applicable
China and India & Asia Pacific
• 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
Maserati 
• Lower results due to decreased 
volume and mix impacts, as well 
as de-stocking and repositioning 
efforts in NA and China
H1 2025 RESULTS | 42
• Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics
July 29, 2025
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    RECONCILIATION OF NET REVENUES FROM EXTERNAL CUSTOMERS TO NET REVENUES
H1 2025 RESULTS | 43
H1 2025
 € million
North 
America
Enlarged 
Europe
Middle East 
& Africa
South 
America
China and 
India & Asia 
Pacific Maserati Other(1) Stellantis
Net Revenues from External Customers 28,198 29,163 4,938 7,696 919 368 2,979 74,261
Net Revenues from Transactions with Other Segments — 78 6 73 4 1 (162) ‒
Net Revenues 28,198 29,241 4,944 7,769 923 369 2,817 74,261
(1) Other activities, unallocated items and eliminations
July 29, 2025
H1 2024
 € million
North 
America
Enlarged 
Europe
Middle East 
& Africa
South 
America
China and 
India & Asia 
Pacific Maserati Other(1) Stellantis
Net Revenues from External Customers 38,351 29,848 5,005 7,373 1,071 631 2,738 85,017
Net Revenues from Transactions with Other Segments 2 121 - (6) 1 - (118) ‒
Net Revenues 38,353 29,969 5,005 7,367 1,072 631 2,620 85,017
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    RECONCILIATION OF NET PROFIT TO ADJUSTED OPERATING INCOME
July 29, 2025 H1 2025 RESULTS | 44
H1 2025
 € million North America
Enlarged 
Europe
Middle East & 
Africa South America
China and India 
& 
Asia Pacific Maserati Other(*) Stellantis
Net Profit (2,256)
Tax Expense/(Benefit) (614)
Net Financial Expenses/(Income) 160
Operating Income/(loss) (2,710)
Adjustments:
Restructuring and other costs, net of reversals(1) (41) 531 ‒ 4 ‒ ‒ 28 522
Takata airbag recall campaign(2)‒ 239 ‒ ‒ ‒ ‒ ‒ 239
Impairments and supplier claims
Platform Impairments(3)‒ 26 ‒ ‒ ‒ 552 ‒ 578
Program Cancellations and supplier claims(4) 327 134 8 319 1 ‒ ‒ 789
Fuel cell program discontinuation(5)‒ 733 ‒ ‒ ‒ ‒ ‒ 733
CAFE penalty rate(6) 269 ‒ ‒ ‒ ‒ ‒ ‒ 269
Stellantis Türkiye Disposal(7)- ‒ 246 ‒ ‒ ‒ ‒ 246
Other(8) (83) (26) - - 2 3 (22) (126)
Total Adjustments 472 1,637 254 323 3 555 6 3,250
Adjusted Operating Income (951) 9 768 1,188 19 (139) (354) 540
(*) Other activities, unallocated items and eliminations
(1) Primarily related to workforce reductions, mainly in Enlarged Europe. In North America a reduction in the estimated costs for €41 million was recognized
(2) Related to stop-drive campaign on certain vehicles in Enlarged Europe announced in June 2025
(3) Due to reduced volumes, platforms used for Maserati and Alfa Romeo vehicles were impaired and recognized in Maserati for €552 million and in Enlarged 
Europe for €26 million
(4) Primarily related to programs cancelled as a result of strategic reviews and corresponding supplier claims
(5) During the six months ended June 20, 2025, Stellantis decided to discontinue its fuel cell strategy. As a result, the following items have been impaired: (i) 
investment in Symbio(€179 million), (ii) loans granted to Symbio (€162 million), (iii) capitalized development expenditures and PPE related to fuel cells (€329 
million) and (iv) provisions for risks (€63 million)
(6) As a result of the elimination of CAFE fines with the passing of the One Big Beautiful Bill by the U.S. President, the Company recognized a net expense of 
€97million, comprised of net €172 million of CAFE credits recognized as a reduction of Cost of revenues, which remains included in Adjusted Operating Income as 
these amounts reduced prior year CAFE fines, and a net expense of €269 million, which is excluded from AOI and comprised of (i) elimination of the CAFE 
provision of €844 million, (ii) impairment of the regulatory credit assets of €609 million, and (iii) onerous contracts related to contractual purchase commitments 
for CAFE credits of €504 million
(7) Sale of Stellantis Türkiye to the Company’s joint venture, Tofas, for which the Company recognized n estimated loss on disposal of €246 million, driven 
primarily by the recycling of the cumulative translation reserve from Equity to the Consolidated Income Statement upon disposal
(8) Comprised primarily of (i) adjustments to costs previously recognized to support the workforce during the transformation of certain plants in North America, 
(ii) gains on sales of real estate in Enlarged Europe, and (iii) a gain from dilution related to the investment in Archer Aviation
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    RECONCILIATION OF NET PROFIT TO ADJUSTED OPERATING INCOME
H1 2024
 € million North America
Enlarged 
Europe
Middle East & 
Africa South America
China and India 
& Asia Pacific Maserati Other (*) Stellantis
Net Profit 5,647
Tax Expense 1,342
Net Financial Expenses/(Income) (350)
Operating Income 6,639
Adjustments:
Restructuring and other costs, net of reversals(1) 48 1,087 ‒ 9 ‒ 25 43 1,212
Impairment expense and supplier obligations(2) 2 43 ‒ ‒ 11 324 8 388
Takata recall campaign ‒ 74 4 1 ‒ ‒ ‒ 79
Other(3) 119 2 ‒ 29 1 ‒ (6) 145
Total Adjustments 169 1,206 4 39 12 349 45 1,824
Adjusted Operating Income 4,366 2,060 1,047 1,150 57 (82) (135) 8,463
(*) Other activities, unallocated items and eliminations
(1) Primarily related to workforce reductions, mainly in Enlarged Europe
(2) Primarily related to certain platform assets in Maserati and Enlarged Europe, net of reversal
(3) Primarily related to costs to support the workforce during the transformation of a plant in North America
July 29, 2025 H1 2025 RESULTS | 45
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    RECONCILIATION OF DILUTED EPS TO ADJUSTED DILUTED EPS
 € million, except as otherwise stated H1 2025 H1 2024
Net (Loss/)Profit Attributable to Owners of the Parent (2,240) 5,624
Weighted Average Number of Shares Outstanding (000) 2,882,611 3,002,791
Number of Shares Deployable for Share-based Compensation (000)(1) — 21,659
Weighted Average Number of Shares Outstanding for Diluted Earnings 
Per Share (000) 2,882,611 3,024,450
Diluted (Loss)/Earnings Per Share (A) (€/share) (0.78) 1.86
Adjustments, Pre-tax 3,250 1,824
Tax Impacts on Adjustments(2) (470) (316)
Total Adjustments, Net of Taxes 2,780 1,508
Number of Shares Deployable for Share-based Compensation (000) 17,162 —
Impact of Adjustments, Net of Taxes, on Diluted Earnings 
Per Share from Continuing Operations (€/share) (B) 0.96 0.50
Adjusted Diluted Earnings Per Share (€/share) (A+B) 0.18 2.36
July 29, 2025 H1 2025 RESULTS | 46
(1) For the six-month period ended June 30, 2025, the Company reported a loss attributable to the owners of the parent. Consequently, the potential dilutive impact of share-based payment plans was excluded from the calculation of diluted 
earnings/(loss) per share, as their inclusion would have been anti-dilutive. However, for the purpose of calculating Adjusted diluted earnings per share, the adjusted net result reflects a profit. Therefore, the potential dilutive effect of sharebased payment plans has been included in this calculation, as their impact is dilutive under these circumstances
(2) Tax impact on adjustments is calculated based on the expected local country tax implications for each adjustment
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    RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO INDUSTRIAL FREE CASH FLOWS
 € million H1 2025 H1 2024
Cash Flows from Operating Activities (2,287) 3,970
Less: Financial Services, Net of Inter-segment Eliminations(1) (4,397) (2,384)
Less: Capital Expenditures and Capitalized R&D Expenditures and Change in Amounts Payable on 
Property, Plant and Equipment and Intangible Assets for Industrial Activities 5,136 5,438
Add: Proceeds from Disposal of Assets and Other Changes in Investing Activities 473 163
Less: Contributions of Equity to JVs and Minor Acquisitions of Consolidated Subsidiaries and Equity 
Method and Other Investments 480 1,495
Add: Defined Benefit Pension Contributions, Net of Tax 28 24
Industrial Free Cash Flows (3,005) (392)
July 29, 2025 H1 2025 RESULTS | 47
(1) Effective H1 2025, two types of cash flows were reclassified to cash flows from operating activities: (i) the net change in receivables related to financial services activities have been reclassified from 
investing activities as these are part of our principal revenue-generating activities and (ii) certain financial receivables related to factoring transactions from financing activities. Comparative figures for 
H1 2024 have been reclassified accordingly.
