Stellantis N.V. Q2 2025 Earnings Recap

Stellantis reported a challenging first half of 2025 with a significant 13% decline in net revenue, although early signs of recovery are evident through improved commercial KPIs and an emerging product pipeline.

Key Takeaways

• Consolidated shipments fell 7% to 2.7 million units, with North America and Europe driving declines, but showing improvement from prior quarters.
• Net revenue dropped to EUR 74 billion, impacted by volume, mix, pricing pressures, and foreign exchange challenges.
• AOI margins contracted to EUR 540 million, reflecting a 70 basis point margin, affected by increased industrial costs and tariffs.
• Industrial free cash flow recorded an outflow of EUR 3 billion due to insufficient AOI generation covering CapEx and R&D expenses.
• Sequential improvements are noted, particularly in North America, driven by new product launches and improved inventory management, suggesting potential for second half recovery.