On the Dash:
• Stellantis posted a €22.3 billion ($26.3 billion) net loss in 2025.
• Loss driven by €25.4 billion ($30.0 billion) in EV-related and restructuring charges.
• Company reaffirmed 2026 guidance and plans product expansion.
Stellantis reported its first annual net loss since the company’s formation, posting a €22.3 billion ($26.3 billion) loss for full-year 2025 after recording €25.4 billion ($30.0 billion) in write-downs tied largely to a strategic reset of its electric vehicle plans.
The Amsterdam-based automaker, which owns brands including Jeep, Dodge, Ram, Chrysler, Fiat, Peugeot and Citroën, said net revenues totaled €153.5 billion ($181.1 billion) in 2025, down 2% from 2024. The loss compares with a €5.5 billion ($6.5 billion) profit a year earlier.
Company executives said the charges reflect a decisive shift to better align product plans with customer demand and evolving regulatory frameworks. The reset includes changes to the EV supply chain, revisions to product planning and adjustments to warranty provisions, along with costs related to previously announced workforce reductions in Europe.
“Our 2025 full year results reflect the cost of over-estimating the pace of the energy transition and of the need to reset our business around our customers’ freedom to choose from the full range of electric, hybrid and internal combustion technologies,” CEO Antonio Filosa said in a statement. “In 2026 our focus will be on continuing to close the execution gaps of the past, adding further momentum to our return to profitable growth.”
Stellantis also suspended its 2026 dividend and authorized the issuance of up to €5 billion ($5.9 billion) in hybrid bonds to preserve balance sheet strength. Industrial available liquidity stood at €46 billion ($54.3 billion) at year-end 2025.
Adjusted operating loss for the year was €842 million ($994 million), compared with adjusted operating income of €8.65 billion ($10.2 billion) in 2024. Industrial free cash flow was negative €4.5 billion ($5.3 billion). The automaker estimates net tariff expenses of €1.6 billion ($1.9 billion) in 2026 but reaffirmed guidance calling for a mid-single-digit percentage increase in net revenues, a low-single-digit adjusted operating margin and improved free cash flow year over year.
Despite the annual loss, Stellantis pointed to momentum in the second half of 2025. Consolidated shipments reached 2.8 million units, up 11% year over year, with North America delivering the strongest contribution. Regional volumes rose 39% as inventory levels normalized and commercial activity improved.
Net revenues increased 10% in the second half compared with the same period in 2024. The company said early gains from operational efficiency measures, disciplined commercial strategies and quality improvements supported the rebound. In North America, reported issues during the first month of vehicle service declined by more than 50% since the beginning of 2025.
Looking ahead, Stellantis plans a broader product offensive across key regions. In North America, the Jeep Cherokee and Dodge Charger SIXPACK re-enter core SUV and internal combustion segments, while the Ram 1500 HEMI V8 and Express models are expected to add momentum. In Europe, new battery electric offerings such as the Citroën C5 Aircross BEV and Jeep Compass BEV, along with the Fiat 500 Hybrid, aim to expand powertrain choice.
Shares listed in Milan rose 0.4% following the earnings release but remain down more than 31% year to date.
(€1 = $1.18)