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    RECONCILIATION OF DEBT TO INDUSTRIAL NET FINANCIAL POSITION
 € million June 30 2025 Dec 31 2024
Debt (40,799) (37,227)
Current Financial Receivables from Jointly-Controlled Financial Services Companies 1,371 674
Derivative Financial Assets/(Liabilities), Net and Collateral Deposits 202 222
Financial Securities 2,176 4,468
Cash and Cash Equivalents 30,660 34,100
Industrial Net Financial Position Classified as Held for Sale (130) 169
Net Financial Position (6,520) 2,406
Less: Net Financial Position of Financial Services (15,512) (12,722)
Industrial Net Financial Position 8,992 15,128
July 29, 2025 H1 2025 RESULTS | 48
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    DEBT MATURITY SCHEDULE – INDUSTRIAL ACTIVITIES
 € billion
Outstanding 
June 30 2025 6M 2025 2026 2027 2028 2029 2030 Beyond
21.0 Capital Markets Debt - 2.5 2.2 2.6 1.9 2.6 9.2
1.5 Bank Debt 1.1 0.1 0.1 0.1 — — 0.1
0.4 Other Debt 0.2 0.1 — — — — —
2.3 Lease Liabilities 0.5 0.5 0.2 0.2 0.1 0.1 0.6
25.2 Total Industrial Cash Maturities(1) 1.8 3.2 2.5 2.9 2.0 2.8 9.9
30.9 Cash, Cash Equivalents and Financial Securities
16.3 Undrawn Committed Credit Lines
47.2 Total Industrial Available Liquidity
(1) Excludes accruals and purchase accounting effects of €0.5B at Jun 30 2025
Figures may not add due to rounding 
July 29, 2025 H1 2025 RESULTS | 49
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    RESEARCH AND DEVELOPMENT COSTS AND EXPENDITURES
H1 2025 RESULTS | 50
 € million H1 2025 H1 2024 
Research and Development Expenditures Expensed 1,411 1,542
Amortization of Capitalized Development Expenditures 1,088 1,076
Impairment and Write-off of Capitalized Development Expenditures 872 201
Total Research and Development Costs 3,371 2,819
Capitalized Development Expenditures excl. Borrowing Costs(1) 1,706 2,078
Research and Development Expenditures Expensed 1,411 1,542
Total Research and Development Expenditures 3,116 3,620
July 29, 2025
1) Does not include capitalized borrowing costs in accordance with IAS 23 - Borrowing costs (Revised)
Figures may not add due to rounding
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    H1 2025 RESULTS Stellantis - Page 51
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    H1 2025 RESULTS Stellantis

    • 1. H1 2025 RESULTS Citroën C5 Aircross
    • 2. SAFE HARBOR STATEMENT July 29, 2025 H1 2025 RESULTS | 2 This document, in particular references to “H2 2025 Guidance”, contains forward looking statements. In particular, statements regarding future financial performance and the Company’s expectations as to the achievement of certain targeted metrics, including revenues, industrial free cash flows, vehicle shipments, capital investments, research and development costs and other expenses at any future date or for any future period are forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Company’s current state of knowledge, future expectations and projections about future events and are by their nature, subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the Company’s ability to launch new products successfully and to maintain vehicle shipment volumes; the Company's ability to attract and retain experienced management and employees; changes in trade policy, the imposition of global and regional tariffs or tariffs targeted to the automobile industry; changes in the global financial markets, general economic environment and changes in demand for automotive products, which is subject to cyclicality; the Company’s ability to successfully manage the industry-wide transition from internal combustion engines to full electrification and accurately predict the market demand for electrified vehicles; the Company’s ability to offer innovative, attractive products and to develop, manufacture and sell vehicles with advanced features including enhanced electrification, connectivity and autonomous-driving characteristics; the Company’s ability to produce or procure electric batteries with competitive performance, cost and at required volumes; the Company’s ability to successfully launch new businesses and integrate acquisitions; a significant malfunction, disruption or security breach compromising information technology systems or the electronic control systems contained in the Company’s vehicles; exchange rate fluctuations, interest rate changes, credit risk and other market risks; increases in costs, disruptions of supply or shortages of raw materials, parts, components and systems used in the Company’s vehicles; changes in local economic and political conditions; the enactment of tax reforms or other changes in tax laws and regulations; the level of governmental economic incentives available to support the adoption of battery electric vehicles; the impact of increasingly stringent regulations regarding fuel efficiency and greenhouse gas and tailpipe emissions; various types of claims, lawsuits, governmental investigations and other contingencies, including product liability and warranty claims and environmental claims, investigations and lawsuits; material operating expenditures in relation to compliance with environmental, health and safety regulations; the level of competition in the automotive industry, which may increase due to consolidation and new entrants; exposure to shortfalls in the funding of the Company’s defined benefit pension plans; the Company’s ability to provide or arrange for access to adequate financing for dealers and retail customers and associated risks related to the operations of financial services companies; the Company’s ability to access funding to execute its business plan; the Company’s ability to realize anticipated benefits from joint venture arrangements; disruptions arising from political, social and economic instability; risks associated with the Company’s relationships with employees, dealers and suppliers; the Company’s ability to maintain effective internal controls over financial reporting; developments in labor and industrial relations and developments in applicable labor laws; earthquakes or other disasters; and other risks and uncertainties.  Any forward-looking statements contained in this document speak only as of the date of this document and the Company disclaims any obligation to update or revise publicly forwardlooking statements. Further information concerning the Company and its businesses, including factors that could materially affect the Company’s financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission and AFM.
