# EDGAR Filing Document

**Accession Number:** 0001605484
**File Stem:** 0001605484-26-000021
**Filing Date:** 2026-2
**Character Count:** 1351274
**Document Hash:** 1dd1b7f615bfbe4e5d83d6a58823a29d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001605484-26-000021.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001605484-26-000021

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 244

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Stellantis N.V.
- **CENTRAL INDEX KEY:** 0001605484
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36675
- **FILM NUMBER:** 26690446

**BUSINESS ADDRESS:**
- **STREET 1:** TAURUSAVENUE 1
- **CITY:** HOOFDDORP
- **STATE:** P7
- **ZIP:** 2132LS
- **BUSINESS PHONE:** 31 237001511

**MAIL ADDRESS:**
- **STREET 1:** TAURUSAVENUE 1
- **CITY:** HOOFDDORP
- **STATE:** P7
- **ZIP:** 2132LS

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Fiat Chrysler Automobiles N.V.
- **DATE OF NAME CHANGE:** 20141014

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Fiat Investments N.V.
- **DATE OF NAME CHANGE:** 20140414

?xml version='1.0' encoding='ASCII'? stellantis-20251231

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

□ REGISTRATION STATEMENT PURSUANT TO SECTIONS 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

⌧ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2025

OR

□ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

□ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-36675

Stellantis N.V.

(Exact Name of Registrant as Specified in Its Charter)

---

| |
|:---|
| The Netherlands |
| (Jurisdiction of Incorporation or Organization) |

---

Taurusavenue 1

2132 LS Hoofddorp

The Netherlands

Tel. No.: +31 23 700 1511

(Address of Principal Executive Offices)

Giorgio Fossati

Taurusavenue 1

2132 LS Hoofddorp

The Netherlands

Tel. No.: +31 23 700 1511

general.counsel@stellantis.com

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on which Registered |
| Common Shares, par value €0.01 | STLA | New York Stock Exchange |

---

Securities registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered

by the annual report: 2,897,483,196 common shares, par value €0.01 per share, and 866,409,062 special voting shares, par value €0.01 per

share.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes 🗹 No □

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or

15(d) of the Securities Act of 1934. Yes □ No 🗹

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange

Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been

subject to such filing requirements for the past 90 days. Yes 🗹 No □

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to

Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was

required to submit and post such files). Yes 🗹 No □

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth

company. See definition of "large accelerated filer," "accelerated filer," and emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | 🗹 | Accelerated filer □ | Non-accelerated filer □ |
| Emerging growth company  | □ |  |  |

---

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant

has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided

pursuant to Section 13(a) of the Exchange Act. □

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its

internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public

accounting firm that prepared or issued its audit report. 🗹

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant

included in the filing reflect the correction of an error to previously issued financial statements. □

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based

compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). □

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP □ International Financial Reporting Standards as issued by the International Accounting Standards Board 🗹 Other □

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has

elected to follow: Item 17 □ Item 18 □.

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes □ No 🗹

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the

Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes □ No □

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| **[Board of Directors and Independent Auditor](#i50a88c72b527462790c71fd2c9783f1e_13)** | **[4](#i50a88c72b527462790c71fd2c9783f1e_13)** |
| **[BOARD REPORT](#i50a88c72b527462790c71fd2c9783f1e_25)** | **[5](#i50a88c72b527462790c71fd2c9783f1e_25)** |
| [INTRODUCTION](#i50a88c72b527462790c71fd2c9783f1e_28) | [5](#i50a88c72b527462790c71fd2c9783f1e_28) |
| [MANAGEMENT REPORT](#i50a88c72b527462790c71fd2c9783f1e_49) | [9](#i50a88c72b527462790c71fd2c9783f1e_49) |
| [Stellantis Overview](#i50a88c72b527462790c71fd2c9783f1e_58) | [9](#i50a88c72b527462790c71fd2c9783f1e_58) |
| Updates to Current Strategic Plan | [11](#i50a88c72b527462790c71fd2c9783f1e_67) |
| [Overview of Our Business](#i50a88c72b527462790c71fd2c9783f1e_70) | [11](#i50a88c72b527462790c71fd2c9783f1e_70) |
| [Sales Overview](#i50a88c72b527462790c71fd2c9783f1e_91) | [16](#i50a88c72b527462790c71fd2c9783f1e_91) |
| [Environmental and Other Regulatory Matters](#i50a88c72b527462790c71fd2c9783f1e_100) | [30](#i50a88c72b527462790c71fd2c9783f1e_100) |
| **[Financial Overview](#i50a88c72b527462790c71fd2c9783f1e_118)** | [39](#i50a88c72b527462790c71fd2c9783f1e_118) |
| [Results of Operations](#i50a88c72b527462790c71fd2c9783f1e_133) | [47](#i50a88c72b527462790c71fd2c9783f1e_133) |
| [Liquidity and Capital Resources](#i50a88c72b527462790c71fd2c9783f1e_160) | [67](#i50a88c72b527462790c71fd2c9783f1e_160) |
| **[Risk Management](#i50a88c72b527462790c71fd2c9783f1e_178)** | [76](#i50a88c72b527462790c71fd2c9783f1e_178) |
| [Risk Factors](#i50a88c72b527462790c71fd2c9783f1e_184) | [80](#i50a88c72b527462790c71fd2c9783f1e_184) |
| **[Corporate Governance](#i50a88c72b527462790c71fd2c9783f1e_187)** | [104](#i50a88c72b527462790c71fd2c9783f1e_187) |
| [Remuneration Report](#i50a88c72b527462790c71fd2c9783f1e_310) | [162](#i50a88c72b527462790c71fd2c9783f1e_310) |
| **[CONTROLS AND PROCEDURES](#i50a88c72b527462790c71fd2c9783f1e_679)** | **[187](#i50a88c72b527462790c71fd2c9783f1e_679)** |
| **[FINANCIAL STATEMENTS](#i50a88c72b527462790c71fd2c9783f1e_691)** | **[191](#i50a88c72b527462790c71fd2c9783f1e_691)** |
| [Consolidated Financial Statements at December 31, 2025](#i50a88c72b527462790c71fd2c9783f1e_694) | [191](#i50a88c72b527462790c71fd2c9783f1e_694) |
| [Consolidated Income Statement](#i50a88c72b527462790c71fd2c9783f1e_709) | [197](#i50a88c72b527462790c71fd2c9783f1e_709) |
| [Consolidated Statement of Comprehensive Income](#i50a88c72b527462790c71fd2c9783f1e_712) | [198](#i50a88c72b527462790c71fd2c9783f1e_712) |
| [Consolidated Statement of Financial Position](#i50a88c72b527462790c71fd2c9783f1e_715) | [199](#i50a88c72b527462790c71fd2c9783f1e_715) |
| [Consolidated Statement of Cash Flows](#i50a88c72b527462790c71fd2c9783f1e_718) | [200](#i50a88c72b527462790c71fd2c9783f1e_718) |
| [Consolidated Statement of Changes in Equity](#i50a88c72b527462790c71fd2c9783f1e_721) | [201](#i50a88c72b527462790c71fd2c9783f1e_721) |
| [Notes to the Consolidated Financial Statements](#i50a88c72b527462790c71fd2c9783f1e_724) | [202](#i50a88c72b527462790c71fd2c9783f1e_724) |
| **[OTHER INFORMATION](#i50a88c72b527462790c71fd2c9783f1e_943)** | **[332](#i50a88c72b527462790c71fd2c9783f1e_949)** |
| **[ADDITIONAL INFORMATION FOR NETHERLANDS CORPORATE GOVERNANCE](#i50a88c72b527462790c71fd2c9783f1e_946)** | [332](#i50a88c72b527462790c71fd2c9783f1e_946) |
| **[ADDITIONAL INFORMATION FOR U.S. LISTING PURPOSES](#i50a88c72b527462790c71fd2c9783f1e_955)** | [337](#i50a88c72b527462790c71fd2c9783f1e_955) |
| **[FORM 20-F CROSS REFERENCE](#i50a88c72b527462790c71fd2c9783f1e_985)** | **[353](#i50a88c72b527462790c71fd2c9783f1e_985)** |
| **[SIGNATURES](#i50a88c72b527462790c71fd2c9783f1e_988)** | **[356](#i50a88c72b527462790c71fd2c9783f1e_988)** |

---

---

| |
|:---|
| BOARD OF DIRECTORS  |
| John Elkann (Chairman)<br>Robert Peugeot (Vice Chairman)<sup>(3)</sup><br>Antonio Filosa (Chief Executive Officer)<br>Henri de Castries<sup>(1),(2),(3)</sup><br>Fiona Clare Cicconi<sup>(1),(3)</sup><br>Nicolas Dufourcq<sup>(1)</sup><br>Ann Godbehere<sup>(2)</sup><br>Claudia Parzani<sup>(1),(2)</sup><br>Daniel Ramot<sup>(3)</sup><br>Benoît Ribadeau-Dumas<sup>(1),(3)</sup><br>Alice Davey Schroeder<sup>(2)</sup><br>|
| INDEPENDENT AUDITOR AND REGISTERED PUBLIC ACCOUNTING FIRM<br>Deloitte Accountants B.V. (independent auditor of the Company for the purposes of our annual reports filed with <br>the Autoriteit Financiële Markten ("AFM"))<sup>(4)</sup><br>Deloitte & Associés (independent registered public accounting firm for our Consolidated Financial Statements <br>included in our reports on Form 20-F)<sup>(4)</sup><br>|

---

<sup>(1</sup><sup>)</sup> Member of the Environmental, Social Governance Committee ("ESG")

<sup>(2)</sup> Member of the Audit Committee

<sup>(3)</sup> Member of the Remuneration Committee

<sup>(4)</sup> Refer to "About this Report" for additional information relating to these regulatory filings

BOARD REPORT

INTRODUCTION

About this Report

This document, referred to hereafter as the "Form 20-F" or the "Annual Report", constitutes the Annual Report on

Form 20-F, pursuant to Section 13 or 15(d) of the U.S. Securities Exchange Act of 1934 (the "Exchange Act"), of

Stellantis N.V. for the year ended December 31, 2025.

Documents on Display

The U.S. Securities and Exchange Commission ("SEC") maintains an internet site at http://www.sec.gov that

contains reports, information statements, and other information regarding issuers that file electronically with the

SEC. The address of the SEC's website is provided solely for information purposes and is not intended to be an

active link. Reports and other information concerning our business may also be inspected at the offices of the

New York Stock Exchange, 11 Wall Street, New York, New York 10005.

We also make our periodic reports, as well as other information filed with or furnished to the SEC, available free

of charge through our website, at www.stellantis.com, as soon as reasonably practicable after those reports and

other information are electronically filed with or furnished to the SEC. The information on our website is not

incorporated by reference in this report.

Certain Defined Terms

In this report, unless otherwise specified, the terms "we", "our", "us", the "Company" and "Stellantis" refer to

Stellantis N.V., together with its consolidated subsidiaries, or any one or more of them, as the context may

require. This terminology does not affect the separate corporate status of the referenced legal entities, each of

which is only responsible for its own obligations.

References to "FCA", and "FCA Group" mean Fiat Chrysler Automobiles N.V. together with its consolidated

subsidiaries, or any one or more of them, as the context may require.

References to "PSA" and "Groupe PSA" mean Peugeot S.A. together with its consolidated subsidiaries, or any

one or more of them, as the context may require.

References to "the merger" refer to the merger between PSA and FCA completed on January 16, 2021 and

resulting in the creation of Stellantis.

Presentation of Financial and Other Data

This report includes the Consolidated Financial Statements of Stellantis as of December 31, 2025 and 2024 and

for the years ended December 31, 2025, 2024 and 2023 prepared in accordance with International Financial

Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), as well as

IFRS as adopted by the European Union. There is no effect on these Consolidated Financial Statements resulting

from differences between IFRS as issued by the IASB and IFRS as adopted by the European Union. The

consolidated financial statements and the notes to the consolidated financial statements are referred to

collectively as the "Consolidated Financial Statements".

All references in this report to "Euro" and "€" refer to the currency issued by the European Central Bank.

Stellantis' financial information is presented in Euro. All references to "U.S. Dollars", "U.S. Dollar", "USD" and "$"

refer to the currency of the United States of America ("U.S."). All figures shown are rounded to the nearest tenth

of unit presented. Certain totals in the tables included in this report may not add due to rounding.

The language of this report is English. Certain legislative references and technical terms have been cited in their

original language in order that the correct technical meaning may be ascribed to them under applicable law.

Except as otherwise disclosed within this report, no significant changes have occurred since the date of the

audited Consolidated Financial Statements included elsewhere in this report.

Market and Industry Information

In this report, we include or refer to industry and market data, including market share, ranking and other data,

derived from or based upon a variety of official, non-official and internal sources, such as internal surveys and

management estimates, market research, publicly available information and industry publications. Market share,

ranking and other data contained in this report may also be based on our good faith estimates, our own

knowledge and experience and such other sources as may be available. Market share data may change and

cannot always be verified with complete certainty due to limits on the availability and reliability of raw data, the

voluntary nature of the data-gathering process, different methods used by different sources to collect, assemble,

analyze or compute market data, including different definitions of vehicle segments and descriptions and other

limitations and uncertainties inherent in any statistical survey of market shares or size. Industry publications and

surveys and forecasts generally state that the information contained in such publications, surveys and forecasts

has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or

completeness of the included information. Although we believe that this information is reliable, we have not

independently verified the data from third-party sources.

In addition, we typically estimate market share for automobiles and commercial vehicles based on registration

data. In markets where registration data are not available, we calculate our market share based on estimates

relating to sales to final customers. Such data may differ from data relating to shipments to our dealers and

distributors. While we believe our internal estimates with respect to our industry are reliable, our internal

company surveys and management estimates have not been verified by an independent expert, and we cannot

guarantee that a third party using different methods to assemble, analyze or compute market data would obtain

or generate the same result. The market share data presented in this report represents the best estimates

available from the sources indicated as of the date of this report but, in particular as they relate to market share

and our future expectations, involve risks and uncertainties and are subject to change based on various factors,

including those discussed in the section *Risk Factors* in this report.

Cautionary Statements Concerning Forward Looking Statements

Statements contained in this report, particularly those regarding possible or assumed future performance,

competitive strengths, costs, dividends, reserves, our growth, industry growth and other trends and projections

and estimated company earnings are "forward-looking statements" that contain risks and uncertainties. In some

cases, words such as "may", "will", "expect", "could", "should", "intend", "estimate", "anticipate", "believe",

"remain", "on track", "design", "target", "objective", "goal", "forecast", "projection", "outlook", "prospects",

"plan", or similar terms are used to identify forward-looking statements. These forward-looking statements reflect

our current views with respect to future events and involve significant risks and uncertainties that could cause

actual results to differ materially.

These risks and uncertainties include, without limitation:

• our ability to maintain vehicle shipment volumes;

• changes in the global financial markets, general economic environment and changes in demand for

automotive products, which is subject to cyclicality;

• changes in trade policy, the imposition of global and regional tariffs or tariffs targeted to the automotive

industry;

• our ability to accurately predict the market demand for electrified vehicles;

• our ability to offer innovative, attractive and relevant products;

• a significant malfunction, disruption or security breach compromising information technology systems or the

electronic control systems contained in our vehicles;

• the level of competition in the automotive industry, which may increase due to consolidation and new entrants;

• our ability to attract and retain experienced management and employees;

• exchange rate fluctuations, interest rate changes, credit risk and other market risks;

• increases in costs, disruptions of supply or shortages of raw materials, parts, components and systems used

in our vehicles;

• changes in local economic and political conditions;

• the enactment of tax reforms or other changes in laws and regulations;

• the level of governmental economic incentives available to support the adoption of battery electric vehicles;

• the impact of increasingly stringent regulations regarding fuel efficiency and greenhouse gas and tailpipe

emissions;

• various types of claims, lawsuits, governmental investigations and other contingencies, including product

liability and warranty claims and environmental claims, investigations and lawsuits;

• material operating expenditures in relation to compliance with environmental, health and safety regulations;

• exposure to shortfalls in the funding of our defined benefit pension plans;

• our ability to provide or arrange for access to adequate financing for dealers and retail customers

• risks related to the operation of financial services companies;

• our ability to access funding to execute our business plan;

• our ability to realize anticipated benefits from joint venture arrangements;

• disruptions arising from political, social and economic instability;

• risks associated with our relationships with employees, dealers and suppliers;

• our ability to maintain effective internal controls over financial reporting;

• developments in labor and industrial relations and developments in applicable labor laws;

• earthquakes or other disasters; and

• other factors discussed elsewhere in this report.

Furthermore, in light of the inherent difficulty in forecasting future results, any estimates or forecasts of particular

periods that are provided in this report are uncertain. We expressly disclaim and do not assume any liability in

connection with any inaccuracies in any of the forward-looking statements in this report or in connection with any

use by any third party of such forward-looking statements. Actual results could differ materially from those

anticipated in such forward-looking statements. We do not undertake an obligation to update or revise publicly

any forward-looking statements.

Additional factors which could cause actual results and developments to differ from those expressed or implied

by the forward-looking statements, refer to "*Risk Management* - *Risk Factors*" included elsewhere in this report

for additional information.

MANAGEMENT REPORT

Stellantis Overview

Stellantis is a global automaker engaged in designing, engineering, manufacturing, distributing and selling

vehicles and components worldwide. Stellantis designs, engineers, manufactures, distributes and sells vehicles

across five portfolios: (i) luxury vehicles under the Maserati brand; (ii) premium vehicles covered by Alfa Romeo,

DS and Lancia brands; (iii) global sport utility vehicles under the Jeep brand; (iv) American brands covering

Dodge, Ram and Chrysler vehicles and (v) European brands covering Abarth, Citroën, FIAT, Opel, Peugeot and

Vauxhall vehicles. Stellantis centralizes design, engineering, development and manufacturing operations, while

maintaining strong regional empowerment and decision-making to stay closely aligned with local customer

needs. Leapmotor International, is a jointly established, Stellantis-controlled company created in 2024 and

owned 51 percent by Stellantis and 49 percent by Leapmotor, to distribute Leapmotor-branded vehicles outside

of China ("LPMI"). Stellantis also provides retail and dealer financing, leasing and rental services available

through its subsidiaries, joint ventures and commercial arrangements with third party financial institutions.

Additionally, Stellantis supports its vehicle shipments with the sale of related service parts and accessories, as

well as service contracts, worldwide.

Stellantis engages in several other related activities. These include pre-owned car businesses and two mobility

brands—Free2move and Share Now. The Company also operates independent after-market parts and service

businesses, and its circular-economy business aims to extend the lifespan of vehicles and components to

reintegrate materials and end-of-life vehicles into the production cycle for new products.

In 2025, Stellantis reported:

• 5,484 thousand vehicles shipped (refer to *Financial Overview* - *Shipment Information* included elsewhere in

this report for additional information);

• Net revenues of €153.5 billion;

• Net loss of €22.3 billion;

• Adjusted Operating Income/(Loss) ("AOI") of €(0.8) billion (refer to *Non-GAAP Financial Measures* included

elsewhere in this report for additional information);

• Cash flows used in operating activities of €4.7 billion; and

• Industrial free cash flow of €(4.5) billion (refer to *Non-GAAP Financial Measures* included elsewhere in this

report for additional information).

At December 31, 2025, the Company's available liquidity was €49.8 billion (including €18.3 billion available

under undrawn committed credit lines), of which industrial available liquidity was €45.7 billion. Refer to *Financial* 

*Overview* - *Liquidity and Capital Resources* included elsewhere in this report for additional information.

**History of Stellantis**

Stellantis N.V. was incorporated as a public limited liability company (*naamloze vennootschap*) under the laws of

the Netherlands in April 2014 under the name Fiat Chrysler Automobiles N.V.

In its current configuration, Stellantis is the result of the merger of FCA and PSA, each of which were leading

independent global automotive groups prior to the merger.

Fiat S.p.A., the predecessor to FCA, was founded as Fabbrica Italiana Automobili Torino in July 1899 in Turin,

Italy as an automobile manufacturer. Fiat grew in Italy and internationally in the following decades both

organically and through the acquisition of several prominent brands and manufacturers including Lancia, Alfa

Romeo, Maserati and Ferrari. In October 2015, the initial public offering of Ferrari N.V. was completed, followed

by the spin-off of FCA's remaining interest in Ferrari to its shareholders in January 2016. In 2009, FCA US LLC

("FCA US"), then known as Chrysler Group LLC, acquired the principal operating assets of the former Chrysler

LLC as part of a government-sponsored restructuring of the North American automotive industry. Between 2009

and 2014, Fiat S.p.A. expanded its initial 20 percent ownership interest to 100 percent of the ownership of FCA

US and in October 2014, Fiat S.p.A. completed a corporate reorganization resulting in the establishment of FCA

as the parent company of the FCA Group, with its principal executive offices in the United Kingdom.

Peugeot S.A. began manufacturing and selling vehicles to consumers in 1896 and also expanded its automotive

business, particularly in the second half of the twentieth century. In 1974, PSA acquired all of the outstanding

shares of Citroën S.A. and then merged the two companies in 1976. In 1995, PSA Finance Holding, which

provided financing for Peugeot and Citroën vehicle sales, was transformed into a bank and subsequently

renamed "Banque PSA Finance". PSA acquired the Opel and Vauxhall subsidiaries of General Motors ("GM") in

August 2017.

On December 17, 2019, FCA and PSA entered into a combination agreement (as amended, the "combination

agreement") agreeing to merge the two groups. On January 16, 2021, PSA merged with and into FCA, with FCA

as the surviving company. On January 17, 2021, the combined company was renamed Stellantis N.V.

On January 18, 2021, Stellantis common shares began trading on Euronext Milan and Euronext Paris, and on

January 19, 2021, began trading on the New York Stock Exchange ("NYSE"). Stellantis common shares trade

under the following symbols: Euronext Milan: "STLAM"; Euronext Paris: "STLAP"; NYSE: "STLA".

The principal office of Stellantis is located at Taurusavenue 1, 2132LS Hoofddorp, the Netherlands (telephone

number: +31 23 700 1511).

**Major Shareholders**

As of February 25, 2026, the largest shareholders of Stellantis were Exor N.V. ("Exor") (holding 15.48 percent of

the issued common shares), Établissements Peugeot Frères ("EPF") (holding 7.72 percent of the issued

common shares) and Bpifrance Participations S.A. ("BPI") (holding 6.64 percent of the issued common shares).

As a result of the loyalty voting mechanism, the voting powers of Exor, EPF and BPI are 23.84 percent, 11.89

percent and 10.22 percent, respectively. For a description of the loyalty voting mechanism, including the terms

and conditions of our special voting shares, please see "*CORPORATE GOVERNANCE- Loyalty Voting* 

*Structure*."

As of February 25, 2026 the share capital of the Company consists of the following: 2,903,716,295 common

shares and 866,522,224 Class A special voting shares, all with a par value of €0.01 each.

Based on the information in the Stellantis shareholder register, regulatory filings with the AFM and the SEC and

other sources available to Stellantis, the following persons owned, directly or indirectly, in excess of three

percent of Stellantis' capital and/or voting interest as of February 25, 2026:

---

| | | |
|:---|:---|:---|
| **Stellantis Shareholders** | **Number of Issued** <br>**Common Shares**<sup>(1)</sup><br>| **Percentage of Issued** <br>**Common Shares**<br>|
| Exor<sup>(2)</sup> | 449410092 | 15.48 |
| EPF<sup>(3)</sup> | 224228121 | 7.72 |
| BPI<sup>(4)</sup> | 192703907 | 6.64 |
| BlackRock Inc.<sup>(5)</sup> | 90049246 | 3.10 |

---

<sup>(1)</sup> Issued shares includes common shares as well as 866,522,224 Class A special voting shares. Refer also to Corporate Governance -

Articles of Association and Information on Stellantis Shares - Share Capital for additional information

<sup>(2)</sup> Exor owns 449,410,092 common shares and 449,410,092 Class A special voting shares (23.84 percent of the issued shares)

<sup>(3)</sup> EPF, through Peugeot Invest and its subsidiary Peugeot 1810, owns 224,228,121 common shares and 224,228,121 Class A special

voting shares (11.89 percent of the issued shares)

<sup>(4)</sup> BPI owns 192,703,907 common shares and 192,703,907 Class A special voting shares (10.22 percent of the issued shares). BPI is a

joint venture of EPIC Bpifrance (Bpi Groupe) and Caisse des Dépots et Consignations (both holding a 49.3 percent interest in Bpifrance

SA). Caisse des Dépots et Consignations also (directly and indirectly) holds an additional 8,207,316 Stellantis common shares,

representing an additional 0.28 percent of the common shares and 0.22 percent of the issued share capital and voting rights of

Stellantis

<sup>(5)</sup> According to information published on the AFM website as of February 25, 2026, BlackRock Inc. owns 90,049,246 common shares

(3.10 percent of the issued common shares) and 105,172,016 voting rights (2.79 percent of the voting rights)

Based on the information in Stellantis' shareholder register and other sources available to Stellantis, as of

February 25, 2026, approximately 504 million Stellantis common shares, or approximately 17.4 percent of the

Stellantis common shares, were held in the United States. As of the same date, approximately 271 record

holders of Stellantis common shares had registered addresses in the United States.

**Updates to Current Strategic Plan**

In 2022, Stellantis introduced its Dare Forward strategic plan, establishing long-term electrification targets of 100

percent electric vehicles ("EV") sales in Europe and 50 percent in the United States by 2030. Following the

leadership transition in mid-2025, newly appointed executive leadership is overseeing a comprehensive

reassessment of the Company's long-term strategy. This reassessment forms part of a broader reset of the

business and is being conducted in preparation for the communication of a new strategic plan. This review

encompasses major programs and product plans with the objective of realigning the Company's strategy,

portfolio and investment priorities with real-world customer preferences, market demand and evolving regulatory

frameworks, while also addressing the effects of prior operational and execution challenges, targeting to re-

establish the conditions for sustainable, profitable growth.

The strategic reassessment reflects a revised view on the expected pace of the energy transition in certain

markets, informed by customer purchasing behavior, affordability considerations, infrastructure readiness and

incentive frameworks. While the Company remains committed to the development of electrified powertrains,

including BEVs, the review emphasizes a demand-led approach to adoption and the importance of maintaining

flexibility across powertrain technologies.

Separately, the Company experienced commercial and operational headwinds in its key European and U.S.

markets during 2024 and the first half of 2025, including quality related challenges associated with new

platforms and powertrains and broader inflationary cost pressures. These factors further reinforced the need for

the strategic reassessment undertaken by the new executive leadership.

The updated strategy will be communicated at the Investor Day in May 2026.

**Overview of Our Business** 

Stellantis' activities during the year ended December 31, 2025, were carried out through the following six

reportable segments:

(i)North America: Stellantis' operations to manufacture, distribute and sell vehicles in the United States,

Canada and Mexico, primarily under the Jeep, Ram, Dodge, Chrysler, FIAT and Alfa Romeo brands.

Manufacturing plants are located in U.S., Canada and Mexico;

(ii)Enlarged Europe: Stellantis' operations to manufacture, distribute and sell vehicles in Europe (which

includes the 27 members of the European Union, the United Kingdom ("UK") and the members of the

European Free Trade Association), under the mainstream brands Citroën, FIAT, Opel, Peugeot, Vauxhall as

well as premium brands Alfa Romeo, DS and Lancia. Manufacturing plants are located in France, Italy,

Spain, Germany, UK, Poland, Portugal, Serbia and Slovakia. Since 2024, Leapmotor-branded vehicles have

been distributed in Enlarged Europe by LPMI;

(iii)Middle East & Africa: Stellantis' operations to manufacture, distribute and sell vehicles primarily in Türkiye,

Algeria and Morocco under the Peugeot, Citroën, Opel, FIAT and Jeep brands. Manufacturing plants are

primarily located in Morocco, Algeria and Türkiye, through Tofas, our joint venture. Since 2024, Leapmotor-

branded vehicles have been distributed in Middle East & Africa by LPMI;

(iv)South America: Stellantis' operations to manufacture, distribute and sell vehicles in South and Central

America, primarily under the FIAT, Jeep, Ram, Peugeot and Citroën brands, with the largest focus of its

business in Brazil and Argentina. Manufacturing plants are located in the main markets of Brazil and

Argentina. In 2025, Leapmotor-branded vehicles have been distributed in South America by LPMI;

(v)China and India & Asia Pacific: Stellantis' operations to manufacture, distribute and sell vehicles in the Asia

Pacific region (mostly in China, Japan, India, Australia and South Korea) carried out in the region through

both subsidiaries and joint ventures, primarily under the Jeep, Peugeot, Citroën, FIAT, DS and Alfa Romeo

brands. Manufacturing plants are located in India and Malaysia, through our joint operation India Fiat India

Automobiles Private Limited ("FIAPL JV") and our 100 percent owned subsidiary Stellantis Gurun (Malaysia).

Our Citroën and Peugeot branded vehicles are manufactured in China by Dongfeng Peugeot Citroën

Automobiles ("DPCA") under various license agreements. Since 2024, we distribute Leapmotor-branded

vehicles in Asia Pacific (excluding China) by LPMI; and

(vi)Maserati: Stellantis' operations to design, engineer, develop, manufacture, distribute worldwide and sell

luxury vehicles under the Maserati brand. Design, engineering and manufacturing plants are located in Italy.

With effect from January 1, 2026, our Maserati reportable segment will be eliminated and Maserati shipments

and sales will be reported by geographic area consistently with our other brands in that transactions will be

treated on a "where sold" basis. This reflects the way that our chief operating decision maker will review and

assess performance.

Stellantis also owns or holds interests in companies engaged in a range of other activities and businesses.

These activities are grouped under "Other Activities", and primarily consists of our pre-owned car businesses,

mobility businesses through the brands Free2move and Share Now, the Company's software and data

businesses, and other investments, including Archer Aviation Inc ("Archer"), as well as the businesses providing

financial services to dealers and customers primarily in North America, Enlarged Europe, South America and

China. Also included under "Other Activities" are our companies that provide services, including accounting,

payroll, tax, insurance, purchasing, information technology, facility management and security for the Company

and management of central treasury activities.

Definitions and abbreviations

Passenger cars include sedans, station wagons and three- and five-door hatchbacks, that may range in size

from "micro" and "A-segment" vehicles of less than 3.8 meters in length to "large" or "F-segment" cars that are

greater than 5.1 meters in length. Micromobility includes solutions like electric scooters, bikes, and light

quadricycles, generally operating at low speeds and optimized for urban environments.

Utility vehicles ("UVs") include sport utility vehicles ("SUVs"), which are available with four-wheel drive or all-

wheel drive systems that provide true off-road capabilities, and crossover utility vehicles, ("CUVs"), which are

not designed for heavy off-road use. UVs can be divided among six main groups, ranging from "micro" or "A-

segment", defined as UVs that are less than 4.0 meters in length, to "large" or "F-segment", defined as UVs that

are greater than 5.1 meters in length.

Light trucks are divided between vans (also known as light commercial vehicles, or "LCVs"), which typically are

used for the transportation of goods or groups of people, and pickup trucks, which are light motor vehicles with

an open-top rear cargo area. Minivans, also known as multi-purpose vehicles ("MPVs") typically have seating for

up to eight passengers.

A vehicle is characterized as "all-new" if it is a new product with no prior model year, or if its vehicle platform is

significantly different from the platform used in the prior model year and/or it has had a full exterior renewal.

A vehicle is characterized as "significantly refreshed" if it continues its previous vehicle platform but has

significant changes or upgrades from the prior model year.

**Design and Manufacturing**

We sell vehicles in the UV, passenger car, truck and LCV markets. Our SUV and CUV portfolio includes vehicles

such as the Jeep Grand Wagoneer, Jeep Wrangler, Jeep Grand Cherokee, Jeep Meridian, Alfa Romeo Tonale,

Citroën C3 Aircross, DS N<sup>o</sup> 8, Maserati Grecale and Peugeot E-3008. Our passenger car product portfolio

includes vehicles such as the Opel and Vauxhall Mokka, Fiat 500, Fiat Grande Panda, Alfa Romeo Giulia, Citroën

ëC3, Lancia Ypsilon, Dodge Charger and Peugeot 308, and minivans such as the Chrysler Pacifica. We sell light

duty and heavy duty pickup trucks such as the Ram 1500, Ram 2500/3500, Fiat Strada, Peugeot Landtrek, Jeep

Gladiator, and chassis cabs such as the Ram 3500/4500/5500. Our LCVs include vans such as the Fiat

Professional Doblò, Peugeot Partner, Citroën Berlingo, Opel/Vauxhall Combo and Ram ProMaster.

The "Stellantis Industrial System" is a set of manufacturing-related tools and principles intended to achieve best

in class performance as measured by health and safety, quality, throughput, cost and environmental metrics,

through empowerment of employees, enhancement of employee skill-sets, the sharing of best practices and the

improved and economical use of production assets. Originally launched in 2022 as the "Stellantis Production

Way", the name was recently changed to emphasize continuous improvement focused on its four core pillars in

the industrial footprint: People First, Operational Excellence, Digital Transformation and Sustainability.

**Research and Development**

Stellantis' recent research initiatives have been mainly concentrated in the areas of mobility electrification and

clean energy, autonomous driving, infotainment technology, vehicle electrical and software architecture, and

connectivity technologies. Significant activity has also continued with a focus to reduce overall vehicle energy

demand, fuel consumption and emissions based on traditional technologies. Recent fuel consumption and

emissions reduction activities have primarily focused on propulsion system technologies, including engines,

transmissions, axles and drivelines, hybrid and electric propulsion and alternative fuels.

**Property, Plant and Equipment** 

As of December 31, 2025, Stellantis manufacturing facilities (including passenger vehicle and light commercial

vehicle assembly, propulsion systems and components plants, and excluding joint ventures), are primarily

located in Enlarged Europe (mainly in France, Germany, Italy, Spain, Poland and UK), North America (U.S.,

Canada and Mexico), South America (Brazil and Argentina) and Africa (Morocco). Stellantis companies also own

other significant properties including parts distribution centers, research laboratories, test tracks, warehouses

and office buildings. The total carrying value of Stellantis' property, plant and equipment as of December 31,

2025 was €43.0 billion.

A number of Stellantis manufacturing facilities and equipment, including land and industrial buildings, plant and

machinery and other assets, were and are subject to mortgages and other security interests granted to secure

indebtedness to certain financial institutions. As of December 31, 2025, property, plant and equipment reported

as pledged as collateral for loans amounted to approximately €25 million, excluding Right-of-use assets (refer to

Note 11, *Property, plant and equipment*, within the Consolidated Financial Statements included elsewhere in this

report for additional information).

Stellantis is not aware of any environmental issues that would materially affect the utilization of fixed assets. Refer

to "*Industrial Environmental Control*" included elsewhere in this report for additional information.

**Supply of Raw Materials, Parts and Components** 

Stellantis purchases a variety of components (including but not exclusively, mechanical, steel, electrical,

electronic and plastic components as well as castings and tires), raw materials, supplies, utilities, logistics and

other services from numerous suppliers. The purchase of raw materials, parts and components has historically

accounted for a substantial majority of our total Cost of revenues. The raw materials purchased include, but are

not limited to, steel, rubber, aluminum, resin, copper, lead, rare earths, precious metals (including platinum,

palladium and rhodium) and battery materials (including lithium, manganese, nickel, graphite and cobalt).

To support its commitment to quality, cost efficiency, sustainability, and product innovation, the Company

depends on suppliers who not only share these values but also demonstrate the capability to deliver continuous

cost improvements.

In addition, within the purchasing division, a specific raw materials organization was set up in 2023 with a goal to

secure a stable supply of key materials in particular for its electrified vehicles, aiming at selecting sustainable

and responsible processes, partners and suppliers.

For a discussion of Stellantis' risks relating to raw materials, parts and components, refer to "*Risk Factors - We* 

*face risks associated with increases in costs, disruptions of supply or shortages of raw materials, parts,* 

*components and systems used in our vehicles.*" included elsewhere in this report for additional information. In

order to mitigate these risks, Stellantis works proactively with suppliers to identify material and part shortages

and take steps to mitigate their impact by deploying additional personnel, accessing alternative sources of

supply and managing its production schedules. Stellantis also continues to refine processes to identify emerging

capacity constraints in the supplier tiers. In addition, Stellantis continuously monitors supplier performance

according to key metrics such as part quality, delivery, performance, financial solvency and sustainability.

**Intellectual Property**

Stellantis owns a significant number of patents, trade secrets, licenses, trademarks and service marks,

including, in particular, the marks of its vehicle and component and production systems brands, which relate to

its products and services. We expect the number to grow as we continue to pursue technological innovations.

We file patent applications in Europe, the U.S. and around the world to protect technology and improvements

considered important to our business. No single patent is material to our business as a whole.

**Employees** 

At December 31, 2025, Stellantis had a total of 258,668 employees (excluding employees of joint arrangements,

associates and unconsolidated subsidiaries), a 4.2 percent increase from December 31, 2024, and a 0.2

percent increase from December 31, 2023. The following table provides a breakdown of employees as of

December 31, 2025, 2024 and 2023 by geographical area.

---

| | | | |
|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** |
|  | **2025** | **2024** | **2023** |
| North America | 80247 | 75554 | 81341 |
| Enlarged Europe | 124084 | 126242 | 135211 |
| Middle East & Africa | 9942 | 7874 | 6101 |
| South America | 38799 | 32612 | 28928 |
| China and India & Asia Pacific | 5596 | 5961 | 6694 |
| **Total** | **258668** | **248243** | **258275** |

---

Stellantis employees are free to join trade unions, provided they do so in accordance with local laws and the

rules of the related trade union. Local collective agreements are led by the regions and/or countries which take

the global Company polices into account and reflect local particularities. As of December 31, 2025,

approximately 85 percent of our employees were covered by collective bargaining agreements.

Stellantis prioritizes social dialogue in its transformation, focusing on employee participation through an annual

global survey and fostering trust with trade unions via collective bargaining and works council agreements. This

approach aims to foster a fair transformation, mitigate business interruptions (e.g. strikes), and prevent

reputational damage. In 2025, an active dialogue was maintained with various employee representation bodies

existing at the national or transnational level. This is represented in Europe through the European Works Council,

in North America through the union, the International Union, United Automobile, Aerospace and Agricultural

Implement Workers of America ("UAW") and in Canada through the union, Unifor.

Trade Unions and Collective Bargaining

Stellantis promotes a co-construction approach to foster a responsible relationship with employee

representatives.

Stellantis' social relations strategy is based on six commitments:

• Stellantis supports the principles of the United Nations Universal Declaration of Human Rights and the

provision of a decent equitable work environment. We work towards providing competitive and living wages;

• Stellantis is committed to compliance with all applicable labor laws and regulations and aims to apply best

practices in human resources management;

• Stellantis bases social dialogue on relationships with independent labor unions and employee representatives

and seeks workplace cooperation;

• Stellantis' objective is to negotiate collective bargaining agreements that are pragmatic, inclusive and

protective of its employees;

• Stellantis fosters social dialogue with the workforce on a daily basis; and

• Stellantis monitors social indicators in its subsidiaries and discloses to key internal stakeholders.

The Company endorses the International Labor Organization's ("ILO") declaration on fundamental principles and

rights at work.

Stellantis pursues innovative collective agreements with social partners to address social challenges, maintain

competitiveness, and manage transformations through trust, transparency, and practical solutions.

**Sales Overview** 

New vehicle sales represent sales of vehicles primarily by dealers and distributors, or, directly by us in some

cases, to retail and fleet customers. Sales include mass-market, premium and luxury vehicles manufactured at

our plants, as well as vehicles manufactured by joint ventures and third party contract manufacturers and

distributed under our brands. Sales figures exclude: (i) sales of vehicles that we contract manufacture for other

Original Equipment Manufacturers ("OEM"), (ii) vehicles from other brands that we distribute which includes

Leapmotor branded vehicles and (iii) sales of micromobility vehicles. While vehicle sales are illustrative of our

competitive position and the demand for our vehicles, sales are not directly correlated to Net revenues, Cost of

revenues or other measures of financial performance in any given period, as such results were primarily driven

by vehicle shipments to dealers and distributors or to retail and fleet customers.

For a discussion of our shipments, refer to "*Financial Overview*—*Shipment Information*" included elsewhere in

this report for additional information. Figures in the tables in this section may not add due to rounding.

Additionally, prior period figures have been updated to reflect current information provided by third party

industry sources.

The following table shows Stellantis' new vehicle sales by geographic market for the periods presented:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *(millions of units)* | **2025** | **2024** | **2023** |
| North America | 1.5 | 1.5 | 1.8 |
| Enlarged Europe | 2.5 | 2.6 | 2.7 |
| Middle East & Africa | 0.5 | 0.5 | 0.6 |
| South America | 1.0 | 0.9 | 0.9 |
| China and India & Asia Pacific | 0.1 | 0.1 | 0.2 |
| **Total Regions** | **5.6** | **5.7** | **6.1** |
| Maserati | 0.01 | 0.01 | 0.03 |
| **Total Worldwide** | **5.6** | **5.7** | **6.2** |

---

- Maserati excluded from volumes and market share of the regions

- Leapmotor excluded from volumes and market share of the regions

- Excludes banned countries: Belarus, Cuba, Iran, Russia, Sudan, Syria

North America

*North America Sales and Competition*

The following table presents Stellantis' vehicle sales and estimated market share in the North America segment

for the periods presented:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Thousands of units* <br>*(except percentages)* | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *Thousands of units* <br>*(except percentages)* | **2025**<sup>(1)</sup> | **2025**<sup>(1)</sup> | **2024**<sup>(1)</sup> | **2024**<sup>(1)</sup> | **2023**<sup>(1)</sup> | **2023**<sup>(1)</sup> |
| **North America** | **Sales**  | **Market Share** | **Sales**  | **Market Share** | **Sales**  | **Market Share**  |
| U.S. | 1260 | 7.6% | 1304 | 8.0% | 1527 | 9.6% |
| Canada | 115 | 6.1% | 130 | 7.2% | 158 | 9.5% |
| Mexico | 91 | 5.9% | 94 | 6.0% | 97 | 6.8% |
| **Total** | **1466** | **7.3%** | **1527** | **7.8%** | **1782** | **9.4%** |

---

<sup>(1)</sup> Estimated market share data presented are based on management's estimates of industry sales data, which use certain data provided

by third-party sources: Canada - DesRosiers Automotive consultants, Mexico - INEGI (Government National Institute) and U.S. - Ward's

Automotive

Maserati excluded from volumes and market share

The following table summarizes new vehicle market share information and our principal competitors in the U.S.,

our largest market in the North America segment:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| **U.S.** | **2025** | **2024** | **2023** |
| **Automaker** | **Percentage of industry** | **Percentage of industry** | **Percentage of industry** |
| GM | 17.2% | 16.6% | 16.3% |
| Toyota | 15.3% | 14.3% | 14.2% |
| Ford | 13.3% | 12.8% | 12.5% |
| Hyundai/Kia | 11.0% | 10.5% | 10.4% |
| Honda | 8.6% | 8.7% | 8.2% |
| **Stellantis**<sup>(1)</sup> | **7.6%** | **8.0%** | **9.6%** |
| Nissan | 5.6% | 5.7% | 5.7% |
| Subaru | 3.9% | 4.1% | 4.0% |
| Volkswagen | 3.4% | 4.0% | 4.0% |
| Tesla | 3.2% | 3.7% | 4.0% |
| Other | 10.8% | 11.6% | 11.2% |
| **Total** | **100%** | **100%** | **100%** |

---

<sup>(1)</sup> Excluding Maserati

Estimated market share data presented are based on management's estimates of industry sales data, which use certain data provided by

third-party sources: Canada - DesRosiers Automotive consultants, Mexico - INEGI (Government National Institute) and U.S. - Ward's

Automotive

U.S. industry sales, including medium and heavy-duty vehicles, in addition to commercial vehicles and

passenger cars, were up approximately 259 thousand units in 2025 from 16.3 million units in 2024. Industry

sales were up 1.6 percent over 2024 calendar year.

Our vehicle line-up in the North America segment primarily leveraged the brand recognition of the Jeep, Ram,

Dodge and Chrysler brands to offer UVs, pickup trucks, cars and minivans under those brands. Vehicle sales

and profitability in the North America segment were generally weighted towards larger vehicles such as UVs,

trucks and vans, consistent with overall industry sales.

U.S. sales saw their first consecutive quarterly increase since 2023 in the second half of 2025. Overall, U.S.

sales were down 3.3 percent from 2024 as the Company reset its plan for the U.S. This plan provides the

customer a diversified powertrain lineup, including the return of the 5.7-liter HEMI V-8 eTorque engine in the

Ram 1500; the all-electric Dodge Charger Daytona Scat Pack; and the Dodge Charger SIXPACK Scat Pack

(ICE), which arrived in dealerships in late 2025.

Brand highlights include Ram retail sales increasing 17.5 percent for the calendar year; Dodge Durango had its

best total sales year since 2005, up 37 percent over 2024. Jeep and Chrysler both posted yearly sales increases

of 1 percent.

*North America Distribution* 

In the North America segment, our vehicles are sold primarily to dealers in our dealer network for sale to retail

consumers and to fleet customers. Fleet sales in the commercial channel are typically more profitable than sales

in the government and daily rental channels since they more often involve customized vehicles with more

optional features and accessories; however, vehicle orders in the commercial channel are usually smaller in size

than the orders made in the daily rental channel. Fleet sales in the government channel are generally more

profitable than fleet sales in the daily rental channel primarily due to the mix of products included in each

respective channel.

*North America Dealer and Customer Financing*

Stellantis Financial Services U.S. Corp (" SFS U.S.") provides U.S. customers and dealers with a complete range

of financing options, including retail loans, leases, and floorplan financing. SFS U.S. is currently playing a

predominant role in retail and leasing financing with a market share of approximately 18 percent and 90 percent

respectively and a total market share of approximately 40 percent. As of December 31, 2025, SFS U.S. provided

wholesale (i.e. floorplan and others) lines of credit to 264 dealers representing approximately 10 percent of the

Stellantis network in the U.S, with Bank of America and Ally Financial Inc. complementing wholesale funding

offer to, approximately an additional 8 percent and 25 percent respectively, in 2025 Stellantis terminated the

agreement with Santander Consumer USA Inc.

In Canada, our customers are served by cooperation agreements with local banks providing retail financing and

leasing.

In April 2025, Stellantis acquired a 20.6 percent equity interest in STM Financial, SAPI de C.V., SOFOM, E.R.,

Grupo Financiero Inbursa ("STM Financial"), a Mexican financial services company. The investment supports

Stellantis' strategy to strengthen its automotive financing capabilities in Mexico and aligns with its global

objective to expand direct financial services in key markets. The investment is accounted for as an associate

using the equity method. Under the terms of the agreement, Stellantis acquired 20.6 percent of the shares of

STM Financial, representing 49.9 percent of the rights and obligations related to the dealer portfolio and the

newly originated retail customer portfolio. STM Financial operated with two share classes and, after a mid-year

redemption of Series A shares held by Inbursa, Stellantis' ownership increased from 20.6 percent to 23.4

percent of total share capital at December 31, 2025 and is expected to increase to 49.9 percent over an

estimated two-year period.

Enlarged Europe

*Enlarged Europe Sales and Competition* 

The following table presents Stellantis' vehicle sales and market share in the Enlarged Europe segment for the

periods presented:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Thousands of units* <br>*(except percentages)* | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *Thousands of units* <br>*(except percentages)* | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| **Enlarged Europe**<sup>(1)</sup> | **Sales**  | **Market Share**  | **Sales**  | **Market Share** | **Sales**  | **Market Share** |
| France | 558 | 28.0% | 599 | 28.5% | 634 | 29.4% |
| Italy | 493 | 28.7% | 531 | 30.2% | 591 | 33.5% |
| Germany | 379 | 12.1% | 416 | 13.4% | 389 | 12.5% |
| UK | 285 | 12.1% | 299 | 12.9% | 313 | 13.9% |
| Spain | 213 | 15.9% | 208 | 17.6% | 221 | 20.2% |
| Other | 494 | 10.7% | 502 | 11.1% | 546 | 12.5% |
| **Europe**<sup>(2)</sup> | **2422** | **16.0%** | **2556** | **17.0%** | **2695** | **18.3%** |
| Other Europe<sup>(3)</sup> | 32 | 2.9% | 22 | 2.7% | 18 | 2.4% |
| **Total** | **2454** | **15.1%** | **2577** | **16.3%** | **2713** | **17.5%** |

---

<sup>(1)</sup> Excludes banned Countries: Belarus, Russia

<sup>(2)</sup> European Union ("EU") EU30 = EU27 (excluding Malta), Iceland, Norway, Switzerland and UK. Industry and market share information is

derived from third-party industry sources (e.g. Agence Nationale des Titres Sécurisés ("ANTS"), Ministry of Infrastructure and Sustainable

Mobility ("MIMS") and ANFAC Spain) and internal information

<sup>(3)</sup> Other Europe = Eurasia (Armenia, Azerbaijan, Georgia, Kazakhstan, Moldova, Uzbekistan) and other Europe (Albania, Bosnia, Kosovo,

Malta, Montenegro, North Macedonia, Serbia and Ukraine). Effective January 1, 2025, Israel and Palestine are reported within Enlarged

Europe (prior periods have not been restated)

Maserati excluded from volumes and market share of the region

Leapmotor excluded from Stellantis volumes and market share of the region

The following table summarizes new vehicle market share information and our principal competitors in Europe,

our largest market in the Enlarged Europe segment:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| **Europe 30**<sup>(1)</sup> | **2025** | **2024** | **2023** |
| **Automaker** | **Percentage of industry** | **Percentage of industry** | **Percentage of industry** |
| Volkswagen | 25.1% | 24.3% | 24.0% |
| **Stellantis**<sup>(2)</sup> | **16.0%** | **17.0%** | **18.3%** |
| Renault | 10.6% | 10.7% | 10.5% |
| Toyota | 7.0% | 7.4% | 6.7% |
| Hyundai/Kia | 7.0% | 7.1% | 7.5% |
| BMW | 6.4% | 6.2% | 6.2% |
| Mercedes-Benz | 5.8% | 6.2% | 6.2% |
| Ford | 5.6% | 5.5% | 5.9% |
| Other | 16.4% | 15.6% | 14.7% |
| **Total** | **100%** | **100%** | **100%** |

---

<sup>(1)</sup> Europe 30 = 27 members of the European Union excluding Malta and including Iceland, Norway, Switzerland and UK

<sup>(2)</sup> Excluding Maserati

Leapmotor excluded from Stellantis volumes and market share of the region

Estimated market share information is derived from third-party industry sources (e.g., ANTS, MIMS and ANFAC Spain) and internal

information

![](stellantis-20251231_g1.gif)

<sup>1</sup> France, Germany, Italy, Spain, UK, Austria, Belgium, Luxembourg, Netherlands, Poland and Portugal

In 2025, the EU30 automotive market recorded results broadly in line with the previous year with new vehicle

registrations at 15.1 million resulting in a slight growth of 0.9 percent compared to 2024.

In the EU30 passenger cars ("PC") and commercial vehicles ("CV") markets, Stellantis confirmed its second

place position with a market share of 16 percent. Sales increased in Austria, Belgium, Luxembourg, Poland,

Portugal and Spain out of the G10<sup>(1)</sup>. Stellantis confirmed its first place position in France, Italy and Portugal and

its second place position in Germany, Spain, United Kingdom, Austria, Belgium, Luxembourg.

In the EU30 CV market, Stellantis Pro One confirmed its overall leadership with a share of 28.6 percent and first

Citroën, FIAT Professional, Opel, Peugeot and Vauxhall and strong carlines leading the C- and E-van segments

in Luxembourg, Belgium, France, Italy and Spain.

Stellantis' performance is supported by iconic models such as the Peugeot 208 and 2008 both amongst the top

10 best sellers in the EU30, while Fiat Panda is leader of the A-segment with 24 percent market share. In the B-

hatch segment, Stellantis has three cars in the top six with Peugeot 208, Opel/Vauxhall Corsa and Citroën C3

collectively representing 24.3 percent market share. In the B-SUV segment, the Peugeot 2008 ranked in the top

four with 172 thousand units sold. In the C-SUV, the Peugeot 3008 placed in the top five with 121 thousand units,

up 23.4 percent in volume compared with 2024.

Stellantis confirmed its leadership of the BEV B-segment with more than 31 percent market share in the fast-

growing segment (a sales increase of 32.6 percent compared to 2024), with nine vehicles in the top 20.

*Enlarged Europe Distribution*

In Europe, we sell and service our vehicles through our own dealers (located in most European markets),

independent dealers, retailers, and authorized workshops. In other markets and segments where we do not have

a substantial presence, we have agreements with general distributors.

In 2023, Stellantis and its European dealers signed over 8,000 sales and 25,000 aftersales contracts in ten key

European countries. Their shared objectives include simplification, a multi-brand approach, customer-centricity,

and quality assurance. Stellantis initially adopted the new retailer model in Austria, Belgium, Luxembourg, and

the Netherlands in September 2023, and has been working to further enhance the model in these early adopter

countries, allowing its network sufficient time to adapt in a competitive landscape with new entrants. In 2025,

Stellantis confirmed the dealer model as the standard commercial approach across Enlarged Europe countries

excluding Austria, Belgium, Luxembourg and the Netherlands, reinforcing its strategic collaboration with the

dealer network and supporting the collective ability to address the key challenges facing the automotive sector.

In Austria, Belgium, Luxembourg, and the Netherlands, the Company continued to advance the implementation

of the new retailer model. Early indicators show a positive trajectory, with market share increasing by more than

1.4 percentage points compared with 2024 in Belgium, Luxembourg and Austria.

During 2024, Stellantis began distributing Leapmotor vehicles in Europe through LPMI. and has been introduced

in more than 400 dealerships already representing our existing brands.

Stellantis continues to work closely with its dealer network, emphasizing their partnership to address the

challenges of the automotive industry, including electrification.

*Enlarged Europe Dealer and Customer Financing*

The Stellantis leasing and financing activities are structured through the following partnerships:

(i)Leasys, a 50 percent held joint venture with Crédit Agricole Consumer Finance & Mobility dedicated to pan-

European multi-brand long-term operational leasing activities;

(ii)A partnership between Stellantis Financial Services Europe ("SFSE"), and BNP Paribas Personal Finance

("BNPP PF") related to financing activities carried-out through approximately a 50 percent interest in a joint-

venture operating in Germany, Austria and the UK; and

(iii)A partnership between SFSE and Group Santander Consumer Finance ("SCF") related to financing activities

carried out through 50 percent held joint-ventures in France, Italy, Spain, Belgium, Poland, the Netherlands

and through a commercial agreement with SCF in Portugal.

The partnerships with BNPP and SCF cover all Stellantis brands and the Leapmotor brand.

Middle East & Africa ("MEA")

*Middle East & Africa Sales and Competition* 

The following table presents Stellantis' vehicle sales and market share in the Middle East & Africa segment for

the periods presented:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Thousands of units* <br>*(except percentages)* | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *Thousands of units* <br>*(except percentages)* | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| **Middle East & Africa** | **Sales** | **Market Share** | **Sales** | **Market Share** | **Sales** | **Market Share** |
| Türkiye | 360 | 26.3% | 343 | 27.7% | 419 | 34.0% |
| Algeria | 58 | 85.4% | 67 | 65.2% | 56 | 86.5% |
| Morocco | 43 | 18.2% | 35 | 19.9% | 33 | 20.7% |
| Gulf<sup>(1)</sup> | 25 | 1.6% | 30 | 2.0% | 33 | 2.4% |
| Overseas France<sup>(2)</sup> | 17 | 26.8% | 19 | 28.5% | 21 | 28.8% |
| Israel Zone<sup>(3)</sup> |  | —% | 14 | 5.2% | 21 | 7.4% |
| Egypt | 13 | 9.1% | 6 | 6.9% | 8 | 10.8% |
| Other<sup>(4)</sup> | 25 | 2.5% | 24 | 2.6% | 23 | 2.6% |
| **Total** | **541** | **12.2%** | **538** | **12.4%** | **614** | **14.8%** |

---

<sup>(1)</sup> Includes: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, Untied Arab Emirates ("UAE") and Yemen

<sup>(2)</sup> Includes: French Guiana, Mayotte, Reunion, Martinique and Guadeloupe

<sup>(3)</sup> Includes: Israel and Palestine. Effective January 1, 2025, Israel and Palestine are reported within Enlarged Europe (prior periods have

not been restated)

<sup>(4)</sup> Excludes banned countries: Iran, Sudan and Syria

Leapmotor excluded from Stellantis volumes and market share of the region

Estimated market share information is derived from third-party industry sources of MEA countries (e.g., AMIC (Egypt), ODMD (Türkiye),

AMBG (Saudia Arabia, Qatar, United Arab Emirates, Yemen), AIVAM (Morocco) and internal information

Maserati excluded from volumes and market share of the region

In 2025, the total industry volume of Middle East & Africa increased by 2.4 percent. Sales increased by 0.6

percent with 3 thousand more deliveries.

Overall market share of the region reached 12.2 percent, down by 0.2 percent compared to 2024.

The market share decrease was primarily due to end of production of B-segment LCV in Türkiye and slow ramp

up of local production in Algeria.

CV sales increased by 3.7 percent, up to 186 thousand units, representing a 21.3 percent market share.

The following table summarizes new vehicle market share information and our principal competitors in the

Middle East & Africa:

---

| | | | |
|:---|:---|:---|:---|
| | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| **G5**<sup>(1)</sup> **Middle East & Africa** | **2025** | **2024** | **2023** |
| **Automaker** | **Percentage of industry** | **Percentage of industry** | **Percentage of industry** |
| Toyota | 18.1% | 17.9% | 18.6% |
| **Stellantis**<sup>(2)</sup> | **13.7%** | **14.2%** | **17.7%** |
| Hyundai/Kia | 12.1% | 12.6% | 12.0% |
| Renault | 8.6% | 8.8% | 9.2% |
| Volkswagen | 8.0% | 7.8% | 7.4% |
| Ford | 5.7% | 5.9% | 5.7% |
| Nissan | 5.3% | 5.6% | 5.3% |
| Chery | 3.5% | 3.4% | 2.2% |
| Other | 25.0% | 23.9% | 21.9% |
| **Total** | **100%** | **100%** | **100%** |

---

<sup>(1)</sup> G5: Türkiye, Morocco, Gulf, Overseas France and Egypt

Gulf: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE and Yemen

Overseas France: French Guiana, Mayotte, Reunion, Martinica and Guadeloupe

<sup>(2)</sup> Excluding Maserati

Leapmotor excluded from Stellantis volumes and market share of the region

Estimated market share information is derived from third-party industry sources of MEA countries (e.g. AMIC (Egypt), ODMD (Türkiye),

AMBG (Saudia Arabia, Qatar, United Arab Emirates, Yemen), AIVAM (Morocco)) and internal information

*Middle East & Africa Distribution*

In Türkiye, following the sale of Stellantis Otomotiv Pazarlama A.S. to Tofas in April 2025, the commercial

activities of all Stellantis brands are now consolidated under Tofas, a joint venture with the Koç Automotive

Group (refer to Note 3, *Scope of consolidation* within the Consolidated Financial Statements included elsewhere

in this report for additional information).

In Morocco the national sales company is in charge of distributing Alfa Romeo, Citroën, DS, FIAT, Jeep and

Peugeot. Opel is managed by a local importer. In South Africa we also operate through a national sales

company that distributes Peugeot, Citroën, Opel, FIAT, Jeep and Alfa Romeo. In Algeria, a national sales

company is in charge of distributing FIAT, while Opel is managed by local importer. In all other markets of the

region, we distribute through agreements with local general distributors.

*Middle East & Africa Dealer and Customer Financing*

Stellantis' retail-financing activities in Türkiye were historically split between former FCA brands, handled by a

Tofas-owned subsidiary, and former PSA brands, managed by an SFSE subsidiary working with several local

financial institutions. Following the April 2025 agreement that designated Tofas as the distributor for all Stellantis

brands, SFSE's subsidiary BPF Pazarlama was sold to Tofas in December 2025. This move unified all dealer and

customer financing under Koc Stellantis Finansman A.S., a 100 percent owned Tofas subsidiary.

In Morocco, in September 2025, Fidis S.p.A. which is a 100 percent owned by the Company, finalized the

acquisition of 80 percent shareholding in AXA Credit, a regulated financial services company, from AXA

Assurance Morocco, with the intention to offer dealer and customer financing for all Stellantis brands in the

country.

Cooperation agreements are also in place with third-party financial institutions to provide dealer network and

retail customer financing in South Africa and retail customer financing in Algeria.

South America

*South America Sales and Competition* 

The following table presents Stellantis' vehicle sales and market share in the South America segment for the

periods presented:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Thousands of units (except* <br>*percentages)* | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *Thousands of units (except* <br>*percentages)* | **2025**<sup>(1)</sup> | **2025**<sup>(1)</sup> | **2024**<sup>(1)</sup> | **2024**<sup>(1)</sup> | **2023**<sup>(1)</sup> | **2023**<sup>(1)</sup> |
| **South America**  | **Sales**  | **Market Share** | **Sales**  | **Market Share** | **Sales** | **Market Share** |
| Brazil | 751 | 29.3% | 734 | 29.4% | 687 | 31.4% |
| Argentina | 177 | 30.5% | 116 | 29.7% | 120 | 28.2% |
| Other South America | 67 | 5.3% | 66 | 5.9% | 72 | 6.4% |
| **Total** | **994** | **22.6%** | **916** | **22.9%** | **879** | **23.5%** |

---

<sup>(1)</sup> Estimated market share data presented are based on management's estimates of industry sales data, which use certain data provided

by third-party sources, National Organization of Automotive Vehicles Distribution and Association of Automotive Producers

Maserati excluded from volumes and market share

Excludes banned country: Cuba

Leapmotor excluded from Stellantis volumes and market share of the region

The following table summarizes new vehicle market share information and our principal competitors in Brazil, our

largest market in the South America segment:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| **Brazil** | **2025**<sup>(1)</sup> | **2024**<sup>(1)</sup> | **2023**<sup>(1)</sup> |
| **Automaker** | **Percentage of industry** | **Percentage of industry** | **Percentage of industry** |
| **Stellantis**<sup>(2)</sup> | **29.3%** | **29.4%** | **31.4%** |
| Volkswagen | 17.6% | 16.6% | 16.4% |
| GM | 10.8% | 12.6% | 15.0% |
| Hyundai/Kia | 8.1% | 8.5% | 8.7% |
| Toyota | 6.7% | 8.2% | 8.8% |
| Renault | 5.1% | 5.6% | 5.8% |
| BYD | 4.4% | 3.1% | 0.8% |
| Honda | 4.0% | 3.7% | 3.3% |
| Chery | 3.1% | 2.4% | 1.4% |
| Nissan | 3.0% | 3.5% | 3.3% |
| Other | 7.7% | 6.3% | 5.0% |
| **Total** | **100%** | **100%** | **100%** |

---

<sup>(1)</sup> Estimated market share data presented are based on management's estimates of industry sales data, which use data provided by

ANFAVEA (Associação Nacional dos Fabricantes de Veículos Automotores)

<sup>(2)</sup> Excluding Maserati

Leapmotor excluded from Stellantis volumes and market share of the region

Automotive industry volumes within the countries in the South America segment increased by 9.9 percent to 4.4

million units in 2025, which was primarily driven by Argentinian market growth of 48.5 percent, mainly due to

improved economic recovery. The Brazilian market recorded a 2.5 percent increase in sales volume in 2025.

Stellantis' maintained its market share leadership in South America despite a decline, from 22.9 percent in 2024

to 22.6 percent in 2025, as well as in Brazil and Argentina markets with 29.3 percent and 30.5 percent,

respectively. FIAT is the brand leader in the region, maintaining its leadership position despite a decrease,

from14.5 percent in 2024 to 14.2 percent in 2025. FIAT also led the pickup truck market in Brazil, with the Fiat

Strada, Toro, and Titano, launched earlier this year (together represent an aggregate of 42.1 percent market

share in the segment). Jeep achieved 4.9 percent of the total industry sales in Brazil with 11.3 percent market

share in the SUV segment.

*South America Distribution*

In Brazil and Argentina, distribution is through dealers of each brand, although it is common for the same

distributor to have several stores in order to offer different brands. In other countries, distribution is through multi-

brand importers or dealers.

*South America Dealer and Customer Financing*

In the South America segment, we provide access to dealer and retail customer financing as well as rental

products through captive finance companies and through strategic relationships with financial institutions.

In Argentina, following the completion of the sale of our 50 percent interest in FCA Compañía Financiera S.A. to

Banco BBVA Argentina S.A. ("BBVA") in December 2025, we now operate two 50-percent-owned joint ventures

with BBVA: FCA Compañía Financiera S.A., which serves the former FCA brands, and PSA Finance Argentina

Compañía Financiera S.A., which serves the former PSA brands. Both entities provide dealer and retail financing

solutions.

In Brazil, we have three 100 percent owned captive finance companies that offers dealer and retail customer

financing and rental services with Banco Stellantis S.A. mainly focusing on dealer financing, Stellantis

Financiamentos Sociedade de Credito, Financiamento e Investimento S.A. focusing on retail financing and

Stellantis Locadora de Automoveis Ltda focusing on rental services.

China and India & Asia Pacific

*China and India & Asia Pacific Sales and Competition* 

The following table presents Stellantis' vehicle sales and market share in the China and India & Asia Pacific

segment:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Thousands of units* <br>*(except percentages)* | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *Thousands of units* <br>*(except percentages)* | **2025**<sup>(1)(5)</sup> | **2025**<sup>(1)(5)</sup> | **2024**<sup>(1)(5)</sup> | **2024**<sup>(1)(5)</sup> | **2023**<sup>(1)(5)</sup> | **2023**<sup>(1)(5)</sup> |
| **China and India &** <br>**Asia Pacific**<br>| **Sales**  | **Market Share** | **Sales**  | **Market Share** | **Sales**  | **Market Share** |
| China<sup>(2)\*</sup> | 43 | 0.2% | 48 | 0.2% | 69 | 0.3% |
| Japan | 25 | 0.7% | 25 | 0.7% | 33 | 0.8% |
| India<sup>(3)</sup> | 11 | 0.2% | 12 | 0.3% | 17 | 0.4% |
| Australia | 9 | 0.7% | 11 | 0.9% | 18 | 1.5% |
| Asean & General <br>Distributors ("AGD")<sup>(4)</sup><br>| 8 | 0.2% | 10 | 0.3% | 12 | 0.3% |
| South Korea | 3 | 0.2% | 4 | 0.2% | 7 | 0.4% |
| New Zealand | 1 | 1.0% | 1 | 1.2% | 3 | 1.8% |
| China and India & <br>Asia Pacific major <br>Markets<br>| 101 | 0.3% | 111 | 0.3% | 157 | 0.4% |
| Other China and India <br>& Asia Pacific<br>| 1 | —% | 1 | —% | 2 | —% |
| **Total** | **102** | **0.2%** | **113** | **0.3%** | **159** | **0.4%** |

---

\* Includes Hong Kong and Taiwan

<sup>(1)</sup> Estimated market share information is derived from third-party industry sources of China & Asia Pacific countries (e.g. CADA and CPCA

(China PC Domestic), CATARC (China PC Import), FCAI (Australia), SIAM (India PC), JADA and JAIA (Japan), MIA (New Zealand), IHS

(Thailand), MAA (Malaysia)) and internal information

<sup>(2)</sup> Data include vehicles sold by our joint ventures in China for Stellantis brands

<sup>(3)</sup> India market share is based on wholesale volumes

<sup>(4)</sup> AGD includes Bangladesh, Brunei, Cambodia, French Polynesia, Indonesia, Laos, Malaysia, Myanmar, Nepal, New Caledonia,

Philippines, Singapore, Sri Lanka, Thailand and Vietnam

(5) Sales reflect retail deliveries. China and India & Asia Pacific industry reflects aggregate for major markets where the Company

competes (China (PC), Japan (PC), India (PC), South Korea (PC and Pickups), Australia, New Zealand and AGD). Market share is based

on retail/registrations except, as noted above, in India where market share is based on wholesale volumes

Maserati excluded from volumes and market share

Leapmotor excluded from Stellantis volumes and market share of the region

In 2025, 24.2 million passenger cars were sold in China, which represents a 3.3 percent year-over-year

increase. The automotive industry grew by 4.5 percent in India & Asia Pacific region, reaching 15.1 million

vehicles sold. There was growth across all markets in the region. India led with a 5.8 percent increase, driven by

strong performance from local brands and the reduction in the goods and services tax. Japan grew by 3

percent, supported by an 8.4 percent expansion in the compact-car segment while the remainder of the market

was stable. South Korea recorded a 5 percent increase, reflecting robust domestic SUV demand. AGD rose by

5.3 percent, primarily due to growth in Vietnam and Thailand. The Australian market grew modestly by 0.6

percent, with EV, plug-in hybrid vehicles ("PHEV"), and hybrid penetration increasing from 24 percent to 30

percent overall.

We sell a range of vehicles in the China and India & Asia Pacific segment, including small and compact cars,

premium mid-size cars, UVs and LCVs. In the China and India & Asia Pacific segment we also distribute

vehicles that are manufactured in the U.S. and Europe through our dealers and distributors.

*China and India & Asia Pacific Distribution*

In the key markets in the China and India & Asia Pacific segment (China, Australia, India, Japan, South Korea

and AGD), Stellantis vehicles are sold through our 100 percent owned subsidiaries as well as general

distributors in some markets or in China through DPCA to local independent dealers. Dongfeng Peugeot Citroën

Automobile Sales Co ("DPCS") markets the vehicles produced by DPCA under various license agreements in

China, and a 100 percent owned national sales company in China operates and manages the import vehicles'

sales in China (except Maserati). We operate through national sales companies in Australia, Japan, India,

Malaysia and South Korea. In AGD and Australia & New Zealand, we have agreements with general distributors.

*China and India & Asia Pacific Dealer and Customer Financing*

In China, we operate100 percent owned finance and lease companies, Stellantis Automotive Finance Co., Ltd

and Stellantis Leasing Services Co Ltd. These entities allow us to support our sales activities in China, offering to

our dealer networks and retail and commercial customers a full range of wholesale and retail financing, as well

as financial and operational leasing products. Cooperation agreements are also in place with third-party

financial institutions to provide dealer network and retail customer financing in India, South Korea, Australia and

Japan.

Maserati

The following table shows the distribution of Maserati sales by geographic regions and as a percentage of total

sales for each of the years ended December 31, 2025, 2024 and 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025 Sales** | **As a** <br>**percentage of** <br>**2025 sales**<br>| **2024 Sales** | **As a** <br>**percentage of** <br>**2024 sales**<br>| **2023 Sales** | **As a** <br>**percentage of** <br>**2023 sales**<br>|
| U.S./Mexico | 2857 | 25.7% | 4807 | 32.6% | 7907 | 29.6% |
| Europe top 4<sup>(1)</sup> | 3126 | 28.1% | 3733 | 25.4% | 6035 | 22.6% |
| China | 1431 | 12.9% | 1209 | 8.2% | 4367 | 16.4% |
| Japan | 755 | 6.8% | 1102 | 7.5% | 1729 | 6.5% |
| Other countries | 2958 | 26.6% | 3874 | 26.3% | 6651 | 24.9% |
| **Total** | **11127** | **100.0%** | **14725** | **100.0%** | **26689** | **100.0%** |

---

<sup>(1)</sup> Italy, United Kingdom, Germany and Switzerland

China includes Hong Kong

U.S. includes Mexico and Puerto Rico

In 2025, a total of 11.1 thousand Maserati vehicles were sold, a decrease of 3.6 thousand units compared to

2024. This result is mainly influenced by lower Grecale volumes, reduced appetite for western OEM luxury

products in China, tariffs in U.S., reduction of product portfolio as three nameplates ended production at the end

of 2023 and early 2024, and the impact of inventory reduction initiatives.

In Europe, depending on the country, access to dealer and customer financing for Maserati vehicles are either

through joint ventures with BNPP PF or SCF. In China, our 100 percent owned captive finance companies,

Stellantis Automotive Finance Co. Ltd and Stellantis Leasing Services Co Ltd. provide dealer and retail financing

and financial and operational leasing products. In the U.S., JPMorgan Chase Bank is the main financial services

provider to retail customers, complemented also by SFS U.S. In other regions, we rely on local agreements with

financial services providers for financing to dealers and end customers.

**Cyclical Nature of the Business** 

As is typical in the automotive industry, Stellantis' vehicle sales are highly sensitive to general economic

conditions, availability of low interest rate vehicle financing for dealers and retail customers and other external

factors, including fuel prices, and as a result could vary substantially from month to month and year to year.

Retail consumers tend to delay the purchase of a new vehicle when disposable income and consumer

confidence is low. Moreover, increases in inflation may lead to subsequent increases in the cost of borrowing

and availability of affordable credit for vehicle financing, which may further cause retail consumers to delay the

purchase of a new vehicle. In addition, Stellantis' vehicle production volumes and related revenues could vary

from month to month, sometimes due to plant shutdowns, which could occur for several reasons including raw

material or component unavailability, production changes from one model year to the next and actions to

balance vehicle supply and demand fluctuations and also to adjust dealer stock levels appropriately. Plant

shutdowns, whether associated with model year changeovers or other factors such as temporary supplier

interruptions or work stoppages, could have a negative impact on Stellantis' revenues and working capital as

Stellantis continues to pay suppliers under established terms while Stellantis would not receive proceeds from

vehicle sales. Refer to "*Liquidity and Capital Resources*—*Liquidity Overview*" included elsewhere in this report

for additional information.

**Legal Proceedings**

*Takata Airbag Inflators*

Putative class action lawsuits were filed in March 2018 against FCA US LLC ("FCA US"), a 100 percent owned

subsidiary of Stellantis, in the U.S. District Courts for the Southern District of Florida and the Eastern District of

Michigan, asserting claims under federal and state laws alleging economic loss due to Takata airbag inflators

installed in certain of our vehicles. The cases were subsequently consolidated in the Southern District of Florida.

In November 2022, the Court granted summary judgment in FCA US's favor against all claimants except those in

Georgia and North Carolina. Plaintiffs were granted leave to file an amended complaint to add additional states

to the pending action. Plaintiffs' appeal of the grant of summary judgment was dismissed by the Court for lack of

jurisdiction. In May 2024, the Court entered an order to allow FCA US's renewed motions for summary judgment

to address the remaining amended claims.

In June 2023, the Court entered an order preliminarily granting class certification for the amended complaint. In

July 2023, the Court revisited its class certification order and further narrowed the classes based on a recent

Court of Appeals decision. FCA US' appeal of the Court's preliminary order was denied.

*Emissions*

We face class actions and individual claims alleging emissions non-compliance in several countries. Several

former FCA and PSA companies and Dutch dealers have been served with class actions in the Netherlands by

Dutch foundations seeking monetary damages and vehicle buybacks in connection with alleged emissions non-

compliance of certain vehicles equipped with diesel engines. We have also been notified of a potential class

action on behalf of Dutch consumers alleging emissions non-compliance of certain former FCA vehicles sold as

recreational vehicles, and are subject to a securities class action in the Netherlands, alleging misrepresentations

by FCA. Class actions alleging emissions non-compliance has also been filed and are on-going in Portugal

regarding former FCA vehicles, in the UK regarding former FCA and PSA vehicles, and in Israel regarding

former PSA vehicles. We are also defending approximately 1,500 pending individual consumer claims alleging

emissions non-compliance in Germany and approximately 70 individual consumer cases in Austria relating to

former FCA vehicles.

*General Motors* 

In November 2019, General Motors LLC and General Motors Company (collectively, "GM") filed a lawsuit in the

U.S. District Court for the Eastern District of Michigan against FCA US, FCA N.V., now Stellantis N.V., and certain

individuals, claiming violations of the Racketeer Influenced and Corrupt Organizations ("RICO") Act, unfair

competition and civil conspiracy in connection with allegations that FCA US made payments to The International

Union, United Automobile, Aerospace and Agricultural Implement Workers of America ("UAW") officials that

corrupted the bargaining process with the UAW and as a result FCA US enjoyed unfair labor costs and

operational advantages that caused harm to GM. GM also claimed that FCA US had made concessions to the

UAW in collective bargaining that the UAW was then able to extract from GM through pattern bargaining which

increased costs to GM and that this was done by FCA US in an effort to force a merger between GM and FCA

N.V. The court dismissed GM's lawsuit with prejudice and the U.S. Court of Appeals for the Sixth Circuit

subsequently affirmed the dismissal of GM's complaint. In April 2023, the U.S. Supreme Court declined to grant

review of the Sixth Circuit's decision, which finally resolved the federal court case.

Following dismissal of its Federal court case, GM filed an action against FCA US and FCA N.V., now Stellantis

N.V., in Michigan state court, making substantially the same claims as it made in the federal litigation. In October

2021, the court granted Stellantis N.V. and FCA US's motion for summary disposition. GM filed a motion for

reconsideration and in December 2021, the court granted GM's motion, permitting GM to amend its complaint.

GM filed a second amended complaint in December 2021. In May 2022, the court denied FCA US's motion for

summary disposition and permitted discovery to proceed against FCA US. In July 2022, the court granted

Stellantis N.V.'s motion for summary disposition, but in November 2022 the court granted GM's motion for

reconsideration and permitted jurisdictional discovery to proceed against Stellantis N.V. The case is currently

stayed while the Michigan Court of Appeals considers certain trial court rulings regarding privilege.

*2024 Financial Guidance*

In August 2024, a putative securities class action complaint was filed in the U.S. District Court of the Southern

District of New York against Stellantis N.V. and certain of its former officers, alleging that the defendants made

material misstatements relating to the Company's 2024 financial guidance. Plaintiffs filed an amended complaint

in March 2025 and a motion to dismiss was filed by Stellantis N.V. and the individual defendants in June 2025.

Government Inquiries

*Emissions*

We are subject to criminal and civil governmental investigations alleging emissions non-compliance in certain

European jurisdictions and we continue to cooperate with these investigations.

As part of the judicial investigation of several automakers in France, commencing in 2016 and 2017,

Automobiles Peugeot and Automobiles Citroën were placed under examination by the Judicial Court of Paris in

June 2021 on allegations of consumer fraud in connection with the sale of Euro 5 diesel vehicles in France

between 2009 and 2015. In July 2021, FCA Italy (now known as Stellantis Europe) was placed under

examination by the same court for possible consumer fraud in connection with the sale of Euro 6 diesel vehicles

in France between 2014 and 2017. As is typical in a French criminal inquiry, each of the companies were

required to pay bail for the potential payment of damages and fines and to ensure representation in court, and to

provide a guarantee for the potential compensation of losses. None of these amounts were, individually or in

aggregate, material to the Company. Civil parties have joined the case and may seek further compensation. The

Public Prosecutor has requested that the companies involved be referred to criminal court on consumer fraud

charges and a decision on whether to proceed is before the Investigating Judge.

In May 2023, the German authority, Kraftfahrt-Bundesamt ("KBA") notified Stellantis of its investigation of certain

Opel Euro 5, Fiat Euro 5 and Euro 6 vehicles and its intent to require remedial measures based on the alleged

non-compliance of the diesel engines in certain of those vehicles. The KBA subsequently expanded its inquiry to

include Euro 5 and Euro 6 engines used in certain Alfa Romeo, FIAT and Jeep vehicles, as well as Suzuki

vehicles equipped with diesel engines supplied by FCA Italy and requested information relating to all Stellantis

vehicles that may make use of strategies similar to those allegedly used by the identified vehicles. Stellantis

Europe is cooperating with the KBA and the relevant homologation authority. In January 2024, the KBA advised

that the Opel vehicles, equipped with Euro 5 engines, are non-compliant. At the KBA's request, during the first

half of 2024, Opel submitted a plan to bring the vehicles into compliance. In July 2024, Opel received a formal

decision of non-compliance from the KBA regarding its vehicles equipped with Euro 5 diesel engines. Although

we objected to this formal decision, we continue to cooperate with the KBA inquiries and, at this stage, we are

unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss. Given

the number of vehicles potentially involved, however, the cost of any recall, and the impact that any recall could

have on related private litigation, may be significant.

In December 2019, the Italian Ministry of Transport ("MIT") notified FCA Italy of communications with the Dutch

Ministry of Infrastructure and Water Management ("I&W") regarding certain irregularities allegedly found by the

RDW and the Dutch Center of Research TNO in the emission levels of certain Jeep Grand Cherokee Euro 5

models and a vehicle model of another OEM containing a Euro 6 diesel engine supplied by FCA Italy. In January

2020, the Dutch Parliament published a letter from the I&W summarizing the conclusions of the RDW regarding

those vehicles and engines and indicating an intention to order a recall and report their findings to the Public

Prosecutor, the European Commission ("EC") and other member states. FCA engaged with the RDW to present

our positions and cooperate to reach an appropriate resolution of this matter. FCA Italy proposed certain

updates to the relevant vehicles that have been tested and approved by the RDW and are now being

implemented without further concerns being raised by RDW.

In July 2020, unannounced inspections took place at several of FCA's sites in Germany, Italy and the UK at the

initiative of the Public Prosecutors of Frankfurt am Main and of Turin, as part of their investigations of potential

violations of diesel emissions regulations and consumer protection laws. In April 2022, former FCA companies

received an order to produce documents to the Public Prosecutors. In October 2022, inspections took place at

the Italian offices of FCA Italy and Maserati and at the German office of Maserati Deutschland. At the Public

Prosecutor of Turin's request, the Italian proceedings were dismissed in September 2023 and October 2023. In

March 2025, the Public Prosecutor of Frankfurt am Main determined that Stellantis Europe and certain affiliated

subsidiaries had negligently breached supervisory duties and imposed a fine in an amount that is not material to

the Company. The decision did not involve a finding of intent or fraud and is now final.

In January 2024, the EC notified the MIT of the alleged non-compliance of Fiat Ducato Euro 5 and Euro 6

vehicles based on tests performed at the EC's request. We have cooperated with the MIT in its substantive

responses to EC.

Stellantis entities, among other OEMs, have received questions from the Driver and Vehicle Standards Agency in

the UK ("DVSA") regarding a market surveillance activity to assess vehicle emissions for compliance with

regulations and Court of Justice of the European Union rulings. Correspondence with DVSA has progressed

during 2025 and the timing of any final DVSA decision is uncertain at present. In October 2025, the French

Market Surveillance Authority ("SSMVM") requested information about certain Stellantis diesel vehicles regarding

alleged possible NOx over-emissions and exhaustive technical explanations have been provided to the

authority.

*Takata Airbag Recalls*

We are subject to, and are cooperating with, criminal investigations and regulatory proceedings in several

European jurisdictions relating to the recall of Stellantis vehicles equipped with Takata airbags.

**Environmental and Other Regulatory Matters**

At Stellantis, we engineer, manufacture and sell our products and offer our services around the world, subject to

regulatory requirements applicable to our products that relate to vehicle emissions, fuel economy, emission

control software calibration and on-board diagnostics and vehicle safety, as well as those applicable to our

manufacturing facilities that relate to stack emissions, the management of waste, water and hazardous materials,

prohibitions on soil contamination, and worker health and safety. Our vehicles and their propulsion systems must

also comply with extensive regional, national and local laws and regulations, including those that regulate end-

of-life vehicles ("ELVs") and the chemical content of our parts.

Compliance with the range of regulatory requirements affecting our facilities and products involves significant

costs and risks. We consistently monitor the relevant global regulatory requirements affecting our facilities and

products and adjust our operations and processes as we seek to remain in compliance although, in certain

exceptional circumstances, we may from time to time fail to meet a particular regulatory requirement. For a

discussion of the environmental and other regulatory-related risks we face, refer to "*Risk Factors-Risks Related* 

*to the Legal and Regulatory Environment in which We Operate.*" included elsewhere in this report for additional

information.

Automotive Tailpipe Emissions

Numerous laws and regulations place limits on vehicle emissions, including standards on tailpipe exhaust

emissions and evaporative emissions. These standards govern a category of emissions called "criteria

emissions" that does not include greenhouse gases ("GHGs"). Related laws impose requirements on how

vehicle emission control systems are designed to ensure emissions are controlled in normal, real driving

conditions, as well as requirements to employ diagnostic software to identify and diagnose problems with

emission control components, which if undiagnosed could lead to higher emissions. This diagnostic software is

called an on-board diagnostic system ("OBD").

Regulations also require manufacturers to conduct vehicle testing to demonstrate compliance with these

emissions limits for the useful life of a vehicle.

These requirements become more challenging each year and we expect these emissions and requirements will

continue to become even more stringent worldwide.

*North America Region*

The U.S. Environmental Protection Agency ("EPA") has established federal Tier 4 emissions standards and

California Air Resources Board ("CARB") has adopted Low Emission Vehicle ("LEV") IV emission standards. EPA

and CARB both review manufacturers' emission control software design as part of their emission certification

evaluation, whereas EPA has historically delegated the administration of OBD software requirements to CARB.

In addition to its LEV IV emissions standards, CARB also adopted regulations requiring that a certain percentage

of cars and light-duty trucks sold in California qualify as zero emission vehicles ("ZEV"), such as electric

vehicles, hybrid electric vehicles or hydrogen fuel cell vehicles. Advanced Clean Cars II Regulations ("ACC II")

requires that ZEV sales increase to 100 percent of new vehicle sales by the 2035 model year. Certain other

states adopted CARB' light-duty ZEV standards. Similarly, Quebec has amended its light-duty regulations to

require that ZEV sales increase to 100 percent of new vehicle sales by the 2035 model year.

EPA and CARB also set heavy-duty vehicle criteria emissions standards. CARB's Omnibus Low NOx regulation

was scheduled to take effect in 2024 model year and reflects a 75 percent reduction in NMOG+NOx from prior

levels, with a further reduction in 2027 model year. EPA's Clean Trucks Program is scheduled to take effect in

2027 model year and is similar in stringency to CARB's Omnibus Low NOx regulation.

Similar to its light-duty rule, CARB adopted regulations requiring medium- and heavy-duty vehicle manufacturers

to sell a specified percentage of ZEVs. The Advanced Clean Trucks ("ACT") regulation has annually increasing

ZEV sales requirements for medium- and heavy-duty manufacturers which increase to 100 percent battery

electric or fuel cell electric vehicles in 2036 model year. In 2023, Stellantis, along with other industry members,

signed on to the Clean Trucks Partnership ("CTP"), which relates to the CARB Omnibus Low NOx and ACT

regulations.

In May 2025, the United States Senate joined the House of Representatives in adopting H.J. Res. 87, 88, 89

(119th Congress), which disapproved the Clean Air Act preemption waivers for the CARB ACC II regulations,

CARB Omnibus Low NOx regulations, and the ACT regulations and in June 2025, President Trump signed the

resolutions into law, thereby disapproving the CAA waivers and eliminating CARB's ability to enforce the

underlying regulations. California is challenging the resolutions in the Northern District of California. In addition,

certain heavy-duty manufacturers are seeking relief from CARB enforcement of certain regulations and the CTP

in the Eastern District of California.

*Enlarged Europe Region*

In Europe, emissions are regulated by the EU and the United Nations Economic Commission for Europe. EU

Member States can provide tax incentives/contributions for the purchase of vehicles that are rated as ZEVs or for

vehicles that meet emission standards earlier than the compliance date. Vehicles must meet emission

requirements and receive specific approval from an appropriate Member State authority before they can be sold

in any EU member state, and these regulatory requirements include random testing of newly assembled

vehicles, in-service conformity testing and market surveillance testing of vehicles in the field for emission

compliance.

Euro 6 emission levels are currently in effect for all passenger cars and light commercial vehicles which required

additional technologies and increased the cost of engines compared to prior standards. These technologies

have put additional cost pressure on the already challenging European market for small and mid-size vehicles.

Further requirements of Euro 6 have been developed by the EU and are effective for all new passenger cars and

light commercial vehicles. In addition to the Worldwide Harmonized Light Vehicle Test Procedure ("WLTP"), real

driving emissions ("RDE") test procedures assess the regulated emissions of light duty vehicles under real

driving conditions. Test requirements related to RDE, as well as requirements relating to On-board Fuel and/or

Energy Consumption Monitoring Device for Fuel Consumption Monitoring, are in effect for all new passenger

cars and light commercial vehicles.

A new Euro 7 regulation was published in May 2024 and some portions of the new regulation will apply

beginning in late 2026. The primary new requirements of the new Euro 7 regulation are the introduction of limits

for particles emitted by brakes and tire abrasion, as well as stringent battery durability requirements.

For a discussion of emissions-related inquiries from relevant governmental agencies in the EU, refer to Note 27,

*Guarantees granted, commitments and contingent liabilities*, within the Consolidated Financial Statements

included elsewhere in this report for additional information. Refer also to "*Risk Factors-Risks Related to the Legal* 

*and Regulatory Environment in which We Operate*" included elsewhere in this report for additional information.

*South America Region*

Certain countries in South America follow U.S. procedures, standards and OBD requirements, while others follow

European procedures, standards and OBD requirements. In Brazil, vehicle emission standards are regulated by

the Ministry of the Environment. Under the current phase of regulations (PROCONVE L8), which went into effect

in January 2025 with new requirements, the Company has fleet target limits (U.S. BIN methodology) and RDE

compliance factors, increasing in stringency from 2025 to 2031. Argentina has implemented regulations that

mirror the EU Euro 5 standards. In Chile, Euro 6c became effective in late 2025.

*China and India & Asia Pacific Region* 

China 6 standards have been applied nationwide beginning in January 2021 with China 6a thresholds and China

6b thresholds beginning in July 2023. China 6a and 6b have more stringent tailpipe emissions thresholds than

Euro 6, implement OBD requirements similar to U.S. OBD II and evaporative emission control requirements, and

add RDE and U.S. onboard refueling vapor recovery requirements. Beginning July 2023, a more stringent RDE

conformity factor was also implemented and emission durability mileage was extended to 200,000 kilometers. A

preliminary study on China 7 emissions has been initiated which, in addition to the regular emissions pollutants,

may add ammonia, brake wear particles and green house gas emissions to the regulations. China 7 may also

set corporate fleet average emissions requirements. OBD requirements are expected to accommodate BEVs,

including with the addition of remote OBD and traction battery durability requirements. China 7 is not expected

to be implemented until 2029.

South Korea has implemented regulations on all gasoline vehicles, including mild hybrid electric vehicles

("MHEVs") and PHEVs, that are similar to California's LEV III regulations and, beginning in 2026, will implement

regulations that are similar to LEV IV regulations, while diesel vehicles are required to meet Euro 6 emissions

requirements. Japan has adopted the UN R154, which is WLTP without highway speeds and scenarios known

as the Extra High phase, for all vehicle models.

India has implemented nationwide Bharat Stage VI ("BSVI") Emission norms (equivalent to Euro 6). Stage 2 of

BSVI norms with more stringent OBD limits, RDE and an in-use performance ratio came into effect in April 2023.

E20 reference fuel is used for BSVI and became mandatory from April 2025. Additionally, a draft government

notification proposed to change the emission test cycle from Modified Indian Driving Cycle to WLTP beginning in

April 2027.

Australia is mandating Euro 6d emissions standards, with implementation in December 2025 for new vehicle

models submitted for certification and an implementation date of July 1, 2028 for vehicle models that were

already certified under previous standards.

Automotive Fuel Economy and Greenhouse Gas Emissions

*North America Region*

In the U.S., the National Highway Traffic Safety Administration ("NHTSA") sets minimum corporate average fuel

economy ("CAFE") standards for fleets of new passenger cars and light-duty trucks sold in the U.S. CAFE

standards apply to all domestic and imported passenger car and light-duty truck fleets and currently target fuel

economy increases through model year 2031. Historically, the failure to meet NHTSA CAFE standards resulted in

the payment of civil penalties. However, recent legislation has effectively eliminated civil penalties for failing to

meet CAFE standards.

In the past the EPA has also promulgated a GHG rule for light-duty vehicles under the federal Clean Air Act, the

stringency of which increases year-over-year through model year 2031. However, in February 2026 the EPA

announced its decision to eliminate GHG standards for light-duty motor vehicles.

In March 2022, the EPA reinstated California's authority under the Clean Air Act to enforce its own, more

stringent, GHG emission standards for passenger vehicles and light duty trucks (the "California Waiver"). Prior to

the EPA's withdrawal of the California Waiver, automotive OEMs were deemed to be compliant with California's

GHG emissions standards if they were compliant with the EPA's GHG standards. This "deemed to comply"

mechanism was removed from the California regulation prior to the reinstatement of the California Waiver. As

interpreted by CARB, the EPA's reinstatement of the California Waiver together with the removal of the "deemed

to comply" mechanism means that automotive OEMs were retroactively subject to the separate California GHG

standards beginning with the model year 2021 fleet. To settle and resolve CARB's regulation of automotive GHG

emission reductions for model years 2021-2026 and to obtain greater certainty regarding continuing automotive

GHG emission reduction and zero-emission vehicle requirements, Stellantis and CARB entered into a Settlement

Agreement that sets forth GHG fleet commitments for model years 2021-2026.

For heavy duty vehicles (>8,500 pound gross vehicle weight rating), the U.S. GHG and fuel consumption

standards are utility based (payload and towing) and are increasing in stringency through 2032 and 2035,

respectively. Heavy-duty vehicles which exceed 14,000 pounds gross vehicle weight rating also have GHG and

fuel consumption standards based on service class and usage with increasing stringency through 2032 for

GHG, and 2027 for fuel consumption. However, in February 2026 the EPA announced its decision to eliminate

GHG standards for all heavy-duty vehicles.

The Canadian market has adopted GHG standards derived from the U.S. government's footprint-based structure

and generally align with its technology-adoption compliance approach.

Mexico adopted a fleet average target for CO2 per kilometer, using the U.S. government's footprint-based

regulatory structure. Starting in model year 2025, the stringency of the annual target will increase annually and

will do so until model year 2027, when it will reach 85.0-116.7 grams of CO2 per kilometer.

*Enlarged Europe Region* 

Each vehicle manufacturer must meet a specific registrations-weighted fleet average target for tailpipe CO2

emissions for units registered in the EU in the calendar year. From 2025, the European regulations set a base

fleet target of 93.6 grams of CO2 per kilometer for passenger cars (M1) and 153.9 grams of CO2 per kilometer

for light commercial vehicles - LCVs (N1), a 15 percent reduction from 2021 levels (for both passenger cars and

LCVs). European regulations includes further target reductions in CO2 the in following years. In 2030, a 55

percent reduction for passenger cars and a 50 percent reduction for LCVs are required from 2021 levels; and in

2035, a 100 percent reduction is required from 2021 levels (for both passenger cars and LCVs).

Non-compliance with the fleet average targets will result in financial penalties to the manufacturer of €95 per CO2

gram over the target amount multiplied by the number of vehicles registered in the EU. In 2025, the European

Commission approved a measure to assess the CO2 compliance over a three-year period (2025 - 2027) for both

M1 and N1.

Other countries in Enlarged Europe region outside of the EU perimeter, such as the UK and Switzerland,

introduced specific regulations aimed to reduce vehicle CO2 emissions and fuel consumption. The UK

implemented a regulation beginning in 2024 with obligations for manufacturers to achieve a minimum

percentage of ZEVs increasing each year and reaching 100 percent in 2035, and specific targets on CO2 for

non-ZEV CO2 fleet. The UK CO2 regulation includes several flexibilities such as a credit banking/borrowing and a

trading system.

*South America Region*

In Brazil, the MOVER program, which follows the same concept as ROTA 2030, proposes to establish new

mandatory requirements for vehicle commercialization, including a new vehicle labeling program, commitments

to achieve new minimum level of energy efficiency, structural performance and driver assistance and a

commitment to achieve recyclability and recoverability rates.

The MOVER regulations for CO2 and fuel efficiency will start on October 1, 2026 and proposes to incorporate two

fleet categories split into: combined passenger cars and large SUV, and LCVs. Among other things, the rule

rewards the improvement of energy efficiency by adopting ethanol fuel and electric vehicle ("EV") technologies

and provides credit flexibilities for technologies that provide benefits in conditions that are not seen on the

standardized government test cycles.

Although there is no current mandatory greenhouse gas requirement in Argentina, in 2022 the government

implemented a comparative labeling based on the European statements (NEDC cycle).

In Chile, the country's first energy efficiency laws which include the vehicle sector, were published in 2021. The

regulations defining fuel economy technical rules and targets for light duty vehicles were published in 2022 and

implemented in 2024, while regulations defining rules and targets for medium-duty vehicles were published in

2024 and are expected to be implemented in 2028.

*China and India & Asia Pacific Region* 

China has adopted WLTP for ICE vehicles and PHEVs and a unique Chinese test cycle is applied to BEVs. The

2021-2025 Phase V Corporate Average Fuel Consumption ("CAFC") rules increase in stringency, reaching a

target of 4.6 liters per 100 kilometers by 2025. The 2026-2030 Phase VI CAFC regulation was released in 2025,

which will tighten up the CAFC target to 3.3 liters per 100 kilometers by 2030.

New Energy Vehicles ("NEVs") consist of PHEVs, BEVs, and fuel cell vehicles, which generate positive NEV

credits, improve CAFC performance in the CAFC calculation, subject to meeting certain criteria. Currently, off-

cycle credit flexibilities in China are available in the areas of high efficiency air conditioning and regenerative

braking technologies, subject to meeting certain standards. China also formulated the electric consumption limit

regulation for BEVs in 2025, which is the first such requirement to be implemented globally.

China's Ministry of Industry and Information Technology have released administrative rules regarding CAFC and

NEV credits. Non-compliance with the CAFC target in these administrative rules can be offset through carry-

forward CAFC credits, transfer of CAFC credits within affiliates, the OEMs use of its own NEV credits, or the

purchase of NEV credits. Non-compliance with the NEV credit target can be offset either by the purchase of NEV

credits or the OEM's own eligible carry-forward NEV credits. The homologation of new products that exceed

CAFC targets will be suspended for OEMs that are unable to offset CAFC and/or NEV deficits until the deficits

are offset.

India and certain other Asia Pacific markets have enacted fuel consumption and GHG targets. For example,

from April 2022, India began enforcing phase II CAFC targets (CO2 ~113gm/km @ 1082 kg) and there is a

proposal to enforce Phase III CAFC targets with WLTP beginning in April 2027, however, these CO2 targets have

not yet been finalized.

South Korea has implemented a Phase III of CAFE/CO2 standards with more stringent targets each year through

2030. Japan has implemented a fuel economy standard that switched from vehicle weight class average to

corporate average fuel economy.

Management of end-of-life products

*Vehicles*

In the EU, pursuant to the EU End-of-Life Vehicle Directive (2000/53/EC) (the "EU ELV Directive"), all OEMs are

required to set up a "take-back network" with approved treatment facilities that accept vehicles from their

owners when such vehicles have reached the end of their lives.

The EU is reviewing the EU ELV Directive and the EU RRR (reusability, recyclability and recoverability) directives

and a new ELV regulation is anticipated to be finalized in early 2026 and effective on staggered dates,

depending on the relevant provision. The new regulation aims to integrate the principles of eco-design and the

obligations of recycled materials in new vehicles, for better management of ELVs and better efficiency by

reducing illegal export of ELVs out of the EU, increasing the quantity and quality of recycled materials, and

defining a fair allocation of costs between stakeholders.

In France, in anticipation of the final EU regulation, the government published a new ELV Decree (2022/1495) in

November 2022 regulating "enlarged producer responsibility" and aims to reduce illegal activity, take charge of

abandoned ELVs, and offer a free service for collection of ELVs from the last owners residing in France and the

French overseas territories. Under the decree, each OEM must directly assume the collection and processing of

the ELVs under its brands, either through a collective non-profit system or an individual system of a particular

OEM, approved by the French authorities. In 2024, implementing rules defining the requirements for the eco-

organisms and individual systems were established. In July 2024, Stellantis obtained the agreement of the

French authorities to establish an "individual system" to manage all Stellantis ELVs.

In Brazil, the MOVER program is based on the European ELV regulations and aims to promote vehicle recycling

by establishing minimum requirements for vehicle recyclability, such as recycling and recovery rates, mandatory

identification of recyclable parts and dismantling manuals, and implementation of potential tax incentives for

exceeding the targets and removing ELVs for dismantling and recycling purposes.

Vehicle Safety

*North America Region* 

All new vehicles and vehicle equipment sold in the U.S. are governed by the National Traffic and Motor Vehicle

Safety Act of 1966 (the "NTMVS Act"), which requires that all new vehicles and equipment meet the Federal

Motor Vehicle Safety Standards ("FMVSS") established by NHTSA. Costs continue to increase to meet the

FMVSS and other requirements from NHTSA and to meet the expectations of other public organizations and

trade associations, such as the New Car Assessment Programs ("NCAPs") of various markets, the safety rating

program of the Insurance Institute for Highway Safety ("IIHS") and voluntary commitments led by the Alliance for

Automobile Innovation. These new vehicle and equipment requirements and expectations include some that are

not globally harmonized. For example, NCAPs rate and compare vehicles to provide consumers with additional

information about new vehicle safety and may employ crash tests and other evaluations that differ from

applicable mandatory regulations. In the U.S., the NCAP uses a five-star rating system to indicate vehicle safety

levels.

The NTMVS Act also mandates that vehicle manufacturers address any defects related to vehicle safety through

safety recall campaigns. A manufacturer is obligated to recall vehicles if it is determined that vehicles fail to

meet a safety standard or contain a safety-related defect. The manufacturer must notify NHTSA and vehicle

owners and provide a remedy at no cost. The actual costs of such a safety recall campaign can be significant

and may result in reputational harm.

The regulatory requirements in Canada generally align with U.S. regulations, but the Canadian Motor Vehicle

Safety Act grants the Minister of Transport the power to mandate that manufacturers report defects or non-

compliance that it deems are a safety issue. A regulation implementing administrative monetary penalties

became effective in 2023.

New safety requirements applicable to vehicles sold in the U.S. include a requirement to add a seat belt

reminder system to the front seat (for the passenger) and to the rear seat(s). Vehicles manufactured on or after

September 1, 2026, must meet the front seat requirement, while the rear seat requirement applies to vehicles

built on or after September 1, 2027. NHTSA is reviewing a petition to postpone each deadline by one year.

Additional upcoming regulations also require new vehicles built on or after September 1, 2029 to be equipped

with automatic emergency braking systems. In the meantime, NHTSA has announced its intent to propose a two-

year extension of the compliance deadline, but no formal proposal has been issued.

*Enlarged Europe Region*

Vehicles sold in Europe are subject to vehicle safety regulations and standards, primarily under the General

Safety Regulation ("GSR"), established by the EU and incorporates United Nations Economic Commission for

Europe ("UNECE") regulations. In very limited cases, new vehicles sold in Europe may be subject to regulations

and standards established by individual member states. The EU has adopted rigorous requirements, especially

in the area of autonomous vehicle features, such as a driver availability monitoring system, automated lane

keeping systems, and systems to replace driver's control. The GSR incorporates the United Nations vehicle

system approval regulations and includes compulsory introduction of various active and passive safety

requirements, including manufacturer's certifications for cybersecurity features and related vehicle applications.

Mandatory software updates for registered vehicles are also anticipated in the EU, pending national

implementation by each Member State in accordance with registration rules. The current GSR includes

provisions on mandatory active safety features for newly registered vehicles, such as lane departure warning

systems, advanced driver distraction warning, intelligent speed assistance, and advanced emergency braking.

*South America Region*

Vehicles sold in the South America region are subject to different vehicle safety regulations according to each

country, generally based on UNECE standards.

Under the MOVER Program, Brazil has proposed to establish new mandatory fleet safety targets, including

structural performance and driver assistance technologies such as advanced emergency braking system and

lane departure warning system, with penalties for non-compliance.

*China and India & Asia Pacific Region*

In China, a mandatory comprehensive event data recorder regulation, which is more complex and expansive

than equivalent U.S. regulations, was implemented on new passenger vehicles beginning in 2022. More

stringent impact testing regulations, including all-new pedestrian protection and revisions for side and rear

impacts, will be implemented in the 2026-2028 timeframe. The mandatory eCall requirement will be introduced

starting in 2027 and new regulations on the Level 2 automated driver assist systems and the restriction of flush

door handles are expected to be released in 2026 and enforced in 2027. China will also implement traction

battery safety regulations for electric vehicles, which will be the most stringent requirements globally, beginning

in July 2026.

A rating system similar to the U.S. NCAPs, known as C-NCAP, employs a strict rating structure to reduce the

number of five-star rated vehicle models. Moreover, the China Insurance Auto Safety Index, similar to IIHS,

enforces stringent standards for passenger and pedestrian protection and technologies directed at driver

assistance. Compliance with these systems and standards introduce additional obligations for safety testing and

added mandated safety features.

Industrial Environmental Control

Our operations are subject to a wide range of environmental protection laws including those laws regulating air

emissions, water discharges, waste management and related environmental effects and environmental clean-up.

Certain environmental statutes require that responsible parties fund remediation actions regardless of fault,

legality of original disposal, or ownership of a disposal site. Under certain circumstances, these laws impose

liability for related damages to natural resources.

To comply with these requirements, Stellantis utilizes environmental management system ("EMS") on its

operations, which are designed to ensure compliance with applicable regulatory requirements and reduce the

environmental impact of our manufacturing activities. This program operationalizes our commitment to

responsible environmental management of our manufacturing methods and processes. We have established a

corporate requirement that all of our manufacturing facilities become certified under the EMS requirements set

forth in the ISO 14001 standard (ISO is an international standard-setting organization). As of December 31,

2025, the majority of Stellantis manufacturing plants had an ISO 14001 certified EMS in place.

Financial Overview

**Management's Discussion and Analysis of the Financial Condition and Results of Operations**

The following discussion of our financial condition and results of operations should be read together with the

information included under "*Stellantis Overview*" and the Consolidated Financial Statements included elsewhere

in this report. This discussion includes forward-looking statements and involves numerous risks and

uncertainties relating to Stellantis, including, but not limited to, those described under "*Cautionary Statements* 

*Concerning Forward Looking Statements*" and "*Risk Factors*". Actual results may differ materially from those

contained in any forward looking statements.

For a discussion of 2024 results compared to 2023 results, see "*FINANCIAL OVERVIEW - Management's* 

*Discussion and Analysis of the Financial Condition and Results of Operations*" included in our 2024 Annual

Report and Form 20-F, as filed with the SEC on February 27, 2025, which specific discussion is incorporated

herein by reference.

**Trends, Uncertainties and Opportunities**

The trends, uncertainties and opportunities facing Stellantis are summarized below:

**Shipments and Dealer Inventories**. Vehicle shipments are generally driven by expectations of consumer

demand for vehicles, which is affected by economic conditions, competition from other OEMs, the appeal of our

vehicle portfolio, the availability and cost of dealer and customer financing, and incentives offered to retail

customers. In the short and medium term, shipments are also affected by the level of inventories held by

dealers. When dealer-owned inventories are unusually high, dealers typically decrease their orders for new

vehicle shipments. For example, a significant build-up in dealer inventories, particularly in the U.S., adversely

affected our shipments in 2024. Although U.S. dealer inventory levels normalized in December 2024, increased

dealer-owned inventories impacted our vehicle pricing and profitability in 2024. U.S. dealer inventories remained

normalized in 2025, and supported the improvement of shipments in North America compared to 2024.

As discussed in more detail under "Product Development and Technology" below, a key driver of consumer

demand for our vehicles and, consequently, our level of vehicle shipments, is the continued refresh, renewal and

evolution of our vehicle portfolio. In 2026, shipments in North America are expected to be impacted by the

introduction of the all-new 2026 Jeep Cherokee and internal combustion variants of the Dodge Charger, as well

as incremental shipments of the recently re-introduced 5.7-liter HEMI V-8 version of the Ram 1500.

