In the second half of 2025, Stellantis recorded net revenues and net industrial free cash flow improving compared to the first half, but with results that nevertheless show, against sales between 78 and 80 billion euros, a net loss between 19 and 21 billion. The operating loss is between 1.2 and 1.5 billion.
In light of these results with a net loss for 2025, the group announces that it will not distribute dividends in 2026. Furthermore, the Board of Directors of Stellantis N.V. has authorized the issuance of non-convertible perpetual subordinated hybrid bonds, up to a maximum amount of 5 billion. These measures – it is explained – “will contribute to preserving a robust capital and liquidity structure, while the Company is working to bring the business back to positive industrial free cash flow generation.” Available industrial liquidity closes 2025 at approximately 46 billion, corresponding to a 30% ratio of the year’s net revenues.”
In the second half of 2025, Stellantis implemented a “business reset,” recording charges of approximately 22 billion euros “mainly due to a change in strategy” on the electrification of the range “with expected cash outflows of approximately 6.5 billion in the next four years.” The group indeed announces “the cancellation of those models that will not be able to achieve sufficient volumes to ensure profitability, including the previously planned Ram 1500 BEV.”
Of these charges, “14.7 billion relate to both the realignment of product plans to customer preferences and new emission regulations in the United States, largely reflecting significantly reduced expectations for BEV models and include impairments of 2.9 billion related to canceled products and 6.0 billion to platforms, mainly due to strong expected reductions in terms of volumes and profitability, approximately 5.8 billion in estimated cash outflows over the next four years, referring to both canceled products and other ongoing BEV programs, whose expected volumes are now significantly lower than previous projections.” Additionally, charges of 2.1 billion are estimated related to the resizing of the electric vehicle supply chain concerning the rationalization phases of battery production capacity.”
Stellantis closed the fourth quarter of 2025 with estimated consolidated deliveries of 1.5 million units, an increase of 9% year-on-year. The increase is mainly attributable to North America and further supported by year-on-year growth in deliveries in South America and the Middle East and Africa. This was partially offset by a decline in enlarged Europe due to the combined effect of a contracting light commercial vehicle market and competitive pressures.
In North America, fourth-quarter deliveries grew by approximately 127 thousand units compared to the same period in 2024, an increase of 43% year-on-year. This increase – it is explained – was largely driven by new and refreshed offerings from the Jeep, Ram, and Dodge brands. Enlarged Europe recorded a decrease of approximately 26 thousand units, equivalent to 4% year-on-year, but with growth in four Smart Car platform models (Citroën C3, Citroën C3 Aircross, Opel Frontera, and Fiat Grande Panda), with an additional 61,000 units, equal to +127% year-on-year.
In other Stellantis regions, deliveries grew by 24 thousand units in aggregate, an increase of 6% year-on-year, driven mainly by an increase of 18 thousand units in South America (+7% year-on-year) and an increase of 3 thousand units each in both the Middle East and Africa (+2% year-on-year) and China, India, and Asia-Pacific (+20% year-on-year). Stellantis maintained its leadership in South America, with a 7% year-on-year increase supported by strong demand in Brazil. Growth in the Middle East and Africa was mainly driven by positive developments in Turkey and, to a lesser extent, by both increased local production in Algeria and continued growth in Morocco.