    • 3. Re-Establishing Financial Guidance Difficult First Half Progressing Turnaround Clear Levers to Drive Improvement H1 2025 Update: Beginning a New Chapter Jeep® Compass
    • 4. Main Highlights............. Financial Review........... CEO Update.................... Appendix......................... AGENDA July 29, 2025 H1 2025 RESULTS | 4 Dodge Charger Daytona EV Page 5 Page 6 Page 17 Page 33
    • 5. H1 '25 UPDATE: MAIN HIGHLIGHTS July 29, 2025 H1 2025 RESULTS | 5 Solid Start to '25 Launch Calendar Launched 4 of 10 planned new '25 products with the focus on quality driving the pace of volume ramp Clear Levers to Drive Improvement Re-Establishing Financial Guidance Difficult H1; Progressing Turnaround Refer to Appendix for definitions and notes to the presentation €74.3B in Net Revenues and €0.5B Adj. Operating Income Industrial FCF of €(3.0)B; Sequential improvement in Net Revenues, AOI and IFCF compared to H2 '24 Early Signs of Commercial Progress EE market share up sequentially, as recent product launches continue to ramp; NA sees Ram brand exhibiting early turn-around momentum '25 Net Tariff Impact Est. of ~€1.5B on government policy evolution, Company response plan activation, and market dynamics becoming more clear; ~€0.3B of net expense incurred in H1 '25 H2 '25 Guidance Frames Further Progress with sequential improvement in Net Revenues and Industrial FCF compared to H1 '25, with recovering, low-single digit AOI margin New Leadership Team In Place CEO Antonio Filosa sets streamlined and seasoned team of experienced leaders to drive recovery and reestablish profitable growth Sizeable H2 '25 Product Opportunities In EE, continued ramp of recent Smart Car platform products combines with trio of allnew STLA Medium products; NA return of iconic vehicle and powertrain franchises Progress On Key Fundamentals at recovery-focus regions NA and EE, tighter inventories, growing order books, and improved offerings set a strong foundation for acceleration Responding to H1 '25 Pressures with progress on product, new approaches to improving in difficult segments, and focus on addressing cost and execution headwinds
    • 6. Opel /Vauxhall Grandland Electric AWD July 29, 2025 H1 2025 RESULTS | 6 FINANCIAL REVIEW
    • 7. TOUGH H1 '25 AS DIRECTIONALLY ANTICIPATED July 29, 2025 Shipments (Consolidated) 2.7M -7% Due largely to NA fleet sales contraction and product transition in EE Net Revenues €74.3B -13% Lower volume/mix and FX headwinds, combined with moderated pricing AOI Margin* 0.7% -930 bps Decreases in volume/mix, increased incentives and warranty costs in NA and EE, partially offset by lower raw material costs Industrial FCF* -€3.0B vs. -€0.4B Driven mainly by suppressed AOI, which was partially offset by lower R&D and CapEx expenditures Consistent with Preliminary Financial Figures Released July 21 '25 * Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics H1 2025 RESULTS | 7 Adjusted Diluted EPS* €0.18 -92% Driven mainly by lower AOI, partially mitigated by a reduction in average sharecount
    • 8. 74.3 85.0 (7.5) (1.9) (1.8) 0.4 H1 2024 Volume & Mix Vehicle Net Price FX Translation Other H1 2025 NET REVENUES DOWN Y-O-Y, DRIVEN MAINLY BY VOLUME AND MIX € billion NET REVENUES Figures may not add due to rounding (13)% July 29, 2025 • Volume & Mix -9% y-o-y, mainly due to declines in NA, driven by lower fleet sales and tariff impacts, as well as decreases in EE, partially offset by stronger volumes in SA • Vehicle Net Price -2% y-o-y, driven by declines in NA and EE, slightly offset by positive net pricing in MEA • FX Translation -2% y-o-y, mainly due to translation impacts of Brazilian Real, Argentine Peso and Turkish Lira H1 2025 RESULTS | 8
    • 9. 540 8,463 (3,431) (1,912) (1,585) (169) 76 H1 2024 Volume & Mix Vehicle Net Price Industrial SG&A R&D FX & Other H1 2025 SIGNIFICANTLY LOWER AOI; VOLUME DECLINE COMBINES WITH PEAK PRICING COMPARISONS € million % = Adjusted Operating Income Margin* ADJUSTED OPERATING INCOME* * Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics Figures may not add due to rounding July 29, 2025 • Volume & Mix -41% y-o-y, with lower NA and EE shipments and negative mix impacts in NA, partially offset by increases in SA volumes • Vehicle Net Price negative impact on AOI of 23% driven by declines in NA and EE, slightly offset by positive net pricing in MEA • Industrial -19% y-o-y, mainly due to increased warranty costs in EE and NA and unfavorable absorption of fixed costs • FX & Other -11% y-o-y, mainly due to FX impacts of Turkish Lira, Brazilian Real, Argentine Peso and USD H1 2025 RESULTS | 9 10.0% 0.7% (902)
    • 10. 540 185 (345) 428 935 51 (103) (611) H2 2024 Volume & Mix Vehicle Net Price Industrial SG&A R&D FX & Other H1 2025 SEQUENTIAL IMPROVEMENT SHOWS ENCOURAGING PRELIMINARY PROGRESS € million % = Adjusted Operating Income Margin* ADJUSTED OPERATING INCOME* * Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics Figures may not add due to rounding July 29, 2025 • Volume & Mix consolidated shipment volumes rose 5% h-o-h, while mix was negative due to unfavorable product content and nameplate mix in NA • Vehicle Net Price positive increase due to ~1% sequential price improvement • Industrial costs decreased sequentially from H2 '24 in NA and EE mainly due to more normalized production schedules, after significant disruptions in H2 '24 • FX & Other declines mainly driven by the impacts from the Turkish Lira H1 2025 RESULTS | 10 0.3% 0.7%
    • 11. IFCF NEGATIVE, LARGELY DUE TO AOI AND HEAVY CAPEX AND R&D SPEND July 29, 2025 H1 2025 RESULTS | 11 € million H1 2025 H1 2024 Industrial Adj. Operating Income 284 8,223 Depreciation & Amortization 3,557 3,579 Capital Expenditures(1) (5,143) (6,770) Working Capital(2) (1,345) (3,838) Financial Charges & Taxes (214) (1,598) Provisions & Other (144) 12 Industrial Free Cash Flow (3,005) (392) Industrial AOI* to Industrial FCF Bridge • Industrial Free Cash Flow deteriorated by €2.6B y-o-y, due primarily to AOI decline of €8.0B, mitigated by lower capital expenditures, reduced working capital headwinds and lower financial charges and taxes • Working Capital Moderation driven by greater discipline in production scheduling from higher order intake • Capital expenditures Lower, mainly driven by product cadence launches and M&A activities, substantially higher in H1 '24 due to Gigafactories investments (1) Capex, Capitalized R&D & Other Investments (2) Working Capital includes Sales Incentive Provisions * Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics Figures may not add due to rounding