**Tariffs and Trade Policy**. There has been a recent and significant increase in tariffs and duties between the

U.S. and its trading partners, including China, Canada, Mexico and the European Union. The scope and

magnitude of these tariffs going forward are likely to have a materially negative impact on our profitability,

particularly in North America. For example, the applicability and magnitude of tariffs on the all-new 2026 Jeep

Cherokee, which began production at our assembly plant in Toluca, Mexico in late 2025, is expected to have a

significant negative impact on its profitability. Tariffs or duties implemented between the U.S. and its trading

partners or among other major economies may also result in increased productions costs, higher consumer

prices and reduced consumer demand for our products, which may impact their shipment volumes and

profitability. In addition, the availability of components and raw materials may be adversely affected. The future

impact of changes in trade policies is uncertain and difficult to predict, which could also impede our ability to

plan production decisions and introductions of new vehicles to our vehicle portfolio. Refer to "*Production Costs*"

below for a further discussion of import duties.

**Electrification.** The impact of the transition to electrification on our results will continue to be complex and

difficult to predict. We have recently undertaken a comprehensive reassessment of our electrification strategy

and while electrification remains a core component of our product plan, our approach has shifted toward a more

demand-led and regionally differentiated transition, emphasizing flexibility across powertrains, including BEV,

hybrid, REEV and ICE.

As a result of our reassessment, we recognized significant charges in 2025 related to the realignment of our

product plans and electrification roadmap, including the cancellation of certain EV programs that were not

expected to achieve profitable scale under revised assumptions, as well as impairments of certain vehicle

platforms and actions to resize our EV supply chain, including battery manufacturing capacity.

The timeline of our transition to electrification, and the duration and magnitude of its positive and negative effects

on our margins and results of operations remain highly uncertain. Refer to "Vehicle Profitability" below for a

discussion of margins on the sale of non-ICE vehicles. Refer also to "*Risk Factors—Our future performance* 

*depends on our ability to accurately predict market demand for electrified vehicles*" included elsewhere in this

report for additional information.

**Regulation.** We are subject to a complex set of regulatory regimes throughout the world in which vehicle safety,

emissions and fuel economy regulations have become increasingly stringent and the related enforcement

regimes increasingly active in certain markets, including the EU, while other markets have begun loosening

emissions and fuel economy regulations and have announced proposals to reduce vehicle safety requirements.

For example, in 2025 the U.S. eliminated CAFE fines with the enactment of the One Big Beautiful Bill Act

("OBBB") and in 2026 the EPA announced the elimination of GHG standards for light-, medium- and heavy-duty

motor vehicles.

Changing government policies and policy divergence among our key markets may negatively impact the return

on investments we have made, impair the value of related assets, and may make it more difficult to plan future

investments. These developments may affect our vehicle sales as well as our profitability and reputation. We are

subject to applicable national and local regulations with which we must comply in order to continue operations in

every market, including a number of markets in which we derive substantial revenue. Planning, developing,

engineering and manufacturing vehicles that meet these requirements and therefore may be sold in those

markets requires significant management time and financial resources. These investments reflect industry-wide

compliance requirements and are expected to support ongoing operations within the evolving regulatory

framework.

**Product Development and Technology**. A key driver of consumer demand, and therefore our performance, is

the continued refresh, renewal and evolution of our vehicle portfolio, and we have committed significant capital

and resources toward the introduction of new vehicle platforms and new software technologies. In order to

realize a return on the significant investments we have made and intend to make, and to achieve competitive

operating margins, we will have to continue significant investment in new vehicle launches.

The research and development expenses presented in the financial information in this report include the cost of

scientific and technical activities, intellectual property rights, and the education and training necessary for the

development, production or implementation of new or substantially improved materials, methods, products,

processes, systems or services. Development expenditures are recognized as an intangible asset if we can

demonstrate (i) our intention to complete the intangible asset as well as the availability of technical, financial and

other resources for this purpose; (ii) that it is probable that the future economic benefits attributable to the

development expenditure will flow to the entity; and (iii) that the cost of the asset can be reliably measured.

Capitalized development expenditures includes related borrowing costs.

Future developments in our product portfolio could lead to significant capitalization of development assets and

thereafter amortization of such assets. Our time to market has historically been approximately 24 months, but

varies depending on the specific product, from the date the design is signed-off for tooling and production, after

which the product goes into production, resulting in an increase in amortization. Therefore, our operating results

are impacted by the cyclicality of our research and development expenditures based on our product plans and

our ability to bring projects timely into production.

In order to meet expected changes in consumer demand, regulatory requirements and tariff and trade policy,

and in consideration of the environmental, economic and social impacts of the Company's activities, we intend

to continue to invest significant resources in product development and research and development. In addition,

we expect to continue to invest in software-based technologies including autonomous driving developments.

While we seek to optimize our research and development investments, we acknowledge that we are currently in

a cycle of significantly higher investments, which is expected to lead to higher amortization charges once the

subject assets start production. The recovery of and return on capitalized investments depend on future factors

such as customer preference, competition, pricing and other market and regulatory developments, and if such

future factors are adverse they may lead to write-offs and lower profits.

**Vehicle Profitability***.* Our results of operations reflect the profitability of the vehicles we sell, which tends to vary

based upon a number of factors, including vehicle size and model, the content of those vehicles, brand

positioning, and the mix of electric, hybrid and ICE. Vehicle profitability also depends on sales prices to dealers

and fleet customers, net of sales incentives, costs of materials and components, as well as transportation and

warranty costs, as well as tariff and trade policy.

Our larger vehicles, such as UVs and pickup trucks, have historically been more profitable on a per vehicle

basis than smaller vehicles. Consumer preferences for certain larger vehicles, such as SUVs, are high,

particularly in the U.S., however, there is no guarantee this trend will continue and there is evidence that U.S.

consumer demand may be shifting toward midsize vehicles in response to increases in fuel prices, inflation and

interest rates.

In addition, against a backdrop of significant technological development, changing consumer patterns and new

competitive forces, the cost of complying with tightening regulatory requirements could negatively impact our

profitability. Vehicle models that are equipped with BEV or hybrid propulsion systems tend to have lower

margins than ICE vehicles, with the significant costs of batteries largely accounting for this differential.

Government incentives for BEV or hybrid vehicles can have the effect of supporting pricing and mitigating such

margin differential but the level of incentives depends on political support and can vary over time. In the U.S.,

most such incentives were phased out in 2025. We expect that in the near term the profitability of BEV or hybrid

vehicles will continue to lag behind ICE vehicles.

Recently introduced ICE models are generally more profitable than older models, and vehicles equipped with

additional options are generally more profitable than those with fewer options. As a result, our ability to offer

attractive vehicle options and upgrades is critical to our ability to increase our profitability on these vehicles.

In addition, in the U.S. and Europe, our vehicle sales to dealers for sale to their retail consumers are normally

more profitable than our fleet sales, in part because the retail consumers are more likely to prefer additional

optional features while fleet customers increasingly tend to concentrate purchases on smaller vehicles with

fewer optional features, which have historically had a lower profitability per unit.

Vehicles sold under certain brand and model names are generally more profitable when there is strong brand

recognition of those vehicles.

**Pricing***.* The automotive industry has historically experienced intense price competition resulting from the variety

of available competitive vehicles and excess global manufacturing capacity. Manufacturers have typically

promoted products by offering dealer, retail and fleet incentives, including cash rebates, option package

discounts, and subsidized financing or leasing programs, leading to increased price pressure and sharpened

competition within the industry. We plan to continue to use such incentives, as needed, to price vehicles

competitively and to manage demand and support inventory management profitability. In addition, in order to

address an actual or perceived affordability issue in our product portfolio, we are launching several new models

at lower price points. This may adversely affect mix in future periods.

Our ability to maintain or increase pricing has impacted, and will continue to impact, our results of operations

and profitability. In 2024, relatively high retail pricing, together with a gap in our product portfolio refreshment,

contributed to an unusually high level of dealer-owned inventories particularly in the U.S. To address these

inventory levels we repositioned our pricing relative to peers and implemented incentives which had an adverse

impact on our net pricing. In 2025, net pricing declined in North America, Enlarged Europe and South America

and improved in Middle East & Africa.

**Financing**. Given that a large percentage of the vehicles we sell to dealers and retail customers worldwide are

financed, the availability and cost of financing is a significant factor affecting our vehicle shipment volumes and

Net revenues. Availability of customer financing could affect the vehicle mix, as customers who have access to

greater financing are able to purchase higher priced vehicles, whereas when customer financing is constrained,

vehicle mix could shift towards less expensive vehicles. More expensive vehicle financing may also make our

vehicles less affordable to retail consumers or steer consumers to less expensive vehicles that would be less

profitable for us.

Although several central banks began to lower interest rates in 2024 and 2025 following increases in prior years,

inflation and inflation expectations remain uncertain and the cost of consumer credit in the medium term is

unclear.

**Production Costs***.* Production costs include purchases (including costs related to the purchase of components

and raw materials), labor costs, depreciation, amortization, logistic and product warranty and recall campaign

costs. We purchase a variety of components, raw materials, supplies, utilities, logistics and other services from

numerous suppliers. Fluctuations in production costs are primarily related to the number of vehicles we produce

and sell along with shifts in vehicle mix, as newer models of vehicles generally have more technologically

advanced components and enhancements and therefore higher costs per unit.

Production costs may also be affected by significant fluctuations in raw material prices. As recently as 2022, we

experienced a strong surge in raw material costs, which adversely affected our results in that period. To the

extent our raw material costs increase in the future and we are unable to mitigate the effects of such increases,

our profitability could be impacted.

We typically seek to manage production costs and minimize their volatility by using fixed price purchase

contracts, commercial negotiations and technical efficiencies. Despite our efforts, our production costs related

to raw materials and components may increase as a result of tariffs. Refer to "*Tariffs and Trade Policies*" above

for a further discussion. Uncertainty related to tariffs and trade policy in our larger markets including the U.S., the

European Union and China may also make it more difficult to predict our raw material and components costs.

In addition, we seek to recover higher costs through pricing actions, but even when market conditions permit

this, there may be a time lag between the increase in our costs and our ability to realize improved pricing.

Accordingly, our results are typically adversely affected, at least in the short term, until price increases are

accepted in the market.

Further, in many markets where our vehicles are sold, we are required to pay import duties on those vehicles,

which are included in production costs. We reflect these costs in the price charged to our customers to the

extent market conditions permit. However, for many of our vehicles, particularly in the mass-market vehicle

segments, we cannot always pass along increases in those duties to our dealers and distributors and remain

competitive. Our ability to price our vehicles to recover those increased costs has affected, and will continue to

affect, our profitability.

Labor cost is also a meaningful portion of our production costs. Consistent with recent broader inflationary

trends, the terms of collective bargaining agreements that we entered into in 2023, including with the UAW in the

U.S. and Unifor in Canada, involved significant increases in wages and other costs. Our collective bargaining

agreements with the UAW and Unifor expire in 2028 and 2026, respectively.

**Effects of Foreign Exchange Rates**. We are affected by fluctuations in foreign exchange rates (i) through

translation of foreign currency financial statements into Euro for consolidation, which we refer to as the

translation impact, and (ii) through transactions by our subsidiaries in currencies other than their own functional

currencies, which we refer to as the transaction impact. Given our presence in numerous countries outside the

Eurozone, a strengthening of foreign currencies (in particular of the U.S. Dollar, given the size of our U.S.

operations) against the Euro generally would have a positive effect on our financial results, which are reported in

Euro, and on our operations in relation to sales in those countries of vehicles and components produced in

Europe. For example, in 2025 unfavorable foreign currency translation negatively impacted our Net revenues by

approximately €5.9 billion, primarily driven by weakening of the U.S. Dollar, Turkish Lira, Canadian Dollar and

Brazilian Real against the Euro.

Additionally, a significant portion of our operating cash flow has historically been generated in U.S. Dollars and,

although a portion of our debt is denominated in U.S. Dollars, the majority of our indebtedness is denominated in

Euro. Given the mix of our debt and liquidity, strengthening of the U.S. Dollar against the Euro generally provides

a positive impact on our net cash position and weakening of the U.S. Dollar against the Euro may have a

correspondingly negative impact on our financial results and net cash position. In order to reduce the impacts of

foreign exchange rates, we have historically hedged a percentage of certain exposures. Refer to Note 32,

*Qualitative and quantitative information on financial risks* within the Consolidated Financial Statements included

elsewhere in this report for additional information.

**Shipment Information** 

As discussed in *Stellantis Overview*—*Overview of Our Business*, our activities were carried out through six

reportable segments: five regional reportable vehicle segments, North America, Enlarged Europe, Middle East &

Africa, South America and China and India & Asia Pacific, and the Maserati global luxury brand segment.

Consolidated shipments includes vehicles distributed by our consolidated subsidiaries. This includes the

vehicles produced by our joint ventures and associates (including Leapmotor) which are distributed by our

consolidated subsidiaries. In addition to the volumes included in Consolidated shipments, Combined shipments

also includes the vehicles distributed by our joint ventures (such as Tofas). The following table sets forth vehicle

shipment information by segment. Vehicle shipments are generally aligned with current period production, which

is driven by plans to meet consumer demand. Revenue is recognized when control of our vehicles, services or

parts has been transferred and the Company's performance obligations to customers has been satisfied. The

Company has determined that our customers from the sale of vehicles and service parts are generally dealers,

distributors, fleet customers or directly to retail customers. Transfer of control, and therefore revenue recognition,

generally corresponds to the date when the vehicles or service parts were made available to the customer, or

when the vehicles or service parts were released to the carrier responsible for transporting them to the

customer. New vehicle sold with residual value guarantees provided by the Company are recognized as

revenue when control of the vehicle is transferred to the customer, except in situations where the Company

issued a put option for which there is a significant economic incentive to exercise, in which case the contract is

accounted for as an operating lease.

Refer to Note 2, *Basis of preparation*, within the Consolidated Financial Statements included elsewhere in this

report for further details on our revenue recognition policy.

For a description of our dealers and distributors, refer to "*Stellantis Overview*—*Sales Overview*" included

elsewhere in this report for additional information. Accordingly, the number of vehicles sold does not necessarily

correspond to the number of vehicles shipped for which revenues were recorded in any given period.

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
| *(thousands of units)* | **2025** | **2024** |
| North America | 1472 | 1432 |
| Enlarged Europe | 2490 | 2576 |
| Middle East & Africa | 453 | 423 |
| South America | 1000 | 912 |
| China and India & Asia Pacific | 61 | 61 |
| Maserati | 8 | 11 |
| **Total Consolidated shipments** | **5484** | **5415** |
| Joint venture shipments | 89 | 111 |
| **Total Combined shipments** | **5573** | **5526** |

---

For discussion of shipments for North America, Enlarged Europe, Middle East & Africa, South America, and

China and India & Asia Pacific and Maserati for 2025 as compared to 2024, refer to "*Results of Operations* -

*Results by Segment*" included elsewhere in this report for additional information.

**Non-GAAP Financial Measures**

We monitor our operations through the use of several non-generally accepted accounting principles ("non-

GAAP") financial measures: Adjusted operating income, Adjusted operating income margin, Industrial free cash

flows, and Industrial net financial position. We believe that these non-GAAP financial measures provide useful

and relevant information regarding our operating results and enhance the overall ability to assess our financial

performance and financial position. They provide us with comparable measures which facilitate management's

ability to identify operational trends, as well as make decisions regarding future spending, resource allocations

and other operational decisions. We also present the non-GAAP measure, Adjusted diluted EPS which is not

used to monitor our operations but which we believe provides investors with a more meaningful comparison of

the Company's ongoing quality of earnings. These and similar measures are widely used in the industry in which

we operate, however, these financial measures may not be comparable to other similarly titled measures of other

companies and are not intended to be substitutes for measures of financial performance as prepared in

accordance with IFRS as issued by the IASB, as well as IFRS as adopted by the European Union.

*Adjusted operating income/(loss)*: Adjusted operating income/(loss) excludes from Net profit/(loss) from

continuing operations adjustments comprising restructuring and other termination costs, impairments, asset

write-offs, disposals of investments and unusual operating income/(expense) that are considered rare or

discrete events and are infrequent in nature, as inclusion of such items is not considered to be indicative of the

Company's ongoing operating performance, and also excludes Net financial expenses/(income) and Tax

expense/(benefit).

Unusual operating income/(expense) are impacts from strategic decisions as well as events considered rare or

discrete and infrequent in nature, as inclusion of such items is not considered to be indicative of the Company's

ongoing operating performance. Unusual operating income/(expense) includes, but may not be limited to:

• Impacts from strategic decisions to rationalize Stellantis' core operations;

• Facility-related costs stemming from Stellantis' plans to match production capacity and cost structure to

market demand; and

• Convergence and integration costs directly related to significant acquisitions or mergers.

Adjusted operating income/(loss) is used for internal reporting to assess performance and as part of the

Company's forecasting, budgeting and decision making processes as it provides additional transparency to the

Company's core operations. We believe this non-GAAP measure is useful because it excludes items that we do

not believe are indicative of the Company's ongoing operating performance and allows management to view

operating trends, perform analytical comparisons and benchmark performance between periods and among our

segments. We also believe that Adjusted operating income/(loss) is useful for analysts and investors to

understand how management assesses the Company's ongoing operating performance on a consistent basis.

In addition, Adjusted operating income/(loss) is one of the metrics used in the determination of the annual

performance bonus for eligible employees, including members of the Senior Management. Refer to "*Corporate* 

*Governance - Senior Management*" included elsewhere in this report for additional information.

Refer to the sections "*Company Results*" and "*Results by Segment*" included elsewhere in this report for

additional information and for a reconciliation of this non-GAAP measure to Net profit/(loss) from continuing

operations, which is the most directly comparable measure included in our Consolidated Income Statement.

Adjusted operating income/(loss) should not be considered as a substitute for Net profit/(loss) from continuing

operations, cash flow or other methods of analyzing our results as reported under IFRS.

*Adjusted operating income/(loss) margin*: is calculated as Adjusted operating income/(loss) divided by Net

revenues.

*Adjusted diluted EPS*: is calculated by adjusting Diluted earnings per share for the post-tax impact per share of

the same items excluded from Adjusted operating income as well as tax expense/(benefit) items that are

considered rare or infrequent, or whose nature would distort the presentation of the ongoing tax charge of the

Company. We believe this non-GAAP measure is useful because it also excludes items that we do not believe

are indicative of the Company's ongoing operating performance and provides investors with a more meaningful

comparison of the Company's ongoing quality of earnings. Refer to "*Results of Operations* - *Company Results*"

included elsewhere in this report for a reconciliation of this non-GAAP measure to Diluted earnings per share

from operations, which is the most directly comparable measure included in our Consolidated Financial

Statements. Adjusted diluted EPS should not be considered as a substitute for Basic earnings per share, Diluted

earnings per share from operations or other methods of analyzing our quality of earnings as reported under

IFRS.

*Industrial free cash flows*: is our key cash flow metric and is calculated as Cash flows from operating activities

less: (i) cash flows from operating activities from discontinued operations; (ii) cash flows from operating activities

related to financial services, net of eliminations; (iii) investments in property, plant and equipment and intangible

assets for industrial activities and (iv) contributions of equity to joint ventures and minor acquisitions of

consolidated subsidiaries and equity method and other investments; and adjusted for: (i) net intercompany

payments between continuing operations and discontinued operations; (ii) proceeds from disposal of assets and

(iii) contributions to defined benefit pension plans, net of tax. The timing of Industrial free cash flows may be

affected by the timing of monetization of receivables, factoring and the payment of accounts payables, as well

as changes in other components of working capital, which can vary from period to period due to, among other

things, cash management initiatives and other factors, some of which may be outside of the Company's control.

In addition, Industrial free cash flows is one of the metrics used in the determination of the annual performance

bonus for eligible employees, including members of the Senior Management. We believe that this measure is

useful for investors to facilitate their review and evaluation of the cash generation of our industrial operations, net

of investing needs.

Refer to "*Liquidity and Capital Resources* —*Industrial free cash flows*" included elsewhere in this report for

additional information and the reconciliation of this non-GAAP measure to Cash flows from operating activities,

which is the most directly comparable measure included in our Consolidated Statement of Cash Flows. Industrial

free cash flows should not be considered as a substitute for Net profit/(loss) from continuing operations, cash

flow or other methods of analyzing our results as reported under IFRS.

*Industrial net financial position* is calculated as: Debt plus derivative financial liabilities related to industrial

activities less (i) cash and cash equivalents; (ii) financial securities that are considered liquid; (iii) current

financial receivables from the Company or its jointly controlled financial services entities and (iv) derivative

financial assets and collateral deposits. Therefore, debt, cash and cash equivalents and other financial assets/

liabilities pertaining to Stellantis' financial services entities are excluded from the computation of the Industrial

net financial position. Industrial net financial position includes the Industrial net financial position classified as

held for sale. We believe it is useful for investors to report the Industrial net financial position to assist in

comparability with the industrial operations of our peers. Refer to "*Liquidity and Capital Resources* —*Industrial* 

*net financial position*" for included elsewhere in this report for additional information.

**Results of Operations**

**Strategic plan undergoing reassessment**

In 2022, Stellantis introduced its Dare Forward strategic plan, establishing long-term electrification targets of 100

percent EV sales in Europe and 50 percent in the United States by 2030. Over the subsequent years, the

Company focused on expansion of its electric vehicle capabilities while continuing to offer a broad range of

hybrid and internal combustion engine solutions to meet diverse customer needs.

Following the leadership transition in mid-2025, newly appointed executive leadership initiated and is overseeing

a comprehensive reassessment of the Company's long-term strategy, including its climate transition roadmap.

This reassessment forms part of a broader reset of the business and is being conducted in preparation for the

communication of a new strategic plan. This review encompasses major programs and product plans with the

objective of realigning the Company's strategy, portfolio and investment priorities with real-world customer

preferences, market demand and evolving regulatory frameworks, while also addressing the effects of prior

operational and execution challenges, targeting to re-establish the conditions for sustainable, profitable growth.

The strategic reassessment reflects a revised view on the expected pace of the energy transition in certain

markets, informed by customer purchasing behavior, affordability considerations, infrastructure readiness and

incentive frameworks. While the Company remains committed to the development of electrified powertrains,

including BEVs, the review emphasizes a demand-led approach to adoption and the importance of maintaining

flexibility across powertrain technologies.

Separately, the Company experienced commercial and operational headwinds in its key European and U.S.

markets during 2024 and the first half of 2025, including quality related challenges associated with new

platforms and powertrains and broader inflationary cost pressures. These factors further reinforced the need for

the strategic reassessment undertaken by the new executive leadership.

The updated strategy will be communicated at the Investor Day in May 2026.

As a result of the strategic reassessment and business reset led by the new management team, the Company

recognized significant charges during the year ended December 31, 2025. These charges primarily relate to

impairments of vehicle platforms, product plan realignments and associated costs, costs related to resizing of

the EV supply chain, and the discontinuation of the hydrogen fuel cell development program. These items reflect

the cost of aligning the Company's product plans, manufacturing footprint and investment profile with revised

strategic priorities and market demand. The nature and financial impact of these charges, which were all

excluded from Adjusted Operating Income ("AOI"), are detailed below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2025** | **Cost of** <br>**Revenues**<br>| **Research and** <br>**development** <br>**costs**<br>| **Gains/**<br>**(losses) on** <br>**disposal of** <br>**investments**<br>| **Share of the** <br>**profit/(loss) of** <br>**equity method** <br>**investees**<br>| **Total** |
| *(€ million)* |  |  |  |  |  |
| Platform impairments | 2730 | 3853 |  |  | 6583 |
| Costs related to product plan realignments and <br>program cancellations<br>| 6989 | 2083 |  |  | 9072 |
| Battery JVs |  |  | 1571 | 483 | 2054 |
| Hydrogen fuel cell program discontinuation | 338 | 286 |  | 470 | 1094 |
| **Total** | **10057** | **6222** | **1571** | **953** | **18803** |

---

Platform impairments

As part of the strategic reassessment, the Company revised its volume and profitability projections, including the

cancellation of certain vehicle programs. As a result, indicators of impairment were identified for several vehicle

platform cash generating units ("CGUs"), and impairment tests were performed. Refer to Note 2, *Basis of* 

*preparation - Material accounting policies - Impairment of long-lived assets,* within the Consolidated Financial

Statements included elsewhere in this report for additional information.

Based on the results of these impairment tests, for the year ended December 31, 2025, the Company

recognized total impairment charges of €6.6 billion, comprising:

• €2.7 billion recognized within Cost of revenues, relating to property, plant and equipment, primarily tooling;

and

• €3.9 billion recognized within Research and development costs, primarily relating to the write off of capitalized

development expenditures.

The impairment charges were recognized in North America (€5.7 billion), Maserati (€0.6 billion) and Enlarged

Europe (€0.3 billion).

Costs related to product plan realignments and program cancellations

As part of the strategic reassessment, the Company cancelled certain future products that were not expected to

achieve profitable scale, including the previously planned Ram 1500 BEV, reflecting alignment with customer

demand and changes in the U.S. regulatory framework.

As a result, the Company recognized asset write offs and other costs related to product plan realignments and

program cancellations.

For the year ended December 31, 2025, product plan realignments and program cancellations resulted in total

charges of €9.1 billion, comprising:

• €7.0 billion recognized within Cost of revenues; and

• €2.1 billion recognized within Research and development costs

These charges were recognized in North America (€6.5 billion), Enlarged Europe (€2.2 billion) and South

America (€0.3 billion).

EV supply chain

During the year ended December 31, 2025, the Company recognized charges of €2.1 billion in connection with

actions taken to rationalize battery manufacturing capacity, comprising the following:

• €1.6 billion recognized within Gains/(losses) on disposal of investments, relating to the decision to exit the

Company's battery joint venture with LG Energy Solution, NextStar Energy Inc. ("NextStar"). As a result, the

investment was classified as held for sale and remeasured to fair value less costs to sell, resulting in a full write

down of the investment (€0.9 billion). In addition, a €0.7 billion liability was accrued in respect of obligations

arising from the exit of the joint venture. These charges were recognized within North America; and

• €0.5 billion recognized within Share of profit/(loss) of equity method investments, relating to a full impairment of

the Company's investment in the Automotive Cells Company SE ("ACC") battery joint venture and the

impairment of the majority of the shareholder loans provided by the Company to ACC. These charges were

recognized within Enlarged Europe. The full impairment of ACC is due to the revised view of the pace of

energy transition in Enlarged Europe.

Hydrogen fuel cell program discontinuation

During the year ended December 31, 2025, the Company concluded that, due to the limited availability of

hydrogen refueling infrastructure, high capital requirements and the need for stronger consumer purchasing

incentives, the adoption of hydrogen powered light commercial vehicles is not expected before the end of the

decade. Accordingly, in July 2025, the Company announced the decision to discontinue its hydrogen fuel cell

technology development program.

As a result of this decision, the Company recognized total charges of €1.1 billion, comprising:

• €0.5 billion recognized within Share of profit/(loss) of equity method investments, relating to a full write down of

the investment in Symbio, a joint venture focused on hydrogen fuel cell technology, and the impairment of

loans granted to the joint venture;

• €0.3 billion recognized within Cost of revenues, relating to the write off of fuel cell related property, plant and

equipment, inventory write downs and other related costs; and

• €0.3 billion recognized within Research and development costs, primarily relating to the write off of fuel cell

related capitalized development expenditures.

These charges were recognized within Enlarged Europe.

**Company Results – 2025 compared to 2024**

The following is a discussion of the Company's results of operations for the year ended December 31, 2025 as

compared to the year ended December 31, 2024.

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| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million)* | **2025** | **2024** |
| Net revenues | 153508 | 156878 |
| Cost of revenues | 155627 | 136360 |
| Selling, general and other costs | 8967 | 9299 |
| Research and development costs | 11145 | 5784 |
| Gains/(losses) on disposal of investments | (1839) | (98) |
| Restructuring costs | 913 | 1617 |
| Share of the profit/(loss) of equity method investees | (1271) | (33) |
| **Operating income/(loss)** | (26254) | 3687 |
| Net financial expenses/(income) | 351 | (345) |
| **Profit/(loss) before taxes** | (26605) | 4032 |
| Tax expense/(benefit) | (4273) | (1488) |
| **Net profit/(loss)** | (22332) | 5520 |
| **Net profit/(loss) attributable to:** |  |  |
| Owners of the parent | (22368) | 5473 |
| Non-controlling interests | 36 | 47 |

---

**Net revenues** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2025** | **2024** | **2025 vs. 2024** |
| Net revenues | 153508 | 156878 | (2.1)% |

---

The following charts present Company's Net Revenues walk by operational driver for 2025 compared to the

corresponding period in 2024:

**Net Revenues by operational driver - 2025 compared to 2024 (€ million)**![313](stellantis-20251231_g2.gif)

For a discussion of Net revenues for each of the six reportable segments (North America, Enlarged Europe,

Middle East & Africa, South America, China and India & Asia Pacific and Maserati) for 2025 as compared to

2024 see *Results by Segment* below.

**Cost of revenues** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2025** | **2024** | **2025 vs. 2024** |
| Cost of revenues | 155627 | 136360 | 14.1% |
| Cost of revenues as % of Net revenues | 101.4% | 86.9% |  |

---

Cost of revenues includes purchases (including commodity and components costs), labor costs, depreciation,

impairment of property, plant and equipment, amortization, logistics cost, product warranty and recall campaign

costs.

The increase in Cost of revenues in 2025 compared to 2024 was primarily related to (i) higher warranty

expenses as a result of a change in estimate in 2025, (ii) costs related to product realignments and program

cancellations, (iii) platform impairments resulting from decreased profitability and volume projections, (iv) higher

tariff, compliance and logistics costs, (v) increase in costs driven by energy mix for BEV vehicles in Enlarged

Europe, and (vi) lease portfolio charge due to residual value deterioration related to PHEV recall. For details of

the change in estimate related to contractual warranties, refer to Note 21, *Provisions*, within the Consolidated

Financial Statements included elsewhere in this report for additional information and for details on costs related

to product plan realignments and program cancellations and platform impairments, refer to *Results of* 

*Operations - Strategic plan undergoing reassessment.*

**Selling, general and other costs**

---

| | | | |
|:---|:---|:---|:---|
| | **Years ended December 31,** | **Years ended December 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2025** | **2024** | **2025 vs. 2024** |
| Selling, general and other costs | 8967 | 9299 | (3.6)% |
| Selling, general and other costs as % of Net revenues | 5.8% | 5.9% |  |

---

The decrease in Selling, general and other costs in 2025 compared to 2024 was primarily driven by the

recognition of indirect tax credits in South America. As a percentage of Net revenues, Selling, general and other

costs remained broadly stable year over year.

**Research and development costs**

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2025** | **2024** | **2025 vs. 2024** |
| Research and development expenditures expensed  | 2858 | 2932 | (2.5)% |
| Amortization of capitalized development expenditures | 2094 | 2149 | (2.6)% |
| Impairment and write-off of capitalized development <br>expenditures<br>| 6193 | 703 | n.m. |
| **Total Research and development costs**  | **11145** | **5784** | **92.7%** |

---

n.m. = not meaningful

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million)* | **2025** | **2024** |
| Research and development expenditures expensed as % of Net revenues | 1.9% | 1.9% |
| Amortization of capitalized development expenditures as % of Net revenues | 1.4% | 1.4% |
| Impairment and write-off of capitalized development expenditures as % of Net <br>revenues<br>| 4.0% | 0.4% |
| **Total Research and development costs as % of Net revenues** | **7.3%** | **3.7%** |

---

Research and development expenditures expensed decreased in 2025 compared to 2024, primarily related to

cost optimization initiatives reflecting continued discipline in operational spending.

Amortization of capitalized development expenditures in 2025 compared to 2024 were substantially unchanged.

The increase in impairment and write-off of capitalized development expenditure in 2025 compared to 2024 was

due to: (i) impairment of certain platform assets in North America, Enlarged Europe and Maserati driven by a

decrease in projected vehicle margins and volumes, (ii) asset write offs resulting from product realignments and

program cancellations driven by regulatory changes, tariffs, and softening in consumer demand for

electrification, and (iii) impairments as a result of the Company's decision to discontinue its hydrogen fuel cell

technology program. For details of costs related to product plan realignments and program cancellations and

platform impairments, refer to *Results of Operations - Strategic plan undergoing reassessment.*

The following table summarizes total Research and development expenditures for the years ended December

31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2025** | **2024** | **2025 vs. 2024** |
| Capitalized development expenditures excl. borrowing <br>costs<sup>(1)</sup><br>| 3240 | 3922 | (17.4)% |
| Research and development expenditures expensed  | 2858 | 2932 | (2.5)% |
| **Total Research and development expenditures** | 6098 | 6854 | (11.0)% |
| Capitalized development expenditures as % of Total <br>Research and development expenditures<br>| 53.1% | 57.2% |  |
| **Total Research and development expenditures as** <br>**% of Net revenues**<br>| 4.0% | 4.4% |  |

---

<sup>(1)</sup> Additions to capitalized development expenditures of €3,452 million and €4,150 million adjusted to remove capitalized borrowing costs

of €211 million and €228 million for the years ended December 31, 2025 and 2024, respectively, in accordance with IAS 23 - Borrowing

costs (Revised)

The Company conducts research and development for new vehicles and technology to improve the

performance, safety, fuel efficiency, reliability, consumer perception and environmental impact of its vehicles.

Research and development costs consist primarily of material costs, services and personnel related expenses

that support the development of new and existing vehicles with propulsion system technologies. Refer to

"*Trends, Uncertainties and Opportunities*—*Product Development and Technology*"and "*Overview of Our* 

*Business* - *Research and Development*" included elsewhere in this report for additional information.

The decrease in total Research and development expenditures in 2025 compared to 2024 was primarily related

to 2.5 percent lower Research and Development expenditures expensed compared with the prior year,

reflecting continued discipline in operational spending, and 17.4 percent lower capitalized Research and

development expenditures year-on-year, primarily due to the high level of capitalization recorded in the previous

year. The high level of capitalization in 2024 was driven by a concentrated wave of new product launches and

associated industrialization activities on the STLA Medium platform (including Peugeot 3008/5008 and Opel

Grandland), STLA Large platform and Smart Car platform (including Citroën C3, Opel Frontera). With the

completion of these major programs, current year capitalization returned to a more normalized level in line with

the ongoing project portfolio.

**Gains/(losses) on disposal of investments**

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2025** | **2024** | **2025 vs. 2024** |
| Gains/(losses) on disposal of investments | (1839) | (98) | n.m. |

---

n.m. = not meaningful

At December 31, 2025, our 49 percent interest in NextStar was reclassified as held for sale and remeasured to

fair value less costs to sell, resulting in a full write down of the investment. As a result €1.6 billion was recognized

within Gains/(losses) on disposal of investments, resulting in a full write down of the investment of €0.9 billion

and a €0.7 billion charge recognized in respect of obligations arising from the exit of the joint venture. In

addition, the 2025 disposal of Stellantis Türkiye resulted in a loss on disposal of €0.2 billion. For both items, refer

to Note 3, *Scope of consolidation*, within the Consolidated Financial Statements included elsewhere in this report

for additional information.

**Restructuring Costs** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2025** | **2024** | **2025 vs. 2024** |
| Restructuring costs | 913 | 1617 | (43.5%) |

---

The decrease in Restructuring costs in 2025 compared to 2024 was primarily due to lower expenses related to

workforce reduction plans in North America.

**Share of the profit/(loss) of equity method investees**

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2025** | **2024** | **2025 vs. 2024** |
| Share of the profit/(loss) of equity method investees | (1271) | (33) | n.m. |

---

n.m. = not meaningful

The increase in the Share of the loss of equity method investees in 2025 compared to 2024 is largely due to: (i)

charges of €470 million recognized following the Company's decision to discontinue its hydrogen fuel cell

technology program, including the full impairment of its 33.3 percent interest in the Symbio joint venture, and the

impairment of loans granted to Symbio, (ii) impairments of €483 million related to the 45.9 percent investment in

ACC and majority of the shareholder loans provided to ACC, (refer to *Results of Operations - Strategic plan* 

*undergoing reassessment)* and (iii) lower share of profits from financial services joint ventures, in part due to the

impact of the cost recorded during 2025 from the UK motor finance redress program.

**Net financial expenses/(income)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2025** | **2024** | **2025 vs. 2024** |
| Net financial expenses/(income) | 351 | (345) | n.m. |

---

n.m. = not meaningful

Net financial expenses amounted to €351 million for the year ended December 31, 2025 compared to Net

financial income of €345 million for the year ended December 31, 2024. The variation is primarily driven by the

lower interest income from liquidity investments, reflecting both reduced liquidity levels and a decline in short-

term market rates, as well as, expenses recognized during the period upon termination of commodity derivative

contracts. This is partially offset by lower losses on the net monetary position of hyperinflationary economies.

**Tax expense/(benefit)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2025** | **2024** | **2025 vs. 2024** |
| Tax expense/(benefit) | (4273) | (1488) | n.m. |
| Effective tax rate | 16.1% | (36.9%) | n.m. |

---

n.m. = not meaningful

The tax benefit increased by €2,785 million from 2024 to 2025 primarily due to losses recognized in the North

America region that generated a corresponding deferred tax benefit.

The Company's ability to realize the full value of its deferred tax assets is dependent upon the generation of

future taxable income. Based on the losses generated for the twelve months ended December 31, 2025, we are

closely monitoring the realizability of our recognized deferred tax assets. If actual future taxable income differs

from current estimates, the Company may be required to de-recognize deferred tax assets, which could

materially impact future results.

**Net profit/(loss)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2025** | **2024** | **2025 vs. 2024** |
| Net profit/(loss)  | (22332) | 5520 | n.m. |

---

n.m. = not meaningful

The shift from Net profit in 2024 to Net loss in 2025 was primarily driven by charges incurred in 2025, including

(i) change in estimate for contractual warranties (refer to Note 21, *Provisions*, within the Consolidated Financial

Statements included elsewhere in this report for additional information), (ii) costs related to product realignments

and program cancellations, (iii) platform impairments and asset write offs from discontinued projects, (iv)

impairment of the equity method investment in ACC and the write-down of NextStar following its classification as

held for sale, and (v) the Company's decision to discontinue its hydrogen fuel cell technology program. Refer to

*Results of Operations - Strategic plan undergoing reassessment.* In contrast, 2024 benefitted from a significant

deferred tax asset recognition in Brazil, which contributed positively to the prior year's results.

**Adjusted operating income**

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2025** | **2024** | **2025 vs. 2024** |
| Adjusted operating income/(loss) | (842) | 8648 | (110)% |
| Adjusted operating income margin (%) | (0.5%) | 5.5% | (600) bps |

---

The following charts present Company's Adjusted operating income walk by segment for 2025 compared to the

corresponding period in 2024:

**Adjusted operating income by segment - 2025 compared to 2024 (€ million)**

![5524](stellantis-20251231_g3.gif)

For a discussion of Adjusted operating income for each of our six reportable segments in 2025 as compared to

2024 see *Results by Segment* below.

The following table summarizes the reconciliation of Net profit, which is the most directly comparable measure

included in the Consolidated Income Statement, to Adjusted operating income:

---

| | |
|:---|:---|
| *(€ million)* | **Year ended December 31, 2025** |
| **Net profit/(loss)**  | **(22332)** |
| Tax expense/(benefit) | (4273) |
| Net financial expenses/(income) | 351 |
| **Operating income/(loss)** | **(26254)** |
| **Adjustments:** |  |
| Restructuring and other costs, net of reversals | 913 |
| Takata airbags recall campaign | 622 |
| Platform impairments | 6583 |
| Costs related to product plan realignments and program cancellations | 9072 |
| Other impairments | 243 |
| Battery JVs | 2054 |
| Hydrogen fuel cell program discontinuation | 1094 |
| CAFE penalty rate | 269 |
| Stellantis Türkiye disposal | 246 |
| Change in estimate for contractual warranties | 4130 |
| Other | 186 |
| **Total adjustments** | **25412** |
| **Adjusted operating income** | **(842)** |

---

The following table is the reconciliation of Net profit, which is the most directly comparable measure included in

the Consolidated Income Statement, to Adjusted operating income:

---

| | |
|:---|:---|
| *(€ million)* | **Year ended December 31, 2024** |
| **Net profit/(loss)** | **5520** |
| Tax expense/(benefit) | (1488) |
| Net financial expenses/(income) | (345) |
| **Operating income/(loss)** | **3687** |
| **Adjustments:** |  |
| Restructuring and other costs, net of reversals | 1617 |
| Impairment expense and supplier obligations | 1807 |
| Takata recall campaign | 768 |
| Lifetime Onerous Contracts | 637 |
| Other | 132 |
| **Total adjustments** | **4961** |
| **Adjusted operating income** | **8648** |

---

During the year ended December 31, 2025, Adjusted operating income excluded adjustments primarily related

to:

• €913 million of restructuring and other costs, primarily related to workforce reductions, mainly in Enlarged

Europe;

• €622 million of Takata airbags recall campaign, related to stop-drive campaign on certain vehicles in Enlarged

Europe announced in June 2025;

• €6,583 million of platform impairments. As a result of reduced volumes and profitability expectations, platforms

were impaired in North America for €5,700 million, Maserati for €613 million and in Enlarged Europe for €270

million;

• €9,072 million primarily related to costs incurred as result of product plan realignments and program

cancellations;

• €243 million of other impairments. Impairments in Other activities is related to the Free2Move business, the

other impairments in Enlarged Europe relate to write downs of assets on classification to held for sale as well

as the impairment of a prepayment to a supplier, which is not expected to be recoverable;

• €2,054 million related to steps of rationalizing battery manufacturing capacity;

• €1,094 million related to the Company decision to discontinue its hydrogen fuel cell strategy. As a result, the

following items have been impaired: (i) investment in Symbio (€324 million), (ii) loans granted to Symbio

(€146 million), (iii) capitalized development expenditures and property, plant and equipment related to fuel

cells (€341 million), (iv) in addition, provisions for risks were recognized (€210 million) and (v) other expenses

(€73 million);

• €269 million of CAFE penalty rate. As a result of the elimination of CAFE fines with the enactment of the OBBB,

the Company recognized a net expense of €97 million, comprised of net €172 million of CAFE credits

recognized as a reduction of Cost of revenues, which remains included in Adjusted operating income as these

amounts reduced prior year CAFE fines, and a net expense of €269 million, which is excluded from AOI and

comprised of (i) elimination of the CAFE provision of €844 million, (ii) impairment of the regulatory credit assets

of €609 million, and (iii) onerous contracts related to contractual purchase commitments for CAFE credits of

€504 million;

• €246 million related to the sale of Stellantis Türkiye to the Company's joint venture, Tofas-Turk Otomobil

Fabrikasi A.S. ("Tofas"), for which the Company recognized an estimated loss on disposal of €246 million,

driven primarily by the recycling of the cumulative translation reserve from Equity to the Consolidated Income

Statement upon disposal;

• €4,130 million related to the change in estimate for contractual warranty provisions, resulting from the

reassessment of the estimation process, taking into account recent increases in cost inflation and a

deterioration in quality, as a result of operational choices, which did not deliver the expected quality

performance; and

• €186 million of Other, primarily related to (i) adjustments to costs previously recognized to support the

workforce during the transformation of certain plants in North America, (ii) gains/(losses) recognized on the

disposal of non-significant entities and on dilution of certain of our equity method investees, including Archer.

For a description of platform impairments, costs related to product plan realignments and program

cancellations, rationalization of our battery manufacturing capacity, the discontinuation of our hydrogen fuel cell

development program, refer to *Results of Operations - Strategic plan undergoing reassessment* and for the

change in estimate related to contractual warranties, refer to Note 21, *Provisions*, within the Consolidated

Financial Statements included elsewhere in this report for additional information.

During the year ended December 31, 2024, Adjusted operating income excluded adjustments primarily related

to:

• €1,617 million of restructuring costs and other costs, primarily related to workforce reductions in Enlarged

Europe and North America;

• €1,807 million of impairment expense and supplier obligations, primarily related to (i) €1,063 million of

impairments of certain platform assets in Maserati and Enlarged Europe, net of reversal, driven by projected

decreases in margins for certain models and the cancellation of certain projects prior to launch, (ii)

€230 million of provisions accrued for supplier obligations, relating to projects in development which were

cancelled prior to launch (and for which the related capitalized R&D was impaired under (i) above), and (iii)

€514 million of goodwill impairments related to the Maserati segment;

• €768 million for an extension of Takata airbags recall campaign;

• €637 million primarily related to lifetime service contracts sold in North America prior to the merger determined

to be onerous during 2024; and

• €132 million of Other, consisting of other adjustments which are individually insignificant.

**Diluted and Adjusted diluted EPS**

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Increase/(Decrease)** |
| *(€ per share)*  | **2025** | **2024** | **2025 vs. 2024** |
| Diluted EPS | (7.75) | 1.84 | (521.2)% |
| Adjusted diluted EPS | (0.42) | 2.48 | (116.9)% |

---

The following table summarizes the reconciliation of Diluted (loss)/earnings per share to Adjusted diluted

earnings per share.

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million except otherwise noted)* | **2025** | **2024** |
| **Net profit/(loss) attributable to owners of the parent** | **(22368)** | **5473** |
| Weighted average number of shares outstanding (000) | 2886684 | 2949652 |
| Number of shares deployable for share-based compensation (000) |  | 26168 |
| Weighted average number of shares outstanding for diluted earnings per share (000) | 2886684 | 2975820 |
| **Diluted (loss)/earnings per share (A) (€/share)** | **(7.75)** | **1.84** |
| Adjustments, per above | 25412 | 4961 |
| Tax impact on adjustments<sup>(1)</sup> | (5185) | (799) |
| Unusual items related to income taxes<sup>(2)</sup> | 932 | (2266) |
| **Total adjustments, net of taxes** | **21159** | **1896** |
| Impact of adjustments above, net of taxes, on Diluted earnings per share from <br>continuing operations (B) (€/share)<br>| 7.33 | 0.64 |
| **Adjusted Diluted (loss)/earnings per share (€/share) (A+B)** | **(0.42)** | **2.48** |

---

<sup>(1)</sup> Tax impact on adjustments is calculated based on the expected local country tax implications for each adjustment

<sup>(2)</sup> Unusual items related to income taxes relate to the derecognition of deferred tax assets in Germany in 2025, and the recognition of

deferred tax assets in Brazil in 2024. Refer to Note 7, *Tax expense/(benefit)* within the Consolidated Financial Statements included

elsewhere in this report for additional information

**Results by Segment – 2025 compared to 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(€ million, except shipments* <br>*which are in thousands of units)* | **Net revenues** | **Net revenues** | **Adjusted operating income** | **Adjusted operating income** | **Consolidated Shipments** | **Consolidated Shipments** |
| *(€ million, except shipments* <br>*which are in thousands of units)* | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million, except shipments* <br>*which are in thousands of units)* | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| North America | 60962 | 63450 | (1892) | 2660 | 1472 | 1432 |
| Enlarged Europe | 57773 | 59010 | (651) | 2419 | 2490 | 2576 |
| Middle East & Africa | 9709 | 10097 | 1429 | 1901 | 453 | 423 |
| South America | 16197 | 15863 | 1963 | 2272 | 1000 | 912 |
| China and India & Asia <br>Pacific<br>| 1868 | 1993 | 74 | (58) | 61 | 61 |
| Maserati | 726 | 1040 | (198) | (260) | 8 | 11 |
| **Total Segments** | **147235** | **151453** | **725** | **8934** | **5484** | **5415** |
| Other activities | 6870 | 6151 | (726) | 144 |  |  |
| Unallocated items & <br>eliminations<sup>(1)</sup><br>| (597) | (726) | (841) | (430) |  |  |
| **Total** | **153508** | **156878** | **(842)** | **8648** | **5484** | **5415** |

---

<sup>(1)</sup> Primarily includes intercompany transactions which are eliminated on consolidation

Refer to Note 30, *Segment reporting* included within the Consolidated Financial Statements elsewhere in this

report for additional detail on the Company's reportable segments.

The following is a discussion of Net revenues, Adjusted operating income and shipments for each of our six

reportable segments for the year ended December 31, 2025 as compared to the year ended December 31,

2024. **•Volume & Mix**: Reflects changes in new car volumes (consolidated shipments), driven by industry volume,

market share and dealer stocks, and mix evolutions such as channel, product line and trim mix. It also reflects

the impact of some non-pricing items;

**•Vehicle Net Price**: Reflects changes in prices, net of discounts and other sales incentive programs;

**•Industrial**: Reflects manufacturing and purchasing cost changes associated with content, technology and

enhancement of vehicle features, as well as industrial, logistics and purchasing efficiencies and inefficiencies.

The impact of fixed manufacturing costs absorption related to the change in production output is included

here. Cost changes to purchasing of raw materials, warranty, compliance costs, as well as depreciation

related to property, plant and equipment are also included here. This also encompasses costs of tariffs;

**•SG&A**: Primarily includes costs for advertising and promotional activities, purchased services, information

technology costs and other costs not directly related to the development and manufacturing of Stellantis

products;

**•R&D**: Includes research and development costs, as well as amortization of capitalized development

expenditures; and

**•FX and Other**: Includes other items not mentioned above, such as used cars, parts & services, sales to

partners, royalties, as well as foreign currency exchange translation, transaction and hedging.

**North America**

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Increase/(Decrease)** |
|  | **2025** | **2024** | **2025 vs. 2024** |
| Consolidated shipments (thousands of units) | 1472 | 1432 | 2.8% |
| Net revenues (€ million) | 60962 | 63450 | (3.9)% |
| Adjusted operating income/(loss) (€ million) | (1892) | 2660 | (171.1)% |
| Adjusted operating income margin (%) | (3.1%) | 4.2% | (730) bps |

---

Shipments

The increase in North America shipments in 2025 compared to the corresponding period in 2024 was mainly

due to an increase in Ram LD trucks, Jeep Wrangler, Gladiator and Chrysler Pacifica, partially offset by Ram

Promaster and Jeep PHEVs.

Net revenues

The decrease in North America Net revenues in 2025 compared to the corresponding period in 2024 was

primarily due to foreign exchange impacts from the U.S. Dollar and higher incentives levels, partially offset by

increased volume, specifically in U.S. retail.

Adjusted operating income/(loss)

The following chart reflects the change in North America Adjusted operating income by operational driver for

2025 as compared to the same period in 2024:

**Adjusted operating income/(loss) by operational driver - 2025 compared to 2024 (€ million)**![743](stellantis-20251231_g4.gif)

The decrease in North America Adjusted operating income/(loss) in 2025 compared to the corresponding period

in 2024 was primarily due to unfavorable mix, U.S. tariffs, change in estimate for contractual warranties and

increased incentive spend, partially offset by purchasing and manufacturing performance and improved retail

volumes.

**Enlarged Europe**

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Increase/(Decrease)** |
|  | **2025** | **2024** | **2025 vs. 2024** |
| Consolidated shipments (thousands of units) | 2490 | 2576 | (3.3)% |
| Net revenues (€ million) | 57773 | 59010 | (2.1)% |
| Adjusted operating income/(loss) (€ million) | (651) | 2419 | (126.9)% |
| Adjusted operating income margin (%) | (1.1%) | 4.1% | (520) bps |

---

Shipments

The Enlarged Europe shipments decreased in 2025 compared to the corresponding period in 2024, mainly due

to lower shipments of legacy models of Peugeot, Opel and FIAT brands, partially offset by higher volumes of

Opel/Vauxhall Frontera and Fiat Grande Panda.

Net revenues

The Enlarged Europe Net revenues decreased in 2025 compared to the corresponding period in 2024, mainly

due to pricing pressures and reduced volumes, partially offset by positive powertrain and trim mix.

Adjusted operating income/(loss)

The following chart reflects the change in Enlarged Europe Adjusted operating income by operational driver for

2025 as compared to the same period in 2024:

**Adjusted operating income/(loss) by operational driver - 2025 compared to 2024 (€ million)**

![703](stellantis-20251231_g5.gif)

The decrease in Enlarged Europe Adjusted operating income/(loss) in 2025 compared to the corresponding

period in 2024 was primarily due to unfavorable pricing and mix, lower volumes, and higher industrial costs

related to warranty and LCV compliance provisions, partially mitigated by improved purchasing and

manufacturing performance.

**Middle East & Africa**

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Increase/(Decrease)** |
|  | **2025** | **2024** | **2025 vs. 2024** |
| Combined shipments (thousands of units) | 542 | 534 | 1.5% |
| Consolidated shipments (thousands of units) | 453 | 423 | 7.1% |
| Net revenues (€ million) | 9709 | 10097 | (3.8)% |
| Adjusted operating income/(loss) (€ million) | 1429 | 1901 | (24.8)% |
| Adjusted operating income margin (%) | 14.7% | 18.8% | (410) bps |

---

Shipments

The increase in Middle East & Africa consolidated shipments in 2025 compared to the corresponding period in

2024 was mainly driven by increased volumes in Türkiye, partially offset by decreases in Algeria.

Net revenues

The decrease in Middle East & Africa Net revenues in 2025 compared to the corresponding period in 2024 was

primarily due to negative foreign exchange translation effects, mainly from Turkish Lira, partially offset by strong

increases in net pricing.

Adjusted operating income/(loss)

The following chart reflects the change in Middle East & Africa Adjusted operating income/(loss) by operational

driver in 2025 compared to the same period in 2024:

**Adjusted operating income/(loss) by operational driver - 2025 vs. 2024 (€ million)**

![716](stellantis-20251231_g6.gif)

The decrease in Middle East and Africa Adjusted operating income/(loss) in 2025 compared to the

corresponding period in 2024 is mainly due to negative foreign exchange transaction and translation effects

primarily related to Turkish Lira, mainly offset by increased pricing actions.

South America

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Increase/(Decrease)** |
|  | **2025** | **2024** | **2025 vs. 2024** |
| Consolidated shipments (thousands of units) | 1000 | 912 | 9.6% |
| Net revenues (€ million) | 16197 | 15863 | 2.1% |
| Adjusted operating income (€ million) | 1963 | 2272 | (13.6)% |
| Adjusted operating income margin (%) | 12.1% | 14.3% | (220) bps |

---

Shipments

The increase in South America shipments in 2025 compared to the corresponding period in 2024 was driven

primarily by increased volumes in Argentina, Brazil and Chile.

Net revenues

The increase in South America Net revenues in 2025 compared to the corresponding period in 2024 was driven

by increased volume, mainly in Argentina, largely offset by foreign exchange impacts from Brazilian Real and

Argentine Peso.

Adjusted operating income/(loss)

The following chart reflects the change in South America Adjusted operating income/(loss) by operational driver

for 2025 as compared to the same period in 2024:

**Adjusted operating income/(loss) by operational driver - 2025 compared to 2024 (€ million)**

![702](stellantis-20251231_g7.gif)

The decrease in South America Adjusted operating income/(loss) in 2025 compared to the corresponding

period in 2024 was primarily due to Brazilian Real devaluation impact on industrial costs and Argentine Peso

devaluation impact on price in Argentina, partially offset by better volume/mix and a benefit from recognition of

Brazilian indirect tax credits.

**China and India & Asia Pacific**

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Increase/(Decrease)** |
|  | **2025** | **2024** | **2025 vs. 2024** |
| Combined shipments (thousands of units) | 61 | 61 | 0.0% |
| Consolidated shipments (thousands of units) | 61 | 61 | 0.0% |
| Net revenues (€ million) | 1868 | 1993 | (6.3)% |
| Adjusted operating income/(loss) (€ million) | 74 | (58) | (227.6)% |
| Adjusted operating income margin (%) | 4.0% | (2.9%) | +690 bps |

---

In China, we distribute imported vehicles primarily for the Jeep brand through an asset-light approach.

Dongfeng Peugeot and Dongfeng Citroën brands in China are locally manufactured through DPCA under

various license agreements and marketed by DPCS.

We also produce the Jeep Compass and Jeep Meridian in India through our joint operation with FIAPL and we

recognize our related interest in the joint operation on a line by line basis.

Shipments distributed by our consolidated subsidiaries, which include vehicles produced by FIAPL, are

reported in both consolidated and combined shipments.

Shipments

China and India & Asia Pacific consolidated shipments in 2025 were in line with 2024. Decreases in Jeep and

FIAT are offset by increases in Peugeot, Leapmotor and Ram branded vehicles.

Net revenues

The decrease in China and India & Asia Pacific Net revenues in 2025 compared to the corresponding period in

2024 was mainly due to unfavorable foreign exchange translation impacts, lower Jeep volumes, and reduced

parts and services revenues, partially offset by improved mix, mainly driven by Ram.

Adjusted operating income/(loss)

The increase in China and India & Asia Pacific Adjusted operating income/(loss) in 2025 compared to the

corresponding period in 2024 was mainly driven by higher Ram sales and fixed costs containment, partially

offset by unfavorable foreign exchange translation impacts.

**Maserati** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Increase/(Decrease)** |
|  | **2025** | **2024** | **2025 vs. 2024** |
| Consolidated shipments (thousands of units) | 7.9 | 11.3 | (30.1)% |
| Net revenues (€ million) | 726 | 1040 | (30.2)% |
| Adjusted operating income (€ million) | (198) | (260) | (23.8)% |
| Adjusted operating income margin (%) | (27.3)% | (25.0%) | (230) bps |

---

Shipments

The decrease in Maserati shipments in 2025 compared to the corresponding period in 2024 was primarily due to

lower shipments in models Grecale and Levante.

Net revenues

The decrease in Maserati Net revenues in 2025 compared to the corresponding period in 2024 was primarily

due to lower volumes and lower vehicle net prices as a result of de-stocking activities in North America and in

China.

Adjusted operating income/(loss)

The increase in Maserati Adjusted operating income/(loss) in 2025 compared to the corresponding period in

2024 was mainly due to lower Research and development costs and reduced depreciation and amortization

costs from previously impaired assets, partially offset by decreased net pricing in North America and lower

volumes from reduced product portfolio, U.S. tariffs and reduced appetite for luxury products in China.

**Liquidity and Capital Resources** 

Liquidity Overview

We require significant liquidity in order to meet our obligations and fund the business. Short-term liquidity is

required to purchase raw materials, parts and components for vehicle production, as well as to fund selling,

administrative, research and development, other expenses and funding our captive financial services business.

In addition to our general working capital and operational needs, we expect to use significant amounts of cash

for the following purposes: (i) capital expenditures to support our existing and future products; (ii) principal and

interest payments under our financial obligations; (iii) pension and employee benefit payments; (iv) capital

injections to our joint ventures and merger and acquisitions ("M&A") initiatives; and (v) funding our captive

financial services business. We make capital investments in the regions in which we operate primarily related to

initiatives to introduce new products, including for electrification and autonomous driving, enhance

manufacturing efficiency, improve capacity, for maintenance, and for regulatory and environmental compliance.

Our business and results of operations depend on our ability to achieve certain minimum vehicle shipment

volumes. As is typical for an automotive manufacturer, we have significant fixed costs and, as such, changes in

our vehicle shipment volumes could have a significant effect on profitability and liquidity. We generally receive

payment from dealers and distributors shortly after shipment, whereas there is a lag between the time we

receive parts and materials from our suppliers and the time we are required to pay for them. Therefore, during

periods of increasing vehicle shipments, there is generally a corresponding positive impact on the Company's

cash flow and liquidity. Conversely, during periods in which vehicle shipments decline, there is generally a

corresponding negative impact on the Company's cash flow and liquidity. Delays in shipments of vehicles,

including delays in shipments in order to address quality issues or components shortage and logistic

constraints, tend to negatively affect the Company's cash flow and liquidity. In addition, the timing of the

Company's collections of receivables for export shipments of vehicles, fleet sales, as well as sales of propulsion

systems and pre-assembled parts of vehicles tends to be longer due to different payment terms. Although we

regularly enter into factoring transactions for such receivables in order to transfer relevant risks to the factor and

to accelerate collections, a change in vehicle shipment volumes could cause fluctuations in the Company's

working capital (refer to Note 23, *Trade Payables*, within the Consolidated Financial Statements included

elsewhere in this report for additional information). The increased internationalization of our product portfolio

could also affect our working capital requirements as there could be an increased requirement to ship vehicles

to countries different from where they are produced. In addition, working capital could be affected by the choice

of different methods of distribution and the trend and seasonality of shipments of vehicles.

Management believes that the funds currently available to Stellantis at the date of this report, in addition to those

funds that would be generated from operating and financing activities, will enable the Company to meet its

obligations and fund its businesses including funding planned investments and working capital needs, as well

as fulfill the Company's obligations to repay its debts in the ordinary course of business.

Liquidity needs are met primarily through cash generated from operations, including the sale of vehicles,

services and parts to dealers, distributors and other consumers worldwide.

The operating cash management and liquidity investment of the Company is coordinated with the objective of

ensuring effective and efficient management of the Company's funds. We raise capital in the financial markets

through various funding sources.

Certain notes issued by the Company and its treasury subsidiaries include covenants which could be affected

by circumstances related to certain subsidiaries. In particular there are cross-default clauses which could

accelerate repayments in the event that such subsidiaries failed to pay certain of their debt obligations. As of

December 31, 2025, the Company was in compliance with these covenants. Refer to Note 22, *Debt* within the

Consolidated Financial Statements included elsewhere in this report for additional information.

Long-term liquidity requirements could involve some level of debt refinancing as outstanding debt becomes due

or the Company is required to make principal payments. We regularly evaluate opportunities to improve our

liquidity position in order to enhance financial flexibility and to achieve and maintain a liquidity and capital

position consistent with that of other companies in the Company's industry.

However, any actual or perceived limitations of the Company's liquidity may limit the ability or willingness of

counterparties, including dealers, consumers, suppliers, lenders and financial service providers, to do business

with the Company, or require the Company to restrict additional amounts of cash to provide collateral security for

its obligations. The Company's liquidity levels are subject to a number of risks and uncertainties, including those

described in *Risk Factors*.

Refer to *ADDITIONAL INFORMATION FOR NETHERLANDS CORPORATE GOVERNANCE* - *Dividends* and Note

28, *Equity* within the Consolidated Financial Statements included elsewhere in this report for additional

information on Stellantis' distribution of profits.

Net cash used in operating activities at December 31, 2025 was €4.7 billion, a decrease of €6.2 billion from

December 31, 2024. Refer to Note 31, *Explanatory notes to the Consolidated Statement of Cash Flows*, within

the Consolidated Financial Statements included elsewhere in this report for additional information.

*Available liquidity* 

The following table summarizes the Company's Available liquidity:

---

| | | |
|:---|:---|:---|
|  | **At December 31,** | **At December 31,** |
| *(€ million)* | **2025** | **2024** |
| Cash, cash equivalents and financial securities<sup>(1)</sup> | 31508 | 38568 |
| Undrawn committed credit lines | 18287 | 12915 |
| Cash, cash equivalents and financial securities - included with Assets held for sale |  | 297 |
| **Total Available liquidity**<sup>(2)</sup> | **49795** | **51780** |
| of which: Available liquidity of the Industrial Activities | 45711 | 49481 |

---

<sup>(1)</sup> Financial securities are comprised of short term or marketable securities which represent temporary investments but do not satisfy all

the requirements to be classified as cash equivalents as they may be subject to risk of change in value (even if they are short-term in

nature or marketable)

<sup>(2)</sup> The majority of our liquidity is available to our treasury operations in Europe and U.S.; however, liquidity is also available to certain

subsidiaries which operate in other countries. Cash held in such countries may be subject to restrictions on transfer depending on the

foreign jurisdictions in which these subsidiaries operate. Based on our review of such transfer restrictions in the countries in which we

operate and maintain material cash balances, (and in particular in Argentina, in which we have €354 million cash and securities at

December 31, 2025 (€680 million at December 31, 2024) and in Algeria, in which we have €276 million cash at December 31, 2025

(€276 million at December 31, 2024)), we do not believe such transfer restrictions had an adverse impact on the Company's ability to

meet its liquidity requirements at the dates presented above. Cash and cash equivalents also include €663 million at December 31, 2025

(€451 million at December 31, 2024) held in bank deposits which are restricted to the operations related to securitization programs and

warehouses credit facilities of SFS U.S.

Available liquidity of the Industrial activities at December 31, 2025 decreased by €3.8 billion from December 31,

2024 primarily due to the negative industrial free cash flow of €4.5 billion and €2.0 billion dividend distribution

partially offset by increase in committed lines. Foreign exchange translation effects have impacted our available

liquidity unfavorably by €1.4 billion.

Our Available liquidity is subject to intra-month and seasonal fluctuations resulting from business and collection

payment cycles as well as to changes in foreign exchange conversion rates. Refer to the section — *Cash Flows* 

below for additional information regarding the change in cash and cash equivalents and refer to Note 31,

*Explanatory notes to the Consolidated Statement of Cash Flows*, within the Consolidated Financial Statements

included elsewhere in this report for additional information.

Our liquidity is principally denominated in Euro and U.S. Dollar, with the remainder being distributed in various

countries and denominated in the relevant local currencies. Out of the total €31.5 billion of cash, cash

equivalents and current securities available at December 31, 2025, €16.7 billion, or 53 percent (€21.4 billion, or

55 percent, at December 31, 2024), were denominated in Euro and €8.1 billion, or 26 percent (€10.8 billion, or

28 percent at December 31, 2024), were denominated in U.S. Dollar.

At December 31, 2025, undrawn committed credit lines of €18.3 billion include the syndicated revolving credit

facility ("RCF") of €12.0 billion, amended and extended in July 2024 and further extended in June 2025, with a

group of 29 relationship banks. The RCF is available for general corporate purposes and is structured in two

tranches: €6.0 billion, with a 3-year tenor, and €6.0 billion, with a 5-year tenor, with each tranche benefiting from

two further extension options, each of one year exercisable on the first and second anniversary of the

amendment signing date. The first extension option was activated in June 2025, extending the maturities to July

2028 and July 2030, respectively, for the two tranches. The amount utilized under these credit lines was nil at

December 31, 2025.

In January 2025, the Company entered a new committed credit line of €4.0 billion with a pool of relationship

banks. The facility line is available for general corporate and working capital purposes of the Company,

including without limitation the refinancing of existing indebtedness of the Company. The line originally had a

one year tenor with two extension options, at the Company's discretion, of six months each. The first extension

option was activated in December 2025, extending the maturity to July 2026. The amount used under this credit

line was nil at December 31, 2025.

In December 2025, SFS U.S. established a €1.9 billion ($2.2 billion) privately placed Commercial Paper ("CP")

program. At December 31, 2025, no notes were outstanding under the CP program.

Concurrent with the establishment of the CP program, to provide dedicated liquidity support for this CP program,

the committed USD credit line originally signed by SFS U.S. in March 2024, €0.9 billion ($1 billion) was amended

and refinanced (the "SFS RCF"). The amended SFS RCF is structured in two tranches: €0.8 billion ($1 billion),

with a 364-days tenor, and €1.1 billion ($1.3 billion), with a three-year tenor, with each tranche benefiting from

two further extension options, each of one year exercisable on the first and second anniversary of the

amendment signing date. The amount used under the amended SFS RCF was nil at December 31, 2025.

Refer to Note 22, *Debt* within the Consolidated Financial Statements included elsewhere in this report for

additional information.

*Euro Medium Term Note ("EMTN") Program and other Notes*

On March 18, 2025, Stellantis Finance U.S. Inc issued three bonds guaranteed by Stellantis N.V.:

• a USD bond with principal amount of $1,000 million with an interest rate of 6.45 percent and which matures in

March 2035;

• a USD bond with principal amount of $750 million with an interest rate of 5.75 percent and which matures in

March 2030; and

• a USD bond with principal amount of $500 million with an interest rate of 5.35 percent and which matures in

March 2028.

On June 6, 2025, the Company issued two bonds under its EMTN:

• a EUR bond with principal amount of €800 million with an interest rate of 4.625 percent and which matures in

June 2035; and

• a EUR bond with principal amount of €700 million with an interest rate of 3.875 percent and which matures in

June 2031.

On September 15, 2025, SFS U.S. issued three bonds:

• a USD bond with principal amount of $700 million with an interest rate of 5.40 percent and which matures in

September 2030;

• a USD bond with principal amount of $1,000 million with an interest rate of 4.95 percent and which matures in

September 2028; and

• a USD bond with principal amount of $300 million with a floating interest rate and which matures in September

2028. In March 2025, the Company repaid, at maturity, a €650 million note issued by PSA in 2018.

As at December 31, 2025, all the outstanding notes of Stellantis were rated "Baa2" by Moody's Investors Service

and "BBB" by S&P Global Ratings.

Refer to Note 22, *Debt* within the Consolidated Financial Statements included elsewhere in this report for

additional information.

*Financial Services Asset-Backed Facilities*

SFS U.S. activities are primarily funded through various asset-backed financing transactions including

Warehouse Credit Facilities, Asset-Backed Securities consisting of ABS Term Notes issued under its

securitization programs and Asset-backed Term Loans. Each of these financing transactions are entered into by

special-purpose entities that are 100 percent owned by SFS U.S. The underlying debt obligations are non-

recourse to SFS U.S. and are settled through the collection of the portfolio of financing receivables originating

from dealers or consumers. The amount outstanding under the securitization programs was €14.8 billion

($17.3 billion) as of December 31, 2025.

*Warehouse Credit Facilities*

In 2022, SFS U.S. implemented two separate warehouse credit facilities, in addition to the pre-existing First

Investors Auto Receivables Corporation ("FIARC") warehouse facility.

The first SFS U.S. facility, SFS Funding, LLC was implemented in August 2022 and was renewed in April 2024

and matures in April 2026. The facility bears interest based on variable commercial paper rates plus a spread or

Secured Overnight Funding Rate ("SOFR") plus a spread.

In September 2024, the SFS U.S. USD credit facility, SFS Funding, LLC, size was increased from €3.4 billion

($4 billion) to €6.8 billion ($8 billion). In connection with this upsizing, the number of participating banks was

increased from six to twelve banks. There were no material changes to the transaction documents and the

maturity of the warehouse credit facility remained in April 2026.

The second SFS U.S. facility, SFS Funding II, LLC was implemented in August 2022 with an original commitment

of €426 million ($500 million) and was terminated in April of 2024 when the commitments were consolidated into

the SFS Funding LLC facility when that facility was renewed.

In September 2025, the first SFS U.S. credit facility, SFS Funding, LLC was renewed. The facility size and the

number of participating banks remained at $8.0 billion and twelve, respectively. There were no material changes

to the transaction documents and the maturity of the warehouse credit facility extended to October 2027.

In September 2025, revolving credit floorplan facility (Stellantis Financial Floorplan Master Auto Owner Trust

("SFMOT") 2024-1) size was increased from €638 million ($750 million) to €1.1 billion ($1.3 billion). Draws off the

facility will bear an interest rate based off the lender's ABCP cost of funds plus a spread based on the

composition of receivables pledged to the facility. Borrowings will be used to support the Company's

commercial floorplan lending business with floor plan receivables providing collateral. As of December 31, 2025,

€0.9 billion ($1.1 billion) was outstanding under this facility.

In December 2025, the FIARC warehouse, with a capacity of €340 million ($400 million), was extended to mature

in December 2027. In conjunction with the renewal, the benchmark rate was transitioned from SOFR plus a

spread to CP Rate plus a spread.

SFS U.S. uses interest rate derivatives in order to reduce the interest rate risks of certain warehouse credit

facilities.

*Asset-backed Securities ("ABS") Term Notes and Amortizing Term Facilities*

SFS U.S. continued to expand and diversify its secured funding programs through a series of ABS issuances

and amortizing credit facilities backed by retail loan and lease assets. Key transactions completed during 2024

and 2025 are presented below.

**ABS Term Note Issuances**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Issuer/Trust** | **Amount (€/$)** | **Asset Type** | **Structure** |
| January 2024 | SFS Auto Receivables <br>Securitization Trust <br>2024-1<br>| €0.9bn / $1.0bn | Prime retail loans | Six fixed-rate classes |
| May 2024 | SFS Auto Receivables <br>Securitization Trust <br>2024-2<br>| €0.9bn / $1.0bn | Prime retail loans | Six fixed-rate classes |
| October 2024 | SFS Auto Receivables <br>Securitization Trust <br>2024-3<br>| €787m / $925m | Prime retail loans | Six fixed-rate classes |
| February 2025 | SFS Auto Receivables <br>Securitization Trust <br>2025-1<br>| €745m / $875m | Prime retail loans | Six fixed-rate classes |
| May 2025 | SFS Underwritten <br>Enhanced Lease Trust <br>2025-A<br>| €1.3bn / $1.5bn | Prime lease assets | Six fixed-rate classes |
| June 2025 | SFS Auto Receivables <br>Securitization Trust <br>2025-2<br>| €787m / $925m | Prime retail loans | Six fixed-rate classes |
| August 2025 | SFS Underwritten <br>Enhanced Lease Trust <br>2025-B<br>| €1.3bn / $1.5bn | Prime retail loans | Six fixed-rate classes |
| October 2025 | SFS Auto Receivables <br>Securitization Trust <br>2025-3<br>| €739m / $825m | Prime retail loans | Six fixed-rate classes |
| November 2025 | First Investors Auto <br>Owner Trust 2025-1<br>| €565m / $664m | Subprime retail assets | Four fixed-rate classes |
| December 2025 | SFS Underwritten <br>Enhanced Lease Trust <br>2025-C<br>| €1.3bn / $1.5bn | Prime retail loans | Six fixed-rate classes |

---

On February 19, 2026, the Company priced an issuance of asset-backed notes through its 100 percent owned

subsidiary, SFS Auto Receivables Securitization Trust 2026-1. The notes, totaling $1.5 billion, were delivered on

February 26, 2026, at which time the Company received the related proceeds. The notes are supported by a

pool of automobile receivables and include customary structural credit enhancement feature.

**Amortizing Term Facilities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Issuer / Trust** | **Amount (€ / $)** | **Asset Type** | **Key Terms** |
| April 2024 | SFAF 2024-1 | €638m / $750m | Retail loans | Upsized by €426m / $500m in March <br>2025; fixed rate plus spread; <br>amortizing, no further draws<br>|
| July 2024 | SFAF 2024-2 | €638m / $750m | Retail loans | Fixed rate plus spread; amortizing, no <br>further draws<br>|
| August 2024 | SFALV 2024-1 | €0.9bn / $1.0bn | Retail lease assets | Fixed rate plus spread; amortizing |

---

Refer to Note 22, *Debt* within the Consolidated Financial Statements included elsewhere in this report for

additional information.

Cash Flows

The following table summarizes cash flows from operating, investing and financing activities for each of the

*years ended December 31, 2025*, 2024 and 2023. Refer to the Consolidated Statement of Cash Flows for the

years ended December 31, 2025, 2024 and 2023 and to Note 31, *Explanatory notes to the Consolidated* 

*Statement of Cash Flows* included elsewhere in this report for additional information. Refer to Note 10, *Other* 

*intangible assets* and Note 11, *Property, plant and equipment*, within the Consolidated Financial Statements

included elsewhere in this report for details on our contractual commitments.

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million)* | **2025** | **2024** | **2023** |
| Cash flows from (used in) operating activities<sup>(1)</sup> | (4650) | 1535 | 17954 |
| Cash flows from (used in) investing activities<sup>(1)</sup> | (5897) | (10105) | (14215) |
| Cash flows from (used in) financing activities<sup>(1)</sup> | 7574 | (1343) | (5501) |
| Effect of changes in exchange rates | (1278) | 410 | (836) |
| (Increase)/decrease in cash and cash equivalents <br>included in asset held for sale<br>| 297 | (66) | (166) |
| Increase/(decrease) in cash and cash equivalents | (3954) | (9569) | (2764) |
| Net cash and cash equivalents at beginning of the period | 34100 | 43669 | 46433 |
| **Net cash and cash equivalents at end of period** | **30146** | **34100** | **43669** |

---

<sup>(1)</sup> Effective June 2025, the Company adjusted certain classification items in the presentation of its Consolidated Statement of Cash Flows.

Refer to Note 2, *Basis of preparation*, within the Consolidated Financial Statements included elsewhere in this report for additional

information. Comparative figures for December 2024 and 2023 have been reclassified accordingly

**Industrial free cash flows**

The following table provides a reconciliation of Cash flows from operating activities, the most directly

comparable measure included in the Consolidated Statement of Cash Flows, to Industrial free cash flows for the

years ended December 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million)* | **2025** | **2024** |
| **Cash flows from/(used in) operating activities**<sup>(1)</sup> | **(4650)** | **1535** |
| Less: Financial services, net of inter-segment eliminations | (9700) | (5209) |
| Less: Capital expenditures and capitalized research and development <br>expenditures and change in amounts payable on property, plant and equipment <br>and intangible assets for industrial activities<br>| 9090 | 10761 |
| Add: Proceeds from disposal of assets and other changes in investing activities | 591 | 303 |
| Less: Contributions of equity to joint ventures and minor acquisitions of <br>consolidated subsidiaries and equity method and other investments<br>| 1116 | 2376 |
| Add: Defined benefit pension contribution, net of tax | 40 | 45 |
| **Industrial free cash flows** | **(4525)** | **(6045)** |

---

<sup>(1)</sup> Effective June 2025, two types of cash flows were reclassified to cash flows from operating activities: (i) the net change in receivables

related to financial services activities have been reclassified from investing activities as these are part of our principal revenue-generating

activities and (ii) certain financial receivables related to factoring transactions have been reclassified from financing activities. Refer to

Note 2, *Basis of preparation*, within the Consolidated Financial Statements included elsewhere in this report for additional information.

Comparative figures for December 2024 have been reclassified accordingly

**Industrial net financial position**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2024** | **At December 31, 2024** | **At December 31, 2024** |
| *(€ million)* | **Company** | **Industrial** <br>**activities**<br>| **Financial** <br>**services**<br>| **Company** | **Industrial**<br>**activities**<br>| **Financial**<br>**services**<br>|
| Third parties debt (Principal) | (45318) | (24616) | (20702) | (36609) | (23499) | (13110) |
| *Capital market*<sup>(1)</sup> | *(25060)* | *(20945)* | *(4115)* | *(20003)* | *(18542)* | *(1461)* |
| *Bank debt* | *(1931)* | *(867)* | *(1064)* | *(3562)* | *(1902)* | *(1660)* |
| *Other debt*<sup>(2)</sup> | *(15873)* | *(362)* | *(15511)* | *(10488)* | *(515)* | *(9973)* |
| *Lease liabilities* | *(2454)* | *(2442)* | *(12)* | *(2556)* | *(2540)* | *(16)* |
| Accrued interest and other adjustments<sup>(3)</sup> | (629) | (533) | (96) | (618) | (572) | (46) |
| **Debt with third parties (excluding held for sale)** | (45947) | (25149) | (20798) | (37227) | (24071) | (13156) |
| Debt classified as held for sale |  |  |  | (128) | (60) | (68) |
| **Debt with third parties including held for sale** | (45947) | (25149) | (20798) | (37355) | (24131) | (13224) |
| Intercompany, net<sup>(4)</sup> |  | 1756 | (1756) |  | 1570 | (1570) |
| Current financial receivables from jointly-controlled <br>financial services companies<sup>(5)</sup><br>| 603 | 603 |  | 674 | 524 | 150 |
| **Debt, net of intercompany, and current financial** <br>**receivables from jointly-controlled financial** <br>**service companies**<br>| (45344) | (22790) | (22554) | (36681) | (22037) | (14644) |
| Derivative financial assets/(liabilities), net and <br>collateral deposits<sup>(6)</sup><br>| 181 | 188 | (7) | 222 | 212 | 10 |
| Financial securities<sup>(7)</sup> | 1362 | 1098 | 264 | 4468 | 4249 | 219 |
| Cash and cash equivalents | 30146 | 28198 | 1948 | 34100 | 32409 | 1691 |
| Cash and cash equivalents classified as held for <br>sale<br>|  |  |  | 297 | 295 | 2 |
| **Net financial position** | **(13655)** | **6694** | **(20349)** | **2406** | **15128** | **(12722)** |

---

<sup>(1)</sup> Includes notes issued under the Medium Term Note Program, or MTN Program, and other notes for €22,333 million at December 31,

2025 (€18,228 million at December 31, 2024), Schuldschein for €314 million (€314 million at December 31, 2024) and other financial

instruments issued in financial markets, mainly from South America financial services companies for €2,413 million (€1,461 million at

December 31, 2024)

<sup>(2)</sup> Includes debt for securitizations programs, for €15,471 million at December 31, 2025 (€9,967 million at December 31, 2024), and other

asset-backed financing, i.e., sales of receivables for which de-recognition is not allowed under IFRS, for €8 million at December 31, 2025

(€49 million at December 31, 2024)

<sup>(3)</sup> Includes adjustments for purchase accounting and net (accrued)/deferred interest and other amortizing cost adjustments

<sup>(4)</sup> Net amount between industrial activities entities' financial receivables due from financial services entities (€2,237 million at December

31, 2025 and €2,316 million at December 31, 2024) and industrial activities entities' financial payables due to financial services entities

(€481 million at December 31, 2025 and €746 million at December 31, 2024)

<sup>(5)</sup> Financial receivables due from Stellantis Financial Services Europe JVs

<sup>(6)</sup> Fair value of derivative financial instruments (net positive €161 million at December 31, 2025 and net positive €215 million at December

31, 2024) and collateral deposits (€20 million at December 31, 2025 and €7 million at December 31, 2024)

<sup>(7)</sup> Excludes certain financial securities held pursuant to applicable regulations (€376 million at December 31, 2025 and €264 million at

December 31, 2024) and non-liquid equity investments (€608 million at December 31, 2025 and €692 million at December 31, 2024) and

other non-liquid securities (€203 million at December 31, 2025 and €347 million at December 31, 2024)

The €8.4 billion reduction in Industrial net financial position at December 31, 2025, as compared to December

31, 2024, primarily reflects the negative industrial free cash flow in the period of €4.5 billion, €2.0 billion dividend

distribution and a negative €1 billion foreign exchange translation effect.

**Rating Agency updates**

In March 2025, S&P revised Stellantis' issuer credit rating and senior unsecured debt rating from "BBB+" to

"BBB" and changed the outlook from negative to stable.

In May 2025, Moody's revised Stellantis' long-term issuer rating and senior unsecured debt rating from "Baa1" to

"Baa2" and changed the outlook from negative to stable.

In August 2025, S&P affirmed Stellantis' "BBB" issuer credit rating and senior unsecured debt rating and revised

the outlook from stable to negative.

In October 2025, Moody's affirmed Stellantis' "Baa2" long-term issuer rating and senior unsecured debt rating

and revised the outlook from stable to negative.

Refer to Note 33, *Subsequent events* within the Consolidated Financial Statements included elsewhere in this

report for additional information.

Refer to Note 22, *Debt* within the Consolidated Financial Statements included elsewhere in this report for

additional information regarding the Company's Capital Resources. Refer to Note 32, *Qualitative and quantitative* 

*information on financial risks* within the Consolidated Financial Statements included elsewhere in this report for

additional information regarding the Company's qualitative and quantitative information on financial risks. Refer

to *Contractual Obligations*, included elsewhere in this report for additional information on the Company's

significant contractual commitments as at December 31, 2025.

Risk Management

**Risk Management**

Risk management activities are an essential business driver to ensure the achievement of Stellantis' objectives

and the sustainability of its business plan in the medium to long-term. The Company has adopted an integrated

approach aimed at strengthening the awareness, at every level of the organization, that adequate risk

assessment and management can create and preserve value for Stellantis. A structured process has been

implemented to integrate risk identification, assessment, monitoring and mitigation into business practices, and

to provide management with information necessary to take the appropriate decisions for achieving the

Company's strategic objectives.

**Enterprise Risk Management Framework**

The Stellantis risk management framework is based on the principles of the 2017 Committee of Sponsoring

Organizations of the Treadway Commission ("COSO") Framework "Enterprise Risk Management ("ERM") -

Integrating with Strategy and Performance" and of the Dutch Corporate Governance Code.

In alignment with the COSO principles, the Stellantis ERM framework integrates risk management processes into

the management of the Company's business with the aim of implementing its strategy, improving the

performance and creating long-term value. Additionally, it supports the protection of corporate assets, the

efficiency and effectiveness of business processes, the reliability of financial information and the compliance

with laws and regulations.

The Stellantis ERM framework consists of five key components:

**1. ERM Governance Structure**

The risk management process is implemented across the whole organization through a governance structure

that involves several committees, regions and business functions, risk owners and ERM to manage business

risks and to define the most effective strategies for their mitigation.

A Global Risk Management Committee ("GRMC") has been established to provide guidance on strategic risk

management decisions and defines the Company's risk appetite and is chaired by the Chief Human Resources

Officer. Other members of the GRMC are representatives from the legal, finance, corporate affairs, internal audit,

and risk management. The GRMC provides guidance on the overall strategic risk management decisions.

The ERM team within Stellantis is responsible for designing and updating the enterprise risk framework and

working with business and global functions to support the identification, assessment, monitoring and reporting of

risk exposures and their associated mitigation actions at department level.

**2. Strategy Setting and Risk Appetite**

The alignment of business objectives with strategy is achieved through Stellantis governance committees which

include Senior Management responsible for supporting risk governance. The management of enterprise risks is

integrated into the strategic plan and business objectives through the GRMC members that are part of the

Stellantis governance committees. In 2025, the Stellantis Leadership Team ("SLT") supported by governance

committees, is ultimately responsible for risk management programs, providing guidance and direction,

reviewing and approving the overall global enterprise risk assessment results and ensuring accountability for

effectively managing and mitigating significant risks.

Risk tolerance analysis is supported by the review and monitoring of Key Risk Indicators ("KRIs"). In 2025, status

of risk monitoring and mitigating activities was quarterly assessed and results were regularly reported to GRMC

members and to the Stellantis Leadership Team by the Head of Audit & Compliance. The Board of Directors has

an oversight role over Stellantis' risk assessment.

Stellantis aligns its risk appetite to its business plan. Risk boundaries are set through Stellantis strategy, Code of

Conduct, budgets and policies. Stellantis objectives are consistent with the organization's risk appetite.

The statement for the Dutch Verklaring Omtrent Risicobeheersing ("VOR") is consistent with the below disclosure

of Stellantis' risks.

---

| | | |
|:---|:---|:---|
| **Risk category** | **Category description** | **Risk appetite** |
| **Strategic** | Risk that may arise from the pursuit of Stellantis' <br>business plan, from strategic changes in the business <br>environment, and/or from adverse strategic business <br>decisions.<br>| We are prepared to take risks in a responsible <br>way that takes our stakeholders' interests into <br>account and is consistent with our business <br>plan.<br>|
| **Operational** | Risk relating to internal processes, people and systems <br>or external events (including legal and reputational risks).<br>| We look to mitigate operational risks to the <br>maximum extent based on cost/benefit <br>considerations.<br>|
| **Financial** | Risk relating to uncertainty of return and the potential for <br>financial loss due to financial performance.<br>| We seek capital market and other transactions <br>to strengthen our financial position and finance <br>our operations on a consolidated global basis.<br>|
| **Compliance** | Risk of non-compliance with relevant regulations and <br>laws, internal policies and procedures.<br>| We hold ourselves, as well as our employees, <br>responsible for acting with honesty, integrity <br>and respect, including complying with our Code <br>of Conduct, applicable laws and regulations <br>everywhere we do business.<br>|

---

**3. Enterprise Risk Assessment**

The enterprise risk assessment is the assessment of the main risks that may affect the achievement of Stellantis'

strategy and its sustainability despite the risk mitigations in place. This assessment is performed annually to

identify and prioritize the major risks based on their criticality, with a bottom-up approach that leverages on the

departments' risk assessment results, regular risk trends monitoring and targeted interviews conducted with a

representative range of regional and business function managers. The assessment is further reinforced by

external perspectives gathered through interviews with external stakeholders.

Risk scenarios and evaluation are carried out using likelihood, impact and control effectiveness criteria.

The results of the assessment are consolidated on a risk mapping and then reviewed by executive leaders

before presentation for approval to the SLT and final validation by the Audit Committee.

Fraud risk assessment is aligned with Stellantis' overall ERM strategy and is integrated into the broader

departmental risk management process to manage potential risks related to fraudulent activities that could harm

Stellantis' financial health, reputation, and operations. A fraud risk assessment is performed annually to identify

and manage emerging fraud risks. Fraud risk assessment results are communicated to departmental senior

management to ensure proper implementation of mitigation efforts.

**4. Risk Mitigation and Monitoring**

Major risks assigned to Stellantis Leadership Team members are detailed in more specific sub-risks and

assigned to sub-risk owners in charge of deploying adequate risk mitigation measures. KRIs have been

established to quantitatively measure and monitor sub-risks exposure in a more predictive way and to facilitate

reporting of risk change. Additionally, an estimated maximum loss ("EML") is evaluated for specific sub-risks

scenarios to estimate potential financial impact and support the setting of risk appetite. The ERM team monitors

mitigation progress, KRI trends, and EMLs, reporting key developments to the GRMC.

**5. Risk Management Integration and Culture Dissemination**

Management uses relevant information from both internal and external sources to support the ERM process. To

support the business in pursuing continuous risk management process improvement and to promote a culture

that proactively identify, evaluate and monitor risks, ERM team relies on the support of a compliance champions

network responsible for building or updating annually the risk assessment of their departments and supervising

the relative risk mitigation action plans. Compliance champions attend periodic ERM awareness programs.

**Significant Risks Identified and Control Measures**

In 2025, results of the annual risk assessment were consolidated into a Stellantis report for review with members

of the GRMC before the presentation of the most significant risks to the Stellantis Leadership Team. Once

validated, results were presented to the Audit Committee, assisting the Board of Directors in their responsibility

for strategic oversight of risk management activities. Control measures and mitigating actions were identified or

enhanced to ensure risks were appropriately addressed.

The list of risks, control measures and mitigating actions presented below is not exhaustive. It reflects the most

significant exposures, the main risks considering the highest impact and likelihood. Compliance, ICT &

Cybersecurity, and Manufacturing risks are also presented in light of their structural importance to Stellantis

regulatory and operating environment, although not assessed in 2025 among the highest exposures. The

sequence in which these risks and mitigating actions are described does not reflect order of importance,

likelihood of occurrence or control measures effectiveness. The statement for the Dutch VOR is consistent with

the below disclosure of Stellantis' risks.

Monitoring of risk mitigating actions and KRI metrics are the responsibility of the ERM team and compliance

champions.

---

| | | | |
|:---|:---|:---|:---|
| **Risk** <br>**Category**<br>| **Risk** | **Risk Description** | **Control / Mitigating Actions** |
| **Strategic** | Transition to <br>Electrification<br>| Main risk factors for transition to <br>electrification include: the evolving nature of <br>the regulatory environment, the higher <br>production costs (and corresponding) prices <br>of EV that could reduce our competitive <br>advantage and result in lower customer <br>appetite and lower profit margin or in a sharp <br>decrease of the automotive market share, <br>the aggressive competition of new players in <br>the EV market that are developing with lower <br>production cost and advanced technological <br>solutions, and the dependence of EV <br>(market) on government policies.<br>| Cost-reduction strategies to make EVs more <br>affordable, including investing in Chinese EV <br>maker Leapmotor Execution of battery/Electric <br>Drive Module roadmap to deliver performance <br>at the right level.<br>Stellantis continuously reassesses its actions <br>and aligns product plans in light of evolving EV <br>regulations, shifting timelines, and market <br>adoption trends.<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Operational** | Supply Chain | Stellantis' ability to manage critical supplies <br>to prevent production interruptions, and the <br>ability to manage limited availability and <br>increased costs of commodities, energy and <br>transportation.<br>| Actions to mitigate risks related to potential <br>unavailability of raw materials and critical <br>components in the time required by production <br>planning include:<br>•assessment of the end-to-end value chain of <br>supplies to identify possible critical resources;<br>•monitoring of global, political, environmental <br>and economic events, to anticipate or identify <br>those that could lead to supply chain <br>disruption and implement timely mitigating <br>actions;<br>•developing/acquiring technical solutions to <br>reduce dependence on critical raw materials;<br>•monitoring the suppliers' risk to mitigate <br>disruption due to any kind of failure; and<br>•strategic partnerships to gain access to the <br>latest innovations.<br>|
| **Compliance** | Compliance | The increasing complexity of compliance<br>requirements in different fields (e.g.,<br>corporate liability, market regulations,<br>export controls, anti-bribery, emissions and<br>vehicle safety, data privacy, human rights,<br>etc.) puts the organization at risk of <br>noncompliance,<br>that could result in potential<br>fines, increased costs, and reputational<br>damages.<br>| Company governance and regular oversight by<br>top executive management to monitor<br>compliance with laws and regulatory<br>requirements and to promote consistency in<br>approach and process across Stellantis<br>operations.<br>Stellantis Code of Conduct clearly and<br>affirmatively requires employees to report<br>issues of non-compliance.<br>Regular training and frequent communication<br>reinforce the prevention system.<br>"Stellantis Integrity Helpline" program<br>encourages employees, contractors, suppliers<br>and dealers to report any issues that may<br>concern vehicle safety, emissions or regulatory<br>compliance.<br>|
| **Financial** | Geopolitical & <br>Macro-<br>Economic <br>Factors<br>| The exposure to adverse financial conditions <br>such as tariffs, persistent inflation also <br>impacting labor cost, high interest rates, as <br>well as repeated increases and volatility in <br>foreign exchange, raw material and energy <br>prices, could impact Stellantis' plans and <br>profitability and its financial ability to offset <br>the effects of a major crisis. This risk is <br>increased by geopolitical instabilities, <br>continued protectionism and unavailability of <br>natural resources and energy.<br>| Risk is mitigated through:<br>•natural and financial hedging strategies;<br>•material substitution and circular-economy <br>strategy;<br>•optimization in technical solutions to minimize <br>the use of critical resources or find <br>substitutions; and<br>•constant monitoring of raw material market <br>dynamics and of price trends.<br>|
| **Strategic** | Customer <br>Satisfaction<br>| Delivering an outstanding customer <br>experience and high-quality products/ <br>services is key for Stellantis. A strong focus <br>on quality represents a significant <br>opportunity to strengthen customer <br>satisfaction, protect Stellantis reputation, <br>maintain a competitive position in the market <br>and drive sustainable growth.<br>| Actions to mitigate the impact on customers <br>satisfaction are:<br>•customer surveys/feedback that feed into <br>service improvement programs, including all <br>channels of interface between Stellantis and <br>customers (distribution and reparation <br>network, website);<br>•monitoring of product and service quality <br>metrics; and <br>•executive-level quality responsibility (Head of <br>Quality reporting to the CEO). <br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Operational** | Manufacturing | Manufacturing operations manage several <br>factors that can affect its efficiency, including <br>the adaptation of manufacturing capacity to <br>the demand or cost competitiveness.<br>| Mitigating actions under review with the new <br>Strategy definition.<br>|
| **Operational** | Cybersecurity | The growing and evolving threats to digital <br>infrastructure and data security due to global <br>political tensions, international conflicts, and <br>availability of AI-enabled technology may <br>target Stellantis' systems and lead to <br>significant business disruption, loss of <br>confidential information and competitive <br>know-how, or breaches of data privacy <br>resulting in financial and/or reputational <br>damage.<br>| A cybersecurity program, along with <br>multilayered controls, is in place at Stellantis to <br>identify and mitigate cyber risks emerging from <br>the evolving threat landscape. This program has <br>been developed based on:<br>•a comprehensive and thorough analysis of <br>the potential exposure of critical Company <br>assets, including the information that must be <br>protected and the required security level;<br>•implementation of policies and procedures <br>designed to reduce the risk of attack in the <br>event of a security breach;<br>•plans and procedures established to <br>neutralize threats and address security issues <br>effectively; and<br>•frequent employee awareness campaigns.<br>|

---

Control measures and comprehensive mitigation actions for key global risks were monitored throughout the year

by Stellantis senior leaders in the regions and business functions, under the oversight of the related global

leaders in an effort to address risks on a timely basis and confirm that the control measures taken were effective

in preventing the risks from materializing. Refer to *Risk Factors* included elsewhere in this report for additional

information.

Improvements in the overall Stellantis risk management process

We regularly benchmark risk management processes with peer companies and explore opportunities for

improvement, in order to strengthen and improve ERM governance. In 2025, we reinforced our benchmark with

the analysis of top risks reported by our main competitors and by a sample of comparable groups. We also

complemented the quarterly KRIs monitoring with additional qualitative risk trend analysis. External views on

Stellantis risks, gathered through interviews with external stakeholders, who follow our Company closely, were

also reinforcing the annual risk assessment.

We also consistently engage with various levels within our business operations and review our risk monitoring

results in order to identify new risks or additional mitigations.

**Risk Factors** 

*We face a variety of risks in our business. The risks and uncertainties described below are not the only ones* 

*facing us. Additional risks and uncertainties that we are unaware of, or that we currently believe to be immaterial,* 

*may also become important factors that affect us.*

**Risks Related to Our Business, Strategy and Operations**

If our vehicle shipment volumes continue to deteriorate, particularly shipments of pickup trucks and larger sport

utility vehicles in the U.S. market, and overall shipments of vehicles in the European market, our results of

operations and financial condition will suffer.

As is typical for automotive manufacturers, we have significant fixed costs primarily due to our substantial

investment in product development, property, plant and equipment and the requirements of collective

bargaining agreements and other applicable labor relations regulations. As a result, changes in certain vehicle

shipment volumes have a disproportionately large effect on our profitability.

Our profitability in North America, a region which historically contributed a majority of our profits, is particularly

dependent on demand for pickup trucks and larger SUVs. Pickup trucks and larger SUVs have historically been

more profitable than other vehicles and accounted for approximately 84 percent of our total U.S. retail vehicle

shipments in 2025. A shift in consumer demand away from these vehicles within the North America region,

whether as the result of a shift in demand toward competitor vehicles or toward compact and mid-size

passenger cars, which could occur in response to higher fuel prices, lower disposable income due to recession,

higher borrowing costs or other factors, could adversely affect our profitability. For example, U.S. demand for

our vehicles, including pickup trucks and larger SUVs, softened significantly in 2024 which led to elevated

dealer-owned inventory levels and the related impacts on our shipments and pricing negatively affected our

profitability.

In 2025, we generated approximately 38 percent of our Net revenues in the Enlarged Europe region and are

therefore significantly exposed to a downturn in economic conditions in Europe, enhanced competition in the

European vehicle market (particularly, from Chinese OEMs), or a deterioration of the European vehicle market,

each of which impacted our vehicle shipments in that market in 2025.

In addition, we operate with negative working capital, because payments for vehicles are received shortly after

shipment, while payments to suppliers occur later. As a result, in periods in which vehicle shipments decline

materially, we may suffer a significant negative impact on cash flow and liquidity as we continue to pay suppliers

for components purchased in a high-volume environment during a period in which we receive lower proceeds

from vehicle shipments. This timing difference negatively impacted our cash flow and liquidity in 2024 and the

first half of 2025 and could do so again if shipments continue to decline.

If our vehicle shipments decline further due to a downturn in economic conditions, changes in consumer

confidence, geopolitical events, inability to produce sufficient quantities of certain vehicles, enhanced

competition in certain markets, including North America, loss of market share, limited access to financing or

other factors, such decline could have a material adverse effect on our business, financial condition and results

of operations.

Our business may be adversely affected by global financial markets, general economic conditions, enforcement of

government incentive programs, geopolitical volatility and protectionist trade policies, as well as other macro

developments over which we have no control.

With operations worldwide, our business, financial condition and results of operations may be influenced by

macroeconomic factors within the various countries in which we operate, including changes in gross domestic

product, the level of consumer and business confidence, changes in interest rates for, or availability of,

consumer and business credit, the rate of unemployment, foreign currency controls and changes in exchange

rates, as well as geopolitical risks, such as government instability, social unrest, the rise of nationalism and

populism and disputes between sovereign states.

We are also significantly impacted by tariffs and other barriers to trade imposed between governments in

various regions. For example, there has been a recent and significant increase in tariffs and duties between the

U.S. and its trading partners, including China, Canada, Mexico and the European Union. We import a significant

number of our vehicles and components from outside the U.S., particularly in Canada, Mexico and Italy. We also

manufacture vehicles and components in the U.S. that are exported globally. Disruptions in tariff or duty activity

between our major markets - particularly rapid disruptions - could further increase the cost and negatively

impact the potential availability of raw materials and components, as well as finished vehicles, which in turn

would potentially increase consumer prices, reduce demand for our products and/or make our products less

profitable.

We are also subject to other risks, such as increases in energy and fuel prices and fluctuations in prices of raw

materials, including as a result of tariffs or other protectionist measures, changes to vehicle purchase incentive

programs, and contractions in infrastructure spending in the jurisdictions in which we operate. In addition, these

factors may also have an adverse effect on our ability to improve the utilization of our industrial capacity in some

of the jurisdictions in which we operate. Several of the markets in which we operate have experienced or are

experiencing challenging macroeconomic climates. Consumers have faced and may continue to face

challenging cost inflation and higher fuel prices in particular, negative real wages and higher borrowing rates,

which may continue to contribute to lower sales, particularly in the more profitable segments of our product mix.

Unfavorable developments in any one or a combination of these risks (which may vary from country to country)

could have a material adverse effect on our business, financial condition and results of operations and on our

ability to execute planned strategies. For further discussion of risks related to the automotive industry, refer to

the section "*Risk Factors—Risks Related to the Industry in which We Operate*" for additional information.

We are subject to risks relating to geopolitical volatility and instability. For example, as a result of ongoing global

conflicts, we may be subject to supply chain disruptions, energy and logistics cost inflation or other adverse

impacts from increased global instability.

Unfavorable developments in our relationships with governments, or a reduction in government incentives, in the

markets in which we operate could also have a material adverse effect on our business, financial condition and

results of operations. For example, in Brazil, we have historically received certain tax benefits and other

government grants, that favorably affected our results of operations which will expire at the end of 2032.

Expiration of these tax benefits and government grants or any change in the amount of such tax benefits or

government grants could have a material adverse effect on our business, financial condition and results of

operations.

We are also subject to other risks inherent to operating globally. For a discussion of certain tax-related risks

related to our operating globally, refer to the section *"Risk Factors—Risks Related to Taxation—We and our* 

*subsidiaries are subject to tax laws and treaties of numerous jurisdictions. Future changes to such laws or* 

*treaties could adversely affect us and our subsidiaries and our shareholders and holders of special voting* 

*shares. In addition, the interpretation of these laws and treaties is subject to challenge by the relevant* 

*governmental authorities*" for additional information. European developments in data and digital taxation may

also negatively affect some of our autonomous driving and infotainment connected services. Unfavorable

developments in any one or a combination of these risk areas (which may vary from country to country) could

have a material adverse effect on our business, financial condition and results of operations and on our ability to

execute planned strategies.

Our future performance depends on our ability to accurately predict demand, and effectively compete, in the

market for electrified vehicles.

Our financial condition and results of operations depend significantly on our ability to successfully align the

development and delivery of BEV, hybrid vehicles and ICE vehicles with consumer demand, which may vary by

region. For example, an over-estimation of the pace of the energy transition led us to recognize significant

charges in 2025 related to the cancellation of certain BEV programs, the impairment of certain platforms and

actions to resize our EV supply chain. A failure to accurately project the demand for these vehicles going

forward could have additional materially negative impacts on our business, financial condition and results of

operations.

BEVs are significantly more expensive than ICE vehicles and an economic slowdown or an increase in inflation

would put additional pressure on customers' spending, particularly impacting more expensive vehicles. At the

same time, the increased availability of BEVs and hybrids has fueled highly competitive pricing among

automakers, especially in markets where we compete with Chinese OEMs. Moreover, our investments in

Leapmotor and LPMI, to distribute Leapmotor-branded vehicles outside of China, may not significantly improve

our ability to develop and sell BEVs that are competitive with those of our peers.

In addition, we face challenges in developing BEVs with vehicle range, battery energy density and other new

technologies that successfully compete with our peers and technological capabilities acquired through costly

investment may prove short-lived if, for example, technology and vehicle capability progresses more quickly

than expected. As the market for BEVs grows, there may also be increased opportunities for our competitors,

including new entrants, such as non-OEM startup technology companies that may enter into alliances with our

competitors, as well as startup OEMs, to obtain market share by introducing disruptive solutions that are

attractive to consumers. Our competitors' integration with non-OEM startup technology companies or the

emergence of new significant OEM competitors could have a material adverse effect on our business, financial

condition and results of operations. In particular, a number of Chinese OEMs have rapidly developed

technological and manufacturing capability in BEVs in several of our key markets. See *"The automotive industry* 

*is highly competitive and cyclical, and we may suffer from those factors more than some of our competitors".*

Our ability to profitably sell BEVs is also dependent on the development and implementation of government

policies that support electrification in the markets in which we operate. If governments in the markets in which

we operate do not establish and maintain policies that support electrification, including incentives that support

consumer affordability and awareness, development of charging infrastructure and strengthening of the battery

supply chain, this could have a material adverse effect on our business, financial condition and results of

operations. Governments have recently chosen, and additional governments may choose in the future, to dilute

or eliminate supportive policies or delay electrification targets. For example, on September 30, 2025, tax credits

for the purchase of electric vehicles in the U.S. expired and have not been renewed, which is reducing

consumer appetite for BEVs in the U.S. Changing government policies may make it more difficult to plan future

investments, particularly when such policy changes result in policy divergence among governments.

Our future performance depends on our ability to offer innovative, attractive and relevant products.

Our success depends on, among other things, our ability to develop innovative, high-quality products that are

attractive to consumers and provide adequate profitability. We may not be able to effectively compete with other

automakers with regard to trends in the industry, including autonomous driving, connected vehicles and artificial

intelligence.

In addition, our portfolio renewal efforts have suffered delays in recent periods which has adversely affected our

shipments and sales, particularly in North America and Enlarged Europe. If we are unable to introduce new or

significantly refreshed vehicles in a timely manner, our shipments, sales and market share will experience

additional adverse impacts.

Further, as a result of the extended product development cycle and inherent difficulty in predicting consumer

acceptance, a vehicle that is expected to be attractive may not generate sales in sufficient quantities and at high

enough prices to be profitable. It can take several years to design and develop a new vehicle, and a number of

factors may lengthen that schedule. For example, if we determine that a safety or emissions defect, mechanical

defect or non-compliance with regulation exists with respect to a vehicle model prior to retail launch, the launch

of such vehicle could be delayed until we remedy the defect or non-compliance. Various elements may also

contribute to consumers' acceptance of new vehicle designs, including competitors' product introductions, fuel

prices, general economic conditions, government regulations and changes in consumer preferences. In

addition, vehicles we develop in order to comply with government regulations, particularly those related to fuel

efficiency, greenhouse gas and tailpipe emissions standards, may not be attractive to consumers or may not

generate sales in sufficient quantities and at high enough prices to be profitable. If these vehicles do not

generate sales in sufficient quantities and at prices that are sufficiently profitable, it could have a materially

adverse effect on our business, financial condition and results of operations. Refer to *"Risks Related to the* 

*Industry in which We Operate – The automotive industry is highly competitive and cyclical, and we may suffer* 

*from those factors more than our competitors"* for additional information.

In certain cases, the technologies that we plan to employ are not yet commercially practical and depend on

significant future technological advances by us, our partners and suppliers. These advances may not occur in a

timely or feasible manner, we may not obtain rights to use these technologies and the funds that we have

budgeted or expended for these purposes may not be adequate. Further, our competitors and others are

pursuing similar and other competing technologies, and they may acquire and implement similar or superior

technologies sooner than we will or on an exclusive basis or at a significant cost advantage. Even where we are

able to develop competitive technologies, we may not be able to profit from such developments as anticipated.

If we fail to develop products that contain desirable technologies and are attractive to and accepted by

consumers, the residual value of our vehicles could be negatively impacted. In addition, the increasing pace of

inclusion of new innovations and technologies in our competitors' vehicles could also negatively impact the

residual value of our vehicles. A deterioration in residual value could increase the cost that consumers pay to

lease our vehicles, increase the amount of subvention payments that we make to support our leasing programs

and negatively impact our captive finance companies.

A significant malfunction, disruption or security breach compromising the operation of our information technology

systems could damage our reputation, disrupt our business and adversely impact our ability to compete.

