Research · Sep 3, 2026
[STLA] Stellantis Thesis 2026: North America Shipment Recovery Frames Path Back to Profitability
Stellantis N.V. FY25 revenue €153.51B (-2%); op income -€26.25B (vs +€3.69B FY24, €30B swing); NI -€22.37B (vs +€5.47B); EPS -€7.75 (vs €1.84). Year of reset. Consolidated shipments 5.5M units (+1%). AOI margin -0.5% FY25. H2 2025 inflection: North America shipments +39%, revenues +31% in H2. 10 all-new products launched FY25. MEV-8 engine production increased. Quality organization reset. Plant ramp-up technical issues affecting H2 production mix. Maserati to be integrated into regional segments 2026. Total debt €45.95B (+€8.7B YoY); dividend cut 58% to €1.96B; buyback suspended. FY26 framework: financial guidance confirmed (laid out Feb 6 2026); progressive performance improvements on all KPIs; industrial FCF expected positive 2026 + 2027; quarterly reporting starts 2026; investor day May 21 2026 will introduce new strategy plan.