    • 12. MAINTAINING STRONG INVENTORY DISCIPLINE AFTER '24 CORRECTIVE ACTIONS July 29, 2025 H1 2025 RESULTS | 12 Refer to Appendix for definitions and notes to the presentation 1,068 956 967 877 909 340 374 224 333 298 Jun 30 '24 Sep 30 '24 Dec 31 '24 Mar 31 '25 Jun 30 '25 Independent dealers Company 1,330 Sequential Development 000 units • Total inventory is being managed with consistent discipline in the first half of 2025 • Independent dealer stock normalized after 2024 inventory reduction initiatives, down 15% vs. Jun '24, mainly driven by NA (-37%) which has now is stabilized, and a slight increase in EE (+7%) due to new product launches 1,408 1,191 1,210 1,207
    • 13. July 29, 2025 Net Rev: €28.2B AOI: €(1.0)B AOI %: (3.4)% Mkt Share: 7.0% Refer to Appendix for definitions and notes to the presentation H1 2025 RESULTS | 13 SOUTH AMERICA MIDDLE EAST & AFRICA NORTH AMERICA Net Rev: €29.2B AOI: €9.0M AOI %: 0.0% EU30 Mkt Share: 17.0% Net Rev: €4.9B AOI: €0.8B AOI %: 15.5% Mkt Share: 11.9% Net Rev: €7.8B AOI: €1.2B AOI %: 15.3% Net Rev: €0.9B AOI: €19.0M AOI %: 2.1% Mkt Share: 23.5% NA and EE in Turnaround Phase, Other Regions Deliver Profitability CHINA AND INDIA & ASIA PACIFIC Stabilized pricing and normalized inventory Intense competition across key markets Accelerating localization efforts Strong pricing pressure and warranty headwinds Benefiting from strong industry volume growth U.S. tariffs and lower fleet sales New launches offer significant share opportunity Continued FX pressure from Turkish Lira Continued market share leadership Strong focus on inventory management ENLARGED EUROPE H1 '25 REGIONAL REVIEW
    • 14. MAINTAINING STRONG LIQUIDITY € million, except as otherwise stated H1 2025 H1 2024 H1 2025 vs. H1 2024 Combined Shipments(1) (000 units) 2,690 2,931 (8)% Consolidated Shipments(1) (000 units) 2,664 2,872 (7)% Net Revenues 74,261 85,017 (13)% Operating Income (2,710) 6,639 (141)% Net Financial Expenses/(Income) 160 (350) n.m. Profit Before Taxes (2,870) 6,989 (141)% Tax (Benefit)/Expense (614) 1,342 n.m. Net Profit (2,256) 5,647 (140)% Diluted EPS (€/share) (0.78) 1.86 n.m. Adjusted Operating Income* 540 8,463 (94)% Adjusted Operating Income Margin* 0.7% 10.0% - 930 bps Adjusted Diluted EPS (€/share) 0.18 2.36 (92)% Industrial Free Cash Flows* (3,005) (392) (667)% Industrial Net Financial Position* 8,992 (at Jun 30 ’25) 15,128 (at Dec 31 ’24) (41)% (Jun vs. Dec) Industrial Available Liquidity 47,228 (at Jun 30 ’25) 49,481 (at Dec 31 ’24) (5)% (Jun vs. Dec) (1) Combined Shipments include shipments by Company’s consolidated subsidiaries and unconsolidated JVs, whereas Consolidated Shipments only include shipments by Company’s consolidated subsidiaries * Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics n.m. - not meaningful • Operating Income includes €3.3B of pre-tax net expenses, primarily related to program cancellation costs, platform impairments and net impacts from the CAFE penalty rate elimination • Net Financial Expenses increased, driven primarily by lower interest on cash investments • Tax (Benefit)/Expense decrease of €2.0B y-o-y, resulted in a benefit primarily from lower profitability • Industrial Net Financial Position and Industrial Available Liquidity largely reflect decreased Free Cash Flows and dividend payments July 29, 2025 H1 2025 RESULTS | 14
    • 15. • Diversified global footprint with >50%(1) of Group AOI from regions largely unaffected by U.S. tariffs • 58% of 2024 vehicles shipped for sale in the U.S. were also assembled in the U.S. • 95% of imported vehicles for sale in U.S. were made in MX/CA and USMCA compliant • U.S. assembled vehicles predominately domestic content, with imported components largely USMCA compliant • TARIFF UPDATE July 29, 2025 H1 2025 RESULTS | 15 Strong Stellantis Starting Point: (1) Excludes amounts for other activities, unallocated items and eliminations • Administration introduced 3.75% MSRP credit on U.S. produced vehicles, offsetting Section 232 listed parts tariffs   • Expanded U.S. Content definition based on U.S. government approved rates for USMCA compliant vehicles built in MX/CA • Stellantis '25 production adapted to optimize tariff mitigation impacts • Continuous engagement with policymakers, ongoing longterm scenario planning Significant Progress: 2025 Net Tariff Expense Expected to be ~€1.5 Billion Adapting to Evolving Tariffs; Continued Focus on Mitigation
    • 16. July 29, 2025 H1 2025 RESULTS | 16 Re-Establishing Financial Guidance Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metric AOI Margin Low-Single Digits Improved vs. H1 '25 Increased vs. H1 '25 Net Revenues Industrial FCF H2 2025 GUIDANCE H2 '25 Notes: Guidance assumes current tariff/trade rules in place as of July 29, 2025 Citroën Ë-C3
    • 17. H1 '25 CEO UPDATE July 29, 2025 H1 2025 RESULTS | 17 Lancia Ypsilon HF
    • 18. NEW LEADERSHIP TEAM IN PLACE Empowered to Execute: Restructured and Renewed Leadership Team July 29, 2025 H1 2025 RESULTS | 18 • Improved communication and established clearer accountability • Refined processes to strengthen rigor of execution • Increased regional autonomy to better meet customer needs of diverse markets • Number of direct CEO reports streamlined • Deep automotive experience, averaging ~25 years in sector • Half of top leadership team have new or expanded roles Optimizing a More Effective Organizational Structure Renewed Leadership Team In Place • Unions and Employees • Distribution Partners • Suppliers • Institutions and Policymakers Partnering with Stakeholders
    • 19. Recovery Actions Started in H1 '25 • Fuel Cell Program: Discontinuation of planned hydrogen LCVs, due to lack of commercial viability for foreseeable future • Product Program Cancellations: Product and platform plan changes where misalignment to market needs identified • Approving New & Improved Products: Such as Ram 1500 Express trim and Hemi V8 return to Ram trucks NEW LEADERSHIP TAKING IMMEDIATE & DECISIVE ACTION Decisive Actions Clear Benefits Product Better Aligned with Customer Demand Supports a More Profitable Mix Accretive to AOI July 29, 2025 H1 2025 RESULTS | 19 Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metric
    • 20. H2 '24 H1 '25 CLEAR SEQUENTIAL PROGRESS July 29, 2025 H1 2025 RESULTS | 20 POSITIONED TO ADVANCE RECOVERY EE+NA Order Portfolio EE+NA: Foundation Improved Other Regions: Delivering Well Jun '24 Dec '24 Jun '25 Jun '24 Dec '24 Jun '25 EE+NA Inventory -16% +14% +6% Aggregated ROW(1) AOI (1) ROW includes SA, MEA, China and India & Asia Pacific Regions Refer to Appendix for definitions and notes to the presentation
    • 21. EXECUTION PROFITABILITY GROWTH Strong Execution on Our Priorities Peugeot E-3008 H1 2025 RESULTS | 21 July 29, 2025
    • 22. H1 '25 COMMERCIAL UPDATE Opel Grandland Electric AWD July 29, 2025 H1 2025 RESULTS | 22 GROWTH
    • 23. July 29, 2025 H1 2025 RESULTS | 23 GROWTH: ADVANCING EXCITING PRODUCT WAVE EXPANDS MARKET COVERAGE
    • 24. Citroën C5 Aircross 3 Exciting All-New STLA Medium Products To Launch H2 '25 GROWTH: PRODUCT OFFENSIVE IN LARGEST EUROPEAN SEGMENT Jeep® Compass DS N°8 July 29, 2025 H1 2025 RESULTS | 24 Significant Opportunity - EU30 Share Improvement Complement Recently-Launched C-segment Peugeot 3008, 5008 and Opel/Vauxhall Grandland