Our ability to keep our business operating effectively depends on the functional and efficient operation of our

information, data processing and telecommunications systems, including our vehicle design, manufacturing,

inventory tracking and billing and payment systems, as well as other central information systems and

applications, employee workstations and other IT equipment. Our vehicles are also increasingly connected to

external cloud-based systems while our industrial facilities have become more computerized. Our systems are

susceptible to cybercrime and are regularly the target of threats from third parties, which have become

increasingly sophisticated, including through the use of social engineering, artificial intelligence and machine

learning. Although the Company expects the use of hybrid-work arrangements to gradually decrease, a

substantial number of personnel continue to follow a hybrid-work model that relies on remote networking and

online conferencing tools, which exposes us to additional cybersecurity risks.

A significant or large-scale malfunction or interruption of any one of our computer or data processing systems,

including through the exploitation of a weakness in our systems or the systems of our suppliers or service

providers, could have a material adverse effect on our ability to manage and keep our manufacturing and other

operations running effectively, and may damage our reputation. For example, in 2025 we detected unauthorized

access to a third-party service provider's platform that supports our North American customer service

operations. In that instance, the affected platform did not store financial or sensitive personal information. The

computer systems of several of our suppliers and service providers have also been the subject of unauthorized

access in many other instances. To-date we have not been materially impacted by these events. A malfunction

or security breach that results in a wide or sustained disruption to our business could have a material adverse

effect on our business, financial condition and results of operations.

In addition to supporting our operations, our systems collect and store confidential and sensitive data, including

information about our business, consumers and employees. As technology continues to evolve, and as we

execute our global data-as-a-service strategy, it is expected that we will collect and store even more data in the

future and that our systems will increasingly use remote communication features that are sensitive to both willful

and unintentional security breaches. Much of our value is derived from our confidential business information,

including vehicle design, proprietary technology and trade secrets, and to the extent the confidentiality of such

information is compromised, we may lose our competitive advantage and our vehicle shipments may suffer. We

also collect, retain and use personal information, including data gathered from consumers for product

development and marketing purposes, and data obtained from employees.

Many jurisdictions in which we operate have enacted laws and regulations governing the collection, use, and

protection of personal data. These requirements, and the penalties for noncompliance, have become

increasingly stringent. A material security breach that permits unauthorized access to personal information, or

other material noncompliance with applicable regulations, could expose us to litigation, fines, and other

regulatory enforcement actions. Such events could materially and adversely affect our business, financial

condition, and results of operations. In addition, compliance with newly adopted data protection regulations may

result in significant costs or necessitate changes to our business practices that could have a material adverse

impact on our operations and financial performance.

Our reputation could also suffer in the event of a data breach, which could cause consumers to purchase their

vehicles from our competitors. Ultimately, any significant compromise in the integrity of our data security could

have a material adverse effect on our business, financial condition and results of operations.

A significant security breach compromising the electronic control systems contained in our vehicles could damage

our reputation, disrupt our business and adversely impact our ability to compete.

Our vehicles, as well as vehicles manufactured by other OEMs, contain complex systems that control various

vehicle processes including engine, transmission, safety, steering, brakes, window and door lock functions.

These electronic control systems, which are increasingly connected to external cloud-based systems, are

susceptible to cybercrime, including threats of intentional disruptions, loss of control over the vehicle, loss of

functionality or services and theft of personal information. These disruptions are likely to increase in terms of

sophistication and frequency as the level of connectivity and autonomy in our vehicles increases. Legal

requirements that mandate third party access to vehicle systems, including "right to repair" laws, may also

increase the risk of these disruptions. In addition, we may rely on third parties for connectivity and automation

technology and services, including for the collection of our customers' data. These third parties could unlawfully

resell or otherwise misuse such information, or suffer data breaches. A significant malfunction, disruption or

security breach compromising the electronic control systems contained in our vehicles could damage our

reputation, expose us to significant liability and could have a material adverse effect on our business, financial

condition and results of operations.

Our success largely depends on the ability of our management team to operate and manage effectively and our

ability to attract and retain experienced management and employees.

Our success largely depends on the ability of our senior executives and other members of management to

effectively manage the Company and individual areas of the business. In June 2025, we announced the

appointment of Antonio Filosa as Chief Executive Officer and the appointment of a new leadership team. Our

management team is critical to the execution of our direction and the implementation of our strategies. We may

not be able to replace these individuals with persons of equivalent experience and capabilities. Attracting and

retaining qualified and experienced personnel in each of our regions, including in areas such as design and

software, is critical to our competitive position in the automotive industry. If we are unable to find adequate

replacements or to attract, retain and incentivize senior executives, other key employees or new qualified

personnel, it could have a material adverse effect on our business, financial condition and results of operations.

Labor laws and collective bargaining agreements with our labor unions could impact our ability to increase the

efficiency of our operations, and we may be subject to work stoppages in the event we are unable to agree on

collective bargaining agreement terms or have other disagreements.

Substantially all of our production employees are represented by trade unions, covered by collective bargaining

agreements or protected by applicable labor relations regulations that may restrict our ability to modify

operations and reduce personnel costs quickly in response to changes in market conditions and demand for our

products. These and other provisions in our collective bargaining agreements may impede our ability to

restructure our business successfully in order to compete more effectively, especially with automakers whose

employees are not represented by trade unions or are subject to less stringent regulations, which could have a

material adverse effect on our business, financial condition and results of operations.

We may also be subject to work stoppages in the event that we and our labor unions are unable to agree on

collective bargaining agreement terms or have other disagreements. Any future work stoppages could have a

material adverse effect on our business, financial condition and results of operations.

Our reliance on partnerships in order to offer consumers and dealers financing and leasing services in certain

markets could adversely affect our vehicle sales.

Unlike many of our competitors, we do not own and operate a 100 percent owned finance company dedicated

solely to our vehicle operations in the majority of key markets in Europe and Asia (excluding China). We have

instead partnered with large international banks through joint ventures or commercial agreements, in order to

provide financing to our dealers and retail consumers. Our lack of a fully operational100 percent owned finance

company in these key markets may increase the risk that our dealers and retail customers will not have access

to sufficient financing on acceptable terms, which may adversely affect our vehicle sales in the future.

Furthermore, many of our competitors are better able to implement financing programs designed to maximize

vehicle sales in a manner that optimizes profitability for them and their finance companies on an aggregate

basis. Since our ability to compete depends on access to appropriate sources of financing for dealers and retail

consumers, our reliance on partnerships in those markets could have a material adverse effect on our business,

financial condition and results of operations.

Potential capital constraints may impair the financial services providers' ability to provide competitive financing

products to our dealers and retail consumers. For example, any financial services provider will face other

demands on its capital, including the need or desire to satisfy funding requirements for dealers or consumers of

our competitors as well as liquidity issues relating to other investments. Furthermore, they may be subject to

regulatory changes that may increase their cost of capital or capital requirements.

To the extent that a financial services provider is unable or unwilling to provide sufficient financing at competitive

rates to our dealers and retail consumers, such dealers and retail consumers may not have sufficient access to

financing to purchase or lease vehicles. As a result, our vehicle sales and market share may suffer, which could

have a material adverse effect on our business, financial condition and results of operations.

Our financial services companies subject us to the risks inherent in that business.

We provide a range of financial services, including retail loans, leases and floorplan leasing to consumers and

dealers, through joint ventures or 100 percent owned subsidiaries in the key markets where we operate. These

financial services companies, particularly our 100 percent owned captive finance companies in Brazil, China

and the U.S., subject us to the risks inherent in that business. These risks include reliance on debt markets and

asset-backed financing transactions in order to provide the capital necessary to support their financing

programs. Our financial services companies may be unable to access debt markets on acceptable terms,

including due to market disruption, market volatility or perceived creditworthiness, or may be unable to originate

sufficient receivables required in order to execute asset-backed financings.

The loans and leases originated by our financial services companies are subject to credit risk, which in turn is

heavily influenced by economic conditions including inflation, interest rates and unemployment levels. The retail

customers as well as dealer customers of our financial services companies may default during the term of their

loans or leases. Generally, our financial services companies bear a substantial risk of losses resulting from

defaults. In the event of a default, the value of the financed vehicle, or in the case of a commercial customer, the

value of the inventory and other commercial assets we finance usually do not cover the outstanding amount due

to us plus the costs of recovery and asset disposition.

In addition, our financial services companies rely on information from applicants and third party service

providers when underwriting the loans and leases they originate and could experience increased credit risk if

the information they receive is intentionally or negligently misrepresented. Our financial services companies

must also project the expected residual values for the vehicles they lease and the actual proceeds received

from the sale of those vehicles at lease termination may be lower than the amount projected due to unforeseen

changes in market conditions for specific vehicle types or models, or industry-wide. For example, the elimination

of the tax credits related to the purchase or lease of electric vehicles in the OBBB is currently impacting the

market prices of used electric vehicles in the U.S. which, in turn, could negatively impact the forecasted residual

value for EVs at the end of their lease term.

Our financial services companies are also subject to significant regulation by governmental authorities in the

markets where they operate, which may impose significant costs and restrictions on their business. The market

for automotive financing is highly competitive, and we compete with a variety of lenders, including banks, credit

unions, independent finance companies and other captive automotive finance subsidiaries. Some of the

competitors of our 100 percent owned captive finance companies have larger and more competitive sources of

funds and are able to offer a wider variety of products to customers, which may enable them to compete more

effectively.

If our financial services companies are unable to manage these risks effectively, it could have a material adverse

effect on our business, financial condition and results of operations.

**Risks Related to the Industry in which We Operate**

We face risks associated with increases in costs, disruptions of supply or shortages of raw materials, parts,

components and systems used in our vehicles.

We use a variety of raw materials in our business, including steel, aluminum, lead, polymers, elastomers, resin

and copper, and precious metals such as platinum, palladium and rhodium, as well as electricity and natural

gas. Substantial increases in the prices for the raw materials and components used in our vehicles will increase

our operating costs and could reduce profitability if the increased costs cannot be offset by higher vehicle

prices or productivity gains. In particular, certain raw materials, such as those needed in catalytic converters

and lithium-ion batteries, and components, such as semiconductors, are sourced from a limited number of

suppliers and from a limited number of countries. From time to time these may be susceptible to supply

shortages or disruptions. For example, in 2025, the automotive industry faced semiconductor shortages in

connection with the temporary imposition of export controls on Nexperia, a semiconductor manufacturer based

in the Netherlands and owned by a Chinese parent company. In addition, our industrial efficiency will depend in

part on the optimization of the raw materials and components used in the manufacturing processes. If we fail to

optimize these processes, we may face increased production costs.

We are also exposed to the risk of price fluctuations and supply disruptions and shortages, including due to

supplier disputes, particularly with regard to warranty recovery claims, supplier financial distress, tight credit

markets, trade restrictions, tariffs, natural or man-made disasters, epidemics or pandemics of diseases, or

production difficulties. Inflation has resulted in increased wages, fuel, freight and other costs and this trend may

continue. We may also be exposed to an increased risk of supply disruptions or shortages during the transition

of sourcing relationships as we continue to implement our best cost country sourcing strategy. To the extent we

are unable to recoup related cost increases through pricing actions, our profits will decrease. In addition, even if

we are able to increase prices, there may be a time lag between our cost increases and price adjustments,

which may cause volatility in our earnings and cash flows. To the extent such inflation continues, increases, or

both, it may reduce our margins and have a material adverse effect on our financial performance.

It is not possible to guarantee that we will be able to maintain arrangements with suppliers that assure access to

critical raw materials and components at reasonable prices in the future. Further, trade restrictions and tariffs

may be imposed, leading to increases in the cost of raw materials, parts, components and systems and delayed

or limited access to purchases of raw materials and components, each of which could have a material adverse

effect on our business, financial condition and results of operations.

Any interruption in the supply or any increase in the cost of raw materials, parts, components and systems could

negatively impact our ability to achieve our vehicle shipment objectives and profitability and delay commercial

launches. The potential impact of an interruption is particularly high in instances where a part or component is

sourced exclusively from a single supplier. Long-term interruptions in the supply of raw materials, parts,

components and systems may result in a material impact on vehicle production, vehicle shipment objectives,

and profitability. Cost increases which cannot be recouped through increases in vehicle prices, or countered by

productivity gains, could have a material adverse effect on our business, financial condition and results of

operations. This risk can increase during periods of economic uncertainty such as the crisis that resulted from

the outbreak of COVID-19, as a result of regional economic disruptions such as that experienced in South

America due to the deterioration in Argentina's economic condition, the Russia-Ukraine conflict beginning in

2022 or the increasing trade protectionism and barriers experienced in 2025.

The automotive industry is highly competitive and cyclical, and we may suffer from those factors more than some

of our competitors.

Substantially all of our revenues are generated in the automotive industry, which is highly competitive and

cyclical, encompassing the production and distribution of passenger cars, light commercial vehicles and

components and systems. We face competition from other international passenger car and light commercial

vehicle manufacturers and distributors and components suppliers in Europe, North America, Latin America, the

Middle East, Africa and the Asia Pacific region. These markets are all highly competitive in terms of product

quality, innovation, the introduction of new technologies, response to new regulatory requirements, pricing, fuel

economy, reliability, safety, consumer service and financial or software services offered. Some of our

competitors are also better capitalized than we are and command larger market shares, which may enable them

to compete more effectively in these markets. In addition, we are exposed to the risk of new entrants in the

automotive market, which may have technological, marketing and other capabilities, or financial resources, that

are superior to ours and of other traditional automobile manufacturers and may disrupt the industry in a way that

is detrimental to us. In particular, we are exposed to risks from non-OEM startup technology companies that may

enter into alliances with our competitors and enable them to introduce disruptive solutions, as well as risks from

startup OEMs that have emerged in recent years as a result of the increased flow of capital toward potentially

disruptive OEMs. Increased competition in our key U.S. pickup truck market may be particularly harmful to us.

If our competitors are able to successfully integrate with one another or enter into significant partnerships with

non-OEM technology companies, or if new competitors emerge as a result of the increased flow of capital

toward potentially disruptive OEMs, and we are not able to adapt effectively to increased competition, our

competitors' integration or the emergence of new significant competitors could have a material adverse effect on

our business, financial condition and results of operations.

Our business, financial condition and results of operations may also experience a material adverse impact from

the further expansion of Chinese OEMs into non-Chinese markets and the increased competition derived from

this expansion, given the lower costs of production for Chinese OEMs. Our business, financial condition and

results of operations could experience a material adverse impact from the continued import of lower-cost EVs

from China and we may be unable to effectively compete on price with such vehicles.

In the automotive business, sales to consumers and fleet customers are cyclical and subject to changes in the

general condition of the economy, the readiness of consumers and fleet customers to buy and their ability to

obtain financing, as well as the possible introduction of measures by governments to stimulate demand,

particularly related to new technologies (for example, technologies related to compliance with evolving

emissions regulations). Refer to the section "*— Our business may be adversely affected by global financial* 

*markets, general economic conditions, enforcement of government incentive programs, and geopolitical* 

*volatility as well as other macro developments over which we have little or no control*" for additional information.

The automotive industry is characterized by the constant renewal of product offerings through frequent launches

of new models and the incorporation of new technologies in those models. As a result, a failure to consistently

develop and incorporate new technological features or software functionality in our vehicles could have a

material adverse effect on our business, financial condition and results of operations. See "*- Risks Related to Our* 

*Business, Strategy and Operations - Our future performance depends on our ability to offer innovative, attractive* 

*and relevant products.*" for additional information

Intense competition, excess global manufacturing capacity and the proliferation of new products introduced in

key segments is expected to continue to put downward pressure on inflation-adjusted vehicle prices and

contribute to a challenging pricing environment in the automotive industry for the foreseeable future. In the event

that industry shipments decrease and overcapacity intensifies further, our competitors may attempt to make their

vehicles more attractive or less expensive to consumers by adding vehicle enhancements, providing subsidized

financing or leasing programs, or by reducing vehicle prices whether directly or by offering option package

discounts, price rebates or other sales incentives in certain markets. Manufacturers in countries that have lower

production costs may also choose to export lower-cost automobiles to more established markets. In addition,

our profitability depends in part on our ability to adjust pricing to reflect increasing technological costs (refer to

the section "*—Our future performance depends on our ability to offer innovative, attractive and fuel efficient* 

*products*" for additional information). An increase in any of these risks could have a material adverse effect on

our business, financial condition and results of operations.

Vehicle retail sales depend heavily on affordable interest rates and availability of credit for vehicle financing and a

substantial increase in interest rates could adversely affect our business.

In response to the global inflationary surge that began in the first half of 2022, central banks in several markets

aggressively increased interest rates, which have been reflected in interest rates across credit markets,

including consumer credit. While central bank rates began to decrease in 2024, interest rates have remained

high and future trends in the cost of consumer credit remain unclear. More expensive vehicle financing may

make our vehicles less affordable to retail consumers or steer consumers to less expensive vehicles that would

be less profitable for us, adversely affecting our financial condition and results of operations. Additionally, if

consumer interest rates were to rise substantially or if financial service providers tighten lending standards or

restrict their lending to certain classes of credit, consumers may not desire or be able to obtain financing to

purchase or lease our vehicles. Although inflation is abating and central banks have been lowering interest

rates, elevated consumer credit rates may remain in place in the medium-term. As a result, if consumer interest

rates remain or increase further, or lending standards tighten, we may experience a material adverse effect on

our business, financial condition and results of operations.

We are subject to risks related to natural and industrial disasters, terrorist attacks, pandemics and climatic or

other catastrophic events.

Our production facilities and storage facilities for finished vehicles, as well as the production and storage

facilities of our key suppliers, are subject to risks related to natural disasters, climatic events, which have

become increasingly severe and frequent due to climate change, and environmental disasters and other events

beyond our control, such as power loss and uncertainties arising out of armed conflicts or terrorist attacks. We

are also subject to risks related to the impact of pandemics, such as government-imposed quarantines, travel

restrictions, "stay-at-home" orders and similar mandates for many individuals to substantially restrict daily

activities and for businesses to curtail or cease normal operations. Any catastrophic loss, significant damage or

significant government restriction applicable to any of our facilities would likely disrupt our operations, delay

production, and adversely affect our product development schedules, shipments and revenue.

In the last decade, seismic events affecting industrialized countries have demonstrated the risk of potential

property damage and business interruption that we are exposed to as a result of our global manufacturing

footprint. We are also exposed to industrial flood risk, with a number of our production sites identified by our

industrial flood risk assessment as potentially exposed to flood risk. Conversely, our production may be

negatively impacted by a lack of water supply in water-stressed areas. The occurrence of a major incident at a

single manufacturing site could compromise the production and sale of several hundred thousand vehicles. In

addition, any such catastrophic loss or significant damage could result in significant expense to repair or

replace the facility and could significantly curtail our research and development efforts in the affected area,

which could have a material adverse consequence on our business, financial condition and results of

operations. Our suppliers are similarly exposed to a potential catastrophic loss or significant damage to their

facilities, and any such loss or significant damage to a key supplier's manufacturing facilities could disrupt our

operations, delay production, and adversely affect our product development schedules, shipments and revenue.

Measures taken to protect against climate change, and limit the impact of catastrophic climate events, such as

implementing an energy management plan, which sets out steps to reuse lost heat from industrial processes,

making plants more compact and reducing logistics-related CO2 emissions, as well as using renewable energy,

may also lead to increased capital expenditures.

The extent to which any future pandemic may impact our results is inherently uncertain and unpredictable, but

will be significantly influenced by the scale, duration, severity and geographic reach of the pandemic, the length

and severity of any restrictions on business and individuals, the impact of any related temporary or permanent

behavioral change, including with respect to remote work, and the impact of any governmental actions taken to

mitigate the pandemic's impact.

We are subject to risks associated with exchange rate fluctuations, interest rate changes and credit risk.

We operate in numerous markets worldwide and are exposed to risks stemming from fluctuations in currency

and interest rates. The exposure to currency risk is mainly linked to differences in the geographic distribution of

our manufacturing and commercial activities, resulting in cash flows from sales being denominated in currencies

different from those of purchases or production activities.

Additionally, a significant portion of our operating cash flow is generated in U.S. Dollars and, although a portion

of our debt is denominated in U.S. Dollars, the majority of our indebtedness is denominated in Euro.

We use various forms of financing to cover funding requirements for our activities. Moreover, liquidity for

industrial activities is principally invested in variable and fixed rate or short-term financial instruments. Our

financial services businesses normally operate a matching policy to offset the impact of differences in rates of

interest on the financed portfolio and related liabilities. Nevertheless, changes in interest rates can affect our net

revenues, finance costs and margins.

In addition, although we manage risks associated with fluctuations in currency and interest rates through

financial hedging instruments, fluctuations in currency or interest rates could have a material adverse effect on

our business, financial condition and results of operations.

Our financial services activities are also subject to the risk of insolvency of dealers and retail consumers and this

risk is expected to increase with the establishment of our U.S. captive financial service company. Despite our

efforts to mitigate such risks through the credit approval policies applied to dealers and retail consumers, we

may not be able to successfully mitigate such risks.

**Risks Related to the Legal and Regulatory Environment in which We Operate**

Current and more stringent future or incremental laws, regulations and governmental policies, including those

regarding increased fuel efficiency requirements and reduced greenhouse gas and tailpipe emissions, have a

significant effect on how we do business and may result in additional liabilities and negatively affect our

operations and results.

As we seek to comply with government regulations, particularly those related to vehicle safety, fuel efficiency,

and greenhouse gas and tailpipe emissions standards, we must devote significant financial and management

resources, as well as vehicle engineering and design attention, to these legal requirements. For example, we

have made significant investments, including through joint ventures, to secure the supply of batteries that are a

critical requirement to support our fuel efficiency and greenhouse gas compliance plans. In addition,

government regulations are not harmonized across jurisdictions and the regulations and their interpretations may

be subject to change on short notice.

A failure to comply with applicable emissions standards may lead to significant fines, vehicle recalls, the

suspension of sales and third-party claims and may adversely affect our reputation. We are particularly exposed

to this risk in markets where regulations on fuel consumption and emissions are very stringent, particularly in

Europe. In addition, the harmful effects of atmospheric pollutants and greenhouse gases, on ecosystems and

human health have become an area of major public concern and media attention. As a result, we may suffer

significant adverse reputational consequences, in addition to penalties, in the event of non-compliance with

applicable regulations.

The number and scope of regulatory requirements, along with the costs associated with compliance, are

expected to increase significantly in the future, particularly with respect to vehicle emissions. These costs could

be difficult to pass through to consumers, particularly if consumers are not prepared to pay more for lower-

emission vehicles. For a further discussion of the regulations applicable to us, refer to "*STELLANTIS OVERVIEW* 

*—Environmental and Other Regulatory Matters*" included elsewhere in this report for additional information. The

increased cost of producing lower-emitting vehicles may lead to lower margins and/or lower volumes of vehicles

sold. Given the significant portion of our sales in Europe, our vehicles are particularly exposed to regulatory

changes, which may have a serious impact on the number of cars we sell in this region and therefore on our

profitability.

Greenhouse gas emissions standards also apply to our production facilities in several jurisdictions in which we

operate, which may require investments to upgrade facilities and increase operating costs. In addition, a failure

to decrease the energy consumption of plants may lead to penalties, each of which may adversely affect our

profitability.

Our production facilities are also subject to a broad range of additional requirements governing environmental,

health and safety matters, including those relating to registration, use, storage and disposal of hazardous

materials and discharges to water and air (including emissions of sulfur oxide, nitrogen oxide, volatile organic

compounds and other pollutants). A failure to comply with such requirements, or additional requirements

imposed in the future, may result in substantial penalties, claims and liabilities which could have a material

adverse effect on our business, financial condition and results of operations. We may also incur substantial

cleanup costs and third-party claims as a result of environmental impacts that may be associated with our

current or former properties or operations.

Furthermore, some of our competitors may be capable of responding more swiftly to increased regulatory

requirements, or may bear lower compliance costs, thereby strengthening their competitive position compared

to ours. Refer to the section *"The automotive industry is highly competitive and cyclical, and we may suffer from* 

*those factors more than some of our competitors"* for additional information.

Most of our suppliers face similar environmental requirements and constraints. A failure by our suppliers to meet

applicable environmental laws or regulations may lead to a disruption of our supply chain or an increase in the

cost of raw materials, parts, components and systems used in production and could have a material adverse

effect on our business, financial condition and results of operations.

We remain subject to ongoing diesel emissions investigations by several governmental agencies and to a number

of related private lawsuits, which may lead to further claims, lawsuits and enforcement actions, and result in

additional penalties, settlements or damage awards and may also adversely affect our reputation with consumers.

We are subject to a number of European governmental inquiries relating to diesel emissions, as well as related

private lawsuits. For more information regarding these governmental inquiries and private lawsuits, refer to

*"Legal Proceedings"* included elsewhere in this report for additional information. The results of these unresolved

governmental inquiries and private lawsuits cannot be predicted at this time and these inquiries and litigation

may lead to further enforcement actions, penalties or damage awards, any of which may have a material

adverse effect on our business, financial condition and results of operations. It is also possible that these matters

and their ultimate resolution may adversely affect our reputation with consumers, which may negatively impact

demand for our vehicles and consequently could have a material adverse effect on our business, financial

condition and results of operations.

Our business operations and reputation may be impacted by various types of claims, lawsuits, and other

contingencies.

We are involved in various disputes, claims, lawsuits, investigations and other legal proceedings relating to

several matters, including product liability, warranty, vehicle safety, emissions and fuel economy, product

performance, asbestos, personal injury, dealers, suppliers and other contractual relationships, alleged violations

of law, environment, securities, labor, antitrust, intellectual property, tax and other matters. We estimate such

potential claims and contingent liabilities and, where appropriate, record provisions to address these contingent

liabilities. The ultimate outcome of the legal proceedings pending against us is uncertain, and such proceedings

could have a material adverse effect on our financial condition or results of operations. Furthermore, additional

facts may come to light or we could, in the future, be subject to judgments or enter into settlements of lawsuits

and claims that could have a material adverse effect on our business, financial condition and results of

operations. While we maintain insurance coverage with respect to certain claims, not all claims or potential

losses can be covered by insurance, and even if claims could be covered by insurance, we may not be able to

obtain such insurance on acceptable terms in the future, if at all, and any such insurance may not provide

adequate coverage against any such claims. Further, publicity regarding such investigations and lawsuits,

whether or not they have merit, may adversely affect our reputation and the perception of our vehicles with retail

customers, which may adversely affect demand for our vehicles, and have a material adverse effect on our

business, financial condition and results of operations.

For example, litigation initiated by GM against FCA US, FCA N.V., now Stellantis N.V., and certain individuals, is

on-going, claiming violations of the RICO Act, unfair competition and civil conspiracy in connection with

allegations that FCA US made payments to UAW officials that corrupted the bargaining process with the UAW

and as a result FCA US enjoyed unfair labor costs and operational advantages that caused harm to GM. GM

also claimed that FCA US had made concessions to the UAW in collective bargaining, that the UAW was then

able to extract from GM through pattern bargaining, which increased costs to GM. For more information

regarding this litigation, refer to *"Legal Proceedings"* elsewhere in this report for additional information.

In addition, we and other Brazilian taxpayers have significant disputes with the Brazilian tax authorities including

recent disputes challenging the methodology utilized to calculate domestic tax incentives and the ability to

optimize the realization of accumulated tax credits. We believe that it is more likely than not that there will be no

significant impact from these disputes. However, given the current economic conditions and uncertainty in

Brazil, new tax laws or more significant changes such as tax reform may be introduced and enacted. Changes

to the application of existing tax laws may also occur or the realization of accumulated tax benefits may be

limited, delayed or denied. Any of these events could have a material adverse effect on our business, financial

condition and results of operations.

For additional risks regarding certain proceedings, refer to the section *"We remain subject to ongoing diesel* 

*emissions investigations by several governmental agencies and to a number of related private lawsuits, which* 

*may lead to further claims, lawsuits and enforcement actions, and result in additional penalties, settlements or* 

*damage awards and may also adversely affect our reputation with consumers"* for additional information.

We face risks related to quality and vehicle safety issues, which could lead to product recalls and warranty

obligations that may result in direct costs, and any resulting loss of vehicle sales could have material adverse

effects on our business.

Our performance is, in part, dependent on complying with quality and safety standards, meeting customer

expectations and maintaining our reputation for designing, building and selling safe, high-quality vehicles. Given

the global nature of our business, these standards and expectations may vary according to the markets in which

we operate. For example, vehicle safety standards imposed by regulations are increasingly stringent. In

addition, consumers' focus on vehicle safety may increase further with the advent of autonomous and connected

cars. If we fail to meet or adhere to required vehicle safety standards, we may face penalties, become subject to

other claims or liabilities or be required to recall vehicles.

We are also obligated under the terms of our warranty agreements to make repairs or replace parts in our

vehicles at our expense for a specified period of time. These factors, including any failure rate that exceeds our

assumptions, could have a material adverse effect on our business, financial condition and results of operations.

For example, during the second half of 2025, we recognized a €5.3 billion expense due to a change in estimate

for contractual warranty provisions, resulting from the reassessment of the estimation process, taking into

account recent increases in cost inflation and a deterioration in quality, as a result of operational choices that did

not deliver the expected quality performance.

In 2025, we decided to recall approximately 13.4 million vehicles. Recall costs substantially depend on the

nature of the remedy and the number of vehicles affected and may arise many years after a vehicle's sale.

Product recalls may also harm our reputation, force us to halt the sale of certain vehicles and cause consumers

to question the safety or reliability of our products. Given the intense regulatory activity across the automotive

industry, ongoing compliance costs are expected to remain high. Any costs incurred, or lost vehicle sales,

resulting from product recalls could materially adversely affect our financial condition and results of operations.

Moreover, if we face consumer complaints, or receive information from vehicle rating services that calls into

question the safety or reliability of one of our vehicles and we do not issue a recall, or if we do not do so on a

timely basis, our reputation may also be harmed and we may lose future vehicle sales.

We are subject to laws and regulations relating to corruption and bribery, as well as stakeholder expectations

relating to human rights in the supply chain and a failure to meet these legislative and stakeholder standards

could lead to enforcement actions, penalties or damage awards and may also adversely affect our reputation with

consumers.

We are subject to laws and regulations relating to corruption and bribery, including those of the U.S., the United

Kingdom and France, which have an international reach and which cover the entirety of our value chain in all

countries in which we operate. We also have significant interactions with governments and governmental

agencies in the areas of sales, licensing, permits, regulatory, compliance, environmental matters and fleet sales

among others. A failure to comply with laws and regulations relating to corruption and bribery may lead to

significant penalties and enforcement actions, adversely affect our reputation and relationships with

governments and financial counterparties, and could also have a long-term impact on our presence in one, or

more, of the markets in which such compliance failures have occurred.

In addition, our customers may have expectations relating to the production conditions and origin of the

products they purchase. Therefore, it is important for us to seek transparency across the entire supply chain,

which may result in additional costs being incurred. A failure by us, or any of our suppliers or subcontractors, to

comply with employment or other production standards and expectations may result in adverse consequences

to our reputation, disruptions to our supply chain and increased costs as a result of remedial measures needing

to be undertaken to meet stakeholder expectations, which could have a material adverse effect on our business,

financial condition and results of operations.

We may not be able to adequately protect our intellectual property rights, which may harm our business.

Our success depends, in part, on our ability to protect our intellectual property rights. If we fail to protect our

intellectual property rights, others may be able to compete against us using intellectual property that is the same

as or similar to our own. In addition, there can be no guarantee that our intellectual property rights will be

sufficient to provide us with a competitive advantage against others who offer similar products. Despite our

efforts, we may be unable to prevent third parties from infringing our intellectual property rights and using our

technology for their competitive advantage. Any such infringement could have a material adverse effect on our

business, financial condition and results of operations.

The laws of some countries in which we operate do not offer the same protection of intellectual property rights as

do the laws of the U.S. or Europe. In addition, effective intellectual property enforcement may be unavailable or

limited in certain countries, making it difficult to protect our intellectual property from misuse or infringement

there. An inability to protect our intellectual property rights could have a material adverse effect on our business,

financial condition and results of operations.

It may be difficult to enforce U.S. judgments against our Directors, Senior Management and independent auditors.

Most of our Directors and Senior Management, and our independent auditors, are resident outside the U.S., and

all or a substantial portion of their respective assets may be located outside the U.S. As a result, it may be

difficult for U.S. investors to establish jurisdiction over these persons. It may also be difficult for U.S. investors to

enforce judgments within the U.S. that are predicated upon the civil liability provisions of the securities laws of

the U.S. or any state thereof. In addition, there is uncertainty as to whether courts outside the U.S. would

recognize or enforce these judgments against our Directors and Senior Management or our independent

auditors.

As an employer with a large workforce, we face risks related to the health and safety of our employees, as well as

reputational risk related to diversity and inclusion.

We employ a significant number of people who are exposed to health and safety risks as a result of their

employment. Working conditions can cause stress or discomfort that can impact employees' health and may

result in adverse consequences for our productivity. In addition, as an automotive manufacturer, a significant

number of our employees are shift workers in production facilities, involving physical demands which may lead

to occupational injury or illness. The use or presence of certain chemicals in production processes may

adversely affect the health of our employees or create a safety risk. As a result, we could be exposed to liability

from claims brought by current or former employees and our reputation, productivity, business, financial

condition and results of operations may be affected.

In addition, while our practices relating to diversity and inclusion in the workplace are intended to be compliant

with applicable law, they may lead to heightened scrutiny from stakeholders who support or oppose these

practices, which could impact our reputation and result in an adverse effect on our business, financial condition

and results of operations.

Failure to maintain effective internal controls in accordance with Section 404 of the Sarbanes-Oxley Act of 2002

could have an adverse effect on our business and the value of our common shares.

Effective internal controls, enable us to provide reliable and accurate financial statements and to effectively

prevent fraud. While we have devoted, and will need to continue to devote, significant management attention

and resources to complying with the internal control over financial reporting requirements of the Sarbanes-Oxley

Act of 2002, as amended, there is no assurance that material weaknesses or significant deficiencies will not

occur or that we will be successful in adequately remediating any such material weaknesses and significant

deficiencies. Furthermore, as our business evolves, our internal controls may become more complex, and may

require significantly more resources to ensure internal controls remain effective.

**Risks Related to Our Liquidity and Existing Indebtedness**

Limitations on our liquidity and access to funding, as well as our significant outstanding indebtedness, may restrict

our financial and operating flexibility and our ability to execute our business strategies, obtain additional funding

on competitive terms and improve our financial condition and results of operations.

Our performance depends on, among other things, available liquidity, our ability to finance debt repayment

obligations and planned investments from operating cash flow, the renewal or refinancing of existing bank loans

and/or facilities and access to capital markets or other sources of financing. Our indebtedness may have

important consequences on our operations and financial results, including:

• we may not be able to secure additional funds for working capital, capital expenditures, debt service

requirements or general corporate purposes;

• we may need to use a significant portion of our future cash flow from operations to pay principal and interest

on our indebtedness, which may reduce the amount of funds available to us for other purposes, including

product development; and

• we may not be able to adjust to rapidly changing market conditions, which may make us more vulnerable to a

downturn in general economic conditions or our business.

In addition, while our credit ratings are currently investment grade, our credit ratings were downgraded in 2025

and early 2026. Any further deterioration of these credit ratings would cause us to fall below investment grade

and may significantly affect the cost and availability of our funding. We could, therefore, find ourselves in the

position of having to seek additional financing or having to refinance existing debt, including in unfavorable

market conditions, with limited availability of funding and a general increase in funding costs.

Any limitations on our liquidity, due to a decrease in vehicle shipments, the amount of, or restrictions in, our

existing indebtedness, conditions in the credit markets, our perceived creditworthiness, general economic

conditions or otherwise, may adversely impact our ability to execute our business strategies and impair our

financial condition and results of operations. In addition, any actual or perceived limitations on our liquidity may

limit the ability or willingness of counterparties, including dealers, consumers, suppliers, lenders and financial

service providers, to do business with us, which could have a material adverse effect on our business, financial

condition and results of operations.

We may be exposed to shortfalls in our pension plans which may increase our pension expenses and required

contributions and, as a result, could constrain liquidity and materially adversely affect our financial condition and

results of operations.

Some of our defined benefit pension plans are currently underfunded. For example, as of December 31, 2025,

our defined benefit pension plans were underfunded by approximately €2.2 billion and may be subject to

significant minimum contributions in future years. Our pension funding obligations may increase significantly if

the investment performance of plan assets does not keep pace with benefit payment obligations. Mandatory

funding obligations may increase because of lower than anticipated returns on plan assets, whether as a result

of overall weak market performance or particular investment decisions, changes in the level of interest rates

used to determine required funding levels, changes in the level of benefits provided for by the plans, or any

changes in applicable law related to funding requirements. Our defined benefit plans currently hold significant

investments in equity and fixed income securities, as well as investments in less liquid instruments such as

private equity, real estate and certain hedge funds. Due to the complexity and magnitude of certain investments,

additional risks may exist, including the effects of significant changes in investment policy, insufficient market

capacity to complete a particular investment strategy and an inherent divergence in objectives between the

ability to manage risk in the short term and the ability to quickly re-balance illiquid and long-term investments.

To determine the appropriate level of funding and contributions to our defined benefit plans, as well as the

investment strategy for the plans, we are required to make various assumptions, including an expected rate of

return on plan assets and a discount rate used to measure the obligations under defined benefit pension plans.

Interest rate increases generally will result in a decline in the value of investments in fixed income securities and

the present value of our pension obligations. Conversely, interest rate decreases will generally increase the

value of investments in fixed income securities and the present value of the obligations. Refer to Note 2, *Basis of* 

*preparation-Significant accounting policies—Employee benefits* within the Consolidated Financial Statements

included elsewhere in this report for more information regarding how the net obligations for our pensions, also

known as "defined benefit plans", are determined.

Any reduction in the discount rate or the value of plan assets, or any increase in the present value of our pension

obligations, may increase our pension expenses and required contributions and, as a result, could constrain our

liquidity and materially adversely affect our financial condition and results of operations. If we fail to make

required minimum funding contributions to our U.S. pension plans, we could be subject to reportable event

disclosure to the U.S. Pension Benefit Guaranty Corporation, as well as interest and excise taxes calculated

based upon the amount of any funding deficiency.

**Risks Related to the Ownership of Our Shares**

Our loyalty voting structure may concentrate voting power in a small number of our shareholders and such

concentration may increase over time.

Shareholders who hold our common shares for an uninterrupted period of at least three years may elect to

receive one special voting share in addition to each common share held, provided that such shares have been

registered in the Loyalty Register upon application by the relevant holder. If our shareholders holding a

significant number of common shares for an uninterrupted period of at least three years elect to receive special

voting shares, a relatively large proportion of voting power could be concentrated in a relatively small number of

shareholders who would have significant influence over Stellantis. As a result, the ability of other shareholders to

influence decisions would be reduced.

The loyalty voting structure may affect the liquidity of our common shares and reduce our share price.

Our loyalty voting structure is intended to reward our shareholders for maintaining long-term share ownership by

granting persons holding shares continuously for at least three years the option to elect to receive special voting

shares. Special voting shares cannot be traded and, immediately prior to the transfer of our common shares

from the Loyalty Register, any corresponding special voting shares will be transferred to us for no consideration

(*om niet*). This loyalty voting structure is designed to encourage a stable shareholder base and, conversely, it

may deter trading by those shareholders who are interested in gaining or retaining special voting shares.

Therefore, the loyalty voting structure may reduce liquidity in our common shares and adversely affect their

trading price.

The loyalty voting structure may prevent or frustrate attempts by our shareholders to change our management

and hinder efforts to acquire a controlling interest in us, and the market price of our common shares may be lower

as a result.

Our loyalty voting structure may make it more difficult for a third party to acquire, and may deter an attempt to

acquire, control of us, even if a change of control were considered favorably by shareholders holding a majority

of our common shares. As a result of this structure, a relatively large proportion of voting power could be

concentrated in a relatively small number of shareholders, which may make it more difficult for third parties to

acquire control of us by purchasing shares that do not benefit from the additional voting power of the special

voting shares. The possibility or expectation of a change of control transaction typically leads to higher trading

prices and conversely, if that possibility is low, trading prices may be lower. This structure may also prevent or

discourage shareholders' initiatives aimed at changing our management.

**Risks Related to Taxation**

The French tax authorities may revoke or disregard in whole or in part the rulings confirming the neutral tax

treatment of the merger for former PSA and the transfer of tax losses carried forward by the legacy PSA French

tax consolidated group.

The French tax authorities have confirmed that the merger will fulfill the conditions to benefit from the favorable

corporate income tax regime set forth in Article 210 A of the French Tax Code (which mainly provides for a

deferral of taxation of the capital gains realized by PSA as a result of the transfer of all its assets and liabilities

pursuant to the merger).

In addition, as required by law, a tax ruling was issued on February 18, 2022 by the French tax authorities

confirming the transfer of the French tax losses carried forward of the former PSA French tax consolidated group

to our French permanent establishment and the carry-forward of such French tax losses transferred to our

French permanent establishment against future profits of our French permanent establishment and certain

companies of the former PSA French tax consolidated group pursuant to Articles 223 I-6 and 1649 nonies of the

French Tax Code.

Such tax regimes and tax rulings are subject to certain conditions being met and are based on certain

declarations, representations and undertakings given by us to the French tax authorities. If the French tax

authorities consider that the relevant declarations, representations, conditions or undertakings were not correct

or are not complied with, they could revoke or disregard the rulings that have been granted in respect of the

merger.

A decision by the French tax authorities to revoke or disregard the tax rulings in the future would likely result in

significant adverse tax consequences to us that could have a significant effect on our results of operations or

financial position. If the requested tax rulings are revoked or disregarded, the main adverse tax consequences

for us would be that (i) all unrealized capital gains at the level of former PSA at the time of the merger would be

taxed; and (ii) the tax losses carried forward at the level of former PSA would not have been validly transferred to

our French permanent establishment or would be forfeited.

We operate so as to be treated exclusively as a resident of the Netherlands for tax purposes, but the tax

authorities of other jurisdictions may treat us as also being a resident of another jurisdiction for tax purposes.

Since we are incorporated under Dutch law, we are considered to be resident in the Netherlands for Dutch

corporate income tax and Dutch dividend withholding tax purposes. In addition, with effect from January 17,

2021 and taking into account the sanitary restrictions and limitations that applied under the COVID-19 crisis, we

have operated so as to maintain our management and organizational structure in such a manner that we (i)

should be regarded to have our residence for tax purposes (including, for the avoidance of doubt, withholding

tax and tax treaty eligibility purposes) exclusively in the Netherlands, (ii) should not be regarded as a tax

resident of any other jurisdiction (and in particular of France or Italy) either for domestic law purposes or for the

purposes of any applicable tax treaty (notably any applicable tax treaty with the Netherlands) and (iii) should be

deemed resident only in the Netherlands, including for the purposes of the France-Netherlands and Italy-

Netherlands tax treaties. We also hold permanent establishments in France and Italy.

However, the determination of our tax residency primarily depends upon our place of effective management,

which is a question of fact based on all circumstances. Because the determination of our residency is highly fact

sensitive, no assurance can be given regarding the final determination of our tax residency.

If we were concurrently resident in the Netherlands and another jurisdiction (applying the tax residency rules of

that jurisdiction), we may be treated as being tax resident in both jurisdictions, unless such other jurisdiction has

a double tax treaty with the Netherlands that includes either (i) a tie-breaker provision which allocates exclusive

residence to one jurisdiction only or (ii) a rule providing that the residency needs to be determined based on a

mutual agreement procedure and the jurisdictions involved agree (or, as the case may be, are compelled to

agree through arbitration) that we are resident in one jurisdiction exclusively for treaty purposes. In the latter

case, if no agreement is reached in respect of the determination of the residency, the treaty may not apply and

we could be treated as being tax resident in both jurisdictions.

A failure to achieve or maintain exclusive tax residency in the Netherlands could result in significant adverse tax

consequences to us, our subsidiaries and our shareholders and could result in tax consequences for our

shareholders that differ from those described in the section entitled "*Additional information for U.S listing* 

*purposes - Taxation*". The impact of this risk would differ based on the views taken by each relevant tax authority

and, in respect of the taxation of shareholders and holders of special voting shares, on the specific situation of

each shareholder or each holder of special voting shares.

We may not qualify for benefits under the tax treaties entered into between the Netherlands and other countries.

With effect from January 17, 2021, and taking into account the sanitary restrictions and limitations that applied

under the COVID-19 crisis, we operate in a manner such that we should be eligible for benefits under the tax

treaties entered into between the Netherlands and other countries, notably France, Italy and the U.S. However,

our ability to qualify for such benefits depends upon (i) being treated as a Dutch tax resident for purposes of the

relevant tax treaty, (ii) the fulfillment of the requirements contained in each applicable treaty as modified by the

Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting

(including, but not limited to, any principal purpose test clause) and applicable domestic laws, (iii) the facts and

circumstances surrounding our operations and management and (iv) the interpretation of the relevant tax

authorities and courts.

Our failure to qualify for benefits under the tax treaties entered into between the Netherlands and other countries

could result in significant adverse tax consequences to us, our subsidiaries and our shareholders and could

result in tax consequences for our shareholders that differ from those described in the section entitled

"*Additional information for U.S listing purposes* - *Taxation*".

The tax consequences of the loyalty voting structure are uncertain.

No statutory, judicial or administrative authority directly discusses how the receipt, ownership, or disposition of

special voting shares should be treated for French, Italian, UK, or U.S. tax purposes, and as a result, the tax

consequences in those jurisdictions are uncertain.

In addition, the fair market value of the special voting shares, which may be relevant to the tax consequences, is

a factual determination and is not governed by any guidance that directly addresses such a situation. Because,

among other things, the special voting shares are not transferable and a shareholder will receive amounts in

respect of the special voting shares only if we are liquidated, we believe and intend to take the position that the

value of each special voting share is minimal. However, the relevant tax authorities could assert that the value of

the special voting shares as determined by us is incorrect, which could result in significant adverse tax

consequences to shareholders holding special voting shares.

The tax treatment of the loyalty voting structure is unclear and shareholders are urged to consult their tax

advisors in respect of the consequences of acquiring, owning and disposing of special voting shares. Refer to

"*Additional information for U.S. listing purposes - Taxation*" included elsewhere in this report for additional

information.

There may be potential Passive Foreign Investment Company tax considerations for U.S. Shareholders.

We would be a "passive foreign investment company" (a "PFIC") for U.S. federal income tax purposes with

respect to a U.S. shareholder (as defined in "Taxation—Material U.S. Federal Income Tax Consequences") if for

any taxable year in which such U.S. shareholder held our common shares, after the application of applicable

"look-through rules" (i) 75 percent or more of our gross income for the taxable year consists of "passive

income" (including dividends, interest, gains from the sale or exchange of investment property and rents and

royalties other than rents and royalties which are received from unrelated parties in connection with the active

conduct of a trade or business, as defined in applicable Treasury Regulations), or (ii) at least 50 percent of our

assets for the taxable year (averaged over the year and determined based upon value) produce or are held for

the production of "passive income".

U.S. persons who own shares of a PFIC are subject to a disadvantageous U.S. federal income tax regime with

respect to the income derived by the PFIC, the dividends they receive from the PFIC, and the gain, if any, they

derive from the sale or other disposition of their shares in the PFIC.

In particular, if we were treated as a PFIC for U.S. federal income tax purposes for any taxable year during which

a U.S. shareholder owned our common shares, then any gain realized by the U.S. shareholder on the sale or

other disposition of our common shares would in general not be treated as capital gain. Instead, a U.S.

shareholder would be treated as if it had realized such gain ratably over its holding period for our common

shares. Amounts allocated to the year of disposition and to years before we became a PFIC would be taxed as

ordinary income and amounts allocated to each other taxable year would be taxed at the highest tax rate

applicable to individuals or corporations, as appropriate, in effect for each such year to which the gain was

allocated, together with an interest charge in respect of the tax attributable to each such year. Similar treatment

may apply to certain "excess distributions" as defined in the Code.

While we believe our common shares are not stock of a PFIC for U.S. federal income tax purposes, this

conclusion is a factual determination made annually and thus may be subject to change. Moreover, we may

become a PFIC in future taxable years if there were to be changes in our assets, income or operations. In

addition, because the determination of whether a foreign corporation is a PFIC is primarily factual and because

there is little administrative or judicial authority on which to rely to make a determination, the IRS may take the

position that we are a PFIC. Refer to "*Additional information for U.S. listing purposes* - *Taxation*" included

elsewhere in this report for additional information.

The IRS may not agree with the determination that we should not be treated as a domestic corporation for U.S.

federal income tax purposes, and adverse tax consequences could result to us and our shareholders if the IRS

were to successfully challenge such determination.

Section 7874 of the Code provides that, under certain circumstances, a non-U.S. corporation will be treated as a

U.S. "domestic" corporation for U.S. federal income tax purposes. In particular, certain mergers of foreign

corporations with U.S. subsidiaries can, in certain circumstances, implicate these rules. We do not believe we

should be treated as a U.S. "domestic" corporation for U.S. federal income tax purposes. However, the relevant

law is not entirely clear, is subject to detailed but relatively new regulations (the application of which is uncertain

in various respects, and whose interaction with general principles of U.S. tax law remains untested) and is

subject to various other uncertainties. Therefore, the IRS could assert that we should be treated as a U.S.

corporation (and, therefore, a U.S. tax resident) for U.S. federal income tax purposes pursuant to Code Section

7874. In addition, changes to Section 7874 of the Code or the U.S. Treasury Regulations promulgated

thereunder, or interpretations thereof, could affect our status as a foreign corporation. Such changes could

potentially have retroactive effect.

If the IRS successfully challenged our status as a foreign corporation, significant adverse tax consequences

would result for us and for certain of our shareholders. For example, if we were treated as a domestic

corporation in the U.S., we would be subject to U.S. federal income tax on our worldwide income as if we were a

U.S. domestic corporation, and dividends we pay to non-U.S. shareholders would generally be subject to U.S.

federal withholding tax, among other adverse tax consequences. If we were treated as a U.S. domestic

corporation, such treatment could materially increase our U.S. federal income tax liability.

The closing of the merger was not conditioned on our not being treated as a domestic corporation for U.S.

federal income tax purposes or upon a receipt of an opinion of counsel to that effect. In addition, neither former

FCA nor former PSA requested a ruling from the IRS regarding the U.S. federal income tax consequences of the

merger. Accordingly, while we do not believe we will be treated as a domestic corporation, no assurance can be

given that the IRS will agree, or that if it challenges such treatment, it will not succeed.

If we fail to maintain a permanent establishment in France, we could experience adverse tax consequences.

We maintain a permanent establishment in France to which the assets and liabilities of former PSA were

allocated upon the merger for French tax purposes. However, no assurance can be given regarding the

existence of a permanent establishment in France and the allocation of each asset and liability to such

permanent establishment because such determination is highly fact sensitive and may vary in case of future

changes in our management and organizational structure.

If we were to fail to maintain a permanent establishment in France, the available French tax losses carried

forward, which may be utilized to offset against 50 percent of French taxable income each year, would be

forfeited. This risk will decline as available tax losses are utilized and will extinguish once all French tax losses

have been used.

We and our subsidiaries are subject to tax laws and treaties of numerous jurisdictions. Future changes to such

laws or treaties could adversely affect us and our subsidiaries and our shareholders and holders of special voting

shares. In addition, the interpretation of these laws and treaties is subject to challenge by the relevant

governmental authorities.

We and our subsidiaries are subject to tax laws, regulations and treaties in the Netherlands, France, Italy, the

U.S. and the numerous other jurisdictions in which we and our affiliates operate. These laws, regulations and

treaties could change on a prospective or retroactive basis, and any such change could adversely affect us and

our subsidiaries and our shareholders and holders of special voting shares.

Furthermore, these laws, regulations and treaties are inherently complex and we and our subsidiaries will be

obligated to make judgments and interpretations about the application of these laws, regulations and treaties to

us and our subsidiaries and our operations and businesses. The interpretation and application of these laws,

regulations and treaties could differ from that of the relevant governmental authority, which could result in

administrative or judicial procedures, actions or sanctions, which could be material.

Corporate Governance

**Corporate Governance**

**Introduction**

Stellantis N.V. is a public company with limited liability, incorporated and organized under the laws of the

Netherlands. The Company qualifies as a foreign private issuer under the NYSE listing standards and its

common shares are listed on the NYSE and on the regulated markets of Euronext Paris and Euronext Milan.

In accordance with the NYSE listing rules, the Company is permitted to follow home country practice with regard

to certain corporate governance standards. The Company has adopted, except as discussed below, the best

practice provisions of the updated 2025 Dutch corporate governance code of the Dutch Corporate Governance

Code Monitoring Committee, which entered into force on January 1, 2025 (the "Dutch Corporate Governance

Code"). The Dutch Corporate Governance Code contains principles and best practice provisions that regulate

relations *inter alia* between the board of directors of a company and its committees and its relationship with the

annual general meeting ("AGM").

In this report, the Company addresses its overall corporate governance structure. The Company discloses, and

intends to disclose, any material departure from the best practice provisions of the Dutch Corporate Governance

Code in its current and future annual reports.

**Corporate Offices and Home Member State**

The Company is incorporated under the laws of the Netherlands. It has its corporate seat (*statutaire zetel*) in

Amsterdam, the Netherlands, and the place of effective management of the Company is in the Netherlands.

The business address of the Company's corporate seat is Taurusavenue 1, 2132LS Hoofddorp, the Netherlands.

The Company is registered at the Dutch trade register under number 60372958.

The Netherlands is Stellantis' home member state for the purposes of the EU Transparency Directive (Directive

2004/109/EC, as amended).

Pursuant to Article 3 of the Company's articles of association (the "Articles of Association"), the objects for which

the Company is established are to carry on, either directly or through 100 percent or partially-owned companies

and entities, activities relating in whole or in any part to passenger and commercial vehicles, transport,

mechanical engineering, energy, engines, capital machinery and equipment and related goods and propulsion,

as well as any other manufacturing, commercial, financial or service activity.

**Board of Directors** 

Stellantis has a single-tier board of directors. Pursuant to the Articles of Association, the Board of Directors

consists of three or more directors (the "Directors"). On January 4, 2021, eleven Directors were elected,

including Mr. Carlos Tavares who resigned from his position of Chief Executive Officer and member of the Board

of Directors on December 1, 2024. As of the date of this report, the Board of Directors is composed of eleven

Directors including: three Directors (the Chairman as an Executive Director, the Senior Independent Director and

the Vice Chairman as non-executive directors) who were elected on January 4, 2021; one additional Executive

Director, who was appointed to the Board of Directors by the 2025 Extraordinary General Meeting held on July,

18, 2025, the date on which the Board of Directors also granted him the title of Chief Executive Officer; and

seven non-executive directors who were appointed by the 2025 Annual General Meeting held on April 15, 2025.

In accordance with the resolutions adopted by the General Meeting of Shareholders at the time of each

appointment, the appointment of the three Directors elected on January 4, 2021 became effective as of January

17, 2021 (the "Governance Effective Date"), the date on which the governance of Stellantis came into force.

Following the entry into force of the governance, the initial term of office of each of them is five years and

therefore the terms of office of the Chairman, the Senior Independent Director and the Vice Chairman will expire

immediately after the close of the Annual General Meeting of Shareholders to be held in 2026 (the first annual

general meeting held five years after the entry into force of the governance), while the term of office of the Chief

Executive Officer appointed as Executive Director on July 18, 2025 will end immediately after the close of the

Annual General Meeting of Shareholders to be held in 2027. Also the term of office of each of the seven non-

executive Directors appointed by the 2025 Annual General Meeting held on April 15, 2025 (Ms. Cicconi, Mr.

Dufourcq, Ms. Godbehere, Ms. Parzani, Mr. Ramot, Mr. Ribadeau-Dumas and Ms. Davey Schroeder) will expire

immediately after the close of the Annual General Meeting of Shareholders to be held in 2027.

Under the Articles of Association, after the initial term, the term of office of Directors is for a period of two years,

provided that unless a Director has resigned at an earlier date the term of office will lapse immediately after the

close of the first AGM held after two years have lapsed following the appointment. Each Director may be re-

appointed for an unlimited number of terms at any subsequent AGM.

The Board of Directors as a whole is responsible for oversight of the strategy and management of the Company

with particular focus on the development and supervision of the strategy for sustainable long-term value

creation. In our strategic plan we elaborate on our long-term value creation plans and objectives. According to

Dutch Law and article 20.2 of the Stellantis' Articles of Association, the chairperson of the Board of Directors

shall be independent and have the title of Senior Independent Director. The Board of Directors is currently

composed of two executive Directors (i.e. the Chairman and the Chief Executive Officer) and nine non-executive

Directors. The Chief Executive Officer has day-to-day responsibility for the management of the Company.

Pursuant to Article 22 of the Articles of Association, the general authority to represent the Company shall be

vested in the Board of Directors and the Chief Executive Officer acting individually. Pursuant to article 3(b) of the

Regulations of the Board of Directors, if the Chairman is an executive director, he/she will be consulted on

important strategic matters affecting the Company: budget/long-term strategic planning; mergers and

acquisition transactions, including significant joint-ventures, investments and divestments; strategic evolution of

the brand portfolio and significant product investment; appointments, succession planning and compensation

for key positions in the Company; institutional relationships, including relationships with key governmental

stakeholders, particularly on matters of strategic significance; significant public relations matters and major

communication events/topics; interaction with principal shareholders and key partners; and providing leadership

to the Board of Directors and, in crisis circumstances, to the executive management on governance matters and

ad hoc crisis management, in each case, without prejudice to the powers of the Board of Directors. On

December 1, 2024, the Board of Directors had resolved to appoint Mr. Elkann, the Chairman, pursuant to Article

20.11 of the Company's Articles of Association to temporarily assist the Board in the management of the

Company with full powers and authority for the management of the day-to-day business of the Company and to

represent Stellantis N.V. in all matters with sole power of representation. Therefore, until July 18, 2025, the date

on which the current Chief Executive Officer was appointed, the general authority to represent the Company had

been vested in the Board of Directors and Mr. Elkann acting individually.

On May 27, 2025, the Board of Directors unanimously selected Mr. Antonio Filosa as the new Company's CEO

following a thorough search process of internal and external candidates, undertaken by a Special Committee of

the Board of Directors, led by Executive Chairman Mr. Elkann, and, upon the recommendation of the Non-

Executive Directors, the Board of Directors resolved to propose to the Company's General Meeting to appoint

Mr. Filosa as additional Executive Director. On June 23, 2025, the Company announced that, while the

appointment process for a new permanent Chief Executive Officer had concluded with Mr. Filosa taking up the

role as CEO of Stellantis N.V., the Stellantis Leadership Team ("SLT") was established with immediate effect. The

SLT is currently formed as follows:

• Mr. Antonio Filosa (CEO and Executive Director; North America & American Brands);

• Mr. Emanuele Cappellano (Enlarged Europe & European Brands, Stellantis Pro One);

• Mr. Herlander Zola (South America);

• Mr. Samir Cherfan (Middle East & Africa and Micromobility);

• Mr. Gregoire Olivier (China and India & Asia Pacific);

• Mr. Davide Mele (Product Planning);

• Mr. Ned Curic (Product Development & Technology);

• Mr. Sebastien Jacquet (Quality);

• Ms. Monica Genovese (Purchasing);

• Mr. Scott Thiele (Supply Chain);

• Mr. Francesco Ciancia (Manufacturing);

• Mr. Joao Laranjo (Finance);

• Mr. Xavier Chéreau (Human Resources);

• Ms. Clara Ingen-Housz (Corporate Affairs & Communications);

• Mr. Ralph Gilles (Design).

In addition to the SLT and reporting directly to the Chief Executive Officer are the following Executives: Mr.

Olivier Francois (Marketing), Ms. Alison Jones (Parts & Services, Circular Economy), Mr. Giorgio Fossati

(General Counsel).

Within this governance structure, the Board of Directors considers subjects that link to the strategic plan. Climate

being a key topic, the Board of Directors ensures that the strategy fits with the Stellantis sustainable long-term

vision and climate resilience objectives, but also that related risks and opportunities stemming from the effects of

climate change are properly identified and managed. The CEO and the SLT are responsible for defining the

overall environmental strategy, including climate-related policies. The CEO reports to the Board of Directors.

Major strategic projects with significant impact on the CO2 emissions of the Company or its products are brought

to the Board of Directors for review and decisions. Those projects can be related to vehicle CO2 emissions

reduction, as well as product planning or new mobility offers with CO2 emission reduction targets. Other major

projects that can be impacted by the consequences of climate change, such as location of new sites, are also

reviewed by the Board of Directors. The Board of Directors reviews the related financial implications of strategic

projects with significant impact on CO2 emissions, such as the capital expenditures or strategic transformation

needed to implement these projects. The Board of Directors discusses these projects for approval after being

informed about aspects such as CO2 emission consequences and expected changes in the future mobility

market. Stellantis' strategic climate commitments, their implementation and their progress versus targets, are

presented to the Board of Directors, in order to deliver relevant information on the climate-related sustainability

issues impacting the organization.

Set forth below are the names, year of birth and position of each of the persons currently serving as Directors as

of the date of this report. The business address of each person listed below is c/o Taurusavenue 1, 2132LS

Hoofddorp, the Netherlands. The term of office of the Chairman, Senior Independent Director and Vice Chairman

will expire immediately after the close of the AGM in 2026. The term of office of the other Directors will expire

immediately after the close of the AGM in 2027.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Year of Birth** | **Position** | **Nationality** | **Term**<sup>(1)</sup> | **Independent** |
| **John Elkann**<br> M | 1976 | Chairman and Executive <br>Director<br>| Italy | 5 years | No |
| **Antonio Filosa**<br> M | 1973 | Chief Executive Officer <br>and Executive Director<br>| Italy | 2 years | No |
| **Robert Peugeot**<br> M | 1950 | Vice Chairman and Non-<br>Executive Director<br>| France | 5 years | No |
| **Henri de Castries**<br> M | 1954 | Senior Independent <br>Director and Non-<br>Executive Director<br>| France | 5 years | Yes |
| **Fiona Clare Cicconi**<br> F | 1966 | Employee Engagement<br>Non-Executive Director<br>| UK & Italy | 2 years | Yes |
| **Nicolas Dufourcq**<br> M | 1963 | Non-Executive Director | France | 2 years | Yes |
| **Ann Godbehere**<br> F | 1955 | Non-Executive Director | Canada & UK | 2 years | Yes |
| **Claudia Parzani**<br> F | 1971 | Non-Executive Director | Italy | 2 years | Yes |
| **Daniel Ramot**<br> M | 1975 | Non-Executive Director | U.S. & Israel | 2 years | Yes |
| **Benoît Ribadeau-Dumas**<br> M | 1972 | Non-Executive Director | France | 2 years | No |
| **Alice Davey Schroeder**<br> F | 1956 | Non-Executive Director | U.S. | 2 years | Yes |

---

<sup>(1)</sup> Since the Governance Effective Time for John Elkann, Robert Peugeot and Henry de Castries or, with respect to all the others members

of the Board, since the 2025 AGM

In accordance with Articles of Association and the combination agreement, Mr. Elkann and Mr. Ribadeau-

Dumas were nominated by Exor N.V.; Mr. Nicolas Dufourcq by Bpifrance S.A.; Mr. Robert Peugeot by EPF/

Peugeot Invest. Refer to "*Articles of Association and Information on Stellantis Shares —Nomination Rights*"

included elsewhere in this report for a description of certain binding nomination arrangements set forth in the

Articles of Association, which will apply to future terms of office.

The members of the Board and its committees are selected on the basis of expertise, experience, personal

qualities, age, sex or gender identity and nationality. Following the 2024 AGM, four seats of the Board of

Directors out of eleven were occupied by women, equivalent to 40 percent according to the calculation

methodology set by EU Directive 2022/2381. The average ratio of female to male board members was 57

percent. Following the resignation of Mr. Tavares on December 1, 2024, four seats of the Board of Directors out

of ten were occupied by women, confirming the 40 percent according to the calculation methodology set by EU

Directive 2022/2381, while the average ratio of female to male board members became 67 percent. These

figures remained unchanged following the 2025 AGM and until the 2025 EGM, held on 18 July 2025, after which

four seats of the Board of Directors out of eleven were occupied by women, equivalent to 40 percent according

to the calculation methodology set by EU Directive 2022/2381. The average ratio of female to male board

members returned to 57 percent. The nationalities of the members of the Board of Directors were reasonably

consistent with the geographic footprint of Stellantis' business and no nationality counted for more than 60

percent of the members of the Board of Directors. One member was under the age of 50 at the day of their

nomination.

Members are selected on the basis of professional and personal qualifications to ensure a complementary skill

set that enables effective oversight of the Company's strategy and include a variety of profiles in terms of

professional and personal background, gender and nationality. The skills of the members of the Board of

Directors relate to either specific operational experiences or performance as responsible for oversight over

major challenges at other corporations where the directors are also board members and are summarized in the

following matrix:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Climate** <br>**Change**<br>| **Human** <br>**Rights**<br>| **Risk** <br>**Management**<br>| **Cyber** <br>**security &** <br>**Software**<br>| **New** <br>**Business** <br>**Model**<br>| **Industry** | **Corporate** <br>**Social** <br>**Responsibility**<br>| **Governance** | **Financial** <br>**and** <br>**Accounting**<br>| **Board** <br>**memberships**<br>|
| **John Elkann** |  | ✓ |  |  | ✓ | ✓ | ✓ | ✓ | ✓ | 4 |
| **Antonio Filosa** |  | ✓ | ✓ |  | ✓ | ✓ |  | ✓ |  |  |
| **Robert Peugeot** |  |  | ✓ |  | ✓ | ✓ | ✓ | ✓ | ✓ | 4 |
| **Henri de Castries** | ✓ | ✓ | ✓ |  |  |  | ✓ | ✓ | ✓ | 3 |
| **Fiona Clare** <br>**Cicconi**<br>|  | ✓ | ✓ |  |  |  | ✓ | ✓ |  |  |
| **Nicolas Dufourcq** | ✓ | ✓ |  |  | ✓ | ✓ |  | ✓ | ✓ | 2 |
| **Ann Godbehere** | ✓ |  | ✓ |  |  |  | ✓ | ✓ | ✓ | 2 |
| **Claudia Parzani** |  | ✓ |  |  |  |  | ✓ | ✓ |  | 2 |
| **Daniel Ramot** |  |  | ✓ | ✓ | ✓ |  | ✓ |  |  | 1 |
| **Benoît Ribadeau-**<br>**Dumas**<br>|  |  | ✓ |  |  |  |  | ✓ |  | 5 |
| **Alice Davey** <br>**Schroeder**<br>| ✓ |  | ✓ |  |  |  | ✓ | ✓ | ✓ | 4 |

---

We have determined that the following seven of our eleven Directors qualify as independent for purposes of

NYSE rules, Rule 10A-3 of the Exchange Act and the Dutch Corporate Governance Code: Ms. Cicconi, Mr. de

Castries, Mr. Dufourcq, Ms. Godbehere, Ms. Parzani, Mr. Ramot and Ms. Schroeder meaning more than 63

percent of the members of the Board were independent as of year end. The Board of Directors has also

appointed Mr. de Castries as Senior Independent Director and non-executive Director in accordance with

Section 2.1.9 of the Dutch Corporate Governance Code.

Directors are expected to prepare themselves for and attend all Board of Directors meetings, the AGM and the

meetings of the committees on which they serve, with the understanding that, on occasion, a Director may be

unable to attend a meeting.

During 2025, there were fifteen meetings of the Board of Directors. The average attendance at those meetings

was 98.66 percent.

Summary biographies for the current Directors of Stellantis are included below:

**John Elkann (Chairman and Executive Director)** – John Elkann was appointed Chairman of Stellantis on

January 17, 2021. He had previously been Chairman of Fiat S.p.A. from 2010 and joined its board in 1997.

Born in New York in 1976, Mr. Elkann obtained a scientific baccalauréat from Lycée Victor Duruy in Paris and an

engineering degree from Politecnico di Torino. He began his career at General Electric in 2001, gaining

international experience across Asia, Europe, and North America.

As Ferrari N.V.'s Chairman since 2018, Mr. Elkann has been bolstering its leadership in innovation, luxury and

sport competitions while preserving its iconic legacy. In 2009, he established Exor N.V., which is currently the

largest shareholder of companies such as Ferrari N.V., Koninklijke Philips N.V. and CNH Industrial N.V., in

addition to Stellantis.

In 2023, Mr. Elkann founded Lingotto, a long-term investment management company. Mr. Elkann is a board

member of Meta Platforms, Inc. and a trustee of the Museum of Modern Art (MoMA). He also chairs the Agnelli

Foundation, a philanthropy focused on education, and is a member of the JP Morgan International Council and

the Allianz International Advisory Board.

**Antonio Filosa (Chief Executive Officer and Executive Director)** – Antonio Filosa is Chief Executive Officer

and Executive Director of Stellantis. He is also head of North America and American Brands. Mr. Filosa

previously served as Stellantis' Chief Operating Officer for South America, Chief Executive Officer of the Jeep

brand and global Head of Quality.

Mr. Filosa has extensive experience in purchasing and manufacturing operations, as well as overall business

management and strategy. He joined the FIAT Group in 1999 where he assumed roles of increasing

responsibility, including plant manager of the Betim (Brazil) facility and Head of Purchasing for the Latin America

region. Mr. Filosa also served as the Head of Argentina as well as the Head of Alfa Romeo and Maserati brands

for the Latin America region, positions he held from 2016 and 2018, respectively. He also served as FCA's Chief

Operating Officer of Latin America and was a member of its Group Executive Council beginning in March 2018.

Mr. Filosa has a master's degree in engineering from Politecnico di Milano (Italy). He was born in Naples, Italy in

1973. **Robert Peugeot (non-executive Director)** – Robert Peugeot is Vice Chairman and a non-executive Director of

Stellantis. Mr. Peugeot joined the PSA Supervisory Board as permanent representative of FFP (now known as

Peugeot Invest) in April 2014, and became Vice Chairman and a non-executive Director of Stellantis in January

2021. Born in France in 1950, Mr. Peugeot is a graduate of École Centrale de Paris and Institut Européen

d'Administration des Affaires (INSEAD).

Mr. Peugeot held various executive positions within the PSA Group. From 1998 to 2007, he was vice-president

for innovation and quality, and a member of the PSA's Executive Committee. In addition, Mr. Peugeot served as

Chairman of the board of Peugeot Invest S.A., director of Financière Guiraud S.A.S. and director of Peugeot

Invest UK Ltd. until 2025. He currently serves as a board member of Peugeot 1810 S.A.S.; permanent

representative of Peugeot 1810 on the board of Forvia SE; managing director of SC Rodom; board member of

Safran S.A.; member of the supervisory board of Soparexo S.C.A.; and observer on the supervisory board of

Rothschild & Co.

He is a Knight of the French National Order of Merit and a Knight of the French Legion of Honour.

**Henri de Castries (non- executive Director)** – Henri de Castries is Senior Independent Director and a non-

executive Director of Stellantis. Born in France in 1954, he is a graduate of École des Hautes Etudes

Commerciales (HEC) and École Nationale d'Administration (ENA).

Mr. de Castries was the chairman of the management board of AXA S.A. from 2000 and chairman and chief

executive officer from April 2010 until September 2016. He previously worked for the French Finance Ministry

Inspection Office and the French Treasury Department. In addition, Mr. de Castries currently serves as chairman

of Europe and Senior Advisor of General Atlantic; and lead director on the board of directors of LVMH. Mr. de

Castries became Senior Independent Director and a non-executive Director of Stellantis in January 2021.

**Fiona Clare Cicconi (non-executive Director)** – Fiona Clare Cicconi is an employee representative on the

Stellantis Board of Directors. Born in London in 1966, Ms. Cicconi became Chief People Officer for Google in

January 2021. Prior to that she was Executive Vice President and Chief Human Resources Officer at

AstraZeneca PLC from 2014 to 2020. Ms. Cicconi started her career at General Electric, where she held various

human resources roles within the oil and gas business. Subsequently, she spent a number of years at Cisco,

overseeing human resources in Southern Europe and then industrial and employee relations in EMEA, before

joining F. Hoffmann La Roche in 2006. There, she was most recently responsible for global human resources for

Global Technical Operations. Ms. Cicconi became an employee representative on the Board of Directors of

Stellantis in January 2021.

Ms. Cicconi holds a diploma in international business studies from Leeds Metropolitan University.

**Nicolas Dufourcq (non-executive Director)** – Nicolas Dufourcq is a non-executive Director of Stellantis. Born in

France in 1963, Mr. Dufourcq is a graduate of École des Hautes Etudes Commerciales (HEC) and École

Nationale d'Administration (ENA).

Mr. Dufourcq began his career at the French Ministry of Economy and Finance in 1988 and then joined the

French Ministry of Health and Social Affairs in 1992, before joining France Telecom in 1994. In 1998, he created

Wanadoo, the internet access leader, a subsidiary of France Telecom, and listed it for €20 billion in 2000.

Between 1998 and 2003, he was CEO of Wanadoo and executive director of France Telecom in charge of the

internet, cable and pay TV. Mr. Dufourcq joined Capgemini in 2003, where he was in charge of the central and

southern Europe region. From 2004 to 2013, he served as chief financial officer and deputy chief executive

officer of Capgemini. Since February 7, 2013, Mr. Dufourcq has been the chief executive officer of Bpifrance SA.

In addition, Mr. Dufourcq serves as chief executive officer of Bpifrance Investissement S.A.S.; chief executive

officer of Bpifrance Assurance Export S.A.S.; chairman and chief executive officer of Bpifrance Participations

S.A.; and chairman of the supervisory board of STMicroelectronics N.V. 1. He served as permanent

representative of Bpifrance Participations S.A. on the board of directors of Orange from January 2017 to January

2021. Mr. Dufourcq became a non-executive Director of Stellantis in January 2021.

**Ann Godbehere (non–executive Director)** – Ann Godbehere is a non-executive Director of Stellantis. Ms.

Godbehere was born in Canada in 1955.

Ms. Godbehere started her career with Sun Life of Canada in 1976 in Montreal, Canada, and joined M&G Group

in 1981, where she served as senior vice president and controller for life and health, and property and casualty

businesses throughout North America. She joined Swiss Re in 1996, after it acquired the M&G Group, and

served as chief financial officer from 2003 to 2007. From 2008 to 2009, she was interim chief financial officer and

an executive director of Northern Rock bank in the initial period following its nationalization. Ms. Godbehere has

also held several non-executive director positions at Prudential plc, British American Tobacco plc, UBS AG, and

UBS Group AG. Until May 2019, Ms. Godbehere served as a non-executive director of Rio Tinto plc and Rio

Tinto Limited. She was also senior independent director of Rio Tinto plc. In addition, Ms. Godbehere currently

serves as a non-executive director of Shell plc and as an independent non-executive director of HSBC Holdings

plc. She is also Chairman of the Board of HSBC Bank plc. Ms. Godbehere is a fellow of the Institute of Chartered

Professional Accountants and a fellow of the Certified General Accountants Association of Canada. She became

a non-executive Director of Stellantis in January 2021.

**Claudia Parzani (non-executive Director)** – Claudia Parzani is a non-executive Director of Stellantis. Ms.

Parzani was born Brescia, Italy in 1971. She received her law degree, magna cum laude, from Università degli

Studi di Milano.

Ms. Parzani is a Senior Advisor at Linklaters LLP, an international law firm, where she is a previous member of

the Executive Committee and partner specializing in corporate issues and corporate governance. Since 2022,

Ms. Parzani has been Chair of the board of directors of Borsa Italiana S.p.A., the Italian stock exchange, after

previously serving as Deputy Chair and a non-executive director. Ms. Parzani is Senior Advisor at Brunswick,

Deputy Chair of the Italian group of the Trilateral Commission, a member of the advisory board of UNHCR Italy

and the supervisory committee of Parks- Liberi e Uguali. She is also Chair of the Strategic Council of Fondazione

Italia per il Dono.

In the past, she was Deputy Chair of Il Sole 24 Ore S.p.A., Chair of Allianz S.p.A., and served as an external

member of the board of directors of Politecnico di Milano. She became a non-executive Director of Stellantis in

April 2024.

**Daniel Ramot (non-executive Director)** – Daniel Ramot is a non-executive Director of Stellantis. Mr. Ramot was

born in Ramat Gan, Israel in 1975. He is a graduate of the Israel Defense Forces' Talpiot program, where he

earned a Bachelor of Science in Physics and Mathematics from The Hebrew University of Jerusalem. Mr. Ramot

also holds a Master of Science in Electrical Engineering from Tel Aviv University.

In 2008, Mr. Ramot joined D. E. Shaw Research as a Director, where he was instrumental in building

supercomputers designed to accelerate pharmaceutical drug discovery, developing advanced computational

techniques and algorithms to simulate molecular dynamics. In 2012, he co-founded Via , a provider of innovative

software solutions for public and private mobility systems and transportation planning services operating in over

35 countries. He became a non-executive Director of Stellantis in April 2025.

**Benoît Ribadeau-Dumas (non-executive Director)** – Benoît Ribadeau-Dumas is a non-executive Director of

Stellantis. Mr. Ribadeau-Dumas was born in France in 1972. He graduated from École Polytechnique and

attended the École Nationale d'Administration.

Mr. Ribadeau-Dumas is Chief Companies Officer at Exor N.V. He is also a member of the supervisory board of

Koninklijke Philips N.V. Mr. Ribadeau-Dumas began his career at the French Council of State in 1997 before

joining Thales, a leading French technology group in aerospace and defense, as Director of Business

Development. He held various roles within the company until 2009 when he was named CEO of Thales

Underwater Systems. Mr. Ribadeau-Dumas later served as Senior Executive Vice President at CGG, a

geoscience company now known as Veridien, and as a member of the management board of ZodiacAerospace

and CEO of its Aerosystems branch. In 2017, he joined the Cabinet of the French Prime Minister as Chief of

Staff. Mr. Ribadeau-Dumas became a non-executive Director of Stellantis in April 2023.

**Alice Davey Schroeder (non-executive Director)** - Alice Davey Schroeder is a non-executive director of

Stellantis. Ms. Schroeder was born in Dallas, Texas (U.S.) in 1956. She graduated with a BBA and MBA from the

Red McCombs School of Business at the University of Texas at Austin.

Ms. Schroeder currently serves on the boards of Carbon Streaming Corporation, HSBC North America Holdings

Inc., and Dakota Gold Corporation and previously served on the boards of Prudential plc, Natus Medical and

Bank of America Merrill Lynch International.

She started her career in 1980 in Houston, Texas, at Ernst & Whinney and then, following Ernst & Whinney's

merger with Arthur Young & Co., at Ernst & Young ("EY"). Ms. Schroeder served on the audit staff of EY as a

Certified Public Accountant until 1991, when she joined the staff of the Financial Accounting Standards Board,

the accounting standard-setting body of the United States. In 1993, she began a career on Wall Street, heading

research teams for the insurance industry as a managing director at CIBC Oppenheimer and PaineWebber, and,

managing director and senior advisor at Morgan Stanley. She became a non-executive Director of Stellantis in

April 2025.

**Amount and Composition of the Remuneration of the Board of Directors**

Details of the remuneration of the Board of Directors and its committees are set forth within the section

"*Remuneration Report*" included elsewhere within this report.

**Directors' Share Ownership**

The table below shows the number of Stellantis common shares owned by members of the Board of Directors as

at February 26, 2026:

---

| | | |
|:---|:---|:---|
| **Directors Owning Stellantis Common Shares** | **Shares** | **Percent of** <br>**Class**<br>|
| John Elkann | 1227009 | —% |
| Antonio Filosa | 414737 |  |
| Robert Peugeot | 15000 | —% |
| Henri de Castries | 21000 | —% |
| Fiona Clare Cicconi | 11662 | —% |
| Nicolas Dufourcq |  | —% |
| Ann Godbehere | 9650 | —% |
| Claudia Parzani |  | —% |
| Daniel Ramot |  |  |
| Benoît Ribadeau-Dumas |  | —% |
| Alice Davey Schroeder |  | —% |

---

No members of Senior Management beneficially own 1 percent or more of the Company's common shares.

**Board Practices and Committees** 

Board Regulations

On January 17, 2021, the Board of Directors adopted its current regulations and approved certain revisions on

October 10, 2024, to introduce the position of the non-executive director for employee engagement and related

role and responsibility. Board of Directors regulations deal with matters that concern the Board of Directors and

its committees internally (the "Board Regulations").

The Board Regulations contain provisions concerning the manner in which meetings of the Board of Directors

are called and held, including the decision-making process. The Board Regulations provide that meetings may

be held by telephone or video conference, provided that all participating Directors can follow the proceedings

and participate in real-time discussion of the items on the agenda.

The Board of Directors can only adopt valid resolutions when the majority of the Directors in office are present at

the meeting or are represented thereat.

A Director may only be represented by another Director authorized in writing.

A Director may not act as a proxy for more than one other Director.

All resolutions shall be adopted by the favorable vote of the majority of the Directors present or represented at

the meeting, in accordance with the regulations adopted by the Board of Directors. Each Director shall have one

vote.

The Board of Directors shall be authorized to adopt resolutions without convening a meeting if all Directors shall

have expressed their opinions in writing, unless one or more Directors shall object in writing against the

resolution being adopted in this way prior to the adoption of the resolution.

The Board Regulations are available on the Company's website.

Committees

On January 17, 2021, the Board of Directors established the following internal committees: (i) an Audit

Committee; (ii) a Governance and Sustainability Committee, now known as the ESG Committee; and (iii) a

Remuneration Committee, with such appointments becoming effective as of the Governance Effective Time.

**The Audit Committee** 

On August 2, 2021, the Board of Directors adopted the charter of the Audit Committee and approved certain

revisions on February 12, 2024 in order to reflect the Audit Committee's new responsibility to assist and advise

the Board of Directors on the integrity of the Company's sustainability disclosures and reports in accordance

with applicable reporting standards, including the EU Corporate Sustainability Reporting Directive ("CSRD").

The Audit Committee is responsible for assisting and advising the Board of Directors with respect to, *inter alia*: (i)

the integrity of the Company's financial statements, including any published interim reports, related press

releases and other related corporate communications; (ii) the adequacy and effectiveness of the Company's

internal control over financial reporting, financial reporting procedures and disclosure controls and procedures;

(iii) the integrity of the Company's disclosures and reports on environmental, social, human rights and

governance factors ("sustainability reporting") in accordance with applicable reporting standards and the

adequacy and effectiveness of the Company's internal controls and audit in relation to sustainability reporting;

(iv) the Company's policy on tax planning; (v) the Company's financing; (vi) the Company's applications of

information and communication technology, including risks relating to cybersecurity; (vii) the systems of internal

controls that management and the Board of Directors have established; (viii) the Company's compliance with

legal and regulatory requirements; (ix) the Company's compliance with recommendations and observations of

internal and independent auditors; (x) the open and ongoing communications regarding the Company's financial

position and results of operations between the Board of Directors, the independent auditors, the Company's

management and internal audit department; (xi) the Company's policies and procedures for addressing certain

actual or perceived conflicts of interest; (xii) the qualifications, independence, oversight and remuneration of the

Company's independent auditors and any non-audit services provided to the Company by the independent

auditors; (xiii) the selection of the independent auditor by recommending an independent auditor for nomination,

appointment or dismissal by the Company's AGM; (xiv) the performance of the Company's internal auditors and

independent auditors; (xv) risk management and risk assessment guidelines and policies, including major

financial risk exposure, and the steps taken to monitor and control such risks; and (xvi) the implementation and

effectiveness of the Company's ethics and compliance program.

The Audit Committee currently consists of Ms. Godbehere (Chairperson), Mr. de Castries, Ms. Parzani and Ms.

Schroeder. The Audit Committee is elected by the Board of Directors and is comprised of independent

Directors. The Senior Independent Director or a former executive Director may not serve as chairman of the

Audit Committee. Audit Committee members are required (i) not to have any material relationship with the

Company or perform the functions of auditors or accountants for the Company; (ii) to be "independent", for

purposes of NYSE rules, Rule 10A-3 of the Exchange Act and the Dutch Corporate Governance Code; and (iii) to

be "financially literate" and have "accounting or selected financial management expertise" (as determined by

the Board of Directors). At least one member of the Audit Committee should be a "financial expert" as defined by

the Sarbanes-Oxley Act and the rules of the SEC and section 2(3) of the Decree on the Establishment of an Audit

Committee (*Besluit instelling auditcommissie*). No Audit Committee member may serve on more than four audit

committees for other public companies, absent a waiver from the Board of Directors which must be disclosed in

the Company's annual report. Unless decided otherwise by the Audit Committee, the independent auditors of

the Company, the Chief Financial Officer ("CFO") and the Chief Audit and Compliance Officer attend its

meetings while the CEO is entitled to attend meetings of the Audit Committee unless the Audit Committee

determines otherwise and shall attend the meetings of the Audit Committee, if the Audit Committee so requires.

The Audit Committee shall meet with the independent auditors at least once per year outside the presence of the

executive Directors and management.

Our Board of Directors has determined that Ms. Godbehere, Mr. de Castries and Ms. Schroeder are "audit

committee financial experts". All Audit Committee members are independent directors under the NYSE rules,

Rule 10A-3 of the Exchange Act and the Dutch Corporate Governance Code.

During 2025, ten meetings of the Audit Committee were held. The average attendance of its members at those

meetings was 100 percent. The Committee reviewed the Stellantis' financial results for the period ended on June

30, 2025 and the full year 2025, as well as the shipments and revenues related to the first and third quarters of

the year. The Committee, with the assistance of the CFO and other Company officers mainly from finance,

internal audit and compliance, and legal departments, focused on main business drivers in addition to key

accounting, reporting matters and periodical reviews of certain areas such as enterprise risk management,

double materiality assessment, tax, treasury, acquisitions, insurance and employee benefits/pensions review

with specific focus on the areas of major audit risks such as the evaluation of assets and liabilities requiring

management judgment. Particular focus was dedicated to cybersecurity and information technology matters.

The Committee is charged with assisting and advising the Board of Directors with respect to the implementation

and effectiveness of the Company's ethics and compliance program, among other things. In so doing, the Audit

Committee oversees and monitors the quality and completeness of the Company's global compliance policies

and practices with respect to applicable legal and regulatory requirements, as well as with the requirements and

objectives of the Company's Code of Conduct and Integrity Helpline, and, in 2025, reviewed the Human Rights

Policy.

The Audit Committee meets with the Company's management, including finance, audit and compliance, and

legal staff to discuss, among other things, any significant legal, regulatory, Code of Conduct or other compliance

related matters, arising anywhere in the world, that could have a material adverse effect on the Company's

business, financial statements or operations.

The Committee also assists and advises the Board of Directors and acts under authority delegated by the Board

of Directors, with respect to among others the Company's policy on tax planning adopted by management.

Independent auditors attended all the meetings providing regular information to the Committee on their activity.

The Committee reviewed the annual internal audit plan, the performance of external auditor, and received

updates on legal and compliance matters, with the General Counsel attending the Committee meetings. Internal

audit activity was reviewed on a regular basis with the Chief Audit and Compliance Officer attending all the

meetings and discussing with the Committee the main findings and remediating actions. Internal control over

financial reporting was part of these reviews as well. In line with the policy adopted by the Company, the

Committee was regularly involved in the review and approval of transactions entered into with related parties.

**The Remuneration Committee** 

On January 17, 2021, the Board of Directors adopted the current charter of the Remuneration Committee. The

Remuneration Committee is responsible for, *inter alia*, assisting and advising the Board of Directors in: (i)

determining executive compensation consistent with the Company's remuneration policy; (ii) reviewing and

approving the overall compensation strategy of the Company and the remuneration structure for the executive

Directors; (iii) administering equity incentive plans and deferred compensation benefit plans; (iv) discussing with

management the Company's policies and practices related to compensation and issuing recommendations

thereon; and (v) preparing the remuneration report.

The Remuneration Committee currently consists of Ms. Cicconi (Chairperson), Mr. de Castries, Mr. Peugeot. Mr.

Ramot and Mr. Ribadeau-Dumas. The Remuneration Committee is elected by the Board of Directors, which shall

appoint one of its members as Chairperson of the Remuneration Committee, and is comprised of at least three

non-executive Directors, more than half of whom shall be independent under Dutch Corporate Governance

Code. Unless decided otherwise by the Remuneration Committee, the Chief Human Resources Officer attends

its meetings.

During 2025, four meetings of Stellantis' Remuneration Committee were held with 100 percent attendance of its

members at those meetings. The Remuneration Committee approved the 2025 Remuneration Report,

recommended to the AGM to slightly revise the Company's Remuneration Policy and continued its engagement

with shareholders for feedback and dialogue regarding the Company's compensation philosophy and pay

practices. Details of the activities of the Remuneration Committee are included in the *Remuneration Report* 

section included elsewhere in this report.

**The ESG Committee** 

On October 6, 2021, the Board of Directors adopted the charter of the ESG Committee, which amended the

former charter of the Governance and Sustainability Committee, by focusing on the ESG matters in addition to

the tasks previously included. The Board of Directors approved certain revisions to the ESG Committee charter

on February 12, 2024, in order to reflect the Audit Committee's new responsibility to assist and advise the Board

of Directors on the integrity of the Company's sustainability disclosures and reports in accordance with

applicable reporting standards, including the EU CSRD.

The ESG Committee is responsible for, *inter alia*, assisting and advising the Board of Directors with: (i)

monitoring, evaluating, and reporting to the Board of Directors on the strategy, targets and achievements

relating to ESG matters globally of the Company and its subsidiaries; (ii) the identification of the criteria,

professional and personal qualifications for candidates to serve as Directors; (iii) periodic assessment of the size

and composition of the Board of Directors; (iv) periodic assessment of the performance of individual Directors

and reporting on this to the Board of Directors; (v) proposals for nomination and re-nomination of executive and

non-executive Directors; (vi) supervision of the policy on the selection and appointment criteria for top executive

management; and (vii) proposing and supervising the policy regarding succession planning for the Board of

Directors and top executive management.

The ESG Committee currently consists of Mr. de Castries (Chairperson), Ms. Cicconi, Mr. Dufourcq, Ms. Parzani

and Mr. Ribadeau-Dumas. The ESG Committee is elected by the Board of Directors and is comprised of at least

three non-executive Directors according to its charter. More than half of its members shall be independent under

the Dutch Corporate Governance Code. For a period of four years from January 17, 2021, the Chairperson shall

be selected among the independent directors nominated by PSA (or his or her replacement).

During 2025, two meetings of Stellantis ESG Committee were held with 90 percent attendance of its members at

those meetings. The ESG Committee reviews the Company's ESG roadmap, achievements and disclosures in

accordance with our updated strategic plan and its implementation. In addition, the ESG Committee periodically

assesses the performance of individual directors and reports on this to the Board of Directors.

In 2025, the ESG Committee recommended to the Board of Directors the nomination of Ms. Cicconi, Mr.

Dufourcq, Ms. Godbehere, Ms. Parzani, Mr. Ramot, Mr. Ribadeau-Dumas and Ms. Schroeder as candidates for

non-executive director positions at the 2025 AGM. In addition, the non-executive directors, including the ESG

Committee, recommended the nomination of Mr. Filosa as a candidate for Executive Director position and Chief

Executive Officer at the 2025 EGM and Board of Directors meeting.

During the year, the committee assisted the Board of Directors by sharing developments in ESG strategy. The

committee presented key ESG initiatives, developments in ESG KPIs, and ESG ratings results from the main non-

financial rating agencies. The committee also presented the main lessons learned from its analysis of the gaps

between the content delivered by the Company and the expectations of ESG agencies, supplemented by

stakeholder engagement analyses as defined in its stakeholder engagement policy. The committee highlighted

how regulatory changes affect ESG. The committee clarified the Company's strategy regarding environmental

impact and updated ESG objectives to align with ongoing developments in corporate strategy. It shared the

developments brought about by updates to ESG-related policies and finally gave an overview of its philanthropic

projects and their impact on communities.

**Indemnification of Directors**

Under the Articles of Association, Stellantis is required to indemnify any and all of its Directors, officers, former

Directors, former officers (including former directors and officers of PSA) and any person who may have served

at its request as a director or officer of another company in which it owns shares or of which it is a creditor who

were or are made a party or are threatened to be made a party or are involved in, any threatened, pending or

completed action, suit, or proceeding, whether civil, criminal, administrative, arbitrative or investigative (each, a

"Proceeding"), or any appeal in such a Proceeding or any inquiry or investigation that could lead to such a

Proceeding against any and all liabilities, damages, reasonable and documented expenses (including

reasonably incurred and substantiated attorney's fees), financial effects of judgments, fines, penalties (including

excise and similar taxes and punitive damages) and amounts paid in settlement in connection with such

Proceeding by any of them. Notwithstanding the above, no indemnification will be made in respect of any claim,

issue, or matter as to which any of the above-mentioned indemnified persons will be adjudged in a final and

non-appealable decision to be liable for gross negligence or willful misconduct in the performance of such

person's duty to Stellantis. This indemnification by Stellantis is not exclusive of any other rights to which those

indemnified may be entitled otherwise.

**Conflict of Interest**

A Director shall not participate in discussions and decision-making with respect to a matter in relation to which

he or she has a direct or indirect personal interest which is in conflict with the interests of the Company and the

business associated with the Company ("Conflict of Interest"), which shall be determined outside the presence

of the Director concerned. All transactions, where there is a Conflict of Interest, must be concluded on terms that

are customary in the branch concerned and approved by the Board of Directors. In addition, the Board of

Directors may determine that there is such a strong appearance of a Conflict of Interest of a Director in relation

to a specific matter, that it would be inappropriate for such Director to participate in discussions and the

decision-making process with respect to such matter. A Director shall promptly report any potential Conflict of

Interest to the Chairman (or to the Senior Independent Director or another Director in case of the Chairman) and

shall provide all relevant information concerning such potential Conflict of Interest.

At least annually, each non-executive Director shall assess in good faith whether he or she is independent under

best practice provision 2.1.8 of the Dutch Corporate Governance Code and each Director shall assess in good

faith whether he or she is independent under (a) the requirements of Rule 10A-3 under the Exchange Act, and

(b) Section 303A of the NYSE Listed Company Manual.

The Directors shall inform the Board of Directors through the Senior Independent Director or the Secretary of the

Board of Directors as to all material information regarding any circumstances or relationships that may impact

their characterization as "independent" or impact the assessment of their interests, including by responding

promptly to the annual questionnaires circulated by or on behalf of the Secretary that are designed to elicit

relevant information regarding such Director's business and other relationships relevant to the determination of

independence.

Based on each Director's assessment described above, the Board of Directors shall make a determination at

least annually regarding such Director's independence. These annual determinations shall be conclusive,

absent a change in circumstances from those disclosed to the Board of Directors that necessitates a change in

such determination.

**Senior Management**

The Company's management is led by Chief Executive Officer who is supported by a team of senior managers.

The following executives, designated as Senior Management, are the members of the SLT, the General Counsel

and the Chief Accounting Officer:

• Mr. Filosa (Chief Executive Officer, Executive Director, North America & American Brands)

• Mr. Cappellano (Enlarged Europe & European Brands and Stellantis Pro One)

• Mr. Zola (South America)

• Mr. Cherfan (Middle East & Africa and Micromobility)

• Mr. Olivier (China and India & Asia Pacific)

• Mr. Mele (Product Planning)

• Mr. Curic (Product Development & Technology);

• Mr. Jacquet (Quality)

• Ms. Genovese (Purchasing)

• Mr. Thiele (Supply Chain)

• Mr. Ciancia (Manufacturing);

• Mr. Laranjo (Chief Financial Officer)

• Mr. Chéreau (Human Resources, Sustainability and IT)

• Ms. Ingen-Housz (Corporate Affairs & Communications)

• Mr. Gilles (Chief Design Officer)

• Mr. Fossati (General Counsel)

• Ms. Van Etten (Chief Accounting Officer and Global Finance Transformation)

Summary biographies for these individuals are included below. For the biography of Mr. Filosa, see above.

**Emanuele Cappellano** – Emanuele Cappellano is responsible for Enlarged Europe, European Brands and

Stellantis Pro One.

From 2023, Mr. Cappellano led Stellantis South America, following two years at Marcolin – a global leader in the

eyewear industry – where he served as North America CEO and Group Strategy & Corporate Development

Director. Until September 2021, he served as Chief Financial Officer & Head of Financial Services in Stellantis'

South America region. During his career at FCA, he served as a board member, president and advisor and held

senior finance positions in areas such as Commercial, Product, Investment, Industrial, and Operations. He joined

FCA in 2002 and started working in South America in 2014.

Mr. Cappellano has a degree in business economics with an emphasis in finance from the University of Venice

and a master's in accounting management and corporate finance from the University of Turin. He was born in

Rieti, Italy in 1976.

**Herlander Zola** - Herlander Zola is responsible for the South America region. Mr. Zola previously served as

Head of Commercial Operations for Stellantis Brazil and Light Commercial Vehicles for South America.

Mr. Zola began his career at Volkswagen Brazil in 2000 and later held senior marketing positions at both BMW

and Audi in Brazil. He joined FCA in 2017, with responsibility for the FIAT brand in Latin America. One year later,

he added responsibility for the brand's commercial operations in Brazil. Mr. Zola then served as Vice President

of the FIAT and Abarth brands for South America, and later as Senior Vice President of Commercial Operations

for FIAT, Jeep, Ram, Peugeot and Citroën Brazil.

Mr. Zola has a degree in Business Administration and a postgraduate degree in Marketing Management from

USCS, an MBA in Marketing from FIA/USP and a specialization in Leadership from London Business School. He

was born in São Paolo, Brazil in 1974.

**Samir Cherfan** - Samir Cherfan is responsible for the Middle East & Africa region and Micromobility. He has a

broad experience across the automotive value chain including R&D, manufacturing, product & program

management, and sales and marketing for various automotive groups. He started his career with Renault Group

in 1992. During the next 11 years, he held various management positions in research, engineering and modules

development and production. He then joined the program management department for seven years and

became program director of mid-range models designed for international markets. In 2010, he moved to the

front line as Managing Director of Eastern Paris retail network at Renault Retail Group. In 2012, he joined Nissan

Group in the Middle East, as Sales and Marketing Director before being appointed Managing Director one year

later. He joined Groupe PSA in 2017 as Sales and Marketing Senior Vice President for Middle East & Africa

region (MEA). In 2019, he was nominated Director of MEA Region and Executive Vice President. Mr. Cherfan

was also head of the industrial and commercial diversity reduction cross functional team.

Mr. Cherfan is currently director of Société de Promotion Industrielle et Automobile au Maroc - SOPRIAM.

Mr. Cherfan is an engineering graduate of Polytech Sorbonne, Paris, France. He was born in Hadath, Lebanon in

1967. **Grégoire Olivier** - Grégoire Olivier is responsible for the China and India & Asia Pacific region. Mr. Olivier was

previously Head of China Strategy, responsible for the Stellantis Liason Office to Leapmotor and Chief Operating

Officer for China.

Mr. Olivier began as a civil servant in the French Ministry of Industry in 1984 and was appointed advisor to the

Prime Minister for Industry and Environment in 1990. From 1992 to 1998, he worked for Pechiney, first as

General Manager of Aluminium of Greece, then from 1995 as Chicago plant manager and subsequently Vice

President of American National Can. From 1998 to 2000, he was head of the Electronics Division of the battery

manufacturer SAFT before being appointed General Manager of the Company. Mr. Olivier was appointed CEO

of the electronics company SAGEM in 2001, which became SAFRAN in 2006.

Mr. Olivier joined PSA in 2006, as CEO of Faurecia. He joined the PSA Executive Committee as SVP of Programs

and Strategy in 2007 and moved to China in 2010 as SVP of China and South-East Asia. In 2016, Mr. Olivier was

named SVP of Mobility Services, and became General Secretary for Groupe PSA in 2018, in addition to

supervising Chinese activities from April 2020.

Mr. Olivier is a graduate of École Polytechnique (France), holds an engineering degree from École des Mines de

Paris and an MBA from the University of Chicago. He was born in Alger, Algeria in 1960.

**Davide Mele** - Davide Mele is responsible for Product Planning. Mr. Mele previously served as Head of

Programs and Product Planning, Head of Global Parts & Services, and Deputy Chief Operating Officer of

Enlarged Europe.

Mr. Mele joined FIAT Group in 2001 as a Senior Auditor and held various roles of increasing responsibility in

Europe, North America and LATAM, serving as head of Group and North America Platform Finance & CapEx;

Financial Planning & Analysis; Chief Financial Officer and Head of Business Development for LATAM and then

Deputy COO for LATAM leading the launch of Jeep for the region. In 2018, he was appointed Deputy Chief

Operating Officer for FCA's EMEA Region.

Mr. Mele holds a degree in management engineering and industrial management from Politecnico di Torino

(Italy). He was born in Fossano, Italy in 1973.

**Ned Curic** – Ned Curic is responsible for Product Development & Technology. Mr. Curic previously served as

Chief Engineering and Technology Officer.

From June 2017, Mr. Curic was Vice President, Alexa Automotive at Amazon, spearheading its efforts in the

automotive industry. He began his career in 1996 in the field of Engineering Systems at Northrop Grumman, a

U.S.-based multinational aerospace and defense technology company. Following a brief period in the financial

industry, Mr. Curic joined Microsoft in 2002 where he held various roles in consulting, product, security and

advisory. He entered the automotive industry in 2013, as Group Vice President & Chief Technology Officer at

Toyota Motor North America and, in 2015 became Co-founder and Executive Vice President, Technical Director

and Board Member at Toyota Connected.

Mr. Curic studied Informatics and Computer Science, and received a Master's in Business Administration from

Pepperdine University, George L. Graziadio School of Business and Management in 2012. He was born in Novi

Pazar, Yugoslavia in 1971.

**Sébastien Jacquet** - Sébastien Jacquet is responsible for Quality.

Mr. Jacquet has more than two decades of experience at Groupe PSA and Stellantis. His career has been

marked by significant contributions to the international expansion of Groupe PSA, particularly in China, where he

worked for eight years at two automotive joint ventures. He has held various key positions including, since 2023,

Deputy to the Chief Engineering and Technology Officer, Cross Car Line & Project Engineering at Stellantis in

France.

Mr. Jacquet graduated with a master's degree in engineering from the École Polytechnique in Paris and a

master's in civil engineering from the University of California (Los Angeles). He also has an Executive MBA from

INSEAD. Mr. Jacquet was born in Nice, France in 1974.

**Monica Genovese** - Monica Genovese is responsible for Purchasing. Ms. Genovese previously had global

responsibility for Direct Material Purchasing for several commodity groups, including Chassis & Adaptation and

Powertrain.

Ms. Genovese joined FIAT Group in1995 working first in Manufacturing and then, in 1999, started her path in

Purchasing with roles of increasing responsibility. She joined the Parts & Services division in 2006 and was

named Parts Supply Chain Operations Director in 2008 with responsibility for activities in Europe, South America

and Asia. In 2011, Ms. Genovese became Head of Parts Supply Chain Operations and Purchasing for FIAT's

EMEA Region. In 2015, she became Head of FCA Purchasing for the EMEA Region.

Genovese has a master's degree in electronic engineering from Politecnico di Torino (Italy). She born in Milazzo,

Italy in 1970.

**Scott Thiele** - Scott Thiele is responsible for Supply Chain. Mr. Thiele previously served as Senior Vice

President, North America Commercial Performance, Cost, and Supply Chain.

Mr. Thiele started his career at Whirlpool Corporation where he held a number of positions in purchasing and

engineering, becoming a global procurement leader overseeing the development of global commodity

strategies. He joined Chrysler Group in 2007 as lead purchasing executive for raw materials and stamping and

subsequently held a series of leadership positions in the Finance and Purchasing organizations. From 2016 until

2018, Mr. Thiele was Chief Purchasing Officer for FCA. From 2019 through 2020, he led the integration of the

North America Purchasing and Supply Chain organization. From 2020 through 2022, Mr. Thiele led the North

America Portfolio Planning Organization and he led the creation of the Strategic Technology Partnership within

the Engineering and Technology organization from 2022 through 2024.

Mr. Thiele holds a Bachelor of Mechanical Engineering degree from the University of Notre Dame. He also

earned a Master of Mechanical Engineering degree from the University of Michigan and a Master of Business

Management degree from Ashland University. Mr. Thiele was born in Ann Arbor, Michigan (U.S.) in 1969.

**Francesco Ciancia** - Francesco Ciancia is responsible for Manufacturing.

Before returning to Stellantis in 2025, Mr. Ciancia was Head of Mercedes-Benz Vans Operations in Stuttgart,

Germany, from 2022. He joined FIAT in 2001 and held roles of increasing responsibility in manufacturing,

including several positions at the Sata Melfi and Cassino plants in Italy, manager of the Fiat Chrysler

Automobiles (FCA) facility in Kragujevac, Serbia; head of Manufacturing for FCA Latin America; and head of

EMEA Manufacturing for Maserati and Premium Brands. With the creation of Stellantis in 2021, Mr. Ciancia was

named Head of Manufacturing for the Low-Mid segment for Enlarged Europe and Maserati.

Mr. Ciancia has a Master's in Mechanical Engineering from Politecnico di Torino in Italy and an Executive MBA

from POLIMI Graduate School of Management. He was born in Avellino, Italy in 1974.

**Joao Laranjo** - Joao Laranjo is Chief Financial Officer, with responsibility for Financial Services, mergers and

acquisitions and joint ventures. Mr. Laranjo also serves as CFO for North America.

Mr. Laranjo began his career at General Electric in 2001, serving as Associate Auditor and later as Controller for

GE Healthcare in South America. In 2009, he joined FCA as Chief Accounting Officer for Latin America, rising to

CFO for the region. In 2017, he was appointed CFO of North America. In 2024, Mr. Laranjo joined Goodyear as

Vice President of Finance, leading the Americas Finance organization. He rejoined Stellantis in 2025 as CFO for

North America.

Mr. Laranjo holds an MBA from IBMEC in Brazil and is a graduate of the Advanced Finance Program at The

Wharton School. He was born in Belo Horizonte, Brazil in 1978.

**Xavier Chéreau** – Xavier Chéreau is responsible for Human Resources, Sustainability and IT. He has mainly built

his career path within the field of human resources and has alternated between the Head office and operations

activities within different sites and divisions. These have included R&D, manufacturing, and support functions.

Mr. Chéreau joined Groupe PSA in 1994 and subsequently held the position of Employment & Mobility Manager

for Europe. He went on to become Social Relations Manager at the Poissy plant in France and then Head of

Social Innovation and Management institute within the Group.

In 2006, Mr. Chéreau was appointed Vice President, Director of Human Resources and Social Relations for the

Trémery and propulsion system plants. In 2009, he was appointed Senior Vice President, Industrial and R&D

Division Human Resources. In 2010, Mr. Chéreau also took operational responsibility for the Engineering testing

resources of the R&D department. From 2014 to 2015, he held the position of Director of Human Resources

Development, Talents and Top Management. In 2015, Mr. Chéreau was appointed Executive Vice President of

Human Resources of the Group and member of the Global Executive Committee. In 2018, he was appointed

Director of Human Resources and Transformation, a division that includes the Digital, IT and Real Estate

departments, and as of 2020, Compliance and Audit.

After a Bachelor's degree in Economic Management, Mr. Chéreau completed his Master's degree in Human

Resources (Employment Management & Corporate Social Development) at the 'Institut Sciences Politiques de

Paris', France. He was born in Paris, France in 1968.

**Clara Ingen-Housz** - Clara Ingen-Housz is responsible for Corporate Affairs & Communications.

Before joining Stellantis in 2024, Ms. Ingen-Housz served as Chief Ethics, Compliance & Privacy Officer and

Group Legal Counsel for Competition Law, Anticorruption and Economic Sanctions at Saint-Gobain starting in

2019. From 2010, Ingen-Housz was based in Hong Kong where, as a partner at Linklaters, she led the firm's

Asia Pacific competition law practice. Previously, she practiced law in New York for 10 years at Sullivan &

Cromwell and Simpson Thacher & Bartlett, focusing on antitrust and international arbitration. For two years, she

was also a member of the European Commission's Legal Service (Competition team) in Brussels.

Ms. Ingen-Housz is a graduate of Paris II-Panthéon Assas School of Law in Paris and Harvard Law School in the

U.S. She also holds an economics degree from Sciences Po in Paris. Ms. Ingen-Housz was born in Paris, France

in 1975.

