Stellantis Sees H2 Revenues Gain 10% and Reaffirms 2026 Positive AOI Guidance
Stellantis’ FY2025 net revenues were €153 billion (-2%) with adjusted operating margin of –0.5% after H2 net revenues grew 10% on 39% higher North America shipments. Industrial free cash flow improved to –€1.5 billion in H2, liquidity reached €46 billion, and 2026 positive AOI guidance was reconfirmed ahead of a May 21 strategic plan.
1. FY2025 Results and H2 Improvement
Stellantis reported FY2025 net revenues of €153 billion, down 2%, with an adjusted operating income margin of –0.5%. In H2 net revenues rose 10% driven by a 39% increase in North American shipments, contributing to consolidated shipments of 5.5 million units, a 1% year-over-year gain.
2. Cash Flow and Liquidity
Industrial free cash flow for FY2025 was –€4.5 billion, improving 50% sequentially to –€1.5 billion in H2, primarily due to better working capital management and lower capital expenditures. Liquidity remained strong at approximately €46 billion, representing about 30% of annual revenues.
3. 2026 Guidance and Strategic Plan
Management reaffirmed 2026 guidance for positive adjusted operating income in core regions, with North America expected to be the primary driver. The company will begin quarterly full-year earnings reporting, integrate Maserati into regional segments, and unveil a new strategic plan at Investor Day on May 21.