    • 25. • On hiatus since Q1 '23 • Begins production H2 '25, shipping in late '25 • Return to largest U.S. segment (mid-SUV) • New hybrid powertrain • >1.7M prior generation Cherokees sold(1) • On hiatus since Q4 '23 • ICE variants begin production in H2 '25 • Prior generation #1 U.S. muscle car years 2014 - 2024 • >2.6M prior generation Charger/Challengers sold(2) July 29, 2025 H1 2025 RESULTS | 25 1) Represents Jeep®Cherokee total sales volume from Jan '13 - Jun '25 2) Represents Dodge Charger and Challenger total sales volume from May '05 - Jun '25 Jeep ICE Dodge Charger ® Cherokee GROWTH: ICONIC NAMEPLATES RETURN IN NORTH AMERICA
    • 26. Incredible Teamwork: Adapted platform & manufacturing for Hemi V8 in only 10 months; available to customers H2 '25 Expands Opportunity: 40% of U.S. truck buyers will not consider a brand without V8 Resounding Response: 10K orders in first 24 hours; 12B media impressions following campaign launch ADVANCING THE FREEDOM OF CHOICE
    • 27. H1 '25 COMMERCIAL UPDATE Opel Grandland Electric AWD July 29, 2025 H1 2025 RESULTS | 27 EXECUTION
    • 28. PROGRESS POINTS: • Maintaining disciplined management after '24 corrective actions • Total NA order book up ~90% y-o-y at Jun 30 '25 • Ram turnaround emerging ◦ Retail volumes up 25% y-o-y ◦ Successful Q1 '25 HD refresh, Express trim announced for H2 '25 • Return of iconic products (Jeep® Cherokee, Dodge Charger, Hemi V8 and SRT) IMPROVEMENT AREAS: • Improve customer experience through elevated quality • Gain share in markets where we are re-establishing our presence • Actioning fleet sales improvement opportunities Earlier Stage of NA Recovery July 29, 2025 H1 2025 RESULTS | 28 EXECUTION: NORTH AMERICA COMMERCIAL RECOVERY UPDATE Ram 2500 HD * Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics
    • 29. PROGRESS POINTS: • EU30 market share of 17% in H1 '25 up 127 bps vs. H2 '24 ◦ Launched 3 all-new products in H1 '25 ◦ +1.4% y-o-y increase in H1 '25 LCV market share ◦ Production ramp of recent launches continues • Navigating EV transition effectively ◦ BEV mix up ~250 bps y-o-y ◦ #1 in hybrid vehicles and #2 in BEVs Europe Now Rebuilding Market Share July 29, 2025 H1 2025 RESULTS | 29 EXECUTION: ENLARGED EUROPE COMMERCIAL RECOVERY UPDATE IMPROVEMENT AREAS: • Improve customer experience through elevated quality • Industrial execution of launches, accelerating production ramp • Improve profitability Opel/Vauxhall Frontera * Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics
    • 30. H1 '25 COMMERCIAL UPDATE Opel Grandland Electric AWD July 29, 2025 H1 2025 RESULTS | 30 PROFITABILITY
    • 31. PROFITABILITY: TAKING DECISIVE ACTIONS Hemi V8 to Enhance Ram Profitability H1 2025 RESULTS | 31 July 29, 2025 Actions to Support Greater Efficiency/Profitability Return of SRT Division with Premium Products Advancing Ramp Up of European Smart Car Products Benefits to Net Pricing from Improved Inventory Discipline Technical Focus on Optimizing Total Production Cost MY 2026 Products Each Targeting Margin Accretion
    • 32. H1 2025 Update: Beginning a New Chapter Re-Establishing Financial Guidance Difficult First Half Progressing Turnaround Clear Levers to Drive Improvement Jeep® Compass
    • 33. APPENDIX July 29, 2025 H1 2025 RESULTS | 33 Opel/Vauxhall Mokka, Grandland and Frontera
    • 34. DEFINITIONS AND NOTES TO PRESENTATION For purposes of this presentation, and unless otherwise stated: LEV = Low emission vehicles, which include battery electric (BEV), plug-in hybrid (PHEV), range-extender electric vehicle (REEV) and fuel cell electric (FCEV) vehicles MHEV = Mild electric hybrid EU30 = EU 27 (excluding Malta), Iceland, Norway, Switzerland and UK Rankings, market share and other industry information are for passenger cars (PC) plus light commercial vehicles (LCV) and for the full year unless otherwise stated. Information is derived from third-party industry sources (e.g. Agence Nationale des Titres Sécurisés (ANTS), Associação Nacional dos Fabricantes de Veículos Automotores (ANFAVEA), Ministry of Infrastructure and Sustainable Mobility (MIMS), S&P Global, Ward’s Automotive) and internal information unless otherwise stated All Stellantis reported BEV and LEV sales include Citroën Ami, Opel Rocks-e and Fiat Topolino; in countries where these vehicles are classified as quadricycles, they are excluded from Stellantis reported combined sales, industry sales and market share figures U.S. PHEV and LEV rankings are per S&P Global 2024 vehicle registrations (most current data available); PC + light-duty trucks Commercial Vehicles revenues are an aggregation of revenues reported in Net Revenues of the respective segments LCV = Light Commercial Vehicle MY = Model Year NA = North America, U.S. = United States, SA = South America, MEA = Middle East & Africa, IAP = India & Asia Pacific SRT = Street and Racing Technology July 29, 2025 H1 2025 RESULTS | 34
    • 35. NON-GAAP FINANCIAL MEASURES Stellantis monitors its operations through the use of several non-generally accepted accounting principles (non-GAAP) financial measures. Company management believes that these non-GAAP financial measures provide useful and relevant information regarding our operating results and enhance the overall ability to assess our financial performance and financial position. These measures provide comparable measures which facilitate management’s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions. The non-GAAP measure, Adjusted diluted EPS is also presented, which is not used to monitor our operations but which we believe provides investors with a more meaningful comparison of the Company’s ongoing quality of earnings. These and similar measures are widely used in the industry in which the Company operates, however, these financial measures may not be comparable to other similarly titled measures of other companies and are not intended to be substitutes for measures of financial performance as prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), as well as IFRS as adopted by the European Union. Stellantis’ non-GAAP financial measures are defined as follows: • Adjusted Operating Income/(Loss) excludes from Net profit/(loss) adjustments comprising restructuring and other termination costs, impairments, asset write-offs, disposals of investments and unusual operating income/(expense) that are considered rare or discrete events and are infrequent in nature, as inclusion of such items is not considered to be indicative of the Company's ongoing operating performance, and also excludes Net financial expenses/(income) and Tax expense/(benefit). Unusual operating income/(expense) are impacts from strategic decisions, as well as events considered rare or discrete and infrequent in