**Ralph Gilles** - Ralph Gilles is Chief Design Officer. Mr. Gilles previously had design responsibility for the

Chrysler, Dodge, Jeep, Ram, Maserati and FIAT (for Latin America) brands.

Mr. Gilles joined Chrysler Corporation in 1992 as a designer and held roles of increasing responsibility at both

Chrysler and then FCA, including Senior Vice President – Product Design; President and CEO, Dodge Car

Brand; President and CEO, SRT Brand and Motorsports. In 2015, he was appointed Chief Design Officer for FCA

and a member of the FCA Group Executive Council.

Mr. Gilles holds a Bachelor of Fine Arts in Industrial Design from the College for Creative Studies, where he also

serves on the Board of Trustees. He also holds an MBA from Michigan State University. Mr. Gilles was born in

Manhattan, New York (U.S.) in 1970.

**Giorgio Fossati** – Giorgio Fossati is General Counsel. He was appointed Corporate General Counsel of FCA in

November 2014. Previously, Mr. Fossati was General Counsel of FIAT, a position to which he was appointed in

2011. Previously he had been General Counsel of Fiat Auto since 2002, following other positions of increasing

responsibility within the FIAT Legal department. Prior to that, Mr. Fossati worked in positions of increasing

responsibility in the legal department at Iveco S.p.A.

Mr. Fossati earned his master's degree in law from the University of Turin School of Law. He was born in

Orbassano, Italy in 1961.

**Bonnie Van Etten** - Bonnie Van Etten is Chief Accounting Officer. She also has responsibility for Global Finance

Transformation.

Ms. Van Etten began her career at PricewaterhouseCooopers in 1997, progressing to be a Director in the Global

Capital Markets Group. In 2006, she joined American Express as Vice President, Controller - Technical

Accounting Advisory Group, based in Singapore. In 2010, she joined Chrysler Group as Head of Technical

Accounting and following other positions of increasing responsibility she was appointed Group Chief Accounting

Officer of FCA in 2017. She was appointed Chief Accounting Officer of Stellantis in 2021. In 2024, Ms. Van Etten

joined Masco Corporation as Chief Accounting Officer and Controller. She rejoined Stellantis in 2025 as Chief

Accounting Officer.

Ms. Van Etten earned her bachelor's degree in accounting and finance, *summa cum laude*, from Anderson

University. She was born in Indianapolis, Indiana (U.S.) in 1975.

*Senior Management*

The aggregate compensation expense for the members of Senior Management listed above was €30 million for

the year ended December 31, 2025, which included €6 million for share-based compensation expense, €1

million for short-term employee benefits and €3 million for pension and similar benefits.

**Articles of Association and Information on Stellantis Shares**

The following is a summary of material information relating to Stellantis common shares, including summaries of

certain provisions of the Articles of Association, the terms and conditions in respect of Stellantis special voting

shares (the "Terms and Conditions of Special Voting Shares"), and the applicable Dutch law provisions in effect

at the date of this report. The summaries of the Articles of Association and the Terms and Conditions of Special

Voting Shares as set forth in this report are qualified in their entirety by reference to the full text of the Articles of

Association and the Terms and Conditions of Special Voting Shares.

Share Capital

The authorized share capital of Stellantis amounts to €90,000,000, divided into 4,500,000,000 common shares

with a nominal value of €0.01 each, 4,499,750,000 class A special voting shares and 250,000 class B special

voting shares.

As of February 25, 2026, the share capital of the Company consisted of: 2,903,716,295 common shares,

866,522,224 Class A special voting shares and nil Class B special voting shares.

Stellantis common shares and special voting shares have been created under the laws of the Netherlands.

Stellantis common shares are registered shares represented by an entry in the shareholders' register of

Stellantis. The Board of Directors may determine that, for the purpose of trading and transfer of shares on a

foreign stock exchange, share certificates will be issued in such a form as will comply with the requirements of

such a foreign stock exchange and Dutch law. A register of shareholders is maintained by Stellantis in the

Netherlands and a branch register is maintained in the U.S. on Stellantis' behalf by Computershare Trust

Company, N.A., which serves as Stellantis' branch registrar and transfer agent in the U.S.

Beneficial interests in Stellantis common shares that are traded on the NYSE are held through the book-entry

system provided by The Depository Trust Company ("DTC") and are registered in Stellantis' register of

shareholders in the name of Cede & Co., as DTC's nominee. Beneficial interests in Stellantis common shares

traded on Euronext Milan are held through Monte Titoli S.p.A., the Italian central clearing and settlement system,

as a participant (through Euroclear Bank) in DTC. Beneficial interests in Stellantis common shares traded on

Euronext Paris are held through Euroclear France and its intermediaries Euroclear Bank and J.P. Morgan, the

latter acting as a participant in DTC.

Special voting shares are registered shares represented by an entry in the shareholders' register of Stellantis.

No share certificates have been issued with respect to the special voting shares. No right of pledge may be

established on special voting shares and the voting rights attributable to special voting shares may not be

assigned to an usufructuary.

Additional information on Stellantis' equity as of December 31, 2025, is contained in Note 28, *Equity*, within the

Consolidated Financial Statements included elsewhere in this report for additional information.

Directors

Set forth below is a summary of the material provisions of the Articles of Association relating to our Directors.

This summary does not restate the Articles of Association in their entirety.

The members of the Board of Directors are appointed by the AGM, taking into account the nomination rights set

out in the Articles of Association and further described under "*Nomination Rights*".

The initial term of office of each of the Chairman, Senior Independent Director, and Vice Chairman is five years,

in each case beginning on the Governance Effective Time and therefore the term of their office will expire

immediately after the close of the AGM to be held in 2026. In accordance with Article 19.10 of the Company's

articles of association, the term of office of directors will in principle be for a period of two years and,

accordingly, the term of office for the newly appointed CEO will end immediately after the close of the AGM to be

held in 2027. Under Articles of Association, after the initial term, the term of office of the Directors is for a period

of two years, provided that unless a Director has resigned at an earlier date the term of office shall lapse

immediately after the close of the first AGM held two years following the appointment: therefore, for each of the

other Directors appointed by the 2025 AGM, after the initial term, it will expire immediately after the close of the

AGM to be held in 2027. Each Director may be reappointed for an unlimited number of terms.

Stellantis has a policy in respect of the remuneration of the members of the Board of Directors. With due

observation of the remuneration policy, the Board of Directors may determine the remuneration for Directors in

respect of the performance of their duties. The Board of Directors must submit plans to award shares or the right

to subscribe for shares to the AGM for its approval.

Stellantis shall not grant the Directors any personal loans or guarantees.

Additional information on the Board of Directors is contained in the *Report of the Non-Executive Directors* 

included elsewhere in this report.

**Nomination Rights**

The Articles of Association provide for certain rights of Exor, EPF/Peugeot Invest and BPI (each a "Nominating

Shareholder") to nominate the number of Directors mentioned below for future terms of office of the Board of

Directors. In particular, and subject to the terms and conditions set forth in the Articles of Association:

• Exor shall have the right to nominate two directors;

• BPI (or EPF/Peugeot Invest, as further described below) shall have the right to nominate one director; and

• EPF/Peugeot Invest shall have the right to nominate one director.

Notwithstanding the above:

• if the number of Stellantis common shares held by BPI, and/or any of its affiliates, or EPF/Peugeot Invest, and/

or any of their affiliates, falls below the number of shares corresponding to five percent of the issued and

outstanding Stellantis common shares, such shareholder will no longer be entitled to nominate a Director (in

which case, any Director nominated by BPI or EPF/Peugeot Invest, as the case may be, will be required to

resign as promptly as reasonably practicable (and in any case, within ten days of the relevant threshold no

longer being met)); and

• if, at any time within the six years following the Governance Effective Time or on the sixth anniversary of the

Effective Time, both (i) the number of Stellantis common shares held by EPF/Peugeot Invest and/or their

affiliates increases to a number of shares corresponding to eight percent or more of the issued and

outstanding Stellantis common shares and (ii) the number of Stellantis common shares held by BPI and/or its

affiliates falls below the number of shares corresponding to five percent of the issued and outstanding

Stellantis common shares, then EPF/Peugeot Invest will be entitled to nominate a second Director to the Board

of Directors in replacement of the BPI nominee (the "EPF/Peugeot Invest Additional Director").

As an exception to the foregoing paragraph, if at any time within the six years following the Effective Time:

• the number of Stellantis common shares held by BPI and its affiliates, on the one hand, or EPF/Peugeot Invest

and their affiliates, on the other hand, represents between four percent and five percent of the issued and

outstanding Stellantis common shares (the "Threshold Stake");

• either BPI or EPF/Peugeot Invest has not otherwise lost its right to nominate a Director in accordance with the

preceding paragraph; and

• the number of Stellantis common shares held by BPI, EPF/Peugeot Invest and their respective affiliates

represents, in aggregate, eight percent or more of the issued and outstanding Stellantis common shares,

the Nominating Shareholder which holds the Threshold Stake will maintain its right to nominate a Director to the

Board of Directors until the sixth anniversary of the Effective Time (it being understood that while BPI is entitled

to nominate a Director pursuant to this exception, EPF/Peugeot Invest will not be entitled to nominate the EPF/

Peugeot Invest Additional Director).

Additionally, Exor's right to nominate representative(s) to the Board of Directors will decrease in the event Exor

and/or its affiliates reduce their equity ownership in Stellantis as follows:

• if the number of shares held by Exor and/or its affiliates falls below the number of shares corresponding to

eight percent of the issued and outstanding Stellantis common shares, Exor will be entitled to nominate one

Director instead of two; and

• if the number of shares held by Exor and/or its affiliates falls below the number of shares corresponding to five

percent of the issued and outstanding Stellantis common shares, Exor will no longer be entitled to nominate a

Director.

In such cases, the Director designated by Exor for resignation from among the Directors nominated by Exor will

be required to resign as promptly as reasonably practicable (and in any case, within ten days of the relevant

threshold no longer being met) after the number of Stellantis common shares held by Exor and/or its affiliates

falls below the applicable threshold.

Any event or series of events (including any issue of new shares) other than a transfer (including transfer under

universal title) of Stellantis common shares will be disregarded for the purpose of determining whether the

applicable Nominating Shareholder reaches the relevant threshold(s).

Pursuant to the Articles of Association, the AGM may at all times overrule a binding nomination for the

appointment of a Director by a two-thirds majority of the votes cast, with such two-thirds majority of the votes

cast representing more than half of the issued and outstanding share capital of Stellantis.

Additionally, the Articles of Association provide that the nomination rights of a Nominating Shareholder lapse

upon a Change of Control of such Nominating Shareholder. A "Change of Control" is defined in Article 1.1. of the

Articles of Association as any direct or indirect transfer carried out by a shareholder that is not an individual

through one or a series of related transactions as a result of which (i) a majority of the voting rights in such

shareholder; (ii) the *de facto* ability to direct the casting of a majority of the votes exercisable at general

meetings of such shareholder; and/or (iii) the ability to appoint or remove a majority of the directors, executive

directors or board members or executive officers of such shareholder or to direct the casting of a majority of the

voting rights at meetings of the board of directors, management board or similar governing body of such

shareholder has been transferred to the transferee of such shares, provided that no Change of Control will be

deemed to have occurred if (a) the transfer of ownership and/or control is an intragroup transfer under the same

controlling person, (b) the transfer of ownership and/or control is the result of the succession or the liquidation of

assets between spouses or the inheritance, *inter vivos* donation or other transfer to a spouse or a relative up to

and including the fourth degree, (c) the fair market value of the Qualifying Common Shares (as defined under

*"—Loyalty Voting Structure"*) held by such shareholder represents less than 20 percent of the total assets of the

Transferred Group at the time of the transfer and the Qualifying Common Shares held by such shareholder, in

the sole judgment of Stellantis, are not otherwise material to the Transferred Group or the change of control

transaction.

Article 1.1 of the Articles of Association defines "Transferred Group" as the relevant shareholder together with its

affiliates, if any, over which control was transferred as part of the same Change of Control transaction.

No Liability to Further Capital Calls

All of the outstanding Stellantis common shares and special voting shares are fully paid and non-assessable.

Discriminating Provisions

Except for the voting limitations described in this section under "—AGM and Voting Rights —Voting Limitations",

there are no provisions of the Articles of Association that discriminate against a shareholder because of its

ownership of a certain number of shares.

Issuance of shares

The AGM, or alternatively the Board of Directors if it has been designated to do so at the AGM, shall have

authority to resolve on any issuance of shares and rights to subscribe for shares.

The Board of Directors was irrevocably authorized, for a period of three years from January 16, 2021 to issue

common shares and rights to subscribe for common shares up to in aggregate (i) ten percent of the issued

common shares for general corporate purposes as of January 16, 2021, plus (ii) an additional ten percent of the

issued common shares as of such date, if the issuance and/or the granting of rights to subscribe for common

shares occurs in connection with the acquisition of an enterprise or a corporation, or, if such issuance and/or the

granting of rights to subscribe for common shares is otherwise necessary in the opinion of the Board of

Directors. The Board of Directors was also designated, for a period of three years from January 16, 2021, as the

authorized body to limit or exclude the rights of pre-emption of shareholders in connection with the foregoing

authority of the Board of Directors to issue Stellantis common shares and grant rights to subscribe for Stellantis

common shares. Refer to the "*Rights of Pre-emption*" section elsewhere in this report. The AGM held on April 13,

2023, April 16, 2024 and April 15, 2025 resolved to extend the authorization of the Board of Directors as per the

date it lapses for a period of 18 months. Current authorization, resolved by AGM held on April 15, 2025 will lapse

on October 14, 2026. The authorization is limited to 10 percent of the issued common shares for general

corporate purposes as per the date of the 2025 AGM (April 15, 2025) and can be used for any and all purposes.

The AGM, or the Board of Directors if so designated in accordance with the Articles of Association, shall decide

on the price and the further terms and conditions of issuance, with due observance of what is required in relation

thereto under Dutch law and the Articles of Association.

If the Board of Directors is designated by the AGM to have authority to decide on the issuance of shares or

rights to subscribe for shares, such a designation shall specify the class of shares and the maximum number of

shares or rights to subscribe for shares that can be issued under such a designation. When making such

designation the duration of the Board of Directors' relevant authority, which shall not be for more than five years,

shall be resolved upon at the same time. The designation may be extended from time to time for periods not

exceeding five years. The designation may not be withdrawn unless otherwise provided in the resolution in

which the designation is made.

Payment for shares shall be made in cash unless another form of consideration has been agreed. Payment in a

currency other than Euro may only be made with the consent of the Board of Directors.

Rights of Pre-emption

Under Dutch law and the Articles of Association, each Stellantis shareholder has a right of pre-emption in

proportion to the aggregate nominal value of its common shares upon the issuance of new Stellantis common

shares, or the granting of rights to subscribe for Stellantis common shares. Exceptions to this right of pre-

emption include the issuance of new Stellantis common shares, or the granting of rights to subscribe for

Stellantis common shares: (i) to employees of Stellantis or another company of Stellantis pursuant to an equity

incentive plan of Stellantis; (ii) against payment in kind (contribution other than in cash); and (iii) to persons

exercising a previously granted right to subscribe for Stellantis common shares. Shareholders do not have any

right of pre-emption in connection with the issuance of special voting shares. Rights of pre-emption may be

exercised during a period of at least two weeks after the announcement of an issuance of new Stellantis

common shares in the Dutch State Gazette.

The AGM may resolve to limit or exclude the rights of pre-emption upon an issuance of Stellantis common

shares, which resolution requires approval of at least two-thirds of the votes cast if less than one-half of the

issued and outstanding share capital is present or represented at the AGM. If more than one-half of the issued

and outstanding share capital is present or represented at the AGM, an absolute majority of the votes cast is

required. The Articles of Association, or the AGM, may also designate the Board of Directors to resolve to limit or

exclude the rights of pre-emption in relation to the issuance of Stellantis common shares. Pursuant to Dutch law,

the designation by the AGM may be granted to the Board of Directors for a specified period of time of not more

than five years and only if the Board of Directors has also been designated or is simultaneously designated the

authority to resolve to issue Stellantis common shares. In the proposal to the AGM in respect of the Board of

Directors' authority to resolve to limit or exclude such rights of pre-emption, the reasons for the proposal and the

choice of the intended price of issue will be explained in writing.

Repurchase of Shares

Upon agreement with the relevant shareholder, Stellantis may acquire fully paid-up shares in its own share

capital at any time for no consideration (*om niet*), or, subject to certain provisions of Dutch law and the Articles of

Association, for consideration if: (i) Stellantis' shareholders' equity less the payment required to make the

acquisition does not fall below the sum of called-up and paid-in share capital and any reserves to be maintained

pursuant to Dutch law and the Articles of Association; (ii) Stellantis would thereafter not hold a pledge over

Stellantis common shares, or together with its subsidiaries, hold Stellantis common shares with an aggregate

nominal value exceeding 50 percent of Stellantis' issued share capital; and (iii) the Board of Directors has been

authorized to do so by the AGM.

Stellantis' equity, as shown in the last confirmed and adopted balance sheet, after deduction of the acquisition

price for shares in the share capital of Stellantis, the amount of the loans as referred to in Article 2:98c of the

Dutch Civil Code and distributions from profits or reserves to any other persons that became due by the

Company and its subsidiary companies after the date of the balance sheet, shall be decisive for purposes of

items (i) and (ii) referred to in the immediately preceding paragraph. If no annual accounts have been confirmed

and adopted when more than six months have expired after the end of any financial year, then an acquisition in

reliance on the immediately preceding paragraph shall not be allowed until the relevant annual accounts are

adopted.

The acquisition of fully paid-up shares by Stellantis other than for no consideration (*om niet*) requires

authorization by the AGM. Such authorization may be granted to the Board of Directors for a period not

exceeding 18 months and shall specify the number of shares, the manner in which the shares may be acquired

and the price range within which shares may be acquired. The authorization is not required for the acquisition by

Stellantis of shares for employees of Stellantis, or another company of Stellantis, under a scheme applicable to

such employees and no authorization is required for repurchase of shares acquired in certain other limited

circumstances in which the acquisition takes place by operation of law, such as pursuant to mergers or

demergers. In case of acquisition of shares by Stellantis for employees of Stellantis, such shares must be

officially listed on the price list of an exchange.

Stellantis may, including jointly with its subsidiaries, hold Stellantis common shares in its own capital exceeding

one-tenth of its issued and outstanding capital for no more than three years after acquisition of such Stellantis

common shares for no consideration (*om niet*) or in certain other limited circumstances in which the acquisition

takes place by operation of law, such as pursuant to mergers or demergers. Any Stellantis common shares held

by Stellantis in excess of the amount permitted shall transfer to all members of the Board of Directors jointly at

the end of the last day of such three-year period. Each member of the Board of Directors shall be jointly and

severally liable to compensate Stellantis for the value of the Stellantis common shares at such a time, with

interest payable at the statutory rate on such shares. The term "Stellantis common shares" as used in this

paragraph shall include depositary receipts for shares and shares in respect of which Stellantis holds a right of

pledge.

No votes may be cast at an AGM on behalf of the Stellantis common shares held by Stellantis or its subsidiaries.

In addition, no voting rights may be cast at an AGM in respect of Stellantis common shares for which depositary

receipts have been issued that are owned by Stellantis. Nonetheless, the holders of a right of usufruct or pledge

in respect of shares held by Stellantis and its subsidiaries in Stellantis share capital are not excluded from the

right to vote on such shares if the right of usufruct or pledge was granted prior to the time such shares were

acquired by Stellantis or its subsidiaries. Neither Stellantis nor any of its subsidiaries may cast votes in respect of

a share on which it or its subsidiaries holds a right of usufruct or pledge.

Reduction of Share Capital

The Stellantis common shares held in treasury by Stellantis and all issued class A special voting shares may be

cancelled, and the nominal value of shares may be reduced, with the approval of the AGM.

A resolution to reduce the share capital requires a majority of at least two-thirds of the votes cast at the AGM if

less than one-half of the issued and outstanding share capital is present or represented at the meeting. If more

than one-half of the issued and outstanding share capital is present or represented at an AGM, an absolute

majority of the votes cast is required.

Class A special voting shares may be cancelled by resolution taken by a majority of at least two-thirds of the

votes cast at an AGM, subject to the approval of the meeting of holders of the class A special voting shares.

Cancellation of class A special voting shares shall take place without repayment of the nominal value of the

special voting shares, and such nominal value shall be added to the special capital reserve.

Any reduction of the nominal value of the Stellantis common shares without repayment must be made pro rata on

all common shares. Any reduction of the nominal value of the special voting shares shall take place without

repayment.

A partial repayment on Stellantis common shares shall only be allowed in implementation of a resolution to

reduce the nominal value of the Stellantis common shares. Such partial repayment must be made in respect of

all Stellantis common shares on a pro rata basis. The pro rata requirement may be waived with the consent of all

the holders of Stellantis common shares.

Any proposal for a cancellation or reduction of nominal value is subject to general requirements of Dutch law

with respect to reductions of share capital.

Transfer of Shares

In accordance with the provisions of Dutch law, pursuant to Article 13 of the Articles of Association, the transfer

of Stellantis common shares or the creation of a right *in rem* in such shares requires a deed intended for that

purpose and, save when Stellantis is a party to the deed, written acknowledgment by Stellantis of the transfer.

Common shares that have been entered into DTC's book-entry system will be registered in the name of Cede &

Co. as nominee for DTC and transfers of beneficial ownership of shares held through DTC will be effected by

electronic transfer made by DTC participants. Article 13 of the Articles of Association does not apply to the

trading of such Stellantis common shares on a regulated market or the equivalent of a regulated market.

Transfers of shares held outside of (i) DTC or another direct registration system maintained by Computershare

Trust Company, N.A., Stellantis' transfer agent in New York, (ii) Monte Titoli S.p.A. or (iii) Euroclear France

(collectively, the "Regular Trading Systems") and not represented by certificates are effected by a deed

intended for that purpose (including a stock transfer instrument) and, save where Stellantis is a party to the

deed, require written acknowledgement by Stellantis. Transfer of common shares for which registered

certificates have been issued is effected by presenting and surrendering the certificates to the transfer agent. A

valid transfer requires the registered certificates to be properly endorsed for transfer as provided for in the

certificates and accompanied by proper instruments of transfer and stock transfer tax stamps for, or funds to

pay, any applicable stock transfer taxes. Stellantis may acknowledge the transfer by making an annotation on

such certificate as proof of the acknowledgement or by replacing the surrendered certificate by a new share

certificate registered in the name of the transferee.

Stellantis common shares are freely transferable. The Stellantis common shares registered in the Loyalty

Register pursuant to Stellantis' loyalty voting structure and special voting shares are subject to the transfer

restrictions described under "*—AGM and Voting Rights—General Meetings and —Loyalty Voting Structure—*

*Terms and Conditions of the Special Voting Shares—Withdrawal of Special Voting Shares*".

Exchange Controls and Other Limitations Affecting Shareholders

Under Dutch law, there are no exchange control restrictions on investments in, or payments on, Stellantis

common shares. There are no special restrictions in the Articles of Association or Dutch law that limit the right of

shareholders who are not citizens or residents of the Netherlands to hold or vote Stellantis common shares.

Annual Accounts and Independent Auditor

Stellantis' financial year is the calendar year. Within four months after the end of each financial year, the Board of

Directors shall prepare and publish the annual accounts, consisting of a balance sheet, a profit and loss

account and explanatory notes and which must be accompanied by an annual report and an auditor's report,

alongside any other information that would need to be made public in accordance with the applicable provisions

of law and the requirements of any stock exchange on which Stellantis common shares are listed. Stellantis shall

make such annual accounts, annual report, and auditor's report available for inspection at Stellantis' office. All

members of the Board of Directors are required to sign the annual accounts and in case the signature of any

member is missing, the reason for this must be stated. The annual accounts are to be adopted by the AGM. The

annual accounts, the annual report and independent auditor's report are made available through Stellantis'

website to the shareholders for review as from the day of the notice convening the AGM. If it is justified in view of

Stellantis' activities or the international structure of its Company, as determined by the Board of Directors,

Stellantis' annual accounts or its consolidated accounts may be prepared in a currency other than Euro.

Payment of Dividends

Stellantis may make distributions to the shareholders and other persons entitled to distributions only to the extent

that its shareholders' equity exceeds the sum of the paid-up and called-up portion of the share capital and the

reserves that must be maintained in accordance with Dutch law and the Articles of Association. No distribution

of profits or other distributions may be made to Stellantis itself for shares that Stellantis holds in its own share

capital.

Stellantis may make a distribution of profits to the shareholders after the adoption of its statutory annual

accounts. The Board of Directors, or the AGM upon a proposal of the Board of Directors, may resolve to make

distributions from Stellantis' share premium reserve or from any other reserve (other than the special capital

reserve), provided that payments from reserves other than the Special Voting Shares Dividend Reserve may only

be made to holders of Stellantis common shares.

Holders of special voting shares shall not receive any dividends in respect of the special voting shares;

however, Stellantis shall maintain a separate dividend reserve for the special voting shares ("Special Voting

Shares Dividend Reserve") for the sole purpose of the allocation of the mandatory minimal profits that accrue to

the special voting shares (as further described under "*—Loyalty Voting Structure —AGM and —Voting Rights—*

*General Meetings*"). A distribution from the Special Voting Shares Dividend Reserve or the (partial) release of the

Special Voting Shares Dividend Reserve, shall require a prior proposal from the Board of Directors and a

subsequent resolution of the meeting of holders of special voting shares, and shall be made exclusively to the

holders of special voting shares in proportion to the aggregate nominal value of their special voting shares.

From the profits shown in the annual accounts, as adopted, such amounts shall be reserved as the Board of

Directors may determine. The profits remaining thereafter shall first be applied to allocate and add to the Special

Voting Shares Dividend Reserve an amount equal to one percent of the aggregate nominal amount of all special

voting shares outstanding at the end of the financial year to which the annual accounts pertain. The special

voting shares shall not carry any other entitlement to the profits.

Insofar as the profits have not been distributed or allocated to the reserves, they may, by resolution of the AGM,

be distributed as dividends on the Stellantis common shares only. The Board of Directors may resolve that

distributions will be made payable either in Euro or in another currency. The Board of Directors, or the AGM

upon a proposal by the Board of Directors, may resolve that a distribution will, wholly or partially, be made other

than in cash, including in the form of Stellantis common shares or shares in another listed company, provided

that, in case of a distribution in the form of Stellantis common shares, the Board of Directors has been

designated as the body competent to pass a resolution for the issuance of shares.

The Board of Directors will have the power to declare one or more interim dividends or other distributions,

subject to certain provisions of Dutch law and certain conditions set forth in the Articles of Association.

Dividends and other distributions will be made payable in the manner and at such date(s) as the Board of

Directors or the AGM upon a proposal by the Board of Directors will determine.

The right to dividends and distributions shall lapse if the dividends or distributions are not claimed within five

years following the day after the date on which they first became payable. Any dividends or other distributions

made in violation of the Articles of Association or Dutch law shall have to be repaid by the shareholders who

knew, or should have known, of such violation.

Information on the payment of dividends is contained in the section "*OTHER INFORMATION*" elsewhere in this

report.

Amendments to the Articles of Association, including Variation of Rights

A resolution of the AGM to amend the Articles of Association or to wind up Stellantis may be approved only if

proposed by the Board of Directors and approved by a vote of an absolute majority of the votes cast, provided

that a resolution to amend Stellantis' corporate seat and/or place of effective management will require a majority

of at least two-thirds of the votes cast.

The rights of shareholders may be changed only by amending the Articles of Association in compliance with

Dutch law, provided that rights specific to nominating shareholders set out in the Articles of Association cannot

be amended without the prior written approval of such shareholder.

Dissolution and Liquidation

The AGM may resolve to dissolve Stellantis upon a proposal of the Board of Directors thereto. In the event of

dissolution, Stellantis will be liquidated in accordance with Dutch law and the Articles of Association and the

liquidation shall be arranged by the members of the Board of Directors, unless the AGM appoints other

liquidators. The AGM will appoint, and decide on the remuneration of, the liquidators. During liquidation, the

provisions of the Articles of Association will remain in force as long as possible.

If Stellantis is dissolved and liquidated, whatever remains of Stellantis' equity after all its debts have been

discharged shall first be applied to distribute the aggregate balance of share premium reserves and other

reserves (other than the Special Voting Shares Dividend Reserve) to holders of Stellantis common shares in

proportion to the aggregate nominal value of Stellantis common shares held by each holder; secondly, from any

balance remaining, an amount equal to the aggregate amount of the nominal value of Stellantis common shares

will be distributed to the holders of Stellantis common shares in proportion to the aggregate nominal value of

Stellantis common shares held by each of them; thirdly, from any balance remaining, an amount equal to the

aggregate amount of the Special Voting Shares Dividend Reserve will be distributed to the holders of special

voting shares in proportion to the aggregate nominal value of the special voting shares held by each of them;

fourthly, from any balance remaining, the aggregate amount of the nominal value of the special voting shares will

be distributed to the holders of special voting shares in proportion to the aggregate nominal value of the special

voting shares held by each of them; and, lastly, any balance remaining will be distributed to the holders of

Stellantis common shares in proportion to the aggregate nominal value of Stellantis common shares held by

each of them.

Liability of Directors

Under Dutch law, the management of a company with a one-tier board structure like Stellantis is a joint

undertaking and each member of the Board of Directors can be held jointly and severally liable to Stellantis for

damages in the event of improper or negligent performance of his or her duties. Furthermore, members of the

Board of Directors can be held liable to third parties based on tort pursuant to certain provisions of the Dutch

Civil Code. All Directors are jointly and severally liable for failure of one or more Directors. However, an individual

Director may be exempted from liability if he or she proves that he or she cannot be held culpable for the

mismanagement and that he or she has not been negligent in seeking to prevent the consequences of the

mismanagement. In this regard a Director may, however, refer to the allocation of tasks between the Directors. In

certain circumstances, Directors may incur additional specific civil and criminal liabilities.

Election and Removal of Directors

Any Director may be suspended or dismissed at any time by resolution of the AGM. A resolution of the AGM to

suspend or dismiss a Director appointed upon a binding nomination will require a majority of at least two-thirds

of the votes cast, with such two-thirds majority of the votes cast representing more than half of the issued and

outstanding share capital, unless the person who made the binding nomination for such Director supports the

suspension or dismissal (as the case may be), in which case an absolute majority of the votes cast is required.

**Loyalty Voting Structure**

Stellantis adopted the loyalty voting structure as summarized below on January 17, 2021.

Shareholders of Stellantis may at any time elect to participate in the loyalty voting structure by requesting that

Stellantis registers all or some of their common shares in a separate register (the "Loyalty Register"). The

registration of common shares in the Loyalty Register blocks such shares from trading in the Regular Trading

Systems. If such number of common shares (the "Electing Common Shares") have been registered in the Loyalty

Register (and thus blocked from trading in the Regular Trading Systems) for an uninterrupted period of three

years in the name of the same shareholder (such a share a "Qualifying Common Share"), the relevant

shareholder becomes eligible to receive one class A special voting share for each Qualifying Common Share. If,

at any time, such common shares are de-registered from the Loyalty Register for whatever reason, the relevant

shareholder shall lose its entitlement to hold a corresponding number of special voting shares. From January 17,

2021, shareholders will only be able to receive class A special voting shares and not class B special voting

shares. Class B special voting shares were created at the Governance Effective Time in order to be held by FCA

shareholders (other than Exor) who held FCA special voting shares prior to such time. In December 2022 all

class B special voting shares were exchanged for class A special voting shares in accordance with the Terms

and Conditions of Special Voting Shares. On June 20, 2024, the remaining number of class B special voting

shares was cancelled in accordance to the resolution adopted by the AGM on April 16, 2024.

A holder of Electing Common Shares or Qualifying Common Shares may at any time request the de-registration

of some or all of the number of such shares from the Loyalty Register, which will allow such shareholder to freely

trade such common shares. From the moment of such a request, the holder of Electing Common Shares or

Qualifying Common Shares shall be considered to have waived his or her rights to cast any votes associated

with such special voting shares to be de-registered from the Loyalty Register. Upon the de-registration from the

Loyalty Register, the relevant number of common shares will therefore cease to be Electing Common Shares or

Qualifying Common Shares. Any de-registration request would automatically trigger a mandatory transfer

requirement pursuant to which the relevant special voting shares will be acquired by Stellantis for no

consideration (om niet) in accordance with the Terms and Conditions of Special Voting Shares.

Stellantis common shares are freely transferable. However, any transfer or disposal of Stellantis common shares

with which special voting shares are associated would trigger the de-registration of such common shares from

the Loyalty Register and the transfer of all relevant special voting shares to Stellantis. Special voting shares are

not admitted to listing and are transferable only in very limited circumstances (including, among other things,

transfers to affiliates or to relatives through succession, donation, or other transfers, provided that the

corresponding Qualifying Common Shares are also transferred to such party, or transfers with the approval of

the Board of Directors). In particular, no shareholder shall, directly or indirectly: (a) sell, dispose of or transfer

any special voting share or otherwise grant any right or interest in any special voting share, other than as

permitted pursuant to the Articles of Association or the Terms and Conditions of Special Voting Shares; or (b)

create or permit to exist any pledge, lien, fixed or floating charge or other encumbrance over any special voting

share or any interest in any special voting share.

The purpose of the loyalty voting structure is to grant long-term shareholders an extra voting right by means of

granting a special voting share (shareholders holding special voting shares are entitled to exercise one vote for

each special voting share held and one vote for each Stellantis common share held), without entitling such

shareholders to any economic rights, other than those pertaining to the common shares. However, under Dutch

law, the special voting shares cannot be totally excluded from economic entitlements. As a result, pursuant to

the Articles of Association, holders of special voting shares are entitled to a minimum dividend, which is

allocated to a separate special voting shares dividend reserve (the "Special Voting Shares Dividend Reserve").

A distribution from the Special Voting Shares Dividend Reserve or the (partial) release of the Special Voting

Shares Dividend Reserve will require a prior proposal from the Board of Directors and a subsequent resolution of

the meeting of holders of special voting shares. The powers to vote upon the distribution from the Special Voting

Shares Dividend Reserve and the cancellation of all class A special voting shares are the only powers that are

granted to that meeting pursuant to the Articles of Association, which can only be convened by the Board of

Directors as it deems necessary. The special voting shares do not have any other economic entitlement.

Section 11 of the Terms and Conditions of Special Voting Shares includes liquidated damages provisions

intended to discourage any attempt by holders to violate the Terms and Conditions of Special Voting Shares.

These liquidated damages provisions may be enforced by Stellantis by means of a legal action brought by

Stellantis in the courts of Amsterdam, the Netherlands. In particular, a violation of the provisions of the Terms

and Conditions of Special Voting Shares concerning the transfer of special voting shares may lead to the

imposition of liquidated damages.

Pursuant to Section 13 of the Terms and Conditions of Special Voting Shares, any amendment to the Terms and

Conditions of Special Voting Shares (other than merely technical, non-material amendments) may only be made

with the approval of the shareholders at an AGM.

Special Voting Shares Foundation

Pursuant to the Articles of Association, Stichting Stellantis SVS, a Dutch foundation (*stichting*) (the "SVS

Foundation") has an option right to subscribe for a number of class A special voting shares up to the number of

class A special voting shares included in the Company's authorized share capital from time to time. This option

right can only be exercised by the SVS Foundation to facilitate the loyalty voting structure as set forth in the

Articles of Association and the Terms and Conditions of Special Voting Shares. An option right has been granted

to the SVS Foundation for an unlimited period and is intended to ensure that holders of Qualifying Common

Shares in the future will receive their special voting shares without requiring a resolution from the AGM. Under

the structure of the SVS Foundation, once a shareholder of the Company becomes entitled to receive one

special voting share for each Qualifying Common Share, the Company issues such special voting shares to the

SVS Foundation pursuant to the SVS Foundation's exercise of its option right and, thereafter, the SVS Foundation

transfers the special voting shares to such shareholder. Issuing shares to the SVS Foundation is a technical

device to ensure that special voting shares will be available for issue to eligible shareholders once such

shareholders acquire the right to the special voting shares.

Terms and Conditions of the Special Voting Shares

The Terms and Conditions of Special Voting Shares apply to the issuance, allocation, acquisition, holding,

repurchase and transfer of special voting shares in the issued share capital of Stellantis and to certain aspects

of Electing Common Shares, Qualifying Common Shares and Stellantis common shares which are registered in

the Loyalty Register.

*Special Capital Reserve*

Stellantis will maintain a separate capital reserve for the purpose of facilitating any issuance or cancellation of

special voting shares. No distribution shall be made from the special capital reserve, except that the Board of

Directors shall be authorized to resolve upon (i) any distribution out of the special capital reserve to pay up

special voting shares or (ii) re-allocation of amounts to credit or debit the special capital reserve against or in

favor of the share premium reserve.

*Withdrawal of Special Voting Shares*

Following a mandatory transfer to Stellantis of special voting shares after a de-registration of Qualifying Common

Shares from the Loyalty Register, Stellantis may continue to hold the special voting shares as treasury stock, but

will not be entitled to vote any such treasury stock. Alternatively, Stellantis may withdraw and cancel the special

voting shares held in treasury, as a result of which the nominal value of such shares will be allocated to the

special capital reserves of Stellantis. Stellantis may also cancel all issued and outstanding class A special voting

shares subject to approval of the meeting of holders of the class A special voting shares. Consequently, the

loyalty voting feature will terminate as to the relevant Qualifying Common Shares being deregistered from the

Loyalty Register. No shareholder required to transfer special voting shares to Stellantis pursuant to the Terms

and Conditions of Special Voting Shares will be entitled to any consideration for such special voting shares and

each shareholder expressly waives any rights in that respect as a condition to participation in the loyalty voting

structure.

*Change of Control*

A shareholder with common shares registered in the Loyalty Register must promptly notify Stellantis in the event

of a Change of Control with respect to such shareholder and must make a de-registration request with respect to

his or her Qualifying Common Shares or Electing Common Shares registered in the Loyalty Register. The de-

registration request leads to a withdrawal of the special voting shares as described under *"—Withdrawal of* 

*Special Voting Shares"*. Notwithstanding Stellantis not receiving any such notification, it may, upon becoming

aware of a Change of Control, initiate the de-registration of the relevant shareholder's Qualifying Common

Shares or Electing Common Shares.

**AGM and Voting Rights**

AGM

At least one AGM shall be held every year, with such meeting to be held within six months after the close of the

financial year. The purpose of the AGM is, *inter alia*, the adoption of the annual accounts, the allocation of profits

(including the proposal to distribute dividends), granting discharge to Directors in respect of the performance of

their duties, the appointment of Directors, if applicable, and the discussion of any other item duly included in the

agenda.

Furthermore, general meetings of shareholders shall be held as often as the Board of Directors, the Chairman,

the Senior Independent Director, or the CEO deem it necessary to hold them or as otherwise required by Dutch

law (including in the event Stellantis' equity has decreased to an amount equal to or less than one-half of the

paid-up and called-up part of Stellantis' issued capital, as referred to in Section 2:108a of the Dutch Civil Code),

without prejudice to what is provided in the next paragraph.

Shareholders individually or jointly representing at least ten percent of the issued share capital may request in

writing, stating the matters to be dealt with, that the Board of Directors call an AGM.

If the Board of Directors fails to take the necessary steps to ensure a meeting can be held within eight weeks,

then such shareholders may, on their application, be authorized by the interim provisions judge of the court

*(voorzieningenrechter van de rechtbank)* to convene an AGM. The interim provisions judge

*(voorzieningenrechter van de rechtbank)* shall reject the application if he or she is not satisfied that the

applicants have previously requested in writing, stating the exact subjects to be discussed, that the Board of

Directors convene an AGM.

General meetings of shareholders will be held in Amsterdam or Haarlemmermeer (including Schiphol Airport),

the Netherlands, and shall be called by the Board of Directors, the Chairman, the Senior Independent Director or

the CEO, in such manner as is required to comply with the law and the applicable stock exchange regulations,

no later than on the 42nd day prior to the day of the meeting. All convocations of general meetings of

shareholders and all announcements, notifications and communications to shareholders shall be made by

means of an announcement on Stellantis' corporate website and such an announcement shall remain accessible

until the relevant AGM.

Any communication to be addressed to the AGM by virtue of Dutch law or the Articles of Association may be

either included in the notice referred to in the preceding sentence or, to the extent provided for in such notice,

on Stellantis' corporate website and/or in a document made available for inspection at the office of Stellantis and

such other place(s) as the Board of Directors shall determine. Convocations of general meetings of shareholders

may be sent to shareholders entitled to attend through the use of an electronic means of communication to the

address provided by such shareholders to Stellantis for this purpose. The notice shall state the place, date and

hour of the meeting and the agenda of the meeting as well as the other information required by law and the

Articles of Association. An item proposed in writing by such a number of shareholders who, individually or in the

aggregate, hold at least three percent of Stellantis' issued share capital, will be included in the notice or will be

announced in a manner similar to the announcement of the notice, provided that Stellantis has received the

relevant request, including the reasons for putting the relevant item on the agenda, no later than the 60th day

before the day of the meeting.

*Convocation, Agenda, Minutes and Attendance*

The agenda of the AGM shall contain, inter alia, the following items:

(a)adoption of the annual accounts;

(b)non-binding advisory vote on the remuneration report;

(c)discussion of the policy of Stellantis on additions to reserves and on dividends, if any;

(d)granting of discharge to the Directors in respect of the performance of their duties in the relevant financial

year;

(e)if applicable, the appointment of Directors;

(f)if applicable, the proposal to pay a dividend;

(g)if applicable, discussion of any substantial change in the corporate governance structure of Stellantis; and

(h)any matters decided upon by the person(s) convening the meeting and any matters placed on the agenda

with due observance of applicable Dutch law.

The Board of Directors will provide the AGM with all requested information, unless this would be contrary to an

overriding interest of Stellantis. If the Board of Directors invokes an overriding interest, it must give reasons.

When convening an AGM, the Board of Directors shall determine that, for the purpose of Article 24 and Article

26 of the Articles of Association, persons with the right to vote or attend meetings will be considered those

persons who have these rights at the 28th day prior to the day of the meeting (the "Record Date") and are

registered as such in a register to be designated by the Board of Directors for such purpose, irrespective of

whether they will have these rights at the date of the meeting. In addition to the Record Date, the notice of the

meeting shall further state the manner in which shareholders and other parties with meeting rights may register

for the meeting, the final registration date for that AGM (which final registration date will be the seventh day prior

to the meeting unless otherwise determined by the Board of Directors (the "Final Registration Date")) and the

manner in which the right to vote or attend the meeting can be exercised.

The AGM shall be presided over by the Chairman, or, in his absence, by the Senior Independent Director or, in

the absence of both the Chairman and the Senior Independent Director, by the person chosen by the Board of

Directors to act as chairman for such meeting. One of the persons present designated for that purpose by the

chairman of the meeting shall act as secretary and take minutes of the business transacted. The minutes shall

be adopted by the chairman and secretary of the meeting and signed by them in witness of such adoption. The

minutes of the AGM shall be made available, on request, to shareholders no later than three months after the

end of the meeting, after which shareholders shall have the opportunity to react to the minutes in the following

three months. In the event an amendment to the minutes is required, the amended minutes will then be adopted

by the chairman and the secretary of the meeting and signed by them in witness of such adoption. If an official

notarial record is made of the business transacted at the meeting then minutes need not be drawn up and it

shall suffice that the official notarial record be signed by the notary.

As a prerequisite to attending the AGM and, to the extent applicable, exercising voting rights, the shareholders

and other persons entitled to attend the meeting shall be required to inform the Board of Directors in writing of

their intention to attend the AGM within the time frame mentioned in the convening notice. At the latest, this

notice must be received by the Board of Directors on the Final Registration Date. Shareholders and those

permitted by Dutch law to attend the general meetings of shareholders may choose to be represented at any

meeting by a proxy duly authorized in writing, provided they notify Stellantis in writing of their wish to be

represented at such time and place as shall be stated in the notice of the meeting. Such proxy is also authorized

in writing if the proxy is documented electronically. The Board of Directors may determine further rules

concerning the deposit of the powers of attorney; these shall be mentioned in the notice of the meeting. The

chairman of the meeting shall decide on the admittance to the meeting of persons other than those who are

entitled to attend.

For each AGM, the Board of Directors may decide that shareholders shall be entitled to attend, address and

exercise voting rights at such a meeting through the use of electronic means of communication, provided that

shareholders who participate in the meeting are capable of being identified through the electronic means of

communication and have direct cognizance of the discussions at the meeting and the exercising of voting rights

(if applicable). The Board of Directors may set requirements for the use of electronic means of communication

and state these in the convening notice. Furthermore, the Board of Directors may, for each AGM, decide that

votes cast by the use of electronic means of communication prior to the meeting and received by the Board of

Directors shall be considered to be votes cast at the meeting. Such votes may not be cast prior to the Record

Date. The notice will state whether the foregoing provisions regarding electronic voting apply and the procedure

for exercising the electronic voting rights.

Prior to being allowed admittance to an AGM, a shareholder and each person entitled to attend the meeting, or

its attorney, shall sign an attendance list, while stating his or her name and, to the extent applicable, the number

of votes to which he or she is entitled. Each shareholder and other person attending an AGM by the use of

electronic means of communication and identified in accordance with the above shall be registered on the

attendance list by the Board of Directors. In case an attorney attends the meeting on behalf of a shareholder, or

another person entitled to attend, the name(s) of the person(s) on whose behalf the attorney is acting, shall also

be stated. The chairman of the meeting may decide that the attendance list must also be signed by other

persons present at the meeting.

The chairman of the meeting may determine the time during which shareholders and others entitled to attend the

AGM may speak, if he or she considers this desirable, with a view to the orderly conduct of the meeting as well

as other procedures that the chairman considers desirable for the efficient and orderly conduct of the business

of the meeting.

Stellantis is exempt from the proxy rules under the Exchange Act.

Voting Rights at General Meetings

Subject to the restrictions described under *"—Voting Limitations,"* every Stellantis share (whether common share

or special voting share) shall confer the right to cast one vote at an AGM. Shares in respect of which Dutch law

determines that no votes may be cast shall be disregarded for the purposes of determining the proportion of

shareholders voting, present or represented or the proportion of the share capital present or represented. All

resolutions shall be passed with an absolute majority of the votes validly cast unless otherwise specified in the

Articles of Association or the Dutch Civil Code. Blank votes shall not be counted as votes cast.

All votes shall be cast in writing or electronically. The chairman of the meeting may, however, determine that

voting by raising hands or in another manner shall be permitted. Voting by acclamation shall be permitted if

none of the shareholders present or represented objects. No voting rights shall be exercised in the AGM for

common shares owned by the Company or by a subsidiary of the Company. However, pledgees and

usufructuaries of shares owned by the Company and its subsidiaries shall not be excluded from exercising their

voting rights if the right of pledge or usufruct was created before the shares were owned by the Company or a

subsidiary. Neither the Company nor any of its subsidiaries may exercise voting rights for shares in respect of

which it holds a right of pledge or usufruct.

Without prejudice to the Articles of Association, the Company shall determine for each resolution passed:

(a)the number of shares on which valid votes have been cast;

(b)the percentage that the number of shares as referred to under (a) represents in the issued and outstanding

share capital;

(c)the aggregate number of votes validly cast; and

(d)the aggregate number of votes cast in favor of and against a resolution, as well as the number of

abstentions.

Voting Limitations

No shareholder, acting alone or in concert, together with votes exercised by affiliates of such shareholder or

pursuant to proxies or other arrangements conferring the right to vote, shall be able to exercise, directly or

indirectly, voting rights at an AGM reaching or exceeding the 30 percent or more of the votes that could be cast

at any AGM ("Voting Threshold"), including after giving effect to any voting rights exercisable through Stellantis

special voting shares. Any voting right reaching or exceeding the Voting Threshold shall be suspended.

Furthermore, the Articles of Association provide that, before each AGM, any shareholder that would be able to

exercise voting rights reaching or exceeding the Voting Threshold must notify Stellantis, in writing, of its

shareholding and total voting rights in Stellantis and provide, upon written request by Stellantis, within three days

of such request being made, any information necessary to ascertain the composition, nature and size of the

equity interest of that person and any other person acting in concert with it. The Voting Threshold restriction (i)

may be removed following a resolution passed to that effect by the meeting of Stellantis shareholders with a

majority of at least two-thirds of the votes cast (for the avoidance of doubt, without giving effect to any voting

rights exercisable through Stellantis special voting shares, and subject to the aforementioned Voting Threshold)

and (ii) shall lapse upon any person holding more than 50 percent of the issued Stellantis common shares (other

than Stellantis special voting shares) as a result of a public offer for Stellantis common shares.

Shareholders' Votes on Certain Transactions

Any important change in the identity or character of Stellantis must be approved by the AGM, including (i) the

transfer to a third party of the business of Stellantis or practically the entire business of Stellantis; (ii) the entry

into or breaking off of any long-term cooperation of Stellantis or a subsidiary with another legal entity or company

or as a fully liable partner of a general partnership or limited partnership, where such entry into or breaking off is

of far-reaching importance to Stellantis; and (iii) the acquisition or disposal by Stellantis or a subsidiary of an

interest in the capital of a company with a value of at least one-third of Stellantis' assets according to the

consolidated balance sheet with explanatory notes included in the last adopted annual accounts of Stellantis.

Meetings of Holders of Shares of a Specific Class

Meetings of holders of shares of a specific class shall be held as frequently and whenever such a meeting is

required by virtue of any statutory regulation or any provision in the Articles of Association.

Meetings of holders of shares of a specific class may be convened no later than on the sixth day before the day

of such meeting. The provisions applicable to general meetings of shareholders, except those concerning the

frequency, ultimate timing, notice period, right to put an item on the agenda and required agenda items, will

apply *mutatis mutandis* to the meetings of holders of shares of a specific class. See *"—Voting Rights at General* 

*Meetings" and "—Voting Limitations".*

**Disclosure of Holdings under Dutch Law**

As a result of the listing of Stellantis common shares on Euronext Milan and Euronext Paris, pursuant to Chapter

5.3 of the Dutch Financial Markets Supervision Act ("FMSA"), which chapter is an implementation of Directive

2004/109/EC as amended by Directive 2013/50/EU into Dutch law, any person who, directly or indirectly,

acquires or disposes of an actual or potential capital interest and/or actual or potential voting rights in Stellantis

must without delay notify the AFM of such acquisition or disposal if, as a result of such acquisition or disposal,

the percentage of capital interest and/or voting rights held by such person reaches, exceeds or falls below the

following thresholds: three percent, five percent, ten percent, 15 percent, 20 percent, 25 percent, 30 percent, 40

percent, 50 percent, 60 percent, 75 percent and 95 percent (the "Notification Thresholds").

For the purpose of calculating the percentage of capital interest or voting rights, the following interests must,

*inter alia*, be taken into account: (i) shares and/or voting rights directly held (or acquired or disposed of) by any

person; (ii) shares and/or voting rights held (or, acquired or disposed of) by such person's controlled entities or

by a third party for such person's account; (iii) voting rights held (or acquired or disposed of) by a third party

with whom such person has concluded an oral or written voting agreement; (iv) voting rights acquired pursuant

to an agreement providing for a temporary transfer of voting rights in consideration for a payment; and (v) shares

which such person, or any controlled entity or third party referred to above, may acquire pursuant to any option

or other right to acquire shares.

As a consequence of the above, special voting shares must be added to Stellantis common shares for the

purposes of the above thresholds.

For the purpose of calculating the percentage of capital interest or voting rights, the following instruments qualify

as "shares": (i) common shares or special voting shares; (ii) depositary receipts for shares (or negotiable

instruments similar to such receipts); (iii) negotiable instruments for acquiring the instruments under (i) or (ii)

(such as convertible bonds); and (iv) options for acquiring the instruments under (i) or (ii).

Controlled entities (within the meaning of the FMSA) do not themselves have notification obligations under the

FMSA as their direct and indirect interests are attributed to their (ultimate) parent. If a person who has a three

percent or larger interest in Stellantis' share capital or voting rights ceases to be a controlled entity it must

immediately notify the AFM and all notification obligations under the FMSA will become applicable to such

former controlled entity.

Special rules apply to the attribution of shares and/or voting rights which are part of the property of a partnership

or other form of joint ownership. A holder of a pledge or right of usufruct in respect of shares can also be subject

to notification obligations if such person has, or can acquire, the right to vote on the shares. The acquisition of

(conditional) voting rights by a pledgee or beneficial owner may also trigger notification obligations as if the

pledgee or beneficial owner were the legal holder of the shares and/or voting rights.

Furthermore, when calculating the percentage of capital interest, a person is also considered to be in

possession of shares if (i) such person holds a financial instrument the value of which is (in part) determined by

the value of the shares or any distributions associated therewith and which does not entitle such person to

acquire any shares; (ii) such person may be required to purchase shares on the basis of an option; or (iii) such

person has concluded another contract whereby such person acquires an economic interest comparable to that

of holding a share.

If a person's capital interest and/or voting rights reaches, exceeds, or falls below the above-mentioned

thresholds as a result of a change in Stellantis' issued and outstanding share capital or voting rights, such

person is required to make a notification not later than on the fourth trading day after the AFM has published

Stellantis' notification as described below.

The notification to the AFM should indicate whether the interest is held directly or indirectly, and whether the

interest is an actual or a potential interest.

In addition, each person who is or ought to be aware that, as a result of the exchange of certain financial

instruments, such as options for shares, his or her actual capital or voting interest in Stellantis, reaches, exceeds

or falls below any of the Notification Thresholds, *vis-à-vis* his or her most recent notification to the AFM, must

give notice to the AFM no later than the fourth trading day after he or she became or ought to be aware of this

change.

Stellantis is required to notify the AFM promptly of any change of one percent or more in its issued share capital

or voting rights since a previous notification. Other changes in Stellantis' issued share capital or voting rights

must be notified to the AFM within eight days after the end of the quarter in which the change occurred.

In addition to the above-described notification obligations pertaining to capital interest or voting rights, pursuant

to Regulation (EU) No. 236/2012, notification must be made to the AFM of any net short position of 0.2 percent in

the issued share capital of Stellantis and of every subsequent 0.1 percent above this threshold. Notifications

starting at 0.5 percent and every subsequent 0.1 percent above this threshold will be made public via the short

selling register of the AFM. To calculate whether a natural person or legal person has a net short position, their

short positions and long positions must be set off. A short transaction in a share can only be contracted if a

reasonable case can be made that the shares sold can actually be delivered, which requires confirmation of a

third party that the shares have been located. Furthermore, gross short positions are required to be notified in

the event that a threshold is reached, exceeded, or fallen below. With regard to gross short positions, the same

disclosure thresholds as for holders of capital interests and/or voting rights apply, without any set-off against

long positions.

The AFM keeps a public register of all notifications made pursuant to these disclosure obligations and publishes

any notification received which can be accessed via www.afm.nl. The notifications referred to in this paragraph

should be made through the online notification system of the AFM.

Non-compliance with these disclosure obligations is an economic offense and may lead to criminal prosecution.

The AFM may impose administrative penalties for non-compliance and may publish the imposed penalties. In

addition, a civil court can impose measures against any person that fails to notify or incorrectly notifies the AFM

of matters required to be notified. A claim requiring that such measures be imposed may be instituted by

Stellantis and/or by one or more shareholders who alone or together with others represent at least three percent

of the issued and outstanding share capital of Stellantis or are able to exercise at least three percent of the

voting rights. The measures that the civil court may impose include:

• an order requiring appropriate disclosure;

• suspension of the right to exercise the voting rights for a period of up to three years as determined by the

court;

• voiding a resolution adopted by the AGM, if the court determines that the resolution would not have been

adopted but for the exercise of the voting rights of the person with a duty to disclose, or suspension of a

resolution adopted by the AGM until the court makes a decision about such voiding; and

• an order to refrain, during a period of up to five years as determined by the court, from acquiring shares and/or

voting rights in Stellantis.

Shareholders are advised to consult with their own legal advisers to determine whether the disclosure

obligations apply to them.

**Mandatory Bid Requirement**

Under Dutch law, any person who, acting alone or in concert with others, directly or indirectly acquires 30

percent or more of Stellantis' voting rights will be required to launch a public offer for all outstanding shares in

Stellantis' share capital for a fair purchase price determined by law. A fair price is considered a price which is

equal to the highest price paid by such person or the persons acting in concert with it for Stellantis' shares in the

year prior to the announcement of the offer or, in the absence of such a purchase, the average share price of

Stellantis' shares in the year prior to the announcement of the offer. At the request of the offeror, Stellantis, or any

of the Stellantis shareholders, the Enterprise Chamber of the Court of Appeal in Amsterdam

(*Ondernemingskamer van het Gerechtshof te Amsterdam*) (the "Dutch Enterprise Chamber") may determine a

different fair price. If a 30 percent shareholder fails to make a public offer, the Dutch Enterprise Chamber may

require such shareholder to do so upon the request of, among others, Stellantis or any of the Stellantis

shareholders.

**Dutch Financial Reporting Supervision Act** 

On the basis of the Dutch Financial Reporting Supervision Act (*Wet toezicht financiële verslaggeving*, or the

"FRSA"), the AFM supervises the application of financial reporting standards by, amongst others, companies

whose corporate seat is in the Netherlands and whose securities are listed on a regulated Dutch or foreign stock

exchange.

Pursuant to the FRSA, the AFM has an independent right to (i) request an explanation from Stellantis regarding

its application of the applicable financial reporting standards and thereafter (ii) make informal arrangements with

the Company that must be observed in the future or make a notification to the Company that its financial reports

do not meet the applicable financial reporting standards, which notification may be accompanied by a

recommendation to the Company to issue a press release on the subject matter. If we do not adequately comply

with such a request or recommendation, the AFM may request that the Enterprise Chamber order us to (i)

provide an explanation of the way we have applied the applicable financial reporting standards to our financial

reports; or (ii) prepare our financial reports in accordance with the Enterprise Chamber's instructions.

**Compulsory Acquisition**

Pursuant to article 2:92a of the Dutch Civil Code, a shareholder who, for its own account, holds at least 95

percent of the issued share capital of Stellantis may institute proceedings against the other shareholders jointly

for the transfer of their shares to it. The proceedings are held before the Dutch Enterprise Chamber and can be

instituted by means of a writ of summons served upon each of the minority shareholders in accordance with the

provisions of the Dutch Code of Civil Procedure. The Dutch Enterprise Chamber may grant the claim for the

squeeze-out in relation to all minority shareholders and will determine the price to be paid for the shares, if

necessary, after appointment of one to three expert(s) who will offer an opinion to the Dutch Enterprise Chamber

on the value to be paid for the shares of the minority shareholders. Once the order to transfer becomes final

before the Dutch Enterprise Chamber, the person acquiring the shares must give written notice of the date and

place of payment and the price to the holders of the shares to be acquired whose addresses are known to it.

Unless the addresses of all of them are known to it, it must also publish the same in a Dutch daily newspaper

with a national circulation. A shareholder can only appeal against the judgment of the Dutch Enterprise Chamber

before the Dutch Supreme Court.

In addition, pursuant to article 2:359c of the Dutch Civil Code, following a public offer, a holder of at least 95

percent of the issued share capital and of voting rights of Stellantis has the right to require the minority

shareholders to sell their shares to it. Any such request must be filed with the Dutch Enterprise Chamber within

three months after the end of the acceptance period of the public offer. Conversely, pursuant to article 2:359d of

the Dutch Civil Code, each minority shareholder has the right to require the holder of at least 95 percent of the

issued share capital and the voting rights of Stellantis to purchase its shares in such a case. The minority

shareholder must file such a claim with the Dutch Enterprise Chamber within three months after the end of the

acceptance period of the public offer.

**Disclosure of Trades in Listed Securities**

Pursuant to the FMSA, each member of the Board of Directors must notify the AFM:

• within two weeks after his or her appointment of the number of shares he or she holds and the number of votes

he or she is entitled to cast in respect of Stellantis' issued and outstanding share capital; and

• subsequently of each change in the number of shares he or she holds and of each change in the number of

votes he or she is entitled to cast in respect of Stellantis' issued and outstanding share capital, immediately

after the relevant change.

Furthermore, pursuant to Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April

2014 (as amended and supplemented, the "Market Abuse Regulation"), each of the members of the Board of

Directors and any other person discharging managerial responsibilities within Stellantis and who in that capacity

is authorized to make decisions affecting the future developments and business prospects of Stellantis and has

regular access to inside information relating, directly or indirectly, to Stellantis (each, a "PDMR") must notify the

AFM of all transactions, conducted or carried out for his or her own account, relating to Stellantis common

shares, special voting shares or financial instruments the value of which is (in part) determined by the value of

Stellantis common shares or special voting shares.

In addition, persons that are closely associated with members of the Board of Directors or any of the other

PDMRs must notify the AFM of all transactions conducted for their own account relating to Stellantis' shares or

financial instruments, the value of which is (in part) determined by the value of Stellantis' shares. The Market

Abuse Regulation designates the following categories of persons: (i) the spouse or any partner considered by

applicable law as equivalent to the spouse; (ii) dependent children; (iii) other relatives who have shared the

same household for at least one year as of the relevant transaction date; and (iv) any legal person, trust or

partnership, among other things, whose managerial responsibilities are discharged by a member of the board of

directors or any other PDMR or by a person referred to under (i), (ii) or (iii) above.

The notifications pursuant to the Market Abuse Regulation described above must be made to the AFM no later

than the third business day following the relevant transaction date by means of a standard form. Such

notifications under the Market Abuse Regulation may however be postponed until the date that the value of the

transactions carried out on a person's own account, together with the transactions carried out by the persons

associated with that person, reaches, or exceeds the amount of €5,000 in the calendar year in question. Any

subsequent transaction must be notified as set forth above. The AFM keeps a public register of all notifications

made pursuant to the FMSA and the Market Abuse Regulation.

Non-compliance with these reporting obligations could lead to criminal penalties, administrative fines, cease-

and-desist orders (and the publication of such penalties, fines and orders), imprisonment or other sanctions.

Shareholder Disclosure and Reporting Obligations under U.S. Law

Holders of Stellantis common shares are subject to certain U.S. reporting requirements under the Exchange Act

for shareholders owning more than five percent of any class of equity securities registered pursuant to Section

12 of the Exchange Act. Among the reporting requirements are disclosure obligations intended to keep investors

aware of any plans or proposals that may lead to a change of control of an issuer.

**Disclosure Requirements under Italian law and European Union law** 

Further disclosure requirements apply to Stellantis under Italian law and French law by virtue of the listing of

Stellantis' shares on Euronext Milan and Euronext Paris, respectively. Summarized below are the most significant

requirements to be complied with by Stellantis in connection with the trading of Stellantis common shares on

Euronext Milan and Euronext Paris. The breach of the obligations described below may result in the application

of fines and criminal penalties (including, for instance, those provided for insider trading and market

manipulation).

In particular, the following main disclosure obligations will apply to Stellantis:

• The following articles of Legislative Decree no. 58/1998, or the Italian Financial Act (as well as the

implementing regulations enacted by the Commissione Nazionale per le Società e la Borsa - "CONSOB" -

thereunder) effective as of the date of this report: article 92 (equal treatment principle), article 113-ter (general

provisions on regulated disclosures), article 114 (information to be provided to the public), article 114-bis

(information concerning the allocation of financial instruments to corporate officers, employees and

collaborators), article 115 (information to be disclosed to CONSOB upon the authority's request), articles 180

through 187-quaterdecies (relating to insider trading and market manipulation) and article 193 (fines for

breach of disclosures duties);

• the General Regulation of the Autorité des Marchés Financiers ("AMF"), article 223-16 (obligation to disclose

on a monthly basis the total number of shares and voting rights comprising Stellantis' share capital if these

numbers have changed compared to the most recently disclosed numbers) and article 223-20 (obligation to

file with the AMF certain changes to the Articles of Association). The information required to be published in

France may be published in French or English; and

• the applicable law concerning market abuse and, in particular, article 7 ("Inside Information"), article 17

(Public disclosure of Inside Information), article 18 (Insider lists) and article 19 (Managers' transactions) of the

Market Abuse Regulation, as well as implementing regulations promulgated thereunder.

In addition to the above, the applicable provisions set forth under the market rules (including those relating to

the timing for the payment of dividends and relevant "ex date" and "record date") will apply to Stellantis.

The foregoing is based on the current legal framework and, therefore, it may vary following any subsequent

regulatory changes adopted by the concerned member states and competent authorities.

**Disclosure of Inside Information - Article 17 of the Market Abuse Regulation**

Pursuant to the Market Abuse Regulation, Stellantis has to disclose to the public, without delay, any inside

information which: (i) is of a precise nature; (ii) has not been made public; (iii) directly concerns Stellantis; and

(iv) if it were made public, would be likely to have a significant effect on the prices of Stellantis' financial

instruments (as such term is defined under the Market Abuse Regulation) or on the price of related derivative

financial instruments (the "Inside Information"). In this regard:

• information is deemed to be of a precise nature if: (a) it indicates a set of circumstances which exists or which

may reasonably be expected to come into existence, or an event which has occurred, or which may

reasonably be expected to occur and (b) it is specific enough to enable a conclusion to be drawn as to the

possible effect of that set of circumstances or event on the prices of the financial instruments (e.g. Stellantis'

common shares) or the related derivative financial instrument. In this respect, in the case of a protracted

process that is intended to bring about, or that results in, particular circumstances or a particular event, those

future circumstances or that future event, and also the intermediate steps of that process which are connected

with bringing about or resulting in those future circumstances or that future event, may be deemed to be

information of precise nature; and

• information which, if it were made public, would be likely to have a significant effect on the prices of financial

instruments or the related derivative financial instruments means information a reasonable investor would be

likely to use as part of the basis of his or her investment decisions.

An intermediate step in a protracted process is deemed to be inside information if, by itself, it satisfies the

criteria of Inside Information as referred to above.

The above disclosure requirement has to be complied with through the publication of a press release by

Stellantis in accordance with the Market Abuse Regulation and Dutch, Italian and French law, which discloses to

the public the relevant Inside Information. In addition, any Inside Information disseminated by Stellantis in any

jurisdiction is required to be made public in a manner that permits full and prompt access to, and correct and

timely evaluation of, such information by the public in compliance with the Market Abuse Regulation.

Under specific circumstances, the AFM, CONSOB and the AMF may request Stellantis and/or its main

shareholders to disclose to the public, or provide, specific information or documentation. For this purpose, the

AFM, CONSOB and the AMF have broad powers under applicable EU regulations, as well as Italian and French

law, to, among other things, carry out inspections or investigations or request information from the members of

the Board of Directors or the external auditors.

Stellantis may, under its own responsibility, delay disclosure to the public of Inside Information provided that all

of the following conditions are met: (a) immediate disclosure is likely to prejudice the legitimate interests of

Stellantis; (b) delay of disclosure is not likely to mislead the public; and (c) Stellantis is able to ensure the

confidentiality of that information.

In the case of a protracted process that occurs in stages and that is intended to bring about, or that results in, a

particular circumstance or a particular event, Stellantis may under its own responsibility delay the public

disclosure of Inside Information relating to this process, subject to the conditions set forth under (a), (b) and (c)

above.

**Insiders' List - Article 18 of the Market Abuse Regulation**

Stellantis, as well as persons acting on its behalf or on its account, are required to draw up and keep regularly

updated, a list of all persons who have access to Inside Information and who are working for them under a

contract of employment, or otherwise performing tasks pursuant to which they have access to Inside Information,

such as advisers, accountants, or credit rating agencies (the "insider list").

Stellantis, or any person acting on its behalf or on its account, is required to take all reasonable steps to ensure

that any person on the insider list acknowledges in writing the legal and regulatory duties entailed and is aware

of the sanctions applicable to insider dealing and unlawful disclosure of Inside Information.

**Prohibition on Insider Dealing – Article 14 of the Market Abuse Regulation**

It is prohibited for any person to make use of Inside Information by acquiring or disposing of, for its own account

or for the account of a third party, directly or indirectly, financial instruments to which that information relates, as

well as an attempt to do so ("insider dealing"). The use of Inside Information by cancelling or amending of an

order concerning a financial instrument also constitutes insider dealing. In addition, it is prohibited for any

person to disclose Inside Information to anyone else (except where the disclosure is made strictly as part of the

person's regular duty or function) or, whilst in possession of Inside Information, recommend or induce anyone to

acquire or dispose of financial instruments to which the information relates. Furthermore, it is prohibited for any

person to engage in or attempt to engage in market manipulation, for instance by conducting transactions which

could lead to an incorrect or misleading signal of the supply of, the demand for or the price of a financial

instrument.

**Prohibition to Trade During Closed Periods – Article 19 of the Market Abuse Regulation**

A PDMR is not permitted to (directly or indirectly) conduct any transactions on its own account or for the account

of a third party, relating to shares or debt instruments of the Company or other financial instruments linked

thereto, during a closed period of 30 calendar days before the announcement of an annual or semi-annual

financial report of the Company.

**Transparency Directive**

The Netherlands is the Company's home member state for the purposes of Directive 2004/109/EC of the

European Parliament and of the Council of 15 December 2004 (as amended by Directive 2013/50/EU of the

European Parliament and of the Council of 22 October 2013) as a consequence of which the Company will be

subject to the FMSA in respect of certain ongoing transparency and disclosure obligations.

**Public Tender Offers**

Certain rules provided for under Italian law with respect to both voluntary and mandatory public tender offers will

apply to any offer launched for Stellantis common shares. In particular, among other things, the provisions

concerning the tender offer price and the procedure, including the obligation to communicate the decision to

launch a tender offer, the content of the offer document and the disclosure of the tender offer will be supervised

by CONSOB and will be subject to Italian law.

**Stellantis Policies** 

On January 17, 2021, the Board of Directors approved an amended insider trading policy, as described further

below under *"Insider Trading Policy"*.

The Board of Directors approved the Stellantis Code of Conduct on March 2, 2021, as further described below.

In addition, as provided for by the Dutch Corporate Governance Code and required by the Dutch Gender

Diversity Act, the Board of Directors has adopted the profile of the non-Executive Directors, a policy of bilateral

contacts with shareholders, and a policy on diversity in the composition of the Board of Directors.

In 2024 the Board of Directors approved certain revisions to the Profile of non-Executive Directors in order to

provide criteria for the selection and appointment of the non-executive director for Employee Engagement.

Code of Conduct

The Code is a pillar of the Stellantis integrity system. The Code defines our Company's fundamental ethical

values that govern our decision-making processes and operating approach in the interests of all stakeholders.

Integrity is regarded as a source of competitiveness, a foundation of the Company's sustainable growth and the

way to build day after day Stellantis' reputation as a Company that customers, the workforce and stakeholders

can trust and rely on. The Code sets the ethical principles of integrity that will guide the Company and its

workforce ensuring compliance with laws, regulations, and best practices.

The Code applies to the members of the Board of Directors, officers and to all full-time or part-time employees,

temporary workers, and contract workers. Stellantis also expects its stakeholders, including suppliers, dealers,

distributors, and joint venture partners, to act with integrity and in accordance with the Code.

The Code focuses on four main areas:

(a)protection of the Stellantis workforce;

(b)the way Stellantis conducts business (including compliance with laws, regulations and best practices);

(c)Stellantis' interaction with external parties; and

(d)protection of Stellantis assets and information.

The Code is supplemented by a set of policies and procedures that are reviewed on an annual basis for

applicability and effectiveness. The 2025 global Ethical Culture Survey reflects that 95 percent of responding

salaried employees said they were both familiar with the Code of Conduct and believed the Company is living

the Code of Conduct.

Members of the workforce have the responsibility to become familiar with the Code, abide by it, and report any

conduct that they believe may be in violation of its principles. A company-wide reporting hotline known as the

Integrity Helpline, available 24/7 wherever permitted by law, allows employees, suppliers, clients, and other

stakeholders to:

(a) report any concerns about situations inconsistent with our Code;

(b) report any concerns regarding vehicle safety, emissions, or regulatory compliance;

(c) disclose conflicts of interest that can affect job performance; and

(d) ask a question concerning the Code.

Retaliation against anyone who reports a matter in good faith is strictly prohibited and will be subject to

disciplinary action up to including termination.

![](stellantis-20251231_g8.gif)

<sup>2</sup> The number of director positions necessary to achieve the objective will be determined as specified in the Annex to the Directive (EU)

2022/2381 of the European Parliament and of the Council of 23 November 2022 (Art. 5.3)

Stellantis also monitors the effectiveness of and compliance with the Code through appropriate governance and

oversight by the Ethics and Compliance Committee ("ECC") and implementation of the Company's compliance

roadmap, which is the result of, among other things, an analysis and investigation of the allegations made in the

Integrity Helpline, benchmarking, risk assessments, and auditing. On a regular basis, the Chief Audit and

Compliance Officer informs the CEO, or the executive director appointed to temporarily assist the Board,

pursuant to Article 20. 11 of the Company's Articles of Association, in the management of the Company with full

powers and authority, and the Audit Committee on the major findings. For all confirmed Code violations,

remedial actions taken are commensurate with the seriousness of the case and comply with local legislation.

The Stellantis Code of Conduct and the Stellantis Integrity Helpline are available in the Governance section of

the Company's website at *https://www.stellantis.com/en/group/governance/corporate-regulations*.

Insider Trading Policy

The insider trading policy was initially adopted on October 10, 2014, by the Board of Directors of Fiat

Investments and subsequently amended and revised by the Board of Directors of FCA to improve its

effectiveness and scope. On January 17, 2021, the Board of Directors amended the policy in connection with

the listing of Stellantis' common shares on Euronext Paris. The insider trading policy sets forth guidelines and

recommendations to all Directors, officers, and employees of the Company with respect to transactions in the

Company's securities. This policy, which also applies to immediate family members and members of the

households of persons covered by the policy, is reasonably designed to promote compliance with applicable

insider trading laws, rules and regulations, and any listing standards applicable to the registrant.

**Diversity and Inclusion Policy for the Composition of the Board of Directors**

On February 25, 2026, the Board of Directors adopted an updated Diversity and Inclusion Policy for the Board of

Directors (the "Policy") in accordance with the requirements of the Dutch Civil Code and Directive (EU)

2022/2381 and the Dutch Corporate Governance Code of March 2025. The Policy applies to the composition of

the Board of Directors and reflects Stellantis' continued commitment to fostering a diverse mix of expertise,

experience, competencies, personal qualities, age, sex or gender identity, nationality, and cultural or other

background within the Board of Directors.

Members of the Board of Directors are selected based on professional and personal qualifications, with an

overriding emphasis on merit, in a manner designed to ensure a sufficiently diverse and complementary range

of skills necessary to oversee the Company's strategy. The size, complexity, and geographic footprint of the

Company require directors with broad international experience and deep knowledge of industrial, financial, and

global macro economic dynamics. These aspects, together with the Company's principles of non discrimination

and equal opportunity, guide the nomination, evaluation, and annual performance assessment of Board

members by the Board of Directors and its ESG Committee.

The objectives of the Policy, applied with overriding emphasis on merit, are that: (a) the Board of Directors aims

for at least 40 percent representation of the underrepresented sex among non executive directors and at least

33 percent representation across all director positions<sup>2</sup>; (b) the nationality of Board members should reasonably

reflect the geographic spread of Stellantis' business, with no nationality representing more than 60 percent of the

Board; and (c) age diversity is supported by having one or more directors under the age of 50 at the time of

nomination. The Company annually reports on progress against these objectives in the management report and,

where required, to the Dutch Social and Economic Council (SER).

The ESG Committee assists the Board in implementing the Policy, including identifying qualification criteria,

reviewing the composition of the Board, and making recommendations for director appointments. The Policy is

reviewed at least annually and updated as necessary to support the Company's commitment to balanced

decision making, independent oversight, and an inclusive, merit based governance framework.

**Compliance with Dutch Corporate Governance Code**

The Dutch Corporate Governance Code contains principles and best practice provisions that regulate, among

other things, relations between the Board of Directors and the shareholders (including the AGM). The Dutch

Corporate Governance Code is divided into five chapters which address the following topics: (i) sustainable

long-term value creation; (ii) effective management and supervision; (iii) remuneration; (iv) the AGM; and (v) one-

tier governance structure.

Dutch companies whose shares are listed on a regulated market, such as Euronext Milan or Euronext Paris, or

comparable system, such as the NYSE, are required under Dutch law to disclose in their annual reports whether

or not they apply the provisions of the Dutch Corporate Governance Code and, in the event that they do not

apply a certain provision, to explain the reasons why they have chosen to depart from it.

Stellantis acknowledges the importance of good corporate governance and supports the best practice

provisions of the Dutch Corporate Governance Code as amended in 2022 and 2025.

While the Company endorses the principles and best practice provisions of the Dutch Corporate Governance

Code, its current corporate governance structure applies the following best practice provisions as follows:

• According to principles 2.1.5 and 2.1.6 of the Dutch Corporate Governance Code, companies are expected to

adopt enterprise-wide gender diversity targets. While the company is committed to maintaining a fair and

inclusive workplace, it does not set global gender diversity targets. Instead, its commitment is implemented

through regional initiatives tailored to the legislative requirements and practices of the jurisdictions in which it

operates;

• The initial term of appointment of the Chairman, Senior Independent Director and Vice Chairman amounts to

five years instead of the maximum period of four years referred to in best practice provision 2.2.2. by the Dutch

Corporate Governance Code. FCA and PSA agreed upon such initial term as part of the merger negotiations

between both parties and taking into account the best interests of the Company;

• The Company does not have a retirement schedule as referred to in best practice provision 2.2.4. of the Dutch

Corporate Governance Code, because, pursuant to the Articles of Association, the term of office of the

Directors is approximately two years;

• Although the Board of Directors has appointed a non-executive Director with the title of Vice-Chairman, this

person does not qualify as a vice-chairperson within the meaning of best practice provision 2.3.7 of the Dutch

Corporate Governance Code. The Board of Directors has however appointed a non-executive Director as the

chairperson of the Board of Directors referred to by Dutch law, with the title of Senior Independent Director.

Pursuant to Board of Directors' Regulations, the Senior Independent Director, or in his or her absence, any

other non-executive Director chosen by a majority of the Directors present at a meeting, will preside at a

meeting of the Board of Directors. In addition, the Chairman of Stellantis acts as contact person for individual

Directors regarding any conflict of interest of the Senior Independent Director. It is believed that this is

sufficient to ensure that the functions assigned to the vice-chairperson by the Dutch Corporate Governance

Code are properly discharged; and

• Pursuant to best practice provision 4.1.8 of the Dutch Corporate Governance Code, every executive and non-

executive Director nominated for appointment should attend the AGM at which votes will be cast on his or her

nomination. By publishing the relevant biographical details and curriculum vitae of each nominee for

(re)appointment, the Company ensures that the Company's AGM is well informed in respect of the nominees

for (re)appointment and, in practice, only the executive Directors will therefore be present at the AGM;

• As per best practice provision 3.2.3 of the Dutch Corporate Governance Code and the Company's

remuneration policy, the severance payment in the event of an involuntary termination of employment without

cause of an Executive Board member should not exceed one year's salary. The Company derogates from this

best practice provision, as further explained in the Remuneration report. Refer to the sections "*New CEO* 

*Remuneration" and "Derogations and Deviations from Remuneration Policy*" of this report.

**Differences between Dutch Corporate Governance Practices and NYSE Listing Standards** 

The discussion below summarizes the significant differences between our corporate governance practices and

the NYSE standards applicable to U.S. companies, as well as certain ways in which our governance practices

(see above section *Compliance with Dutch Corporate Governance Code*) deviate from those suggested in the

Dutch Corporate Governance Code.

• The NYSE requires that when an audit committee member of a U.S. domestic listed company serves on four or

more audit committees of public companies, the listed company should disclose (either on its website or in its

annual proxy statement or annual report filed with the SEC) that the board of directors has determined that this

simultaneous service would not impair the director's service to the listed company. Dutch law does not require

the Company to make such a determination;

• The Audit Committee is elected by the Board of Directors and is comprised of at least three independent

Directors. Audit Committee members are also required (i) not to have any material relationship with the

Company or to serve as auditors or accountants for the Company; (ii) to be "independent" for the purposes of

NYSE rules, Rule 10A-3 of the Exchange Act and the Dutch Corporate Governance Code; and (iii) to be

"financially literate" and have "accounting or selected financial management expertise" (as determined by the

Board of Directors). Furthermore, the Audit Committee may not be chaired by the Chairperson of the Board of

Directors or by a former executive of the Company. Currently, the Audit Committee consists of Ms. Godbehere

(Chairperson), Mr. de Castries, Ms. Parzani and Ms. Schroeder;

• In contrast to NYSE rules applicable to U.S. companies which require that external auditors be appointed by

the Audit Committee, the general rule under Dutch law is that external auditors are appointed by the AGM. In

accordance with the requirements of Dutch law, the appointment and removal of our independent registered

public accounting firm must be resolved upon at a AGM. Our Audit Committee is responsible for the

recommendation to the shareholders of the appointment or dismissal and compensation of the independent

registered public accounting firm and oversees and evaluates the work of our independent registered public

accounting firm;

• NYSE rules require a U.S. listed company to have a compensation committee and a nominating/corporate

governance committee composed entirely of independent directors. As a foreign private issuer, we do not

have to comply with this requirement; however, the Dutch Corporate Governance Code also requires us to

have a Remuneration Committee and a selection and appointment committee. There is no specific requirement

as to the name of the selection and appointment committee (which we call our ESG Committee) and about its

function being exclusive. Our Remuneration Committee Charter states that more than half of the members of

the Remuneration Committee must be independent under the Dutch Corporate Governance Code. Three out of

five of the current members of the Remuneration Committee are independent under both the NYSE rules and

the Dutch Corporate Governance Code; and

• Under NYSE listing standards, shareholders of U.S. companies must be given the opportunity to vote on all

equity compensation plans and to approve material revisions to those plans, with the limited exceptions set

forth in the NYSE rules. As a foreign private issuer, we are permitted to follow our home country laws regarding

shareholder approval of compensation plans, and under Dutch law such approval from shareholders is not

required for equity compensation plans for employees other than the members of the Board of Directors, to the

extent the authority to grant equity rights has been delegated at an AGM to the Board of Directors. For equity

compensation plans for members of the Board of Directors and/or in the event that the authority to issue

shares and/or rights to subscribe for shares has not been delegated to the Board of Directors, approval by the

AGM is required.

**Cybersecurity** 

*Risk management and strategy*

Our cybersecurity risks are managed through continuous processes of monitoring access to our systems,

blocking potential threats and assessing identified incidents. Certain of these processes specifically focus on

systems belonging to our supplier and third-party service providers, including through testing, assessments and

contractual requirements. Our cybersecurity risk management processes are confirmed by external risk

assessments and security control audits aligned with NIST 800-53 conducted by global consulting firms with

deep cybersecurity and risk management expertise.

Cybersecurity risks identified through external audits and industry benchmarking are prioritized by impact and

likelihood and integrated into our information technology function's overall risk management program. The most

relevant cybersecurity risks are then incorporated into the overall risk assessment that forms a part of our ERM

framework. Please see the *"RISK MANAGEMENT"* section in this report for a description of our ERM framework.

To date, risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have not

materially affected the Company, nor expected to be reasonably likely to materially affect the Company,

including its business strategy, results of operations or financial condition. Please refer to *"Risk Factors – Risks* 

*Related to Our Business, Strategy and Operations"* in this report for a description of ongoing risks from

cybersecurity threats that, if realized, could materially affect the Company.

*Governance*

Our Board of Directors has delegated cybersecurity risk oversight to the Audit Committee. Our Chief Digital

Information Officer ("CDIO") and Chief Information Security Officer ("CISO") update the Audit Committee

regarding cybersecurity risks and significant incidents. In turn, the Board of Directors receives an overview of

cybersecurity matters as part of its regular reports from the Audit Committee.

Cybersecurity risks are also considered by the Board of Directors as part of their regular review of risk

management and covered by the annual internal audit plan reviewed and approved by the Audit Committee.

We have also established the Global Cybersecurity and Data Privacy Committee, which meets regularly and

provides management-level oversight of our global security program, including in connection with cybersecurity,

data privacy and related strategy. The committee is chaired by our Chief Human Resources, Sustainability and

IT Officer and includes senior executives from engineering, finance, risk management, internal audit, legal and

manufacturing functions.

On a day-to-day basis, our processes for identifying, tracking and managing cybersecurity risk are primarily

conducted by the Cybersecurity Department within our information technology function. The Cybersecurity

Department is led by our CISO, a seasoned cybersecurity expert with more than a decade of experience dealing

with major cybersecurity threats. Our CISO reports directly to the CDIO, an experienced information technology

and cybersecurity leader with nearly 30 years of global information technology experience spanning multiple

industries.

When an incident is identified, dedicated teams within our Cybersecurity Department work to identify and

contain the scope, while following standardized processes for internal notification and escalation to top

executive management and the Audit Committee.

**Disclosure of a Registrant's Actions to Recover Erroneously Awarded Compensation**

Not Applicable.

**Report of the Non-Executive Directors**

Introduction

This report renders an account of the supervision exercised by the non-executive Directors in the 2025 financial

year as referred to in best practice provision 5.1.5 of the Dutch Corporate Governance Code.

It was the responsibility of the non-executive Directors of Stellantis to supervise the policies carried out by the

executive Directors and the general affairs of Stellantis and its affiliated enterprise, including the implementation

of the strategy of Stellantis regarding sustainable long-term value creation. In so doing, the non-executive

Directors acted solely in the interest of Stellantis. With a view to maintaining supervision on Stellantis, during the

2025 financial year the non-executive Directors regularly discussed Stellantis' long-term business plans, the

implementation of such plans and the risks associated with such plans with the executive Directors.

According to the Articles of Association, the Board of Directors is a one-tier board and consists of three or more

members, comprising both members having responsibility for the day-to-day management of Stellantis

(executive Directors) and members not having such day-to-day responsibility (non-executive Directors). The

Articles of Association provided for the possibility to allocate tasks between the executive and non-executive

Directors. Regardless of an allocation of tasks, all Directors remained collectively responsible for oversight of the

strategy and management of the Company with particular focus on the development and supervision of the

strategy for sustainable long-term value creation (including supervision thereof in case of non-executive

Directors).

The members of the Board of Directors during the year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Year of Birth** | **Name** | **Nationality** |
| 1976 | J. Elkann<br> M | Italian  |
| 1973 | A. Filosa<sup>(1)</sup><br> M | Italian |
| 1950 | R. Peugeot<br> M | French |
| 1954 | H. De Castries<br> M | French |
| 1966 | F. C. Cicconi<sup>(2)</sup><br> F | British – Italian |
| 1963 | N. Dufourcq<sup>(2)</sup><br> M | French |
| 1955 | A. Godbehere<sup>(2)</sup><br> F | Canadian - British |
| 1971 | C. Parzani<sup>(2)</sup><br> F | Italian |
| 1975 | D. Ramot<sup>(2)</sup><br> M | U.S. - Israeli |
| 1972 | B. Ribadeau-Dumas<sup>(2)</sup><br> M | French |
| 1956 | A. Davey Schroeder<sup>(2)</sup><br> F | U.S. |

---

<sup>(1)</sup> Mr. Filosa was appointed as Executive Director and Chief Executive Officer by the 2025 Extraordinary General Meeting and Board of

Directors meeting held on July 18, 2025, with effect from the same date

<sup>(2)</sup> The seven non-executive directors were appointed at the 2025 AGM held on April 15, 2025 with effect from the same date

Details of the current composition of the Board of Directors (including the non-executive Directors) and its

committees are set forth in the section "Board of Directors" above.

Supervision by the non-executive Directors

The non-executive Directors, being part of the Stellantis' one-tier Board of Directors, participate in all the board

meetings and are fully involved in any discussion and resolution, including strategies and related

implementation. In addition, the non-executive Directors cover all the positions of the Committees of the Board of

Directors.

The non-executive Directors supervised the policies carried out by the executive Directors and the general

affairs of Stellantis and its affiliated enterprises. In so doing, during the 2025 financial year the non-executive

Directors have also focused on key areas such as strategy, sustainable long-term value creation, climate

change, culture, human resources, as well as the effectiveness of Stellantis' internal risk management and

control systems, the integrity and quality of the financial and sustainability reporting and Stellantis' long-term

business plans, the implementation of such plans and the associated risks. The non-executive Directors also

discussed regular business updates, brand, region and function reviews, technology reviews, strategic plan

updates, competitive scenario analysis, risk management, budget review, ESG reviews, ERM, cybersecurity, as

well as major transactions, shareholder engagement.

On December 1, 2024, the Board of Directors resolved to accept the resignation of Mr. Tavares from his

positions of CEO and board member and to enter into a separation agreement with him. In addition, the non-

executive directors resolved to appoint Mr. Elkann, the Chairman, pursuant to Article 20.11 of the Articles of

Association to temporarily assist the Board in the management of the Company with full powers and authority for

the management of the day-to-day business of the Company and to represent Stellantis N.V. in all matters with

sole power of representation until the appointment of the CEO, as resolved by the EGM and the following Board

meeting on July 18, 2025, with effect from the same date.

The non-executive Directors also determined the remuneration of the executive Directors. Furthermore, pursuant

to the Articles of Association, the Board of Directors had the possibility to allocate certain specific

responsibilities to one or more individual Directors or to a committee comprised of eligible Directors and its

subsidiaries. In this respect, the Board of Directors allocated certain specific responsibilities to the Audit

Committee, the Remuneration Committee and the ESG Committee.

According to the Audit Committee charter in place in 2025, the responsibilities of the Audit Committee were to

assist and advice the Board of Directors *inter alia* with respect to: (1) the integrity of the Company's financial

statements, including any published interim reports, related press releases and other related corporate

communications; (2) the adequacy and effectiveness of the Company's internal control over financial reporting,

financial reporting procedures and disclosure controls and procedures; (3) the integrity of the Company's

disclosures and reports on environmental, social, human rights and governance factors ("sustainability

reporting") in accordance with applicable reporting standards and the adequacy and effectiveness of the

Company's internal controls and audit in relation to sustainability reporting. (4) the Company's policy on tax

planning adopted by management; (5) the Company's financing; (6) the application by the Company of

information and communication technology, including risks relating to cybersecurity; (7) the systems of internal

controls that management and/or the Board of Directors have established; (8) the Company's compliance with

legal and regulatory requirements; (9) the Company's compliance with recommendations and observations of

internal and independent auditors; (10) the open and ongoing communications regarding the Company's

financial position and results of operations between the Board of Directors, the independent auditors, the

Company's management and internal audit department (11) the Company's policies and procedures for

addressing certain actual or perceived conflicts of interest; (12) the qualifications, independence, oversight and

remuneration of the Company's independent auditors and any non-audit services provided to the Company by

the independent auditors; (13) the selection of the independent auditor by recommending an independent

auditor for nomination, appointment or dismissal by the Company's AGM; (14) the performance of the

Company's internal auditors and independent auditors; (15) risk management and risk assessment guidelines

and policies, including major financial risk exposure, and the steps taken to monitor and control such risks; and

(16) the implementation and effectiveness of the Company's ethics and compliance program.

The Audit Committee consisted of Ms. Godbehere (Chairperson), Mr. de Castries, Ms. Parzani and Ms.

Schroeder.

During 2025, ten meetings of Stellantis' Audit Committee were held. The average attendance of its members at

those meetings was 100 percent. The Committee reviewed the Stellantis' financial results for the period ended

on June 30, and the full year, as well as the shipments and revenues related to the first and the third quarter of

the year. The Committee, with the assistance of the Stellantis' CFO and other Company officers mainly from

finance and legal departments, focused on main business drivers in addition to key accounting, reporting

matters and periodical reviews of the main areas such as enterprise risk management, treasury, acquisitions,

insurance, and employee benefits/pensions review with specific focus on the areas of major audit risks such as

the evaluation of assets and liabilities requiring management judgment. Particular focus was dedicated to

cybersecurity matters. Independent Auditors attended all the meetings providing regular information to the

Committee on their activity. The Committee reviewed the annual internal audit plan, the performance of external

auditor, and received updates on legal and compliance matters, with the General Counsel attending the

Committee meetings. Internal Audit activity was reviewed on a regular basis with the Head of Audit, and

Compliance attending all the meetings and discussing with the Committee the main findings and remediating

actions. Internal control over financial reporting was part of these reviews as well. In line with the policy adopted

by the Company, the Committee was regularly involved in the review and approval of transactions entered into

with related parties.

According to the Remuneration Committee charter in place in 2025, the responsibilities of the Remuneration

Committee were to assist and advice the Stellantis Board of Directors *inter alia* with respect to: (1) compensation

for executive Directors; (2) Stellantis' remuneration policy; (3) compensation of non-executive Directors; and (4)

remuneration reports.

The Stellantis Remuneration Committee consisted of Ms. Cicconi (Chairperson), Mr. Ribadeau-Dumas, Mr. De

Castries, Mr. Ramot and Mr. Peugeot.

During 2025, four meetings of Stellantis' Remuneration Committee were held with 100 percent attendance of its

members at those meetings. The Remuneration Committee reviewed the 2025 Remuneration Report,

recommended to the AGM to slightly revise the Company's Remuneration Policy as approved by 2021 General

Meeting of Shareholders and subsequently amended and approved by the 2023 General Meeting of

Shareholders and carefully assessed the shareholders' feedback on 2024 Remuneration Report. Details of the

activities of the Remuneration Committee are included in the REMUNERATION REPORT section included

elsewhere in this report.

According to the ESG Committee charter in place in 2025, the responsibilities of the ESG Committee were to

assist and advice the Stellantis Board of Directors *inter alia* with respect to: (1) drawing up the selection criteria

and appointment procedures for directors of the Company (the "directors" and each a "director"); (2) periodic

assessment of the size and composition of the Board of Directors and as appropriate making proposals for a

composition profile of the Board of Directors; (3) periodic assessment of the performance of individual directors

and reporting on this to the Board of Directors; (4) proposals to the non-executive members of the Board of

Directors for the nomination and re-nomination of directors to be elected by the shareholders; (5) supervision of

the policy on the selection and appointment criteria for top executive management and on succession planning;

and (6) monitoring, evaluation and reporting to the Board of Directors on the strategy, targets, achievements,

relating to ESG matters globally of the Company and its subsidiaries.

The Stellantis ESG Committee consisted of Mr. de Castries (Chairperson), Mr. Ribadeau-Dumas, Ms. Cicconi,

Mr. Dufourcq and Ms. Parzani.

During 2025, two meetings of the Stellantis ESG Committee were held with 90 percent attendance of its

members at those meetings. The ESG Committee reviews the Company's ESG roadmap, achievements and

disclosures in accordance with 2030 Dare Forward strategic plan and its implementation. In addition, the ESG

Committee periodically assesses the performance of individual directors and reports on this to the Board of

Directors. In 2025, the ESG Committee, recommended to the Board of Directors the nomination of Ms. Fiona

Clare Cicconi, Mr. Nicolas Dufourcq, Ms. Ann Godbehere, Ms. Claudia Parzani, Mr. Daniel Ramot, Mr. Benoît

Ribadeau-Dumas and Ms. Alice Davey Schroeder as candidates for non-executive director positions at the 2025

AGM. In addition, the non-executive directors, including the ESG Committee, recommended the nomination of

Mr. Filosa as a candidate for Executive Director position and Chief Executive Officer at the 2025 EGM and Board

of Directors meeting.

During the year, the Committee assisted the Board of Directors by sharing developments in ESG strategy. The

Committee presented key ESG initiatives, developments in ESG KPIs, and ESG ratings results from the main

non-financial rating agencies. The Committee also presented the main lessons learned from its analysis of the

gaps between the content delivered by the Company and the expectations of ESG agencies, supplemented by

stakeholder engagement analyses as defined in its stakeholder engagement policy. The committee highlighted

how regulatory changes affect ESG. The Committee clarified the Company's strategy regarding environmental

impact and updated ESG objectives to align with ongoing developments in corporate strategy. It shared the

developments brought about by updates to ESG-related policies and finally gave an overview of its philanthropic

projects and their impact on communities.

According to the profile of non-executive directors approved in 2022 and amended in 2024, the Board of

Directors shall be composed in such manner that its composition reflects an adequate mix of technical abilities,

professional background, and experience, both general and specific, gained in an international environment and

pertaining to the dynamics of the macro-economy and globalization of markets, more generally, as well as the

industrial and financial sectors, more specifically. The size and composition of the board of directors also allows

for a mix of skills and experience that is adequate in terms of the size of the Company and its Group, as well as

the complexity and specific characteristics of the sectors in which the Company's group operates and the

geographic distribution of its businesses. Stellantis non-executive directors are selected and recommended

according to the following selection criteria: (a) background/education/training/degrees; (b) (international)

experience; (c) skills; (d) nationality; (e) age and gender; (f) independence; and (g) diversity. In selecting and

nominating new non-executive directors, the Company shall ensure that such new directors complement the

knowledge and experience of the other non-executive directors and the above criteria are taken into account.

Each non-executive director has to be capable of assessing the broad outline of the overall policy of the

Company. The Board of Directors will designate the non-executive director(s) considered financial expert(s) as

referred to in Section 2(3) of the Dutch Decree on the Establishment of an audit committee (i.e., a financial

expert with relevant knowledge and experience of financial administration and accounting).

Details on the current duties of the Audit Committee, Remuneration Committee and ESG Committee, are set forth

in the sections "*The Audit Committee*", "*The Remuneration Committee*" and "*The ESG Committee*", within "*Board* 

*Practices and Committees*" above.

During the 2025 financial year, the non-executive Directors supervised the adoption and implementation of the

strategies and policies by Stellantis, received updates on legal and compliance matters, and they were regularly

involved in the review and approval of transactions entered into with related parties. The non-executive Directors

also reviewed the reports of the Board of Directors and its committees, the ESG achievement and objectives.

During 2025, there were fifteen meetings of the Board of Directors. Portions of these meetings took place without

the executive Directors being present. The average attendance at those meetings was 98.66 percent. An

overview of the attendance of the individual Directors per meeting of the Board of Directors and its committees

set out against the total number of such meetings is set out below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Meeting Board of** <br>**Directors**<br>| **Audit Committee** | **ESG Committee** | **Remuneration** <br>**Committee**<br>|
| **John Elkann** | 15/15 |  |  |  |
| **Antonio Filosa** | 6/6 |  |  |  |
| **Robert Peugeot** | 15/15 |  |  | 4/4 |
| **Henri de Castries** | 15/15 | 10/10 | 1/2 | 4/4 |
| **Fiona Clare Cicconi** | 15/15 |  | 2/2 | 4/4 |
| **Nicolas Dufourcq** | 14/15 |  | 2/2 |  |
| **Ann Godbehere** | 15/15 | 10/10 |  |  |
| **Wan Ling Martello** | 3/3 | 2/2 |  | 1/1 |
| **Claudia Parzani** | 14/15 | 10/10 | 2/2 |  |
| **Benoît Ribadeau-Dumas** | 15/15 |  | 2/2 | 4/4 |
| **Jacques de Saint-Exupery** | 3/3 |  |  |  |
| **Daniel Ramot** | 12/12 |  |  | 3/3 |
| **Alice Davey Schroeder** | 12/12 | 8/8 |  |  |

---

As of the date of this report, the Board of Directors is composed of eleven Directors including: Mr. Elkann, Mr. Peugeot and Mr. de

Castries, who were elected on January 4, 2021; Mr. Filosa, who was appointed to the Board of Directors by the 2025 Extraordinary

General Meeting held on July, 18, 2025, the date on which the Board of Directors also granted him the title of Chief Executive Officer; and

seven non-executive directors – Ms. Cicconi, Mr. Dufourcq, Ms. Godbehere, Ms. Parzani, Mr. Ribadeau-Dumas, Mr. Ramot and Ms.

Schroeder, who were appointed by the 2025 Annual General Meeting held on April 15, 2025

During these meetings, the key topics discussed were, amongst others: the update of the long-term strategic

plan; the Stellantis' strategy including the approach to electrification, batteries and software strategy; analysis of

investments, the Stellantis' financial results and reporting, business performance by segment, acquisitions and

divestitures, executive compensation, product plan and technological developments, brand, region and function

reviews, competitive scenarios, brands' strategy, risk management, legal and compliance matters,

environmental-social-governance key targets and related roadmap, human resources, talent management,

employee wellbeing, culture and the Remuneration Report.

Main topics discussed with Directors include the following:

• auto OEM business overview with a focus on geographic presence, corporate footprint, R&D methodologies

and applications;

• new product development process including solutions to reduce vehicles CO2 emissions, in accordance with

the evolution of market demand and customers' freedom of choice;

• technological challenges, including software developments driving innovation in the industry and customer

experience; and

• auto OEM strategy plans, new emerging players and disruptive innovation and business models.

Independence of the non-executive Directors

The non-executive Directors are required by Dutch law to act solely in the interest of the Company. The Dutch

Corporate Governance Code stipulates the corporate governance rules relating to the independence of non-

executive Directors and requires under most circumstances that a majority of the non-executive Directors be

"independent."

The Board of Directors determined that, in 2025, seven non-executive members of Stellantis' eleven Board of

Directors members qualified as independent for purposes of NYSE rules, Rule 10A-3 of the Exchange Act, and

the Dutch Corporate Governance Code. The remaining directors, being Mr. Elkann, Mr. Filosa for the period

starting from July 18, 2025, Mr. Peugeot, and Mr. Ribadeau-Dumas, did not qualify as independent for the

purposes referred to in the preceding sentence.

The rules of the NYSE require that listed companies have a majority of independent directors, based on the

NYSE independence standards. While Stellantis, as a foreign private issuer, is exempted from this rule, the

Board of Directors determines on an annual basis which of its directors meet the NYSE independence

requirements.

Pursuant to Section 303A of the NYSE Listed Company Manual, an independent director is a director who, as

affirmatively determined by the board of directors, has no material relationship with the Company, either directly

or as an officer, partner or stockholder of an entity that has a relationship with the company. A director will not be

considered independent if:

• the director is, or has been within the last three years, an employee of the Company, or an immediate family

member is, or has been within the last three years, an executive officer, of the Company;

• the director has received, or has an immediate family member who has received, during any twelve-month

period within the last three years, more than $120,000 in direct compensation from the Company, other than

director and committee fees and pension or other forms of deferred compensation for prior service (provided

such compensation is not contingent in any way on continued service);

• (1) the director is a current partner or employee of a firm that is the Company's internal or external auditor; (2)

the director has an immediate family member who is a current partner of such a firm; (3) the director has an

immediate family member who is a current employee of such a firm and personally works on the Company's

audit; or (4) the director or an immediate family member was within the last three years a partner or employee

of such a firm and personally worked on the Company's audit within that time;

• the director or an immediate family member is, or has been with the last three years, employed as an executive

officer of another company where any of the Company's present executive officers at the same time serves or

served on that company's compensation committee; or

• the director is a current employee, or an immediate family member is a current executive officer, of a company

that has made payments to, or received payments from, the Company for property or services in an amount

which, in any of the last three fiscal years, exceeds the greater of $1 million, or 2 percent of such other

company's consolidated gross revenues.

Rule 10A-3 under the Exchange Act provides that no member of the Audit Committee may, other than in his or

her capacity as a member of the Board of Directors or any committee thereof (including the Audit Committee):

(i)accept directly or indirectly any consulting, advisory, or other compensatory fee from the Company or

any of its subsidiaries (with limited exceptions for payments under a retirement plan with the Company);

or

(ii)be an "affiliated person" of the Company or any of its subsidiaries. The term affiliate of, or a person

affiliated with, a specified person, means a person that directly, or indirectly through one or more

intermediaries, controls, or is controlled by, or is under common control with, the person specified.

Directors who are also employees of the company and/or any of its affiliates as well as any executive

officer, general partner or managing member of the Company or any of its affiliates and, generally, any

shareholder owning more than 10 percent of the voting share capital of the Company would be "affiliated

persons" under the Exchange Act.

For purposes of the Dutch Corporate Governance Code (2.1.8), a non-executive director is "independent" if, in

short, neither the director, nor the director's spouse, registered partner or life companion, foster child or relative

by blood or marriage up to the second degree: (i) is an employee or executive director of the company (or an

issuing institution associated with the company) in the five years prior to his or her appointment; (ii) receives

personal financial compensation from the Company, or an entity associated with the Company, other than the

compensation received for the work performed as a non-executive director and in so far as this is not in keeping

with the normal course of business; (iii) has, or has had in the year prior to his appointment, an important

business relationship with the Company, or an entity associated with it; (iv) is a member of the management

board of a company in which an executive director of the Company is a supervisory director or a non-executive

director; (v) has temporarily performed management duties during the previous twelve months in the absence or

incapacity of the executive directors of the Company; (vi) has a shareholding in the Company of at least ten

percent, taking into account the shareholding of natural persons or legal entities collaborating with him on the

basis of an express or tacit, verbal or written agreement; or (vii) is a member of the management board or

supervisory board, an executive director or non-executive director, or representative, of a legal entity which

directly or indirectly holds at least ten percent of the shares in the Company, unless such entity is a member of

the same group as the Company.

Evaluation by the non-executive Directors

The non-executive Directors were responsible for supervising the Board of Directors and its committees, as well

as the individual executive and non-executive Directors, and are assisted by the ESG Committee in this respect.

Each year, the Board of Directors, with a prominent role played by the Non Executive Directors, reviews and

discusses its own functioning and performance, as well as that of its Committees and individual Directors. In

2025, the Board conducted a comprehensive self-assessment, continuing its established practice of annual

evaluations. The assessment was supported by an external advisory firm and followed a structured, multi phase

methodology combining a tailored online questionnaire, in depth individual interviews, and a review of

governance practices. The process addressed both regulatory requirements and long term value creation,

examining Board composition, governance quality, strategic alignment, risk oversight, human capital, and

environmental awareness. A customized set of 59 questions, together with interviews with each Director,

enabled an evaluation of predictive factors of Board performance, including decision making dynamics,

information flow, committee effectiveness, board composition and skills, quality of debate and engagement,

alignment with strategic challenges and risk oversight capability. The most recent internal assessment (2024–

early 2025) confirmed that the Board operated with effective governance, demonstrating strong engagement,

constructive debate, and well structured committee work. Directors emphasized the high quality of meeting

organization and effective oversight of key strategic areas such as ESG, talent, long term strategy, and risk

management. The external assessment sought to build on these results by identifying improvement opportunities

and strengthening the Board's readiness for major transitions, including software, electrification, regulatory

developments, and execution of the strategic plan. The final report, delivered in early 2026, provided

aggregated quantitative and qualitative insights, a skills matrix, complementarity analysis, and an action plan to

further enhance Board effectiveness.

The non-executive Directors were regularly informed by each committee as referred to in best practice provision

2.3.5 of the Dutch Corporate Governance Code and the conclusions of those committees were taken into

account when drafting this report of the non-executive Directors.

The non-executive Directors were able to review and evaluate the mission of the Audit Committee, ESG

Committee and Remuneration Committee. Based on the evaluations, the charters of the Audit Committee and of

the ESG Committee have been amended first at the Governance Effective Time in connection with the

implementation of the Stellantis governance arrangements following the merger and then during the year 2021

and 2024. Details on the current charters of the Audit Committee, the ESG Committee and the Compensation

Committee, are set forth in the sections "*The Audit Committee*", "*The Remuneration Committee*" and "*The ESG* 

*Committee*", within "*Board Practices and Committees*" above.

Also, pursuant to Stellantis' Remuneration Committee Charter, in 2021 the Compensation Committee

recommended the Amendment of the remuneration policy of the Board of Directors, also in view of the size of

the Company following the merger, implemented and oversaw the remuneration policy as it applied to non-

executive Directors of Stellantis, executive Directors of Stellantis and senior officers reporting directly to the

executive Directors of Stellantis. In 2023 and in 2025 the Remuneration Committee recommended to the Board

of Directors to amend the Company's remuneration policy and the revised remuneration policy of the Board of

Directors was approved by the AGM as of April 13, 2023 and as of April 15, 2025. The Remuneration Committee

administered all of the equity incentive plans and deferred compensation benefits plans of Stellantis. On the

basis of the assessments performed, the non-executive Directors determined the remuneration of the executive

Directors as reported in the Remuneration Report. Furthermore, the Remuneration Committee recommended the

review and approval of the Long-Term Incentive ("LTI") Plan.

The non-executive Directors have supervised the performance of Stellantis' Audit Committee, Remuneration

Committee and ESG Committee.

**Remuneration Report** 

This Remuneration Report provides an overview of our remuneration policy and practices, and its application to

executive compensation in 2025. This report has been approved by the Remuneration Committee of the Board

of Directors.

**Letter from the Chairperson of the Remuneration Committee**

Dear Shareholders,

On behalf of the Remuneration Committee of the Board of Directors, I am pleased to present Stellantis' 2025

Remuneration Report. The year 2025 marked a decisive change of transition for our Company. With the

departure of our CEO at the end of 2024, our Chairman, John Elkann led the Company through the first half of

2025, followed by the appointment of Antonio Filosa as our new CEO mid-year.

As always, we remain committed to transparency and clarity regarding the compensation of our directors and

executives. The Board recognizes that remuneration is a complex and sensitive topic for shareholders and

stakeholders. Our pay for performance philosophy continues to guide us, ensuring that executive compensation

is thoughtfully aligned with long-term value creation for our shareholders and the sustained success of Stellantis.

Over the past few years, we have engaged with our shareholders in meaningful dialogue to better understand

any shareholder concerns with the approach and design of our executive compensation programs. The

Committee recognizes that with a 66.92 percent approval rate for our 2024 Remuneration Report, a 72.76

percent approval rate for our Remuneration Policy, and an 81.07 percent approval rate for our Equity Incentive

Plan for executives, there are diverse viewpoints and opportunities to improve alignment with investors'

expectations. Feedback has been welcomed, management and the Board understand the issues that matter

most to shareholders, and what we've learned will contribute to how practices evolve.

We appreciate your consideration in reviewing this year's Remuneration Report and look forward to continued

engagement. We hope that our shareholders vote in favor of this year's Remuneration Report which will be

submitted for an advisory vote at our AGM on April 14, 2026.

Fiona Clare Cicconi

*Chair, Remuneration Committee*

**Key Business Highlights**

**Stellantis – Culture, Strategy and Vision**

**Culture**

Five years ago, a new force in the automotive industry was born. A true constellation of iconic brands, with

impressive global scale, deep local roots, and powerful histories. A constellation energized by exciting products

that inspire passion and desire around the world.

Like any constellation, it is made up of shining stars. Thousands of them, spread across the planet, but united by

one shared aspiration: a deep commitment to ***putting our customers at the center of everything we do***.

At Stellantis, we have the talent, the resilience, and the determination to face our challenges head-on. ***We are***

***passionate about working together and we are hands-on***. We simplified the organization and removed

obstacles to empower our teams in the regions to get us all closer to our customers. These efforts are now

leading us to gradual, but visible improvements. ***We are a Global company with strong regional roots***.

**Strategy and Vision**

With the appointment of our new CEO in July and the subsequent establishment of our new leadership team, we

are focusing on growth and increased market share. The new leadership team has outlined 3 initial priorities:

• Back to Growth: Implementing a tailored product plan by region, listening to dealers and customers, reducing

the impact of tariffs.

• Rebuild Industrial Execution: Improving quality and rebuilding customer satisfaction and trust.

• Enhanced Profitability & Focus on Customers: The way we build value for our customers and shareholders

through dealer and supplier relationships, customer service and technical assistance, and delivering products

our customers want.

Despite a year of change and uncertainty, our focus and resilience have created real momentum for Stellantis.

We are now moving to decisively correct our course where this is necessary, while also building on the

achievements of the past five years. We are making excellent progress in building a new strategic plan that will

serve as our compass for an even stronger future.

**Our Company's Performance** 

In 2025 we faced tough challenges and results were far from our potential. We are determinedly working on

improvements and are confident in our ability to address those issues. Below is a brief summary of the

Company's performance in 2025:

• 5,484 thousand vehicles shipped (refer to *Financial Overview - Shipment Information* included elsewhere in

this report for additional information);

• Net revenues of €153.5 billion;

• Net loss of €22.3 billion;

• Adjusted Operating Income/(Loss) ("AOI") of €(0.8) billion (refer to *Non-GAAP Financial Measures* included

elsewhere in this report for additional information);

• Cash flows used in operating activities of €4.7 billion; and

• Industrial free cash flow of €(4.5) billion (refer to *Non-GAAP Financial Measures* included elsewhere in this

report for additional information).

**Our Approach to Executive Remuneration**

Clear alignment between executive rewards and shareholder interests is central to our Remuneration Policy. Our

pay-for-performance philosophy has strong links between rewards and results for both our short-term and long-

term incentive plans.

The Remuneration Committee has a clearly defined process for setting stretch targets for our incentive

compensation plans and a framework for decision-making around executive remuneration. A third-party,

independent consulting advisor provides recommendations and information on best market practices for

remuneration structure and design. The Committee had extensive discussions, supported by its external advisor,

to review the composition and key drivers of remuneration.

The Remuneration Committee determines executive remuneration on the basis of a set of principles (as shown in

the table below) that demonstrate clear alignment with shareholder and other stakeholder interests with the

responsibility to ensure that executive remuneration is closely aligned with financial and strategic performance.

**Total Rewards Philosophy & Core Principles**

---

| | |
|:---|:---|
| ![Arrow and Target.jpg](stellantis-20251231_g9.jpg) | Alignment with Strategy<br>Compensation is strongly ***linked to the achievement*** of the Company's disclosed performance <br>targets.<br>|
| ![line and arrow up.jpg](stellantis-20251231_g10.jpg) | Pay for Performance<br>Must ***reinforce our performance-driven culture and principles of meritocracy***. Majority of <br>pay is ***linked directly to Company performance*** through both short and long-term variable pay.<br>|
| ![Globe.jpg](stellantis-20251231_g11.jpg) | Competitiveness<br>Compensation will be ***competitive*** against the comparable ***global*** market and set in a manner to <br>***attract, retain and motivate*** expert leaders and highly qualified executives. Considering <br>competitiveness across both the European and U.S. talent market is essential given our global <br>footprint.<br>|
| ![hand and leaf.jpg](stellantis-20251231_g12.jpg) | Creating Long-term Shareholder Value<br>Performance targets triggering any variable compensation payment should ***align with the*** <br>***interests of shareholders and other stakeholders***.<br>|
| ![Shield.jpg](stellantis-20251231_g13.jpg) | Compliance<br>Compensation policies and practices are ***designed to comply*** with applicable laws and corporate <br>governance requirements.<br>|
| ![Risk Prudence.jpg](stellantis-20251231_g14.jpg) | Risk Prudence<br>The compensation structure and design should ***avoid incentives that encourage unnecessary or*** <br>***excessive risks*** that could threaten the Company's value.<br>|

---

**Oversight and 2025 Remuneration Decisions**

The Remuneration Committee oversees our executive compensation program and plans to align them with our

strategy, goals and shareholder interests. In making 2025 compensation decisions, the Committee considered

several factors, including:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (1) | (2) | (3) | (4) | (5) |
| Compensation <br>programs at peer <br>companies (both US <br>and European)<br>| Stellantis' past <br>performance and for <br>purposes of incentive <br>planning, the upcoming <br>Company annual and <br>long-term business <br>plans<br>| Annual and long-term <br>financial plans as part of <br>our growth strategy and <br>long-term outlook<br>| Incentive plan payouts <br>from our historical <br>compensation programs<br>| Methods of aligning <br>executive compensation <br>with shareholder returns<br>|

---

The Remuneration Committee meets throughout the year and takes into account these factors for making any

actions for the remuneration yearly cycle. Performance metrics, targets and performance/payout ranges for our

incentive plans are established early in the respective performance years. For the 2025 remuneration cycle, the

following considerations and actions were taken:

• Continue the practice to reassess our annual bonus plan performance financial targets and performance/

payout ranges to help ensure a challenging, yet achievable plan that aligns with Company and shareholder

interests;

• Align performance targets and performance/payout ranges with 2025 performance equity grants and

Stellantis' total rewards philosophy, long-term strategy and operating goals; and

• Although the Company's business strategy and business plans had changed later in 2025 to address the

industry shift from electrification of vehicles, the Remuneration Committee did not revise or adjust the

performance financial targets and performance/payout ranges of the 2025 annual incentive program and

2025-2027 long-term incentive plan that were established from the prior 2025 business plan.

**Our Executive Remuneration Framework**

---

| | |
|:---|:---|
| Our philosophy, approach and delivery of <br>remuneration is strongly tied to the success of <br>Stellantis to align executives' interests with the <br>long-term interest of our shareholders. <br>Accordingly, a significant portion of our CEO's <br>compensation is designed to be "at risk" and <br>dependent on achieving quantitative <br>performance goals over both short- and long-<br>term periods.<br>| ![CEO comp circle chart rev 2.jpg](stellantis-20251231_g15.jpg) |

---

The table below provides a high-level summary of the core elements of the remuneration for our Executive Directors:

---

| | | |
|:---|:---|:---|
| **Remuneration Element** | **Key Feature** | **Alignment to Strategy** <br>**and Shareholder Interests**<br>|
| **Base Salary** | Market-based fixed cash compensation set <br>competitively as compared to large global <br>automobile manufacturers in the peer group.<br>| Set at a level to attract, motivate and <br>retain the best talents in global and/or <br>regional markets.<br>|
| **Short-Term Incentive Plan -** <br>**Stellantis Annual Incentive** <br>**Plan ("SAIP")**<br>| Paid annually in cash; the CEO's target <br>opportunity is 200% of base salary and <br>maximum opportunity is 400% of base salary. <br>For 2025, under a one-time derogation to the <br>Remuneration Policy, the Chairman is eligible to <br>participate with a target opportunity of 100% of <br>base salary and maximum opportunity of 200% <br>of base salary.<br>| Incentivize delivery of performance <br>against our pre-established and <br>challenging annual strategic and <br>financial goals.<br>|
| **LTI Plan** | 100% Performance Share Units (PSUs): <br>Conditional rights on ordinary shares, with <br>amounts earned subject to Company <br>performance and a three-year vesting schedule. <br>| Incentivize delivery of financial <br>performance and creation of long-term <br>sustainable value; demonstrates long-<br>term alignment with shareholder <br>interests. PSUs are 100% at-risk and <br>contingent upon Stellantis' performance <br>- no amounts are guaranteed.<br>|
| **Share Ownership and** <br>**Retention Guidelines**<br>| Executive Directors:<br>•Six (6) x Annual Base Salary<br>•Required to retain one hundred percent <br>(100%) of net, after-tax shares of Common <br>stock issued upon vesting and settlement of <br>any equity awards granted until the fifth (5th) <br>anniversary of the grant date of such award.<br>•Shares owned outright and any unvested <br>Restricted Stock Units (RSUs) are counted <br>for purposes of satisfying the guideline. <br>Unvested PSUs are not considered.<br>| Establishes long-term alignment with <br>shareholders; promotes focus on <br>management of company risks.<br>|
| **Retirement Benefits** | Defined contribution retirement savings plan <br>that is available to the CEO and all employees <br>in the country of employment. The Chairman <br>participates in a retiree health care benefit plan.<br>| Provides appropriate retirement savings <br>designed to be competitive in the <br>relevant market.<br>|
| **Other Benefits & Allowances** | Executive Directors may receive usual and <br>customary fringe benefits such as severance, <br>company vehicles, security, medical insurance, <br>tax preparation, financial consulting and tax <br>equalization.<br>| Recognizes competitive practices. |

---

**Our Compensation Peer Group**

The Remuneration Committee reviews each year the compensation peer group for compensation comparisons

and makes any updates as needed to align with the established criteria and Company strategy. Additional

companies may be considered for benchmarking particular executive/director compensation when necessary.

The Committee strives to identify a peer group that best reflects all aspects of Stellantis' business and considers

our global footprint, revenue, market capitalization and/or enterprise value. It is important to note that to attract

and retain our top executive talent, we need to consider a blend of both U.S. and European companies - as a

significant portion of our business, revenue and profitability is driven by both regions. **Given its global** 

**footprint, Stellantis must be considered a global company**.

![Global Map.jpg](stellantis-20251231_g16.jpg)

The allocation of revenues do not sum to 100 percent as the operating segments are not reflected

In addition to including U.S. and European automobile manufacturers, our peer group includes U.S. and

European companies with a global presence that have significant manufacturing and/or engineering operations.

We do not limit our peer group to our industry alone because we believe compensation practices at other large

global multinational companies affect our ability to attract and retain diverse talent.

For 2025, the Remuneration Committee approved the removal of Continental and Honeywell from the Company's

peer group. The result of Continental's spin-off of its automotive segment (Aumovio) and planned spin-off its

rubber/plastics segments (ContiTech) and Honeywell's separation of its aerospace and automation segments

places them below our threshold in terms of company size. With this change, we continue the blended balance

between European-based and US-based companies.

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Companies** | **U.S. Companies** | **European Companies** | **European Companies** |
| Boeing | General Dynamics | Airbus | Siemens |
| Caterpillar | General Electric | ArcelorMittal | Volvo Cars |
| Chevron | General Motors | BASF | TotalEnergies SE |
| Deere | Lockheed Martin | BMW | Volkswagen |
| Exxon Mobil | Raytheon Technologies | Mercedes-Benz | Volvo |
| Ford |  | Renault |  |

---

We review each element of compensation compared to the market and generally target our total direct

compensation (base salary, annual bonus and long-term incentives, or for Non-Executive Directors - retainers,

meeting fees, committee service) for Directors, on average, to be at or near market median.

In addition, we consider Stellantis' relative size and scope against those of our peers in assessing and setting

our pay levels and program designs for our Directors. An individual compensation element or an individual's

total direct compensation may be positioned above or below the market median because of his or her specific

responsibilities, experience, and performance.

Pay for Performance

A key characteristic of Stellantis' Remuneration Policy is pay for performance. All elements of our compensation

structure – base salary, incentive compensation and benefits – are benchmarked with our Peer Group and are

designed to align in driving shareholder value.

Our incentive programs are based on our pay-for-performance principles and include all employees of the

Company globally. Incentives based on performance come in the form of an annual bonus plan or a profit-

sharing plan, and long term incentive plan (covering eligible executives) – all plans are based on achievement of

strategic business annual and applicable long term goals. Our pay-for-performance approach in compensation

covers all employees of the Company – where substantially all employees share in the success for the year.

![CEO Target vs realized pay.jpg](stellantis-20251231_g17.jpg)

The realized 2025 compensation (in USD) reflects all pay received as CEO and Chief Operating Officer of North

America and does not contain the value of any fringe benefits.

Analysis of Risk in the Compensation Architecture

The Remuneration Committee, in reliance on analysis provided by an outside and independent consulting

advisor engaged by the Company, annually evaluates the risk profile of our executive compensation and

benefits programs. In its 2025 annual evaluation, the Committee reviewed our executive compensation structure

to determine whether our remuneration policies, programs and practices encourage our executives or

employees to take unnecessary or excessive risks that would be materially adverse to the Company. As a result

of that review, along with the outside and independent consulting advisor's risk assessment analysis and results,

the Committee concluded that the 2025 executive compensation plans were designed in a manner to:

• achieve a balance of short- and long-term performance aligned with key stakeholder interests;

• discourage executives from taking unnecessary or excessive risks that would threaten the reputation and

sustainability of Stellantis; and

• encourage appropriate assumption of risk to the extent necessary for competitive advantage purposes.

Best Practices

---

| | | | |
|:---|:---|:---|:---|
| ![checkbox.jpg](stellantis-20251231_g18.jpg) | **What we do:** | ![circle with line.jpg](stellantis-20251231_g19.jpg) | **What we do not do:** |

---

---

| | |
|:---|:---|
| ▪Pay for performance by structuring a significant <br>percentage of target compensation in the form of <br>variable, at risk compensation within Stellantis<br>▪Predetermined stretch performance goals for incentive <br>pay programs<br>▪We align goals and values organization-wide through <br>incentive pay and rigorous performance management<br>▪Market comparison of Executive Director and non-<br>Executive Director remuneration against relevant peers<br>▪Conduct a rigorous and detailed analysis of CEO pay <br>and Company performance against our peers<br>▪We consider pay ratios within the Company in <br>establishing Executive Directors' pay<br>▪Use of an independent compensation consultant <br>reporting directly to the Remuneration Committee<br>▪We have robust stock ownership and share retention <br>guidelines<br>▪We have clawback policies incorporated into our <br>incentive plans<br>▪"Double-trigger" vesting of equity awards upon a <br>change of control<br>| ▪We do not offer remuneration which encourages our <br>Executive Directors and non-Executive Directors to <br>take any unnecessary or excessive risks or to act in <br>their own interests<br>▪We do not reward for performance below threshold<br>▪We do not have excessive pay or retirement <br>programs <br>▪We do not allow hedging, pledging or short-selling <br>of our securities<br>▪We do not pay out guaranteed bonuses<br>▪We have no excessive perquisites<br>|

---

**Executive Summary - Executive Director Remuneration** 

The table below summarizes the remuneration of the CEO as shown in Table 1 of the report. Taking into

consideration Company performance and the principles of pay for performance in our remuneration approach,

the CEO and Chairman received **no annual performance bonus in 2025**.

**New CEO Remuneration** 

Effective July 18, 2025, by resolution of the extra-ordinary meeting of shareholders of Stellantis N.V., Mr. Antonio

Filosa was appointed as executive director of Stellantis N.V. As part of the proposal, the compensation details

for the CEO were provided for review. Shareholders approved the assignment as executive director by 99.2

percent.

Using the remuneration framework and best practices, the Remuneration Committee decided to provide the

following compensation elements to the CEO in 2025:

---

| | |
|:---|:---|
| **Antonio Filosa – CEO Remuneration Elements** | **Antonio Filosa – CEO Remuneration Elements** |
| **Base Salary** | Annual base salary of US $1,800,000 gross, to be paid in accordance with the Company's regular <br>payroll schedule (the ***Base Salary***). The Base Salary will be reviewed periodically by the <br>Remuneration Committee.<br>|
| **Annual Bonus** | Annual gross cash bonus of 200% of base salary (target) in line with the Remuneration Policy as <br>applicable from time to time, subject to the achievement of pre-established objectives. <br>|
| **CEO Cash Award** | As a means to pay for consistent and competitive overall compensation until his first LTI is realized <br>in 2028, the company provides as cash awards as follows (in each case subject to the CEO's <br>continued employment on the applicable payment date):<br>•$1,200,000 on December 31, 2025<br>•$1,200,000 on December 31, 2026<br>•$1,200,000 on December 31, 2027<br>|
| **Equity Grants** | Annual equity grant award of 500% of base salary target in line with the Remuneration Policy as <br>applicable from time to time subject to the achievement of pre-established objectives. <br>|
| **Allowances** | Continuation of allowances under the terms of his then-current executive agreement as Chief <br>Operating Officer of North America (COO-NA) with the Company as a result of his relocation from <br>Brazil to the U.S. Allowances include tax equalization and relocation benefits (housing, schooling, <br>travel), consistent with the terms of our U.S. relocation policy. Details can be found in Table 1.<br>|
| **Personal Security** | Provides the CEO with a security assessment and monitoring and related security services for the <br>CEO's primary residence.<br>|
| **Retirement** | Company contributions equal to 8% of base salary to the US 401(k) Plan (provided the employee <br>contributes at least 10% of eligible earnings) and Executive Employees Retirement Plan, and 12% <br>of base salary and bonus to Supplement Executive Retirement Plan. Total Company contributions <br>cannot exceed 20% of base salary and annual bonus for each year.<br>|
| **Severance** | In accordance to limits of the Dutch Civil Code, a severance benefit equal to one-year's base salary <br>would be provided in the event of termination of employment by the Company without cause. As a <br>derogation to the Remuneration Policy, a termination of employment without cause within the first <br>three (3) years of the employment agreement will provide a severance benefit under the terms of his <br>then-current executive agreement as COO-NA, which would equal $4,725,000 (1.5 times base <br>salary and target bonus as COO-NA). Severance benefits do not include any acceleration of equity <br>awards.<br>|

---

**Chairman Remuneration**

In 2025, following the departure of the former Chief Executive Officer in December 2024, Mr. Elkann assumed an

enhanced leadership role to support the Company during a period of transition. He chaired an interim executive

committee composed of senior members of management to ensure continuity in day-to-day operations and

oversaw the process to identify and appoint a new Chief Executive Officer. During this period, he also

contributed to the development of the Company's strategy and initiatives aimed at improving operational

performance. The Chair refused any additional compensation for that period.

In recognition of the additional duties undertaken during the transition period and by way of a one-time

derogation from the Remuneration Policy, the Chairman was included in the Company's annual incentive plan for

2025, which did not generate any payout for 2025, so this inclusion had no economic impact on the Company.

For 2026 and subsequent years, the Chairman requested, and the Remuneration Committee approved, that the

Chairman will not participate in the Company's annual incentive plan. The Board wants to thank the Chair for his

decisive commitment during this period.

Following the appointment of the new CEO, the scope of the Chairman's duties and responsibilities expanded,

with a particular focus on the oversight of the Company's key strategic priorities, partnerships and engagement

with global stakeholders. The Chairman will continue to provide advice to senior leadership on matters relating to

strategy, brand, talent and culture, including employee and stakeholder engagement.

**2025 Remuneration** 

Director's Total Remuneration in 2025

The following table summarizes the remuneration of the members of the Board of Directors for the year ended

December 31, 2025. The table below provides cash received (any base salary and any performance bonus)

received in 2025 and 2024. The post-retirement benefits expense reflects retirement plan contributions for

deferred retirement income, and the fringe benefits show the value of Company payments for services or

benefits provided to the Directors and are considered competitive in the market. The long-term incentive ("LTI")

reflects the accounting expense recognized during each period – not the actual LTI awards received during the

year upon vesting. Under IFRS, an award with market-based vesting conditions, which is the case for the LTI

with TSR targets, is fair valued at grant date. The grant date fair value of the award is then recognized as

expense over the vesting period irrespective of whether the market-based vesting condition will be satisfied or

not.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Fixed Remuneration** | **Fixed Remuneration** | **Variable Remuneration** | **Variable Remuneration** | **Variable Remuneration** | **Variable Remuneration** | |  |  |  |
| **Directors of** <br>**Stellantis**<br>| **Office**<br>**Held**<br>| **Year** | **Base salary/** <br>**Fees**<br>| **Fringe benefits** | **Short-term** <br>**incentive**<br>| **Long-term** <br>**incentive** | **Long-term** <br>**incentive** | **Post** <br>**Retirement** <br>**Benefits** <br>**Expense** | **Other** <br>**Compensation** | **Total** <br>**Remuneration**<br>| **Proportion of** <br>**Fixed** <br>**Remuneration**<br>| **Proportion of** <br>**Variable** <br>**Remuneration**<br>|
| ELKANN, <br>John Philipp | Chairman | 2025 | **960293** | **396849**<br><sup>(1)</sup> |  | **1093796** | <sup>(2)</sup> |  |  | **2450938** | **55%** | **45%** |
| ELKANN, <br>John Philipp | Chairman | 2024 | 922386 | 721830 |  | 1153062 |  |  |  | 2797278 |  |  |
| FILOSA, <br>Antonio | CEO | 2025 <sup>(3)</sup> | **1424359** | **374194**<br><sup>(4)</sup> |  | **1508985** | <sup>(2)</sup> | **192366**<br><sup>(5)</sup> | **1924779**<br><sup>(6)</sup> | **5424683** | **69%** | **31%** |
| FILOSA, <br>Antonio | CEO | 2024 |  |  |  |  |  |  |  |  |  |  |
| TAVARES, <br>Carlos | Former <br>CEO | 2025 |  | **1896**<br><sup>(4)</sup> |  | **9926170** | (7) |  | **2000000**<br><sup>(8)</sup> | **11928066** | **17%** | **83%** |
| TAVARES, <br>Carlos | Former <br>CEO | 2024 | 2000000 | 71224 |  | 20514494 |  | 500000 |  | 23085718 |  |  |
| PEUGEOT, <br>Robert  | Vice <br>Chairman | 2025 | **205000** | **20202**<br><sup>(9)</sup> |  |  |  |  |  | **225202** | **100%** | **0%** |
| PEUGEOT, <br>Robert  | Vice <br>Chairman | 2024 | 205000 | 15405 |  |  |  |  |  | 220405 |  |  |
| CASTRIES, <br>Henri de  | Director | 2025 | **275000** | **16018**<br><sup>(9)</sup> |  |  |  |  |  | **291018** | **100%** | **0%** |
| CASTRIES, <br>Henri de  | Director | 2024 | 275000 | 14829 |  |  |  |  |  | 289829 |  |  |
| CICCONI, Fiona <br>Clare  | Director | 2025 | **213750** | **48953**<br><sup>(9)</sup> |  |  |  |  |  | **262703** | **100%** | **0%** |
| CICCONI, Fiona <br>Clare  | Director | 2024 | 215000 | 23046 |  |  |  |  |  | 238046 |  |  |
| DUFOURCQ, <br>Nicolas<sup>(10)</sup> | Director | 2025 |  |  |  |  |  |  |  |  |  |  |
| DUFOURCQ, <br>Nicolas<sup>(10)</sup> | Director | 2024 |  |  |  |  |  |  |  |  |  |  |
| GODBEHERE, <br>Ann | Director | 2025 | **225000** | **10561** |  |  |  |  |  | **235561** | **100%** | **0%** |
| GODBEHERE, <br>Ann | Director | 2024 | 225000 |  |  |  |  |  |  | 225000 |  |  |
| MARTELLO, <br>Wan Ling <sup>(11)</sup> | Former <br>Director | 2025 | **64066** | **23675**<br><sup>(9)</sup> |  |  |  |  |  | **87741** | **100%** | **0%** |
| MARTELLO, <br>Wan Ling <sup>(11)</sup> | Former <br>Director | 2024 | 220000 | 25960  |  |  |  |  |  | 245960 |  |  |
| PARZANI, <br>Claudia | Director | 2025 | **215000** | **7349** |  |  |  |  |  | **222349** | **100%** | **0** |
| PARZANI, <br>Claudia | Director | 2024 | 152390 | 2557<br><sup>(9)</sup> |  |  |  |  |  | 154947 |  |  |
| RAMOT, Daniel <br><sup>(12)</sup> | Director | 2025 | **145302** | **19986** |  |  |  |  |  | **165288** |  |  |
| RAMOT, Daniel <br><sup>(12)</sup> | Director | 2024 |  |  |  |  |  |  |  |  |  |  |
| RIBADEAU-<br>DUMAS, Benoit <br><sup>(13)</sup> | Director | 2025 |  |  |  |  |  |  |  |  |  |  |
| RIBADEAU-<br>DUMAS, Benoit <br><sup>(13)</sup> | Director | 2024 |  |  |  |  |  |  |  |  |  |  |
| SAINT-<br>EXUPERY, <br>Jacques <sup>(14)</sup> | Director | 2025 | **58242** |  |  |  |  |  |  | **58242** | **100%** | **0%** |
| SAINT-<br>EXUPERY, <br>Jacques <sup>(14)</sup> | Director | 2024 | 200000 |  |  |  |  |  |  | 200000 |  |  |
| SCHROEDER, <br>Alice Davey <sup>(12)</sup> | Director | 2025 | **148846** | **25564** |  |  |  |  |  | **174410** |  |  |
| SCHROEDER, <br>Alice Davey <sup>(12)</sup> | Director | 2024 |  |  |  |  |  |  |  |  |  |  |
| SCOTT, <br>Kevin <sup>(15)</sup> | Former <br>Director | 2025 |  |  |  |  |  |  |  |  |  |  |
| SCOTT, <br>Kevin <sup>(15)</sup> | Former <br>Director | 2024 | 59698 | 10891 |  |  |  |  |  | 70589 |  |  |
|  |  |  | **3934858** | **945248** | **—** | **12528951** |  | **192366** | **3924779** | **21526202** |  |  |

---

<sup>(1)</sup> Fringe benefits include the use of company-provided transportation, tax-equalization services and insurance premiums. For Mr. Elkann,

the fringe benefits of €396,849 include €351,883 for company-provided transportation, €36,204 in tax equalization benefits for the use of

company-provided transportation, and €8,762 of insurance premiums

<sup>(2)</sup> The stated amounts represent the Company's 2025 expense relating to the grants issued to the Chairman and the CEO under the

Stellantis N.V Equity Incentive Plan

<sup>(3)</sup> The stated amounts reflect total remuneration earned during the year, including periods prior to and following appointment as Chief

Executive Officer

<sup>(4)</sup> For Mr. Filosa, the fringe benefits of €374,194 includes €1,401 for company provided transportation, €10,035 for company-provided

vehicles, €12,583 of insurance premiums and €116,399 in tax equalization, €21,422 for the company match and share discount from the

Company's employee stock purchase plan, €212,354 for allowances - housing/schooling/return trip. For Mr. Tavares, the fringe benefit

reflects insurance premiums.

<sup>(5)</sup> The stated amount includes company contributions to the Company 401(k) Plan €23,009 ($26,000), Executive Employee's Retirement

Plan €68,063 ($76,911) and Supplemental Executive Retirement Plan €101,294 ($114,462)

<sup>(6)</sup> The stated amount includes a cash award in the amount €1,061,947 ($1,200,000) and the tax equalization/relocation annual allowance

in the amount of €862,832 ($975,000) pursuant to the CEO's then-current executive agreement as COO-NA.

<sup>(7)</sup> The stated amount represents €10,000,000 relating to achievement of one milestone of the CEO Transformation Incentive 2021-2025

Award (a description which is provided in the prior year's Remuneration Report) and -€73,830 reflecting the cancellation of 32,255 PSUs

from the 2022 LTI Plan due to performance below target

<sup>(8)</sup> Reflects the severance received by the former CEO, pursuant to his employment and exit agreements

<sup>(9)</sup> The stated amounts include the use of transport

<sup>(10)</sup> In accordance, with internal regulations of Bpifrance S.A., the Company at which Mr. Dufourcq serves as Chief Executive Officer and

Executive Director, Mr. Dufourcq does not receive any remuneration for the performance of his duties as a Director of Stellantis

<sup>(11)</sup> Ms. Wan Ling Martello was a Director from January 1, 2025 to April 14, 2025

<sup>(12)</sup> Mr. Ramot and Ms. Alice Davey Schroeder were appointed a Director of Stellantis on April 15, 2025

<sup>(13)</sup> Mr. Ribadeau-Dumas was appointed Director of Stellantis effective April 13, 2023. In accordance with Mr. Ribadeau-Dumas's

agreement with Exor N.V., non-executive directors, having a seat on behalf of Exor N.V. are not paid their respective director

compensation and that such compensation is paid directly to Exor N.V. An amount of €210,000 was paid to Exor N.V. in accordance with

the agreement

<sup>(14)</sup> Mr. Jacques Saint-Exupery was a Director from January 1, 2025 to April 14, 2025

<sup>(15)</sup> Mr. Scott was a Director of Stellantis from January 1, 2024 to April 15, 2024

Base Salary

We provide competitive base salaries to compensate our Executive Directors for their primary roles and

responsibilities, and to provide a stable level of annual compensation. Actual salary levels are based on the

Executive Director's role, level of responsibility, experience, individual performance, future potential and market

value.

---

| | |
|:---|:---|
| **Executive Director** | **2025 Annual Base Salary** |
| John Elkann, Chairman | €1,000,000 |
| Antonio Filosa, Chief Executive Officer | $1800000 |

---

**2025 Stellantis Annual Incentive Plan ("SAIP")** 

The SAIP provides approximately 53,000 employees, including our CEO and Chairman, with a cash incentive for

the achievement of specific annual targets for a set of financial and non-financial performance measures. The

SAIP target and maximum opportunity for our Executive Directors is shown below:

---

| | | | |
|:---|:---|:---|:---|
| **Executive Director** | **2025 Annual Incentive Target Opportunity**<br>**(as a % of base pay)** | **2025 Annual Incentive Target Opportunity**<br>**(as a % of base pay)** | **2025 Annual Incentive Target Opportunity**<br>**(as a % of base pay)** |
| **Executive Director** | **Threshold** | **Target** | **Maximum** |
| John Elkann, Chairman | 50% | 100% | 200% |
| Antonio Filosa, Chief Executive Officer | 100% | 200% | 400% |

---

All performance-related goals were approved by the Remuneration Committee before the end of the first quarter

of 2025. Goals include both financial and strategic metrics important for Company to achieve during 2025.

Financial goals are based on the annual budget developed in-line with the long-term strategic plan. The 2025

SAIP also included a payout trigger whereby if the triggering metric is not achieved during the performance

year, no annual incentive is payable - regardless of whether the other financial or non-financial metrics

performed above the respective thresholds.

2025 Payout Trigger

For any SAIP award to be paid to the Executive Directors, the Company must have positive Free Cash Flow for

2025. If this trigger is not achieved, no SAIP is paid, regardless of achievement of any of the other metrics.

2025 SAIP Metrics

---

| | |
|:---|:---|
| **Metric:** | **Weighting:** |
| Adjusted Operating Income ("AOI") | 35% |
| Industrial Free Cash Flow (excludes FinCo) | 35% |
| Growth of Sales | 15% |
| Quality: Failure Rate 3MS kppm | 10% |
| Quality: Total Warranty Cost (Incident KPI) | 5% |

---

Performance below the threshold will result in a zero payout for that particular metric.

**Adjusted Operating Income** 

Adjusted operating income: Adjusted operating income/(loss) excludes from Net profit/(loss) from continuing

operations adjustments comprising restructuring and other termination costs, impairments, asset write-offs,

disposals of investments and unusual operating income/(expense) that are considered rare or discrete events

and are infrequent in nature, as inclusion of such items is not considered to be indicative of the Company's

ongoing operating performance, and also excludes Net financial expenses/(income) and Tax expense/(benefit).

Unusual operating income/(expense) are impacts from strategic decisions as well as events considered rare or

discrete and infrequent in nature, as inclusion of such items is not considered to be indicative of the Company's

ongoing operating performance. Unusual operating income/(expense) includes, but may not be limited to:

• Impacts from strategic decisions to rationalize Stellantis' core operations;

• Facility-related costs stemming from Stellantis' plans to match production capacity and cost structure to

market demand; and

• Convergence and integration costs directly related to significant acquisitions or mergers.

**Industrial Free Cash Flows**

Industrial free cash flows: is our key cash flow metric and is calculated as Cash flows from operating activities

less:

(i)cash flow from operating activities from discontinued operations;

(ii)cash flow from operating activities related to financial services, net of eliminations;

(iii)investments in property, plant and equipment and intangible assets for industrial activities; and

(iv)contributions of equity to joint ventures and minor acquisitions of consolidated subsidiaries and equity

method and other investments;

and adjusted for: (i) net intercompany payments between continuing operations and discontinued operations; (ii)

proceeds from disposal of assets and (iii) contributions to defined benefit pension plans, net of tax.

The timing of Industrial free cash flows may be affected by the timing of monetization of receivables, factoring

and the payment of accounts payables, as well as changes in other components of working capital, which can

vary from period to period due to, among other things, cash management initiatives and other factors, some of

which may be outside of the Company's control.

Refer to "*Financial Overview* - *Non-GAAP Financial Measures*" included elsewhere in this report for additional

information.

**Growth of Sales**

Our goal is to deliver vehicles customers want, with the quality, capability and personality that define our brands.

Measured in units sold.

**Quality**

The Company and the Remuneration Committee conduct an annual review of our incentive plan metrics, which

include ESG performance measures. For 2025, employee safety remains a top priority, with the most effective

oversight and implementation occurring at the regional and country levels. Additionally, Quality is recognized as

both a social responsibility to our customers and a governance concern tied to compliance and internal controls.

Since 2021, quality has been one of the Group's core objectives, with its significance and weighting in our

metrics increasing each year.

In addition, Quality is an extremely important metric for the Company as it establishes the trust between the

Company and our customers. Failure in product quality will impact future revenues and cannot be compromised.

Our Quality metric in the SAIP is broken down into three measurements - product quality rates, service quality

customer satisfaction, and total warranty cost and is based on continuous improvements to be "best-in-class"

within the industry.

**•Failure Rate** corresponds to number of incidents after 3 months in service (repaired under warranty in the

network). Based on feedback from customers on models marketed by Company globally and regarding the

number of cars produced during the same period; and

**•Total Warranty Cost** corresponds to the number of Warranty Incidents.

2025 Annual Bonus Performance Target Setting

The Remuneration Committee selects targets using the year's annual budget which considers opportunities and

headwinds facing the Company and industry. As the Company underwent a restructuring in 2025 and faced

challenges in the industry and renewed focus and direction towards electrification of vehicles, the Remuneration

Committee remained committed to maintaining the incentive metrics with the previously established

performance targets and ranges set forth below.

**2025 SAIP Performance Results**

In 2025, the Company did not achieve the payout trigger of positive free cash flow. As a result, the CEO and

Chairman did not receive any 2025 SAIP award. Notwithstanding the payout trigger, the table below provides

the results of the 2025 SAIP performance metrics:

![SAIP Results Rev.jpg](stellantis-20251231_g20.jpg)

Based on the results of the performance goals and payout trigger, the Committee approved that no annual

bonus would be awarded and paid as shown below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Base**<br>**Salary** | **Annual Cash Bonus Range** | **Annual Cash Bonus Range** | **Annual Cash Bonus Range** | **Annual Cash Bonus Range** | **Actual 2025** <br>**SAIP Payout** |
|  | **Base**<br>**Salary** | **Below** <br>**Threshold**<br>| **Threshold** | **Target** | **Maximum** | **Actual 2025** <br>**SAIP Payout** |
| Antonio Filosa | $1,600,000\* | $0 | $1600000 | $3200000 | $6400000 | $0 |
| John Elkann | €1,000,000 | €0 | €500,000 | €1,000,000 | €2,000,000 | €0 |

---

*\* Mr. Filosa's compensation above reflects base salary received during the 2025 year (both as COO-NA and CEO).* 

**Long Term Incentive Plan (LTIP)**

Our equity-based incentive awards are tied to Company performance and the future value of our common stock.

These awards are intended to focus executive behavior on our longer-term interests because today's business

decisions affect the Company over several years.

The Remuneration Policy sets out the operation of the LTI Plan. The design incorporates annual rolling grants

directly linked to a three-year performance and vesting period. The process for setting targets for the LTI Plan

starts with our Company strategy, which is generally formulated every three years, and our three-year financial

plan, which is updated annually. Each equity award cliff vests after three years.

**Stellantis LTIP Rolling Period Framework**

![2025 LTI Framework.jpg](stellantis-20251231_g21.jpg)

The LTI Plan covers approximately 2,400 employees, including our Executive Directors. The LTI Plan target

opportunity for our Executive Directors is determined as a percentage of base pay as shown below:

---

| | | |
|:---|:---|:---|
| **Executive Director** | **2025 Long-Term Incentive Opportunity** | **2025 Long-Term Incentive Opportunity** |
| **Executive Director** | **Target Opportunity** | **Maximum Opportunity** |
| John Elkann, Chairman | 300% of base salary | 390% of base salary |
| Antonio Filosa, Chief Executive Officer | 500% of base salary \* | 1040% of base salary |

---

 *\* the Remuneration Policy allows a maximum target opportunity of up to 800% of base salary to the CEO.* 

Long-Term Incentive Plans: Performance Share Units

The actual payout of PSUs depends on meeting strategic, long-term Company performance goals. The

2023-2025 and 2024-2026 LTI Plan performance metrics for PSUs are the same and are listed below.

---

| | | |
|:---|:---|:---|
| **2023-2025 & 2024-2026 LTI PSU Metrics** | **2023-2025 & 2024-2026 LTI PSU Metrics** | **2023-2025 & 2024-2026 LTI PSU Metrics** |
| **Measure** | **Weighting** | **How performance is calculated** |
| Relative Total Shareholder Return | 30% | Relative TSR performance as compared to peer group of <br>companies. over a 3-year period; no payout below median <br>performance.<br>|
| Adjusted operating income (3-yr period) | 40% | The measurement of adjusted AOI is the same as <br>described in the short-term incentive plan but using an <br>average over a three-year performance period beginning <br>January 1 through December 31 of each calendar year.<br>|
| Electrification of Vehicle Nameplates | 30% | Projected number of EV nameplates at the end of a 3-year <br>period. Maximum payout for this metric is 100%.<br>|

---

The 2025-2027 LTI plan included a quality performance metric, an extremely important metric for the Company

as it establishes the trust between the Company and our customers.

---

| | | |
|:---|:---|:---|
| **2025-2027 LTI PSU Metrics** | **2025-2027 LTI PSU Metrics** | **2025-2027 LTI PSU Metrics** |
| **Measure** | **Weighting** | **How performance is calculated** |
| Relative Total Shareholder Return | 30% | Relative TSR performance as compared to peer group of <br>companies. over a 3-year period; no payout below median <br>performance.<br>|
| Adjusted operating income (3-yr period) | 40% | The measurement of adjusted AOI is the same as <br>described in the short-term incentive plan but using an <br>average over a three-year performance period beginning <br>January 1, 2025 through December 31, 2025 & January 1, <br>2026 through December 31, 2026 & January 1, 2027 <br>through December 31, 2027.<br>|
| Quality 3MIS kppm | 30% | Number of incidents after 3 months in service (repaired <br>under warranty in the network)<br>|

---

Relative Total Shareholder Return (2023-2025, 2024-2026, 2025-2027 LTI Plans)

The relative TSR Metric constitutes a market performance condition relative to eleven of the larger OEMs ("TSR

Peer Group") and a payout scale subject to certain thresholds depending on the stock price appreciation plus

dividends and any other shareholder distribution over each cumulative performance period of the Company in

comparison with the companies forming part of the TSR Peer Group.

The TSR Peer Group consists of Volkswagen AG, Toyota Motor Corporation, Mercedes-Benz, General Motors

Company, Ford Motor Company, Honda Motor Co. Ltd., BMW Group, Nissan Motor Corporation, The Hyundai

Motor Company, Renault SA, and Kia Motors Corporation.

The tables below shows the payout scales for the three rolling period LTI plans.

---

| | | |
|:---|:---|:---|
| **TSR Payout Scale** | **TSR Payout Scale** | **TSR Payout Scale** |
| **Stellantis** | **Stellantis Rank** | **Payout % of Target** |
| **Comparison vs.** | 1st | 200% |
| Toyota | 2nd | 180% |
| Volkswagen | 3rd | 160% |
| Mercedes-Benz | 4th | 140% |
| Ford Motor | 5th | 120% |
| General Motors | 6th | 100% |
| Honda | 7th | —% |
| BMW | 8th | —% |
| Nissan | 9th | —% |
| Hyundai | 10th | —% |
| Renault | 11th | —% |
| KIA Motors | 12th | —% |

---

![](stellantis-20251231_g22.gif)

Payout scales based on relative TSR performance during the respective 3-year performance period.

**ESG Metric: Electrification of Vehicle Nameplates (2023-2025 & 2024-2026 LTI Plans)**

The target for the electrification of vehicle nameplates is based on the availability of battery electric vehicles,

plug-in hybrid electric vehicles, and hybrid electric vehicles in the U.S. and European markets. A payout of 50

percent will occur when threshold performance is achieved, up to a maximum of 100 percent payout at target

achievement.

**Adjusted operating income (2023-2025, 2024-2026, 2025-2027 LTI Plans)**

The measurement of adjusted AOI is the same as described in the short-term incentive plan but using an

average over a three-year performance period beginning January 1, 2025 through December 31, 2025 &

January 1, 2026 through December 31, 2026 & January 1, 2027 through December 31, 2027.

**2023-2025 LTI Plan Results** 

The performance period of the 2023 PSU grant ended on December 31, 2025. The plan's structure and design

are shown below along with the performance metric results. The LTI plan's goals were established in early 2023

covering a three-year performance period.

The 2023-2025 PSU results are shown in the chart below. It indicates overall achievement of 23.4 percent of

target performance for the 2023-2025 performance period. The Committee certified the 2023-2025 LTI PSU final

awards to the CEO and Chairman at 23.4 percent of the target level that was achieved.

**2023-2025 LTI PSU Performance Results**

![2023-2025 LTI PSU Results Rev.jpg](stellantis-20251231_g23.jpg)

The table below summarizes the number of PSUs awarded from the 2023-2025 LTI plan to our Executive

Directors based on the plan's performance of 23.4 percent of target. The shares will be distributed in May 2026.

Note that the value of this award has been reflected in Table 1 of this Remuneration Report.

---

| | | |
|:---|:---|:---|
| **Executive Director** | **2023-2025 Long-Term Incentive PSUs Awarded** | **2023-2025 Long-Term Incentive PSUs Awarded** |
| **Executive Director** | **PSUs awarded in 2023** | **PSUs to be distributed in May 2026** <br>**(based on 23.4% performance)\***<br>|
| John Elkann, Chairman | 169773 | 39727 |
| Antonio Filosa, Chief Executive Officer | 96204 | 22512 |

---

\*The multiplier for the PSU is calculated on each award and is not a straight calculation of the total shares granted.

Because the 2024 and 2025 PSU grants have a three-year performance period, performance objectives and

performance results will not be disclosed until the end of the respective performance periods. We are not

disclosing the 2024 & 2025 LTI PSU objectives in this Report because such information would provide

competitors with insight into our business plan that could substantially harm Stellantis' business interests. At the

time the Remuneration Committee approved these targets, the Committee believed the targets to be ambitious

and achievable while incentivizing executives to exceed expectations.

Former CEO Compensation

In December 2024, the Company and former CEO, Carlos Tavares, entered a Separation and Release

Agreement ("Settlement Agreement") regarding his departure from the Company. As a result of the agreement,

the former CEO received a severance payment of one year base salary (maximum allowable pursuant to the

Dutch Civil Code), a payout of an evaluated milestone from the 2021-2025 Transformation Incentive and share

units from the Shareholder Return Incentive. Further information about these one-time awards can be found in

last year's Remuneration Report.

Pursuant to the provisions of the EIP and equity award agreements, Mr. Tavares is eligible to receive a prorated

share of the 2022, 2023 and 2024 LTI awards based on his employment period during the respective three-year

performance periods. Payout of those awards will be based on actual performance.

The table below provides a summary of the former CEO's remuneration for 2025:

---

| | | |
|:---|:---|:---|
| **Compensation** <br>**Element**<br>| **Remaining Remuneration Elements**  | **Remaining Remuneration Elements**  |
| Severance Amount | One year's base salary of €2,000,000, maximum allowable pursuant to Dutch Civil Code | One year's base salary of €2,000,000, maximum allowable pursuant to Dutch Civil Code |
| 2021-2025 <br>Transformation <br>Incentive<br>| Attainment of transformation milestone payment of €10,000,000. Refer to the 2024 Remuneration <br>Report for further details of the Transformation Incentive for the former CEO. | Attainment of transformation milestone payment of €10,000,000. Refer to the 2024 Remuneration <br>Report for further details of the Transformation Incentive for the former CEO. |
| Shareholder Return <br>Award Incentive<br>| Planned to receive 800,000 shares in January 2026. | Planned to receive 800,000 shares in January 2026. |
| LTI Grants - 2022, <br>2023 & 2024 (2023 <br>& 2024 LTI based <br>on target <br>performance)<br>| Granted the following number of Share Units:<br>2022 LTI: 928,870 (696,650 PSUs + 232,200 <br>RSUs)<br>2023 LTI: 744,417 PSUs<br>2024 LTI: 497,247 PSUs<br>| Under the terms of the LTI Plan, eligible to receive <br>a prorated share of units based on employment <br>during the respective performance period:<br>2022 LTI: 610,292 (410,327 PSUs + 199,965 <br>RSUs) - actual payout of PSUs based on <br>performance of 58.93% of target<br>2023 LTI: 116,135 PSUs - actual payout of PSUs <br>based on performance of 23.4% of target<br>2024 LTI: 165,750 PSUs (at target - actual payout <br>of PSUs to be determined at the end of the <br>2024-2026 performance period)<br>|

---

Other Benefits

**Retirement Plan**: The CEO participates in three Company-sponsored defined contribution plans - the Salaried

Employees' Savings Plan ("SESP"), Executive Employees' Retirement Plan ("EERP") and a Supplemental

Executive Retirement Plan ("SERP").

The SESP is a funded, tax-qualified 401(k) plan that covers U.S. salaried employees, including the CEO. The

Company contributes 3 percent of an employee's eligible earnings (base salary rate). The 3 percent Company

contributions and their earnings become fully vested after three years of employment. If the employee

contributes at least 10 percent of eligible earnings, the Company provides a matching contribution of 5 percent

of eligible earnings. Matching contributions are 100 percent vested when made to the employee's account. All

contributions to the SESP cannot exceed the maximum contribution limits imposed by Section 401(a)(17) and

415(c)(1)(A) of the Internal Revenue Code ("IRC"), as amended.

The EERP is an unfunded, non-tax qualified retirement plan that covers eligible executives, including the CEO.

The plan provides eligible executives with Company contributions substantially equal to those they would have

received in the SESP but were not able to because of the IRC limitations.

The SERP is an unfunded, non-tax qualified retirement plan that provides the CEO retirement benefits in addition

to those provided by SESP and EERP contributions. The Company contributes 12 percent of the CEO's quarterly

eligible earnings (base salary rate plus bonus paid from the Stellantis Annual Incentive Plan) to a notional

account. Any gains or losses credited or debited quarterly in the SERP account are based on the CEO's

investment gains or losses from his EERP.

In accordance with IRC Section 409A, benefits accrued under the EERP and SERP may not be paid until at least

six months following separation of employment.

The total annual Company contribution to the CEO's three retirement account plans is at least 20 percent of

eligible earnings, provided the CEO contributes at least 10 percent of eligible earnings (base salary) to the

SESP. The CEO is 100 percent vested in all Company contributions. The Chairman does not participate in a

retirement plan sponsored by the Company.

**Health Care**: The CEO participates in the same health care plan as other local based salaried employees. The

Company provides health care coverage for the Chairman who is eligible for a retiree healthcare plan as

provided to other executives in Italy which provides for a reimbursement of a portion of health care costs

incurred in retirement. Both Executive Directors participate in a comprehensive annual physical exam.

**Severance Benefits**: Pursuant to a service agreement between the CEO and the Company and in accordance

to limits of Dutch Civil Code, a severance benefit equal to one-year's base salary would be provided in the event

of termination of employment by the Company without cause. Severance benefits do not include any

acceleration of equity awards. A derogation of the Remuneration Policy has been made in terms of severance to

the CEO - *refer to the Section "Derogations and deviations from Remuneration Policy" of this Report.* 

**Company Vehicle**: Our CEO is eligible to participate in the Company's U.S. vehicle benefit program.

**Personal Use of Company Aircraft**: The use of the Company's aircraft for personal use ensures the security of

our CEO and Chairman. The Company pays the costs associated with both business and personal use of the

aircraft.

Detail and compensatory value of the above and other benefits and/or perquisites provided or paid in 2025 are

included in Table 1 of this Remuneration Report.

**Tax Equalization**: The Company will provide the Executive tax return preparation services for any filing of tax

returns in the Netherlands and the country in which the Executive is a tax resident (the Residence Country), so

long as this Agreement is in effect and until four (4) years after the Agreement is terminated other than for

Cause.

**Personal Security**: The CEO may receive security services that include home security systems and monitoring.

Such services are assessed by a third-party security consultant and our Company security team and is routinely

evaluated by the Remuneration Committee and the Board.

Share Plans Grant to Directors

The following table provides an overview of the share plans held by Executive Directors for the year ended

December 31, 2025:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of** <br>**Director,** <br>**Position**<br>| **Specification** <br>**of Plan**<br>| **Performance** <br>**Period**<br>| **Grant** <br>**Date**<br>| **Number of** <br>**Units** <br>**Granted**<br>| **Fair Value at** <br>**Grant Date**<sup>(1)</sup><br>| **Vesting** <br>**Date**<br>| **End of** <br>**Holding** <br>**Period**<br>| **Opening** <br>**Balance -** <br>**January** <br>**01, 2025**<br>| **Shares** <br>**Granted**<br>| **Shares** <br>**Cancelled /** <br>**Forfeited**<sup>(2)</sup><br>| **Shares** <br>**Vested**<sup>(3)</sup><br>| **Closing** <br>**Balance**<br>| **Long-Term** <br>**Incentive** <br>**Expense**<br>|
| **ELKANN,** <br>**John Phillip,** <br>**Chairman**<br>| 2022 LTI <br>RSU<br>| 2022-2024 | May 15, <br>2022<br>| 54950 | € 580,959 | May 29, <br>2025<br>| May 29, <br>2027<br>| 54950 |  |  | 54950 |  | €16,337 |
|  | 2022 LTI <br>PSU<br>| 2022-2024 | May 15, <br>2022<br>| 164840 | € 1,686,462 | May 29, <br>2025<br>| May 29, <br>2027<br>| 164840 |  | 67749 | 97091 |  | €46,407 |
|  | 2023 LTI <br>PSU<br>| 2023 - 2025 | May 1, <br>2023<br>| 169773 | € 2,138,008 | May 15, <br>2026<br>| May 15, <br>2028<br>| 169773 |  |  |  | 169773 | €464,109 |
|  | 2024 LTI <br>PSU<br>| 2024 - 2026 | May 15, <br>2024<br>| 115886 | €1,182,036 | May 15, <br>2027<br>| May 15, <br>2029<br>| 115886 |  |  |  | 115886 | €241,848 |
|  | 2025 LTI <br>PSU<br>| 2025 - 2027 | July 21, <br>2025<br>| 350877 | €2,096,140 | May 15, <br>2028<br>| May 15, <br>2030<br>| 350877 |  |  |  | 350877 | €325,096 |
| **TAVARES,** <br>**Carlos** <br>**Former CEO**<br>| 2021 CEO <br>PSU<sup>(4)</sup><br>| 2021-2025 | June 28, <br>2021<br>| 1000000 | € 19,560,000 | January <br>17, 2026<br>| January <br>17, 2028<br>| 800000 |  |  |  | 800000 | €— |
|  | 2022 LTI <br>RSU<br>| 2022-2024 | May 15, <br>2022<br>| 232220 | € 2,584,366 | May 15, <br>2025<br>| May 15, <br>2027<br>| 199965 |  |  | 199965 |  | €— |
|  | 2022 LTI <br>PSU<br>| 2022-2024 | May 15, <br>2022<br>| 696650 | € 7,502,483 | May 15, <br>2025<br>| May 15, <br>2027<br>| 410536 |  |  | 410536 |  | €(73830) |
|  | 2023 LTI <br>PSU<br>| 2023 - 2025 | May 1, <br>2023<br>| 744417 | € 9,374,692 | May 1, <br>2026<br>| May 1, <br>2028<br>| 496303 |  |  |  | 496303 | €— |
|  | 2024 LTI <br>PSU<br>| 2024 - 2026 | May 15, <br>2024<br>| 497247 | €5,071,920 | May 15, <br>2027<br>| May 15, <br>2029<br>| 165750 |  |  |  | 165750 | €— |
| **FILOSA,** <br>**Antonio CEO**<br>| 2022 LTI <br>RSU<br>| 2022 - 2024 | May 15, <br>2022<br>| 28210 | €313,948 | May 15, <br>2025<br>|  |  |  |  | 28210 |  | €8,387 |
|  | 2022 LTI <br>PSU<br>| 2022 - 2024 | May 15, <br>2022<br>| 84620 | €891,724 | May 15, <br>2025<br>|  | 84610 |  | 34779 | 49841 |  | €23,822 |
|  | 2023 LTI <br>PSU<br>| 2023 - 2025 | May 1, <br>2023<br>| 96204 | €665,763 | May 15, <br>2026<br>|  | 96204 |  |  |  | 96204 | €262,991 |
|  | 2024 LTI <br>RSU<br>| 2024 - 2026 | May 15, <br>2024<br>| 16220 | €511,908 | May 15, <br>2026<br>|  | 16200 |  |  | 8110 | 8110 | €110,111 |
|  | 2024 LTI <br>PSU<br>| 2024 - 2026 | May 15, <br>2024<br>| 101400 | €180,285 | May 15, <br>2027<br>|  | 101400 |  |  |  | 101400 | €211,615 |
|  | 2025 LTI <br>PSU<br>| 2025 - 2027 | July 1, <br>2025<br>| 962803 | €5,751,785 | May 15, <br>2028<br>| May 15, <br>2030<br>| 962803 | 0.00 |  |  | 962803 | €892,059 |

---

<sup>(1)</sup> Fair Value at Grant Date is calculated as described in the Share Based Compensation note within the Consolidated Financial

Statements included elsewhere in this report

<sup>(2)</sup> Reflects adjustments to the share grant based on performance and in the case of the Former CEO, the Settlement Agreement

<sup>(3)</sup> The fair market value of the shares that vested during 2025 for the Chairman was €1,399,702 and the fair market value of the shares

that vested during 2025 for the CEO was €836,711

<sup>(4)</sup> CEO Transformation Incentive 2021 - 2025 Award provided under the terms of the Remuneration Policy and approved by the Board

Non-Executive Board of Directors Compensation

Remuneration of Non-executive Directors is set forth in the Remuneration Policy. Non-executive Directors receive

cash retainers; they do not receive Board meeting fees. Non-executive Directors are not eligible for variable

compensation and do not participate in any incentive plans based on Company performance. Non-executive

Directors are eligible to receive one vehicle rotated annually and discounts on purchases and leases of vehicles

(same discounts as for eligible employees). Vehicle benefits are subject to taxes for imputed income.

Current annual remuneration for the non-executive directors is shown in the table below:

---

| | |
|:---|:---|
| **Non-executive Director Remuneration** | **Non-executive Director Remuneration** |
| Annual cash retainer: | € 200,000 |
| Additional retainer for Senior Independent Director: | € 50,000 |
| Additional retainer for Audit Committee Chair: | € 25,000 |
| Additional retainer for Audit Committee membership: | € 10,000 |
| Additional retainer for other Committee Chairs: | € 10,000 |
| Additional retainer for other Committee membership: | € 5,000 |

---

Other Remuneration Matters

*Compliance with Remuneration Policy*

The remuneration paid to Executive and Non-executive Directors for 2021 was done in line with the

Remuneration Policy approved by Shareholders at the April 15, 2021 Annual General Meeting. We refer to the

paragraphs on the Elements of Executive Director Remuneration, Base Salary, 2025 Stellantis Annual Incentive

Plan, Long-Term Incentive Plan, more detailed information on how the remuneration in the Remuneration Report

contribute to the long-term performance of the Company.

*Derogations and Deviations from Remuneration Policy*

John Elkann, our Chairman, was eligible for the 2025 Stellantis Annual Incentive Plan (SAIP), as a derogation to

the Remuneration Policy and based on an external review and benchmarking of the competitiveness of his total

remuneration, as further provided in the Chairman Remuneration section of this Report. Based on actual

performance results for the 2025 year, there was no payout for the 2025 SAIP. For 2026 and subsequent years,

at the Chairman's request, and with the approval of the Remuneration Committee, the Chairman will not

participate in the Company's annual incentive plan.

For our CEO Antonio Filosa, a derogation of the Remuneration Policy was made to allow payment of a severance

benefit under the terms of his then-current employment agreement as Chief Operating Officer of North America

(COO-NA) in the event such termination without cause occurs within the first three years of his current CEO

agreement. Given the challenges facing the Company and industry when Mr. Filosa accepted the CEO position,

the CEO and Remuneration Committee agreed to strike the right balance between performance during the term

of the five-year CEO agreement terms and a fair and competitive severance package (as provided during his

then-current COO-NA employment agreement) so that the CEO can be fully dedicated and strategically focused

in achieving both short-term results and creating value during the longer term. After the first three years of the

CEO contract term, any severance amount will be based on his annual base salary, subject to the maximum

allowance under the Dutch Civil Code.

*Terms of Engagement - Service Agreement*

The CEO was employed by the Company on the basis of a Service Agreement (dated July 18, 2025) for a five-

year period ending on July 18, 2030, subject to any earlier termination by either party.

*Restrictive Covenants*

Pursuant to the services agreement between the CEO and the Company, the CEO was subject to a non-

competition restriction for a period of one year following termination of employment. A customary provision

regarding confidentiality is also included in the services agreement.

*Stock Ownership and Retention Guidelines*

Our Board recognizes the critical role that executive stock ownership and retention has in aligning the interests

of management with those of shareholders. In 2021, the Board approved stock ownership and retention

guidelines for Executive Directors and Non-executive Directors. Shares owned outright and any unvested RSUs

are counted for purposes of meeting the guideline (unvested PSUs are not considered).

The Chairman and CEO are subject to stock ownership guidelines which require owning shares with an

aggregate value of not less than six (6) times base salary. Non-executive Directors are required to own shares

with an aggregate value of not less than one year of the annual cash retainer. All are required to meet their

required level of ownership within five years.

The Chairman and CEO are required to retain one hundred percent of net, after-tax shares of common stock

issued upon vesting and settlement of any equity awards granted until the fifth (5th) anniversary of the grant date

of such award. Mr. Elkann has met the Stock ownership and Retention guidelines and Mr. Filosa has until

December 31, 2030 to satisfy such requirements.

*Clawback Policy*

The Company is dedicated to maintaining and enhancing a culture focused on integrity and accountability.

Pursuant to the terms of the Equity Incentive Plan ("EIP") and the Remuneration Policy, the Company may

recover, or clawback, incentive compensation, including the ability to retroactively adjust if any cash or equity

incentive award is predicated upon achieving financial results and the financial results were subject to an

accounting restatement. In addition, the Board had approved a clawback policy in 2023 that complies with

Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and is provided, as required, in our 2023

Annual Report.

In the financial year 2025, no situation occurred where variable remuneration has been, or had to be, reclaimed.

*Insider Trading Policy / Security Hedging Provisions*

The Company maintains an insider trading policy applicable to all directors, employees, members of the

households and immediate family members (including spouse and children) of persons listed and other

unrelated persons, if they are supported by the persons listed. The insider trading policy provides that the

aforementioned individuals may not buy, sell or engage in other transactions in the Company's stock while in

possession of material non-public information; buy or sell securities of other companies while in possession of

material non-public information about those companies they become aware of as a result of business dealings

between the Company and those companies; disclose material non-public information to any unauthorized

persons outside of the Company; or engage in hedging transactions through the use of certain derivatives, such

as put and call options involving the Company's securities. The insider trading policy also restricts trading by

specified individuals to defined window periods which follow the Company's earnings and revenue releases.

To ensure alignment with shareholders' interest and to further strengthen our compensation risk management

policies and practice, the Company's insider trading policy prohibits all individuals to whom the policy applies

from engaging in a short sale of the Company's or its subsidiaries' securities and derivatives (such as options,

puts, calls, or warrants).

*Internal Pay Ratios and Comparative Information*

The Remuneration Committee considers internal pay ratios within the Company when setting the Executive

Directors' compensation. In line with the guidance provided under the Dutch Corporate Governance Code and

the Dutch Civil Code, the CEO pay ratio and five-year average employee compensation are to be disclosed in

the annual Remuneration Report.

To meet the five-year trend of average employee compensation requirement, total personnel costs reported in

the annual report less any Executive Director compensation divided by the average headcount reported in the

annual report less any Executive Directors who are included in the total average headcount was utilized and is

illustrated in the tables below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Employees excluding Executive Directors** | **2025** | **2024** | **2023** | **2022** | **2021** | **5 years** <br>**average**<br>|
| Personnel cost (€ billion) | 16.8 | 17.1 | 19.1 | 18.2 | 17.1 | 17.6 |
| Average number of employees | 253654 | 259118 | 271292 | 282926 | 292432 | 271884 |
| Average employee compensation (€) | 66232 | 65993 | 70404 | 64328 | 58475 | 65086 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** | **2022** | **2021**<sup>(1)</sup> | **5 years** <br>**average**<br>|
| CEO compensation (€) | 5424683 | 23085718 | 36494025 | 23459006 | 17453507 | 21183388 |
| Average employee compensation (€) | 66232 | 65993 | 70404 | 64328 | 58475 | 65086 |
| CEO Pay Ratio | 82 <sup>(2)</sup> | 350\* | 518<sup>\*</sup> | 365 | 298 | 248 |

---

<sup>(1)</sup> CEO Compensation used to calculate the 2021 CEO pay ratio excludes Other Compensation reported in table 1

<sup>(2)</sup> The stated amounts reflect total remuneration earned during the year, including periods prior to and following appointment as Chief

Executive Officer.

\*The CEO pay ratio reported in 2024 and 2023 includes remuneration received from the Transformation Incentive 2021 - 2025. Excluding

the amount relating to the CEO Transformation Incentive 2021 - 2025 would result in a CEO pay ratio of 315 for 2023 and 124 for 2024.

In accordance with the guidance provided under the Dutch Corporate Governance Code, further pay ratios

including scenario analysis reflecting incentive plan performance were conducted between the CEO and senior

management. Considering base salary and incentive opportunities (both short-term and long-term incentives),

the CEO pay ratio ranged from 2.4 to 4.8.

Comparative Table over Remuneration and Company Performance

In line with guidance provided under the Dutch Corporate Governance Code and the Dutch Civil Code, the

performance of the Company, the remuneration of each Director and the average employee compensation other

than directors from 2021 to 2025 financial years is disclosed in the following table.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Company Performance** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net revenues (€ million) | 153508 | 156878 | 189544 | 179592 | 149419 |
| Net profit/(loss) from continuing operations <br>(€ million)<br>| (22332) | 5520 | 18625 | 16779 | 13218 |
| Diluted earnings/(loss) per share from continuing <br>operations (€)<br>| (7.75) | 1.84 | 5.94 | 5.31 | 4.19 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Director** | **Position** | **2025** | **2024** | **2023** | **2022** | **2021** |
| ELKANN, John Philipp | Chairman | €2,450,938 | €2,797,278 | €4,823,519 | €5,850,051 | €7,884,085 |
| FILOSA, Antonio | CEO | 5424683 |  |  |  |  |
| TAVARES, Carlos | Former CEO | 11928066 | 23085718 | 36494025 | 23459006 | 19153507 |
| PEUGEOT, Robert  | Director | 225202 | 220405 | 216927 | 219595 | 203782 |
| AGNELLI, Andrea | Former Director | - | - | 62644 | 223022 | 226135 |
| CASTRIES, Henri de  | Director | 291018 | 289829 | 286294 | 290010 | 273725 |
| CICCONI, Fiona Clare  | Director | 262703 | 238046 | 234478 | 227611 | 208061 |
| DAVEY-SCHROEDER, Alice | Director | 174410 |  |  |  |  |
| DUFOURCQ, Nicolas | Director | - | - | - | - | - |
| GODBEHERE, Ann | Director | 235561 | 225510 | 225510 | 228106 | 228458 |
| MARTELLO, Wan Ling  | Former Director | 87741 | 245960 | 245960 | 234440 | 221546 |
| PARZANI, Claudia | Director | 222349 | 154947 | - | - | - |
| RAMOT, Daniel | Director | 165288 |  |  |  |  |
| RIBADEAU-DUMAS, Benoit | Director | - | - | - | - | - |
| SAINT-EXUPERY, Jacques  | Director | 58242 | 200000 | 200000 | 201853 | 198436 |
| SCOTT, Kevin  | Former Director | - | 70589 | 230960 | 218702 | 203498 |
| MARCHIONNE, Sergio | Former CEO | - | - | - | - | 26080867 |
| MANLEY, Michael | Former CEO | - | - | - | 51184773<sup>(1)</sup>  | 305876 |
| PALMER, Richard | Former CFO | - | - | 345686<sup>(2)</sup> | - | 14766580 |
| ABBOTT, John | Former Director | - | - | - | - | 8456 |
| BRANDOLINI D'ABBA, Tiberto | Former Director | - | - | - | - | 9169 |
| EARLE, Glenn | Former Director | - | - | - | - | 8387 |
| MARS, Valerie | Former Director | - | - | - | - | 11872 |
| THOMPSON, Ronald L. | Former Director | - | - | - | - | 14611 |
| VOLPI, Michelango A. | Former Director | - | - | - | - | 12198 |
| WHEATCROFT, Patience | Former Director | - | - | - | - | 8723 |
| ZEGNA, Emenegildo | Former Director | - | - | - | - | 24479 |

---

<sup>(1)</sup> This amount represents the amount paid as described in the Pre-merger Legacy Matters - Remuneration of Former Executive Directors

FCA N.V. section of the 2022 Remuneration Report

<sup>(2)</sup> This amount represents the amount paid as described in the Pre-merger Legacy Matters - Remuneration of Former Executive Directors

of FCA N.V. section of the 2023 Remuneration Report

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average employee compensation** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Average employee compensation | €66,232 | €65,993 | €70,404 | €64,328 | €58,475 |

---

CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Under the supervision, and with the participation, of its management, including the CEO and CFO, Stellantis

conducted an evaluation of the effectiveness of its disclosure controls and procedures as of December 31, 2025

pursuant to Exchange Act Rule 13a-15(b). Based on that evaluation, the CEO and CFO concluded that Stellantis'

disclosure controls and procedures were effective to provide reasonable assurance that information required to

be disclosed in Stellantis' Exchange Act filings is recorded, processed, summarized and reported within the time

periods specified in the SEC's rules and forms and that such information is accumulated and communicated to

Stellantis management, including the CEO and CFO, as appropriate, to allow timely decisions regarding

required disclosure.

Principal Characteristics of the Internal Control System and Internal Control over

Financial Reporting

Stellantis has designed a system of internal control over financial reporting based on the model provided in the

COSO Framework for Internal Controls, according to which the internal control system is defined as a set of

rules, procedures and tools designed to provide reasonable assurance of the achievement of corporate

objectives. In relation to the financial reporting process, reliability, accuracy, completeness and timeliness of the

information contribute to the achievement of such corporate objectives. A periodic evaluation of the system of

internal control over financial reporting is designed to provide reasonable assurance regarding the overall

effectiveness of the components of the COSO Framework (control environment, risk assessment, control

activities, information and communication, and monitoring) in achieving those objectives.

The approach adopted by Stellantis for the evaluation, monitoring and continuous updating of the system of

internal control over financial reporting, is based on a "top-down, risk-based" process consistent with the COSO

Framework. This enables focus on areas of higher risk and/or materiality, where there is risk of significant errors,

including those attributable to fraud, in the elements of the financial statements and related documents. The key

components of the process are:

• identification and evaluation of the source and probability of material errors in elements of financial reporting;

• assessment of the adequacy of key controls in preventing or detecting potential misstatements in elements of

financial reporting; and

• verification of the operating effectiveness of controls based on the assessment of the risk of misstatement in

financial reporting, with testing focused on areas of higher risk.

**Management's Report on Internal Control over Financial Reporting** 

Stellantis management is responsible for establishing and maintaining adequate internal control over financial

reporting as defined in Exchange Act Rule 13a-15(f). The Stellantis internal control system was designed to

provide reasonable assurance regarding the preparation and fair presentation of published Consolidated

Financial Statements in accordance with IFRS. All internal control systems, no matter how well designed, have

inherent limitations and may not prevent or detect misstatements. Therefore, even those systems determined to

be effective can provide only reasonable assurance with respect to the reliability of financial reporting and the

preparation and presentation of Consolidated Financial Statements in accordance with IFRS. Also, projections of

any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate

because of changes in conditions or that the degree of compliance with the policies or procedures may

deteriorate.

Management assessed the effectiveness of Stellantis internal control over financial reporting as of December 31,

2025, using the criteria set forth in the "Internal Control - Integrated Framework (2013)" issued by COSO. Based

on that assessment, management concluded that the internal control over financial reporting was effective as of

December 31, 2025.

**Changes in Internal Control**

During the year ended December 31, 2025, Stellantis implemented a new financial consolidation system,

replacing the prior legacy platforms, resulting in changes to internal control over financial reporting related to

controls to support the new consolidation system and process.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of Stellantis N.V.

**Opinion on Internal Control over Financial Reporting**

We have audited the internal control over financial reporting of Stellantis N.V. and subsidiaries (the "Company")

as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013)

issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the

Company maintained, in all material respects, effective internal control over financial reporting as of December

31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board

(United States) (PCAOB), the consolidated statement of financial position of the Company as of December 31,

2025 and the related consolidated income statement, statements of comprehensive income, cash flows and

changes in equity for the year then ended, and the related notes and our report dated February 26, 2026

expressed an unqualified opinion on those financial statements.

**Basis for Opinion**

The Company's management is responsible for maintaining effective internal control over financial reporting and

for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying

Management's report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on

the Company's internal control over financial reporting based on our audit. We are a public accounting firm

registered with the PCAOB and are required to be independent with respect to the Company in accordance with

the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange

Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan

and perform the audit to obtain reasonable assurance about whether effective internal control over financial

reporting was maintained in all material respects. Our audit included obtaining an understanding of internal

control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the

design and operating effectiveness of internal control based on the assessed risk, and performing such other

procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable

basis for our opinion.

**Definition and Limitations of Internal Control over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance

regarding the reliability of financial reporting and the preparation of financial statements for external purposes in

accordance with generally accepted accounting principles. A company's internal control over financial reporting

includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,

accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide

reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements

in accordance with generally accepted accounting principles, and that receipts and expenditures of the

company are being made only in accordance with authorizations of management and directors of the company;

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use,

or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect

misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that

controls may become inadequate because of changes in conditions, or that the degree of compliance with the

policies or procedures may deteriorate.

/s/ Deloitte & Associés

Paris – La Défense, France

February 26, 2026

FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS

**STELLANTIS N.V. AND SUBSIDIARIES**

Index to the Consolidated Financial Statements

---

| | |
|:---|:---|
|  | **Page** |
| [Report of Independent Registered Public Accounting Firm Deloitte & Associés](#i50a88c72b527462790c71fd2c9783f1e_703) (PCAOB ID: 1756) | [192](#i50a88c72b527462790c71fd2c9783f1e_703) |
| [Report of Independent Registered Public Accounting Firm EY S.p.A](#i50a88c72b527462790c71fd2c9783f1e_706) (PCAOB ID: 1521)  | [196](#i50a88c72b527462790c71fd2c9783f1e_706) |
| [Consolidated Income Statement](#i50a88c72b527462790c71fd2c9783f1e_709) | [197](#i50a88c72b527462790c71fd2c9783f1e_709) |
| [Consolidated Statement of Comprehensive Income](#i50a88c72b527462790c71fd2c9783f1e_712) | [198](#i50a88c72b527462790c71fd2c9783f1e_712) |
| [Consolidated Statement of Financial Position](#i50a88c72b527462790c71fd2c9783f1e_715) | [199](#i50a88c72b527462790c71fd2c9783f1e_715) |
| [Consolidated Statement of Cash Flows](#i50a88c72b527462790c71fd2c9783f1e_718) | [200](#i50a88c72b527462790c71fd2c9783f1e_718) |
| [Consolidated Statement of Changes in Equity](#i50a88c72b527462790c71fd2c9783f1e_721) | [201](#i50a88c72b527462790c71fd2c9783f1e_721) |
| [Notes to Consolidated Financial Statements](#i50a88c72b527462790c71fd2c9783f1e_724) | [202](#i50a88c72b527462790c71fd2c9783f1e_724) |
| [(1) Principal activities](#i50a88c72b527462790c71fd2c9783f1e_730) | [202](#i50a88c72b527462790c71fd2c9783f1e_730) |
| [(2) Basis of preparation](#i50a88c72b527462790c71fd2c9783f1e_733) | [202](#i50a88c72b527462790c71fd2c9783f1e_733) |
| [(3) Scope of consolidation](#i50a88c72b527462790c71fd2c9783f1e_748) | [239](#i50a88c72b527462790c71fd2c9783f1e_748) |
| [(4) Net revenues](#i50a88c72b527462790c71fd2c9783f1e_754) | [243](#i50a88c72b527462790c71fd2c9783f1e_754) |
| [(5) Research and development costs](#i50a88c72b527462790c71fd2c9783f1e_757) | [245](#i50a88c72b527462790c71fd2c9783f1e_757) |
| [(6) Net financial expenses/(income)](#i50a88c72b527462790c71fd2c9783f1e_760) | [246](#i50a88c72b527462790c71fd2c9783f1e_760) |
| [(7) Tax expense/(benefit)](#i50a88c72b527462790c71fd2c9783f1e_763) | [247](#i50a88c72b527462790c71fd2c9783f1e_763) |
| [(8) Other information by nature](#i50a88c72b527462790c71fd2c9783f1e_766)  | [253](#i50a88c72b527462790c71fd2c9783f1e_766) |
| [(9) Goodwill and intangible assets with indefinite useful lives](#i50a88c72b527462790c71fd2c9783f1e_769) | [254](#i50a88c72b527462790c71fd2c9783f1e_769) |
| [(10) Other intangible assets](#i50a88c72b527462790c71fd2c9783f1e_772) | [256](#i50a88c72b527462790c71fd2c9783f1e_772) |
| [(11) Property, plant and equipment](#i50a88c72b527462790c71fd2c9783f1e_775) | [257](#i50a88c72b527462790c71fd2c9783f1e_775) |
| [(12) Investments accounted for using the equity method](#i50a88c72b527462790c71fd2c9783f1e_778) | [261](#i50a88c72b527462790c71fd2c9783f1e_778) |
| [(13) Financial assets](#i50a88c72b527462790c71fd2c9783f1e_781) | [264](#i50a88c72b527462790c71fd2c9783f1e_781) |
| [(14) Inventories](#i50a88c72b527462790c71fd2c9783f1e_784) | [264](#i50a88c72b527462790c71fd2c9783f1e_784) |
| [(15) Working capital](#i50a88c72b527462790c71fd2c9783f1e_787) | [265](#i50a88c72b527462790c71fd2c9783f1e_787) |
| [(16) Trade receivables, other assets, prepaid expenses and tax receivables](#i50a88c72b527462790c71fd2c9783f1e_790) | [265](#i50a88c72b527462790c71fd2c9783f1e_790) |
| [(17) Derivative financial and operating assets and liabilities](#i50a88c72b527462790c71fd2c9783f1e_793) | [269](#i50a88c72b527462790c71fd2c9783f1e_793) |
| [(18) Cash and cash equivalents](#i50a88c72b527462790c71fd2c9783f1e_796)  | [271](#i50a88c72b527462790c71fd2c9783f1e_796) |
| [(19) Share-based compensation](#i50a88c72b527462790c71fd2c9783f1e_799) | [272](#i50a88c72b527462790c71fd2c9783f1e_799) |
| [(20) Employee benefits liabilities](#i50a88c72b527462790c71fd2c9783f1e_805) | [276](#i50a88c72b527462790c71fd2c9783f1e_805) |
| [(21) Provisions](#i50a88c72b527462790c71fd2c9783f1e_808)  | [284](#i50a88c72b527462790c71fd2c9783f1e_808) |
| [(22) Debt](#i50a88c72b527462790c71fd2c9783f1e_811)  | [286](#i50a88c72b527462790c71fd2c9783f1e_811) |
| [(23) Trade payables](#i50a88c72b527462790c71fd2c9783f1e_814) | [293](#i50a88c72b527462790c71fd2c9783f1e_814) |
| [(24) Other liabilities](#i50a88c72b527462790c71fd2c9783f1e_817) | [294](#i50a88c72b527462790c71fd2c9783f1e_817) |
| [(25) Fair value measurement](#i50a88c72b527462790c71fd2c9783f1e_820)  | [296](#i50a88c72b527462790c71fd2c9783f1e_820) |
| [(26) Related party transactions](#i50a88c72b527462790c71fd2c9783f1e_823)  | [299](#i50a88c72b527462790c71fd2c9783f1e_823) |
| [(27) Guarantees granted, commitments and contingent liabilities](#i50a88c72b527462790c71fd2c9783f1e_826)  | [302](#i50a88c72b527462790c71fd2c9783f1e_826) |
| [(28) Equity](#i50a88c72b527462790c71fd2c9783f1e_829) | [310](#i50a88c72b527462790c71fd2c9783f1e_829) |
| [(29) Earnings/(loss) per share](#i50a88c72b527462790c71fd2c9783f1e_832) | [313](#i50a88c72b527462790c71fd2c9783f1e_832) |
| [(30) Segment reporting](#i50a88c72b527462790c71fd2c9783f1e_835)  | [314](#i50a88c72b527462790c71fd2c9783f1e_835) |
| [(31) Explanatory notes to the Consolidated Statement of Cash Flows](#i50a88c72b527462790c71fd2c9783f1e_838)  | [319](#i50a88c72b527462790c71fd2c9783f1e_838) |
| [(32) Qualitative and quantitative information on financial risks](#i50a88c72b527462790c71fd2c9783f1e_841)  | [323](#i50a88c72b527462790c71fd2c9783f1e_841) |
| [(33) Subsequent events](#i50a88c72b527462790c71fd2c9783f1e_844)  | [330](#i50a88c72b527462790c71fd2c9783f1e_844) |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders and the Board of Directors of Stellantis N.V.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of financial position of Stellantis N.V. and

subsidiaries (the "Company") as of December 31, 2025 and 2024, and the related consolidated income

statement, statement of comprehensive income, cash flows and changes in equity for the two years then ended,

and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial

statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025

and 2024, and the consolidated results of its operations and its cash flows for the two years then ended, in

conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting

Standards Board (IASB).

The consolidated financial statements of the Company for the year ended December 31, 2023, before the effects

of the retrospective adjustments to the consolidated statement of cash flows discussed in Note 2 to the financial

statements, were audited by predecessor auditors whose report, dated February 22, 2024, expressed an

unqualified opinion on those statements. We have audited the 2023 adjustments made to the consolidated

statement of cash flows to retrospectively adjust that statement for changes in accounting policy in 2025, as

discussed in Note 2 to the consolidated financial statements. Our procedures included (1) comparing the

previously reported cash flow statement items to the previously issued financial statements; (2) comparing the

retrospective adjustments to the Company's underlying accounting analysis; and (3) evaluating the consistency

of the retrospective adjustments with comparable amounts presented within the years ended December 31,

2024 and 2025. In our opinion, such retrospective adjustments are appropriate and have been properly applied.

However, we were not engaged to audit, review, or apply any procedures to the 2023 consolidated financial

statements of the Company other than with respect to the retrospective adjustments, and accordingly, we do not

express an opinion or any other form of assurance on the 2023 consolidated financial statements taken as a

whole.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board

(United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025,

based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of

Sponsoring Organizations of the Treadway Commission and our report dated February 26, 2026 expressed an

unqualified opinion on the Company's internal control over financial reporting.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express

an opinion on the Company's financial statements based on our audit. We are a public accounting firm

registered with the PCAOB and are required to be independent with respect to the Company in accordance with

the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange

Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan

and perform the audit to obtain reasonable assurance about whether the financial statements are free of material

misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of

material misstatement of the financial statements, whether due to error or fraud, and performing procedures that

respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts

and disclosures in the financial statements. Our audit also included evaluating the accounting principles used

and significant estimates made by management, as well as evaluating the overall presentation of the financial

statements. We believe that our audit provides a reasonable basis for our opinion.

**Critical Audit Matters** 

The critical audit matters communicated below are matters arising from the current period audit of the financial

statements that were communicated or required to be communicated to the audit committee and that (1) relate

to accounts or disclosures that are material to the financial statements and (2) involved particularly challenging,

subjective, or complex judgments. The communication of critical audit matters does not alter in any way our

opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit

matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to

which they relate.

**Provision – Product Warranty - North America and Enlarged Europe – Refer to Notes 2 and 21 to the** 

**financial statements**

*Critical Audit Matter Description*

The Company establishes reserves for product warranty at the time the related sale is recognized. The

estimated future costs of actions, which are recorded in cost of revenues in the consolidated income statement,

are principally based on assumptions regarding the lifetime warranty costs of each vehicle line and each model

year of that vehicle line, as well as historical claims experience for the vehicles. Given the volatility of initial data

for any given model year, these assumptions also require judgment in the use of historical averages until

sufficient actual experience data becomes available.

We identified the product warranty provision in North America and Enlarged Europe as a critical audit matter due

to the complexity of the valuation models used and the significant management judgement involved in

estimating the provision. Our audit procedures required a high degree of auditor judgment and increased effort,

including involving our actuarial specialists.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the provision for product warranty in North America and Enlarged Europe

included the following, among others:

• We assessed the appropriateness of management's accounting treatment for the current-year change in

warranty estimation methodology as a change in estimate under IAS 8.

• We evaluated the design and tested the operating effectiveness of controls over the Company's product

warranty process, including controls over management's review of the valuation models, related inputs, and

significant assumptions.

• We used our actuarial specialists to assist us in evaluating the appropriateness of the estimation model, the

accuracy of calculations used and the appropriateness of significant assumptions regarding the historical

claim data and averages used by the Company.

• We performed audit procedures on the claims data used in the valuation models.

• We independently calculated a range of likely outcomes for the product warranty provision.

• We evaluated the adequacy of the related disclosures in the consolidated financial statements.

**Recoverability of non-current assets with definite useful lives - Enlarged Europe and North America –** 

**Refer to Notes 2, 10 and 11 to the financial statements**

Critical Audit Matter Description

Non-current assets with definite useful lives include property, plant and equipment, intangible assets, and assets

held for sale. The Company reviews the carrying amount of non-current assets with definite useful lives when

events or circumstances indicate that an asset may be impaired and, if required, the carrying amount of the

asset is reduced to its recoverable amount, which is the higher of fair value less costs of disposal and its value in

use. The recoverable amount is determined at the cash generating unit (CGU) level.

We identified the recoverability of non-current assets with definite useful lives in Enlarged Europe and North

America as a critical audit matter due to the significant management judgment required, particularly related to

forecasted volumes and margins, to estimate the recoverable amount for certain CGUs within these segments.

Our audit procedures required a high degree of auditor judgment and an increased extent of effort to evaluate

the reasonableness of these assumptions, including the use of our fair value specialists.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the recoverability of non-current assets with definite useful lives in Enlarged

Europe and North America included the following, among others:

• We evaluated the design and tested the operating effectiveness of controls over the Company's impairment

assessment process for non-current assets with definite useful lives, including controls over impairment

triggering events, prospective financial information, and the significant inputs used to support its assessment

of the recoverability of non-current assets with definite useful lives in Enlarged Europe and North America.

• We evaluated the allocation of assets to each CGU identified by management and the related carrying

amount.

• We evaluated the forecasted volumes and margins data in management's impairment test using external

market data and the assistance of an automotive industry specialist.

• We involved our fair value specialists in evaluating the impairment test model prepared by the Company and

performed independent calculations and sensitivity analyses.

• We evaluated the adequacy of the related disclosures in the financial statements, including the disclosures of

related significant judgements made by management.

**Provisions – Commercial risks - Costs related to product plan realignment and program cancellations –** 

**North America and Enlarged Europe - Refer to Notes 2 and 21 to the financial statements**

Critical Audit Matter Description

The Company enters into supply arrangements to support its product development, manufacturing and

assembly activities. The Company's strategic plan reassessment initiated during 2025 resulted in the

cancellation of certain planned programs and a significant adjustment to forecasted electric vehicle volumes.

These actions resulted in supplier-related costs and provisions that were recognized within Cost of revenues,

primarily in North America and Enlarged Europe.

We identified these supplier-related costs and provisions arising from the product plan realignment and program

cancellations in North America and Enlarged Europe as a critical audit matter due to the magnitude of the

related charges and the significant auditor judgment required to evaluate management's estimated obligations.

In particular, these estimates involved judgment in assessing the unsettled claims and interpreting contractual

terms and communications with suppliers.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the costs pertaining to the product plan realignment and program cancellations

included the following, among others:

–We evaluated the design and tested the operating effectiveness of controls over the identification,

evaluation, and recording of costs related to the product plan realignment and program cancellations,

including controls over the review and approval of estimated obligations and management's review of

key assumptions used to estimate the claims.

–We inspected underlying support for recorded amounts, such as executed settlement agreements,

where settled, supplier correspondence, and relevant program documentation.

–We evaluated the (contractual) basis for management's estimates by comparing key terms and

conditions used in the estimates to supplier agreements or other related support.

–We assessed the mathematical accuracy of management's calculations.

–We evaluated the reasonableness of management's assumptions related to expected outcomes and

future payment amounts for claims not yet settled.

–We evaluated the adequacy of the related disclosures in the financial statements.

/s/ Deloitte & Associés

Paris – La Défense, France

February 26, 2026

We have served as the Company's auditor since 2024.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Directors and Shareholders of

Stellantis N.V.

**Opinion on the Financial Statements** 

We have audited the accompanying consolidated income statement, statements of comprehensive income,

cash flows and changes in equity of Stellantis N.V. and subsidiaries (the Company) for the year ended

December 31, 2023, and the related notes (collectively referred to as the "consolidated financial statements"). In

our opinion, the consolidated financial statements, before the adjustments described in Note 2, present fairly, in

all material respects, the results of the Company's operations and its cash flows for the year ended December

31, 2023, in conformity with International Financial Reporting Standards (Accounting Standards) as issued by

the International Accounting Standards Board (IFRS).

We were not engaged to audit, review or apply any procedures to the adjustments described in Note 2 that were

applied to restate the 2023 consolidated statement of cash flows as a result of the change in accounting policy,

and accordingly, we do not express an opinion or any other form of assurance about whether such adjustments

are appropriate and have been properly applied. Those adjustments were audited by Deloitte & Associés in

2025. In the opinion of Deloitte & Associés, such adjustments are appropriate and have been properly applied.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express

an opinion on the Company's financial statements based on our audit. We are a public accounting firm

registered with the PCAOB and are required to be independent with respect to the Company in accordance with

the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange

Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan

and perform the audit to obtain reasonable assurance about whether the financial statements are free of material

misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of

material misstatement of the financial statements, whether due to error or fraud, and performing procedures that

respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts

and disclosures in the financial statements. Our audit also included evaluating the accounting principles used

and significant estimates made by management, as well as evaluating the overall presentation of the financial

statements. We believe that our audit provide a reasonable basis for our opinion.

/s/ EY S.p.A.

We have served as the Company's auditor from 2021 to 2024.

Turin, Italy

February 22, 2024

**STELLANTIS N.V. AND SUBSIDIARIES - CONSOLIDATED INCOME STATEMENT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million, except per share amounts)* | **Note** | **2025** | **2024** | **2023** |
| Net revenues | 4 | 153508 | 156878 | 189544 |
| Cost of revenues |  | 155627 | 136360 | 151400 |
| Selling, general and other costs |  | 8967 | 9299 | 9541 |
| Research and development costs | 5 | 11145 | 5784 | 5619 |
| Gains/(losses) on disposal of investments | 3 | (1839) | (98) | 20 |
| Restructuring costs |  | 913 | 1617 | 1119 |
| Share of the profit/(loss) of equity method investees | 12 | (1271) | (33) | 491 |
| **Operating income/(loss)** |  | (26254) | 3687 | 22376 |
| Net financial expenses/(income) | 6 | 351 | (345) | (42) |
| **Profit/(loss) before taxes** |  | (26605) | 4032 | 22418 |
| Tax expense/(benefit) | 7 | (4273) | (1488) | 3793 |
| **Net profit/(loss)** |  | (22332) | 5520 | 18625 |
| **Net profit/(loss) attributable to:** |  |  |  |  |
| Owners of the parent |  | (22368) | 5473 | 18596 |
| Non-controlling interests |  | 36 | 47 | 29 |
| **Earnings/(loss) per share:** | 29 |  |  |  |
| Basic earnings/(loss) per share (€) |  | (7.75) | 1.86 | 5.98 |
| Diluted earnings/(loss) per share (€) |  | (7.75) | 1.84 | 5.94 |

---

The accompanying notes are an integral part of the Consolidated Financial Statements.

**STELLANTIS N.V. AND SUBSIDIARIES - CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million)* | **Note** | **2025** | **2024** | **2023** |
| **Consolidated profit/(loss) for the period** |  | **(22332)** | **5520** | **18625** |
| Fair value remeasurement of cash flow hedges |  | 644 | 678 | (910) |
| of which, reclassified to the income statement |  | 378 | 445 | 532 |
| of which, recognized in equity during the period |  | 266 | 233 | (1442) |
| Gains and losses from remeasurement of financial assets |  | 18 | 8 | 57 |
| of which, reclassified to the income statement |  | (13) |  |  |
| of which, recognized in equity during the period |  | 31 | 8 | 57 |
| Exchange differences on translating foreign operations |  | (4550) | 1008 | (1927) |
| Income tax (expense)/benefit |  | (197) | (156) | 245 |
| Share of Other comprehensive income/(loss) for equity method <br>investees<br>|  | (332) | 55 | (221) |
| **Amounts to be potentially reclassified to profit or loss** | **28** | **(4417)** | **1593** | **(2756)** |
| Actuarial gains and losses on defined benefit pension obligations |  | 261 | (144) | (228) |
| Share of Other comprehensive income/(loss) for equity method <br>investees<br>|  | 9 | (1) | 2 |
| Income tax (expense)/benefit |  | 52 | 55 | 41 |
| **Amounts not to be reclassified to profit or loss**  | **28** | **322** | **(90)** | **(185)** |
| **TOTAL CONSOLIDATED COMPREHENSIVE INCOME/(LOSS)**<br>**FOR THE PERIOD**<br>|  | **(26427)** | **7023** | **15684** |
| of which, attributable to equity holders of the parent |  | (26450) | 6974 | 15658 |
| of which, attributable to non-controlling interests |  | 23 | 49 | 26 |

---

The accompanying notes are an integral part of the Consolidated Financial Statements.

**STELLANTIS N.V. AND SUBSIDIARIES - CONSOLIDATED STATEMENT OF FINANCIAL POSITION**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **At December 31,** | **At December 31,** |
| *(€ million)* | **Note**  | **2025** | **2024** |
| **Assets** |  |  |  |
| Goodwill and intangible assets with indefinite useful lives | 9 | 29176 | 31986 |
| Other intangible assets | 10 | 15709 | 22379 |
| Property, plant and equipment | 11 | 42958 | 45011 |
| Equity method investments | 12 | 7276 | 9100 |
| Non-current financial assets | 13 | 1794 | 3294 |
| Other non-current assets and prepaid expenses  | 16 | 11125 | 9661 |
| Deferred tax assets | 7 | 6383 | 4371 |
| Non-current tax receivables | 16 | 194 | 227 |
| **Total Non-current assets** |  | **114615** | **126029** |
| Inventories | 14 | 22153 | 20861 |
| Assets sold with a buy-back commitment |  | 3616 | 1938 |
| Trade receivables | 16 | 5662 | 5506 |
| Current tax receivables | 16 | 1199 | 1411 |
| Other current assets and prepaid expenses | 16 | 15770 | 12973 |
| Current financial assets | 13 | 1987 | 3872 |
| Cash and cash equivalents | 18 | 30146 | 34100 |
| Assets held for sale | 3 | 5 | 917 |
| **Total Current assets** |  | **80538** | **81578** |
| **Total Assets** |  | **195153** | **207607** |
| **Equity and liabilities** |  |  |  |
| **Equity** | 28 |  |  |
| Equity attributable to owners of the parent |  | 53551 | 81692 |
| Non-controlling interests |  | 450 | 423 |
| **Total Equity** |  | **54001** | **82115** |
| **Liabilities** |  |  |  |
| Long-term debt | 22 | 31826 | 25028 |
| Other non-current financial liabilities | 17 | 7 | 15 |
| Other non-current liabilities | 24 | 5475 | 5980 |
| Non-current provisions | 21 | 18596 | 8860 |
| Employee benefits liabilities  | 20 | 4795 | 5441 |
| Non-current tax liabilities |  | 420 | 475 |
| Deferred tax liabilities | 7 | 1294 | 4507 |
| **Total Non-current liabilities** |  | **62413** | **50306** |
| Short-term debt and current portion of long-term debt | 22 | 14121 | 12199 |
| Current provisions | 21 | 14317 | 14220 |
| Employee benefit liabilities  | 20 | 517 | 583 |
| Trade payables | 23 | 29999 | 29684 |
| Current tax liabilities |  | 491 | 475 |
| Other liabilities | 24 | 19265 | 17558 |
| Other current financial liabilities | 17 | 29 | 9 |
| Liabilities held for sale | 3 |  | 458 |
| **Total Current liabilities** |  | **78739** | **75186** |
| **Total Equity and liabilities** |  | **195153** | **207607** |

---

The accompanying notes are an integral part of the Consolidated Financial Statements.

**STELLANTIS N.V. AND SUBSIDIARIES - CONSOLIDATED STATEMENT OF CASH FLOWS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million)* | **Note** | **2025** | **2024**<sup>(1)</sup> | **2023**<sup>(1)</sup> |
| **Profit/(loss) before taxes** |  | **(26605)** | **4032** | **22418** |
| Adjustments for non-cash items and other: | 31 |  |  |  |
| depreciation and amortization |  | 6981 | 7226 | 7549 |
| (gains)/losses on disposals |  | 1757 | (32) | (195) |
| share of the (profit)/loss of equity method investees |  | 1271 | 46 | (468) |
| other non-cash items |  | 10797 | 1927 | 720 |
| Change in provisions and employee benefits liabilities | 31 | 11330 | 1779 | 2460 |
| Net change in receivables related to financial services activities | 31 | (4867) | (3455) | (3586) |
| Change in carrying amount of leased vehicles<sup>(2)</sup> |  | (5379) | (3885) | (1747) |
| Dividends received |  | 276 | 335 | 312 |
| Income tax received/(paid), net |  | (204) | (2792) | (2649) |
| Changes in working capital | 15 | (7) | (3646) | (6860) |
| **Net cash from/(used in) operating activities** |  | **(4650)** | **1535** | **17954** |
| Proceeds from disposal of shares in consolidated companies and of <br>investments in non-consolidated companies<br>|  | 485 | 261 | 1457 |
| Acquisitions of consolidated subsidiaries and equity method and <br>other investments<br>|  | (425) | (1652) | (3885) |
| Proceeds from disposals of property, plant and equipment and <br>intangible assets<br>|  | 229 | 365 | 533 |
| Investments in property, plant and equipment and intangible assets |  | (7987) | (11060) | (10193) |
| Change in amounts payable on property, plant and equipment and <br>intangible assets<br>|  | (1155) | 223 | 1068 |
| Changes in loans to joint ventures and associates |  | 91 | (696) | (248) |
| Change in securities |  | 2856 | 2422 | (2754) |
| Other changes |  | 9 | 32 | (193) |
| **Net cash from/(used in) investing activities** |  | **(5897)** | **(10105)** | **(14215)** |
| Distributions paid: |  |  |  |  |
| to Stellantis shareholders |  | (1959) | (4651) | (4208) |
| to non-controlling shareholders of subsidiaries |  | (5) | (10) |  |
| Proceeds from issuance of shares |  | 49 | 104 | 92 |
| (Purchases)/sales of treasury shares |  |  | (3000) | (2434) |
| Changes in short-term debt and other financial assets and liabilities | 31 | 451 | 1575 | 1273 |
| Gross outflows in repayments of long-term debt | 31 | (5156) | (8471) | (4382) |
| Proceeds from issuances of long-term debt | 31 | 14194 | 13115 | 4168 |
| Other changes |  |  | (5) | (10) |
| **Net cash from/(used in) financing activities** |  | **7574** | **(1343)** | **(5501)** |
| Effect of changes in exchange rates |  | (1278) | 410 | (836) |
| (Increase)/decrease in cash and cash equivalents included in asset <br>held for sale<br>|  | 297 | (66) | (166) |
| **Increase/(decrease) in cash and cash equivalents** |  | **(3954)** | **(9569)** | **(2764)** |
| Net cash and cash equivalents at beginning of the period |  | 34100 | 43669 | 46433 |
| **Net cash and cash equivalents at end of the period** | **18** | **30146** | **34100** | **43669** |

---

<sup>(1)</sup> Certain line items in prior periods have been reclassified to enhance the consistency and comparability of the financial disclosures.

Refer to Note 1, *Basis of presentation* for additional information

<sup>(2)</sup> The change in the carrying amount of leased vehicles includes cash flows related to Assets sold with a buy-back commitment, assets

subject to operating leases recognized under Property, plant and equipment and Payables for buy-back agreements recognized under

Other liabilities. This includes depreciation, impairment losses, and write-offs of leased vehicles

The accompanying notes are an integral part of the Consolidated Financial Statements.

**STELLANTIS N.V. AND SUBSIDIARIES - CONSOLIDATED STATEMENT OF CHANGES IN EQUITY**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Attributable to the Owners of the parent** | **Attributable to the Owners of the parent** | **Attributable to the Owners of the parent** | **Attributable to the Owners of the parent** | **Attributable to the Owners of the parent** | **Attributable to the Owners of the parent** | **Attributable to the Owners of the parent** | **Attributable to the Owners of the parent** | **Attributable to the Owners of the parent** |  |  |
| *(€ million)* | **Share** <br>**capital**<sup>(1)</sup><br>| **Treasury**<br>**shares**<br>| **Retained**<br>**earnings**<br>**and other** <br>**reserves**<sup>(1)</sup><br>| **Cash flow** <br>**hedge** <br>**reserve**<br>| **Remeasure**<br>**ment of the** <br>**fair value** <br>**of financial** <br>**assets**<br>| **Actuarial**<br>**gains and**<br>**losses on**<br>**pension**<br>**obligations**<br>**plans**<br>| **Effect of**<br>**change in**<br>**exchange**<br>**rates**<br>| **Cumulative** <br>**share of** <br>**OCI of** <br>**equity** <br>**method** <br>**investees**<br>| **Equity -**<br>**Attributable** <br>**to Owners**<br>**of the** <br>**parent**<br>| **Non-**<br>**controlling** <br>**interests**<br>| **Total** <br>**Equity**<br>|
| **At January 1, 2023** | **32** | **(923)** | **66783** | **(169)** | **9** | **3404** | **2966** | **(103)** | **71999** | **383** | **72382** |
| Other comprehensive <br>income<br>|  |  |  | (665) | 57 | (187) | (1924) | (219) | (2938) | (3) | (2941) |
| Net profit |  |  | 18596 |  |  |  |  |  | 18596 | 29 | 18625 |
| **Total Other** <br>**comprehensive** <br>**income**<br>| **—** | **—** | **18596** | **(665)** | **57** | **(187)** | **(1924)** | **(219)** | **15658** | **26** | **15684** |
| (Purchases) sales of <br>treasury shares<br>|  | (2434) |  |  |  |  |  |  | (2434) |  | (2434) |
| Cancellation of treasury <br>shares<br>| (1) | 923 | (923) |  |  |  |  |  | (1) |  | (1) |
| Distributions |  |  | (4208) |  |  |  |  |  | (4208) |  | (4208) |
| Share-based <br>compensation<br>|  |  | 295 |  |  |  |  |  | 295 |  | 295 |
| Other changes<sup>(1)</sup> |  |  | 383 | 1 |  |  |  |  | 384 | 18 | 402 |
| **At December 31, 2023** | **31** | **(2434)** | **80926** | **(833)** | **66** | **3217** | **1042** | **(322)** | **81693** | **427** | **82120** |
| Other comprehensive <br>income<br>|  |  |  | 521 | 8 | (88) | 1006 | 54 | 1501 | 2 | 1503 |
| Net profit |  |  | 5473 |  |  |  |  |  | 5473 | 47 | 5520 |
| **Total Other** <br>**comprehensive** <br>**income**<br>| **—** | **—** | **5473** | **521** | **8** | **(88)** | **1006** | **54** | **6974** | **49** | **7023** |
| Capital increase | 9 |  | (9) |  |  |  |  |  |  |  |  |
| (Purchases) sales of <br>treasury shares<br>|  | (3000) |  |  |  |  |  |  | (3000) |  | (3000) |
| Cancellation of treasury <br>shares<br>| (3) | 5149 | (5146) |  |  |  |  |  |  |  |  |
| Distributions |  |  | (4651) |  |  |  |  |  | (4651) | (10) | (4661) |
| Share-based <br>compensation<br>|  |  | 159 |  |  |  |  |  | 159 |  | 159 |
| Other changes<sup>(1)</sup> |  |  | 564 | (47) |  |  |  |  | 517 | (43) | 474 |
| **At December 31, 2024** | **37** | **(285)** | **77316** | **(359)** | **74** | **3129** | **2048** | **(268)** | **81692** | **423** | **82115** |
| Other comprehensive <br>income<br>|  |  |  | 475 | (10) | 313 | (4537) | (323) | (4082) | (13) | (4095) |
| Net loss |  |  | (22368) |  |  |  |  |  | (22368) | 36 | (22332) |
| **Total Other** <br>**comprehensive** <br>**income**<br>| **—** | **—** | **(22368)** | **475** | **(10)** | **313** | **(4537)** | **(323)** | **(26450)** | **23** | **(26427)** |
| Distributions |  |  | (1959) |  |  |  |  |  | (1959) | (5) | (1964) |
| Share-based <br>compensation<br>|  |  | 133 |  |  |  |  |  | 133 |  | 133 |
| Other changes<sup>(1)</sup> |  |  | 145 | (10) |  |  |  |  | 135 | 9 | 144 |
| **At December 31, 2025** | **37** | **(285)** | **53267** | **106** | **64** | **3442** | **(2489)** | **(591)** | **53551** | **450** | **54001** |

---

<sup>(1)</sup> Includes:

• deferred hedging gains/(losses) transferred to inventory, net of tax of €(10) million (€(47) million at December 31, 2024 and €1 million at

December 31, 2023); and

• the effect of hyperinflation for entities whose functional currency is the Turkish Lira, beginning from January 1, 2022, and the Argentine

Peso, from July 1, 2018 of €196 million at December 31, 2025, €454 million at December 31, 2024 and €323 million at December 31,

2023. The accompanying notes are an integral part of the Consolidated Financial Statements.

**STELLANTIS N.V. AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**1.** **Principal activities**

Stellantis N.V. was created as a result of the merger between Peugeot S.A. ("PSA") and Fiat Chrysler

Automobiles N.V. ("FCA N.V."), effective on January 17, 2021, with FCA N.V. as the surviving company. Upon

the merger, FCA N.V. was renamed to Stellantis N.V., a public limited liability company (*naamloze* 

*vennootschap*), organized in the Netherlands, as the parent of Stellantis with its principal executive offices

located at Taurusavenue 1, 2132LS Hoofddorp, the Netherlands.

Stellantis is engaged in the design, engineering, manufacturing, distribution and sale of automobiles and light

commercial vehicles, engines, transmission systems, mobility services and financial services activities relating to

dealer and customer financing as well as vehicle leasing and rental. In addition, Stellantis is involved in certain

other activities, including independent after-market parts and service businesses and software and data

businesses.

Unless otherwise specified, the terms "we", "our", "us", the "Company" and "Stellantis" refer to Stellantis N.V.,

together with its consolidated subsidiaries, or any one or more of them, as the context may require. References

to "FCA", and "FCA Group" mean Fiat Chrysler Automobiles N.V. together with its consolidated subsidiaries, or

any one or more of them, as the context may require. References to "PSA" and "Groupe PSA" mean Peugeot

S.A. together with its consolidated subsidiaries, or any one or more of them, as the context may require.

References to the "merger" refer to the merger between PSA and FCA completed on January 17, 2021 and

resulting in the creation of Stellantis.

All references in this report to "Euro" and "€" refer to the currency introduced at the start of the third stage of

European Economic and Monetary Union pursuant to the Treaty on the Functioning of the European Union, as

amended. Stellantis financial information is presented in Euro. All references to "U.S. Dollars", "U.S. Dollar",

"U.S.$" and "$" refer to the currency of the United States of America ("U.S."). Unless otherwise stated, all

amounts are given in millions of euros (€ million).

**2.** **Basis of preparation**

**Authorization of Consolidated Financial Statements and compliance with International Financial** 

**Reporting Standards** 

The Consolidated Financial Statements, together with the notes thereto, of Stellantis as of and for the year ended

December 31, 2025 (the "Consolidated Financial Statements") were authorized for issuance by the Stellantis

Board of Directors on February 26, 2026 and have been prepared in accordance with the International Financial

Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), as well as

IFRS as adopted by the European Union. There is no effect on these Consolidated Financial Statements resulting

from differences between IFRS as issued by the IASB and IFRS as adopted by the European Union. The

designation "IFRS" includes International Accounting Standards ("IAS") as well as all interpretations of the IFRS

Interpretations Committee ("IFRIC").