nature, as inclusion of such items is not considered to be indicative of the Company's ongoing operating performance. Unusual operating income/(expense) includes, but may not be limited to: impacts from strategic decisions to rationalize Stellantis' core operations; facility-related costs stemming from Stellantis' plans to match production capacity and cost structure to market demand, and convergence and integration costs directly related to significant acquisitions or mergers. • Adjusted Operating Income/(Loss) Margin is calculated as Adjusted operating income/(loss) divided by Net revenues • Industrial Free Cash Flows is our key cash flow metric and is calculated as Cash flows from operating activities less: (i) cash flows from operating activities from discontinued operations; (ii) cash flows from operating activities related to financial services, net of eliminations; (iii) investments in property, plant and equipment and intangible assets for industrial activities, (iv) contributions of equity to joint ventures and minor acquisitions of consolidated subsidiaries and equity method and other investments; and adjusted for: (i) net intercompany payments between continuing operations and discontinued operations; (ii) proceeds from disposal of assets and (iii) contributions to defined benefit pension plans, net of tax. The timing of Industrial free cash flows may be affected by the timing of monetization of receivables, factoring and the payment of accounts payables, as well as changes in other components of working capital, which can vary from period to period due to, among other things, cash management initiatives and other factors, some of which may be outside of the Company’s control. In addition Industrial free cash flows is one of the metrics used in the determination of the annual performance for eligible employees, including members of the Senior Management. • Adjusted Diluted Earnings Per Share (“EPS") is calculated by adjusting Diluted earnings per share for the post-tax impact per share of the same items excluded from Adjusted operating income as well as tax expense/(benefit) items that are considered rare or infrequent, or whose nature would distort the presentation of the ongoing tax charge of the Company. We believe this non-GAAP measure is useful because it also excludes items that we do not believe are indicative of the Company’s ongoing operating performance and provides investors with a more meaningful comparison of the Company’s ongoing quality of earnings. Adjusted diluted EPS should not be considered as a substitute for Basic earnings per share, Diluted earnings per share from operations or other methods of analyzing our quality of earnings as reported under IFRS. • Industrial Net Financial Position is calculated as Debt plus derivative financial liabilities related to industrial activities less (i) cash and cash equivalents; (ii) financial securities that are considered liquid; (iii) current financial receivables from the Company or its jointly controlled financial services entities and (iv) derivative financial assets and collateral deposits. Therefore, debt, cash and cash equivalents and other financial assets/liabilities pertaining to Stellantis’ financial services entities are excluded from the computation of the Industrial net financial position. Industrial net financial position includes the Industrial net financial position classified as held for sale. July 29, 2025 H1 2025 RESULTS | 35
    • 36. H1 KEY COMMERCIAL METRICS ENLARGED EUROPE MIDDLE EAST & AFRICA NORTH AMERICA CHINA SOUTH AMERICA H1 2024 H1 2025 MARKET SHARE (1) 7.0% 8.2% 16.1% 17.6% 11.9% 13.2% 23.5% 22.7% 0.4% 0.5% 0.2% 0.2% 1.5% 1.8% H1 INDUSTRY (1) (2025 vs. 2024) 3% (0.5)% (0.3)% 14% 3% 10% (14)% 000 units COMBINED SALES INDIA & ASIA PACIFIC TOTAL (1) Industry and market share information is derived from third-party industry sources (e.g. Agence Nationale des Titres Sécurisés (ANTS), Associação Nacional dos Fabricantes de Veículos Automotores (ANFAVEA), Ministry of Infrastructure and Sustainable Mobility (MIMS), Ward’s Automotive) and internal information. Represents PC and LCVs, except as noted below: • Enlarged Europe excludes Russia and Belarus. From 2025, this includes Israel and Palestine (prior periods have not been restated); • Middle East & Africa exclude Iran, Sudan and Syria. From 2025, this excludes Israel and Palestine (prior periods have not been restated); • South America excludes Cuba • India & Asia Pacific reflects aggregate for major markets where Stellantis competes (Japan (PC), India (PC), South Korea (PC + Pickups), Australia, New Zealand and South East Asia) • China represents PC only and includes licensed sales from Dongfeng Peugeot Citroën Automobiles ("DPCA"); and • Maserati reflects aggregate for 17 major markets where Maserati competes and is derived from S&P Global data, Maserati competitive segment and internal information Figures may not add due to rounding. Prior period figures have been updated to reflect current information provided by third party industry sources. July 29, 2025 H1 2025 RESULTS | 36 2,814 703 1,333 245 476 29 22 6.4 2,992 791 1,458 271 404 33 25 8.9
    • 37. Q2 KEY COMMERCIAL METRICS ENLARGED EUROPE MIDDLE EAST & AFRICA NORTH AMERICA CHINA SOUTH AMERICA Q2 2024 Q2 2025 MARKET SHARE (1) 7.0% 8.0% 15.9% 16.6% 12.7% 11.7% 23.3% 22.3% 0.4% 0.5% 0.2% 0.3% 1.5% 1.7% Q2 INDUSTRY (1) (2025 vs. 2024) 3% (1)% 6% 12% 1% 15% (11)% 000 units COMBINED SALES INDIA & ASIA PACIFIC TOTAL July 29, 2025 H1 2025 RESULTS | 37 1,436 363 662 133 248 14 13 3.2 1,467 402 701 116 213 17 14 4.1 (1) Industry and market share information is derived from third-party industry sources (e.g. Agence Nationale des Titres Sécurisés (ANTS), Associação Nacional dos Fabricantes de Veículos Automotores (ANFAVEA), Ministry of Infrastructure and Sustainable Mobility (MIMS), Ward’s Automotive) and internal information. Represents PC and LCVs, except as noted below: • Enlarged Europe excludes Russia and Belarus. From 2025, this includes Israel and Palestine (prior periods have not been restated); • Middle East & Africa exclude Iran, Sudan and Syria. From 2025, this excludes Israel and Palestine (prior periods have not been restated); • South America excludes Cuba • India & Asia Pacific reflects aggregate for major markets where Stellantis competes (Japan (PC), India (PC), South Korea (PC + Pickups), Australia, New Zealand and South East Asia) • China represents PC only and includes licensed sales from Dongfeng Peugeot Citroën Automobiles ("DPCA"); and • Maserati reflects aggregate for 17 major markets where Maserati competes and is derived from S&P Global data, Maserati competitive segment and internal information Figures may not add due to rounding. Prior period figures have been updated to reflect current information provided by third party industry sources.