**Basis of preparation**

The Consolidated Financial Statements are prepared under the historical cost method, modified for the

measurement of certain financial instruments as required, as well as on a going concern basis. In this respect,

the Company's assessment is that no material uncertainties (as defined in IAS 1 - *Presentation of Financial* 

*Statements*) exist about its ability to continue as a going concern.

For the presentation of the Consolidated Income Statement, Stellantis uses a classification based on the function

of expenses rather than based on their nature as it is considered more representative of the format used for

internal reporting and management purposes and is consistent with international practice in the automotive

sector.

**Strategic plan undergoing reassessment**

In 2022, Stellantis introduced its Dare Forward strategic plan, establishing long-term electrification targets of 100

percent EV sales in Europe and 50 percent in the United States by 2030. Over the subsequent years, the

Company focused on expansion of its electric vehicle capabilities while continuing to offer a broad range of

hybrid and internal combustion engine solutions to meet diverse customer needs.

Following the leadership transition in mid-2025, newly appointed executive leadership initiated and is overseeing

a comprehensive reassessment of the Company's long-term strategy, including its climate transition roadmap.

This reassessment forms part of a broader reset of the business and is being conducted in preparation for the

communication of a new strategic plan. This review encompasses major programs and product plans with the

objective of realigning the Company's strategy, portfolio and investment priorities with real-world customer

preferences, market demand and evolving regulatory frameworks, while also addressing the effects of prior

operational and execution challenges, targeting to re-establish the conditions for sustainable, profitable growth.

The strategic reassessment reflects a revised view on the expected pace of the energy transition in certain

markets, informed by customer purchasing behavior, affordability considerations, infrastructure readiness and

incentive frameworks. While the Company remains committed to the development of electrified powertrains,

including BEVs, the review emphasizes a demand-led approach to adoption and the importance of maintaining

flexibility across powertrain technologies.

Separately, the Company experienced commercial and operational headwinds in its key European and U.S.

markets during 2024 and the first half of 2025, including quality related challenges associated with new

platforms and powertrains and broader inflationary cost pressures. These factors further reinforced the need for

the strategic reassessment undertaken by the new executive leadership.

The updated strategy will be communicated at the Investor Day in May 2026.

As a result of the strategic reassessment and business reset led by the new management team, the Company

recognized significant charges during the year ended December 31, 2025. These charges primarily relate to

impairments of vehicle platforms, product plan realignments and associated costs, costs related to resizing of

the EV supply chain, and the discontinuation of the hydrogen fuel cell development program. These items reflect

the cost of aligning the Company's product plans, manufacturing footprint and investment profile with revised

strategic priorities and market demand. The nature and financial impact of these charges, which were all

excluded from Adjusted Operating Income ("AOI"), are detailed below. The accounting for these charges also

required the use of estimates and application of critical judgment.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2025** | **Cost of** <br>**Revenues**<br>| **Research and** <br>**development** <br>**costs**<br>| **Gains/**<br>**(losses) on** <br>**disposal of** <br>**investments**<br>| **Share of the** <br>**profit/(loss) of** <br>**equity method** <br>**investees**<br>| **Total** |
| *(€ million)* |  |  |  |  |  |
| Platform impairments | 2730 | 3853 |  |  | 6583 |
| Costs related to product plan realignments and <br>program cancellations<br>| 6989 | 2083 |  |  | 9072 |
| Battery JVs |  |  | 1571 | 483 | 2054 |
| Hydrogen fuel cell program discontinuation | 338 | 286 |  | 470 | 1094 |
| **Total** | **10057** | **6222** | **1571** | **953** | **18803** |

---

Platform impairments

As part of the strategic reassessment, the Company revised its volume and profitability projections, including the

cancellation of certain vehicle programs. As a result, indicators of impairment were identified for several vehicle

platform cash generating units ("CGUs"), and impairment tests were performed, as further described in

*Impairment of long-lived assets*.

Based on the results of these impairment tests, for the year ended December 31, 2025, the Company

recognized total impairment charges of €6.6 billion, comprising:

• €2.7 billion recognized within Cost of revenues, relating to property, plant and equipment, primarily tooling;

and

• €3.9 billion recognized within Research and development costs, primarily relating to the write off of capitalized

development expenditures.

The impairment charges were recognized in North America (€5.7 billion), Maserati (€0.6 billion) and Enlarged

Europe (€0.3 billion).

Costs related to product plan realignments and program cancellations

As part of the strategic reassessment, the Company cancelled certain future products that were not expected to

achieve profitable scale, including the previously planned Ram 1500 BEV, reflecting alignment with customer

demand and changes in the U.S. regulatory framework.

As a result, the Company recognized asset write offs and other costs related to product plan realignments and

program cancellations.

For the year ended December 31, 2025, product plan realignments and program cancellations resulted in total

charges of €9.1 billion, comprising:

• €7.0 billion recognized within Cost of revenues; and

• €2.1 billion recognized within Research and development costs

These charges were recognized in North America (€6.5 billion), Enlarged Europe (€2.2 billion) and South

America (€0.3 billion).

EV supply chain

During the year ended December 31, 2025, the Company recognized charges of €2.1 billion in connection with

actions taken to rationalize battery manufacturing capacity, comprising the following:

• €1.6 billion recognized within Gains/(losses) on disposal of investments, relating to the decision to exit the

Company's battery joint venture with LG Energy Solution, NextStar Energy Inc. ("NextStar"). As a result, the

investment was classified as held for sale and remeasured to fair value less costs to sell, resulting in a full write

down of the investment (€0.9 billion). In addition, a €0.7 billion liability was accrued in respect of obligations

arising from the exit of the joint venture. These charges were recognized within North America; and

• €0.5 billion recognized within Share of profit/(loss) of equity method investments, relating to a full impairment of

the Company's investment in the Automotive Cells Company SE ("ACC") battery joint venture and the

impairment of the majority of the shareholder loans provided by the Company to ACC. These charges were

recognized within Enlarged Europe. The full impairment of ACC is due to the revised view of the pace of

energy transition in Enlarged Europe.

Hydrogen fuel cell program discontinuation

During the year ended December 31, 2025, the Company concluded that, due to the limited availability of

hydrogen refueling infrastructure, high capital requirements and the need for stronger consumer purchasing

incentives, the adoption of hydrogen powered light commercial vehicles is not expected before the end of the

decade. Accordingly, in July 2025, the Company announced the decision to discontinue its hydrogen fuel cell

technology development program.

As a result of this decision, the Company recognized total charges of €1.1 billion, comprising:

• €0.5 billion recognized within Share of profit/(loss) of equity method investments, relating to a full write down of

the investment in Symbio, a joint venture focused on hydrogen fuel cell technology, and the impairment of

loans granted to the joint venture;

• €0.3 billion recognized within Cost of revenues, relating to the write off of fuel cell related property, plant and

equipment, inventory write downs and other related costs; and

• €0.3 billion recognized within Research and development costs, primarily relating to the write off of fuel cell

related capitalized development expenditures.

These charges were recognized within Enlarged Europe.

**Climate change**

The areas of financial reporting which rely on the use of cash flow projections (such as impairment testing and

deferred tax asset recognition assessments) incorporate climate change related estimates and judgments

applied by management in the development of the MTP ("Medium Term Plan"), which covers the period from

January 1, 2026 through December 31, 2028.

For further details of impairment testing, refer to: *Recoverability of non-current assets with definite useful lives* 

and *Recoverability of Goodwill and Intangible assets with indefinite useful lives*. For further details of the

deferred tax asset recoverability assessment refer to *Recoverability of deferred tax assets*.

Changes in climate-related assumptions could also impact the estimated useful lives and residual value

estimates of property, plant and equipment and intangible assets, as these are based on the period over which

the assets are expected to be used by the Company, which could change in response to climate-related

assumptions, for example as a result of amendments to the regulatory landscape. Refer to Note 11, *Property,* 

*plant and equipment* and Note 10, *Other intangible assets* for additional information.

As described in Note 19, *Share-based compensation*, certain of the long-term equity incentive plans vest upon

the achievement of certain nameplate electrification targets. The Company accrues the share-based payment

expense on the basis of the progress towards achieving the MTP (i.e. periodically an evaluation is performed to

determine the best estimate for how much may vest). In the event that the Company does not expect to achieve

the electrification targets, certain of the amounts accrued in relation to these awards may need to be reversed.

The Company accrues provisions for costs related to regulatory emission compliance requirements. Such

provisions are accrued at the time the vehicle is sold, if it is concluded that it is more likely than not that the

Company will have to settle the obligation. The Company performs the recognition assessment based on its

most recent projections which reflect the climate-related assumptions. The provision accrued is the estimated

cost to settle the obligation, measured as the sum of the cost of regulatory credits expected to be used in

settlement plus the amount, if any, of the fine expected to be paid in cash per unit. In instances where there are

changes to regulatory emission schemes, the impacts are accounted for in the period of the change. Such

provisions are included within Note 21, *Provisions,* for additional information.

**Consolidated Statement of Cash Flows**

The Company has reclassified certain items in the Consolidated Statement of Cash Flows. These

reclassifications were made to enhance the consistency and comparability of the financial disclosures. These

changes are considered to be changes in accounting policy, in accordance with IAS 8. The reclassifications are

as follows:

• As the loans and receivables of our financial services activities are growing and as we consider these activities

to be part of our principal revenue-producing activities, the net change in receivables related to financial

services activities was reclassified from Net cash from/(used in) investing activities to Net cash from/(used in)

operating activities;

• Changes in securities have been reclassified from Net cash from/(used in) financing activities to Net cash

from/(used in) investing activities; and

• Certain financial receivables related to factoring transactions that qualify for derecognition of the trade

receivable have been reclassified from Net cash from/(used in) financing activities to Net cash from/(used in)

operating activities to the line Changes in working capital.

The following changes improve the structure and content of the Consolidated Statement of Cash Flows by

integrating information previously reported as disclosure notes:

• The change in long-term debt, which was previously presented net on the Statement of Cash Flows, will be

presented in separate lines presenting gross inflows in Proceeds from issuances of long-term debt and gross

outflows in Repayments of long-term debt; and

• The Company has moved the disclosures of the cash flows related to dividends received and income taxes

paid to the face of the Statement of Cash Flows. This information was previously disclosed in Note 31,

*Explanatory notes to the Consolidated Statement of Cash Flows* in the Consolidated Financial Statements at

December 31, 2024.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| *(€ million)* | **As previously** <br>**reported**<br>| **Reclassifications** | **As reclassified** |
| **Net profit/(loss)** | **5520** | **(5520)** | **—** |
| **Profit/(loss) before taxes** | **—** | **4032** | **4032** |
| Adjustments for non-cash items and other: |  |  |  |
| depreciation and amortization | 7226 |  | 7226 |
| (gains)/losses on disposals | (32) |  | (32) |
| change in deferred taxes | (2921) | 2921 |  |
| share of the profit/(loss) of equity method investees | 381 | (335) | 46 |
| other non-cash items | 1927 |  | 1927 |
| Change in provisions and employee benefits liabilities | 1779 |  | 1779 |
| Net change in receivables related to financial services activities |  | (3455) | (3455) |
| Change in carrying amount of leased vehicles | (3885) |  | (3885) |
| Dividends received |  | 335 | 335 |
| Income tax received/(paid), net |  | (2792) | (2792) |
| Changes in working capital | (5987) | 2341 | (3646) |
| **Net cash from/(used in) operating activities** | **4008** | **(2473)** | **1535** |
| Proceeds from disposal of shares in consolidated companies and of <br>investments in non-consolidated companies<br>| 261 |  | 261 |
| Acquisitions of consolidated subsidiaries and equity method <br>investments<br>| (1652) |  | (1652) |
| Proceeds from disposals of property, plant and equipment and <br>intangible assets<br>| 365 |  | 365 |
| Investments in property, plant and equipment and intangible assets | (11060) |  | (11060) |
| Change in amounts payable on property, plant and equipment and <br>intangible assets<br>| 223 |  | 223 |
| Changes in loans to joint ventures and associates | (4151) | 3455 | (696) |
| Change in securities |  | 2422 | 2422 |
| Other changes | 32 |  | 32 |
| **Net cash from/(used in) investing activities** | **(15982)** | **5877** | **(10105)** |
| Distributions paid: |  |  |  |
| to Stellantis shareholders | (4651) |  | (4651) |
| to non-controlling shareholders of subsidiaries | (10) |  | (10) |
| Proceeds from issuance of shares | 104 |  | 104 |
| (Purchases)/sales of treasury shares | (3000) |  | (3000) |
| Changes in short-term debt and other financial assets and liabilities | 2557 | (982) | 1575 |
| Changes in long-term debt | 4644 | (4644) |  |
| Gross outflows in repayments of long-term debt |  | (8471) | (8471) |
| Proceeds from issuances of long-term debt  |  | 13115 | 13115 |
| Change in securities | 2422 | (2422) |  |
| Other changes | (5) |  | (5) |
| **Net cash from/(used in) financing activities** | **2061** | **(3404)** | **(1343)** |
| Effect of changes in exchange rates | 410 |  | 410 |
| (Increase)/decrease in cash and cash equivalents included in asset <br>held for sale<br>| (66) |  | (66) |
| **Increase/(decrease) in cash and cash equivalents** | **(9569)** | **—** | **(9569)** |
| Net cash and cash equivalents at beginning of the period | 43669 |  | 43669 |
| **Net cash and cash equivalents at end of the period** | **34100** | **—** | **34100** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31, 2023** | **Year ended December 31, 2023** | **Year ended December 31, 2023** |
| *(€ million)* | **As previously** <br>**reported**<br>| **Reclassifications** | **As reclassified** |
| **Net profit/(loss)** | **18625** | **(18625)** | **—** |
| **Profit/(loss) before taxes** | **—** | **22418** | **22418** |
| Adjustments for non-cash items and other: |  |  |  |
| depreciation and amortization | 7549 |  | 7549 |
| (gains)/losses on disposals | (195) |  | (195) |
| change in deferred taxes | 701 | (701) |  |
| share of the profit/(loss) of equity method investees | (156) | (312) | (468) |
| other non-cash items | 720 |  | 720 |
| Change in provisions and employee benefits liabilities | 2460 |  | 2460 |
| Net change in receivables related to financial services activities |  | (3586) | (3586) |
| Change in carrying amount of leased vehicles | (1747) |  | (1747) |
| Dividends received |  | 312 | 312 |
| Income tax received/(paid), net |  | (2649) | (2649) |
| Changes in working capital | (5472) | (1388) | (6860) |
| **Net cash from/(used in) operating activities** | **22485** | **(4531)** | **17954** |
| Proceeds from disposal of shares in consolidated companies and of <br>investments in non-consolidated companies<br>| 1457 |  | 1457 |
| Acquisitions of consolidated subsidiaries and equity method <br>investments<br>| (3885) |  | (3885) |
| Proceeds from disposals of property, plant and equipment and <br>intangible assets<br>| 533 |  | 533 |
| Investments in property, plant and equipment and intangible assets | (10193) |  | (10193) |
| Change in amounts payable on property, plant and equipment and <br>intangible assets<br>| 1068 |  | 1068 |
| Changes in loans to joint ventures and associates | (3834) | 3586 | (248) |
| Change in securities |  | (2754) | (2754) |
| Other changes | (193) |  | (193) |
| **Net cash from/(used in) investing activities** | **(15047)** | **832** | **(14215)** |
| Distributions paid: |  |  |  |
| to Stellantis shareholders | (4208) |  | (4208) |
| to non-controlling shareholders of subsidiaries |  |  |  |
| Proceeds from issuance of shares | 92 |  | 92 |
| (Purchases)/sales of treasury shares | (2434) |  | (2434) |
| Changes in short-term debt and other financial assets and liabilities | 328 | 945 | 1273 |
| Changes in long-term debt | (214) | 214 |  |
| Gross outflows in repayments of long-term debt |  | (4382) | (4382) |
| Proceeds from issuances of long-term debt  |  | 4168 | 4168 |
| Change in securities | (2754) | 2754 |  |
| Other changes | (10) |  | (10) |
| **Net cash from/(used in) financing activities** | **(9200)** | **3699** | **(5501)** |
| Effect of changes in exchange rates | (836) |  | (836) |
| (Increase)/decrease in cash and cash equivalents included in asset <br>held for sale<br>| (166) |  | (166) |
| **Increase/(decrease) in cash and cash equivalents** | **(2764)** | **—** | **(2764)** |
| Net cash and cash equivalents at beginning of the period | 46433 |  | 46433 |
| **Net cash and cash equivalents at end of the period** | **43669** | **—** | **43669** |

---

**Material accounting policies**

**Basis of consolidation**

Subsidiaries

Subsidiaries are entities over which the Company has control. Control is achieved when the Company (i) has

power over the investee; (ii) is exposed to, or has rights to, variable returns from its involvement with the investee

and (iii) has the ability to use its power over the investee to affect the amount of the investor's returns.

Subsidiaries are consolidated on a line-by-line basis from the date which control is achieved by the Company.

The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there

are changes to one or more of the three elements of control listed above.

The Company recognizes a non-controlling interest in the acquiree on a transaction-by-transaction basis, either

at fair value or at the non-controlling interest's share of the recognized amounts of the acquiree's identifiable net

assets. Net profit or loss and each component of Other comprehensive income/(loss) are attributed to Equity

attributable to owners of the parent and to Non-controlling interests. Total comprehensive income/(loss) of

subsidiaries is attributed to Equity attributable to the owners of the parent and to the non-controlling interest

even if this results in a deficit balance in Non-controlling interests.

Changes in the Company's ownership interests in a subsidiary that do not result in the Company losing control

over the subsidiary are accounted for as equity transactions. The carrying amounts of Equity attributable to

owners of the parent and Non-controlling interests are adjusted to reflect the changes in their relative interests in

the subsidiary. Any difference between the carrying amount of the non-controlling interests and the fair value of

the consideration paid or received in the transaction is recognized directly in Equity attributable to the owners of

the parent.

Subsidiaries are deconsolidated from the date on which control ceases. When the Company ceases to have

control over a subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at

their carrying amounts, derecognizes the carrying amount of non-controlling interests in the former subsidiary, if

any, and recognizes the fair value of any consideration received from the transaction. Any gain or loss is

recognized in the Consolidated Income Statement. Any retained interest in the former subsidiary is then

remeasured to its fair value.

All intra-group balances and transactions, and any unrealized gains and losses arising from intra-group

transactions, are eliminated in preparing the Consolidated Financial Statements.

Interests in Joint Ventures and Associates

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights

to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an

arrangement, which exists only when decisions about the relevant activities require the unanimous consent of

the parties sharing the control.

An associate is an entity over which the Company has significant influence. Significant influence is where the

Company has the power to participate in the financial and operating policy decisions of the investee but does

not have control or joint control over those policies.

Joint ventures and associates are accounted for using the equity method of accounting from the date joint

control or significant influence is obtained. On acquisition, any excess of the investment over the share of the net

fair value of the investee's identifiable assets and liabilities is recognized as goodwill and is included in the

carrying amount of the investment. Any excess of the Company's share of the net fair value of the investee's

identifiable assets and liabilities over the cost of the investment is included as income in the determination of the

Company's share of the investee's profit/(loss) in the acquisition period.

Under the equity method, investments are initially recognized at cost and adjusted thereafter to recognize the

Company's share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Company's

share of the investee's profit/(loss) is recognized in the Consolidated Income Statement. Distributions received

from an investee reduce the carrying amount of the investment. Post-acquisition movements in Other

comprehensive income/(loss) are recognized in Other comprehensive income/(loss) with a corresponding

adjustment to the carrying amount of the investment.

Unrealized gains arising on transactions between the Company and its joint ventures and associates are

eliminated to the extent of the Company's interest in the joint venture or associate. Unrealized losses are also

eliminated unless the transaction provided evidence of an impairment of the asset transferred.

When the Company's share of the losses of a joint venture or associate exceeds its interest in that joint venture

or associate, the Company discontinues recognizing its share of further losses. Additional losses are provided

for and a liability is recognized only to the extent that the Company has incurred legal or constructive obligations

or made payments on behalf of the joint venture or associate. The Company tests the carrying value of a joint

venture or associate for impairment when indicators of impairment are identified.

The Company discontinues the use of the equity method from the date the investment ceases to be an associate

or a joint venture, or when it is classified as held for sale.

Interests in Joint Operations

A joint operation is a type of joint arrangement whereby the parties that have joint control have rights to the

assets and obligations for the liabilities relating to the arrangement. Joint control is the contractually agreed

sharing of control of an arrangement, which exists only when decisions about the relevant activities require the

unanimous consent of the parties sharing control.

The Company recognizes its related interest in the joint operation including: (i) its assets, including its share of

any assets held jointly, (ii) its liabilities, including its share of any liabilities incurred jointly, (iii) its revenue from

the sale of its share of the output arising from the joint operation, (iv) its share of the revenue from the sale of the

output by the joint operation and (v) its expenses, including its share of any expenses incurred jointly.

Assets held for sale, Assets held for distribution and Discontinued Operations

Pursuant to IFRS 5 - *Non-current Assets Held for Sale and Discontinued Operations*, non-current assets and

disposal groups are classified as held for sale if their carrying amount will be recovered principally through a

sale transaction rather than through continuing use. This condition is regarded as met only when the asset or

disposal group is available for immediate sale in its present condition, subject only to terms that are usual and

customary for sales of such an asset or disposal group, and the sale is highly probable, with the sale expected

to be completed within one year from the date of classification.

Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying

amount and fair value less costs to sell and are presented separately in the Consolidated Statement of Financial

Position. Non-current assets and disposal groups are not classified as held for sale within the comparative

period presented for the Consolidated Statement of Financial Position.

A discontinued operation is a component of the Company that either has been disposed of or is classified as

held for sale and (i) represents either a separate major line of business or a geographical area of operations, (ii)

is part of a single coordinated plan to dispose of a separate major line of business or geographical area of

operations, or (iii) is a subsidiary acquired exclusively with a view to resell and the disposal will result in the loss

of control.

Classification as a discontinued operation occurs upon disposal or, if earlier, when the asset or disposal group

meets the criteria to be classified as held for sale. When the asset or disposal group is classified as a

discontinued operation, the comparative information is reclassified within the Consolidated Income Statement

and the Consolidated Statement of Cash Flows as if the asset or disposal group had been discontinued from the

start of the earliest comparative period presented. In addition, when an asset or disposal group is classified as

held for sale, depreciation and amortization cease.

For the years ended December 31, 2025, 2024 and 2023 the Company did not have any discontinued

operations.

The classification, presentation and measurement requirements of IFRS 5 - *Non-current Assets Held for Sale and* 

*Discontinued Operations* outlined above also apply to an asset or disposal group that is classified as held for

distribution to owners, whereby there must be commitment to the distribution, the asset or disposal group must

be available for immediate distribution and the distribution must be highly probable.

Foreign currency

The functional currency of the Company's entities is the currency used in their respective primary economic

environments. In individual companies, transactions in foreign currencies are recorded at the exchange rate

prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are

translated at the exchange rate prevailing at the date of the Consolidated Statement of Financial Position.

Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates

different from those initially recorded, are recognized in the Consolidated Income Statement.

All assets and liabilities of foreign consolidated companies with a functional currency other than the Euro are

translated using the closing rates as at the date of the Consolidated Statement of Financial Position. Income and

expenses are translated into Euro on a monthly basis at the average exchange rate for each month. Translation

differences arising from the application of this method are classified within Other comprehensive income/(loss)

until the disposal of the subsidiary.

Average exchange rates for the period are used in preparing the Consolidated Statement of Cash Flows to

translate the cash flows of foreign subsidiaries.

The principal exchange rates used to translate other currencies into Euro were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | **Average** | **At December 31** | **Average** | **At December 31** | **Average** | **At December 31** |
| U.S. Dollar (USD) | 1.130 | 1.175 | 1.082 | 1.039 | 1.081 | 1.105 |
| Canadian Dollar (CAD) | 1.578 | 1.609 | 1.482 | 1.495 | 1.460 | 1.464 |
| Mexican Peso (MXN) | 21.675 | 21.118 | 19.806 | 21.550 | 19.193 | 18.723 |
| Pound Sterling (GBP) | 0.857 | 0.873 | 0.847 | 0.829 | 0.870 | 0.869 |
| Polish Zloty (PLN) | 4.241 | 4.227 | 4.306 | 4.273 | 4.544 | 4.348 |
| Swiss Franc (CHF) | 0.937 | 0.931 | 0.953 | 0.941 | 0.972 | 0.926 |
| Turkish Lira (TRY)<sup>(1)</sup> | n.a. | 50.331 | n.a. | 36.769 | n.a. | 32.603 |
| Brazilian Real (BRL) | 6.309 | 6.469 | 5.828 | 6.435 | 5.401 | 5.350 |
| Argentine Peso (ARS)<sup>(2)</sup> | n.a. | 1707.560 | n.a. | 1071.106 | n.a. | 893.404 |
| Chinese Renminbi (CNY) | 8.116 | 8.226 | 7.786 | 7.583 | 7.657 | 7.851 |
| Japanese Yen (JPY) | 168.976 | 184.090 | 163.844 | 163.060 | 151.854 | 156.330 |

---

n.a. = not applicable

<sup>(1)</sup> From April 1, 2022, Türkiye's economy was considered to be hyperinflationary. Transactions after January 1, 2022 for entities with the

Turkish Lira as the functional currency were translated using the spot rate at the end of the period. The price indices used are published

by the Turkish Statistical Institute

<sup>(2)</sup> From July 1, 2018, Argentina's economy was considered to be hyperinflationary. Transactions after July 1, 2018 for entities with the

Argentine Peso as the functional currency were translated using the spot rate at the end of the period. The price indices used are

published by the Insituto Nacional de Estadistica y Censos de la Republica Argentina

**Intangible assets** 

Goodwill

Goodwill represents the excess of the fair value of consideration paid in a business combination over the fair

value of net tangible and identifiable intangible assets acquired. Goodwill is not amortized but is tested for

impairment annually or more frequently if events or changes in circumstances indicated that it might be

impaired. After initial recognition, goodwill is measured at cost less any accumulated impairment losses.

Intangible assets with indefinite useful lives

Intangible assets with indefinite useful lives consist principally of brands which have no legal, contractual,

competitive, economic or other factors that limit their useful lives. Intangible assets with indefinite useful lives are

not amortized but are tested for impairment annually, or more frequently if events or changes in circumstances

indicated that the asset may be impaired.

Development expenditures

Development expenditures for vehicle production and related components, engines and production systems are

recognized as an asset if all of the following conditions within IAS 38 – *Intangible assets* are met: (i) development

expenditures can be measured reliably, (ii) technical feasibility of the product, projected volumes and pricing

support the view that the development expenditure will generate future economic benefits and (iii) the intention

to complete the intangible asset as well as the availability of adequate technical, financial and other resources

for this purpose. Capitalized development expenditures include all costs that are directly attributed to the

development process. All other development expenditures are expensed as incurred.

Capitalized development expenditures are amortized on a straight-line basis from when the related asset is

available for use, generally from the beginning of production, over the expected life cycle of the models

(generally 5-9 years) or propulsion systems (generally 10-12 years) developed.

The useful lives of capitalized development expenditures are reviewed at least annually, or more frequently if

facts and circumstances indicate that there could be a change from the previous assessment. Changes in useful

lives are accounted for as a change in accounting estimate prospectively from the date of change. The useful

life assessment considers any updates to the Company's product development strategy (including any climate-

related changes in assumptions), reflecting the Company's most recently approved plans (including the MTP),

which would also reflect any regulatory developments (for example the phasing out of certain technologies).

Refer to the section "*Climate change*" for additional information.

Other internally developed or purchased intangible assets, excluding development expenditures

The portion of development expenditures relating to software for internal use that corresponds to directly

attributable internal or external costs necessary to create the software or improve its performance is recognized

as an intangible asset when it is probable that these costs will generate future economic benefits. Other software

acquisition and development-costs are expensed as incurred.

Other intangible assets are amortized on a straight-line basis over their estimated useful lives.

**Property, plant and equipment**

Cost

Property, plant and equipment is initially recognized at cost and includes the purchase price, any costs directly

attributable to bringing the assets to the location and condition necessary to be capable of operating in the

manner intended by management and any initial estimate of the costs of dismantling and removing the asset

and restoring the site on which it is located. Self-constructed assets are initially recognized at production cost.

Subsequent expenditures and the cost of replacing parts of an asset are capitalized only if they increase the

future economic benefits embodied in that asset. All other expenditures are expensed as incurred. When such

replacement costs are capitalized, the carrying amount of the parts that are replaced is expensed to the

Consolidated Income Statement.

Depreciation

During the years ended December 31, 2025, 2024 and 2023, assets were depreciated on a straight-line basis

over their estimated useful lives as follows:

---

| | |
|:---|:---|
|  | **Years** |
| Buildings | 33 - 40 |
| Plant, machinery and equipment | 2 - 25 |
| Other assets - Assets subject to operating leases | 1 - 3 |
| Other assets - Other assets | 2 - 34 |

---

The useful life of property, plant and equipment is reviewed at least annually, or more frequently if facts and

circumstances indicate that there could be a change from the previous assessment. Changes in useful lives are

accounted for as a change in accounting estimate prospectively from the date of change. The useful life

assessment considers any updates to the Company's product development strategy (including any climate-

related changes in assumptions), reflecting the Company's most recently approved plans (including the MTP),

which would also reflect any regulatory developments (for example the phasing out of certain technologies).

Refer to the section "*Climate change*" for additional information.

Borrowing Costs

Borrowing costs that are directly attributable to the acquisition, construction or production of property, plant or

equipment or an intangible asset that is deemed to be a qualifying asset as defined in IAS 23 - *Borrowing Costs* 

are capitalized. Only assets with a construction period of 12 months or longer are considered. The amount of

borrowing costs eligible for capitalization corresponds to the actual borrowing costs incurred during the period,

less any investment income on the temporary investment of any borrowed funds not yet used. The amount of

borrowing costs capitalized in the years ended December 31, 2025 and 2024 was €317 million and €324 million,

respectively.

Leases

As a Lessee

At the inception of a contract, the Company assesses whether the contract has, or contains, a lease. A contract

has, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of

time in exchange for consideration.

At inception or on reassessment of a contract that contains a lease component, the Company allocates the

consideration in the contract to each lease component on the basis of their relative stand-alone prices.

*Right-of-use asset*

The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-

of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any

lease payments made at or before the commencement date, plus any initial direct costs incurred and an

estimate of costs to dismantle and remove the underlying asset or restore the underlying asset or the site on

which it is located if required by the lease, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date

to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated

useful life of the right-of-use asset is determined based on the nature of the asset, taking into consideration the

lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted

for certain corresponding remeasurements of the lease liability.

*Lease liability*

The lease liability is initially measured at the present value of the lease payments that have not been paid at the

commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily

determined, the Company's incremental borrowing rate. The incremental borrowing rate is determined

considering macro-economic factors such as the risk free rate based on the relevant currency and term, as well

as the Company specific factors contributing to the Company's credit spread, including the impact of security.

The Company primarily uses the incremental borrowing rate as the discount rate for its lease liabilities.

Lease payments used to measure the lease liability include the following, if appropriate:

• fixed payments, including in-substance fixed payments;

• variable lease payments that depend on an index or a rate, initially measured using the index or rate

applicable as at the commencement date;

• amounts expected to be payable under a residual value guarantee;

• if reasonably certain to exercise, the exercise price under a purchase option, or lease payments in an optional

renewal period; and

• penalties for early termination of a lease unless the Company was reasonably certain not to terminate early.

The lease liability is subsequently measured at amortized cost using the effective interest method. It is

remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is

a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, or

if the Company changes its assessment of whether it would exercise a purchase, extension or termination

option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying

amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset

has been reduced to zero.

The Company presents right-of-use assets that do not meet the definition of investment property in *Property,* 

*plant and equipment* and lease liabilities in *Long-term debt and Short-term debt and current portion of long-term* 

*debt* in the Consolidated Statement of Financial Position.

The Company elects to not recognize right-of-use assets and lease liabilities for short-term leases and low-value

leases for all classes of leased assets. The Company recognizes the lease payments associated with these

leases as an expense on a straight-line basis over the lease term.

As a Lessor

When the Company acts as a lessor, it determines at lease inception whether each lease is a finance lease or an

operating lease.

To classify each lease, the Company makes an overall assessment of whether the lease transfers substantially

all the risks and rewards incidental to ownership of the underlying asset. If the risks and rewards are

substantially transferred, then the lease is a finance lease; if not, then it is an operating lease. As part of this

assessment, the Company considers certain indicators such as whether the lease is for the major part of the

economic life of the asset.

**Impairment of long-lived assets** 

Semi-annually, or when facts or circumstances indicate otherwise, the Company assesses whether there is any

indication that its finite-lived intangible assets (including capitalized development expenditures) and its property,

plant and equipment may be impaired.

If indicators of impairment are present, an impairment test is performed, comparing the carrying amount of the

asset to its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. In

the event that the carrying amount is in excess of the recoverable amount, an impairment is recorded to reduce

the value of the asset to its recoverable amount. The recoverable amount is determined for the individual asset,

unless the asset does not generate cash inflows that are largely independent of those from other assets or

groups of assets, in which case the asset is tested as part of the cash-generating unit ("CGU") to which the

asset belongs. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely

independent of the cash inflows from other assets or groups of assets. In assessing the value in use of an asset

or CGU, the estimated future cash flows are discounted to their present value using a discount rate that reflects

current market assessments of the time value of money and the risks specific to the asset or CGU.

When an impairment loss for assets, other than goodwill, no longer exists or has decreased, the carrying amount

of the asset or CGU is increased to the revised estimate of its recoverable amount but not in excess of the

carrying amount that would have been recorded had no impairment loss been recognized.

Impairment losses, along with any required reversal of a previously recorded impairment loss, are recognized in

the Consolidated Income Statement. Refer to the section "*Critical judgments and use of estimates*" below for

additional information.

**Financial assets and liabilities**

Financial assets primarily includes trade receivables, receivables from financing activities, investments in other

companies, derivative financial instruments, cash and cash equivalents, and other financial securities that do not

satisfy the requirements for being classified as cash equivalents.

Financial liabilities primarily consists of debt, derivative financial instruments, trade payables and other liabilities.

Receivables from dealer financing activities are typically generated by shipments of vehicles and are generally

managed under dealer network financing programs as a component of the portfolio of the Company's financial

services companies. These receivables accrue interest, except in most cases during an initial, limited period

when they are non-interest bearing. This non-interest bearing period does not apply to U.S. receivables. The

contractual terms governing the relationships with the dealer networks vary according to market and payment

terms, which generally range from one to 21 months.

In addition, the Company generates receivables from financing activities related to installment sales contracts

and loans as a component of the portfolio of the Company's financial services companies, originated through its

automobile dealer relationships and directly with consumers. The Company primarily used warehouse credit

facilities with financial institutions and asset-backed facilities to fund its origination activities. When sufficient

volume is originated, the Company will complete an on-balance sheet securitization and issue term notes,

thereby freeing up capacity in the warehouse credit facilities.

In our securitizations, we transfer receivables from financing activities to securitization trusts ("Trusts"), which

issue one or more classes of asset-backed securities. These asset-backed securities are then sold to investors.

These Trusts are included in our consolidated financial statements, but they are separate legal entities. The

assets held by these Trusts are legally owned by the Trusts and are not available to the Company's creditors or

creditors of our other Trusts. When the securitized assets are transferred to a Trust, we make certain

representations and warranties regarding the securitized assets. These representations and warranties relate to

specific aspects of the securitized assets, such as origination, obligors, accuracy, and security interest, but not

the underlying performance of the securitized asset. If a breach were to occur related to one or more of these

representations that materially affects the noteholders' interest, we would be obligated to repurchase the

securitized assets.

The transfers of assets in the Company's securitization transactions do not qualify for derecognition. The

Company accounts for all securitization transactions as if they were secured financing and therefore the assets,

liabilities, and related activity of these transactions are consolidated in the Company's financial statements. As

the securitized receivables amortize, finance charge collections are passed through to the investors at a

specified rate for the life of the securitization and an interest in collections exceeding the specified rate is

retained by the Company. The majority of these securitization transactions are within Stellantis Financial Services

US Corp ("SFS U.S.").

The Company classifies financial liabilities that arise from supplier finance arrangements within Trade payables

in the Consolidated Statement of Financial Position if they have a similar nature and function to trade payables.

This is the case if the supplier finance arrangement is part of the working capital used in the Company's normal

operating cycle and the terms of the liabilities that are part of the supply chain finance arrangement are not

substantially different from the terms of trade payables that are not part of the arrangement. Cash flows related

to liabilities arising from supplier finance arrangements that are classified in Trade payables in the Consolidated

Statement of Financial Position are included in operating activities in the Consolidated Statement of Cash Flows.

Classification and measurement

The classification of a financial asset is dependent on the Company's business model for managing such financial

assets and their contractual cash flows. The Company considers whether the contractual cash flows represent

solely payments of principal and interest that are consistent with a basic lending arrangement. Where the

contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement,

the related financial assets are classified and measured at fair value through profit or loss ("FVPL").

---

| | | |
|:---|:---|:---|
| **Financial asset cash flow business model** | **Initial measurement**<sup>(1)</sup> | **Measurement category**<sup>(3)</sup> |
| Solely to collect the contractual cash flows <br>(Held to Collect)<br>| Fair Value including transaction costs | Amortized Cost<sup>(2)</sup> |
| Collect both the contractual cash flows and <br>generate cash flows arising from the sale of <br>assets (Held to Collect and Sell)<br>| Fair Value including transaction costs | Fair value through other <br>comprehensive income ("FVOCI")<br>|
| Generate cash flows primarily from the sale of <br>assets (Held to Sell)<br>| Fair Value | FVPL |

---

<sup>(1)</sup> Trade receivables without a significant financing component, as defined by IFRS 15 - Revenue from contracts with customers, are

initially measured at the transaction price

<sup>(2)</sup> Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates are

discounted using market rates

<sup>(3)</sup> On initial recognition, the Company could irrevocably designate a financial asset at FVPL that otherwise met the requirements to be

measured at amortized cost or at FVOCI if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise

Factors considered by the Company in determining the business model for a group of financial assets include:

• past experience on how the cash flows for these assets were collected;

• the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and

future sales activity expectations;

• how the asset's performance is evaluated and reported to key management personnel; and

• how risks are assessed and managed and how management is compensated.

Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its

business model for managing financial assets, in which case all affected financial assets are reclassified on the

first day of the first reporting period following the change in the business model.

Cash and cash equivalents include cash at banks, units in money market funds and other money market

securities, commercial paper and certificate of deposits that are readily convertible into cash, with original

maturities of three months or less at the date of purchase. Cash and cash equivalents are subject to an

insignificant risk of changes in value and consist of balances across various primary national and international

banks and of money market instruments. Money market funds consist of investments in high quality, short-term,

diversified financial instruments that can generally be liquidated on demand and are measured at FVPL. Cash at

banks and Other cash equivalents are measured at amortized cost.

Investments in other companies are measured at fair value. Equity investments for which there is no quoted

market price in an active market and there is insufficient financial information in order to determine fair value may

be measured at cost as an estimate of fair value, as permitted by IFRS 9 - *Financial Instruments* ("IFRS 9"). The

Company may irrevocably elect to present subsequent changes in the investment's fair value in Other

comprehensive income ("OCI") upon the initial recognition of an equity investment that is not held to sell. This

election is made on an investment-by-investment basis. Generally, any dividends from these investments are

recognized in Net financial expenses/(income) when the Company's right to receive payment is established.

Other net gains and losses are recognized in OCI and will not be reclassified to the Consolidated Income

Statement in subsequent periods. Impairment losses (and the reversal of impairment losses) on equity

investments measured at FVOCI are not reported separately from other changes in fair value in OCI.

Impairment of financial assets

The Company's credit risk differs in relation to the type of activity. In particular, receivables from financing

activities, such as dealer and retail financing that are carried out through the Company's financial services

companies, are exposed both to the direct risk of default and the deterioration of the creditworthiness of the

counterparty, whereas trade receivables arising from the sale of vehicles and spare parts, are mostly exposed to

the direct risk of counterparty default. These risks are mitigated by different kinds of security received and the

fact that collection exposure is spread across a large number of counterparties.

The IFRS 9 impairment requirements are based on a forward-looking expected credit loss ("ECL") model. ECL is

a probability-weighted estimate of the present value of cash shortfalls.

The calculation of the amount of ECL is based on the risk of default by the counterparty, which is determined by

taking into account the information available at the end of each reporting period as to the counterparty's

solvency, the fair value of any guarantees and the Company's historical experience. The Company considers a

financial asset to be in default when: (i) the borrower is unlikely to pay its obligations in full and without

consideration of compensating guarantees or collateral (if any exist); or (ii) the financial asset is more than 90

days past due.

The Company applies two impairment models for financial assets as set out in IFRS 9: the simplified approach

and the general approach. The table below indicates the impairment model used for each of the Company's

financial asset categories. Impairment losses on financial assets are recognized in the Consolidated Income

Statement within the corresponding line items, based on the classification of the counterparty.

---

| | |
|:---|:---|
| **Financial asset** | **IFRS 9 impairment model** |
| Trade receivables | Simplified approach |
| Receivables from financing activities | General approach |
| Other receivables | General approach |

---

In order to test for impairment, individually significant receivables and receivables for which collectability is at

risk are assessed individually, while all other receivables are grouped into homogeneous risk categories based

on shared risk characteristics such as instrument type, industry or geographical location of the counterparty.

The simplified approach for determining the lifetime ECL allowance is performed in two steps:

• All trade receivables that are in default, as defined above, are individually assessed for impairment; and

• A general reserve is recognized for all other trade receivables (including those not past due) based on

historical loss rates.

The Company applies the general approach as determined by IFRS 9 by assessing at each reporting date

whether there has been a significant increase in credit risk on the financial instrument since initial recognition.

The Company considers receivables to have experienced a significant increase in credit risk when certain

quantitative or qualitative indicators have been met or the borrower was more than 30 days past due on its

contractual payments.

The "three-stages" for determining and measuring the impairment based on changes in credit quality since initial

recognition are summarized below:

---

| | | |
|:---|:---|:---|
| **Stage** | **Description** | **Time period for** <br>**measurement of ECL**<br>|
| Stage 1 | A financial instrument that is not credit-impaired on initial recognition | 12-month ECL |
| Stage 2 | A financial instrument with a significant increase in credit risk since initial recognition | Lifetime ECL |
| Stage 3 | A financial instrument that is credit-impaired or has defaulted | Lifetime ECL |

---

Considering forward-looking economic information, ECL is determined by projecting the probability of default,

exposure at default and loss given default for each future contractual period and for each individual exposure or

collective portfolio. The discount rate used in the ECL calculation is the stated effective interest rate or an

approximation thereof. Each reporting period, the assumptions underlying the ECL calculation are reviewed and

updated as necessary. Since adoption, there have been no significant changes in estimation techniques or

significant assumptions that led to material changes in the ECL allowance.

The gross carrying amount of a financial asset is written-off to the extent that there is no realistic prospect of

recovery. This is generally the case when the Company determined that a debtor does not have assets or

sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.

However, financial assets that are written off could still be subject to enforcement activities.

Derivative financial instruments

Derivative financial instruments are used for economic hedging purposes in order to reduce currency, interest

rate and market price risks (primarily related to commodities). In accordance with IFRS 9, derivative financial

instruments are recognized when we become a party to the contractual provisions of the instrument and, upon

initial recognition, are measured at fair value. Subsequent to initial recognition, all derivative financial instruments

are measured at fair value. Furthermore, derivative financial instruments qualify for hedge accounting when (i)

there is formal designation and documentation of the hedging relationship and the Company's risk management

objective and strategy for undertaking the hedge at inception of the hedge and (ii) the hedge is expected to be

effective. If the hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge

ratio but the risk management objective for that designated hedging relationship remains the same, this ratio

must then be rebalanced. Rebalancing consists in adjusting either the designated quantities of the hedged item

or the hedging instrument of an already existing hedging relationship.

When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:

**•Fair value hedges** - where a derivative financial instrument is designated as a hedge of the exposure to

changes in fair value of a recognized asset or liability attributable to a particular risk that could affect the

Consolidated Income Statement, the gain or loss from remeasuring the hedging instrument at fair value is

recognized in the Consolidated Income Statement. The gain or loss on the hedged item attributable to the

hedged risk adjusts the carrying amount of the hedged item and is recognized in the Consolidated Income

Statement.

**•Cash flow hedges** - where a derivative financial instrument is designated as a hedge of the exposure to

variability in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and

could affect the Consolidated Income Statement, the effective portion of any gain or loss on the derivative

financial instrument is recognized directly in Other comprehensive income/(loss). When the hedged forecasted

transaction results in the recognition of a non-financial asset, the gains and losses previously deferred in Other

comprehensive income/(loss) are reclassified and included in the initial measurement of the cost of the non-

financial asset. The effective portion of any gain or loss is recognized in the Consolidated Income Statement at

the same time as the economic effect arising from the hedged item that affects the Consolidated Income

Statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is

recognized in the Consolidated Income Statement immediately.

When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to

occur, the cumulative gain or loss realized to the point of termination remains and is recognized in the

Consolidated Income Statement at the same time as the underlying transaction occurred. If the hedged

transaction is no longer probable, the cumulative unrealized gain or loss held in Other comprehensive income/

(loss) is recognized in the Consolidated Income Statement immediately.

**•Hedges of a net investment** - if a derivative financial instrument is designated as a hedging instrument for a

net investment in a foreign operation, the effective portion of the gain or loss on the derivative financial

instrument is recognized in Other comprehensive income/(loss). The cumulative gain or loss is reclassified

from Other comprehensive income/(loss) to the Consolidated Income Statement upon disposal of the foreign

operation.

Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective

effectiveness assessments to ensure the hedge relationships meet the effectiveness requirements (including the

existence of an economic relationship between the hedged item and hedging instrument). The Company enters

into hedge relationships where the critical terms of the hedging instrument match closely or exactly with the

terms of the hedged item, and so a qualitative assessment of effectiveness is performed. In the event there was

a hedge relationship where the critical terms of the hedged item do not match closely or perfectly with the

critical terms of the hedging instrument, the Company would perform a quantitative assessment to assess

effectiveness.

Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and

cumulative change in fair value of the hedged item arising from the designated risk. The primary potential

sources of hedge ineffectiveness are mismatches in timing or the critical terms of the hedged item and the

hedging instrument.

The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The Company's

derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected to be

one for one.

If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative

financial instruments are recognized immediately in the Consolidated Income Statement.

Refer to Note 17, *Derivative financial and operating assets and liabilities*, for additional information on fair value

measurements.

**Transfers of financial assets**

The Company derecognizes financial assets when the contractual rights to the cash flows arising from the asset

are no longer held or if it transfers substantially all the risks and rewards of ownership of the financial asset. On

derecognition of financial assets, the difference between the carrying amount of the asset and the consideration

received or receivable for the transfer of the asset is recognized in the Consolidated Income Statement.

The Company transfers certain of its financial, trade and tax receivables, mainly through factoring transactions.

Factoring transactions may be either with recourse or without recourse. Certain transfers include deferred

payment clauses requiring first loss cover (for example, when the payment by the factor of a minor part of the

purchase price is dependent on the total amount collected from the receivables), whereby the transferor has

priority participation in the losses, or requires a significant exposure to the variability of cash flows arising from

the transferred receivables to be retained. These types of transactions do not meet the requirements of IFRS 9

for the derecognition of the assets since the risks and rewards connected with ownership of the financial asset

are not substantially transferred, and accordingly the Company continues to recognize these receivables within

the Consolidated Statement of Financial Position and recognizes a financial liability for the same amount under

Asset-backed financing, which is included within Debt. These types of receivables are classified as held-to-

collect, since the business model is consistent with the Company's continuing recognition of the receivables.

**Inventories** 

Raw materials, semi-finished products and finished goods inventories are stated at the lower of cost and net

realizable value, with cost being determined on a first-in, first-out basis. The measurement of Inventories

includes the direct cost of materials and labor as well as indirect costs (variable and fixed). A provision is made

for obsolete and slow-moving raw materials, finished goods, spare parts and other supplies based on their

expected future use and realizable value. Net realizable value is the estimated selling price in the ordinary

course of business, less the estimated costs of completion and the estimated costs for sale and distribution.

The measurement of production systems construction contracts is based on the stage of completion, which is

determined as the proportion of cost incurred at the balance sheet date over the estimated total contract cost.

These items are presented net of progress billings received from customers. Any losses on such contracts are

recorded in the Consolidated Income Statement in the period in which they are identified.

**Employee benefits** 

Defined contribution plans

Costs arising from defined contribution plans are expensed as incurred.

Defined benefit plans

The Company's net obligations are determined separately for each defined benefit plan by estimating the

present value of future benefits that employees have earned and deducting the fair value of any plan assets. The

present value of defined benefit obligations is measured using actuarial techniques and actuarial assumptions

that are unbiased, mutually compatible and attribute benefits to periods in which the obligation to provide post-

employment benefits arise by using the Projected Unit Credit Method. Plan assets are recognized and measured

at fair value.

The components of defined benefit cost are recognized as follows:

• Service cost is recognized in the Consolidated Income Statement by function and is presented within the

relevant line items (Cost of revenues, Selling, general and other costs, and Research and development costs);

• Net interest expense on the defined benefit liability/(asset) is recognized in the Consolidated Income

Statement within Net financial expenses and is determined by multiplying the net liability/(asset) by the

discount rate used to discount obligations taking into account the effect of contributions and benefit payments

made during the year; and

• Remeasurement components of the net obligation, which comprise actuarial gains and losses, the return on

plan assets (excluding interest income recognized in the Consolidated Income Statement) and any change in

the effect of the asset ceiling are recognized immediately in Other comprehensive income/(loss). These

remeasurement components are not reclassified to the Consolidated Income Statement in a subsequent

period.

Past service costs arising from plan amendments and curtailments and gains and losses on the settlement of a

plan are recognized immediately in the Consolidated Income Statement.

Other long-term employee benefits

The Company's obligations represent the present value of future benefits that employees have earned in return

for their service. The effects of remeasuring other long-term employee benefits to the present value of future

benefits are recognized within the Consolidated Income Statement in the period in which they arise.

**Share-based compensation** 

The Company has several compensation plans that provide for the granting of share-based compensation to

certain employees and directors. Share-based compensation plans are accounted for in accordance with IFRS 2

-*Share-based Payment*, which requires the recognition of share-based compensation expense based on fair

value.

For equity-settled transactions, the cost is determined by the fair value at the date when the grant is determined

with reference to the grant-date share price and, where applicable, using a Monte Carlo simulation model. Refer

to Note 19, *Share-based compensation*, for additional information.

Share-based compensation expense is recognized within *Selling, general and other costs* within the

Consolidated Income Statement, together with a corresponding increase in equity, over the period in which the

service and, where applicable, the performance conditions are fulfilled ("vesting period"). The cumulative

expense is recognized for equity-settled transactions at each reporting date using the graded vesting method

and reflects the Company's best estimate of the number of equity instruments that will ultimately vest. The

expense, or credit, in the Consolidated Income Statement for a period represents the movement in cumulative

expense recognized as at the beginning and end of that period.

Service and non-market performance conditions are not taken into account when determining the grant date fair

value of awards, but the likelihood of the conditions being met is assessed as part of the Company's best

estimate of the number of equity instruments that will ultimately vest. Market performance conditions are

reflected within the grant date fair value. Any other conditions attached to an award, but without an associated

service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair

value of an award and lead to an immediate expensing of an award unless there were also service and/or

performance conditions.

No expense is recognized for awards that do not ultimately vest because non-market performance and/or

service conditions have not been met. Where awards included a market or non-vesting condition, the

transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied,

provided that all other performance and/or service conditions are satisfied.

When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair

value of the unmodified award, provided the original vesting terms of the award are met. Any incremental

expense between the original grant and the modified grant, measured at the date of modification, is recognized

over the modified vesting terms. Where an award is cancelled by the entity or by the counterparty, any

unrecognized element of the fair value of the award is expensed immediately through the Consolidated Income

Statement.

For cash-settled transactions, a liability is recognized for the fair value measured initially and at each reporting

date up to and including the settlement date. The fair value is expensed over the period until the vesting date,

with recognition of a corresponding liability. The approach used to account for vesting conditions when

measuring equity-settled transactions also applies to cash-settled transactions.

**Revenue recognition**

Revenue is recognized when control of the Company's vehicles, services or parts has been transferred and the

Company's performance obligations to its customers have been satisfied. Revenue is measured as the amount

of consideration the Company expects to receive in exchange for transferring goods or providing services. The

timing of when the Company transfers the goods or services to the customer could differ from the timing of the

customer's payment. The Company recognizes a contract liability when it invoices an amount to a customer prior

to the transfer of the goods or services provided. When the Company gives its customers the right to return

eligible goods, the Company estimates the expected returns based on an analysis of historical experiences.

Sales, value added and other taxes that the Company collects on behalf of others concurrently with revenue

generating activities are excluded from revenue and are recognized within the Other liabilities and the Tax

liabilities line items in the Consolidated Statement of Financial Position. Incidental items that are immaterial in the

context of the contract are recognized as expense.

The Company also enters into contracts with multiple performance obligations. For these contracts, the

Company allocates revenue from the transaction price to the distinct goods and services in the contract on a

relative standalone selling price basis. To the extent that the Company sells the good or service separately in the

same market, the standalone selling price is the observable price at which the Company sold the good or

service separately. For all other goods or services, the Company estimates the standalone selling price using a

cost-plus-margin approach.

Shipments of vehicles and sales of other goods

The Company has determined that its customers from the sale of vehicles and service parts are generally

dealers, distributors, fleet customers or retail customers. Transfer of control, and therefore revenue recognition,

generally corresponds to the date when the vehicles or service parts are made available to the customer, or

when the vehicles or service parts are released to the carrier responsible for transporting them to the customer.

This is also the point at which invoices are issued, with payment for vehicles typically due immediately and

payment for service parts typically due in the following month. For component part sales, revenue recognition is

consistent with that of service parts. In the case of service parts sold that are expected to be used for repairs

under warranty, no revenue is recognized upon shipment or upon transfer to the customer. The Company also

sells tooling, with control transferring at the point in time when the customer accepts the tooling.

The cost of incentives, if any, is estimated at the inception of a contract at the expected amount that will

ultimately be paid and is recognized as a reduction to revenue at the time of the sale. If the estimate of the

incentive changes following the sale to the customer, the change in estimate is recognized as an adjustment to

revenue in the period of the change. Refer to the section *Critical judgments and use of estimates* - Sales

incentives for additional information.

New vehicle sales with residual value guarantees provided by the Company are recognized as revenue when

control of the vehicle transfers to the customer, except in situations where the Company issues a put option for

which there is a significant economic incentive to exercise, as discussed below. Upon recognition of the vehicle

revenue, the Company establishes a liability equal to the estimated amount of any residual value guarantee.

For the vehicle sales where the contract includes a put option whereby the customer may require the Company

to repurchase the vehicles, the Company assesses whether a significant economic incentive exists for the

customer to exercise its put option:

• If it is concluded that a significant economic incentive does not exist for the customer to exercise its put option,

then revenue is recognized when control of the vehicle transferred to the customer and a liability is recognized

equal to the estimated amount of the residual value guarantee if any; and

• If it is concluded that a significant economic incentive exists, the contract is accounted for as an operating

lease similarly to a repurchase obligation, as described in *Lease installments from assets sold with buy-back* 

*commitments and from operating leases.*

Other services provided

Other revenues from services provided are primarily comprised of maintenance plans, extended warranties, and

connectivity services, and are recognized over the contract period in proportion to the costs expected to be

incurred based on the Company's historical experience. These services are either included in the selling price of

the vehicle or separately priced. Revenue for services is allocated based on the estimated stand-alone selling

price. Costs associated with these services are deferred and are subsequently amortized to expense consistent

with how the related revenue is recognized. The Company had €258 million of deferred costs related to these

services at December 31, 2025 (€320 million at December 31, 2024) and recognized €121 million of amortization

expense during the year ended December 31, 2025 (€106 million and €98 million during the year ended

December 31, 2024 and 2023, respectively).

Contract revenues

Revenue from construction contracts, which is comprised of industrial automation systems, included within

"Other activities", is recognized as revenue over the contract period in proportion to the costs expected to be

incurred based on the Company's historical experience. A loss is recognized if the sum of the expected costs

for services under the contract exceeds the transaction price. Until December 2024, Stellantis operated in the

production systems sector under the Comau brand.

Lease installments from assets sold with buy-back commitments and from operating leases

Vehicle sales to customers can include a repurchase obligation, whereby the Company is required to

repurchase the vehicles at a given point in time. The Company accounts for such sales as an operating lease.

Upon the transfer of vehicles to the customer, the Company records a liability equal to the proceeds received

within Other liabilities in the Consolidated Statement of Financial Position. The difference between the proceeds

received and the guaranteed repurchase amount is recognized as revenue over the contractual term on a

straight-line basis. The cost of the vehicle is recorded within Assets sold with a buy-back commitment if the

contract term is 12 months or less, and recorded in Property, plant and equipment if the contract term is greater

than 12 months. The difference between the cost of the vehicle and the estimated net residual value is

recognized within Cost of revenues in the Consolidated Income Statement over the contractual term.

The Company (primarily in North America through SFS U.S.) also offers vehicles under operating leases as a

lessor to customers. The vehicles leased to customers under operating leases are recorded within Property,

plant and equipment.

Third party estimates are utilized in conjunction with proprietary modelling to develop expected residual values

for the vehicles accounted for as an operating lease. Changes in estimated residual value result in increases or

decreases in depreciation expenses over the remaining term of the lease. Expected residual values are

analyzed quarterly and depreciation rates are adjusted accordingly. Factors that influence the expected residual

value are not limited to but include macro-economic factors such as fuel prices, industry supply and demand,

manufacturer's incentive programs, model changes or redesigns, regulatory developments, and recent

wholesale market performance. The Company records gains and losses upon the disposal of a leased vehicle

by comparing the net proceeds at disposition to the carrying value of the lease at disposal.

As the Company expects the proportion of assets sold with a buy-back commitment to increasingly comprise of

LEVs, estimating the residual values has become more complex. Residual values for LEVs are subject to greater

uncertainty than for ICE vehicles, due to limited historical resale data and rapid technological developments,

particularly in battery chemistry and driving range. These additional uncertainties are reflected in the Company's

residual value assumptions for LEVs which generally result in higher depreciation rates compared with ICE

vehicles.

Interest income of financial services activities

Interest income, which is primarily generated from the Company by providing dealer and retail financing, is

recognized using the effective interest method.

**Cost of revenues**

Cost of revenues comprises expenses incurred in the manufacturing and distribution of vehicles and parts.

Historically the most significant element is the cost of materials and components and the remaining costs

included labor (consisting of direct and indirect wages), transportation costs, depreciation of property, plant and

equipment and amortization of other intangible assets relating to production. In 2025, a strategic reassessment

and business reset led by the new management team resulted in the Company recognizing significant charges

during the year ended December 31, 2025. These charges primarily relate to impairments of vehicle platforms,

product plan realignments and associated costs, costs related to resizing of the EV supply chain, and the

discontinuation of the hydrogen fuel cell development program. Refer to Note 2, *Basis of preparation - Strategic* 

*plan undergoing reassessment.* In addition, expenses which are directly attributable to the consolidated

financial services companies, including interest expense related to their financing as a whole and provisions for

risks and write-downs of assets, are recorded within Cost of revenues (€2,060 million, €997 million and €563

million for the years ended December 31, 2025, 2024 and 2023, respectively). Cost of revenues also included

€358 million, €179 million and €82 million related to the decrease in value for assets sold with buy-back

commitments for the years ended December 31, 2025, 2024 and 2023, respectively. In addition, estimated costs

related to product warranty and recall campaigns are recorded within Cost of revenues (refer to the section

*Critical judgments and use of estimates* below for further information).

**Government Grants** 

Government grants are recognized in the Consolidated Financial Statements when there is reasonable

assurance of the Company's compliance with the conditions for receiving such grants and that the grants will be

received. Government grants are recognized over the same periods as the related costs which they are

intended to offset.

Government grants related to assets are recognized as a reduction in the cost of the corresponding assets.

Government grants related to income are generally recognized as a reduction of the expense they are intended

to offset.

A below-market rate of interest loan provided by a government or governmental authority is treated as a

government grant. The government grant is measured as the difference between the initial carrying amount of

the loans (their fair values, including transaction costs) and the proceeds received.

Government grants of €2,634 million, €1,716 million, and €1,665 million were recognized in in 2025, 2024, and

2023, respectively in the Consolidated Income Statement and €220 million and €219 million were deducted from

the carrying amount of the related assets in the Consolidated Statement of Financial Position in 2025 and 2024,

respectively. These are mainly related to tax credits for incentivizing investments in specific regions, supporting

research and development activities and fostering job creation. In Brazil, certain tax benefits and government

grants that have historically favorably impacted our results are scheduled to expire at the end of 2032.

Amounts reported in the Consolidated Income Statement are presented within the respective line item that best

reflects the nature of the tax benefit or government grant and are primarily included in Net revenues and

Research and development costs, while Consolidated Statement of Financial Position amounts are reflected as

deductions from the cost of the respective assets and recognized in Property, Plant and Equipment and

Intangible assets.

**Taxes** 

Income taxes include all taxes which are based on the taxable profits of the Company. Current and deferred

taxes are recognized as a benefit or expense and are included in the Consolidated Income Statement for the

period, except for tax arising from (i) a transaction or event which is recognized, in the same or a different

period, either in Other comprehensive income/(loss) or directly in Equity, or (ii) a business combination.

Deferred taxes are accounted for under the full liability method. Deferred tax liabilities are recognized for all

taxable temporary differences between the carrying amounts of assets or liabilities and their tax base, except to

the extent that the deferred tax liabilities arise from the initial recognition of goodwill or the initial recognition of an

asset or liability in a transaction which is not a business combination and at the time of the transaction, affects

neither accounting profit nor taxable profit. Deferred tax assets are recognized for all deductible temporary

differences to the extent that it was probable that taxable profit will be available against which the deductible

temporary differences can be utilized, unless the deferred tax assets arise from the initial recognition of an asset

or liability in a transaction that is not a business combination and at the time of the transaction, affected neither

accounting profit nor taxable profit.

Deferred tax assets and liabilities are measured at the substantively enacted tax rates in the respective

jurisdictions in which the Company operates that are expected to apply to the period when the asset is realized

or liability is settled.

The Company recognizes deferred tax liabilities associated with the existence of a subsidiary's undistributed

profits when it is probable that this temporary difference will reverse in the foreseeable future, except when it is

able to control the timing of the reversal of the temporary difference. The Company recognizes deferred tax

assets associated with the deductible temporary differences on investments in subsidiaries only to the extent

that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be

available against which the temporary difference can be utilized.

Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising

from deductible temporary differences, are recognized to the extent that it is probable that future profits will be

available against which they can be utilized. The Company monitors unrecognized deferred tax assets at each

reporting date and recognizes a previously unrecognized deferred tax asset to the extent that it has become

probable that future taxable profit will allow the deferred tax asset to be recovered. Refer to the section *Critical* 

*judgments and use of estimates* - *Recoverability of deferred tax assets* for additional information.

Current income taxes and deferred taxes are offset when they relate to the same taxation jurisdiction and there is

a legally enforceable right of offset. Other taxes not based on income, such as property taxes and capital taxes,

are included within Cost of revenue, Selling, general and other costs and Research and development costs.

Refer to Note 7, *Tax expense/(benefit)*, for additional information on tax expense and deferred tax assets.

**Fair Value Measurement**

Fair value for measurement and disclosure purposes is determined as the consideration that would be received

to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the

measurement date, regardless of whether that price is directly observable or estimated using a valuation

technique. Fair value measurement is based on the presumption that the transaction to sell the asset or transfer

the liability takes place either:

• in the principal market for the asset or liability; or

• in the absence of a principal market, in the most advantageous market for the asset or liability.

The fair value of an asset or a liability is measured using the assumptions that market participants would use

when pricing the asset or liability, assuming that market participants act in their own economic best interest. A

fair value measurement of a non-financial asset takes into account a market participant's ability to generate

economic benefits by using the asset in its highest and best use or by selling it to another market participant that

would use the asset in its highest and best use. In estimating fair value, the Company use market-observable

data to the extent it is available. When market-observable data is not available, the Company use valuation

techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs.

IFRS 13 - *Fair Value Measurement* establishes a hierarchy which prioritizes the inputs used in measuring fair

value. The hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets

and liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (level 3 inputs). In some cases, the

inputs used to measure the fair value of an asset or a liability might be categorized within different levels of the

fair value hierarchy. In those cases, the fair value measurement is categorized in its entirety in the same level of

the fair value hierarchy at the lowest level input that is significant to the entire measurement.

Levels used in the hierarchy are as follows:

• Level 1 inputs include quoted prices (unadjusted) in active markets for identical assets and liabilities that the

Company can access at the measurement date. Level 1 primarily consists of financial instruments such as

certain held to collect and sell and held to sell securities;

• Level 2 inputs include those which are directly or indirectly observable as of the measurement date. Level 2

instruments include commercial paper and non-exchange-traded derivatives such as over-the-counter

currency and commodity forwards, swaps and option contracts, which are valued using models or other

valuation methodologies. These models are primarily industry-standard models that consider various

assumptions, including quoted forward prices for similar instruments in active markets, quoted prices for

identical or similar inputs not in active markets, and observable inputs; and

• Level 3 inputs are unobservable from objective sources in the market and reflect management judgment about

the assumptions market participants would use in pricing the instruments. Instruments in this category include

non-exchange-traded derivatives such as certain over-the-counter commodity option and swap contracts that

are complex or with non-standard clauses.

Refer to Note 25, *Fair value measurement*, for additional information on fair value measurements.

**Critical judgments and use of estimates** 

The Consolidated Financial Statements are prepared in accordance with IFRS which requires the use of

estimates, judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of

contingent assets and liabilities and the amounts of income and expenses recognized. The estimates and

associated assumptions are based on management's best judgment of elements that were known when the

financial statements are prepared, on historical experience and on any other factors that are considered to be

relevant. The following items discussed in this section are topics which we consider to have sources of

estimation uncertainties that may have a significant risk of resulting in a material adjustment to the carrying

amount of assets and liabilities in the next 12 months.

Estimates and underlying assumptions are reviewed by the Company periodically and when circumstances

require. Actual results could differ from the estimates, which would require adjustment accordingly. The effects

of any changes in estimates are recognized in the Consolidated Income Statement in the period in which the

adjustment is made, or in future periods.

Items requiring estimates for which there is a risk that a material difference could arise in the future in respect of

the carrying amounts of assets and liabilities are discussed below.

Employee Benefits

The Company provides post-employment benefits for certain of its active employees and retirees, which vary

according to the legal, fiscal and economic conditions of each country in which the Company operates and may

change periodically. The plans are classified by the Company on the basis of the type of benefit provided as

follows: pension benefits, health care and life insurance plans and other post-employment benefits.

The Company provides certain post-employment benefits, such as pension or health care benefits, to their

employees under defined contribution plans whereby the Company pays contributions to public or private plans

on a legally mandatory, contractual, or voluntary basis. The Company recognizes the cost for defined

contribution plans as incurred and classifies this by function within Cost of revenues, Selling, general and other

costs, and Research and development costs in the Consolidated Income Statement.

*Pension plans* 

The Company sponsors defined benefit pension plans primarily in the U.S., Canada, the UK and Germany, the

majority of which were funded. In the U.S. and Canada, pension plans cover certain hourly and salaried

employees which provide benefits based on a fixed rate for each year of service. Additionally in the U.S. and

Canada, benefits are provided to certain salaried employees which provide benefits based on a fixed rate base

and final average salary. Plans in the UK provide benefits based on final pensionable salary. The main plan in

Germany provides benefits based on contributions multiplied with predefined age factor.

The Company's defined benefit pension plans are accounted for on an actuarial basis, which requires the use of

estimates and assumptions to determine the net liability or net asset. The Company estimates the present value

of the projected future payments to all participants by taking into consideration parameters of a financial nature

such as discount rates, the rate of salary increases and the likelihood of potential future events estimated by

using demographic assumptions, which may have an effect on the amount and timing of future payments, such

as mortality, dismissal and retirement rates, which are developed to reflect actual and projected plan

experience. Mortality rates are developed using Stellantis plan-specific populations where appropriate as well as

recent mortality information published by recognized experts in this field such as the U.S. Society of Actuaries

and the Canadian Institute of Actuaries and other data where appropriate to reflect actual and projected plan

experience. Comparable country specific sources and methods are used for all other countries. The expected

amount and timing of contributions are based on an assessment of minimum funding requirements. From time to

time, contributions are made beyond those that are legally required.

When the net pension obligation is a potential asset, the recognized amount is limited to the present value of any

economic benefits available in the form of future refunds or reductions in future contributions to the plan (asset

ceiling). The economic benefit available to us from a reduction in future contributions is equal to the difference

between the present value of the employer current service cost, including expenses and the present value of the

projected employer minimum funding current service requirements.

Plan obligations and costs are based on existing retirement plan provisions. Assumptions regarding any

potential future changes to benefit provisions beyond those to which the Company is presently committed are

not made. Significant differences in actual experience or significant changes in the following key assumption

may affect the pension obligations and pension expense:

**•Discount rates**. The Company's discount rates are based on yields of high-quality (AA-rated) fixed income

investments for which the timing, currency and amounts of maturities match the timing and amounts of the

projected benefit payments.

The effects of actual results differing from assumptions and of amended assumptions are included in Other

comprehensive income/(loss). The weighted average discount rates used to determine the defined benefit

obligation for the defined benefit plans were 5.21 percent and 5.25 percent at December 31, 2025 and 2024,

respectively.

At December 31, 2025, the effect on the defined benefit obligation of a decrease or increase in the discount

rate, holding all other assumptions constant, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(€ million)* | **Effect on pension** <br>**benefit obligation** <br>**increase/(decrease)** <br>**in Net liability**<br>| **Germany and** <br>**France**<br>| **UK** | **U.S. and** <br>**Canada**<br>| **Other** |
| 25 basis point decrease in discount rate | 511 | 90 | 42 | 373 | 6 |
| 25 basis point increase in discount rate | (489) | (85) | (40) | (358) | (6) |

---

Refer to Note 20, *Employee benefits liabilities*, for additional information on the Company's pension plans.

*Other post-employment benefits*

The Company provides health care, legal, severance, indemnity life insurance benefits and other post-retirement

benefits to certain hourly and salaried employees. Upon retirement, these employees may become eligible for a

continuation of certain benefits. Benefits and eligibility rules may be modified periodically.

These other post-employment benefits ("OPEB") are accounted for on an actuarial basis, which requires the

selection of various assumptions. The estimation of the Company's obligations, costs and liabilities associated

with OPEB requires the use of estimates of the present value of the projected future payments to all participants,

taking into consideration the likelihood of potential future events estimated by using demographic assumptions,

which may have an effect on the amount and timing of future payments, such as mortality, dismissal and

retirement rates, which are developed to reflect actual and projected plan experience, as well as legal

requirements for retirement in respective countries. Mortality rates are developed using plan-specific

populations, recent mortality information published by recognized experts in this field and other data where

appropriate to reflect actual and projected plan experience.

Plan obligations and costs are based on existing plan provisions. Assumptions regarding any potential future

changes to benefit provisions beyond those to which the Company are presently committed are not made.

Significant differences in actual experience or significant changes in the following key assumptions may affect

the OPEB obligation and expense:

**•Discount rates**. Stellantis' discount rates are based on yields of high-quality (AA-rated) fixed income

investments for which the timing, currency and amounts of maturities matched the timing and amounts of the

projected benefit payments.

**•Health care cost trends**. The Company's health care cost trend assumptions are developed based on

historical cost data, the near-term outlook and an assessment of likely long-term trends.

At December 31, 2025, the effect of a decrease or increase in the key assumptions affecting the health care and

life insurance plans, holding all other assumptions constant, is shown below:

---

| | |
|:---|:---|
| *(€ million)* | **Effect on health care, life insurance** <br>**and OPEB obligation**<br>|
| 25 basis point decrease in discount rate | 59 |
| 25 basis point increase in discount rate | (57) |
| 100 basis point decrease in health care cost trend rate | (13) |
| 100 basis point increase in health care cost trend rate | 15 |

---

Refer to Note 20, *Employee benefits liabilities*, for additional information on the Company's OPEB liabilities.

Recoverability of non-current assets with definite useful lives

Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets

held for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures

primarily related to the North America and Enlarged Europe segments. The recoverability of non-current assets

with definite useful lives is based on the estimated future cash flows, using the Company's MTP of the CGUs to

which the assets relate. The lowest level of asset groups that generate largely independent cash flows is the

vehicle platform level, which is considered the CGU for impairment testing.

The MTP represents the Company's most recent approved business plan, which reflects its production plan

based on the latest interpretation of the changing geo-political and economic circumstances and is developed

using the Company's climate-related assumptions and targets. Refer to the section "*Climate change*" for

additional information. As relevant circumstances change, the Company expects to adjust its product plans

which may result in changes to the expected use of certain of the Company's vehicle platforms and propulsion

systems.

These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms

and propulsion systems, or both. Any change in recoverability would be accounted for at the time such change

to the business plan occurs. For the years ended December 31, 2025, 2024 and 2023, the impairment tests

performed compared the carrying amount of the assets included in the respective CGUs to their value-in-use.

The value-in-use of the CGUs is determined using a discounted cash flow methodology based on estimated pre-

tax future cash flows attributable to the CGUs and a pre-tax discount rate, which ranges from 9.5 percent to 19.0

percent, reflecting a current market assessment of the time value of money and the risks specific to the CGUs.

As a result, impairment charges, totaling €6,005 million were recognized on platforms used for North America,

Enlarged Europe and Maserati primarily due to significantly reduced volume and profitability resulting from the

strategic plan update, in addition to the €578 million impairment recognized on platforms used for Maserati and

Alfa Romeo vehicles as a result of the impairment test performed during the first half of 2025. Refer to Note

2, *Basis of preparation - Strategic plan undergoing reassessment.*

In addition to the impairments discussed above, during the year ended December 31, 2025, Stellantis

recognized impairments of €3,498 million. These impairments were driven primarily by €609 million of purchased

credits which are no longer expected to be utilized due to the elimination of corporate average fuel economy

("CAFE") penalty rate (refer to Note 10, *Other intangible assets for additional information)*, €341 million of the

discontinuation of Stellantis' hydrogen fuel cell technology development program due to limited availability of

hydrogen refueling infrastructure, high capital requirements, and the need for stronger consumer purchasing

incentives, and €2,548 million driven primarily by cancellation of select product initiatives due to changes to our

strategic and product plans, mainly in North America and Enlarged Europe. Refer to Note 2, *Basis of preparation* 

*- Strategic plan undergoing reassessment* for additional information*.*

During the year ended December 31, 2024, impairment losses of €1,063 million were recognized, mainly related

to impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected

vehicle margins and the cancellation of certain projects prior to launch.

During the year ended December 31, 2023, impairment losses of €201 million were recognized, mainly related to

impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain

platform assets in Enlarged Europe.

Recoverability of Goodwill and Intangible assets with indefinite useful lives

In accordance with IAS 36 - *Impairment of Assets*, Goodwill and intangible assets with indefinite useful lives are

not amortized but are tested for impairment annually or more frequently if facts or circumstances indicate that

the asset may be impaired.

Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within

the operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is

monitored for internal management purposes. The impairment test is performed by comparing the carrying

amount (which mainly comprises property, plant and equipment, goodwill, brands, capitalized development

expenditures, working capital and reserves) and the recoverable amount of each CGU or group of CGUs to

which Goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of

disposal and its value-in-use. The balance of Goodwill and intangible assets with indefinite useful lives

recognized by the Company primarily relate to the merger with FCA. Goodwill from the merger with FCA is

allocated to the North America, South America, India and Asia Pacific and Enlarged Europe operating segments.

All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser extent China.

The MTP is used as a basis to perform the Company's annual impairment test for Goodwill and intangible assets

with indefinite useful lives. Refer to the section "*Climate Change*" for additional information.

The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the

operating segments is determined using value-in-use and was based on the following assumptions:

• The expected future cash flows cover the period from October 1, 2025 through December 31, 2028. These

expected cash flows reflect the current expectations regarding economic conditions and market trends as well

as the Company's initiatives for the period covered by the projections. These cash flows relate to the

respective CGUs in their current condition when preparing the financial statements and exclude the estimated

cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used

for estimating the future cash flow are based on assumptions that are considered reasonable and sustainable

and represent the best estimate of expected conditions regarding market trends and segment, brand and

model share for the respective operating segment over the period considered;

• The expected future cash flows include a normalized terminal period to estimate the future result beyond the

time period explicitly considered which incorporated a long-term growth rate assumption of 1.9 percent to 2.2

percent. The growth rate per region is determined by reference to the risk free rate and the rate of inflation

considered in the regional discount rate. The long-term AOI margins are set considering the Company's long-

term projections for each of the CGUs;

• The estimated future cash flows are discounted to their present value using a discount rate that reflects current

market assessments of the time value of money and the risks specific to the asset or CGU that are not

reflected in the estimated future cash flows; and

• Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment

of the time value of money for the period being considered, and the risks specific to those cash flows under

consideration. The pre-tax Weighted Average Cost of Capital ("WACC") discount rate applied ranged from 9.5

percent to 19 percent.

The values estimated as described above are determined to be in excess of the carrying amount for each

operating segment or other CGUs to which Goodwill is allocated, except for the Free2Move business, which is

allocated to the Other Activities, where the carrying amount was determined to be in excess of the recoverable

amount as a result of decreases in projected cash flows. As such, an impairment loss of €164 million was

recognized, comprising of €94 million related to Goodwill, €70 million related to Property, plant and equipment

and Intangible assets. No other impairments of goodwill and intangible assets with indefinite useful lives were

recognized for the year ended December 31, 2025. However, the projected future cash flows of India & Asia

Pacific, Maserati and Financial Services CGUs are sensitive to certain assumptions, primarily the projected

margins for the terminal period and the discount rate, such that a reduction of less than 1 percentage point in

the long-term profit margin applied for the terminal period or an increase of less than 1 percentage point in the

discount rate would reduce the value-in-use to its carrying value. The terminal period assumptions consider

profit margins ranging from 3 percent to 10 percent. The discount rate used has been determined consistently

with the methodology disclosed, reflecting current market conditions and the specific risks associated with the

operating segment. The assumptions used are considered reasonable and represent the best estimate of

expected conditions in the operating segment.

During the year ended December 31, 2024, the carrying amount of the Maserati segment was determined to be

in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of

€514 million was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives

were recognized for the year ended December 31, 2024.

No impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the

years ended December 31, 2023.

Provisions recognized resulting from the product plan realignment and program cancellations

The Company enters into supply arrangements to support its product development, manufacturing and

assembly activities. As described in the "Strategic plan undergoing reassessment" the reassessment of the

Company's strategy in 2025 resulted in the cancellation of certain planned programs and a significant

adjustment to forecasted EV volumes. These cancellations and volume adjustments could give rise to disputes

with suppliers.

Provisions are recognized when the Company has a present obligation, an outflow of economic resources is

probable and a reliable estimate can be made. Determining the amount of these provisions requires judgment,

particularly in evaluating the range of potential settlement outcomes. These estimates involve inherent

uncertainty and actual outcomes may differ from the amounts recorded. Provisions are reassessed at each

reporting date as new information becomes available.

Valuation of interests in joint ventures and associates

The Company has investments that are accounted for under the equity method. Significant judgment may be

required in assessing the recoverability of these equity method investments when there is an indicator of

impairment. Management assesses the recoverable amounts of equity method investments, and the

recoverability of any associated loans, in accordance with IAS 36, IAS 28 and IFRS 5, as appropriate, taking into

account revised cash-flow forecasts, changes in strategic direction, and the viability of each venture's business

plan.

During the twelve months ended December 31, 2025, the Company assessed the classification and

recoverability of the equity method investments in the ACC, NextStar and Symbio joint ventures. This included

judgment in determining that the investments in NextStar and Symbio met the criteria to be classified as held for

sale. These judgments involve inherent uncertainty, and actual outcomes may differ from estimates; carrying

amounts are reassessed at each reporting date as new information becomes available.

Recoverability of deferred tax assets

Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profit will be available

to allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets

is dependent on the Company's ability to generate sufficient future taxable income in the period in which it is

assumed that the deductible temporary differences reverse and tax losses carried forward can be utilized. In

making this assessment, the Company considers future taxable income arising based on the MTP (refer to the

section "*Climate change*" for additional information). Moreover, the Company estimates the impact of the

reversal of taxable temporary differences on earnings and it also considers the period over which these deferred

tax assets could be recovered. The estimates and assumptions used in the assessment are subject to

uncertainty especially related to the Company's future performance as compared to the business plan.

Therefore, changes in current estimates due to unanticipated events could have a significant impact on the

Consolidated Financial Statements. Refer to Note 7, *Tax expense/(benefit)* for additional information.

Sales incentives

The Company records the estimated cost of sales incentive programs offered to dealers and consumers as a

reduction to revenue at the time of sale to the dealer. This estimated cost represents the incentive programs

offered to dealers and consumers, as well as the expected modifications to these programs in order to facilitate

sales of the dealer inventory. Subsequent adjustments to sales incentive programs related to vehicles previously

sold to dealers are recognized as an adjustment to Net revenues in the period the adjustment is determinable.

The Company uses price discounts to adjust vehicle pricing in response to a number of market and product

factors, including pricing actions and incentives offered by competitors, economic conditions, the amount of

excess industry production capacity, the intensity of market competition, consumer demand for the product and

the desire to support promotional campaigns. The Company may offer a variety of sales incentive programs at

any given point in time, including cash offers to dealers and consumers and subvention programs offered to

customers, or lease subsidies, which reduce the retail customer's monthly lease payment or cash due at the

inception of the financing arrangement, or both. Sales incentive programs are generally brand, model and

region specific for a defined period of time.

The key estimate that is developed by the Company is the expected incentive cost needed to facilitate the sales

of the inventory by the dealers. This key estimate uses multiple inputs, such as the current incentive programs in

the market, planned promotional programs and the normal incentive escalation incurred as the model year ages.

The estimated incentive rates are reviewed monthly and changes to planned rates are adjusted accordingly,

thereby impacting Net revenues. As there are a multitude of inputs affecting the calculation of the estimate for

sales incentives, an increase or decrease of any of these variables could have a significant effect on Net

revenues.

Product warranties, recall campaigns and product liabilities

The Company establishes reserves for product warranties at the time the related sale is recognized. The

Company issues various types of product warranties under which the performance of products delivered is

generally guaranteed for a certain period or term. The accrual for product warranties includes the expected

costs of warranty obligations imposed by law or contract, as well as the expected costs for policy coverage,

recall actions and buyback commitments. The estimated future costs of these actions are principally based on

assumptions regarding the lifetime warranty costs of each vehicle line and each model year of that vehicle line,

as well as historical claims experience for the Company's vehicles. In addition, the number and magnitude of

additional service actions expected to be approved and policies related to additional service actions are taken

into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes in the

assumptions used could materially affect the results of operations.

The Company periodically initiates voluntary service and recall actions to address various customer satisfaction

as well as safety and emissions issues related to vehicles sold. Included in the reserve is the estimated cost of

these service and recall actions. The Company accrues estimated costs for recalls when they are probable of

occurring and a reliable estimate of the costs can be made.

Estimates of the future costs of these actions are subject to numerous uncertainties, including the enactment of

new laws and regulations, the number of vehicles affected by a service or recall action and the nature of the

corrective action. It is reasonably possible that the ultimate cost of these service and recall actions may require

the Company to make expenditures in excess of (or less than) established reserves over an extended period of

time and in a range of amounts that cannot be reasonably estimated. The estimate of warranty and additional

service and recall action obligations is periodically reviewed during the year. Experience has shown that initial

data for any given model year can be volatile; therefore, the Company's process relies upon long-term historical

averages until sufficient data is available. As actual experience becomes available, it is used to modify the

historical averages to ensure that the forecast is within the range of likely outcomes. Resulting accruals are then

compared with current spending rates to ensure that the balances are adequate to meet expected future

obligations.

In addition, the Company makes provisions for estimated product liability costs arising from property damage

and personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the

result of product defects. By nature, these costs can be infrequent, difficult to predict and have the potential to

vary significantly in amount. The valuation of the reserve is actuarially determined on an annual basis based on,

among other factors, the number of vehicles sold and product liability claims incurred. Costs associated with

these provisions are recorded in the Consolidated Income Statement and any subsequent adjustments are

recorded in the period in which the adjustment is determined.

During the year ended December 31, 2025, the Company updated its estimation approach for contractual

warranties. This change in accounting estimate resulted in additional provisions of €5.4 billion, recognized within

Cost of revenues and as further described in Note 21, *Provisions*.

Litigation

Various legal proceedings, claims and governmental investigations are pending against the Company on a wide

range of topics, including vehicle safety, emissions and fuel economy, competition, tax and securities matters,

alleged violations of law, labor, dealer, supplier and other contractual relationships, intellectual property rights,

product warranties and environmental matters. Some of these proceedings allege defects in specific component

parts or systems (including airbags, seats, seat belts, brakes, ball joints, batteries, transmissions, engines and

fuel systems), in various vehicle models or allege general design defects relating to vehicle handling and

stability, sudden unintended movement or crashworthiness. These proceedings seek recovery for damage to

property, personal injuries or wrongful death and in some cases include a claim for exemplary or punitive

damages. Adverse decisions in one or more of these proceedings could require the Company to pay substantial

damages, or undertake service actions, recall campaigns or other costly actions.

Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with

assurance. Moreover, the cases and claims against the Company are often derived from complex legal issues

that are subject to differing degrees of uncertainty, including the facts and circumstances of each particular

case, the manner in which the applicable law is likely to be interpreted and applied and the jurisdiction and the

different laws involved. A provision is established in connection with pending or threatened litigation if it is

probable there would be an outflow of funds and when the amount can be reasonably estimated. If an outflow of

funds becomes probable, but the amount cannot be estimated, the matter is disclosed in the notes to the

Consolidated Financial Statements. In addition to recognized provisions, the Company is exposed to contingent

liabilities for which the likelihood of an outflow is more than remote but less than probable. These matters do not

meet the criteria for recognition under IFRS, but are disclosed in the notes to the Consolidated Financial

Statements. Since these provisions represent estimates, the resolution of some of these matters could require

the Company to make payments in excess of the amounts accrued or may require the Company to make

payments in an amount or range of amounts that could not be reasonably estimated.

The Company monitors the status of pending legal proceedings and consults with specialists on legal and tax

matters on a regular basis. As such, the provisions for the Company's legal proceedings and litigation may vary

as a result of future developments in pending matters. Refer to Note 27, Guarantees granted, commitments and

contingent liabilities for additional information.

**New standards and amendments effective January 1, 2025** 

The following new standards and amendments, were adopted by the Company. The adoption of these

amendments did not have a material impact on the Consolidated Financial Statements.

• In August 2023, the IASB issued amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates,

which requires companies to provide more useful information in their financial statements when a currency

cannot be exchanged into another currency. These amendments require companies to apply a consistent

approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in

determining the exchange rate to use and the disclosures to provide.

• In December 2024, the IASB issued Contracts Referencing Nature-dependent Electricity (Amendments to IFRS

9 and IFRS 7). The amendments were issued to help companies better report the financial effects of nature-

dependent electricity contracts, which are often structured as power purchase agreements. The amendments

include clarifying the application of the "own-use" requirements; permitting hedge accounting if these

contracts are used as hedging instruments; and adding new disclosure requirements to enable investors to

understand the effect of these contracts on a company's financial performance and cash flows. The

amendments are effective for annual reporting periods beginning on or after January 1, 2026, with earlier

adoption permitted. We have elected to early adopt the amendments to these standards in 2025.

New standards and amendments not yet effective

The following new standards and amendments were issued by the IASB. We will comply with the relevant

guidance no later than their respective effective dates:

• In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 regarding the classification and

measurement of financial instruments. The amendments relate to the settling of financial liabilities using an

electronic payment system, as well as assessing contractual cash flow characteristics of financial assets,

including those with environmental, social and governance linked features. The amendments are effective for

periods beginning on or after January 1, 2026, with early adoption permitted. We are currently evaluating the

impact of adoption;

• In July 2024, the IASB issued Annual Improvements to IFRS Accounting Standards – Volume 11, which

included amendments to the following standards: updated wording regarding hedge accounting in IFRS 1 -

First-time Adoption of IFRS, to address potential confusion from an inconsistency with the hedge accounting

requirements of IFRS 9 Financial Instruments; replaced an obsolete reference in IFRS 7 – Financial

Instruments: Disclosures, to IFRS 13 – Fair Value Measurement, and made other minor revisions regarding

inconsistencies with IFRS 13; amended IFRS 9 Financial Instruments, to clarify how a lessee accounts for the

derecognition of a lease liability and removed a potentially confusing cross reference to the term "transaction

price" in IFRS 15 – Revenue from Contracts with Customers, as the term is used elsewhere in IFRS 9 and is not

necessarily consistent with the definition in IFRS 15; revised the wording in IFRS 10 - Consolidated Financial

Statements, to addresses a potential confusion arising from an inconsistency between two paragraphs related

to an investor determining whether another party is acting on its behalf by aligning the language in both

paragraphs; amended IAS 7 – Statement of Cash Flows, to remove a reference to the term "cost method" that

is no longer defined in IFRS. The amendments are effective for periods beginning on or after January 1, 2026,

with early adoption permitted. We are currently evaluating the impact of adoption;

• In March 2024, the IASB issued IFRS 18 - Presentation and Disclosure in Financial Statements, which is

intended to give investors more transparent and comparable information about companies' financial

performance. IFRS 18 replaces IAS 1 - Presentation of Financial Statements but carries forward many

requirements of IAS 1 unchanged. The standard introduces three defined categories for income and expenses

- operating, investing and financing - to improve the structure of the income statement, and requires all

companies to provide new defined subtotals, including operating profit. IFRS 18 also introduces additional

disclosure requirements in relation to management-defined performance measures. The standard is effective

for annual reporting periods beginning on or after January 1, 2027, with earlier adoption permitted. The

adoption will impact the classification of certain expenses within the Consolidated Income Statement and the

classification of certain amounts in the Consolidated Statement of Cash Flows, Additional disclosure will also

be included in the notes of our financial statements;

• In May 2024, the IASB issued IFRS 19 - Subsidiaries without Public Accountability: Disclosure, which permits

eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures. Subsidiaries using IFRS

Accounting Standards for their own financial statements provide disclosures that maybe disproportionate to

the information needs of their users, and this standard provides reduced disclosures which are better suited to

the needs of the users of their financial statements. Subsidiaries are eligible to apply IFRS 19 if they do not

have public accountability and their parent company applies IFRS Accounting Standards in their consolidated

financial statements. In August of 2025, the IASB issued amendments to IFRS 19 to reduce disclosure

requirements for standards and amendments issued between February 2021 and May 2024, as it originally

only covered those standards and amendments issued up to February 2021. The standard is effective for

annual reporting periods beginning on or after January 1, 2027, with earlier adoption permitted. We do not

expect the standard to have an impact on the consolidated financial statements; and

• In November 2025, the IASB issued an amendment to IAS 21 - The Effects of Changes in Foreign Exchange

Rates, which clarify how companies should translate financial statements from a non-hyperinflationary

currency into a hyperinflationary one. The narrow-scope amendments aim to improve the usefulness of the

resulting information in a cost-effective manner. The amendments are effective for annual periods beginning

on or after January 1, 2027, with earlier adoption permitted. We are currently evaluating the impact of

adoption.

**3.** **Scope of consolidation**

The following table sets forth a list of the principal subsidiaries of the Company, which are grouped by

reportable segments, as well as listing of companies within Other activities.

---

| | | |
|:---|:---|:---|
| **Name**  | **Country**  | **Percentage Interest Held**  |
| **North America** |  |  |
| FCA US LLC | USA | 100.00 |
| FCA Canada Inc. | Canada | 100.00 |
| Stellantis Mexico, S.A. de C.V.  | Mexico | 100.00 |
| **South America** |  |  |
| Stellantis Automoveis Brasil Ltda. | Brazil | 100.00 |
| FCA Automobiles Argentina S.A.  | Argentina | 100.00 |
| Peugeot Citroën Argentina S.A. | Argentina | 99.97 |
| **Enlarged Europe** |  |  |
| Automobiles Peugeot  | France  | 100.00 |
| Stellantis Europe S.p.A.  | Italy  | 100.00 |
| Opel Automobile GmbH  | Germany  | 100.00 |
| Stellantis Auto S.A.S. | France  | 100.00 |
| Automobiles Citroën  | France  | 100.00 |
| Groupe PSA Italia S.p.A.  | Italy  | 100.00 |
| Stellantis & You France S.A.S. | France  | 100.00 |
| Stellantis España, S.L. | Spain  | 99.99 |
| Peugeot Motor Company PLC  | United Kingdom  | 100.00 |
| FCA Germany GmbH | Germany  | 100.00 |
| Vauxhall Motors Limited  | United Kingdom  | 100.00 |
| Stellantis & You UK Limited | United Kingdom  | 100.00 |
| Stellantis Belux S.A. | Belgium | 100.00 |
| Stellantis & You Italia S.p.A. | Italy | 100.00 |
| Peugeot Deutschland GmbH  | Germany  | 100.00 |
| FCA France S.A.S.  | France  | 100.00 |
| Citroën Deutschland GmbH | Germany | 100.00 |
| Leapmotor International Business S.p.A. | Italy | 51.00 |
| FCA Poland S.p.z.o.o. | Poland | 100.00 |
| PCA Slovakia SRO | Slovakia | 100.00 |
| **Middle East & Africa** |  |  |
| Stellantis Production El Djazair S.p.A. | Algeria | 51.00 |
| Stellantis Middle East FZE  | United Arab <br>Emirates<br>| 100.00 |
| Stellantis Maroc S.A. | Morocco | 100.00 |
| **China and India & Asia Pacific** |  |  |
| Stellantis Japan Ltd.  | Japan  | 100.00 |
| Stellantis Asia Pacific Investment Co., Ltd. | People's Rep.of <br>China<br>| 100.00 |
| **Maserati** |  |  |
| Maserati S.p.A. | Italy  | 100.00 |
| **Holdings & Other Companies** |  |  |
| Stellantis Financial Services US Corp.  | USA  | 100.00 |
| Stellantis Financiamentos Sociedade de Crédito, <br>Financiamento e Investimento S.A.<br>| Brazil | 100.00 |
| Banco Stellantis S.A.  | Brazil  | 100.00 |
| Stellantis Financial Services Europe | France  | 100.00 |
| GIE PSA Trésorerie  | France  | 100.00 |
| Fiat Chrysler Finance North America, Inc.  | USA | 100.00 |
| FCA US Insurance Company | USA  | 100.00 |
| Stellantis International S.A.  | Switzerland  | 100.00 |
| FCA North America Holdings LLC  | USA | 100.00 |
| Aramis Group | France | 60.54 |

---

Local regulation allows for exemption from local statutory requirements according to sec. 264 (3) of the German

Commercial Code and the Company has applied such exemption for the following legal entities: Citroën

Deutschland GmbH, Stellantis Germany GmbH, Peugeot Deutschland GmbH, Opel Group Warehousing GmbH,

FCA Germany GmbH, Stellantis & You Deutschland GmbH, Opel Eisenach GmbH and Free2Move Deutschland

GmbH.

**Acquisitions** 

In April 2025, Stellantis acquired a 20.6 percent equity interest in STM Financial, SAPI de C.V., SOFOM, E.R.,

Grupo Financiero Inbursa ("STM Financial"), a Mexican financial services company, for a total consideration of

€83 million. The investment supports Stellantis' strategy to strengthen its automotive financing capabilities in

Mexico and aligns with its global objective to expand direct financial services in key markets. The investment is

accounted for as an associate using the equity method and is reported in Other activities. STM Financial

operated with two share classes and, after a mid-year redemption of Series A shares held by Inbursa, Stellantis'

ownership increased from 20.6 percent to 23.4 percent of total share capital at December 31, 2025.

In August 2025, Stellantis obtained control of Free2Move eSolutions S.p.A. ("F2MeS") through a unilateral share

subscription as part of a recapitalization, through which Stellantis subscribed to newly issued shares through the

conversion of a €31 million shareholder loan and a €29 million cash contribution, which diluted the other

shareholder and resulted in Stellantis gaining control. No consideration was transferred to the other shareholder,

and the transaction was accounted for as a step acquisition under IFRS 3. F2MeS offers products and solutions

for electric vehicle customers such as residential, business and public charging infrastructures.

Prior to obtaining control, Stellantis held approximately 50 percent of F2MeS and accounted for its using the

equity method. Accordingly, Stellantis remeasured its previously held interest to fair value at the acquisition date,

resulting in no remeasurement gain or loss as the carrying amount was zero due to accumulated losses.

The identifiable assets and liabilities of F2MeS have been recognized on a provisional basis at fair value,

resulting in preliminary goodwill of €48 million. F2MeS is reported within the Enlarged Europe segment. The

amounts reported above are provisional and could be subject to further adjustment during the one-year

measurement period, in accordance with IFRS 3.

In September 2025, Stellantis completed a step acquisition of Auto Avaliar, a leading company specializing in

used-vehicle intelligence using a software-as-a-service solutions for car dealerships operating as marketplace.

Auto Avaliar maintains the largest database of vehicle prices, demand, and market trends and is recognized as

a dominant player in its industry. The acquisition was executed to strengthen the Company's analytical

capabilities, expand data-driven solutions, and support strategic growth objectives in the automotive sector.

Stellantis exercised a call option and paid €54 million to acquire an additional 51.7 percent interest, increasing

its ownership from 43.3 percent to 95 percent. Additionally, Stellantis retains a call option to purchase the

remaining 5 percent, while the founders have the right to sell.

As the acquisition resulted in control, the previously held equity-method investment was remeasured to fair

value, giving rise to a gain of €35 million, which is reflected in the Consolidated Income Statement under Gains/

(losses) on disposal of investments.

Based on preliminary purchase accounting, the Company has recognized preliminary goodwill of €45 million,

intangibles of €54 million which is reported in the South America segment. The amounts reported above are

provisional and could be subject to further adjustment during the one-year measurement period, in accordance

with IFRS 3.

**Disposals** 

In April 2025, Stellantis completed the sale of its 100 percent interest in Stellantis Otomotiv Pazarlama A.S.

("Stellantis Türkiye"), a national sales company in Türkiye, to the Company's joint venture Tofas for a total

consideration of €584 million, including variable consideration contingent on future performance. In 2025,

Stellantis recognized a loss on disposal of €246 million, subject to final determination, driven primarily by the

recycling of the cumulative translation reserve from Equity to the Consolidated Income Statement upon disposal,

which is reflected in the Consolidated Income Statement under Gains/(losses) on disposal of investments.

Stellantis Türkiye was previously reported in the Middle East & Africa segment.

During the year ended December 31, 2025, the impact of minor business disposals was not material.

**Held for sale** 

At December 31, 2025, there were various businesses which met the criteria under IFRS 5 to be classified as

held for sale with assets of €5 million and liabilities of nil (€917 million of assets and €458 million of liabilities at

December 31, 2024, of which €674 million of assets and €350 million of liabilities related to Stellantis Türkiye,

which was sold in April 2025).

At December 31, 2025, our 49 percent interest in NextStar was reclassified as held for sale and remeasured to

fair value less costs to sell, resulting in a full write down of the investment. In addition, a liability was accrued in

respect of obligations arising from the exit of the joint venture. As a result, €1.6 billion was recognized within

Gains/losses on disposal of investments, and recognized within North America. Refer to Note 2, *Basis of* 

*preparation - Strategic plan undergoing reassessment* for additional information.

Following the Company's decision to discontinue its hydrogen fuel cell technology program, which resulted in a

full write-down of its investment in Symbio, the Company entered into an agreement with its partners in the

Symbio joint venture. Upon entering into this agreement, management determined that Symbio met the criteria to

be classified as held for sale. Symbio was carried at nil as of December 31, 2025.

**4.** **Net revenues**

Net revenues were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million)* | **2025** | **2024** | **2023** |
| Revenues from: |  |  |  |
| Shipments of vehicles and sales of other goods | 146167 | 149544 | 183230 |
| Other services provided<sup>(1)</sup> | 4765 | 4422 | 4018 |
| Construction contract revenues |  | 747 | 709 |
| Lease installments from assets sold with a buy-back commitment | 674 | 1046 | 896 |
| Interest income of financial services activities | 1902 | 1119 | 691 |
| **Total Net revenues** | **153508** | **156878** | **189544** |

---

<sup>(1)</sup> Includes income from operating leases arising from our financial services activities of €1,585 million, €701 million, €116 million in 2025,

2024 and 2023, respectively. These are included within Other activities

Net revenues by geographical area were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million)* | **2025** | **2024** | **2023** |
| Net revenues in: |  |  |  |
| North America<sup>(1)</sup> | 63888 | 65309 | 88466 |
| France | 15746 | 16363 | 18079 |
| Brazil | 11723 | 13577 | 13742 |
| Italy | 10440 | 11166 | 11790 |
| Germany | 7956 | 8371 | 10467 |
| United Kingdom | 7740 | 8108 | 8380 |
| Türkiye | 5889 | 5969 | 6187 |
| Spain | 4159 | 4286 | 5147 |
| Argentina | 3652 | 1413 | 1524 |
| Belgium | 2259 | 2115 | 2533 |
| Austria | 1299 | 1062 | 812 |
| Netherlands | 1286 | 1513 | 1577 |
| Portugal | 1284 | 1252 | 1335 |
| Poland | 1247 | 1166 | 1204 |
| Algeria | 1185 | 1245 | 1079 |
| Morocco | 783 | 609 | 464 |
| Japan | 738 | 894 | 1377 |
| China | 382 | 638 | 1141 |
| Other countries | 11852 | 11822 | 14240 |
| **Total Net revenues** | 153508 | 156878 | 189544 |

---

<sup>(1)</sup> Refers to the geographical area and not our North America reporting segment

Net revenues attributed by segment for the years ended December 31, 2025, 2024 and 2023 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025** | **North** <br>**America**<br>| **Enlarged** <br>**Europe** <br>| **Middle** <br>**East &** <br>**Africa**<br>| **South** <br>**America**<br>| **China** <br>**and** <br>**India &** <br>**Asia** <br>**Pacific**<br>| **Maserati** | **Other** <br>**activities**<br>| **Total** |
| *(€ million)* |  |  |  |  |  |  |  |  |
| Revenues from: |  |  |  |  |  |  |  |  |
| Shipments of vehicles and sales of other <br>goods<br>| 59674 | 55536 | 9670 | 15732 | 1815 | 676 | 3064 | 146167 |
| Other services provided | 1288 | 1392 | 38 | 299 | 52 | 50 | 1646 | 4765 |
| Construction contract revenues |  |  |  |  |  |  |  |  |
| **Revenues from goods and services** | **60962** | **56928** | **9708** | **16031** | **1867** | **726** | **4710** | **150932** |
| Lease installments from assets sold with a <br>buy-back commitment<br>|  | 674 |  |  |  |  |  | 674 |
| Interest income from financial services <br>activities<br>|  |  |  |  |  |  | 1902 | 1902 |
| **Total Net revenues** | **60962** | **57602** | **9708** | **16031** | **1867** | **726** | **6612** | **153508** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2024** | **North** <br>**America**<br>| **Enlarged** <br>**Europe**<br>| **Middle** <br>**East &** <br>**Africa**<br>| **South** <br>**America**<br>| **China** <br>**and** <br>**India &** <br>**Asia** <br>**Pacific**<br>| **Maserati** | **Other** <br>**activities**<br>| **Total** |
| *(€ million)* |  |  |  |  |  |  |  |  |
| Revenues from: |  |  |  |  |  |  |  |  |
| Shipments of vehicles and sales of other <br>goods<br>| 62111 | 56282 | 10022 | 15544 | 1930 | 984 | 2671 | 149544 |
| Other services provided | 1338 | 1516 | 87 | 339 | 61 | 54 | 1027 | 4422 |
| Construction contract revenues |  |  |  |  |  |  | 747 | 747 |
| **Revenues from goods and services** | **63449** | **57798** | **10109** | **15883** | **1991** | **1038** | **4445** | **154713** |
| Lease installments from assets sold with a <br>buy-back commitment<br>|  | 1046 |  |  |  |  |  | 1046 |
| Interest income from financial services <br>activities<br>|  |  |  |  |  |  | 1119 | 1119 |
| **Total Net revenues** | **63449** | **58844** | **10109** | **15883** | **1991** | **1038** | **5564** | **156878** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2023** | **North** <br>**America**<br>| **Enlarged** <br>**Europe**<br>| **Middle** <br>**East &** <br>**Africa**<br>| **South** <br>**America**<br>| **China** <br>**and** <br>**India &** <br>**Asia** <br>**Pacific**<br>| **Maserati** | **Other** <br>**activities**<br>| **Total** |
| *(€ million)* |  |  |  |  |  |  |  |  |
| Revenues from: |  |  |  |  |  |  |  |  |
| Shipments of vehicles and sales of other <br>goods<br>| 85238 | 63961 | 10487 | 15638 | 3463 | 2276 | 2167 | 183230 |
| Other services provided | 1260 | 1587 | 73 | 510 | 63 | 59 | 466 | 4018 |
| Construction contract revenues |  |  |  |  |  |  | 709 | 709 |
| **Revenues from goods and services** | **86498** | **65548** | **10560** | **16148** | **3526** | **2335** | **3342** | **187957** |
| Lease installments from assets sold with a <br>buy-back commitment<br>|  | 896 |  |  |  |  |  | 896 |
| Interest income from financial services <br>activities<br>|  |  |  |  |  |  | 691 | 691 |
| **Total Net revenues** | **86498** | **66444** | **10560** | **16148** | **3526** | **2335** | **4033** | **189544** |

---

The Company recognized a net decrease in Net revenues of €149 million during the year ended December 31,

2025 (net decrease of €141 million and €119 million during the years ended December 31, 2024 and 2023,

respectively) from performance obligations satisfied in the prior year. This was primarily due to changes in the

estimated cost of sales incentive programs occurring after the Company had transferred control of vehicles.

Prior to disposal in December 2024, Stellantis generated construction contract revenues through its holding of

Comau which operated in the design and production of industrial automation systems and related products.

Government grants of €1,205 million, €1,189 million and €1,235 million were recorded within Net revenues in

2025, 2024 and 2023, respectively. These incentives reduced sales taxes that otherwise would be deducted

from Net revenues.

**5.** **Research and development costs**

Research and development costs were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million)* | **2025** | **2024** | **2023** |
| Research and development expenditures expensed  | 2858 | 2932 | 3300 |
| Amortization of capitalized development expenditures | 2094 | 2149 | 2193 |
| Impairment and write-off of capitalized development expenditures | 6193 | 703 | 126 |
| **Total Research and development costs** | **11145** | **5784** | **5619** |

---

Refer to Note 2, *Basis of preparation - Critical judgments and use of estimates - Recoverability of non-current* 

*assets with definite useful lives* for additional information on the impairment and write-off of capitalized

development expenditures during the years ended December 31, 2025, 2024 and 2023.

Refer to Note 10, *Other intangible assets*, for additional information on capitalized development expenditures.

Government grants of €150 million, €208 million and €144 million were recognized within Research and

development costs in 2025, 2024 and 2023, respectively.

For a description of the impairment and write-off of capitalized development expenditures, refer to Note 2, *Basis* 

*of preparation - Strategic plan undergoing reassessment.*

**6.** **Net financial expenses/(income)**

Net financial expenses/(income) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million)* | **2025** | **2024** | **2023** |
| **Interest income and other financial income** | **1218** | **1995** | **2678** |
| **Financial expenses:** |  |  |  |
| Interest expense and other financial expenses: | 1188 | 1248 | 1064 |
| *Interest expense on notes* | *596* | *430* | *386* |
| *Interest expense on borrowings from bank* | *56* | *121* | *59* |
| *Other interest cost and financial expenses* | *536* | *697* | *619* |
| Interest on lease liabilities | 84 | 64 | 63 |
| Write-down and reversals of write-downs of financial assets | 27 | (88) | 128 |
| Net interest expense/(income) on employee benefits provisions | 204 | 211 | 203 |
| **Total Financial expenses** | **1503** | **1435** | **1458** |
| Net expenses from derivative financial instruments and exchange rate <br>differences<br>| 66 | 215 | 1178 |
| **Total Financial expenses and Net expenses from derivative financial** <br>**instruments and exchange rate differences**<br>| **1569** | **1650** | **2636** |
| **Net Financial expenses/(income)** | **351** | **(345)** | **(42)** |

---

Other interest cost and financial expenses include the effects of hyperinflation, discounting provisions and other

miscellaneous finance expenses.

Net financial expenses amounted to €351 million for the year ended December 31, 2025, compared to Net

financial income of €345 million for the year ended December 31, 2024. The variation is primarily driven by the

lower interest income from liquidity investments, reflecting both reduced liquidity levels and a decline in short-

term market rates, and expenses recognized during the period upon termination of commodity derivative

contracts. This is partially offset by lower losses on the net monetary position of hyperinflationary economies.

Net financial expenses/(income) for the year ended December 31, 2025, include €94 million losses (€382 million

and €215 million losses for the years ended December 31, 2024 and 2023, respectively) on the net monetary

position of entities whose functional currency is the currency of hyperinflationary economies, relating to

Argentine Peso and Turkish Lira. The decrease mainly reflects the reduced inflation rate in Argentina and the

disposal of Stellantis Türkiye.

In 2021, Stellantis' investment in Credit Suisse Asset Management's supply chain finance funds was impacted

by the suspension of redemptions and the initiation of the fund liquidation. Approximately 67 percent of the

investment was recovered that year, with no material proceeds in 2022 or 2023. Due to increased uncertainty

regarding the recoverability of the investment, in 2023 Stellantis impaired the remaining €132 million, reported

within Net financial expenses/(income). Following UBS's acquisition of Credit Suisse Asset Management,

Stellantis accepted a €92 million offer in July 2024 (90 percent of the last determined value of its investment),

with payment received in August and recognized Net financial expenses/(income). This is reported as Write-

down and reversals of write-downs of financial assets in 2023 and 2024, respectively.

**7.** **Tax expense/(benefit)**

The following table summarizes Tax expense/(benefit):

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million)* | **2025** | **2024** | **2023** |
| Current tax expense | 804 | 1070 | 3405 |
| Deferred tax expense/(benefit) | (5050) | (2503) | 559 |
| Tax expense/(benefit) relating to prior periods<sup>(1)</sup> | (27) | (55) | (171) |
| **Total Tax expense/(benefit)** | **(4273)** | **(1488)** | **3793** |

---

<sup>(1)</sup> Tax expense/(benefit) relating to prior periods includes deferred tax expense of nil, €372 million and €173 million for 2025, 2024 and

2023, respectively, primarily related to U.S. provision to return adjustments for prior year tax positions

*Effective tax rate reconciliation*

The applicable tax rate used to determine theoretical income taxes is the statutory corporate income tax rate of

the jurisdiction in which the Company is tax resident. For the years presented, the Company is tax resident in the

Netherlands. Accordingly, the reconciliation between the theoretical income tax and actual tax is calculated

using the Netherlands corporate income tax rate of 25.8 percent in 2025, 2024 and 2023, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million)* | **2025** | **2024** | **2023** |
| Profit/(loss) before tax | (26605) | 4032 | 22418 |
| Income tax rate | 25.8% | 25.8% | 25.8% |
| **Theoretical income taxes** | (6864) | 1040 | 5784 |
| Tax effect on: |  |  |  |
| Differences between foreign tax rates and the theoretical applicable tax <br>rate and tax holidays<br>| 457 | 8 | (407) |
| Recognition and utilization of previously unrecognized deferred tax <br>assets<br>| (180) | (2512) | (740) |
| Deferred tax assets not recognized and write-downs | 2012 | 442 |  |
| Permanent differences | 436 | (5) | (470) |
| Tax credits | (408) | (531) | (299) |
| Withholding tax | 38 | 57 | 44 |
| Other differences | 236 | 13 | (119) |
| **Total Tax expense/(benefit)** | **(4273)** | **(1488)** | **3793** |
| Effective tax rate | 16.1% | -36.9% | 16.9% |

---

The effective tax rate for the year ended December 31, 2025 is 16.1 percent, compared to the Netherlands

statutory corporate income tax of 25.8 percent. The lower effective tax rate primarily reflects the non-recognition

of deferred tax assets, principally in Germany and Italy, where the recoverability criteria under IAS 12 were not

met.

The effective tax rate of (36.9) percent in 2024 is negative due to profit before tax of €4.0 billion with a

corresponding overall tax benefit for €1.5 billion. The primary driver in the overall tax benefit is related to the non-

recurring €2.3 billion net tax benefit resulting from the deferred tax recognition event in Brazil as further

described below.

*General Deferred Tax Asset Principles*

Deferred tax assets are recognized when it is probable that future taxable profits will allow the use of deductible

temporary differences and tax loss carry-forwards. Deferred tax assets are derecognized when sufficient future

taxable profits are not probable. This assessment considers both positive and negative evidence, including

historical financial performance and future taxable income or loss projections. Refer to the section *"Critical* 

*judgments and use of estimates*" for additional information.

*Net deferred tax position*

The Company recognizes the net amount as either Deferred tax assets or Deferred tax liabilities, to the extent

deferred taxes may be offset. Amounts recognized were as follows:

---

| | | |
|:---|:---|:---|
|  | **At December 31,** | **At December 31,** |
| *(€ million)* | **2025** | **2024** |
| Deferred tax assets | 6383 | 4371 |
| Deferred tax liabilities | (1294) | (4507) |
| **Total Net deferred tax assets/(liabilities)** | **5089** | **(136)** |

---

The increase in Net deferred tax assets was mainly due to an increase in Net deferred tax assets in North

America, partially offset by the decrease in recognized Net deferred tax assets in Germany for €0.9 billion net tax

expense recorded in 2025 related to the derecognition of previously recognized Deferred tax assets. See Note

2, *Basis of preparation - Critical judgments and use of estimates - Recoverability of deferred tax assets* for

additional information.

*U.S. consolidated tax group deferred tax asset recognition* 

Net deferred tax assets of approximately €2.1 billion continue to be recognized in the U.S. as of December 31,

2025. This balance includes €1.0 billion related to tax loss carry-forwards, which do not expire and €0.9 billion

primarily related to tax credits which expire if not utilized within 20 years.

As explained in detail in Note 2, *Basis of preparation - Strategic plan undergoing reassessment*, in 2025 the

Company recognized significant identifiable charges which are unlikely to recur in the future, to align the

Company's product plans and investment profile with strategic priorities and market demand. Excluding the

impact of the significant non-recurring charges, cumulative profit before tax was positive in the U.S., which is

consistent with recent results that were not impacted by such significant non-recurring items.

The Company has begun execution of the broad reset of the business with the objective of re-establishing the

Company to sustainably and profitably grow in the U.S. which supports the continued recognition of U.S.

deferred tax assets. Further, tax planning strategies could be implemented in the U.S., if necessary, to

accelerate the utilization of U.S. tax losses and to prevent U.S. tax credit carry-forwards from expiring unutilized.

Based on management's assessment, the positive evidence outweighs negative evidence and it is probable that

sufficient taxable profit will be available to realize the deferred tax assets of the U.S. consolidated tax group.

*French tax group deferred tax asset recognition*

Net deferred tax assets of approximately €109 million continue to be recognized in France as of December 31,

2025. This net balance is comprised of deferred tax assets related to tax loss carryforwards of €2.3 billion and

net deferred tax liabilities of approximately €2.2 billion. The French tax group has cumulative profit before tax as

of December 31, 2025. To further support continued recognition of French deferred tax assets, it is expected

that the reversal of taxable temporary differences in the near term will generate sufficient taxable profit to utilize

deductible temporary differences.

Based on management's assessment, the positive evidence outweighs negative evidence and it is probable that

sufficient taxable profit will be available to realize the deferred tax assets of the French tax group.

*German tax group deferred tax asset recognition*

In Germany, as a result of the Company's deferred tax asset recoverability assessment as of December 31,

2025, it was concluded that it is not probable that there will be sufficient future taxable profits to utilize the

accumulated tax loss carry-forwards and other deductible temporary differences by the German tax group. As

such, the Company derecognized deferred tax assets of €0.9 billion. Management's assessment considers all

positive and negative evidence. The negative evidence is the continued losses before tax, generation of tax loss

carry-forwards and forecasted taxable losses over the MTP period. The positive evidence is that the tax loss

carry-forwards do not expire. The negative evidence was determined to outweigh the positive evidence.

*Stellantis Brazil deferred tax asset recognition*

As a result of our deferred tax asset recoverability assessment as of December 31, 2024, it was concluded that it

was probable that there would be sufficient future taxable profits to utilize the accumulated tax loss carry-

forwards and other deductible temporary differences for Brazil. Stellantis Brazil has a history of generating

significant profit before tax. However, from 2015 through 2023, the entity accumulated substantial tax loss carry-

forwards, primarily due to the non-taxability of Brazilian tax incentives, resulting in overall tax losses despite

significant cumulative profit before tax. A change in Brazilian tax law made these incentives taxable from 2024.

In December 2024, Stellantis Brazil obtained formal approval for the extension of certain of these taxable

incentives through 2032.

In 2024, based on Stellantis Brazil's cumulative profit before tax, projected annual taxable income, and the

confirmed extension through 2032 of the taxable incentives, management concluded that it was probable that

future taxable profits will be sufficient to utilize the accumulated tax loss carry-forwards. The tax loss carry-

forwards in Brazil do not expire, further supporting their recoverability. As of December 31, 2024, after

considering all relevant factors, the Company recognized deferred tax assets of €2.3 billion. As the factors

supporting the assessment are unchanged in 2025, the Company continues to recognize deferred tax assets for

Stellantis Brazil as of December 31, 2025.

*Changes in deferred tax position by nature*

Following a detailed review performed in 2025, the Company concluded that tax credits should be presented as

a separate category due to their increased significance. This revised presentation has been applied in 2025 and

retrospectively to the 2024 comparatives, together with certain reclassifications to improve clarity and

transparency.

The significant components of Deferred tax assets and liabilities and their changes during the years ended

December 31, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(€ million)* | **At January 1,** <br>**2025**<br>| **Recognized in** <br>**Consolidated** <br>**Income** <br>**Statement**<br>| **Recognized** <br>**in Equity**<br>| **Transferred** <br>**to Assets/**<br>**(Liabilities)** <br>**Held for Sale**<br>| **Translation**<br>**differences** <br>**and Other**<br>| **At December** <br>**31, 2025**<br>|
| Deferred tax liabilities arising on: |  |  |  |  |  |  |
| Accelerated depreciation | (4322) | 365 |  |  | 339 | (3618) |
| Capitalized development assets | (3580) | 1052 |  |  | 67 | (2461) |
| Other Intangible assets and <br>Intangible assets with indefinite <br>useful lives<br>| (4020) | 107 |  |  | 291 | (3622) |
| Right-of-use assets | (312) | 2 |  |  | 26 | (284) |
| Provision for employee benefits | (1067) | (26) | (45) |  | 124 | (1014) |
| Other | (529) | (237) | (64) |  | 82 | (748) |
| **Total deferred tax liabilities** | **(13830)** | **1263** | **(109)** | **—** | **929** | **(11747)** |
| Deferred tax assets arising on: |  |  |  |  |  |  |
| Provisions | 5043 | 3129 |  |  | (250) | 7922 |
| Provision for employee benefits | 2296 | (42) | (45) |  | (217) | 1992 |
| Lease liabilities | 399 | 21 |  |  | (42) | 378 |
| Impairment of tangible and <br>intangible assets<br>| 1776 | 106 |  |  | (221) | 1661 |
| Inventories | 386 | (13) |  |  | 17 | 390 |
| Tax credit | 1096 | 505 |  |  | (75) | 1526 |
| Provision for buy back | 151 | (156) |  |  | 8 | 3 |
| Other | 515 | 62 | (108) |  | 40 | 509 |
| **Total deferred tax assets** | **11662** | **3612** | **(153)** | **—** | **(740)** | **14381** |
| Unrecognized deferred tax assets <br>on temporary differences<sup>(1)</sup><br>| (2095) | (1272) | 112 |  | 250 | (3005) |
| Unrecognized deferred tax assets <br>on tax credits<br>| (561) | 17 |  |  | (66) | (610) |
| Deferred tax assets arising on tax <br>loss carry-forwards<br>| 8782 | 2139 |  |  | (50) | 10871 |
| Unrecognized deferred tax assets <br>on tax loss carry-forwards<br>| (4094) | (709) |  |  | 2 | (4801) |
| **Total Net deferred tax assets/**<br>**(liabilities)**<br>| **(136)** | **5050** | **(150)** | **—** | **325** | **5089** |

---

<sup>(1)</sup> Unrecognized deferred tax assets on temporary differences reported in the Changes in the table above include Allowance for

Corporate Equity in Italy of €305 million in 2025 (€304 million in 2024) for Pillar Two disclosure purposes

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(€ million)* | **At January 1,** <br>**2024**<br>| **Recognized in**<br>**Consolidated**<br>**Income**<br>**Statement**<br>| **Recognized** <br>**in Equity**<br>| **Transferred** <br>**to Assets/**<br>**(Liabilities)** <br>**Held for Sale**<br>| **Translation**<br>**differences** <br>**and Other**<br>| **At December** <br>**31, 2024**<br>|
| Deferred tax liabilities arising on: |  |  |  |  |  |  |
| Accelerated depreciation | (3840) | (375) |  |  | (107) | (4322) |
| Capitalized development assets | (3917) | 320 |  |  | 17 | (3580) |
| Other Intangible assets and <br>Intangible assets with indefinite <br>useful lives<br>| (3854) | 15 |  |  | (181) | (4020) |
| Right-of-use assets | (276) | (28) |  |  | (8) | (312) |
| Provision for employee benefits | (1077) | (5) | 66 |  | (51) | (1067) |
| Other | (310) | (87) | (47) | 10 | (95) | (529) |
| **Total deferred tax liabilities** | **(13274)** | **(160)** | **19** | **10** | **(425)** | **(13830)** |
| Deferred tax assets arising on: |  |  |  |  |  |  |
| Provisions | 4830 | 229 |  |  | (16) | 5043 |
| Provision for employee benefits | 1953 | 214 | (13) |  | 142 | 2296 |
| Lease liabilities | 336 | 48 |  |  | 15 | 399 |
| Impairment of tangible and <br>intangible assets<br>| 1984 | (118) |  |  | (90) | 1776 |
| Inventories | 444 | (54) |  |  | (4) | 386 |
| Tax credits | 524 | 512 |  |  | 60 | 1096 |
| Provisions for buy backs | 153 | (35) |  |  | 33 | 151 |
| Other | 1030 | (284) | (109) |  | (122) | 515 |
| **Total deferred tax assets** | **11254** | **512** | **(122)** | **—** | **18** | **11662** |
| Unrecognized deferred tax assets <br>on temporary differences<sup>(1)</sup><br>| (2859) | 608 | 12 |  | 144 | (2095) |
| Unrecognized deferred tax assets <br>on tax credits<br>| (517) |  |  |  | (44) | (561) |
| Deferred tax assets arising on tax <br>loss carry-forwards<br>| 9069 | 214 |  |  | (501) | 8782 |
| Unrecognized deferred tax assets <br>on tax loss carry-forwards<br>| (6305) | 1704 |  |  | 507 | (4094) |
| **Total Net deferred tax assets /**<br>**(liabilities)**<br>| **(2632)** | **2878** | **(91)** | **10** | **(301)** | **(136)** |

---

<sup>(1)</sup> Unrecognized deferred tax assets on temporary differences reported in the table above include Allowance for Corporate Equity in Italy

of €304 million in 2024 (€312 million in 2023) for Pillar Two disclosure purposes

In accordance with IAS 12 - *Income Taxes*, deferred taxes are calculated for all temporary differences between

the tax base of assets and liabilities and their carrying amount. Deferred tax liabilities are systematically

recognized, while deferred tax assets are recognized for all deductible temporary differences to the extent that it

is probable that taxable profit will be available against which the deductible temporary differences could be

utilized. A deferred tax liability is recognized for all taxable temporary differences associated with investments in

subsidiaries and equity method investments for the difference between their tax and accounting value, except to

the extent that both of the following conditions are satisfied: (i) Stellantis is able to control the timing of the

reversal of the temporary difference, and (ii) it is probable that the temporary difference will not reverse in the

foreseeable future.

At December 31, 2025, the aggregate amount of temporary differences relating to investments in subsidiaries

and interests in joint ventures for which deferred tax liabilities are not recognized is approximately €761 million

(€530 million at December 21, 2024).

As of December 31, 2025, the Company had total Deferred tax assets on deductible temporary differences of

€14,381 million (€11,662 million at December 31, 2024), of which €3,615 million was not recognized

(€2,656 million at December 31, 2024). As of December 31, 2025, the Company also had Deferred tax assets on

tax loss carry-forwards of €10,871 million (€8,782 million at December 31, 2024), of which €4,801 million was not

recognized (€4,094 million at December 31, 2024).

*Tax loss carry-forwards*

Recognition of deferred tax assets related to tax loss carry-forwards were tested for realizability based on

forecasted future taxable income using estimates consistent with the main assumptions of the MTP. Deferred tax

assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from deductible

temporary differences, were recognized to the extent that it was probable that future profits would be available

against which they could be utilized. The realization of these deferred tax assets considered assumptions and

judgments used in the determination of the taxable income in the future, as well as Stellantis' ability to implement

tax planning strategies, as necessary. While Stellantis has not recognized all deferred tax assets in all

jurisdictions, it is possible the Company's assessment of realizability could change, resulting in the recognition

or derecognition of additional deferred tax assets in the Company's Consolidated Statement of Financial Position

and the related income tax benefit in the Company's Consolidated Income Statement. Refer to Note 2, *Basis of* 

*preparation - Critical judgments and use of estimates - Recoverability of deferred tax assets* for additional

information.

---

| | | | |
|:---|:---|:---|:---|
|  | **Tax loss carry-forward** <br>**(after application of the** <br>**current tax rate)**<br>| **Recognized deferred tax** <br>**assets on tax loss carry-**<br>**forward**<br>| **Unrecognized deferred tax** <br>**assets on tax loss carry-**<br>**forwards (after application** <br>**of the current tax rate)**<br>|
| *(€ million)* | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** |
| **Tax Groups:** |  |  |  |
| France | 2384 | (2331) | 53 |
| Germany | 447 | (154) | 293 |
| Spain | 489 | (103) | 386 |
| Italy | 4025 | (572) | 3453 |
| U.S. | 1039 | (1036) | 3 |
| **Other Jurisdictions:** |  |  |  |
| Brazil | 1869 | (1549) | 320 |
| Others | 618 | (325) | 293 |
| **Total** | **10871** | **(6070)** | **4801** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Tax loss carry-forward** <br>**(after application of the** <br>**current tax rate)**<br>| **Recognized deferred tax** <br>**assets on tax loss carry-**<br>**forward**<br>| **Unrecognized deferred tax** <br>**assets on tax loss carry-**<br>**forwards (after application** <br>**of the current tax rate)**<br>|
| *(€ million)* | **At December 31, 2024** | **At December 31, 2024** | **At December 31, 2024** |
| **Tax Groups:** |  |  |  |
| France | 1640 | (1621) | 19 |
| Germany | 381 | (381) |  |
| Spain | 509 | (95) | 414 |
| Italy | 3665 | (639) | 3026 |
| **Other Jurisdictions:** |  |  |  |
| Brazil | 1921 | (1616) | 305 |
| Others | 666 | (337) | 329 |
| **Total** | **8782** | **(4689)** | **4093** |

---

At December 31 2025 and 2024, the Company had total tax-effected tax loss carry-forwards of €10.9 billion and

€8.8 billion, respectively, of which €4.8 billion and €4.1 billion were not recognized, respectively. The majority of

the Company's tax loss carry-forwards do not expire, such as in France, Germany, Italy, Spain, U.S. and Brazil.

Tax loss carry-forwards relating to the French, German, Spanish, U.S. and Italian tax groups are available within

each tax group for offsetting against net deferred tax liabilities (subject to limitations provided under local tax

law) and are recognized in the Consolidated Statement of Financial Position.

*Pillar Two*

The OECD Pillar Two agreement aims to ensure that multinational corporations pay a minimum effective tax rate

of 15 percent on a jurisdictional basis. Several jurisdictions (including the Netherlands, where the Company is

tax resident) enacted Pillar Two tax laws effective January 1, 2024. The Company has applied the IAS 12

temporary exception and has not recognized deferred taxes related to Pillar Two.

For 2025, our assessment of the potential exposure to Pillar Two income taxes is based on the country-by-

country reporting for 2024 and the latest financial information for 2025 for the constituent entities of the

Company. Based on this assessment, our expected exposure to Pillar Two income taxes does not have a

material impact on tax expense and relates to our profits earned in the United Arab Emirates where the Pillar

Two transitional safe harbor does not apply and the Pillar Two effective tax rate is below 15 percent.

**8.** **Other information by nature**

Personnel costs for the Company for the years ended December 31, 2025, 2024 and 2023 amounted to €16.8

billion, €17.1 billion and €19.1 billion, respectively, and included costs that were capitalized mainly in connection

with product development activities. Personnel costs include wages and salaries, social security contributions,

share-based compensation, pension and other post-employment benefits.

For the years ended December 31, 2025, 2024 and 2023, the average number of employees within the

Company's operations was 253,654, 259,118 and 271,292, respectively.

Amounts relating to IFRS 16 recognized in Profit before taxes

Amounts recognized within Profit before taxes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million)* | **2025** | **2024** | **2023** |
| Depreciation of right-of-use assets | 702 | 677 | 607 |
| Interest expense on lease liabilities | 95 | 64 | 63 |
| Variable lease payments not included in the <br>measurement of lease liabilities<br>| 2 | 3 | 3 |
| Income from sub-leasing right-of-use assets | (158) | (138) | (109) |
| Expenses relating to short-term leases and to <br>leases of low-value assets<br>| 97 | 219 | 111 |
| Gains arising from sale and leaseback <br>transactions<br>| (209) | (248) | (155) |
| **Total expense recognized in Net profit**  | **529** | **577** | **520** |

---

**9.** **Goodwill and intangible assets with indefinite useful lives**

Goodwill and intangible assets with indefinite useful lives at December 31, 2025 and 2024 are summarized

below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Goodwill** | **Goodwill** | **Goodwill** |  |  |  |
| *(€ million)* | **Gross** <br>**amount**<br>| **Accumulated** <br>**impairment** <br>**losses**<br>| **Total** <br>**Goodwill**<br>| **Brands** | **Other** | **Total Goodwill** <br>**and intangible** <br>**assets with** <br>**indefinite** <br>**useful lives**<br>|
| **At January 1, 2024** | **15211** | **(38)** | **15173** | **15796** | **25** | **30994** |
| Additions | 290 |  | 290 | 61 | 1 | 352 |
| Impairment losses and assets <br>write-offs<br>|  | (514) | (514) |  |  | (514) |
| Translation differences and <br>other<br>| 395 |  | 395 | 761 | (2) | 1154 |
| **At December 31, 2024** | **15896** | **(552)** | **15344** | **16618** | **24** | **31986** |
| Additions<sup>(1)</sup> | 93 |  | 93 |  |  | 93 |
| Impairment losses and assets <br>write-offs <br>|  | (94) | (94) |  |  | (94) |
| Translation differences and <br>other<br>| (1342) | 8 | (1334) | (1475) |  | (2809) |
| **At December 31, 2025** | **14647** | **(638)** | **14009** | **15143** | **24** | **29176** |

---

<sup>(1)</sup> Amounts related to Auto Avaliar for €45 million and F2MeS for €48 million, refer to Note 3, *Scope of consolidation* for additional

information

For the year ended December 31, 2025 translation differences were primarily related to the weakening of the

U.S. Dollar against the Euro.

For the year ended December 31, 2024 translation differences primarily related to the strengthening of the U.S.

Dollar against the Euro and the weakening of Brazilian Real against the Euro.

Brands, comprised of Jeep, Ram, Dodge, Mopar, Opel/Vauxhall, FIAT, Alfa Romeo and Maserati are allocated to

North America, Enlarged Europe and Maserati segments. These rights are protected legally through registration

with government agencies and through their continuous use in commerce. As these rights have no legal,

contractual, competitive or economic term that limits their useful lives, they were classified as intangible assets

with indefinite useful lives and were therefore not amortized but instead tested at least annually for impairment.

For the purpose of impairment testing, the carrying value of Brands is tested jointly with the goodwill, if any, and

allocated to the North America, Maserati and Enlarged Europe segments.

There were €94 million and €514 million impairment charges recognized in respect of Goodwill and intangible

assets with indefinite lives during the years ended December 31, 2025, and 2024, respectively. Refer to Note 2,

*Basis of preparation - Critical judgments and use of estimates* for discussion of the assumptions and judgments

relating to goodwill impairment testing.

The following table summarizes the allocation of Goodwill and Brands between the Company's reportable

segments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2024** | **At December 31, 2024** |
| *(€ million)* | **Goodwill** | **Brands** | **Goodwill** | **Brands** |
| North America | 9786 | 11092 | 11074 | 12546 |
| Enlarged Europe | 2114 | 2922 | 2059 | 2943 |
| Middle East & Africa | 107 |  | 107 |  |
| South America | 1370 | 51 | 1332 | 51 |
| China and India & Asia Pacific  | 150 |  | 164 |  |
| Maserati |  | 972 |  | 972 |
| Other activities | 482 | 106 | 608 | 106 |
| **Total**  | **14009** | **15143** | **15344** | **16618** |

---

**10.** **Other intangible assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(€ million)* | **Capitalized** <br>**development** <br>**expenditures**<br>| **Patents,** <br>**concessions** <br>**and licenses**<br>| **Other** <br>**intangible** <br>**assets** <br>| **Total**  |
| **Gross carrying amount at January 1, 2024** | **36786** | **1007** | **4238** | **42031** |
| Additions | 4150 | 82 | 454 | 4686 |
| Divestitures | (150) | (20) | (707) | (877) |
| Change in scope of consolidation | 230 | (2) | 35 | 263 |
| Transfer to Assets held for sale |  |  | (1) | (1) |
| Translation differences and other changes | 677 | 23 | 92 | 792 |
| **At December 31, 2024** | **41693** | **1090** | **4111** | **46894** |
| Additions | 3452 | 80 | 412 | 3944 |
| Divestitures | (1368) | (81) | (151) | (1600) |
| Change in scope of consolidation | 3 | (1) | 60 | 62 |
| Translation differences and other changes | (1563) | (202) | (123) | (1888) |
| **At December 31, 2025** | **42217** | **886** | **4309** | **47412** |
| **Accumulated amortization and impairment losses at** <br>**January 1, 2024**<br>| **19211** | **634** | **1561** | **21406** |
| Amortization | 2149 | 98 | 211 | 2458 |
| Impairment losses and asset write-offs | 693 | 1 |  | 694 |
| Divestitures | (156) | (19) | (28) | (203) |
| Change in scope of consolidation | (30) |  | 3 | (27) |
| Translation differences and other changes | 159 | 5 | 23 | 187 |
| **At December 31, 2024** | **22026** | **719** | **1770** | **24515** |
| Amortization | 2094 | 94 | 271 | 2459 |
| Impairment losses and asset write-offs | 6190 | 3 | 615 | 6808 |
| Divestitures | (1373) | (79) | (12) | (1464) |
| Change in scope of consolidation | (1) | (2) | (3) | (6) |
| Translation differences and other changes | (418) | (166) | (25) | (609) |
| **At December 31, 2025** | **28518** | **569** | **2616** | **31703** |
| **Carrying amount at December 31, 2024** | **19667** | **371** | **2341** | **22379** |
| **Carrying amount at December 31, 2025** | **13699** | **317** | **1693** | **15709** |

---

Capitalized development expenditures include both internal and external costs that are directly attributable to

the internal product development process, primarily consisting of material costs and personnel related expenses

relating to engineering, design and development focused on content enhancement of existing vehicles, new

models and propulsion system programs.

In 2025, €6,808 million of impairment losses and asset write-offs were recognized of which (i) €2,060 million

related to product plan realignments and program cancellations, (ii) €609 million related to CAFE credits, (iii)

€3,853 million related to platform impairments, (iv) €286 million related to impairments resulting from the

discontinuation of the hydrogen fuel cell technology development program, as further discussed below.

Additionally, refer to Note 2, *Basis of preparation - Critical judgments and use of estimates - Recoverability of* 

*non-current assets with definite useful lives* for additional information on the impairment losses and asset write-

offs recognized. For the year ended December 31, 2024, €694 million of impairment losses and asset write-offs

were recognized.

For a description of costs related to product plan realignments and program cancellations, platform impairments

and impairments relating to the discontinuation of the hydrogen fuel cell development program, refer to Note

2, *Basis of preparation - Strategic plan undergoing reassessment.*

For the year ending December 31, 2025, translation differences and other changes were primarily related to the

weakening of the U.S. Dollar against the Euro.

For the year ending December 31, 2024, translation differences and other changes were primarily related to the

strengthening of the U.S. Dollar against the Euro.

Amortization of capitalized development expenditures is recognized within Research and development costs

within the Consolidated Income Statement, as described in Note 5, *Research and development costs*.

Amortization of patents, concessions, licenses and other intangibles is recognized within Cost of revenues and

Selling, general and other costs.

At December 31, 2025 and 2024, the Company had contractual commitments for the purchase of intangible

assets amounting to €368 million and €331 million, respectively.

CAFE Credits

On July 4, 2025, the U.S. President signed into law the United States legislation formally titled "An Act to provide

for reconciliation pursuant to title II of H. Con. Res. 14" – and commonly referred to as the One Big Beautiful Bill

Act ("OBBB"), a comprehensive legislative package that includes significant changes to federal tax policy,

consumer incentives, and capital investment provisions. With the passing of the OBBB, CAFE penalty rate were

eliminated, (refer to Note 27, *Guarantees granted, commitments and contingent liabilities* for additional

information) and as such, the Company recognized a net expense of €269 million within Cost of revenues, which

was excluded from AOI (refer to Note 30, *Segment reporting* for additional information) which consists of the

following:

(i) An impairment of Other intangible assets of €609 million of purchased credits, which are no longer expected

to be utilized;

(ii) The recognition of a provision of €504 million related to purchase commitments which have been identified as

onerous contracts; and

(iii) The reversal of the portion of the CAFE provision for €844 million related to accruals made for certain model

years for which there is no longer a compliance obligation.

**11.** **Property, plant and equipment**

Property, plant and equipment comprises owned and leased assets that do not meet the definition of investment

property under IAS 40 - *Investment Property*. The Company leases assets including land, buildings, plant

machinery and equipment, and other assets.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(€ million)* | **Land**  | **Buildings**  | **Plant, machinery** <br>**and equipment** <br>| **Other**<br>**assets**<br>| **Advances and** <br>**tangible assets** <br>**in progress** <br>| **Total**  |
| **Gross carrying amount at January 1, 2024** | **1448** | **10115** | **50727** | **8445** | **5542** | **76277** |
| Additions | 7 | 730 | 3052 | 5805 | 2884 | 12478 |
| Divestitures and disposals | (19) | (321) | (1761) | (609) |  | (2710) |
| Change in the scope of consolidation | 5 | 42 | (64) | 207 | 29 | 219 |
| Translation differences | 3 | 142 | 596 | 382 | 175 | 1298 |
| Transfer to Assets held for sale | (22) | (75) | (11) | (2) |  | (110) |
| Other changes | (31) | 190 | 2307 | (227) | (2519) | (280) |
| **At December 31, 2024** | **1391** | **10823** | **54846** | **14001** | **6111** | **87172** |
| Additions | 1 | 428 | 2764 | 9010 | 1042 | 13245 |
| Divestitures and disposals | (22) | (144) | (1296) | (2256) | (4) | (3722) |
| Change in the scope of consolidation | 2 | 2 | (3) | 10 |  | 11 |
| Translation differences | (63) | (492) | (2319) | (1225) | (417) | (4516) |
| Transfer to Assets held for sale | 25 | 20 | 1 | 1 | 3 | 50 |
| Other changes | (2) | 312 | 1774 | (813) | (2469) | (1198) |
| **At December 31, 2025** | **1332** | **10949** | **55767** | **18728** | **4266** | **91042** |
| Accumulated depreciation and impairment <br>losses at January 1, 2024<br>| 32 | 4643 | 31808 | 2082 | 25 | 38590 |
| Depreciation | 3 | 602 | 3769 | 986 |  | 5360 |
| Divestitures and disposal | (1) | (244) | (1624) | (305) |  | (2174) |
| Impairment losses and asset write-offs | 1 | 24 | 343 |  | 1 | 369 |
| Change in the scope of consolidation |  |  | (119) | 49 |  | (70) |
| Translation differences | 1 | 21 | 214 | 70 | (2) | 304 |
| Transfer to Assets held for sale |  | (34) | (4) | (1) |  | (39) |
| Other changes | (5) | 12 | (138) | (43) | (5) | (179) |
| **At December 31, 2024** | **31** | **5024** | **34249** | **2838** | **19** | **42161** |
| Depreciation | 3 | 594 | 3361 | 1855 |  | 5813 |
| Divestitures and disposals |  | (112) | (1234) | (539) |  | (1885) |
| Impairment losses and asset write-offs | 3 | (1) | 2209 | 43 | 1019 | 3273 |
| Change in the scope of consolidation |  |  | (2) | (1) |  | (3) |
| Translation differences | (1) | (124) | (968) | (204) | (4) | (1301) |
| Transfer to Assets held for sale | 12 | 16 | 1 |  |  | 29 |
| Other changes | (12) | 8 | (220) | 224 | (3) | (3) |
| **At December 31, 2025** | **36** | **5405** | **37396** | **4216** | **1031** | **48084** |
| **Carrying amount at December 31, 2024** | **1360** | **5799** | **20597** | **11163** | **6092** | **45011** |
| **Carrying amount at December 31, 2025** | **1296** | **5544** | **18371** | **14512** | **3235** | **42958** |

---

For the years ended December 31, 2025, the Company recognized €3,273 million of impairment losses and

asset write-offs of which (i) €2,730 million related to platform impairments, (ii) €488 million related to product plan

realignments and program cancellations, and (iii) €55 million related to the Company's decision to discontinue

its hydrogen fuel cell technology development program. For the year ended December 31, 2024, €369 million of

impairment losses and asset write-offs were recognized. Refer to Note 2, *Basis of preparation - Critical* 

*judgments and use of estimates - Recoverability of non-current assets with definite useful lives*, for additional

information on the impairment losses and asset write-offs recognized.

These impairment charges were recognized within Cost of revenues in the Consolidated Income Statement for

the years ended December 31, 2025 and 2024.

For a description of costs related to product plan realignments and program cancellations, platform impairments

and impairment relating to the discontinuation of the hydrogen fuel cell development program, refer to Note

2, *Basis of preparation - Strategic plan undergoing reassessment.*

For the year ended December 31, 2025, translation differences of €(3,215) million primarily related to the

weakening of the U.S. Dollar against the Euro. For the year ended December 31, 2024, translation differences of

€994 million primarily related to the strengthening of the U.S. Dollar and the weakening of the Brazilian Real

against the Euro.

Changes in Other assets segregated between owned assets held and used by the Company and those subject

to operating leases (including vehicles sold with a buy-back commitment) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(€ million)* | **Assets subject to** <br>**operating leases**<br>| **Other assets** | **Total** |
| **Gross carrying amount at January 1, 2024** | **6218** | **2227** | **8445** |
| Additions | 5201 | 604 | 5805 |
| Divestitures and disposals | (304) | (305) | (609) |
| Transfer to Assets held for sale |  | (2) | (2) |
| Translation differences | 310 | 72 | 382 |
| Change in scope | 64 | 143 | 207 |
| Other changes | (281) | 54 | (227) |
| **At December 31, 2024** | **11208** | **2793** | **14001** |
| Additions | 8390 | 620 | 9010 |
| Divestitures and disposals | (1832) | (424) | (2256) |
| Transfer to Assets held for sale |  | 1 | 1 |
| Translation differences | (1053) | (172) | (1225) |
| Change in scope | 1 | 9 | 10 |
| Other changes | (1654) | 841 | (813) |
| **At December 31, 2025** | **15060** | **3668** | **18728** |
| **Accumulated depreciation and impairment losses at January** <br>**1, 2024**<br>| **624** | **1458** | **2082** |
| Depreciation | 504 | 482 | 986 |
| Divestitures | (18) | (287) | (305) |
| Transfer to Assets held for sale |  | (1) | (1) |
| Translation differences | 26 | 44 | 70 |
| Change in scope | 26 | 23 | 49 |
| Other changes | (31) | (12) | (43) |
| **At December 31, 2024** | **1131** | **1707** | **2838** |
| Depreciation | 1293 | 562 | 1855 |
| Impairment losses and asset write offs |  | 43 | 43 |
| Divestitures | (146) | (393) | (539) |
| Translation differences | (96) | (108) | (204) |
| Change in scope |  | (1) | (1) |
| Other changes | (376) | 600 | 224 |
| **At December 31, 2025** | **1806** | **2410** | **4216** |
| **Carrying amount at December 31, 2024** | **10077** | **1086** | **11163** |
| **Carrying amount at December 31, 2025** | **13254** | **1258** | **14512** |

---

The increase in the carrying amount of assets subject to operating leases was primarily driven by higher activity

levels in our financing operations within SFS U.S. Divestitures and disposals of assets subject to operating

leases include amounts related to vehicles accounted for as operating leases that were ultimately retained by

customers at the end of the lease term rather than being returned to the Company.

The maturity analysis of undiscounted annual lease payments (excluding assets subject to buy-back) to be

received is as follows:

---

| | | |
|:---|:---|:---|
|  | **At December 31,** | **At December 31,** |
| *(€ million)* | **2025** | **2024** |
| Within one year | 1717 | 1031 |
| Between one and two years | 1239 | 947 |
| Between two and three years | 559 | 479 |
| Between three and four years | 81 | 58 |
| Between four and five years | 13 | 3 |
| Later than five years | 13 | 15 |
| **Total undiscounted lease payments to be received** | **3622** | **2533** |

---

Property, plant and equipment included owned property, plant and equipment of €40,985 million at

December 31, 2025 (€42,950 million at December 31, 2024) and right-of-use assets of €1,973 million at

December 31, 2025 (€2,061 million at December 31, 2024).

Changes in Right-of-use assets are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(€ million)* | **Land** | **Buildings** | **Plant,** <br>**machinery and** <br>**equipment**<br>| **Other assets** | **Total** |
| **Balance at January 1, 2024** | **33** | **1309** | **153** | **289** | **1784** |
| Depreciation | (3) | (275) | (84) | (315) | (677) |
| Additions | 6 | 460 | 42 | 406 | 914 |
| Divestitures | (4) | (59) | (33) | (8) | (104) |
| Change in the scope of <br>consolidation<br>| 2 | 54 | 1 | 62 | 119 |
| Translation differences | 1 | 46 | 2 | 16 | 65 |
| Other | (11) | (25) | (2) | (2) | (40) |
| **Balance at December 31, 2024** | **24** | **1510** | **79** | **448** | **2061** |
| Depreciation | (3) | (271) | (52) | (376) | (702) |
| Additions | 1 | 309 | 65 | 442 | 817 |
| Divestitures |  | (14) | (6) | (4) | (24) |
| Translation differences | (2) | (103) | (2) | (41) | (148) |
| Other | (1) |  | 5 | (35) | (31) |
| **Balance at December 31, 2025** | **19** | **1431** | **89** | **434** | **1973** |

---

At December 31, 2025 and 2024, the carrying amounts of Property, plant and equipment of the Company

(excluding the Right-of-Use assets described above) reported as pledged as security for debt and other

commitments, was €25 million and €499 million, respectively.

At December 31, 2025 and 2024, the Company had contractual commitments for the purchase of Property, plant

and equipment amounting to €1,563 million and €2,711 million, respectively.

**12.** **Investments accounted for using the equity method**

The following table summarizes Investments accounted for using the equity method:

---

| | | |
|:---|:---|:---|
|  | **At December 31,** | **At December 31,** |
| *(€ million)* | **2025** | **2024** |
| Joint ventures | 5229 | 7037 |
| Associates | 2026 | 2015 |
| Other | 21 | 48 |
| **Total Investments accounted for using the equity method** | **7276** | **9100** |

---

The Company's ownership percentages and the carrying value of investments in joint ventures and associates

accounted for under the equity method were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ownership percentage** | **Ownership percentage** | **Investment balance** | **Investment balance** |
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (Ownership percentage) | (Ownership percentage) | (€ million) | (€ million) |
| Finance companies in partnership with Group Santander <br>Consumer Finance ("SCF")<br>| 50.0% | 50.0% | 2098 | 2016 |
| Finance companies in partnership with BNPP PF | 50.0% | 50.0% | 1084 | 1086 |
| Tofas-Turk Otomobil Fabrikasi A.S. ("Tofas") | 37.9% | 37.9% | 1042 | 1101 |
| NextStar Energy Inc<sup>(12)</sup> | 49.0% | 49.0% |  | 897 |
| StarPlus Energy LLC ("StarPlus") | 49.0% | 49.0% | 703 | 763 |
| ACC<sup>(2)</sup> | 45.9% | 45.0% |  | 429 |
| Leasys SAS | 50.0% | 50.0% | 207 | 424 |
| Symbio<sup>(1)(2)</sup> | 33.3% | 33.3% |  | 197 |
| Others |  |  | 95 | 124 |
| **Total joint ventures** |  |  | **5229** | **7037** |
| Zhejiang Leapmotor Technology Co., Ltd. ("Leapmotor") | 20.0% | 21.3% | 1274 | 1349 |
| Archer Aviation Inc ("Archer") | 8.0% | 16.0% | 218 | 206 |
| Nordex S.A. | 49.9% | 49.9% | 137 | 148 |
| 360 Energy S.A. | 49.5% | 49.5% | 103 | 113 |
| Comau Group S.p.A. | 49.9% | 49.9% | 109 | 124 |
| STM Financial, S.A.P.I. de C.V.<sup>(1)</sup> | 23.4% | —% | 86 |  |
| Others |  |  | 99 | 75 |
| **Total associates** |  |  | **2026** | **2015** |
| **Total joint ventures and associates** |  |  | **7255** | **9052** |

---

<sup>(1)</sup> Refer to Note 3*, Scope of consolidation* for additional information

<sup>(2)</sup> Refer to Note 2, *Basis of preparation* for additional information

For the years ended December 31, 2025 and 2024, there were no unrecognized losses relating to equity method

investments. For the year ended December 31, 2023 there were unrecognized losses of €27 million.

There are two partnerships with SCF, which cover the financing activities of all Stellantis brands in the following

countries: joint ventures in France, Italy, Spain, Belgium, Poland, the Netherlands and through a commercial

agreement with SCF in Portugal. The joint ventures with BNPP PF operate the financing activities in Germany,

Austria and in the UK.

The following tables provide summarized financial information relating to joint ventures with SCF which are

deemed to be material:

---

| | | |
|:---|:---|:---|
| *(€ million)* | **At December 31,** | **At December 31,** |
| *(€ million)* | **2025** | **2024** |
| Financial assets | 37882 | 35788 |
| Of which: Cash and cash equivalents | 1920 | 3201 |
| Other assets | 1632 | 1554 |
| Financial liabilities | 32217 | 30235 |
| Other liabilities | 3109 | 3076 |
| **Total Equity** | **4188** | **4033** |
| **Carrying amount of interest** |  |  |
| Company's share of net assets | 2098 | 2016 |
| **Carrying amount of interest** | **2098** | **2016** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million)* | **2025** | **2024** | **2023** |
| Interest and similar income | 3235 | 3382 | 3303 |
| Interest and similar expenses | (1972) | (2234) | (2084) |
| Income tax expense | (200) | (193) | (239) |
| Profit from continuing operations | 456 | 457 | 628 |
| Net profit | 456 | 457 | 628 |
| Net profit attributable to owners of the parent (A) | 228 | 229 | 314 |
| Other comprehensive income/(loss) attributable to owners of the parent (B) | 2 | 27 | 3 |
| **Total Comprehensive income attributable to owners of the parent (A+B)** | **230** | **256** | **317** |
| **Company's share of net profit** | **228** | **229** | **314** |

---

Tofas, the Company's joint venture with Koç Holding, is registered with the Turkish Capital Market Board and

listed on the Istanbul Stock Exchange. At December 31, 2025, the market value of the Company's interest in

Tofas was €929 million (€1,056 million at December 31, 2024).

Leapmotor is listed on the Hong Kong Stock Exchange. At December 31, 2025, the market value of the

Company's interest in Leapmotor was €1,511 million (€1,147 million at December 31, 2024).

Archer is listed on the NYSE. At December 31, 2025, the market value of the Company's interest in Archer was

€382 million (€533 million at December 31, 2024). Management has determined that the Company continues to

have significant influence over Archer, due to (i) its representation on the Board of Directors, and (ii) its

involvement in key operational activities, including the provision of technology, engineering support and

manufacturing assistance. These factors give the Company the ability to participate in financial and operating

policy decisions, consistent with the definition of significant influence under IAS 28.

The Company's proportionate share of the earnings of its joint ventures, associates and interests in

unconsolidated subsidiaries accounted for using the equity method is included within Share of the profit/(loss) of

equity method investees in the Consolidated Income Statement, and is summarized below by type of equity

method investment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million)* | **2025** | **2024** | **2023** |
| Joint ventures | (1179) | 118 | 547 |
| Associates | (95) | (137) | (50) |
| Other | 3 | (14) | (6) |
| **Total Share of the profit/(loss) of equity method investees** | **(1271)** | **(33)** | **491** |

---

The share of the loss of equity method investments in the year ended December 31, 2025 was primarily

attributable to losses related to ACC and Symbio resulting from the strategic plan update. Refer to Note 2, *Basis* 

*of preparation - Strategic plan undergoing reassessment.*

Immaterial Joint Ventures and Associates

The aggregate amounts recognized for the Company's share in all individually immaterial joint ventures and

associates accounted for using the equity method were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million)* | **2025** | **2024** | **2023** |
| **Joint ventures:** |  |  |  |
| Profit/(loss) from continuing operations | (1407) | (111) | 233 |
| **Net profit/(loss)** | **(1407)** | **(111)** | **233** |
| Other comprehensive income/(loss) | (278) | (177) | (265) |
| **Total Other comprehensive income/(loss)** | **(1685)** | **(288)** | **(32)** |
| **Associates:** |  |  |  |
| Profit/(loss) from continuing operations | (95) | (137) | (50) |
| **Net profit/(loss)** | **(95)** | **(137)** | **(50)** |
| Other comprehensive income /(loss) | (37) | 27 | (11) |
| **Total Other comprehensive income/(loss)** | **(132)** | **(110)** | **(61)** |

---

**13.** **Financial assets**

Financial assets consisted of the following:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  |  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| *(€ million)* | **Note** | **Current** | **Non-current** | **Total** | **Current** | **Non-current** | **Total** |
| Derivative financial assets  | 17 | 45 | 259 | 304 | 70 | 310 | 380 |
| Financial securities measured at fair value <br>through other comprehensive income<br>| 25 | 62 | 335 | 397 | 55 | 360 | 415 |
| Financial securities measured at fair value <br>through profit or loss<br>| 25 | 562 | 903 | 1465 | 538 | 1322 | 1860 |
| Financial securities measured at amortized cost |  | 553 | 134 | 687 | 2390 | 1106 | 3496 |
| Financial receivables<sup>(1)(2)</sup> | 25 | 763 | 145 | 908 | 788 | 174 | 962 |
| Collateral deposits measured at fair value <br>through profit or loss<sup>(3)</sup><br>| 25 | 2 | 18 | 20 | 31 | 22 | 53 |
| **Total Financial assets** |  | **1987** | **1794** | **3781** | **3872** | **3294** | **7166** |

---

<sup>(1)</sup> Measured at amortized cost

<sup>(2)</sup> Included within current Financial receivables at December 31, 2025 is €603 million (€524 million at December 31, 2024) related to

factored receivables which have been derecognized as Trade receivables and for which the cash has not yet been received due to timing

differences

<sup>(3)</sup> Collateral deposits are held in connection with derivative transactions and debt obligation

The decrease of €3,385 million in financial assets was mainly due to financial securities at amortized costs which

relate to reduction of investments held in government bonds in line with liquidity management strategy.

**14.** **Inventories**

---

| | | |
|:---|:---|:---|
|  | **At December 31,** | **At December 31,** |
| *(€ million)* | **2025** | **2024** |
| Finished goods and goods for resale | 12161 | 11242 |
| Work-in-progress, raw materials and manufacturing supplies | 9992 | 9619 |
| **Total Inventories** | **22153** | **20861** |

---

The increase in total inventories as of December 31, 2025 compared to December 31, 2024 is mostly driven by

an increase in new vehicles stock and higher manufacturing supplies, reflecting an increase in activity.

The amount of inventory write-downs recognized primarily within Cost of revenues during the years ended

December 31, 2025, 2024 and 2023 was €1,481 million, €910 million and €505 million, respectively. These

mainly relate to finished goods, goods for resale and work-in-progress goods. In 2025, we incurred write-downs

of work-in-progress and raw materials as a result of program cancellations.

**15.** **Working capital**

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million)* | **2025** | **2024** | **2023** |
| (Increase)/decrease in inventories | (2537) | 632 | (4388) |
| (Increase)/decrease in trade receivables | (665) | 786 | (2249) |
| Increase/(decrease) in trade payables | 3483 | (4007) | 1058 |
| Other changes | (288) | (1057) | (1281) |
| **Total change in working capital** | **(7)** | **(3646)** | **(6860)** |

---

The change in working capital in 2025 of €7 million includes (i) an increase of €2,537 million in inventories mainly

driven by higher manufacturing supplies, reflecting an increase in activity and an increase in new vehicles stock,

(ii) an increase of €665 million in trade receivables primarily due to increased activities partially offset by higher

factoring, (iii) an increase of €3,483 million in trade payables, primarily reflecting increased production mainly in

North America and Enlarged Europe and higher manufacturing supplies and (iv) a decrease of €288 million in

other payables net of other receivables primarily driven by timing of indirect tax receipts.

**16.** **Trade receivables, other assets, prepaid expenses and tax receivables**

Trade receivables

Trade receivables are measured at amortized cost and net of an ECL allowance, calculated using the simplified

approach. Changes in the allowance for trade receivables were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(€ million)* | **At January 1,** <br>**2025**<br>| **Provision** | **Use and**<br>**other** <br>**changes**<br>| **Transferred** <br>**to Assets** <br>**held for sale**<br>| **At December** <br>**31, 2025**<br>|
| ECL allowance - Trade receivables | **608** | 48 | (2) |  | **654** |

---

An immaterial amount of Trade receivables were written off during the year ended December 31, 2025, and are

still subject to enforcement activities.

The following table provides information about the exposure to credit risk and ECLs for trade receivables:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| *(€ million)* | **Current and** <br>**less than 90** <br>**days past due**<br>| **90 days or** <br>**more past** <br>**due**<br>| **Total** | **Current and** <br>**less than 90** <br>**days past due**<br>| **90 days or** <br>**more past** <br>**due**<br>| **Total** |
| Gross amount | 5353 | 959 | 6312 | 5049 | 1038 | 6087 |
| ECL allowance | (357) | (297) | (654) | (194) | (414) | (608) |
| **Carrying amount** | **4996** | **662** | **5658** | **4855** | **624** | **5479** |

---

In addition to the amounts above, trade receivables measured at FVPL amounted to €4 million at December 31,

2025 (€27 million at December 31, 2024). Refer to Note 25, *Fair value measurement* for additional information.

Receivables from financing activities

Receivables from financing activities mainly relate to the business of financial services companies fully

consolidated by the Company and are summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **At December 31,** | **At December 31,** |
| *(€ million)* | **2025** | **2024** |
| Dealer financing | 3087 | 2330 |
| Retail financing | 10703 | 8494 |
| Finance leases | 540 | 299 |
| Other | 1401 | 1408 |
| **Total Receivables from financing activities** | **15731** | **12531** |

---

The €3.2 billion increase in Receivables from financing activities for the year ended December 31, 2025 is

mainly due to the increase in the loan portfolio activity in South America and North America.

Receivables from financing activities are shown net of an ECL allowance. Changes in the allowance for

receivables from financing activities were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(€ million)* | **At January 1,** <br>**2025**<br>| **Provision** | **Use and**<br>**other** <br>**changes**<br>| **Transferred** <br>**to Assets** <br>**held for sale**<br>| **At December** <br>**31, 2025**<br>|
| ECL allowance - Receivables from <br>financing activities<br>| **226** | 413 | (290) |  | **349** |

---

The following table provides information about the exposure to credit risk and ECLs for receivables from

financing activities:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
| *(€ million)* | **Stage 1** | **Stage 2** | **Stage 3** | **Total** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| Gross amount | 15634 | 160 | 283 | 16077 | 12451 | 168 | 138 | 12757 |
| ECL allowance | (199) | (24) | (126) | (349) | (174) | (33) | (19) | (226) |
| **Carrying amount** | **15435** | **136** | **157** | **15728** | **12277** | **135** | **119** | **12531** |

---

Refer to Note 2, *Basis of preparation* for additional information on details of the stages.

Other assets and prepaid expenses

Other assets and prepaid expenses consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| *(€ million)* | **Current** | **Non-current** | **Total** | **Current** | **Non-current** | **Total** |
| Receivables from financing activities at <br>amortized cost<br>| 7867 | 7864 | 15731 | 5693 | 6838 | 12531 |
| Other receivables at amortized cost | 3052 | 884 | 3936 | 1391 | 562 | 1953 |
| Indirect tax receivables | 3266 | 958 | 4224 | 3728 | 865 | 4593 |
| Defined benefit plan assets (Note 20) |  | 967 | 967 | 39 | 924 | 963 |
| Derivative operating assets | 349 | 57 | 406 | 256 | 17 | 273 |
| Prepaid expenses and other | 1236 | 395 | 1631 | 1866 | 455 | 2321 |
| **Total other assets and prepaid expenses** | **15770** | **11125** | **26895** | **12973** | **9661** | **22634** |

---

The following table summarizes Receivables from financing activities, Other receivables at amortized cost,

Derivative operating assets and Tax receivables by due date:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2024** |
| *(€ million)* | **Total** <br>**due within** <br>**one year** <br>**(current)**<br>| **Due** <br>**between** <br>**one and** <br>**five** <br>**years** <br>| **Due** <br>**beyond** <br>**five** <br>**years** <br>| **Total** <br>**due after** <br>**one year** <br>**(non-**<br>**current)**<br>| **Total** | **Total** <br>**due within** <br>**one year** <br>**(current)**<br>| **Due** <br>**between** <br>**one and** <br>**five** <br>**years**<br>| **Due** <br>**beyond** <br>**five** <br>**years**<br>| **Total** <br>**due after** <br>**one year** <br>**(non-**<br>**current)**<br>| **Total** |
| Receivables from <br>financing activities<br>| 7867 | 6493 | 1371 | 7864 | 15731 | 5693 | 5861 | 977 | 6838 | 12531 |
| Other receivables <br>at amortized cost<br>| 3052 | 763 | 121 | 884 | 3936 | 1391 | 466 | 96 | 562 | 1953 |
| Indirect tax <br>receivables<br>| 3266 | 930 | 28 | 958 | 4224 | 3728 | 865 |  | 865 | 4593 |
| Derivative <br>operating assets<br>| 349 | 57 |  | 57 | 406 | 256 | 17 |  | 17 | 273 |
| **Total** | **14534** | **8243** | **1520** | **9763** | **24297** | **11068** | **7209** | **1073** | **8282** | **19350** |
| **Tax receivables** | **1199** | **177** | **17** | **194** | **1393** | **1411** | **210** | **17** | **227** | **1638** |

---

The €2.0 billion increase in Other receivables at amortized cost for the year ended December 31, 2025 primarily

reflects tariff-related receivables in North America.

Transfer of financial assets

At December 31, 2025, the Company had receivables due after that date, which had been transferred without

recourse and which were derecognized in accordance with IFRS 9 – *Financial Instruments*, amounting to

€16,074 million (€14,888 million at December 31, 2024), of which 69 percent (74 percent at December 31, 2024)

was mainly due from the sales network, transferred to financing companies in partnership with Santander, BNP

Paribas, Banco BBVA Argentina S.A. and Crédit Agricole.

At December 31, 2025 and 2024, the carrying amount of transferred financial assets not derecognized and the

related liabilities were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| *(€ million)* | **Trade** <br>**receivables**<br>| **Receivables** <br>**from**<br>**financing** <br>**activities**<br>| **Total** | **Trade**<br>**receivables**<br>| **Receivables** <br>**from**<br>**financing** <br>**activities**<br>| **Total** |
| Carrying amount of assets transferred and not <br>derecognized<br>| 7 | 1 | **8** | 44 | 5 | 49 |
| Carrying amount of the related liabilities (Note 22) | 7 | 1 | **8** | 44 | 5 | 49 |

---

**17.** **Derivative financial and operating assets and liabilities**

The following table summarizes the fair value of the Company's derivative financial instruments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
| *(€ million)* | **Positive fair**<br>**value**<br>| **Negative fair** <br>**value**<br>| **Positive fair** <br>**value**<br>| **Negative fair** <br>**value**<br>|
| Fair value hedges: |  |  |  |  |
| Interest rate risk - interest rate swaps | 163 |  | 170 |  |
| **Total Fair value hedges** | 163 |  | 170 |  |
| Cash flow hedges: |  |  |  |  |
| Interest rate risk - interest rate swaps | 11 | (14) | 21 | (11) |
| Currency risks - forward contracts, currency swaps and <br>currency options<br>| 60 | (83) | 155 | (182) |
| Commodity price risk – commodity swaps and <br>commodity options<br>| 278 | (23) | 46 | (304) |
| **Total Cash flow hedges** | 349 | (120) | 222 | (497) |
| **Total Net investment hedges** |  |  |  |  |
| **Derivatives for trading** | 198 | (93) | 261 | (184) |
| **Total Fair value of derivative financial assets/**<br>**(liabilities)** <br>| 710 | (213) | 653 | (681) |
| Financial derivative assets/(liabilities) - current  | 45 | (29) | 70 | (9) |
| Financial derivative assets/(liabilities) - non-current  | 259 | (7) | 310 | (15) |
| Derivative operating assets/(liabilities) - current  | 349 | (150) | 256 | (600) |
| Derivative operating assets/(liabilities) - non-current  | 57 | (27) | 17 | (57) |

---

Derivatives used in financing activities are reported in the financial assets/liabilities, while derivatives used in

operating activities are reported in Other assets/liabilities.

The following table summarizes the outstanding notional amounts of the Company's derivative financial

instruments by due date:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| *(€ million)* | **Due within** <br>**one year**<br>| **Due** <br>**between** <br>**one and five** <br>**years**<br>| **Total** | **Due within** <br>**one year**<br>| **Due** <br>**between** <br>**one and five** <br>**years**<br>| **Total** |
| Currency risk management | 16057 | 1738 | 17795 | 19279 | 1125 | 20404 |
| Interest rate risk management | 3617 | 11307 | 14924 | 71 | 12215 | 12286 |
| Interest rate and currency risk management | 35 | 56 | 91 | 11 | 19 | 30 |
| Commodity price risk management | 1253 | 320 | 1573 | 2079 | 818 | 2897 |
| **Total Notional amount** | **20962** | **13421** | **34383** | **21440** | **14177** | **35617** |

---

Fair value hedges

The net gains and losses arising from the valuation of outstanding currency derivatives and interest rate

derivatives and the net gains and losses arising from the respective hedged items were recognized in

accordance with fair value hedge accounting.

Ineffectiveness portion is recognized in Net financial expenses.

At December 31, 2025, the Company has outstanding interest rate derivatives, with a notional value of

€8.5 billion, classified as fair value hedges and managing interest rate risk of certain bonds issued in Europe

and in North America. The accumulated amount of fair value hedge adjustment on the hedged item is negative

and equal to €49 million which offsets the equivalent positive effect related to the change in value of the hedging

derivatives.

Cash flow hedges

Amounts recognized in the Consolidated Income Statement mainly related to currency risk management,

commodity price risk management and cash flows that were exposed to interest rate risk.

The Company's policy for managing currency risk and commodity price risk requires hedging of projected future

flows from trading activities which will occur within the following two and three years respectively. In addition, the

Company's policy for managing interest rate risk requires limiting the impact of interest rate fluctuations, in

particular the financial services companies provide loans (mainly to customers and dealers), financing

themselves using various forms of direct debt or asset-backed financing (e.g. factoring of receivables or

securitizations). When the interest rate on loans differs from the rate on borrowed funds, the Company uses

interest rate derivatives as cash flow hedges to reduce the impact of these differences.

The hedging effect arising from cash flow hedges was recorded in the Cash flow hedge reserve within Other

comprehensive income/(loss) and will be subsequently recognized in the Consolidated Income Statement,

primarily during the following years, in particular, two years for currency risk and three years for commodity price

risk.

For the year ended December 31, 2025, net losses of €142 million mainly related to discontinued hedges were

recognized in the Consolidated Income Statement (net losses of €48 million for the year ended December 31,

2024 and net gains of €4 million for the year ended December 31, 2023).

The Company reclassified gains/(losses) arising on Cash flow hedges, net of the tax effect, from Other

comprehensive income and Inventories to the Consolidated Income Statement as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million)* | **2025** | **2024** | **2023** |
| Currency risk |  |  |  |
| (Increase)/decrease in Cost of revenues | (70) | 222 | (101) |
| Share of profit/(loss) of equity method investees | 36 | (42) | 7 |
| Interest rate risk |  |  |  |
| (Increase)/decrease in Cost of revenues | (1) |  |  |
| Share of profit/(loss) of equity method investees |  | 19 | 44 |
| Net financial income/(expenses) |  | (3) |  |
| Commodity price risk |  |  |  |
| (Increase)/decrease in Cost of revenues | (170) | (616) | (435) |
| Ineffectiveness and discontinued hedges | (142) | (48) | 4 |
| Tax expenses/(benefit) | 29 | 84 | 77 |
| **Total recognized in the Consolidated Income Statement** | **(318)** | **(384)** | **(404)** |

---

Net investment hedges

In order to manage the Company's foreign currency risk related to its investments, the Company enters into

hedges of a net investment in a foreign operation, in particular foreign currency swaps, forward contracts and

currency options. For the year ended December 31, 2025, gains of €1 million (gains of €33 million for the year

ended December 31, 2024 and losses of €12 million for the year ended December 31, 2023) related to the

hedges of a net investment in foreign operation were recognized in the Consolidated Statement of Other

Comprehensive Income within Exchange differences on translating foreign operations differences. There was no

ineffectiveness for the year ended December 31, 2025.

Derivatives for trading

At December 31, 2025, 2024 and 2023, Derivatives for trading primarily consisted of derivative contracts

entered into for hedging purposes which did not qualify for hedge accounting and warrants on Archer shares for

€114 million (€168 million for the year ended December 31, 2024)

Information on the Company's risk management strategy and additional information on its hedging activities is

provided in Note 32, *Qualitative and quantitative information on financial risks*.

**18.** **Cash and cash equivalents**

Cash and cash equivalents consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **At December 31,** | **At December 31,** |
| *(€ million)* | **2025** | **2024** |
| Cash at banks | 10134 | 9408 |
| Money market securities measured at FVPL | 13191 | 19127 |
| Other cash equivalents | 6821 | 5565 |
| **Total Cash and cash equivalents** | **30146** | **34100** |

---

Cash and cash equivalents held in certain foreign countries (primarily in Argentina, €111 million and €114 million

at December 31, 2025 and 2024, respectively and in Algeria, €276 million and €276 million at December 31,

2025 and 2024, respectively) were subject to local exchange control regulations with restrictions on the amount

of cash that can leave the country. Other cash equivalents primarily includes investments in commercial paper

and short-term deposits.

Cash and cash equivalents include €663 million at December 31, 2025 (€451 million at December 31, 2024)

held in bank deposits which are restricted to the operations related to securitization programs and warehouse

credit facilities of SFS U.S. These deposits are primarily used for the collection of the loan installments from

customers and the payment of debt and service costs and to the originator SFS U.S. itself, according to the

programs and facilities regulation. Refer to Note 22, *Debt* for additional information on securitization programs

and warehouse credit facilities.

**19.** **Share-based compensation**

**Long-Term Incentive Plans**

The Company operates annual Long-Term Incentive Plans ("LTIPs") approved by shareholders, granting

Performance Share Units ("PSUs"), Restricted Share Units ("RSUs"), and Performance Restricted Share Units

("PRSUs") to eligible employees. PSU awards are typically split across three performance metrics: Total

Shareholder Return (TSR), Adjusted Operating Income ("AOI"), and either Electrification, Quality, or Compliance,

each with independent payout scales. PSU, RSU and PRSUs have different vesting periods as summarized in

the table below. Additionally, PRSUs vest subject to specific KPIs or multipliers. Fair values are determined

using Monte Carlo simulations for TSR-based awards and for all other types of award the fair values are

determined using the Stellantis share price on the grant date, adjusted for expected dividends at a constant

yield as these awards do not have the right to receive ordinary dividends prior to vesting.

A summary of grants and terms is provided below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PSUs** | **PSUs** | **PSUs** | **PSUs** | **RSUs** | **RSUs** | **PRSUs** | **PRSUs** | **PRSUs** |
| **LTIP Period** | **PSUs** <br>**Granted** <br>**(millions)**<br>| **Performance Metrics** | **Metric** <br>**Payout** <br>**Range**<br>| **Vesting period**<br>**Vesting Date**<br>| **RSUs** <br>**Granted** <br>**(millions)**<br>| **Vesting period**<br>**Vesting Date**<br>| **PRSUs** <br>**Granted** <br>**(millions)**<br>| **Metric** <br>**Payout** <br>**Range**<br>| **Vesting period**<br>**Vesting Date**<br>|
| 2025-2027 | 14.3 | TSR (30%)<br>AOI (40%)<br>Quality (30%)<br>| 0-200% | 2025-2027<br>Dec 2027<br>| 9.3 | 2025-2028<br>May 2028<br>| 1.0 | 0-150% | 2025-2027<br>Q2 2028<br>|
| 2024-2026 | 6.5 | TSR (30%)<br>AOI (40%)<br>EV Roadmap (30%)<br>| 0-200%<br>0-200%<br>0-100%<br>| 2024-2026<br>Dec 2026<br>| 2.9 | 2024-2027<br>May 2027<br>| 0.04 | 0-150% | 2024-2027<br>1/3 Q4 2025<br>1/3 Q4 2026<br>1/3 Q4 2027<br>|
| 2023-2025 | 8.8 | TSR (30%)<br>AOI (40%)<br>EV Roadmap (30%)<br>| 0-200%<br>0-200%<br>0-100%<br>| 2023-2025<br>Dec 2025<br>| 2.7 | 2023-2026<br>May 2027<br>| 0.4 | 0-150% | 2023-2026<br>1/3 Q4 2024<br>1/3 Q4 2025<br>1/3 Q4 2026<br>|
| 2022-2024 | 0.1 | TSR (40%)<br>Synergies (40%)<br>EV Roadmap (10%)<br>CAFE Compliance (10%)<br>| 0-200%<br>0-100%<br>0-100%<br>0 or100%<br>| 2022-2024<br>Dec 2024<br>| 0.3 | 2022-2025<br>May 2027<br>|  | N/A | N/A |

---

PSU Awards

Changes during 2025, 2024 and 2023 for the PSU awards under the 2025-2027, 2024-2026, 2023-2025 and

2022-2024 LTIPs were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **PSU TSR** | **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)** <br>| **PSU** <br>**Synergies**<br>| **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)**<br>| **PSU** <br>**Compliance**<br>| **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)**<br>|
| **Outstanding shares unvested** <br>**at January 1**<br>| **7058827** | **9.76** | **3166622** | **11.32** | **2254113** | **11.71** |
| Granted | 4276298 | 3.33 |  |  | 31923 | 10.66 |
| Vested |  |  | (3134004) | 11.34 | (783510) | 11.34 |
| Cancelled | (3142765) | 10.38 |  |  |  |  |
| Forfeited | (736500) | 6.83 | (6720) | 16.48 | (218808) | 12.04 |
| **Outstanding shares unvested** <br>**at December 31**<br>| **7455860** | **6.14** | **25898** | **10.94** | **1283718** | **11.87** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **PSU** <br>**Electrification**<br>| **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)**<br>| **PSU AOI** | **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)**<br>| **PSU Quality** | **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)**<br>|
| **Outstanding shares unvested** <br>**at January 1**<br>| **3221414** | **12.35** | **5189541** | **12.48** | **—** | **—** |
| Granted |  |  | 5701710 | 7.19 | 4244375 | 7.16 |
| Vested | (698240) | 11.34 |  |  |  |  |
| Cancelled | (85281) | 11.34 | (11678) | 7.12 | (8759) | 7.12 |
| Forfeited | (225611) | 13.10 | (973092) | 10.46 | (288746) | 7.12 |
| **Outstanding shares unvested** <br>**at December 31**<br>| **2212282** | **12.99** | **9906481** | **9.66** | **3946870** | **7.16** |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | **2025** |
|  | **PRSU** | **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)**<br>|
| **Outstanding shares unvested at January 1** | **288814** | **14.39** |
| Granted | 1035510 | 9.56 |
| Vested | (204637) | 13.60 |
| Cancelled | (153214) | 13.77 |
| Forfeited | (421917) | 8.07 |
| **Outstanding shares unvested at December 31** | **544556** | **11.53** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **PSU TSR** | **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)** <br>| **PSU** <br>**Synergies**<br>| **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)**<br>| **PSU** <br>**Compliance**<br>| **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)**<br>|
| **Outstanding shares unvested** <br>**at January 1**<br>| **8579529** | **12.79** | **5970230** | **12.64** | **1255057** | **12.76** |
| Granted | 1936088 | 5.72 |  |  | 1908977 | 11.94 |
| Vested | (2426156) | 17.07 | (2426155) | 14.55 | (606651) | 14.55 |
| Cancelled | (242) | 5.65 |  |  | (242) | 12.15 |
| Forfeited | (1030392) | 10.22 | (377453) | 11.39 | (303028) | 11.84 |
| **Outstanding shares unvested** <br>**at December 31**<br>| **7058827** | **9.76** | **3166622** | **11.32** | **2254113** | **11.71** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **PSU** <br>**Electrification**<br>| **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)**<br>| **PSU AOI** | **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)**<br>| **PRSU** | **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)**<br>|
| **Outstanding shares unvested** <br>**at January 1**<br>| **4339381** | **12.64** | **3479043** | **12.83** | **417386** | **15.82** |
| Granted | 27111 | 20.99 | 2581419 | 12.07 | 43271 | 14.80 |
| Vested | (485154) | 14.55 |  |  | (137746) | 18.14 |
| Cancelled | (121287) | 14.55 | (323) | 12.15 | (692) | 15.82 |
| Forfeited | (538637) | 12.63 | (870598) | 12.64 | (33405) | 17.26 |
| **Outstanding shares unvested** <br>**at December 31**<br>| **3221414** | **12.35** | **5189541** | **12.48** | **288814** | **14.39** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2023** | **2023** | **2023** | **2023** | **2023** | **2023** |
|  | **PSU TSR** | **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)** <br>| **PSU** <br>**Synergies**<br>| **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)** <br>| **PSU** <br>**Compliance**<br>| **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)**<br>|
| **Outstanding shares unvested** <br>**at January 1**<br>| **6352440** | **13.09** | **6352440** | **12.61** | **1588222** | **12.61** |
| Granted | 2903808 | 12.02 | 56890 | 16.14 | 14225 | 14.05 |
| Vested |  |  |  |  |  |  |
| Cancelled |  |  |  |  |  |  |
| Forfeited | (676719) | 12.43 | (439100) | 12.43 | (347390) | 12.59 |
| **Outstanding shares unvested** <br>**at December 31**<br>| **8579529** | **12.79** | **5970230** | **12.64** | **1255057** | **12.76** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2023** | **2023** | **2023** | **2023** | **2023** | **2023** |
|  | **PSU** <br>**Electrification**<br>| **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)**<br>| **PSU AOI** | **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)**<br>| **PRSU** | **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)**<br>|
| **Outstanding shares unvested** <br>**at January 1**<br>| **1587998** | **12.61** | **—** | **—** | **—** | **—** |
| Granted | 2861143 | 12.83 | 3795870 | 12.88 | 417386 | 15.82 |
| Vested |  |  |  |  |  |  |
| Cancelled |  |  |  |  |  |  |
| Forfeited | (109760) | 12.43 | (316827) | 12.83 |  |  |
| **Outstanding shares unvested** <br>**at December 31**<br>| **4339381** | **12.64** | **3479043** | **12.83** | **417386** | **15.82** |

---

The key assumptions utilized to calculate the grant-date fair values for the PSU TSR awards are summarized

below:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| **Key assumptions**  | **PSU TSR Awards Range** | **PSU TSR Awards Range** | **PSU TSR Awards Range** |
| Grant date stock price | €8.54 - €12.82 | €12.40 - €15.49 | €15.37 - €15.64 |
| Expected volatility | 35% | 37% | 34% |
| Risk-free rate | 1.95% | 2.51% | 2.94% |
| Expected dividend yields | 8% | 10% | 9% |

---

The expected volatility was based on the observed historical volatility for common shares of Stellantis. The risk-

free rate was derived from the yield on Euro Area Yield Curves of appropriate term.

The weighted average fair values of the PSU Synergies, PSU Compliance, PSU Electrification, PSU AOI, PSU

Quality and PRSU awards that were granted during years ended December 31, 2025, 2024 and 2023 were

measured using the Stellantis stock price on the grant date, adjusted for expected dividends at a constant yield

as these PSU awards do not have the right to receive ordinary dividends prior to vesting.

RSU awards

Changes during 2025, 2024 and 2023 for the RSU awards under the 2024-2026, 2023-2025 and 2022-2024

LTIPs were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | **RSUs** | **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)** <br>| **RSUs** | **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)**<br>| **RSUs** | **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)**<br>|
| **Outstanding shares unvested** <br>**at January 1**<br>| **9370789** | **11.67** | **11062707** | **12.67** | **8824943** | **12.77** |
| Granted | 9284098 | 7.40 | 2944677 | 11.62 | 3419898 | 12.41 |
| Vested | (4501831) | 11.77 | (3432046) | 14.68 | (365601) | 15.26 |
| Cancelled | (19464) | 6.91 | (539) | 11.71 |  |  |
| Forfeited | (1187544) | 9.38 | (1204010) | 12.20 | (816533) | 12.51 |
| **Outstanding shares unvested** <br>**at December 31**<br>| **12946048** | **8.78** | **9370789** | **11.67** | **11062707** | **12.67** |

---

The weighted average fair values of the RSU awards that were granted at December 31, 2025, 2024 and 2023,

were measured using the Stellantis stock price on the grant date, adjusted for expected dividends at a constant

yield as these RSU awards do not have the right to receive ordinary dividends prior to vesting.

Replacement Stellantis RSU awards

Changes during 2025, 2024 and 2023 for the Replacement Stellantis RSU awards from share-based payment

plans issued by the former FCA Group were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | **Replacement** <br>**Stellantis** <br>**RSU awards**<br>| **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)** <br>| **Replacement** <br>**Stellantis** <br>**RSU awards**<br>| **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)**<br>| **Replacement** <br>**Stellantis** <br>**RSU awards**<br>| **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)**<br>|
| **Outstanding shares unvested** <br>**at January 1**<br>| **—** | **—** | **—** | **—** | **9722133** | **9.95** |
| Anti-dilution adjustment |  |  |  |  |  |  |
| Granted |  |  |  |  |  |  |
| Vested |  |  |  |  | (9597921) | 9.95 |
| Cancelled |  |  |  |  |  |  |
| Forfeited |  |  |  |  | (124212) |  |
| **Outstanding shares unvested** <br>**at December 31**<br>| **—** | **—** | **—** | **—** | **—** | **—** |

---

The weighted average fair values of the RSU awards were measured using the Stellantis stock price on the grant

date, adjusted for expected dividends at a constant yield as these PSU and RSU awards do not have the right to

receive ordinary dividends prior to vesting.

Changes during 2025, 2024 and 2023 for the Replacement Stellantis RSU awards from share-based payment

plans issued by former PSA were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | **Replacement** <br>**Stellantis** <br>**RSU awards**<br>| **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)** <br>| **Replacement** <br>**Stellantis** <br>**RSU awards**<br>| **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)**<br>| **Replacement** <br>**Stellantis** <br>**RSU awards**<br>| **Weighted** <br>**average fair** <br>**value at the** <br>**grant date (€)**<br>|
| **Outstanding shares unvested** <br>**at January 1**<br>| **—** | **—** | **—** | **—** | **6422078** | **6.71** |
| Anti-dilution adjustment |  |  |  |  |  |  |
| Granted |  |  |  |  |  |  |
| Vested |  |  |  |  | (6422078) | 6.71 |
| Cancelled |  |  |  |  |  |  |
| Forfeited |  |  |  |  |  |  |
| **Outstanding shares unvested** <br>**at December 31**<br>| **—** | **—** | **—** | **—** | **—** | **—** |

---

The weighted average fair values of the RSU awards that were granted at December 31, 2025, 2024 and 2023

were measured using the Stellantis stock price on the grant date, adjusted for expected dividends at a constant

yield as these PSU and RSU awards do not have the right to receive ordinary dividends prior to vesting.

Share-based Compensation Expense

Total expense for the PSU awards and RSU awards of approximately €73 million, €45 million and €189 million

was recorded for the years ended December 31, 2025, 2024 and 2023, respectively.

**20.** **Employee benefits liabilities**

Employee benefits liabilities consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| *(€ million)* | **Current** | **Non-current** | **Total** | **Current** | **Non-current** | **Total** |
| Pension benefits | 36 | 2164 | 2200 | 34 | 2362 | 2396 |
| Health care and life insurance plans | 119 | 1397 | 1516 | 126 | 1574 | 1700 |
| Other post-employment benefits | 37 | 578 | 615 | 49 | 731 | 780 |
| Other provisions for employees | 325 | 656 | 981 | 374 | 774 | 1148 |
| **Total Employee benefits liabilities** | **517** | **4795** | **5312** | **583** | **5441** | **6024** |

---

The Company recognized total expense of €2,061 million for defined contribution plans for the year ended

December 31, 2025 (€1,995 million in 2024 and €2,114 million in 2023).

The following table summarizes the fair value of defined benefit obligations and the fair value of related plan

assets:

---

| | | |
|:---|:---|:---|
|  | **At December 31,** | **At December 31,** |
| *(€ million)* | **2025** | **2024** |
| Present value of defined benefit obligations: |  |  |
| Pension benefits | 21132 | 23750 |
| Health care and life insurance plans | 1516 | 1700 |
| Other post-employment benefits | 593 | 753 |
| **Total present value of defined benefit obligations (a)**  | **23241** | **26203** |
| Fair value of plan assets (b) | 20051 | 22502 |
| Asset ceiling (c) | 174 | 212 |
| **Total net defined benefit plans (a - b + c)** | **3364** | **3913** |
| of which: |  |  |
| Net defined benefit liability (d) | 4331 | 4876 |
| Defined benefit plan asset (Note 16) | (967) | (963) |
| **Other provisions for employees (e)** | **981** | **1148** |
| **Total Employee benefits liabilities (d + e)** | **5312** | **6024** |

---

Pension benefits

The Company's funding policy for defined benefit pension plans, to directly make benefit payments where

appropriate, is to contribute the minimum amounts required by applicable laws and regulations or to directly pay

benefit payments where appropriate. In the U.S., these excess amounts are tracked and the resulting credit

balance can be used to satisfy minimum funding requirements in future years. At December 31, 2025, the

combined credit balances for the U.S. and Canada qualified pension plans were approximately €1.1 billion, with

the usage of the credit balances to satisfy minimum funding requirements subject to the plans maintaining

certain funding levels. During the year ended December 31, 2025, the Company made pension contributions in

the U.S. and Canada totaling €27 million. Contributions to the pension plans of the Company for 2026 are

expected to be €96 million, including both contributions to pension funds and direct benefit payments to

employees. Of this amount, €51 million relates to the U.S. and Canada, with €42 million being mandatory

contributions and €9 million discretionary contributions, and €15 million relates to Germany.

The expected benefit payments for pension plans are as follows:

---

| | |
|:---|:---|
| *(€ million)* | **Expected benefit** <br>**payments**<br>|
| 2026 | 1,751 |
| 2027 | 1,738 |
| 2028 | 1,694 |
| 2029 | 1,684 |
| 2030 | 1,665 |
| 2031-2035 | 7,909 |

---

The following table summarizes changes in pension plans:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2024** |
| *(€ million)* | **U.S. and** <br>**Canada**<br>| **UK** | **France** <br>**and** <br>**Germany**<br>| **Other** | **Total** | **U.S. and** <br>**Canada**<br>| **UK** | **France** <br>**and** <br>**Germany**<br>| **Other** | **Total** |
| **Projected benefit** <br>**obligation**<br>|  |  |  |  |  |  |  |  |  |  |
| **At beginning of period:** <br>**Present value**<br>| **(18965)** | **(1526)** | **(3004)** | **(255)** | **(23750)** | **(18964)** | **(1456)** | **(2809)** | **(239)** | **(23468)** |
| Effect of changes in scope of <br>consolidation and other<br>|  | (54) |  |  | (54) | 114 | 1 |  | 1 | 116 |
| Service cost | (80) |  | (33) | (10) | (123) | (98) |  | (36) | (9) | (143) |
| Interest cost | (924) | (75) | (100) | (16) | (1115) | (973) | (77) | (110) | (17) | (1177) |
| Benefit payments for the <br>year<br>| 1522 | 95 | 132 | 21 | 1770 | 1558 | 88 | 127 | 19 | 1792 |
| Participant contributions | (1) |  |  |  | (1) | (1) |  |  |  | (1) |
| Actuarial gains and (losses) | (228) | 56 | 254 | (45) | 37 | 339 | (10) | (176) | (27) | 126 |
| Demographic assumptions <br>and experience<br>| 41 | (53) | (43) | (51) | (106) | (10) | (4) | 26 | 2 | 14 |
| Financial assumptions | (269) | 109 | 297 | 6 | 143 | 349 | (6) | (202) | (29) | 112 |
| Effect of changes in <br>exchange rates<br>| 2041 | 77 |  | (2) | 2116 | (924) | (70) |  | 18 | (976) |
| Past service cost |  | (14) |  | 2 | (12) | (16) | (2) |  | (1) | (19) |
| Effect of curtailments and <br>settlements/Other<br>|  |  |  |  |  |  |  |  |  |  |
| **At period-end: Present** <br>**value**<br>| **(16635)** | **(1441)** | **(2751)** | **(305)** | **(21132)** | **(18965)** | **(1526)** | **(3004)** | **(255)** | **(23750)** |
| **Plan Assets** |  |  |  |  |  |  |  |  |  |  |
| **At beginning of period:** <br>**Fair value** <br>| **17758** | **1890** | **2680** | **174** | **22502** | **18262** | **1800** | **2408** | **172** | **22642** |
| Effect of changes in scope of <br>consolidation and other<br>|  | 68 |  |  | 68 | (121) |  |  | (1) | (122) |
| Expected return on assets | 857 | 94 | 90 | 5 | 1046 | 932 | 96 | 95 | 7 | 1130 |
| Participant contributions | 1 |  |  |  | 1 | 1 |  |  |  | 1 |
| Administrative Expenses | (84) | (2) |  |  | (86) | (58) | (4) |  | (1) | (63) |
| Actuarial gains and (losses) | 410 | (101) | (140) | (4) | 165 | (558) | (13) | 293 | 9 | (269) |
| Effect of changes in <br>exchange rates<br>| (1864) | (95) |  |  | (1959) | 820 | 87 |  |  | 907 |
| Employer contributions | 20 | 6 | 40 |  | 66 | 27 | 12 | 5 | (1) | 43 |
| Benefit payments for the <br>year<br>| (1521) | (95) | (126) | (10) | (1752) | (1547) | (88) | (121) | (11) | (1767) |
| **At period-end: Fair value** | **15577** | **1765** | **2544** | **165** | **20051** | **17758** | **1890** | **2680** | **174** | **22502** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2024** |
| *(€ million)* | **U.S. and** <br>**Canada**<br>| **UK** | **France** <br>**and** <br>**Germany**<br>| **Other** | **Total** | **U.S. and** <br>**Canada**<br>| **UK** | **France** <br>**and** <br>**Germany**<br>| **Other** | **Total** |
| **Present value of projected** <br>**benefit obligation**<br>| **(16635)** | **(1441)** | **(2751)** | **(305)** | **(21132)** | **(18965)** | **(1526)** | **(3004)** | **(255)** | **(23750)** |
| Fair value of plan assets | 15577 | 1765 | 2544 | 165 | 20051 | 17758 | 1890 | 2680 | 174 | 22502 |
| Net (liability) asset <br>recognized in the balance <br>sheet before minimum <br>funding requirement (IFRIC <br>14)<br>| (1058) | 324 | (207) | (140) | (1081) | (1207) | 364 | (324) | (81) | (1248) |
| Minimum funding requirement <br>liability (IFRIC 14)<br>| (174) |  |  |  | (174) | (212) |  |  |  | (212) |
| Net (liability) asset <br>recognized in the balance <br>sheet<br>| (1232) | 324 | (207) | (140) | (1255) | (1419) | 364 | (324) | (81) | (1460) |
| Of which, liability | (1805) | (16) | (258) | (121) | (2200) | (1951) | (8) | (363) | (74) | (2396) |
| Of which, asset | 573 | 340 | 51 | (19) | 945 | 532 | 372 | 39 | (7) | 936 |

---

Amounts recognized in the Consolidated Income Statement were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million)* | **2025** | **2024** | **2023** |
| Current service cost | 123 | 143 | 140 |
| Interest expense | 1115 | 1177 | 1160 |
| Interest income | (1046) | (1130) | (1108) |
| Other administration costs | 86 | 63 | 87 |
| Past service costs/(credits) and (gains)/losses arising from settlements/<br>curtailments<br>| 12 | 19 | 666 |
| Interest expense on asset ceiling | 6 | 12 |  |
| **Total recognized in the Consolidated Income Statement**  | **296** | **284** | **945** |

---

During the year ended December 31, 2023, U.S. and Canada pension plans were amended for benefit changes

made under collective bargaining agreements negotiated with the United Automobile, Aerospace and

Agricultural Implement Workers of America ("UAW") and Unifor and the associated prior service costs were

recognized in the Consolidated Income Statement in the amount of €396 million. In addition, voluntary separation

packages offered during 2024 and 2023 resulted in pension plan curtailment charges of €16 million and

€268 million, respectively, recognized within Restructuring costs. A prior service cost of €14 million was

recognized in 2025 in connection with the closure of the Luton plant in the UK, as early-retiring employees were

granted the same retirement benefits they would have received had they remained in service until normal

retirement age.

The fair value of plan assets by class was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
| *(€ million)* | **Amount**  | **of which have a**<br>**quoted market** <br>**price in an active** <br>**market**<br>| **Amount**  | **of which have a**<br>**quoted market** <br>**price in an active** <br>**market** <br>|
| **Cash and cash equivalents** | **846** | **836** | **884** | **881** |
| U.S. equity securities | 529 | 529 | 656 | 655 |
| Non-U.S. equity securities | 108 | 107 | 540 | 540 |
| Equity commingled funds | 2041 | 1126 | 1194 | 734 |
| **Equity instruments** | **2678** | **1762** | **2390** | **1929** |
| Government securities | 3307 | 1808 | 3197 | 1700 |
| Corporate bonds (including convertible and high yield bonds) | 3698 | 51 | 4572 | 35 |
| Other fixed income | 3467 |  | 4861 | 1 |
| **Fixed income securities** | **10472** | **1859** | **12630** | **1736** |
| Private equity funds | 2608 |  | 2943 |  |
| Diversified Commingled funds | 73 |  | 82 |  |
| Real estate funds | 1280 |  | 1316 |  |
| Hedge funds | 1917 |  | 2306 |  |
| **Investment funds** | **5878** | **—** | **6647** | **—** |
| **Insurance contracts and other** | **177** | **13** | **(49)** | **(17)** |
| **Total fair value of plan assets** | **20051** | **4470** | **22502** | **4529** |

---

Non-U.S. equity securities were invested broadly in developed international and emerging markets. Fixed

income securities were debt instruments primarily comprised of long-term U.S. Treasury and global government

bonds, as well as U.S., developed international and emerging market companies' debt securities diversified by

sector, geography and through a wide range of market capitalizations. Private equity funds included those in

limited partnerships that invest primarily in the equity of companies that are not publicly traded on a stock

exchange. Private debt funds included those in limited partnerships that invest primarily in the debt of

companies and real estate developers. Commingled funds included common collective trust funds, mutual

funds and other investment entities. Real estate fund investments included those in limited partnerships that

invest in various commercial and residential real estate projects around the world. Hedge fund investments

included those seeking to maximize absolute return using a broad range of strategies to enhance returns and

provide additional diversification.

The investment strategies and objectives for pension assets primarily in the U.S., Canada, France, Germany and

UK reflected a balance of liability-hedging and return-seeking investment considerations. The investment

objectives were to minimize the volatility of the value of pension assets relative to pension liabilities and to

ensure that assets were sufficient to pay plan obligations. The objective of minimizing the volatility of assets

relative to liabilities was addressed primarily through asset diversification, partial asset-liability matching and

hedging. Assets were broadly diversified across many asset classes to achieve risk-adjusted returns that, in

total, lower asset volatility relative to the liabilities. Additionally, in order to minimize pension asset volatility

relative to the pension liabilities, a portion of the pension plan assets were allocated to fixed income securities.

The Company policy for these plans ensured actual allocations were in line with target allocations as

appropriate.

Assets were actively monitored and managed primarily by external investment managers. Investment managers

were not permitted to invest outside of the asset class or strategy for which they had been appointed. The

Company used investment guidelines to ensure investment managers invested solely within the mandated

investment strategy. Certain investment managers used derivative financial instruments to mitigate the risk of

changes in interest rates and foreign currencies impacting the fair values of certain investments. Derivative

financial instruments could also be used in place of physical securities when it was more cost-effective and/or

efficient to do so. Plan assets did not include the Company shares or properties occupied by Stellantis

companies, with the possible exception of commingled investment vehicles where the Company did not control

the investment guidelines.

Sources of potential risk in pension plan assets were related to market risk, interest rate risk and operating risk.

Market risk was mitigated by diversification strategies and as a result, there were no significant concentrations of

risk in terms of sector, industry, geography, market capitalization, manager or counterparty. Interest rate risk was

mitigated by partial asset-liability matching. The fixed income target asset allocation partially matched the bond-

like and long-dated nature of the pension liabilities. Interest rate increases generally will result in a decline in the

fair value of the investments in fixed income securities and the present value of the obligations. Conversely,

interest rate decreases will generally increase the fair value of the investments in fixed income securities and the

present value of the obligations. Operating risks were mitigated through engagement with and oversight of

external service providers, including custodians, data providers and investment managers.

The weighted average assumptions used to determine defined benefit obligations were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **U.S.** | **Canada** | **UK** | **France** | **Germany** | **U.S.** | **Canada** | **UK** | **France** | **Germany** |
| Discount rate | 5.43% | 4.79% | 5.69% | 3.81% | 4.16% | 5.70% | 4.61% | 5.23% | 3.39% | 3.42% |
| Future salary <br>increase rate<br>| —% | 3.50% | 2.40% | 2.75% | 2.60% | —% | 3.50% | 2.65% | 2.85% | 2.70% |

---

The average duration of U.S., Canada, UK, France and Germany liabilities was approximately 9, 11, 12, 7 and

14, respectively. Refer to Note 2, *Basis of preparation*, for additional information on the Company's sensitivity

analysis.

The average longevity at retirement age for current pensioners (male/female) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **U.S.** | **Canada** | **UK** | **France** | **Germany** |
| Life Expectancy at Age 65 |  |  |  |  |  |
| Male retiring in 25 years (Aged 40) | 20.69 | 21.88 | 23.12 | N/A | 24.26 |
| Female retiring in 25 years (Aged 40) | 22.16 | 24.11 | 25.62 | N/A | 27 |
| Male retiring today (Aged 65) | 19.19 | 20.63 | 21.38 | 11.19 | 20.90 |
| Female retiring today (Aged 65) | 20.79 | 22.94 | 23.81 | 10.72 | 24.27 |

---

Health care and life insurance plans

Liabilities arising from these unfunded plans comprised obligations for retiree health care and life insurance

granted to employees and to retirees in the U.S. and Canada. Upon retirement from the Company, these

employees may become eligible for continuation of certain benefits. Benefits and eligibility rules may be

modified periodically. The expected benefit payments for unfunded health care and life insurance plans are as

follows:

---

| | |
|:---|:---|
| *(€ million)* | **Expected benefit**<br> **payments**<br>|
| 2026 | 119 |
| 2027 | 118 |
| 2028 | 117 |
| 2029 | 115 |
| 2030 | 114 |
| 2031-2035 | 553 |

---

Changes in net defined benefit obligations for healthcare and life insurance plans were as follows:

---

| | | |
|:---|:---|:---|
| *(€ million)* | **2025** | **2024** |
| **Present value of obligations at January 1** | **1700** | **1697** |
| **Included in the Consolidated Income Statement** | **94** | **105** |
| **Included in Other comprehensive income:** |  |  |
| Actuarial (gains)/losses from: |  |  |
| - Demographic and other assumptions | 19 | (2) |
| - Financial assumptions | 14 | (51) |
| Effect of movements in exchange rates | (182) | 81 |
| **Other:** |  |  |
| Benefits paid | (129) | (130) |
| **December 31** | **1516** | **1700** |

---

Amounts recognized in the Consolidated Income Statement were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million)* | **2025** | **2024** | **2023** |
| Current service cost | 8 | 10 | 11 |
| Interest expense | 86 | 90 | 89 |
| Past service costs/(credits) and losses/(gains) arising from settlements |  | 5 | 43 |
| **Total recognized in the Consolidated Income Statement** | **94** | **105** | **143** |

---

During the year ended December 31, 2023, the U.S. plans were amended for benefit changes made under

collective bargaining agreements negotiated with the UAW and the associated prior service costs were

recognized in the Consolidated Income Statement in the amount of €32 million. In addition, voluntary separation

packages offered during 2024 and 2023 resulted in OPEB plan curtailment charges of €5 million and €11 million,

respectively, recognized within Restructuring costs.

Health care and life insurance plans were accounted for on an actuarial basis, which required the selection of

various assumptions. In particular, it required the use of estimates of the present value of the projected future

payments to all participants, taking into consideration the likelihood of potential future events such as health care

cost increases and demographic experience.

The weighted average assumptions used to determine the defined benefit obligations were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **U.S.** | **Canada** | **U.S.** | **Canada** |
| Discount rate | 5.60% | 5.01% | 5.76% | 4.72% |
| Salary growth | 2.50% | 2.00% | 2.50% | 2.00% |
| Weighted average ultimate healthcare cost trend rate | 3.95% | 4.00% | 3.95% | 4.00% |

---

The average duration of the U.S. and Canadian liabilities was approximately 10 and 14 years, respectively. Refer

to Note 2, *Basis of preparation*, for additional information on the Company's sensitivity analysis.

The annual rate of increase in the per capita cost of covered U.S. health care benefits assumed for the next year

and used in the 2025 plan valuation was 8.2 percent. The annual rate was assumed to decrease gradually to 3.9

percent through 2050 and remain at that level thereafter. The annual rate of increase in the per capita cost of

covered Canadian health care benefits assumed for next year and used in the 2025 plan valuation was 4.3

percent. The annual rate was assumed to decrease gradually to 4.0 percent through 2040 and remain at that

level thereafter.

Other post-employment benefits

Other post-employment benefits comprised other employee benefits granted to Company employees primarily in

Europe.

Changes in defined benefit obligations for other post-employment benefits were as follows:

---

| | | |
|:---|:---|:---|
| *(€ million)* | **2025** | **2024** |
| **Present value of obligations at January 1** | **753** | **767** |
| **Included in the Consolidated Income Statement**  | **1** | **(14)** |
| **Included in Other comprehensive income:** |  |  |
| Actuarial (gains)/losses from: |  |  |
| - Demographic and other assumptions | (18) | (21) |
| - Financial assumptions | (37) | 123 |
| Effect of movements in exchange rates | (2) | (4) |
| **Other:** |  |  |
| Benefits paid | (71) | (66) |
| Other changes | (33) | (32) |
| **Present value of obligations at December 31**  | **593** | **753** |

---

As at December 31, 2025, the above Other post-employment benefit liability is net of plan assets of €321 million.

Amounts recognized in the Consolidated Income Statement were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million)* | **2025** | **2024** | **2023** |
| Current service cost | 31 | 28 | 31 |
| Interest expense | 25 | 34 | 34 |
| Past service costs/(credits) and losses/(gains) arising from settlements | (55) | (76) | (5) |
| **Total recognized in the Consolidated Income Statement** | **1** | **(14)** | **60** |

---

Past service credits are primarily due to the impact on French plans of voluntary departures.

Other provisions for employees

Other provisions for employees primarily included long-term disability benefits, supplemental unemployment

benefits, variable and other deferred compensation, as well as bonuses granted for tenure at the Company.

**21.** **Provisions**

Provisions consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| *(€ million)* | **Current** | **Non-current** | **Total** | **Current** | **Non-current** | **Total** |
| Product warranty and recall campaigns  | 4562 | 9562 | 14124 | 3737 | 5571 | 9308 |
| Sales incentives | 5321 |  | 5321 | 6343 |  | 6343 |
| Restructuring  | 637 | 405 | 1042 | 1035 | 544 | 1579 |
| Legal proceedings and disputes | 379 | 601 | 980 | 457 | 618 | 1075 |
| Commercial risks | 2779 | 6002 | 8781 | 1910 | 1208 | 3118 |
| Other risks | 639 | 2026 | 2665 | 738 | 919 | 1657 |
| **Total Provisions** | **14317** | **18596** | **32913** | **14220** | **8860** | **23080** |

---

Changes in Provisions were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(€ million)* | **At January** <br>**1, 2025**<br>| **Additional**<br>**provisions**<br>| **Settlements** | **Unused**<br>**amounts**<br>| **Translation** <br>**differences**<br>| **Transfer to** <br>**Liabilities** <br>**held for** <br>**sale**<br>| **Change in** <br>**scope**<br>| **Other** | **At** <br>**December** <br>**31, 2025**<br>|
| Product warranty <br>and recall <br>campaigns<br>| 9308 | 11645 | (6264) |  | (717) |  | 1 | 151 | 14124 |
| Sales incentives | 6343 | 10362 | (10954) | (23) | (411) |  | (34) | 38 | 5321 |
| Restructuring costs | 1579 | 1115 | (1381) | (261) | (38) |  | (4) | 32 | 1042 |
| Legal proceedings <br>and disputes<br>| 1075 | 242 | (252) | (59) | (33) |  |  | 7 | 980 |
| Commercial risks | 3118 | 8674 | (2255) | (733) | (348) |  |  | 325 | 8781 |
| Other risks | 1657 | 1946 | (412) | (231) | (54) |  | 3 | (244) | 2665 |
| **Total Provisions** | **23080** | **33984** | **(21518)** | **(1307)** | **(1601)** | **—** | **(34)** | **309** | **32913** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(€ million)* | **At January** <br>**1, 2024**<br>| **Additional**<br>**provisions**<br>| **Settlements** | **Unused**<br>**amounts**<br>| **Translation** <br>**differences**<br>| **Transfer to** <br>**Liabilities** <br>**held for** <br>**sale**<br>| **Change in** <br>**scope**<br>| **Other** | **At** <br>**December** <br>**31, 2024**<br>|
| Product warranty <br>and recall <br>campaigns<br>| 8984 | 6332 | (6209) | (133) | 265 | (38) | (21) | 128 | 9308 |
| Sales incentives | 6031 | 10229 | (10110) | (4) | 214 | (21) |  | 4 | 6343 |
| Restructuring costs | 1300 | 1706 | (1284) | (172) | 25 |  | (2) | 6 | 1579 |
| Legal proceedings <br>and disputes<br>| 1090 | 368 | (252) | (71) | (65) |  | (6) | 11 | 1075 |
| Commercial risks | 2723 | 1964 | (1680) | (41) | 155 |  | (3) |  | 3118 |
| Other risks | 1340 | 833 | (427) | (161) | 21 |  | 4 | 47 | 1657 |
| **Total Provisions** | **21468** | **21432** | **(19962)** | **(582)** | **615** | **(59)** | **(28)** | **196** | **23080** |

---

*Product warranty and recall campaigns* 

The estimated future costs of actions are principally based on assumptions regarding the lifetime warranty costs

of each vehicle line and each model year of that vehicle line, as well as historical claims experience for the

vehicles. In addition, the number and magnitude of additional service actions expected to be approved and

policies related to additional service actions are taken into consideration.

The cash outflow for the non-current portion of the Product warranty and recall campaigns provision is primarily

expected within a period through 2029.

During the year ended December 31, 2025, the Company experienced increased volatility in warranty

expenditures, particularly in North America and Enlarged Europe, driven by factors including cost inflation,

quality issues associated with new powertrains and platforms, and the impact of prior operational decisions.

The previously applied model for estimating future warranty expenditures was assessed to be insufficiently

responsive to rapid changes in experience. Accordingly, during 2025 the Company implemented an updated

actuarial model incorporating refined trend development, inflation assumptions and correlations, resulting in

greater responsiveness to recent warranty experience. This change represents a change in accounting

estimate.

As a result of this change in estimate, the Company recognized charges of €5.4 billion, (of which €4.1 billion was

excluded from AOI and related to shipments prior to 2025) within Cost of revenues, comprising €4.2 billion (of

which €3.3 billion was excluded from AOI) in North America and €1.2 billion (of which €0.9 billion was excluded

from AOI) in Enlarged Europe.

*Sales incentives*

As described within Note 2, *Basis of preparation* - *Critical judgments and use of estimates*, the Company

recorded the estimated cost of sales incentive programs offered to dealers and consumers as a reduction to

revenue at the time of sale of the vehicle to the dealer.

*Restructuring costs*

During the years ended December 31, 2025 and 2024, the Company recognized total net provisions of

€913 million and €1,617 million, respectively, primarily related to workforce reductions in Enlarged Europe and

for 2024, also in North America (refer to Note 30, *Segment reporting* for additional information).

*Legal proceedings and disputes*

As described within Note 2, *Basis of preparation* - *Critical judgments and use of estimates*, a provision for legal

proceedings was recognized when it was deemed probable that the proceedings would result in an outflow of

resources and when the amount could be reasonably estimated. As the ultimate outcome of pending litigation

was uncertain, the timing of cash outflows for the legal proceedings and disputes provision was also uncertain.

*Commercial risks*

Commercial risks arose in connection with the sale of products and services, such as onerous maintenance

contracts, and as a result of certain regulatory emission requirements. For items such as onerous maintenance

contracts, a provision was recognized when the expected costs to complete the services under these contracts

exceeded the revenues expected to be realized. A provision for costs related to regulatory emission

requirements was recognized at the time vehicles were sold based on the estimated cost to settle the obligation,

measured as the sum of the cost of regulatory credits previously purchased plus the amount, if any, of the fine

expected to be paid in cash. Commercial risks also include provisions for disputes with suppliers related to

supply contract or other matters that were not subject to legal proceedings. Effective 2025, these balances were

reclassified from other risks to commercial risks. The cash outflow for the non-current portion of the Commercial

risks provision was primarily expected within a period through 2029.

The increase of €5,663 million in commercial risks is mainly related to: (i) provisions recognized for disputes with

suppliers resulting from the product plan realignments and program cancellations (refer to Note 2, *Basis of* 

*preparation - Strategic plan undergoing reassessment)* offset by (ii) a decrease in the net amount of €844 million

related to the provision for CAFE, refer to Note *10, Other intangible assets* for additional information.

*Other risks*

Other risks include, among other items: provisions for product liabilities arising from personal injuries including

wrongful death and potential exemplary or punitive damages alleged to be the result of product defects,

disputes with other parties relating to contracts or other matters not subject to legal proceedings and

management's best estimate of the Company's probable environmental obligations, which also included costs

related to claims on environmental matters. The cash outflow for the non-current portion of the Other risks

provision is primarily expected within a period through 2029.

**22.** **Debt**

Debt classified within current liabilities included short-term borrowings from banks and other financing with an

original maturity date falling within twelve months, as well as the current portion of long-term debt. Debt

classified within non-current liabilities included borrowings from banks and other financing with maturity dates

greater than twelve months (long-term debt), net of the current portion.

The following table summarizes the Company's current and non-current Debt by maturity date (amounts include

accrued interest:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2024** |
| *(€ million)* | **Due** <br>**within** <br>**one year** <br>**(current)**<br>| **Due** <br>**between** <br>**one and** <br>**five years**<br>| **Due** <br>**beyond** <br>**five years**<br>| **Total** <br>**(non-**<br>**current)**<br>| **Total** <br>**Debt**<br>| **Due** <br>**within** <br>**one year** <br>**(current)**<br>| **Due** <br>**between** <br>**one and** <br>**five years**<br>| **Due** <br>**beyond** <br>**five** <br>**years**<br>| **Total** <br>**(non-**<br>**current)**<br>| **Total** <br>**Debt**<br>|
| Notes  | 2945 | 11048 | 9208 | 20256 | 23201 | 949 | 9114 | 9054 | 18168 | 19117 |
| Borrowings from <br>banks<br>| 1311 | 609 | 40 | 649 | 1960 | 3119 | 371 | 82 | 453 | 3572 |
| Asset-backed <br>financing<br>| 7247 | 7434 | 798 | 8232 | 15479 | 5645 | 3681 | 690 | 4371 | 10016 |
| Lease liabilities | 818 | 967 | 669 | 1636 | 2454 | 858 | 883 | 815 | 1698 | 2556 |
| Other debt | 1800 | 1006 | 47 | 1053 | 2853 | 1628 | 291 | 47 | 338 | 1966 |
| **Total Debt** | **14121** | **21064** | **10762** | **31826** | **45947** | **12199** | **14340** | **10688** | **25028** | **37227** |

---

For additional information on the maturity analysis of financial liabilities, refer to Note 32, *Qualitative and* 

*quantitative information on financial risks*.

Total debt as of December 31, 2025 increased by approximately €8.7 billion as compared to December 31,

2024. This was primarily driven by €5.1 billion of new bond issuances, and an increase in financial services

funding, partially offset by €0.8 billion of European Investment Bank ("EIB") loans repaid at maturity, and

€0.7 billion of bond repayments at maturity.