    • 38. (951) 4,366 (2,773) (1,173) (944) (92) (4) (331) H1 '24 Volume & Mix Vehicle Net Price Industrial SG&A R&D FX & Other H1 '25 INVENTORY REDUCTION ACTIONS LED TO DECREASED PRODUCTION AND LOWER RESULTS NORTH AMERICA € million % = Adjusted Operating Income Margin ADJUSTED OPERATING INCOME/(LOSS) 15.4% 16.4% • 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 • Down 26%, primarily due to production gaps resulting from discontinued models, as well as reduced production of certain products most impacted by tariffs July 29, 2025 H1 2025 RESULTS | 38 Shipments 647 838 H1 '25 H1 '24 Net Revenues 28.2 38.4 H1 '25 H1 '24 4,366 H1 '25 H1 '24 11.4% 11.4% (000 units) (€ billion) (€ million) • Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics (3.4)% (3.4)% H1 '25 H1 '24 (951) AOI & Margin • Down €5B, due to significant unfavorable impacts from volume & mix, increased sales incentives, as well as unfavorable variable cost absorption and warranty costs
    • 39. RESULTS REFLECT IMPACT OF PRODUCT GAPS AND CONTINUED PRICING PRESSURE ENLARGED EUROPE 9.8% 9.8% • Down 2%, due to decreased volumes and higher incentive levels, partially offset by positive impacts from vehicle mix • Down €2B, due to higher sales incentives, lower volumes and unfavorable mix, partially offset by reduced sales of vehicles with a buyback commitment • 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 July 29, 2025 H1 2025 RESULTS | 39 Shipments 1,289 1,387 H1 '25 H1 '24 Net Revenues 29.2 30.0 H1 '25 H1 '24 AOI & Margin 9 2,060 H1 '25 H1 '24 9 2,060 (834) (862) (399) (22) 12 54 H1 2024 Volume & Mix Vehicle Net Price Industrial SG&A R&D FX & Other H1 2025 € million % = Adjusted Operating Income Margin ADJUSTED OPERATING INCOME 6.9% 6.9% (000 units) (€ billion) (€ million) • Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics 0.0% 0.0%
    • 40. Combined Shipments 225 214 26 59 H1 '25 H1 '24 768 1,047 87 287 (46) 4 (6) (605) H1 2024 Volume & Mix Vehicle Net Price Industrial SG&A R&D FX & Other H1 2025 STEADFAST RESILIENCE DESPITE CHALLENGING ENVIRONMENT 251 • 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 • 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 • Down €279M, mainly due to unfavorable FX transaction and translation effects primarily related to the Turkish Lira, partially offset by positive pricing actions MIDDLE EAST & AFRICA July 29, 2025 H1 2025 RESULTS | 40 € million % = Adjusted Operating Income Margin ADJUSTED OPERATING INCOME 20.9% Net Revenues 4.9 5.0 H1 '25 H1 '24 AOI & Margin 768 1,047 H1 '25 H1 '24 15.5% 20.9% (000 units) (€ billion) (€ million) 15.5% • Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics 273
    • 41. SUSTAINED LEADERSHIP IN REGION DRIVES CONSISTENT PERFORMANCE SOUTH AMERICA • Up €38M, primarily due to increased volumes in Argentina and a benefit from recognition of Brazilian indirect tax credits, partially offset by unfavorable FX H1 2025 RESULTS | 41 • Up 20%, driven primarily by increased volumes in Argentina, as well increased y-o-y shipments of Fiat Strada, Fastback and Argo July 29, 2025 1,150 1,188 172 (109) (202) (19) 21 175 H1 2024 Volume & Mix Vehicle Net Price Industrial SG&A R&D FX & Other H1 2025 € million % = Adjusted Operating Income Margin ADJUSTED OPERATING INCOME 15.6% 15.3% Shipments 471 394 H1 '25 H1 '24 Net Revenues 7.8 7.4 H1 '25 H1 '24 AOI & Margin 1,188 1,150 H1 '25 H1 '24 15.6% (000 units) (€ billion) (€ million) • Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics 15.3% • Up 5%, largely due to increased volumes, mainly driven by Argentina, largely offset by FX impacts from Brazilian Real and Argentine Peso
    • 42. CHALLENGING ENVIRONMENT WITH CONTINUED PRESSURE ON RESULTS € million, except as otherwise stated H1 2025 H1 2024 H1 2025 vs. H1 2024 H1 2025 H1 2024 H1 2025 vs. H1 2024 Combined Shipments(1) (000 units) 28 32 (13)% n.a. n.a. n.a. Consolidated Shipments(1) (000 units) 28 32 (13)% 4.2 6.5 (35)% Net Revenues 923 1,072 (14)% 369 631 (42)% Adjusted Operating Income 19 57 (67)% (139) (82) (70)% Adjusted Operating Income Margin 2.1% 5.3% (320) bps (37.7)% (13.0)% (2,470) bps CHINA AND INDIA & ASIA PACIFIC MASERATI (1) Combined Shipments include shipments by Company’s consolidated subsidiaries and unconsolidated JVs, whereas Consolidated Shipments only include shipments by Company’s consolidated subsidiaries . n.a. – Not applicable China and India & Asia Pacific • 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 Maserati • Lower results due to decreased volume and mix impacts, as well as de-stocking and repositioning efforts in NA and China H1 2025 RESULTS | 42 • Refer to Appendix for definitions of supplemental financial measures and reconciliations to applicable IFRS metrics July 29, 2025
    • 43. RECONCILIATION OF NET REVENUES FROM EXTERNAL CUSTOMERS TO NET REVENUES H1 2025 RESULTS | 43 H1 2025 € million North America Enlarged Europe Middle East & Africa South America China and India & Asia Pacific Maserati Other(1) Stellantis Net Revenues from External Customers 28,198 29,163 4,938 7,696 919 368 2,979 74,261 Net Revenues from Transactions with Other Segments — 78 6 73 4 1 (162) ‒ Net Revenues 28,198 29,241 4,944 7,769 923 369 2,817 74,261 (1) Other activities, unallocated items and eliminations July 29, 2025 H1 2024 € million North America Enlarged Europe Middle East & Africa South America China and India & Asia Pacific Maserati Other(1) Stellantis Net Revenues from External Customers 38,351 29,848 5,005 7,373 1,071 631 2,738 85,017 Net Revenues from Transactions with Other Segments 2 121 - (6) 1 - (118) ‒ Net Revenues 38,353 29,969 5,005 7,367 1,072 631 2,620 85,017
    • 44. RECONCILIATION OF NET PROFIT TO ADJUSTED OPERATING INCOME July 29, 2025 H1 2025 RESULTS | 44 H1 2025 € million North America Enlarged Europe Middle East & Africa South America China and India & Asia Pacific Maserati Other(*) Stellantis Net Profit (2,256) Tax Expense/(Benefit) (614) Net Financial Expenses/(Income) 160 Operating Income/(loss) (2,710) Adjustments: Restructuring and other costs, net of reversals(1) (41) 531 ‒ 4 ‒ ‒ 28 522 Takata airbag recall campaign(2)‒ 239 ‒ ‒ ‒ ‒ ‒ 239 Impairments and supplier claims Platform Impairments(3)‒ 26 ‒ ‒ ‒ 552 ‒ 578 Program Cancellations and supplier claims(4) 327 134 8 319 1 ‒ ‒ 789 Fuel cell program discontinuation(5)‒ 733 ‒ ‒ ‒ ‒ ‒ 733 CAFE penalty rate(6) 269 ‒ ‒ ‒ ‒ ‒ ‒ 269 Stellantis Türkiye Disposal(7)- ‒ 246 ‒ ‒ ‒ ‒ 246 Other(8) (83) (26) - - 2 3 (22) (126) Total Adjustments 472 1,637 254 323 3 555 6 3,250 Adjusted Operating Income (951) 9 768 1,188 19 (139) (354) 540 (*) Other activities, unallocated items and eliminations (1) Primarily related to workforce reductions, mainly in Enlarged Europe. In North America a reduction in the estimated costs for €41 million was recognized (2) Related to stop-drive campaign on certain vehicles in Enlarged Europe announced in June 2025 (3) Due to reduced volumes, platforms used for Maserati and Alfa Romeo vehicles were impaired and recognized in Maserati for €552 million and in Enlarged Europe for €26 million (4) Primarily related to programs cancelled as a result of strategic reviews and corresponding supplier claims (5) During the six months ended June 20, 2025, Stellantis decided to discontinue its fuel cell strategy. As a result, the following items have been impaired: (i) investment in Symbio(€179 million), (ii) loans granted to Symbio (€162 million), (iii) capitalized development expenditures and PPE related to fuel cells (€329 million) and (iv) provisions for risks (€63 million) (6) As a result of the elimination of CAFE fines with the passing of the One Big Beautiful Bill by the U.S. President, the Company recognized a net expense of €97million, comprised of net €172 million of CAFE credits recognized as a reduction of Cost of revenues, which remains included in Adjusted Operating Income as these amounts reduced prior year CAFE fines, and a net expense of €269 million, which is excluded from AOI and comprised of (i) elimination of the CAFE provision of €844 million, (ii) impairment of the regulatory credit assets of €609 million, and (iii) onerous contracts related to contractual purchase commitments for CAFE credits of €504 million (7) Sale of Stellantis Türkiye to the Company’s joint venture, Tofas, for which the Company recognized n estimated loss on disposal of €246 million, driven primarily by the recycling of the cumulative translation reserve from Equity to the Consolidated Income Statement upon disposal (8) Comprised primarily of (i) adjustments to costs previously recognized to support the workforce during the transformation of certain plants in North America, (ii) gains on sales of real estate in Enlarged Europe, and (iii) a gain from dilution related to the investment in Archer Aviation
    • 45. RECONCILIATION OF NET PROFIT TO ADJUSTED OPERATING INCOME H1 2024 € million North America Enlarged Europe Middle East & Africa South America China and India & Asia Pacific Maserati Other (*) Stellantis Net Profit 5,647 Tax Expense 1,342 Net Financial Expenses/(Income) (350) Operating Income 6,639 Adjustments: Restructuring and other costs, net of reversals(1) 48 1,087 ‒ 9 ‒ 25 43 1,212 Impairment expense and supplier obligations(2) 2 43 ‒ ‒ 11 324 8 388 Takata recall campaign ‒ 74 4 1 ‒ ‒ ‒ 79 Other(3) 119 2 ‒ 29 1 ‒ (6) 145 Total Adjustments 169 1,206 4 39 12 349 45 1,824 Adjusted Operating Income 4,366 2,060 1,047 1,150 57 (82) (135) 8,463 (*) Other activities, unallocated items and eliminations (1) Primarily related to workforce reductions, mainly in Enlarged Europe (2) Primarily related to certain platform assets in Maserati and Enlarged Europe, net of reversal (3) Primarily related to costs to support the workforce during the transformation of a plant in North America July 29, 2025 H1 2025 RESULTS | 45
    • 46. RECONCILIATION OF DILUTED EPS TO ADJUSTED DILUTED EPS € million, except as otherwise stated H1 2025 H1 2024 Net (Loss/)Profit Attributable to Owners of the Parent (2,240) 5,624 Weighted Average Number of Shares Outstanding (000) 2,882,611 3,002,791 Number of Shares Deployable for Share-based Compensation (000)(1) — 21,659 Weighted Average Number of Shares Outstanding for Diluted Earnings Per Share (000) 2,882,611 3,024,450 Diluted (Loss)/Earnings Per Share (A) (€/share) (0.78) 1.86 Adjustments, Pre-tax 3,250 1,824 Tax Impacts on Adjustments(2) (470) (316) Total Adjustments, Net of Taxes 2,780 1,508 Number of Shares Deployable for Share-based Compensation (000) 17,162 — Impact of Adjustments, Net of Taxes, on Diluted Earnings Per Share from Continuing Operations (€/share) (B) 0.96 0.50 Adjusted Diluted Earnings Per Share (€/share) (A+B) 0.18 2.36 July 29, 2025 H1 2025 RESULTS | 46 (1) For the six-month period ended June 30, 2025, the Company reported a loss attributable to the owners of the parent. Consequently, the potential dilutive impact of share-based payment plans was excluded from the calculation of diluted earnings/(loss) per share, as their inclusion would have been anti-dilutive. However, for the purpose of calculating Adjusted diluted earnings per share, the adjusted net result reflects a profit. Therefore, the potential dilutive effect of sharebased payment plans has been included in this calculation, as their impact is dilutive under these circumstances (2) Tax impact on adjustments is calculated based on the expected local country tax implications for each adjustment
    • 47. RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO INDUSTRIAL FREE CASH FLOWS € million H1 2025 H1 2024 Cash Flows from Operating Activities (2,287) 3,970 Less: Financial Services, Net of Inter-segment Eliminations(1) (4,397) (2,384) Less: Capital Expenditures and Capitalized R&D Expenditures and Change in Amounts Payable on Property, Plant and Equipment and Intangible Assets for Industrial Activities 5,136 5,438 Add: Proceeds from Disposal of Assets and Other Changes in Investing Activities 473 163 Less: Contributions of Equity to JVs and Minor Acquisitions of Consolidated Subsidiaries and Equity Method and Other Investments 480 1,495 Add: Defined Benefit Pension Contributions, Net of Tax 28 24 Industrial Free Cash Flows (3,005) (392) July 29, 2025 H1 2025 RESULTS | 47 (1) Effective H1 2025, two types of cash flows were reclassified to cash flows from operating activities: (i) the net change in receivables related to financial services activities have been reclassified from investing activities as these are part of our principal revenue-generating activities and (ii) certain financial receivables related to factoring transactions from financing activities. Comparative figures for H1 2024 have been reclassified accordingly.
    • 48. RECONCILIATION OF DEBT TO INDUSTRIAL NET FINANCIAL POSITION € million June 30 2025 Dec 31 2024 Debt (40,799) (37,227) Current Financial Receivables from Jointly-Controlled Financial Services Companies 1,371 674 Derivative Financial Assets/(Liabilities), Net and Collateral Deposits 202 222 Financial Securities 2,176 4,468 Cash and Cash Equivalents 30,660 34,100 Industrial Net Financial Position Classified as Held for Sale (130) 169 Net Financial Position (6,520) 2,406 Less: Net Financial Position of Financial Services (15,512) (12,722) Industrial Net Financial Position 8,992 15,128 July 29, 2025 H1 2025 RESULTS | 48
    • 49. DEBT MATURITY SCHEDULE – INDUSTRIAL ACTIVITIES € billion Outstanding June 30 2025 6M 2025 2026 2027 2028 2029 2030 Beyond 21.0 Capital Markets Debt - 2.5 2.2 2.6 1.9 2.6 9.2 1.5 Bank Debt 1.1 0.1 0.1 0.1 — — 0.1 0.4 Other Debt 0.2 0.1 — — — — — 2.3 Lease Liabilities 0.5 0.5 0.2 0.2 0.1 0.1 0.6 25.2 Total Industrial Cash Maturities(1) 1.8 3.2 2.5 2.9 2.0 2.8 9.9 30.9 Cash, Cash Equivalents and Financial Securities 16.3 Undrawn Committed Credit Lines 47.2 Total Industrial Available Liquidity (1) Excludes accruals and purchase accounting effects of €0.5B at Jun 30 2025 Figures may not add due to rounding July 29, 2025 H1 2025 RESULTS | 49
    • 50. RESEARCH AND DEVELOPMENT COSTS AND EXPENDITURES H1 2025 RESULTS | 50 € million H1 2025 H1 2024 Research and Development Expenditures Expensed 1,411 1,542 Amortization of Capitalized Development Expenditures 1,088 1,076 Impairment and Write-off of Capitalized Development Expenditures 872 201 Total Research and Development Costs 3,371 2,819 Capitalized Development Expenditures excl. Borrowing Costs(1) 1,706 2,078 Research and Development Expenditures Expensed 1,411 1,542 Total Research and Development Expenditures 3,116 3,620 July 29, 2025 1) Does not include capitalized borrowing costs in accordance with IAS 23 - Borrowing costs (Revised) Figures may not add due to rounding


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