Notes

The following table summarizes the notes outstanding at December 31, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **At December 31,** | **At December 31,** |
| *(€ million)* | **Currency** | **Face value of**<br>**outstanding** <br>**notes (million)**<br>| **Coupon %** | **Maturity**  | **2025** | **2024** |
| **Stellantis (Peugeot S.A. issuances):** |  |  |  |  |  |  |
| STELLANTIS N.V. (Peugeot S.A.) 2018 | EUR | 650 | 2.000 | Q1/2025 |  | 660 |
| STELLANTIS N.V. (Peugeot S.A.) 2019 | EUR | 600 | 1.125 | Q3/2029 | 598 | 597 |
| STELLANTIS N.V. (Peugeot S.A.) 2020 | EUR | 1000 | 2.750 | Q2/2026 | 1022 | 1024 |
| STELLANTIS N.V. (Peugeot S.A.) <br>Schuldschein 2019<br>| EUR | 60 | 1.600 | Q2/2026 | 61 | 61 |
| STELLANTIS N.V. (Peugeot S.A.) <br>Schuldschein 2019<br>| EUR | 50 | 1.810 | Q2/2027 | 50 | 50 |
| STELLANTIS N.V. (Peugeot S.A.) <br>Schuldschein 2019<br>| EUR | 204 | Euribor 6M <br>+ 1.400<br>| Q2/2026 | 206 | 206 |
| **Medium Term Note Program**<sup>(1)</sup>**:** |  |  |  |  |  |  |
| STELLANTIS N.V. (FCA N.V.) 2020 | EUR | 1250 | 3.875 | Q1/2026 | 1299 | 1347 |
| STELLANTIS N.V. (FCA N.V.) 2020 | EUR | 1000 | 4.500 | Q3/2028 | 1131 | 1162 |
| STELLANTIS N.V. 2021 | EUR | 1250 | 0.625 | Q1/2027 | 1259 | 1260 |
| STELLANTIS N.V. 2021 | EUR | 1250 | 0.750 | Q1/2029 | 1256 | 1255 |
| STELLANTIS N.V. 2021 | EUR | 1250 | 1.250 | Q2/2033 | 1245 | 1243 |
| STELLANTIS N.V. 2022 | EUR | 1000 | 2.750 | Q2/2032 | 1020 | 1022 |
| STELLANTIS N.V. 2023 - green bond | EUR | 1250 | 4.375 | Q1/2030 | 1294 | 1296 |
| STELLANTIS N.V. 2023 | EUR | 1250 | 4.250 | Q2/2031 | 1271 | 1270 |
| STELLANTIS N.V. 2024 | EUR | 750 | 3.500 | Q3/2030 | 754 | 753 |
| STELLANTIS N.V. 2024 - green bond | EUR | 500 | 3.750 | Q1/2036 | 508 | 508 |
| STELLANTIS N.V. 2024 | EUR | 750 | 3.375 | Q4/2028 | 749 | 763 |
| STELLANTIS N.V. 2024 | EUR | 750 | 4.000 | Q1/2034 | 765 | 749 |
| STELLANTIS N.V. 2025 | EUR | 700 | 3.875 | Q2/2031 | 712 |  |
| STELLANTIS N.V. 2025 | EUR | 800 | 4.625 | Q2/2035 | 816 |  |
| **Other Notes:** |  |  |  |  |  |  |
| STELLANTIS FINANCE U.S. 2021 | U.S $ | 1000 | 1.711 | Q1/2027 | 857 | 968 |
| STELLANTIS FINANCE U.S. 2021 | U.S $ | 1000 | 2.691 | Q3/2031 | 855 | 967 |
| STELLANTIS FINANCE U.S. 2022 | U.S. $ | 550 | 5.625 | Q1/2028 | 484 | 539 |
| STELLANTIS FINANCE U.S. 2022 | U.S. $ | 700 | 6.375 | Q3/2032 | 606 | 682 |
| STELLANTIS FINANCE US 2025 | U.S. $ | 500 | 5.350 | Q1/2028 | 434 |  |
| STELLANTIS FINANCE US 2025 | U.S. $ | 750 | 5.750 | Q1/2030 | 648 |  |
| STELLANTIS FINANCE US 2025 | U.S. $ | 1000 | 6.450 | Q1/2035 | 862 |  |
| GIE PSA Trésorerie 2003 | EUR | 600 | 6.000 | Q3/2033 | 721 | 735 |
| STELLANTIS FINANCIAL SERVICES US <br>2025<br>| U.S. $ | 300 | SOFR + <br>1.690<br>| Q3/2028 | 254 |  |
| STELLANTIS FINANCIAL SERVICES US <br>2025<br>| U.S. $ | 1000 | 4.950 | Q3/2028 | 858 |  |
| STELLANTIS FINANCIAL SERVICES US <br>2025<br>| U.S. $ | 700 | 5.400 | Q3/2030 | 606 |  |
| **Total Notes** |  |  |  |  | **23201** | **19117** |

---

<sup>(1)</sup> Listed on the Irish Stock Exchange

*Notes Issued by Peugeot S.A*

Bonds issued by Peugeot S.A. are governed by the terms and conditions of the Peugeot S.A. €5 billion Euro

Medium Term Note ("EMTN") Program that was renewed on June 8, 2020 for the last time. Those bonds are

guaranteed by GIE PSA Trésorerie.

In April 2019, Peugeot S.A. raised funds using a private investment under German law through a

Schuldscheindarlehen. This transaction was structured in several tranches denominated in Euros, with maturities

up to Q2 2027.

In March 2025, the Company repaid, at maturity, a €650 million note issued by PSA in 2018.

*Notes Issued Under the Medium Term Note Program* 

Certain notes issued by Stellantis were governed by the terms and conditions of the Medium-Term Note ("MTN")

Program (previously known as the Global Medium Term Note Program, or "GMTN" Program) formerly available

to FCA N.V., the predecessor of Stellantis N.V. A maximum of €20 billion was allowed under this program, and

notes of €2.25 billion (principal amounts) were outstanding as at December 31, 2025.

After the merger, Stellantis established a EMTN under which it may from time to time issue notes up to an

amount of €30 billion.

Under the €30 billion EMTN Program, the Company issued two bonds during the year ended December 31,

2025:

• In June 2025, a EUR bond with principal amount of €800 million with an interest rate of 4.63 percent and which

matures in June 2035; and

• In June 2025, a EUR bond with principal amount of €700 million with an interest rate of 3.88 percent and which

matures in June 2031.

As at December 31, 2025, the outstanding principal amount of the notes issued under the successive versions

of the program, after the merger, was €11.5 billion.

These notes impose covenants on the issuer, which include: (i) negative pledge clauses which require that in the

case that any security interest upon assets of Stellantis N.V. is granted in connection with other notes or debt

securities having the same ranking, such a security should be equally and ratably extended to the outstanding

notes; (ii) pari passu clauses, under which the notes rank and will rank pari passu with all other present and

future unsubordinated and unsecured obligations of Stellantis N.V.; (iii) periodic disclosure obligations; (iv)

cross-default clauses which require immediate repayment of the notes under certain events of default on other

financial instruments issued by Stellantis' main entities; and (v) other clauses that are generally applicable to

securities of a similar type. A breach of these covenants may require the early repayment of the notes. As of

December 31, 2025, Stellantis was in compliance with the covenants of the notes under the MTN Program.

From time to time, Stellantis may buy back notes in the market. Such buybacks, if made, depend upon market

conditions, the Company's financial situation and other factors which could affect such decisions.

*Other Notes* 

In March 2025, Stellantis Finance U.S. Inc issued three bonds guaranteed by Stellantis N.V,:

• a USD bond with principal amount of $1,000 million with an interest rate of 6.45 percent and which matures in

March 2035;

• a USD bond with principal amount of $750 million with an interest rate of 5.75 percent and which matures in

March 2030; and

• a USD bond with principal amount of $500 million with an interest rate of 5.35 percent and which matures in

March 2028.

The Notes issued by Stellantis Finance U.S. Inc impose covenants on Stellantis N.V. including: (i) negative

pledge clauses which require that in the case that any security interest upon assets of Stellantis N.V. is granted

in connection with other notes or debt securities having the same ranking, such a security should be equally and

ratably extended to the outstanding Notes; (ii) *pari passu* clauses, under which the Notes rank and will rank *pari* 

*passu* with all other present and future unsubordinated and unsecured obligations of Stellantis N.V.; (iii) periodic

disclosure obligations; (iv) cross-default clauses which require immediate repayment of the Notes under certain

events of default on other financial instruments issued by Stellantis' main entities; and (v) other clauses that are

generally applicable to securities of a similar type. A breach of these covenants may require the early repayment

of the Notes. As of December 31, 2025, Stellantis was in compliance with the covenants of the Notes.

In September 2025, SFS U.S. issued three bonds:

• a USD bond with principal amount of $700 million with an interest rate of 5.40 percent and which matures in

September 2030;

• a USD bond with principal amount of $1,000 million with an interest rate of 4.95 percent and which matures in

September 2028; and

• a USD bond with principal amount of $300 million with a floating interest rate and which matures in September

2028. The notes issued by SFS U.S. are not guaranteed by Stellantis N.V. These notes impose covenants on the issuer,

which include : (i) negative pledge clauses which require that in the case that any security interest upon assets

of SFS U.S. is granted in connection with other notes or debt securities having the same ranking, such a security

should be equally and ratably extended to the outstanding notes; (ii) pari passu clauses, under which the notes

rank and will rank pari passu with all other present and future unsubordinated and unsecured obligations of SFS

U.S.; (iii) periodic disclosure obligations; (iv) cross-default clauses which require immediate repayment of the

notes under certain events of default on other financial instruments issued by SFS U.S.; and (v) other clauses

that are generally applicable to securities of a similar type. A breach of these covenants may require the early

repayment of the notes. As of December 31, 2025, SFS U.S. was in compliance with the covenants of the notes.

As at December 31, 2025, all the outstanding notes of Stellantis were rated "Baa2" by Moody's Investors Service

and "BBB" by S&P Global Ratings. Refer to Note 33, *Subsequent events* for additional information.

Borrowings from banks

The following are a description of our most significant borrowings from banks as at December 31, 2025:

*European Investment Bank Borrowings* 

Stellantis has a financing agreement with the EIB for €0.1 billion outstanding at December 31, 2025 (€0.9 billion

at December 31, 2024). This funding supports the investment plan for advanced manufacturing technologies to

produce a new electric vehicle platform at the Kragujevac plant in Serbia.

In March 2025, Stellantis repaid, at maturity, a €300 million European Investment Bank loan.

In September 2025, Stellantis repaid, at maturity, a €484 million European Investment Bank loan.

*Brazil*

Stellantis' Brazilian subsidiaries have access to various local bank facilities in order to fund investments and

operations including financial services activities. Total debt outstanding under those facilities amounted to a

principal amount of €0.4 billion at December 31, 2025 (€0.5 billion at December 31, 2024).

*Undrawn committed credit lines*

Stellantis N.V. has a syndicated revolving credit facility ("RCF") of €12 billion, originally signed in July 2021

amended and extended in July 2024. The syndicated credit facility includes a broad-based group of 29 banks

from Europe, U.S. and Asia. The RCF is structured in two tranches: €6 billion, with an original three-year tenor

(July 2027), and €6.0 billion, with an original five-year tenor (July 2029), each tranche benefiting from two further

extension options, each of one year exercisable on the first and second anniversary of the amendment signing

date. The first extension option was activated in June 2025, extending the maturities to July 2028 and July 2030,

respectively, for the two tranches. The amount utilized under this credit line was nil at December 31, 2025.

In December 2025, SFS U.S. established a €1.9 billion ($2.2 billion) privately placed Commercial Paper ("CP")

program under Section 4(a)(2) of the Securities Act of 1933. Notes issued under this program may have

maturities up to 397 days from the date of issue and may be sold at a discount or bear interest at variable rates.

At December 31, 2025, no notes outstanding under the CP program.

Concurrent with the establishment of the CP program, to provide dedicated liquidity support for this program,

the committed credit line originally signed by SFS U.S. in March 2024, of €0.9 billion ($1 billion) has been

amended and refinanced in December 2025 ("SFS RCF"). The SFS RCF is structured in two tranches:

€0.8 billion ($1 billion), with a 364-days tenor, and €1.1 billion ($1.3 billion), with a three-year tenor, with each

tranche benefiting from two further extension options, each of one-year exercisable on the first and second

anniversary of the amendment signing date. The amount utilized under this credit line was nil at December 31,

2025. In January 2025, the Company entered a new committed credit line of €4.0 billion with a pool of relationship

banks. The facility line is available for general corporate and working capital purposes of the Company,

including without limitation the refinancing of existing indebtedness of the Company. The line originally had a

one year tenor with two extension options, at the Company's discretion, of six month each. The first extension

option was activated in December 2025, extending the maturity to July 2026 The amount utilized under this

credit line was nil at December 31, 2025.

The covenants of the committed credit lines include negative pledge, pari passu, cross-default and change of

control clauses. Failure to comply with these covenants, and in certain cases if not suitably remedied, can lead

to the requirement of early repayment of any outstanding amounts. As of December 31, 2025, Stellantis was in

compliance with the covenants.

Asset-backed financing

Asset-backed financings, including warehouse credit facilities, asset-backed term notes and asset-backed

securities ("ABS") term loans, primarily represented the amount of financing received by SFS U.S. through

securitization programs of €14,759 million as of December 31, 2025 (€9,866 million at December 31, 2024), that

will be settled through the collection of a portfolio of receivables which originate from consumers.

The retail consumer contracts, lease and commercial loans to dealers are pledged to special purpose entities as

collateral.

The following table summarizes the asset-back financing amounts at December 31, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **At December 31,** | **At December 31,** |
| *(€ million)* | **Currency** | **Interest rate %** | **Maturity**<sup>(1)</sup> | **2025** | **2024** |
| **Warehouse Credit** <br>**Facilities:**<br>|  |  |  |  |  |
| SFS Funding I | USD | CP/SOFR+spread | Q4/2027 | 4442 | 4034 |
| FIARC | USD | SOFR+spread | Q4/2027 | 28 | 60 |
| SFMOT Floorplan <br>Facility<br>| USD | CP/SOFR+spread | Q3/2027 | 945 | 565 |
| **Term Notes:** |  |  |  |  |  |
| FIAOT 2021-1 | USD | 0.45%-5.37% | Q2/2028 |  | 27 |
| FIAOT 2021-2 | USD | 0.48%-3.14% | Q4/2028 | 30 | 63 |
| FIAOT 2022-1 | USD | 2.03%-5.41% | Q2/2029 | 41 | 83 |
| FIAOT 2022-2 | USD | 6.26%-8.71% | Q4/2029 | 44 | 95 |
| FIAOT 2023-1 | USD | 6.44%-7.74% | Q1/2031 | 72 | 131 |
| FIAOT 2025-1 | USD | 4.21%-5.22% | Q4/2033 | 533 |  |
| SFAST 2023-1 | USD | 5.47%-5.97% | Q1/2031 | 268 | 522 |
| SFAST 2024-1 | USD | 4.94%-5.59% | Q1/2032 | 349 | 645 |
| SFAST 2024-2 | USD | 5.26%-5.71% | Q1/2032 | 427 | 760 |
| SFAST 2024-3 | USD | 4.55%-4.98% | Q4/2032 | 474 | 829 |
| SFAST 2025-1 | USD | 4.49%-5.20% | Q4/2032 | 520 |  |
| SFAST 2025-2 | USD | 4.44%-5.05% | Q2/2033 | 632 |  |
| SFAST 2025-3 | USD | 4.09%-4.64%  | Q4/2033 | 631 |  |
| SFUEL 2025-A | USD | 4.47%-5.08% | Q3/2029 | 1086 |  |
| SFUEL 2025-B | USD | 4.27%-4.71% | Q1/2030 | 1169 |  |
| SFUEL 2025-C | USD | 3.88%-4.44% | Q3/2030 | 1283 |  |
| **Term Loans:** |  |  |  |  |  |
| SFAF 2024-1 | USD | 4.82% | Q3/2032 | 839 | 555 |
| SFAF 2024-2 | USD | 5.45% | Q3/2027 | 292 | 590 |
| SFALV 2024-1 | USD | 4.80% | Q1/2030 | 654 | 907 |
| **Total** |  |  |  | **14759** | **9866** |

---

<sup>(1)</sup> Final maturity of the commitment for the warehouse credit facilities and the expected date of the last payment for the Term Notes

*Warehouse Credit Facilities* 

There are three revolving warehouse credit facilities used to finance loan originations by SFS U.S. The Company

believes that the credit facilities will continue to be renewed or replaced, and that it will be able to secure

additional sources of financing on satisfactory terms; however, there can be no assurance that it will be able to

do so. In the event that the Company is unable to renew its facilities, the receivables pledged of €7.0 billion

($8.2 billion) as of December 31, 2025 would amortize over time to pay down the warehouse credit facilities;

however, the Company would not be able to finance new receivables without alternative sources of funding.

SFS U.S. uses interest rate derivatives in order to reduce the interest rate risk of certain warehouse credit

facilities where the underlying receivables carry fixed rate of interest and borrowings are based on the floating

rate SOFR indices.

*ABS Term Notes*

ABS Term Notes are issued in various classes ranging from Class A to Class E Notes. These notes are

sequentially paid with Class A Notes paid first. The range in interest rates depends on the level of risk of loss

and is determined by investor interest in each class of the notes.

*ABS Term Loans*

ABS Term Loans are provided by various banks which advance term loan proceeds secured by a pool of either

retail loan receivables or consumer leases. Two ABS Term Loans outstanding as of December 31, 2025, with an

aggregate balance of €1.1 billion ($1.3 billion) are secured by retail loan receivables with an aggregate balance

of €1.4 billion ($1.7 billion). The remaining ABS Term Loan facility with a balance of €654 million ($768 million) as

of December 31, 2025, is secured by €833 million ($979 million) in consumer lease receivables.

The terms governing the warehouse credit facilities and ABS Term Loans contains numerous covenants relating

to the issuer's business, the observance of certain financial covenants, the avoidance of certain levels of

delinquency and credit loss experience and other matters. A breach of a covenant, if not cured within the time

limits specified, could precipitate events of default that might result in the acceleration of the ABS Term Loan or

warehouse credit facilities. The ABS Term Notes generally do not contain financial covenants or covenants

related to delinquency experience or credit losses. The Company was not in default with respect to any financial

and non-financial covenants governing these financing arrangements at December 31, 2025.

Refer to Note 25, *Fair value measurement* for additional information on fair and carrying values of assigned

receivables and related liabilities.

*Other*

Additionally, there are:

• €712 million of debt relating to asset-backed financing in Brazil, at December 31, 2025 (€101 million at

December 31, 2024). The increase compared to 2024 primarily reflects new credit facilities drawn during

2025; and

• €8 million of debt relating to factoring transactions which do not meet the IFRS 9 derecognition requirements

and are recognized within assets of the same amount as of December 31, 2025 (€49 million at December 31,

2024) in the Consolidated Statement of Financial Position, refer to Note 16, *Trade receivables, other assets,* 

*prepaid expenses and tax receivables* for additional information.

Other debt

Other debt primarily includes funds raised from financial services companies through money market instruments

and deposits from dealers in South America, primarily in Brazil.

Lease liabilities

The following table summarizes the Company's current and non-current lease liabilities:

*Lease liabilities included in the Statement of Financial Position*

---

| | | |
|:---|:---|:---|
|  | **At December 31,** | **At December 31,** |
| *(€ million)* | **2025** | **2024** |
| Long-term debt (non-current) | 1,636 | 1,698 |
| Short-term debt and current portion of long-term debt (current) | 818 | 858 |

---

*Maturity analysis - contractual undiscounted cash flows*

---

| | |
|:---|:---|
| *(€ million)* | **At December 31, 2025** |
| Due within one year | 837 |
| Due between one and five years | 1126 |
| Due beyond five years | 870 |
| **Total undiscounted lease liabilities** | **2833** |

---

In addition, the Company entered into commitments relating to leases not yet commenced of €1,005 million, of

which the most significant relating to contracts are in North America and Enlarged Europe. In addition to the

above, the Company entered into non-cancellable short-term leases, which have not been classified as lease

liabilities, of €11 million which is expected to be settled within the next 12 months.

Debt secured by assets

At December 31, 2025, debt secured by assets of the Company amounted to nil (€23 million at December 31,

2024), excluding the Lease liabilities and Asset-backed financing as described above. The balance at

December 31, 2024 related to subsidized financing arrangements in South America which was repaid in 2025.

The total carrying amount of assets acting as security for loans for the Company amounted to nil, excluding the

Right-of-use assets as described in Note 11, *Property, plant and equipment*, at December 31, 2025 (€471 million

at December 31, 2024). The decrease reflects the repayment of a loan in 2025.

**23.** **Trade Payables**

The Company has entered into supplier finance arrangements with its third party suppliers and third party

banks. As a result of these arrangements, the supplier:

• transfers the credit risk;

• can obtain payment at an earlier date than original terms; and

• can gain attractive funding based on Stellantis' credit worthiness.

Participation in the arrangement is at the suppliers' discretion. Terms of the original contracts between Stellantis

and the supplier do not change as a result of these transactions, and there is no agreement with the debtor to

extend payment terms.

The following table summarizes the carrying amount of liabilities that are part of supplier finance arrangements

at December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| *(€ million)* | **At December 31, 2025** | **At December 31, 2024** |
| Presented within trade payables | 1,066 | 873 |
| Of which suppliers have received payment | 964 | 817 |

---

The following table summarizes the range of payment due dates at December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| *(days)* | **At December 31, 2025** | **At December 31, 2024** |
| Liabilities that are part of the arrangement | 30-90 | 45-90 |
| Comparable trade payables that are not part of an arrangement<sup>(1)</sup> | 30-60 | 30-60 |

---

<sup>(1)</sup> Except for Enlarged Europe, Middle East and Africa which has 60-90 days payment terms

**24.** **Other liabilities**

Other liabilities consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| *(€ million)* | **Current** | **Non-current** | **Total** | **Current** | **Non-current** | **Total** |
| Payables for buy-back agreements | 5313 | 2576 | 7889 | 4607 | 2780 | 7387 |
| Accrued expenses and deferred income | 6323 | 789 | 7112 | 5015 | 882 | 5897 |
| Indirect tax payables | 1354 | 7 | 1361 | 1416 | 10 | 1426 |
| Payables to personnel | 1749 | 2 | 1751 | 1779 |  | 1779 |
| Social security payables | 472 | 2 | 474 | 563 | 6 | 569 |
| Service contract liability | 744 | 1444 | 2188 | 713 | 2017 | 2730 |
| Derivatives operating liability | 150 | 27 | 177 | 600 | 57 | 657 |
| Other | 3160 | 628 | 3788 | 2865 | 228 | 3093 |
| **Total Other liabilities** | **19265** | **5475** | **24740** | **17558** | **5980** | **23538** |

---

Other includes a liability of €0.7 billion in respect of the obligations arising from the exit of the NextStar joint

venture (refer to Note 2, *Basis of preparation - Strategic plan undergoing reassessment*), €0.3 billion for spare

parts sales return liability and other individually immaterial miscellaneous liabilities.

Other liabilities (excluding Accrued expenses, Deferred income and Service contract liability) by due date were

as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2024** |
| *(€ million)* | **Total** <br>**due within** <br>**one year** <br>**(Current)**<br>| **Due** <br>**between** <br>**one and** <br>**five** <br>**years** <br>| **Due** <br>**beyond** <br>**five** <br>**years**<br>| **Total due** <br>**after one** <br>**year (Non-**<br>**Current)**<br>| **Total** | **Total** <br>**due within** <br>**one year** <br>**(Current)**<br>| **Due** <br>**between** <br>**one and** <br>**five** <br>**years** <br>| **Due** <br>**beyond** <br>**five** <br>**years**<br>| **Total due** <br>**after one** <br>**year (Non-**<br>**Current)**<br>| **Total** |
| Other liabilities (excluding <br>Accrued expenses, deferred <br>income and service contract <br>liability)<br>| **12198** | 3201 | 41 | **3242** | **15440** | **11830** | 3038 | 43 | **3081** | **14911** |

---

*Payables for buy-back agreements*

Payables for buy-back agreements include the price received for the product, recognized as an advance at the

date of the sale and, subsequently, the repurchase price and the remaining lease installments yet to be

recognized.

*Service contract liability*

The service contract liability was mainly comprised of maintenance plans and extended warranties. Changes in

the Company's service contract liability for the year ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(€ million)* | **At January 1,** <br>**2025**<br>| **Advances** <br>**received** <br>**from** <br>**customers**<br>| **Amounts** <br>**recognized** <br>**within** <br>**revenue**<br>| **Transfers to** <br>**Assets/**<br>**(Liabilities)** <br>**held for sale**<br>| **Other** <br>**changes**<br>| **At December** <br>**31, 2025**<br>|
| Service contract liability | **2730** | 801 | (873) |  | (470) | **2188** |

---

Of the total Service contract liability at December 31, 2025, the Company expected to recognize approximately

€744 million in 2026, €528 million in 2027, €393 million in 2028 and €523 million thereafter.

**25.** **Fair value measurement**

Assets and liabilities that are measured at fair value on a recurring basis

The following table shows the fair value hierarchy, based on observable and unobservable inputs, for financial

assets and liabilities measured at fair value on a recurring basis:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  |  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
| *(€ million)* | **Note** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Financial securities and equity <br>instruments measured at <br>FVOCI<br>| 13 | 108 |  | 289 | 397 | 119 | 29 | 267 | 415 |
| Financial securities and equity <br>instruments measured at FVPL<br>| 13 | 1110 | 4 | 351 | 1465 | 1205 |  | 655 | 1860 |
| Derivative financial assets | 17 |  | 303 | 1 | 304 |  | 380 |  | 380 |
| Derivative operating assets | 17 |  | 397 | 9 | 406 |  | 273 |  | 273 |
| Collateral deposits | 13 | 20 |  |  | 20 | 53 |  |  | 53 |
| Receivables from financing <br>activities<br>| 16 |  |  | 3 | 3 |  |  |  |  |
| Trade receivables | 16 |  | 4 |  | 4 |  | 27 |  | 27 |
| Other receivables | 16 |  |  |  |  |  |  | 66 | 66 |
| Money market securities | 18 | 13191 |  |  | 13191 | 19127 |  |  | 19127 |
| **Total Assets** |  | **14429** | **708** | **653** | **15790** | **20504** | **709** | **988** | **22201** |
| Derivative financial liabilities | 17 |  | 36 |  | 36 |  | 24 |  | 24 |
| Derivative operating liabilities | 17 |  | 177 |  | 177 |  | 656 | 1 | 657 |
| **Total Liabilities** |  | **—** | **213** | **—** | **213** | **—** | **680** | **1** | **681** |

---

The fair value of derivative financial assets and liabilities was measured by taking into consideration market

parameters at the balance sheet date and using valuation techniques widely accepted in the financial business

environment, as described below:

• the fair value of forward contracts, swaps and options hedging currency risk was determined by using

valuation techniques common in the financial markets and taking market parameters at the balance sheet date

(in particular, exchange rates, interest rates and volatility rates);

• the fair value of interest rate swaps and forward rate agreements was determined by taking the prevailing

interest rates at the balance sheet date and using the discounted expected cash flow method;

• the fair value of combined interest rate and currency swaps was determined using the exchange and interest

rates prevailing at the balance sheet date and the discounted expected cash flow method; and

• the fair value of swaps and options hedging commodity price risk was determined by using valuation

techniques common in the financial markets and taking market parameters at the balance sheet date (in

particular, underlying prices, interest rates and volatility rates).

The fair value of money market securities was also based on available market quotations.

The fair value of Receivables from financing activities, which are classified in Level 3 of the fair value hierarchy,

was estimated using discounted cash flow models. The most significant inputs used in this measurement were

market discount rates that reflected conditions applied in various reference markets on receivables with similar

characteristics, adjusted in order to take into account the credit risk of each counterparty.

The fair value of Other receivables is classified in Level 3 of the fair value hierarchy and was estimated using

discounted cash flow models. The most significant inputs used in this measurement were market discount rates.

For assets and liabilities recognized in the financial statements at fair value on a recurring basis, the Company

determined whether transfers occurred between levels in the hierarchy by re-assessing categorization at the end

of each reporting period.

The following table provides a reconciliation of the changes in items measured at fair value and categorized

within Level 3:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(€ million)* | **Receivables** <br>**from** <br>**financing** <br>**activities**<br>| **Financial** <br>**securities**<br>| **Derivative** <br>**financial** <br>**assets/**<br>**(liabilities)** <br>| **Other** <br>**receivables**<br>|
| **At January 1, 2025** | **—** | **922** | **(1)** | **66** |
| Gains/(Losses) recognized in Consolidated Income Statement |  | (97) |  |  |
| Gains/(Losses) recognized in Other comprehensive income |  | (31) | 10 |  |
| Issues/Settlements | 3 |  |  | (66) |
| Purchases/Sales |  | (145) |  |  |
| Transfers (to)/from other levels |  | (9) | 1 |  |
| **At December 31, 2025** | **3** | **640** | **10** | **—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(€ million)* | **Receivables** <br>**from** <br>**financing** <br>**activities**<br>| **Financial** <br>**securities**<br>| **Derivative** <br>**financial** <br>**assets/**<br>**(liabilities)** <br>| **Other** <br>**receivables**<br>|
| **At January 1, 2024** | **117** | **1165** | **(40)** | **76** |
| Change in scope of consolidation |  | (7) |  |  |
| Gains/(Losses) recognized in Consolidated Income Statement |  | (34) |  | (10) |
| Gains/(Losses) recognized in Other comprehensive income |  | (26) | 39 |  |
| Issues/Settlements | (117) |  |  |  |
| Purchases/Sales |  | (176) |  |  |
| **At December 31, 2024** | **—** | **922** | **(1)** | **66** |

---

The gains/(losses) included in the Consolidated Income Statements were recognized within Net financial

expenses/(income). Of the total gains/(losses) recognized in Other comprehensive income, €10 million were

recognized within Cash flow reserves (€39 million at December 31, 2024), €74 million were recognized within

Currency translation differences (€(11) million at December 31, 2024) and €43 million were recognized within

Gains and losses from remeasurement of financial assets (€(15) million at December 31, 2024).

Assets and liabilities not measured at fair value on recurring basis

The carrying value of debt securities measured at amortized cost, current receivables and payables was a

reasonable approximation of fair value as the present value of future cash flows did not differ significantly from

the carrying amount.

The carrying value of Cash at banks and Other cash equivalents usually approximated fair value due to the short

maturity of these instruments (refer to Note 18, *Cash and cash equivalents* for additional information).

The following table provides the carrying amount and fair value of financial assets and liabilities not measured at

fair value on a recurring basis:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  |  | **2025** | **2025** | **2024** | **2024** |
| *(€ million)* | **Note** | **Carrying** <br>**amount** <br>| **Fair** <br>**Value** <br>| **Carrying** <br>**amount**<br>| **Fair** <br>**Value**<br>|
| Dealer financing |  | 3084 | 3095 | 2330 | 2329 |
| Retail financing |  | 10703 | 10096 | 8494 | 7855 |
| Finance lease |  | 540 | 522 | 299 | 325 |
| Other receivables from financing activities |  | 1401 | 1360 | 1408 | 1499 |
| **Total Receivables from financing activities**<sup>(1)</sup> | 16 | **15728** | **15073** | **12531** | **12008** |
| Asset-backed financing |  | 15479 | 15331 | 10016 | 10037 |
| Notes |  | 23201 | 22698 | 19117 | 18302 |
| Borrowings from banks & Other debt |  | 4813 | 4823 | 5538 | 5539 |
| **Total Debt, excluding Lease liabilities** | 22 | **43493** | **42852** | **34671** | **33878** |

---

<sup>(1)</sup> Amount excludes receivables measured at FVPL

The carrying values of financial securities and financial receivables measured at amortized cost were

considered to be reasonable approximations of their fair values, as the present values of future cash flows did

not differ materially from the respective carrying amounts. Refer to Note 13, *Financial assets* for additional

information.

Notes that were traded in active markets for which close or last trade pricing was available are classified within

Level 1 of the fair value hierarchy. Notes for which such prices were not available were valued at the last

available price or based on quotes received from independent pricing services or from dealers who trade in

such securities and are categorized as Level 2. At December 31, 2025, €22,381 million and €317 million of notes

were classified within Level 1 and Level 2, respectively. At December 31, 2024, €17,985 million of notes were

classified within Level 1 and €317 million of notes were classified within Level 2.

The fair value of Borrowings from banks and Other debt included in Level 2 of the fair value hierarchy was

estimated using discounted cash flow models. The main inputs used were year-end market interest rates,

adjusted for market expectations of the Company's non-performance risk implied in quoted prices of traded

securities issued by the Company and existing credit derivatives on Company liabilities. The fair value of

Borrowings from banks and Other debt that requires significant adjustment using unobservable inputs is

categorized within Level 3. At December 31, 2025, €4,465 million and €358 million of Borrowings from banks

and Other Debt was classified within Level 2 and Level 3, respectively. At December 31, 2024, €5,209 million

and €330 million of Borrowings from banks and Other Debt were classified within Level 2 and Level 3,

respectively.

**26.** **Related party transactions**

Related parties of the Company are entities and individuals capable of exercising control, joint control or

significant influence over the Company and its subsidiaries. Related parties also include associates, joint

ventures and unconsolidated subsidiaries of the Company, members of the Stellantis Board of Directors,

executives with strategic responsibilities and certain members of their families. Related parties include

companies belonging to Exor N.V. ("Exor"), which include Ferrari N.V., CNH Industrial N.V. ("CNHI") and Iveco

Group N.V. ("Iveco"). In July 2025, Tata Motor announced an offer to purchase the whole share capital of IVECO

which is expected to be completed in H1 2026. Exor has irrevocably committed to support the offer and tender

is shareholding, therefore upon the finalization of the offer, IVECO will cease to be a related party to Stellantis.

Transactions carried out by Stellantis with its related parties are on commercial terms that are normal in the

respective markets, considering the characteristics of the goods or services involved, and primarily relate to:

• the sale of LCV and spare parts to Iveco's owned dealer network;

• the sale of iron and aluminum engine components, plastic components and industrial equipment to Iveco;

• the sale of propulsion system and other components to the companies of CNHI;

• the purchase of engines and engine components for Maserati vehicles from Ferrari N.V. which terminated in

December 2023 with a limited extension to March 2024;

• the Jeep brand sponsorship of Juventus Football Club (a subsidiary of Exor);

• the sale of vehicles for rental activities to Leasys;

• the sale of vehicles for resale and leasing activities to the joint ventures with Santander and BNP Paribas;

• the sale of vehicles and spare parts to the associate company Stafim for distribution in Tunisia;

• the purchase of used vehicles from Leasys and the joint ventures with Santander and BNP Paribas under

repurchase agreements from leasing and rentals activities;

• the sale of vehicles for distribution in Türkiye and of components as well as purchase of light commercial

vehicles and passenger cars from the joint venture Tofas;

• the purchase of Leapmotor vehicles from Zhejiang Leapmotor Technology Co., Ltd for distribution by

Leapmotor International outside of China;

• the purchase of batteries from StarPlus, NextStar and ACC joint ventures;

• the participation in a C02 regulatory credits open pool with Zhejiang Leapmotor Technology Co., Ltd to

contribute to the achievement of European emissions targets;

• the purchase of vehicles from, and the provision of services and the sale of goods to, the joint operation FIAPL;

• the manufacturing assistance services in both technology and personnel to manufacture an electric vertical

take-off and landing aircraft with Archer;

• the extension of subordinated loans to our Financial Services JVs with SCF and BNPP - Personal Finance;

• the purchase of electric motors from the Nidec joint venture;

• the extension of loans to the joint ventures StarPlus and ACC; and

• the extension of a shareholders loan and entering into a lease agreement with Contemporary Star Energy, S.L.

joint venture.

In April 2025, Stellantis completed the sale of its 100 percent interest in Stellantis Türkiye to Tofas. Refer to Note

3, *Scope of consolidation* for additional information.

As of December 31, 2025, NextStar was classified as held for sale. Refer to Note 2, *Basis of preparation -* 

*Strategic plan undergoing reassessment* for additional information.

The amounts for significant transactions with related parties recognized in the Consolidated Income Statements

were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** | **2023** |
| *(€ million)* | **Net** <br>**Revenues**<br>| **Cost of** <br>**revenues**<br>| **Selling,** <br>**general** <br>**and** <br>**other**<br>**costs, net**<br>| **Net** <br>**Financial** <br>**expenses**<br>**/(income)**<br>| **Net** <br>**Revenues**<br>| **Cost of** <br>**revenues**<br>| **Selling,** <br>**general** <br>**and** <br>**other**<br>**costs, net**<br>| **Net** <br>**Financial** <br>**expenses**<br>**/(income)**<br>| **Net** <br>**Revenues**<br>| **Cost of** <br>**revenues**<br>| **Selling,** <br>**general** <br>**and** <br>**other**<br>**costs, net**<br>| **Net** <br>**Financial** <br>**expenses**<br>|
| Tofas<sup>(1)</sup> | 4414 | 736 | 36 | 1 | 1155 | 461 | 37 |  | 1339 | 779 | 27 |  |
| Leasys | 1537 |  | (23) | 1 | 813 | 20 | (7) | 1 | 960 | 12 | 6 |  |
| Finance companies <br>in partnership with <br>SCF and BNPP PF<br>| 7070 | 726 | (1) | 56 | 7248 | 738 | (19) | 35 | 8973 | 471 | (7) | 14 |
| StarPlus Energy <br>LLC<sup>(2)</sup><br>|  | 102 |  | (18) |  |  |  | (21) |  |  |  |  |
| NextStar Energy <br>Inc<sup>(12)</sup><br>|  | 2 |  |  |  |  |  |  |  |  |  |  |
| Nidec | 28 | 301 | (11) | (4) | 31 | 26 |  |  |  |  |  |  |
| Other | 1 | 14 | (7) | 1 | 1 |  |  | (6) | 76 | 178 | (1) | (5) |
| **Total joint** <br>**arrangements**<br>| **13050** | **1881** | **(6)** | **37** | **9248** | **1245** | **11** | **9** | **11348** | **1440** | **25** | **9** |
| Leapmotor | 1 | 875 | 6 | 5 |  |  |  |  |  |  |  |  |
| Other | 121 | 6 | 2 | (1) | 204 | 12 | (3) | (1) | 23 | 196 | 2 | (1) |
| **Total associates** | **122** | **881** | **8** | **4** | **204** | **12** | **(3)** | **(1)** | **23** | **196** | **2** | **(1)** |
| CNHI | 6 |  |  |  | 10 |  |  |  | 28 |  | (3) |  |
| Iveco | 95 | 9 |  |  | 102 | 14 |  |  | 218 | 19 | (5) |  |
| Ferrari N.V. | 3 | 1 |  |  | 3 | 6 | (1) |  | 16 | 51 | (1) |  |
| Directors and Key <br>Management<br>|  |  | 51 |  |  |  | 50 |  |  |  | 87 |  |
| Other |  | 7 | 13 |  |  |  | 32 |  | 1 |  | 43 |  |
| **Total CNHI, Ferrari,** <br>**Directors and other**<br>| **104** | **17** | **64** | **—** | **115** | **20** | **81** | **—** | **263** | **70** | **121** | **—** |
| **Total** <br>**unconsolidated** <br>**subsidiaries**<br>| **12** | **(1)** | **11** | **(1)** | **19** | **34** | **13** | **—** | **95** | **24** | **—** | **—** |
| **Total transactions** <br>**with related parties**<br>| **13288** | **2778** | **77** | **40** | **9586** | **1311** | **102** | **8** | **11729** | **1730** | **148** | **8** |
| **Total for the** <br>**Company**<br>| **153508** | **155627** | **8967** | **351** | **156878** | **136360** | **9299** | **(345)** | **189544** | **151400** | **9541** | **(42)** |

---

<sup>1)</sup> Refer to Note 3, *Scope of consolidation* for additional information

<sup>2)</sup> Purchases were €296 million for StarPlus Energy; €167 million for NextStar Energy and €41 million for ACC. Amounts reported in Cost of

revenues are net of change in inventories

Assets and liabilities from significant transactions with related parties were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
| *(€ million)* | **Trade and** <br>**other**<br>**receivables**<br>| **Trade** <br>**payables and** <br>**other** <br>**liabilities**<br>| **Asset-** <br>**backed** <br>**financing** <br>| **Debt**<sup>(1)</sup> | **Trade** <br>**and other** <br>**receivables**<br>| **Trade** <br>**payables and** <br>**other** <br>**liabilities**<br>| **Asset-** <br>**backed** <br>**financing** <br>| **Debt** <sup>(1)</sup> |
| Tofas | 523 | 228 |  |  | 57 | 147 |  |  |
| Leasys | 58 | 182 |  | 89 | 97 | 143 |  | 79 |
| Finance companies in <br>partnership with SCF and <br>BNPP PF<br>| 1412 | 522 | 6 | 14 | 1082 | 648 | 31 | 41 |
| StarPlus Energy LLC | 257 |  |  |  | 507 |  |  |  |
| NextStar Energy Inc<sup>(2)</sup> |  |  |  |  | 74 |  |  | 74 |
| Nidec | 183 | 83 |  |  | 63 | 10 |  |  |
| Other | 229 | 65 |  |  | 160 | 33 |  |  |
| **Total joint arrangements** | **2662** | **1080** | **6** | **103** | **2040** | **981** | **31** | **194** |
| Leapmotor |  | 481 |  |  |  |  |  |  |
| Other | 131 | 7 |  |  | 142 | 20 |  |  |
| **Total associates**  | **131** | **488** | **—** | **—** | **142** | **20** | **—** | **—** |
| CNHI | 3 |  |  |  | 8 | 1 |  |  |
| Iveco | 34 | 34 |  |  | 25 | 8 |  |  |
| Ferrari N.V. | 8 |  |  |  | 5 | 2 |  |  |
| Other | 2 | 22 |  |  | 6 | 78 |  | (1) |
| **Total CNHI, Ferrari N.V. and** <br>**other**<br>| **47** | **56** | **—** | **—** | **44** | **89** | **—** | **(1)** |
| **Total unconsolidated** <br>**subsidiaries**<br>| **43** | **16** | **—** | **3** | **51** | **35** | **—** | **2** |
| **Total originating from** <br>**related parties**<br>| **2883** | **1640** | **6** | **106** | **2277** | **1125** | **31** | **195** |
| **Total for the Company** | **25329** | **54739** | **15479** | **30468** | **19990** | **53222** | **10016** | **27211** |

---

<sup>(1)</sup> Relating to Debt excluding Asset-backed financing, refer to Note, 22 *Debt* for additional information

<sup>(2)</sup> Refer to Note 3*, Scope of consolidation* for additional information

For guarantees and commitments details, refer to Note 27, *Guarantees granted, commitments and contingent* 

*liabilities* for additional information.

Compensation to Directors and Key Management

The fees of the Directors of the Company for carrying out their respective functions were €21 million and

€27 million for the years ended December 31, 2025 and 2024, respectively. The following amounts were

included in the fees paid:

• €13 million in 2025 (€22 million in 2024) for share-based compensation expense;

• nil in 2025 (nil in 2024) for short-term employee benefits; and

• €0.2 million in 2025 (€1 million in 2024) for pension and similar benefits.

The aggregate compensation expense for remaining executives with strategic responsibilities was

approximately €30 million for 2025 (€23 million for 2024), which in addition to base compensation, included:

• €6 million in 2025 (€7 million in 2024) for share-based compensation expense;

• €1 million in 2025 (nil in 2024) for short-term employee benefits; and

• €3 million in 2025 (€2 million in 2024) for pension and similar benefits.

The key management expenses reported above reflect the cost of the management structure during the year

and as updated for the changes announced on June 23, 2025.

Refer to Note 19, *Share-based compensation*, for additional information related to the PSU and RSU awards

granted.

**27.** **Guarantees granted, commitments and contingent liabilities**

Guarantees granted and commitments

At December 31, 2025, the Company had guarantees on related party debt, commitments and activities, which

is mainly comprised of:

(i) one unfunded guarantee granted to our joint venture with SCF for €250 million, (€500 million at December 31,

2024) which expired in January 2026;

(ii) two guarantees granted to third parties on the total outstanding debt of ACC for €635 million (€423 million at

December 31, 2024);

(iii) a guarantee granted to third parties on commitments of ACC for €224 million (€270 million at December 31,

2024);

(iv) a guarantee granted to third parties on the outstanding debt of StarPlus for €2,373 million ($2,788 million)

(€888 million at December 31, 2024), drawn from a €6,383 million ($7,500 million) (€7,218 million at

December 31, 2024) loan facility of which 49 percent of the drawn down amount is guaranteed by Stellantis N.V.

Under the terms of these debt agreements, there are restrictions on dividend distribution and repayment of

shareholder loans; and

(v) a guarantee granted to third parties on the outstanding debt of Nidec Emotors for €126 million (€115 million

at December 31, 2024).

In 2024, NextStar entered into a loan facility with third-party financial institutions for a notional €1,144 million

($1,344 million) at December 31, 2025 ((€1,294 million) ($1,344 million) at December 31, 2024) which is 49

percent guaranteed by Stellantis N.V. The facility was fully drawn at December 31, 2025 (undrawn at

December 31, 2024). Under the terms of these loan agreements, dividend distribution is restricted until the

applicable covenants are satisfied.

In addition, Stellantis is guaranteeing other commitments of NextStar for a total of €387 million (€363 million at

December 31, 2024). On February 6, 2026, Stellantis announced that LG Energy Solution would acquire full

ownership of NextStar Energy Inc, with Stellantis selling its 49 percent equity to LG Energy Solution. Completion

of the transaction is subject to regulatory approvals and closing conditions. As at December 31 2025, the

guarantee remained in place.

The restrictions on dividend distributions and on repayment of shareholder loans referenced above are not

expected to have a material impact on the Company's financial position or cash flows.

Other repurchase obligations

In accordance with the terms of other wholesale financing arrangements in Mexico, Stellantis Mexico was

required to repurchase dealer inventory financed under these arrangements, upon certain triggering events and

with certain exceptions, including in the event of an actual or constructive termination of a dealer's franchise

agreement. These obligations exclude certain vehicles including, but not limited to, vehicles that have been

damaged or altered, that are missing equipment or that have excessive mileage or an original invoice date that

is more than one year prior to the repurchase date. In December 2015, Stellantis Mexico entered into a ten-year

private label financing agreement (automatically renewable for one-year terms thereafter unless termination

notice provided) with STM Financial, a subsidiary of Banco Inbursa, under which STM Financial provides a wide

range of financial wholesale and retail financial services to Stellantis Mexico's dealers and retail customers

under the Stellantis Financial Mexico brand name. The wholesale repurchase obligation under the new

agreement will be limited to wholesale purchases in case of actual or constructive termination of a dealer's

franchise agreement.

At December 31, 2025, the maximum potential amount of future payments required to be made in accordance

with these wholesale financing arrangements was approximately €242 million ($284 million) and was based on

the aggregate repurchase value of eligible vehicles financed through such arrangements in the respective

dealer's stock. If vehicles are required to be repurchased through such arrangements, the total exposure would

be reduced to the extent the vehicles can be resold to another dealer. The fair value of the guarantee was nil at

December 31, 2025.

Arrangements with key suppliers

From time to time and in the ordinary course of business, the Company entered into various arrangements with

key suppliers in order to establish strategic and technological advantages. A limited number of these

arrangements contained unconditional purchase obligations to purchase a fixed or minimum quantity of goods

and/or services with fixed and determinable price provisions. Future minimum purchase obligations under these

arrangements at December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  | **(€ million)** |
| 2026 | 3,098 |
| 2027 | 3,095 |
| 2028 | 2,967 |
| 2029 | 812 |
| 2030 | 482 |
| 2031 and thereafter | 1,550 |

---

At December 31, 2025, there were related party commitments relating to the purchase of batteries:

(i)StarPlus: commitment over a 9-year period starting from 2025. The commitment amounted to €2,885 million;

and

(ii)ACC: commitment over a 5-year period starting from 2024. The residual commitment amounted to

€2,879 million.

These amounts are included in the table above.

Other commitments, arrangements and contractual rights

At December 31, 2025, total joint venture and associate capital commitments were €1.7 billion, covering the

period up to 2029

For contractual commitments relating to purchase of intangible assets, refer to Note 10, *Other intangible assets* 

for additional information. For contractual commitments relating to purchase of tangible assets, refer to Note 11,

*Property, plant and equipment* for additional information.

*UAW Collective Bargaining Agreement*

In November 2023, the UAW-represented workforce ratified a new collective bargaining agreement that expires

in April 2028. The provisions of the agreement contain opportunities for incremental compensation upon meeting

agreed metrics related to absenteeism and attendance. The agreement includes wage increases, the

reinstatement of the Cost of Living Allowance ("COLA"), a reduction in the time of progression to the top wage

tier from eight years to three years, supplemental unemployment benefits eligibility after 90 days of continuous

service, annual lump sum payments to retirees and surviving spouses, and retirement packages in 2024 and

2026. In addition, the agreement includes an increase in the defined benefit and defined contribution pension

plan rates; along with a commitment to provide €925 million ($1,000 million) in funding to the defined pension

plan, which was made in 2023. The agreement, which covers approximately 43 thousand employees, includes a

ratification bonus for all employees totaling approximately €201 million ($219 million), which was paid in

December 2023.

*Unifor Collective Bargaining Agreement*

Stellantis entered into a three-year labor agreement with Unifor in Canada that was ratified in November 2023,

covering approximately 7,500 employees. The terms of this agreement provide employee wage and benefit

increases, including improvements to base wage rates, reduced time for employees to progress to top wage,

COLA protection and retirement incentive opportunities for long-service employees choosing to retire. Also

included are increases to the defined benefit pension plan benefit for active employees and quarterly lump sum

payments to retired employees. In addition, Unifor members hired on or after September 19, 2016 that were

participating in the defined contribution plan have been enrolled in a College of Applied Arts and Technology

pension plan effective January 2025. The agreement also includes, lump sum payments to both full and part-

time employees, totaling approximately €49 million (CAD$72 million), which were paid in December 2023. The

agreement expires in September 2026.

Under the UAW and Unifor agreements, the lump sum payments to retirees and ratification bonuses, which are

not dependent upon future services, were primarily recognized in Cost of revenues upon ratification of the

contracts. Retirement packages were recognized in Restructuring costs in December 2023 as the offers have

been communicated and approved by management. Wage increases, COLA, increases to defined contribution

pension rates, and other benefit costs are recognized as incurred. During the year ended December 31, 2023,

there were €671 million of costs related to the North America collective bargaining agreements, including

restructuring costs and employee benefits past service cost which were excluded from Adjusted operating

income. Refer to Note 30, *Segment reporting* for additional information.

Contingent liabilities

In connection with significant asset divestitures carried out in prior years, the Company provided indemnities to

purchasers. Potential liabilities may arise from possible breaches of representations and warranties provided in

the contracts and, in certain instances, environmental or tax matters, generally for a limited period of time. Some

of these indemnifications do not limit potential payment and as such, it was not possible to estimate the

maximum amount of potential future payments that could result from claims made under these indemnities.

Litigation

*Takata Airbag Inflators*

Putative class action lawsuits were filed in March 2018 against FCA US LLC ("FCA US"), a 100 percent owned

subsidiary of Stellantis, in the U.S. District Courts for the Southern District of Florida and the Eastern District of

Michigan, asserting claims under federal and state laws alleging economic loss due to Takata airbag inflators

installed in certain of our vehicles. The cases were subsequently consolidated in the Southern District of Florida.

In November 2022, the Court granted summary judgment in FCA US's favor against all claimants except those in

Georgia and North Carolina. Plaintiffs were granted leave to file an amended complaint to add additional states

to the pending action. Plaintiffs' appeal of the grant of summary judgment was dismissed by the Court for lack of

jurisdiction. In May 2024, the Court entered an order to allow FCA US's renewed motions for summary judgment

to address the remaining amended claims.

In June 2023, the Court entered an order preliminarily granting class certification for the amended complaint. In

July 2023, the Court revisited its class certification order and further narrowed the classes based on a recent

Court of Appeals decision. FCA US' appeal of the Court's preliminary order was denied.

At this stage of the proceedings, we are unable to reliably evaluate the likelihood that a loss will be incurred or

estimate a range of possible loss.

*Emissions*

We face class actions and individual claims alleging emissions non-compliance in several countries. Several

former FCA and PSA companies and Dutch dealers have been served with class actions in the Netherlands by

Dutch foundations seeking monetary damages and vehicle buybacks in connection with alleged emissions non-

compliance of certain vehicles equipped with diesel engines. We have also been notified of a potential class

action on behalf of Dutch consumers alleging emissions non-compliance of certain former FCA vehicles sold as

recreational vehicles, and are subject to a securities class action in the Netherlands, alleging misrepresentations

by FCA. Class actions alleging emissions non-compliance has also been filed and are on-going in Portugal

regarding former FCA vehicles, in the UK regarding former FCA and PSA vehicles, and in Israel regarding

former PSA vehicles. We are also defending approximately 1,500 pending individual consumer claims alleging

emissions non-compliance in Germany and approximately 70 individual consumer cases in Austria relating to

former FCA vehicles.

The results of the private litigation matters described above cannot be predicted at this time and may lead to

damage awards which may have a material adverse effect on our business, financial condition and results of

operations. It is also possible that these matters and their ultimate resolution may adversely affect our reputation

with consumers, which may negatively impact demand for our vehicles and consequently could have a material

adverse effect on our business, financial condition and results of operations. At this stage, we are unable to

evaluate the likelihood that a material loss will be incurred with regard to these private litigations or estimate a

range of possible loss.

*General Motors* 

In November 2019, General Motors LLC and General Motors Company (collectively, "GM") filed a lawsuit in the

U.S. District Court for the Eastern District of Michigan against FCA US, FCA N.V., now Stellantis N.V., and certain

individuals, claiming violations of the Racketeer Influenced and Corrupt Organizations ("RICO") Act, unfair

competition and civil conspiracy in connection with allegations that FCA US made payments to The International

Union, United Automobile, Aerospace and Agricultural Implement Workers of America ("UAW") officials that

corrupted the bargaining process with the UAW and as a result FCA US enjoyed unfair labor costs and

operational advantages that caused harm to GM. GM also claimed that FCA US had made concessions to the

UAW in collective bargaining that the UAW was then able to extract from GM through pattern bargaining which

increased costs to GM and that this was done by FCA US in an effort to force a merger between GM and FCA

N.V. The court dismissed GM's lawsuit with prejudice and the U.S. Court of Appeals for the Sixth Circuit

subsequently affirmed the dismissal of GM's complaint. In April 2023, the U.S. Supreme Court declined to grant

review of the Sixth Circuit's decision, which finally resolved the federal court case.

Following dismissal of its Federal court case, GM filed an action against FCA US and FCA N.V., now Stellantis

N.V., in Michigan state court, making substantially the same claims as it made in the federal litigation. In October

2021, the court granted Stellantis N.V. and FCA US's motion for summary disposition. GM filed a motion for

reconsideration and in December 2021, the court granted GM's motion, permitting GM to amend its complaint.

GM filed a second amended complaint in December 2021. In May 2022, the court denied FCA US's motion for

summary disposition and permitted discovery to proceed against FCA US. In July 2022, the court granted

Stellantis N.V.'s motion for summary disposition, but in November 2022 the court granted GM's motion for

reconsideration and permitted jurisdictional discovery to proceed against Stellantis N.V. The case is currently

stayed while the Michigan Court of Appeals considers certain trial court rulings regarding privilege. At this stage,

we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss.

*2024 Financial Guidance*

In August 2024, a putative securities class action complaint was filed in the U.S. District Court of the Southern

District of New York against Stellantis N.V. and certain of its former officers, alleging that the defendants made

material misstatements relating to the Company's 2024 financial guidance. Plaintiffs filed an amended complaint

in March 2025 and a motion to dismiss was filed by Stellantis N.V. and the individual defendants in June 2025.

At this stage of the proceedings, we are unable to reliably evaluate the likelihood that a loss will be incurred or

estimate a range of possible loss.

Government Inquiries

*Emissions*

We are subject to criminal and civil governmental investigations alleging emissions non-compliance in certain

European jurisdictions and we continue to cooperate with these investigations.

As part of the judicial investigation of several automakers in France, commencing in 2016 and 2017,

Automobiles Peugeot and Automobiles Citroën were placed under examination by the Judicial Court of Paris in

June 2021 on allegations of consumer fraud in connection with the sale of Euro 5 diesel vehicles in France

between 2009 and 2015. In July 2021, FCA Italy (now known as Stellantis Europe) was placed under

examination by the same court for possible consumer fraud in connection with the sale of Euro 6 diesel vehicles

in France between 2014 and 2017. As is typical in a French criminal inquiry, each of the companies were

required to pay bail for the potential payment of damages and fines and to ensure representation in court, and to

provide a guarantee for the potential compensation of losses. None of these amounts were, individually or in

aggregate, material to the Company. Civil parties have joined the case and may seek further compensation. The

Public Prosecutor has requested that the companies involved be referred to criminal court on consumer fraud

charges and a decision on whether to proceed is before the Investigating Judge.

In May 2023, the German authority, Kraftfahrt-Bundesamt ("KBA") notified Stellantis of its investigation of certain

Opel Euro 5, Fiat Euro 5 and Euro 6 vehicles and its intent to require remedial measures based on the alleged

non-compliance of the diesel engines in certain of those vehicles. The KBA subsequently expanded its inquiry to

include Euro 5 and Euro 6 engines used in certain Alfa Romeo, FIAT and Jeep vehicles, as well as Suzuki

vehicles equipped with diesel engines supplied by FCA Italy and requested information relating to all Stellantis

vehicles that may make use of strategies similar to those allegedly used by the identified vehicles. Stellantis

Europe is cooperating with the KBA and the relevant homologation authority. In January 2024, the KBA advised

that the Opel vehicles, equipped with Euro 5 engines, are non-compliant. At the KBA's request, during the first

half of 2024, Opel submitted a plan to bring the vehicles into compliance. In July 2024, Opel received a formal

decision of non-compliance from the KBA regarding its vehicles equipped with Euro 5 diesel engines. Although

we objected to this formal decision, we continue to cooperate with the KBA inquiries and, at this stage, we are

unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss. Given

the number of vehicles potentially involved, however, the cost of any recall, and the impact that any recall could

have on related private litigation, may be significant.

In December 2019, the Italian Ministry of Transport ("MIT") notified FCA Italy of communications with the Dutch

Ministry of Infrastructure and Water Management ("I&W") regarding certain irregularities allegedly found by the

RDW and the Dutch Center of Research TNO in the emission levels of certain Jeep Grand Cherokee Euro 5

models and a vehicle model of another OEM containing a Euro 6 diesel engine supplied by FCA Italy. In January

2020, the Dutch Parliament published a letter from the I&W summarizing the conclusions of the RDW regarding

those vehicles and engines and indicating an intention to order a recall and report their findings to the Public

Prosecutor, the European Commission ("EC") and other member states. FCA engaged with the RDW to present

our positions and cooperate to reach an appropriate resolution of this matter. FCA Italy proposed certain

updates to the relevant vehicles that have been tested and approved by the RDW and are now being

implemented without further concerns being raised by RDW.

In July 2020, unannounced inspections took place at several of FCA's sites in Germany, Italy and the UK at the

initiative of the Public Prosecutors of Frankfurt am Main and of Turin, as part of their investigations of potential

violations of diesel emissions regulations and consumer protection laws. In April 2022, former FCA companies

received an order to produce documents to the Public Prosecutors. In October 2022, inspections took place at

the Italian offices of FCA Italy and Maserati and at the German office of Maserati Deutschland. At the Public

Prosecutor of Turin's request, the Italian proceedings were dismissed in September 2023 and October 2023. In

March 2025, the Public Prosecutor of Frankfurt am Main determined that Stellantis Europe and certain affiliated

subsidiaries had negligently breached supervisory duties and imposed a fine in an amount that is not material to

the Company. The decision did not involve a finding of intent or fraud and is now final.

In January 2024, the EC notified the MIT of the alleged non-compliance of Fiat Ducato Euro 5 and Euro 6

vehicles based on tests performed at the EC's request. We have cooperated with the MIT in its substantive

responses to EC.

Stellantis entities, among other OEMs, have received questions from the Driver and Vehicle Standards Agency in

the UK ("DVSA") regarding a market surveillance activity to assess vehicle emissions for compliance with

regulations and Court of Justice of the European Union rulings. Correspondence with DVSA has progressed

during 2025 and the timing of any final DVSA decision is uncertain at present. In October 2025 the French

Market Surveillance Authority ("SSMVM") requested information about certain Stellantis diesel vehicles regarding

alleged possible NOx over-emissions and exhaustive technical explanations have been provided to the

authority.

The results of the unresolved governmental investigations described above cannot be predicted at this time and

may lead to further enforcement actions or penalties, any of which may have a material adverse effect on our

business, financial condition and results of operations. It is also possible that these matters and their ultimate

resolution may adversely affect our reputation with consumers, which may negatively impact demand for our

vehicles and consequently could have a material adverse effect on our business, financial condition and results

of operations. At this stage, we are unable to evaluate the likelihood that a material loss will be incurred with

regard to these unresolved inquiries or estimate a range of possible loss.

*End of Life Vehicles*

In March 2022, the EC and the UK Competition and Markets Authority (the "CMA") conducted unannounced

inspections at the premises of Opel and several other companies and associations active in the European

automotive sector. These inspections, as well as contemporaneous and subsequent information requests

received from the EC and CMA, relate to potential collusion in the collection, treatment, and recovery of end-of-

life vehicles and whether such activity may have violated relevant competition laws. We recognized a provision

relating to these matters in an amount that is not material to the Company during the year ended December 31,

2024. During the six-month period ending June 30, 2025, the EC and CMA published their decisions and

imposed fines against the Company in amounts that did not exceed the previously recognized provision.

*Takata Airbag Recalls*

We are subject to, and are cooperating with, criminal investigations and regulatory proceedings in several

European jurisdictions relating to the recall of Stellantis vehicles equipped with Takata airbags. At this stage, we

are unable to evaluate the likelihood that a material loss will be incurred with regard to these investigations and

proceedings or estimate a range of possible loss.

Other matters

*Corporate Average Fuel Economy ("CAFE") standards*

In August 2020, the U.S. Court of Appeals for the Second Circuit vacated a final rule published by NHTSA in July

2019 that had reversed NHTSA's 2016 increase to the base rate of the CAFE penalty from $5.50 to $14.00. The

base rate applies to each tenth of a mile per gallon that a manufacturer's fleet-wide average fuel efficiency is

below the CAFE standard, and is multiplied by the number of vehicles in the manufacturer's fleet to arrive at an

aggregate penalty. In January 2021, NHTSA published an interim final rule with immediate effect, the result of

which was to apply the increased fine rate that resulted from the Second Circuit's ruling to future model years. In

particular, NHTSA's interim rule imposed a CAFE penalty base rate of $5.50 through 2021 Model Year and

increased the CAFE penalty base rate to $14.00 prospectively from the 2022 Model Year. FCA accrued

estimated amounts for any probable CAFE penalty based on the $5.50 rate for Model Years 2021 and earlier.

In April 2022, NHTSA published a final rule repealing the interim final rule issued in January 2021 and reverting

to the December 2016 final rule which increased the CAFE civil penalty rate from $5.00 to $14.00, beginning with

2019 Model Year. Applying the annual inflation adjustment procedures did not result in an increase in the $14.00

rate through 2021 Model Year.

On July 4, 2025, the OBBB was signed into law, which revised the civil penalty rate to $0.00 beginning with

Model Year 2022.

*Greenhouse Gas Standards*

In March 2022, the U.S. Environmental Protection Agency ("EPA") reinstated California's authority under the

Clean Air Act to enforce its own, more stringent, greenhouse gas ("GHG") emission standards for passenger

vehicles and light-duty trucks (the "California Waiver"). California emission standards covered by the California

Waiver were also adopted by certain other states.

Prior to the EPA's withdrawal of the California Waiver, automotive OEMs were deemed to be compliant with

California's GHG emissions standards if they were compliant with the EPA's GHG standards. This "deemed to

comply" mechanism was removed from the California regulation prior to the reinstatement of the California

Waiver. As interpreted by the California Air Resources Board ("CARB"), the EPA's reinstatement of the California

Waiver together with the removal of the "deemed to comply" mechanism means that automotive OEMs

are retroactively subject to the separate California GHG standards beginning with the model year

2021 fleet. OEMs may achieve compliance with the California GHG emission standards in several ways, including

through the sale of emission-compliant vehicles within their fleet for a given model year, through the carryforward

or carryback of excess credits generated by a compliant fleet in past or future years, by the purchase of

California-specific regulatory credits from third parties or by a combination of the foregoing.

We did not meet the California GHG targets for model years 2021, 2022 and 2023, as in planning these model

years prior to reinstatement of the California Waiver we assumed the ability to utilize existing credits based on

regulations in force at the time. We previously intended to cover such deficits with excess credits generated

through our compliance in model years within the applicable five-year carryback period. However, in March

2024, we entered into an agreement with CARB to settle and resolve claims and disputes regarding CARB's

regulation of automotive GHG emissions. The agreement imposes alternative GHG emissions requirements for

model year 2021 through 2026 passenger cars and light-duty trucks and commitments related to zero-emission

technology. In exchange, CARB agreed not to enforce the GHG emission standards in its regulations that would

otherwise be applicable to model year 2021 through 2026.

**28.** **Equity**

Share capital

At December 31, 2025, the authorized share capital of Stellantis was ninety million Euro (€90,000,000), divided

into 4.5 billion (4,500,000,000) Stellantis common shares, nominal value of one Euro cent (€0.01) per share and

4.5 billion (4,499,750,000) class A special voting shares, nominal value of one Euro cent (€0.01) per share each

and two hundred and fifty thousand (250,000) class B special voting shares with a nominal value of one Euro

cent (€0.01) each.

At December 31, 2025, the fully paid-up share capital of Stellantis amounted to €37 million (€37 million at

December 31, 2024) and consisted of 2,903,716,295 common shares (2,896,073,567 at December 31, 2024), of

which 6,233,099 held in treasury (15,581,288 at December 31, 2024), 866,522,224 issued special voting shares

A (866,522,224 at December 31, 2024, refer to Corporate Governance - Articles of Association and Information

on Stellantis Shares included elsewhere in this report for additional information), of which 113,162 held in

treasury (111,508 at December 31, 2024). All shares have a nominal value of €0.01 each.

At December 31, 2025, there were 2,897,483,196 outstanding common shares (2,880,492,279 December 31,

2024). During the year ended December 31, 2025, 9,348,189 common shares were delivered in execution of the

Share-based compensation plans.

The following table summarizes the changes in the number of outstanding common shares and special voting

shares of Stellantis during the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Common Shares** | **Special Voting** <br>**Shares A**<br>| **Total** |
| **Balance at January 1, 2025** | **2880492279** | **866410716** | **3746902995** |
| Issuance of special voting shares |  |  |  |
| Purchase of treasury shares |  | (1654) | (1654) |
| Treasury shares assigned to long-term incentive plans <br>participants<br>| 9348189 |  | 9348189 |
| Shares issued for long-term incentive plans and employee-<br>share purchase plan<br>| 7642728 |  | 7642728 |
| **Balance at December 31, 2025** | **2897483196** | **866409062** | **3763892258** |

---

Pursuant to the Articles of Association, the Board of Directors is irrevocably authorized to issue shares (common

and special voting shares) and to grant rights to subscribe for shares in the capital of the Company. This

authorization is up to a maximum aggregate amount of shares as set out in the Articles of Association, as

amended from time to time, and limits or excludes the right of pre-emption with respect to common shares.

Share buyback program

At the AGM on April 13, 2023, the Board of Directors was authorized to acquire common shares in the capital of

the Company, either through purchase on a stock exchange, through a public tender offer, an offer for exchange

or otherwise, up to a maximum number of shares equal to 10 percent of the Company's issued common shares.

The authorization was for a period of 18 months from the date of the 2023 AGM. The authorization was renewed

on the same terms at the AGMs on April 16, 2024 and April 15, 2025.

Employee-share purchase plan

During September 2025, the Company offered eligible employees the opportunity to become shareholders

through a specific employee-share purchase plan. Under the plan eligible employees could subscribe to

Stellantis shares, at a subscription price corresponding to the average of the Company's closing share price on

the 20 trading days preceding the date of the decision setting the terms of the plan, less a 20 percent discount.

Additionally, the Company provided a matching contribution of 200 percent of the personal amount invested, up

to €200 and a 100 percent matching contribution between €201 and €800 invested by the employee. The shares

are locked up for a specified period. Employees bear the risk of fluctuations in the share price relative to the

subscription price.

In the September 2025 plan, a total of 7.6 million shares were subscribed. There was an increase in equity of

€61 million and the total cost of the plan was €32 million.

The details for the plan were as follows:

---

| | |
|:---|:---|
| **Dates right subscribed** | **From September 3 to** <br>**September 29, 2025**<br>|
| Employee subscription price  | €6.52 |
| Lock-up period | 3 to 5 years |

---

Equity Incentive Plans

On April 15, 2025, the AGM resolved to authorize, under certain conditions, the Board of Directors to issue

common shares, to grant rights to subscribe for shares under the LTIP and its sub-plans, up to maximum of

60 million common shares, and to exclude pre-emptive rights of shareholders in that regard, both for a period of

five years.

Other reserves:

Other reserves comprised the following:

• legal reserves of €22,287 million at December 31, 2025 (€24,051 million at December 31, 2024) determined in

accordance with Dutch law and primarily relating to development expenditures capitalized by subsidiaries and

their earnings, subject to certain restrictions on distributions to Stellantis shareholders;

• capital reserves of €15,266 million at December 31, 2025 (€15,133 million at December 31, 2024);

• retained earnings, after the separation of the legal reserve, of positive €37,799 million (positive €34,424 million

at December 31, 2024); and

• profit/(loss) attributable to owners of the parent of €(22,368) million for the year ended December 31, 2025

(€5,473 million for the year ended December 31, 2024).

Other comprehensive income

The following table summarizes the tax effect relating to Other comprehensive income:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** |
| *(€ million)* | **Pre-tax** <br>**balance** <br>| **Tax** <br>**income/** <br>**(expense)** <br>| **Net** <br>**balance** <br>| **Pre-tax** <br>**balance** <br>| **Tax** <br>**income/** <br>**(expense)** <br>| **Net** <br>**balance** <br>| **Pre-tax** <br>**balance** <br>| **Tax** <br>**income/** <br>**(expense)** <br>| **Net** <br>**balance** <br>|
| Fair value remeasurement of <br>cash flow hedges<br>| 644 | (169) | 475 | 678 | (156) | 522 | (910) | 245 | (665) |
| Gains and losses from <br>remeasurement of<br>financial assets<br>| 18 | (28) | (10) | 8 |  | 8 | 57 |  | 57 |
| Actuarial gains and losses on <br>defined benefit<br>pension obligations<br>| 261 | 52 | 313 | (144) | 55 | (89) | (228) | 41 | (187) |
| Exchange differences on <br>translating foreign<br>operations<br>| (4550) |  | (4550) | 1008 |  | 1008 | (1927) |  | (1927) |
| Share of Other <br>comprehensive income/(loss) <br>for equity method investees<br>| (323) |  | (323) | 54 |  | 54 | (219) |  | (219) |
| **Total Other comprehensive** <br>**income/(loss)**<br>| **(3950)** | **(145)** | **(4095)** | **1604** | **(101)** | **1503** | **(3227)** | **286** | **(2941)** |

---

Gains and losses arising from the remeasurement of defined benefit plans primarily include actuarial gains and

losses arising during the period, the return on plan assets (net of interest income recognized in the Consolidated

Income Statement) and any changes in the effect of the asset ceiling. These gains and losses are offset against

the related defined benefit plan's net liabilities or assets (Note 20, *Employee benefits liabilities*).

Policies and processes for managing capital

The objectives identified by the Company for managing capital were to create value for shareholders as a whole,

safeguard business continuity and support the growth of the Company. As a result, the Company endeavored to

maintain an adequate level of capital that, at the same time, enables it to obtain a satisfactory economic return

for its shareholders and guarantee economic access to external sources of funds, including by means of

achieving an adequate credit rating.

To support these objectives, the Company constantly monitors its net financial position in relation to net equity

and the cash generated from its industrial activities. The Company also continues to focus on improving the

profitability of its operations. Furthermore, the Board of Directors may make proposals to Stellantis shareholders

at a general meeting to reduce or increase share capital or, where permitted by law, to distribute reserves. The

Company may also make purchases of treasury shares, without exceeding the limits authorized at a general

meeting of Stellantis shareholders, under the same logic of creating value, compatible with the objectives of

achieving financial equilibrium and an improvement in the Company's rating.

Dividends proposed, declared and paid

On April 15, 2025, the AGM approved an ordinary dividend distribution of €0.68 per common share

corresponding to a total distribution of €2.0 billion, that was paid on May 5, 2025.

In recognition of the Company's Net loss for the full-year 2025, the Company will not pay an annual dividend in

2026. 313

Dividend policy

*Common shares* 

The Company's dividend policy contemplates an annual ordinary dividend to the holders of common shares

targeting a payout ratio of 25 percent to 30 percent of the Company's Net profit for the relevant prior financial

year.

The actual level of dividend to be distributed by the Company will be determined by the Board of Directors in its

sole discretion and will be subject to earnings, cash balances, commitments, strategic plans and any other

factors that the Board of Directors may deem relevant at the time of a dividend distribution, including

adjustments for income or costs that are significant in nature but expected to occur infrequently.

*Special voting shares* 

Stellantis adopted a loyalty voting structure on January 17, 2021 whereby certain registered shares that were

held for an uninterrupted period of three years in the name of the same shareholder qualify to receive one class

A special voting for each common shares registered. During the year ended December 31, 2024, issuance of

these special voting shares has taken place. Refer to "Corporate Governance - *Loyalty Voting Structure*"

included elsewhere in this report for additional information.

The holders of special voting shares are not entitled to any distributions. However, pursuant to article 29.4 of the

Company's articles of association, from any amount of profits not reserved by the Board of Directors, first an

amount shall be allocated and added to a separate special voting shares dividend reserve for the benefit of the

holders of special voting shares (the "Special Voting Shares Dividend Reserve"). The Company has no intention

to propose any distribution from the Special Voting Shares Dividend Reserve.

**29.** **Earnings/(loss) per share**

Basic (loss)/earnings per share

Basic (loss)/earnings per share for the years ended December 31, 2025, 2024 and 2023 was determined by

dividing the Net profit/(loss) attributable to the equity holders of the parent by the weighted average number of

shares outstanding during each period.

The following tables provide the amounts used in the calculation of basic earnings/(loss) per share:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
|  |  | **2025** | **2024** | **2023** |
| Net profit/(loss) attributable to owners of the parent | *€ million* | (22368) | 5473 | 18596 |
| Weighted average number of shares outstanding | *(thousand)* | 2886684 | 2949652 | 3107725 |
| **Basic (loss)/earnings per share** | ***(€)*** | **(7.75)** | **1.86** | **5.98** |

---

Diluted (loss)/earnings per share

In order to calculate the diluted (loss)/earnings per share, the weighted average number of shares outstanding

was increased to take into consideration the theoretical effect of potential common shares that would be issued

for the restricted and performance share units outstanding and unvested at December 31, 2025, 2024 and 2023

(Note 19, *Share-based compensation*), as determined using the treasury stock method.

For the year ended December 31, 2025, as a result of the loss attributable to owners of the parent, the

theoretical effect that would arise if the share-based payment plans were exercised was not taken into

consideration in the calculation of diluted earnings/(loss) per share as this would have had an anti-dilutive effect.

There were no instruments excluded from the calculation of diluted (loss)/earnings per share because of an anti-

dilutive impact for the years ended December 31, 2024 and 2023.

The following tables provide the amounts used in the calculation of diluted (loss)/earnings per share:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
|  |  | **2025** | **2024** | **2023** |
| Net profit/(loss) attributable to owners of the parent | *€ million* | (22368) | 5473 | 18596 |
| Weighted average number of shares outstanding | *(thousand)* | 2886684 | 2949652 | 3107725 |
| Number of shares deployable for share-based compensation | *(thousand)* |  | 26168 | 24733 |
| Weighted average number of shares outstanding for diluted <br>earnings per share<br>| *(thousand)* | 2886684 | 2975820 | 3132458 |
| **Diluted (loss)/earnings per share** | ***(€)*** | **(7.75)** | **1.84** | **5.94** |

---

**30.** **Segment reporting**

The Company's activities are carried out through six reportable segments: five regional vehicle segments (North

America, Enlarged Europe, Middle East & Africa, South America and China and India & Asia Pacific) and

Maserati, our global luxury brand segment. These reportable segments reflect the operating segments of the

Company that are regularly reviewed by the Chief Executive Officer, who is the "chief operating decision maker",

for making strategic decisions, allocating resources and assessing performance, and that exceed the

quantitative threshold provided in IFRS 8 – *Operating Segments* ("IFRS 8"), or whose information is considered

useful for the users of the financial statements.

The Company's five regional vehicle reportable segments are responsible for the design, engineering,

development, manufacturing, distribution and sale of passenger cars, light commercial vehicles and related

parts and services in specific geographic areas: North America (U.S., Canada and Mexico), Enlarged Europe

(primarily the countries of the European Union and United Kingdom), Middle East & Africa (primarily Türkiye,

Morocco, Egypt and Algeria), South America (including Central America and the Caribbean islands), and China

and India & Asia Pacific (Asia and Pacific countries). The Maserati segment, representing the Company's global

luxury brand, is responsible for the design, engineering, development, manufacturing, and global distribution

and sales of luxury vehicles under the Maserati brand.

Transactions among the vehicle segments generally are presented on a "where-sold" basis, which reflect the

profit/(loss) on the ultimate sale to third party customer within the segment. This presentation generally

eliminates the effect of the legal entity transfer price within the segments. Revenues of the other segments, aside

from the mass-market vehicle segments, are those directly generated by or attributable to the segment as the

result of its usual business activities and includes revenues from transactions with third parties as well as those

arising from transactions with segments, recognized at normal market prices.

Other activities includes the results of our industrial automation systems design and production business (up

until disposal in December 2024), our pre-owned car business, our mobility businesses, our software and data

businesses, and other investments, including Archer, our financial services activities, as well as the activities

and businesses that are not operating segments under IFRS 8. In addition, Unallocated items and eliminations

includes consolidation adjustments and eliminations. Financial income and expense and income taxes are not

attributable to the performance of the segments as they do not fall under the scope of their operational

responsibilities.

Adjusted operating income/(loss) is the measure used by the chief operating decision maker to assess

performance, allocate resources to the Company's operating segments and to view operating trends, perform

analytical comparisons and benchmark performance between periods and among the segments. Adjusted

operating income/(loss) excludes from Net profit/(loss) from continuing operations adjustments comprising

restructuring and other termination costs, impairments, asset write-offs, disposals of investments and unusual

operating income/(expense) that are considered rare or discrete events and are infrequent in nature, as

inclusion of such items is not considered to be indicative of the Company's ongoing operating performance, and

also excludes Net financial expenses/(income) and Tax expense/(benefit).

Unusual operating income/(expense) are impacts from strategic decisions as well as events considered rare or

discrete and infrequent in nature, as inclusion of such items is not considered to be indicative of the Company's

ongoing operating performance. Unusual operating income/(expense) includes, but may not be limited to:

• Impacts from strategic decisions to rationalize Stellantis' core operations;

• Facility-related costs stemming from Stellantis' plans to match production capacity and cost structure to

market demand; and

• Convergence and integration costs directly related to significant acquisitions or mergers.

See below for a reconciliation of Net profit from continuing operations, which is the most directly comparable

measure included in our Consolidated Income Statement, to Adjusted operating income. Operating assets are

not included in the data reviewed by the chief operating decision maker, and as a result and as permitted by

IFRS 8, the related information is not provided.

With effect from January 1, 2026, our Maserati reportable segment will be eliminated and Maserati shipments

and sales will be reported by geographic area consistently with our other brands in that transactions will be

treated on a "where sold" basis. This reflects the way that our chief operating decision maker will review and

assess performance. This note is presented on the basis of segments effective until December 31, 2025, and

therefore does not reflect the revised segments effective from January 1, 2026.

The following tables summarize selected financial information by segment for the years ended December 31,

2025, 2024 and 2023:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025** | **North** <br>**America**<br>| **Enlarged** <br>**Europe**<br>| **Middle** <br>**East &** <br>**Africa**<br>| **South** <br>**America**<br>| **China and** <br>**India & Asia** <br>**Pacific**<br>| **Maserati** | **Other** <br>**activities**<br>| **Unallocated** <br>**items &** <br>**eliminations**<br>| **Stellantis** |
| *(€ million)* |  |  |  |  |  |  |  |  |  |
| Net revenues from external <br>customers<br>| 60962 | 57602 | 9708 | 16031 | 1867 | 726 | 6612 |  | 153508 |
| Net revenues from transactions <br>with other segments <br>|  | 171 | 1 | 166 | 1 |  | 258 | (597) |  |
| **Net revenues** | **60962** | **57773** | **9709** | **16197** | **1868** | **726** | **6870** | **(597)** | **153508** |
| **Net profit/(loss)**  |  |  |  |  |  |  |  |  | **(22332)** |
| Tax expense/(benefit) |  |  |  |  |  |  |  |  | (4273) |
| Net financial expenses/<br>(income)<br>|  |  |  |  |  |  |  |  | 351 |
| **Operating income/(loss)** |  |  |  |  |  |  |  |  | **(26254)** |
| **Adjustments:** |  |  |  |  |  |  |  |  |  |
| Restructuring and other costs, <br>net of reversals<sup>(1)</sup><br>| (17) | 861 | 2 | 17 |  | 4 | 46 |  | 913 |
| Takata airbags recall <br>campaign<sup>(2)</sup><br>|  | 590 | 27 | 5 |  |  |  |  | 622 |
| Platform impairments<sup>(3)</sup> | 5700 | 270 |  |  |  | 613 |  |  | 6583 |
| Costs related to product plan <br>realignments and program <br>cancellations<sup>(4)</sup><br>| 6528 | 2211 | 8 | 321 | 1 | 3 |  |  | 9072 |
| Other Impairments<sup>(5)</sup> |  | 79 |  |  |  |  | 164 |  | 243 |
| Battery JVs<sup>(6)</sup> | 1571 | 483 |  |  |  |  |  |  | 2054 |
| Hydrogen fuel cell program <br>discontinuation<sup>(7)</sup><br>|  | 1094 |  |  |  |  |  |  | 1094 |
| CAFE penalty rate<sup>(8)</sup> | 269 |  |  |  |  |  |  |  | 269 |
| Stellantis Türkiye disposal<sup>(9)</sup> |  |  | 246 |  |  |  |  |  | 246 |
| Change in estimate for <br>contractual warranties<sup>(10)</sup><br>| 3252 | 878 |  |  |  |  |  |  | 4130 |
| Other<sup>(11)</sup> | 161 | 25 | 1 | (35) | (9) |  | 52 | (9) | 186 |
| **Total adjustments** | **17464** | **6491** | **284** | **308** | **(8)** | **620** | **262** | **(9)** | **25412** |
| **Adjusted operating income/**<br>**(loss)**<br>| **(1892)** | **(651)** | **1429** | **1963** | **74** | **(198)** | **(726)** | **(841)** | **(842)** |
| Share of profit/(loss) of equity <br>method investees<br>| 37 | (1282) | 60 | (3) | 3 |  | (86) |  | (1271) |

---

<sup>(1)</sup> Primarily related to workforce reductions, mainly in Enlarged Europe

<sup>(2)</sup> Related to stop-drive campaign on certain vehicles in Enlarged Europe announced in June 2025

<sup>(3)</sup> Primarily as a result of reduced volumes and profitability expectations, platforms were impaired in North America for €5,700 million,

Maserati for €613 million and in Enlarged Europe for €270 million

<sup>(4)</sup> Primarily related to costs incurred as result of product plan realignments and program cancellations

<sup>(5)</sup> Impairment in Other activities is related the Free2Move business, the other impairments in Enlarged Europe relate to write downs of

assets on classification to held for sale as well as the impairment of a prepayment to a supplier, which is not expected to be recoverable

<sup>(6)</sup> Related to steps of rationalizing battery manufacturing capacity

<sup>(7)</sup> During the year ended December 31, 2025, Stellantis decided to discontinue its hydrogen fuel cell strategy. As a result, the following

items have been impaired: (i) investment in Symbio (€324 million), (ii) loans granted to Symbio (€146 million), (iii) capitalized development

expenditures and property, plant and equipment related to fuel cells (€341 million), (iv) in addition, provisions for risks were recognized

(€210 million) and (v) other expenses (€73 million)

<sup>(8)</sup> As a result of the elimination of CAFE fines with the enactment of OBBB, the Company recognized a net expense of €97 million,

comprised of net €172 million of CAFE credits recognized as a reduction of Cost of revenues, which remains included in Adjusted

operating income as these amounts reduced prior year CAFE fines, and a net expense of €269 million, which is excluded from AOI and

comprised of (i) elimination of the CAFE provision of €844 million, (ii) impairment of the regulatory credit assets of €609 million, and (iii)

onerous contracts related to contractual purchase commitments for CAFE credits of €504 million

<sup>(9)</sup> Sale of Stellantis Türkiye to the Company's joint venture, Tofas, for which the Company recognized an estimated loss on disposal of

€246 million, driven primarily by the recycling of the cumulative translation reserve from Equity to the Consolidated Income Statement

upon disposal

<sup>(</sup><sup>10)</sup> Related to the change in estimate for contractual warranty provisions, resulting from the reassessment of the estimation process,

taking into account recent increases in cost inflation and a deterioration in quality, as a result of operational choices, which did not deliver

the expected quality performance

<sup>(11)</sup> Comprised primarily of (i) adjustments to costs previously recognized to support the workforce during the transformation of certain

plants in North America, (ii) gains/(losses) recognized on the disposal of non-significant entities and on dilution of certain of our equity

method investees, including Archer

For a description of platform impairments, costs related to product plan realignments and program

cancellations, rationalization of our battery manufacturing capacity, the discontinuation of our hydrogen fuel cell

development program, refer to Note 2, *Basis of preparation - Strategic plan undergoing reassessment* for

additional information. For details on change in estimate for contractual warranty provisions, refer to Note 21,

*Provisions* for additional information.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2024** | **North** <br>**America**<br>| **Enlarged** <br>**Europe**<br>| **Middle** <br>**East &** <br>**Africa**<br>| **South** <br>**America**<br>| **China and** <br>**India & Asia** <br>**Pacific**<br>| **Maserati** | **Other** <br>**activities**<br>| **Unallocated** <br>**items &** <br>**eliminations**<br>| **Stellantis** |
| *(€ million)* | *(€ million)* | *(€ million)* | *(€ million)* | *(€ million)* | *(€ million)* | *(€ million)* | *(€ million)* | *(€ million)* | *(€ million)* |
| Net revenues from external <br>customers<br>| 63449 | 58844 | 10109 | 15883 | 1991 | 1038 | 5324 | 240 | 156878 |
| Net revenues from transactions <br>with other segments<br>| 1 | 166 | (12) | (20) | 2 | 2 | 827 | (966) |  |
| **Net revenues** | **63450** | **59010** | **10097** | **15863** | **1993** | **1040** | **6151** | **(726)** | **156878** |
| **Net profit/(loss)**  |  |  |  |  |  |  |  |  | **5520** |
| Tax expense/(benefit) |  |  |  |  |  |  |  |  | (1488) |
| Net financial expenses/<br>(income)<br>|  |  |  |  |  |  |  |  | (345) |
| **Operating income/(loss)** |  |  |  |  |  |  |  |  | **3687** |
| **Adjustments:** |  |  |  |  |  |  |  |  |  |
| Restructuring and other costs, <br>net of reversals<sup>(1)</sup><br>| 510 | 1027 | 1 | 20 | 6 | 22 | 31 |  | 1617 |
| Impairment expense and <br>supplier obligations<sup>(2)</sup><br>| 31 | 207 | 2 |  | 16 | 1526 | 25 |  | 1807 |
| Takata recall campaign<sup>(3)</sup> |  | 711 | 21 | 36 |  |  |  |  | 768 |
| Lifetime onerous contracts<sup>(4)</sup>  | 636 |  |  |  | 1 |  |  |  | 637 |
| Other<sup>(5)</sup> | 62 | (6) |  | 32 | (5) |  | 7 | 42 | 132 |
| **Total adjustments** | **1239** | **1939** | **24** | **88** | **18** | **1548** | **63** | **42** | **4961** |
| **Adjusted operating income** | **2660** | **2419** | **1901** | **2272** | **(58)** | **(260)** | **144** | **(430)** | **8648** |
| Share of profit/(loss) of equity <br>method investees<br>| (8) | (310) | 51 | 1 | (72) |  | 305 |  | (33) |

---

<sup>(1)</sup> Primarily related to workforce reductions, mainly in Enlarged Europe and North America

<sup>(2)</sup> Primarily related to (i) €1,063 million of impairments of certain platform assets in Maserati and Enlarged Europe, net of reversal, driven

by projected decreases in margins for certain models and the cancellation of certain projects prior to launch, (ii) €230 million of provisions

accrued for supplier obligations, relating to projects in development which were cancelled prior to launch (and for which the related

capitalized R&D was impaired under (i) above), and (iii) €514 million of goodwill impairments related to the Maserati segment

<sup>(3)</sup> Extension of Takata airbags recall campaign

<sup>(4)</sup> Provision primarily related to lifetime service contracts sold in North America prior to the merger determined to be onerous during 2024

<sup>(5)</sup> Consisting of other adjustments which are individually insignificant

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2023** | **North** <br>**America**<br>| **Enlarged** <br>**Europe**<br>| **Middle East** <br>**& Africa**<br>| **South** <br>**America**<br>| **China and** <br>**India & Asia** <br>**Pacific**<br>| **Maserati** | **Other** <br>**activities**<br>| **Unallocated** <br>**items &** <br>**eliminations**<br>| **Stellantis** |
| *(€ million)* | *(€ million)* | *(€ million)* | *(€ million)* | *(€ million)* | *(€ million)* | *(€ million)* | *(€ million)* | *(€ million)* | *(€ million)* |
| Net revenues from external <br>customers<br>| 86498 | 66444 | 10560 | 16148 | 3526 | 2335 | 4207 | (174) | 189544 |
| Net revenues from transactions <br>with other segments<br>| 2 | 154 |  | (90) | 2 |  | 1004 | (1072) |  |
| **Net revenues** | **86500** | **66598** | **10560** | **16058** | **3528** | **2335** | **5211** | **(1246)** | **189544** |
| **Net profit/(loss)**  |  |  |  |  |  |  |  |  | **18625** |
| Tax expense/(benefit) |  |  |  |  |  |  |  |  | 3793 |
| Net financial expenses/(income) |  |  |  |  |  |  |  |  | (42) |
| **Operating income/(loss)** |  |  |  |  |  |  |  |  | **22376** |
| **Adjustments:** |  |  |  |  |  |  |  |  |  |
| Restructuring and other costs, <br>net of reversals<sup>(1)</sup><br>| 650 | 475 |  | 14 | 1 | 1 | 20 |  | 1161 |
| Collective agreements related <br>costs<sup>(2)</sup><br>| 428 |  |  |  |  |  |  |  | 428 |
| Argentina currency devaluation<sup>(3)</sup> |  |  |  | 302 |  |  |  |  | 302 |
| Impairment expense and supplier <br>obligations<sup>(4)</sup><br>|  | 47 |  |  | 154 |  |  |  | 201 |
| Reorganization of financial <br>services<sup>(5)</sup><br>|  |  |  |  |  |  | 76 |  | 76 |
| Takata recall campaign |  | (44) | 30 |  | 4 |  |  |  | (10) |
| Patents litigation<sup>(6)</sup> | (20) | (40) |  | (1) |  |  |  |  | (61) |
| Gains on disposal of equity <br>investments and other assets<sup>(7)</sup><br>| (65) | (40) |  |  | (57) |  | (39) |  | (201) |
| Other<sup>(8)</sup> | 40 | 99 | 1 | (43) | (18) |  | (15) | 7 | 71 |
| **Total adjustments** | **1033** | **497** | **31** | **272** | **84** | **1** | **42** | **7** | **1967** |
| **Adjusted operating income** | **13298** | **6519** | **2503** | **2369** | **502** | **141** | **(322)** | **(667)** | **24343** |
| Share of profit/(loss) of equity <br>method investees<br>| (6) | (139) | 192 | 16 | 18 |  | 410 |  | 491 |

---

<sup>(1)</sup> Primarily related to workforce reductions and includes €243 million relating to the new collective bargaining agreements in North

America

<sup>(2)</sup> Primarily related to past service costs arising from employee benefit plan amendments related to the new collective bargaining

agreements in North America. Total cost of €671 million is comprised of €243 million in Restructuring and other costs, net of reversals and

€428 million in Collective bargaining agreements costs. Refer to Note 27, *Guarantees granted, commitments and contingent liabilities* for

additional information

<sup>(3)</sup> Impact of the December 2023 devaluation of the Argentine Peso from the new government's economic policies, comprised of

€(197) million in Net revenues, €(147) million in Cost of revenues, and €42 million in Selling, general and other costs

<sup>(4)</sup> Related to impairments, mainly impairment of research and development assets in China and India & Asia Pacific, and impairment of

certain platform assets in Enlarged Europe

<sup>(5)</sup> Net costs associated with the reorganization of our financial services activities in Europe

<sup>(6)</sup> Reversal of provisions related to litigation by certain patent owners related to the use of certain technologies in prior periods

<sup>(7)</sup> Mainly related to gains on disposals of investments and of fixed assets

<sup>(8)</sup> Consisting of other adjustments which are individually non-significant

Information about geographical area

The following table summarizes the non-current assets (other than financial instruments, deferred tax assets and

post-employment benefits assets) attributed to certain geographic areas:

---

| | | |
|:---|:---|:---|
|  | **At December 31,** | **At December 31,** |
| *(€ million)* | **2025** | **2024** |
| North America<sup>(1)</sup> | 51633 | 62276 |
| France | 17120 | 19020 |
| Italy | 7045 | 7696 |
| Germany | 5140 | 5079 |
| Brazil | 3780 | 3414 |
| Spain | 1583 | 1709 |
| United Kingdom | 1290 | 1476 |
| Poland | 1172 | 1116 |
| Slovakia | 582 | 615 |
| Serbia | 286 | 257 |
| Other countries<sup>(2)</sup> | 6011 | 6505 |
| **Total Non-current assets (other than financial instruments, deferred tax assets and** <br>**post-employment benefits assets)**<br>| **95642** | **109163** |

---

<sup>(1)</sup> Refers to the geographical area and not our North America reporting segment

<sup>(2)</sup> Includes the Netherlands, amounts here are individually immaterial

**31.** **Explanatory notes to the Consolidated Statement of Cash Flows**

Non-cash items

For the year ended December 31, 2025, non-cash items of €20,806 million primarily included: (i) €6,981 million

for depreciation and amortization expense, (ii) €10,797 million in other non-cash items of which €10,175 million

was attributable to impairments of tangible and intangible assets, (iii) €1,271 million in share of net losses of

equity method investees, and (iv) €1,757 million losses on disposal of equity investments and other assets.

For the year ended December 31, 2024, non-cash items of €9,167 million primarily included: (i) €7,226 million for

depreciation and amortization expense, and (ii) €1,927 million in other non-cash items mainly referred to

impairments.

For the year ended December 31, 2023, non-cash items of €7,606 million primarily included: (i) €7,549 million for

depreciation and amortization expense, (ii) €720 million in other non-cash items mainly referred to impairments

and hyperinflation impacts, partially offset by (iii) €468 million losses on share of equity method investees, and

(iv) €195 million gains on disposal of equity investments and other assets.

Operating activities

For the year ended December 31, 2025, net cash used in operating activities amounted to €4,650 million. This

primarily reflected the loss before taxes of €26,605 million adjusted for the following items:

• Non-cash items of €20,806 million (as described above);

• Net increase in provisions of €11,330 million, primarily due to accruals as a result of (i) change in estimate for

contractual warranties and (ii) the estimated costs related to cancelled programs (refer to Note 21, *Provisions* 

for additional information), partially offset by (iii) the decrease of risk provisions in North America relating to

regulatory matters (refer to Note 10, *Other intangible assets* for additional information);

• Increase in receivables from financing activities of €4,867 million, which was mainly attributable to financial

services activities in North America and South America;

• Increase in carrying amount of leased vehicles of €5,379 million related to the financial services activity in

North America; and

• A net cash absorption of €7 million in working capital, refer to Note 15, *Working capital* for additional

information.

For the year ended December 31, 2024, net cash from operating activities of €1,535 million. This primarily

reflected the profit before taxes of €4,032 million adjusted for the following items:

• Non-cash items of €9,167 million (as described above);

• Increase in receivables from financing activities of €3,455 million, which was mainly attributable to increased

retail and dealer financing in North and South America;

• Net increase in provisions of €1,779 million, mainly attributable to commercial risks in North America,

restructuring and other risks;

• Negative effect of the change in carrying amount of leased vehicles of €3,885 million related to the financial

services activity in North America; and

• A net absorption of €3,646 million in working capital, which was mainly due to:

• Decrease of €4,007 million in trade payables, primarily reflecting lower production volumes in Enlarged

Europe and North America;

• Decrease of €1,057 million in other payables net of other receivables primarily related to a decrease in tax

payables net of tax receivables and to a decrease in payables to personnel, partially offset by

• Decrease of €786 million in trade receivables primarily due to lower volumes; and

• Decrease of €632 million in inventories mostly driven by reduction in new vehicles stock in Enlarged Europe

due to lower production which is partially offset by an increase in used cars and manufacturing supplies,

For the year ended December 31, 2023, net cash from operating activities amounted to €17,954 million. This

primarily reflected the profit before taxes of €22,418 million adjusted by the following items:

• Non-cash items of €7,606 million (as described above);

• Increase in receivables from financing activities of €3,586 million, which was mainly attributable to increased

retail and dealer financing of SFS U.S. and dealer financing in Brazil;

• Increase in provisions of €2,460 million, mainly attributable to sales incentives in North America and Enlarged

Europe; and

• A net absorption of €6,860 million in working capital, which was mainly due to:

• Increase of €4,388 million in inventories mostly driven by new vehicles reflecting a stabilization following a

2020-2022 period characterized by significant supply constraints and additional raw materials inventories to

secure production;

• Increase of €2,249 million in trade receivables primarily due to the ongoing plan of factoring reduction,:

• Decrease of €1,281 million in other payables net of other receivables and partially offset by; and

• Increase of €1,058 million in trade payables, primarily reflecting inventories increase.

Investing activities

For the year ended December 31, 2025, net cash used in investing activities of €5,897 million was primarily the

result of (1) €7,987 million of investment in property, plant and equipment and intangible assets, including

€3,240 million of capitalized development expenditures, (2) €(1,155) million decrease in payables related to the

investments in properties, plant and equipment and intangible assets, (3) acquisitions of consolidated

subsidiaries, equity method investments and other investments for €425 million primarily relating to (i) the capital

injections to joint ventures and associates for the total of €104 million, and (ii) €321 million in acquisitions of

consolidated subsidiaries and equity method investments. This is partially offset by: (1) a decrease in securities

of €2,856 million primarily attributable to reduction of government bonds in portfolios in North America and

Enlarged Europe, (2) the disposal of property, plant and equipment of €229 million, (3) a decrease in loans to

joint ventures and associates of €91 million, and (4) disposal of investments in subsidiaries and associates of

€485 million.

For the year ended December 31, 2024, net cash used in investing activities of €10,105 million was primarily the

result of (1) €11,060 million of investment in property, plant and equipment and intangible assets, including

€3,922 million of capitalized development expenditures, partially offset by €223 million increase in payables

related to the investments in properties, plant and equipment and intangible assets, ((2) acquisitions of

subsidiaries and equity method investments for €1,652 million primarily relating to (i) the capital injections to joint

ventures and associates for the total of €1,267 million, and (ii) acquisitions relating to Comercial Automotiva S.A.,

Groupe 2L Logistics, Punch Powertrain E-Transmission N.V. ("PPET") and Sopriam for the total gross amount of

€388 million, (3) an increase in loans to joint ventures and associates of €696 million. This is partially offset by:

(1) the decrease in securities of €2,422 million primarily attributable to reduction of investments in Enlarged

Europe and North America, (2) the disposal of property, plant and equipment of €365 million, and (3)

investments in subsidiaries and associates of €261 million.

For the year ended December 31, 2023, net cash used in investing activities of €14,215 million was primarily the

result of (1) €10,193 million of investment in property, plant and equipment and intangible assets, including

€4,184 million of capitalized development expenditures, partially offset by €1,068 million increase in payables

related to the investments in properties, plant and equipment and intangible assets, (2) the increase in securities

of €2,754 million primarily attributable to the investment in marketable debt securities by our central treasury

companies, (3) acquisitions of subsidiaries and equity method investments for €3,885 million primarily relating to

(i) the investment in Leapmotor for €1,419 million, (ii) the capital contributions to StarPlus, NextStar, Symbio,

PPET and Punch Powertrain PSA e-transmissions Assembly SAS for total €1,222 million, (iii) the capital

contributions to and acquisitions of financial services entities for €263 million, (iv) acquisition of ownership in

South American companies, primarily in raw materials and renewable energy for €603 million, partially offset by

the disposal of property, plant and equipment of €533 million and of investments in subsidiaries and associates

of €1,457 million, including the net proceeds from the disposal of FCA Bank for €1,090 million, and (4) an

increase in loans to joint ventures and associates of €248 million.

Financing activities

For the year ended December 31, 2025, net cash from financing activities of €7,574 million resulted primarily

from (1) the net increase in long-term debt of €9,038 million including (i) the issuance of bonds for €5,266 million

which are partially offset by repayment of bonds at maturity for €650 million, (ii) new long-term debt for €8,928

million primarily related to the funding of SFS U.S., partially offset by repayments for €4,506 million, (2) the

distribution of dividends to shareholders of €1,959 million, and (3) the changes in short-term debt and other

financial assets and liabilities for positive €451 million.

For the year ended December 31, 2024, net cash used in financing activities of €1,343 million resulted primarily

from (1) the net increase in long-term debt of €4,644 million including (i) the issuance of bonds for €2,750 million

which are partially offset by repayment of bonds at maturity for €1,950 million, (ii) new long-term debt for

€10,365 million primarily related to the funding of SFS U.S., partially offset by repayments for €6,521 million, (2)

the distribution of dividends to shareholders of €4,651 million, (3) the purchase of treasury shares for €3,000

million as a result of the share buyback program (refer to Note 28, *Equity* for additional information), and (4) the

changes in short-term debt and other financial assets and liabilities for positive €1,575 million.

For the year ended December 31, 2023, net cash used in financing activities of €5,501 million resulted primarily

from (1) the net decrease in long-term debt of €214 million including (i) the repayment of bonds at maturity for

€3,277 million which are partially offset by the issuance of bonds for €2,500 million, (ii) new long-term debt for

€1,668 million, partially offset by repayments for €1,105 million, (2) the distribution of dividends to shareholders

of €4,208 million, (3) the purchase of treasury shares for €2,434 million as a result of the share buyback program

for €1,500 million and the purchase of a portion of the shares held by Dongfeng for €934 million (refer to Note

28, *Equity* for additional information), and (4) the changes in short-term debt and other financial assets and

liabilities for positive €1,273 million.

The following is a reconciliation of liabilities arising from financing activities for the years ended December 31,

2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
| *(€ million)* | **2025** | **2024** |
| **Total Debt at January 1** | **37227** | **29463** |
| Add: Derivative (assets)/liabilities and collateral at January 1 | (409) | (109) |
| **Total Liabilities from financing activities at January 1** | **36818** | **29354** |
| Cash flows<sup>(1)</sup> | 9489 | 6219 |
| Foreign exchange effects | (2252) | 12 |
| Fair value changes | 2 | 85 |
| Changes in scope of consolidation | 229 | 350 |
| Transfer to (assets)/liabilities held for sale | (61) | (10) |
| Other changes | 1434 | 808 |
| **Total Liabilities from financing activities at December 31** | **45659** | **36818** |
| Less: Derivative (assets)/liabilities and collateral at December 31<sup>(2)</sup> | (288) | (409) |
| **Total Debt at December 31** | **45947** | **37227** |

---

The table above reflects the reclassified 2024 amounts resulting from the adjustments to the cash flow statement, which have been

described in Note 2, *Basis of preparation*. No additional changes were made other than those already described in Note 2, *Basis of* 

*preparation*

(1) Includes the lines (a) Changes in short-term debt and other financial assets and liabilities, (b) Gross outflows in repayments of long-

term debt and (c) Proceeds from issuances of long-term debt. Refer to the *Consolidated Statement of Cash Flows* for additional

information

(2) Includes the lines (a) Collateral deposits measured at fair value through profit or loss, and (b) Derivative financial assets. Refer to Note

13, *Financial assets* for additional information, and c) Other non-current financial liabilities, and (d) Other current financial liabilities. Refer

to Note 17, *Derivative financial and operating assets and liabilities f*or additional information

Amounts relating to IFRS 16 recognized in the Consolidated Statement of Cash Flows

During the years ended December 31, 2025, 2024 and 2023, the total cash outflow for leases recognized in

accordance with IFRS 16 was €951 million, €938 million and €757 million, respectively, of which €867 million,

€874 million and €693 million, respectively, related to cash payments for the principal portion of lease liabilities

(recognized within Cash flows from financing activities in the Consolidated Statement of cash flows) and €84

million, €64 million and €64 million, respectively, related to cash payments for interest expense related to lease

liabilities (recognized within Cash flows from operating activities in the Consolidated Statement of cash flows).

Interest expense paid

During the years ended December 31, 2025, 2024 and 2023, the Company paid interest of €2,245 million and

received interest of €2,556 million, €1,549 million and €2,716 million, €1,126 million and €2,917 million,

respectively. These amounts are mainly recognized within Cash flows from operating activities in the

Consolidated Statement of Cash Flows. Amounts indicated are also inclusive of interest rate differentials paid or

received on interest rate derivatives.

**32.** **Qualitative and quantitative information on financial risks**

The Company is exposed to the following financial risks connected with its operations:

• credit risk, principally arising from its normal commercial relations with final customers and dealers, and its

financing activities;

• liquidity risk, with particular reference to the availability of funds and access to the credit market and to

financial instruments in general; and

• financial market risk (primarily relating to exchange rates, interest rates and commodity prices), since the

Company operates at an international level in different currencies, uses financial instruments which generate

interest and is exposed to the risk of changes in the price of certain commodities which are used in the

production processes.

These risks could significantly affect the Company's financial position and results and for this reason, the

Company systematically identifies and monitors these risks in order to detect potential negative effects in

advance and takes the necessary actions to mitigate them, primarily through its operating and financing

activities and if required, through the use of derivative financial instruments in accordance with established risk

management policies.

Financial instruments held by the funds that manage the Company's pension plan assets are not included in this

analysis (refer to Note 20, *Employee benefits liabilities* for additional information).

The following section provides qualitative and quantitative disclosures on the effect that these risks could have

upon the Company. The quantitative data reported in the following does not have any predictive value, in

particular the sensitivity analysis on finance market risks does not reflect the complexity of the market or the

reaction which may result from any changes that were assumed to take place.

Credit risk

Overall, the credit risk regarding the Company's trade receivables and receivables from financing activities is

concentrated mainly in North America, Enlarged Europe and South America.

The maximum credit risk to which the Company is potentially exposed at December 31, 2025 is represented by

the carrying amounts of financial assets in the financial statements discussed in Note 16, *Trade receivables,* 

*other assets, prepaid expenses and Tax receivables* and the nominal value of the guarantees provided on

liabilities and commitments to third parties discussed in Note 27, *Guarantees granted, commitments and* 

*contingent liabilities.* 

In addition, the Company is exposed to credit risk in relation to the investment of cash and to transactions with

derivatives counterparties, as disclosed in Note 17, *Derivative financial and operating assets and liabilities* and

in Note 18, *Cash and cash equivalents*.

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each

counterparty. The Company monitors these exposures and established credit lines with single or homogeneous

categories of counterparties.

Dealers and final customers for which the Company provides financing are subject to specific assessments of

their creditworthiness under a detailed scoring system. To mitigate this risk, the Company could obtain financial

and non-financial guarantees. These guarantees are further strengthened where possible by reserve of title

clauses on financed vehicle sales to the sales network made by the Company financial service companies and

on vehicles assigned under finance and operating lease agreements.

For further information regarding the exposure to credit risk and ECLs of Trade receivables, other receivables

and financial receivables at December 31, 2025 and 2024, refer to Note 16, *Trade receivables, other assets,* 

*prepaid expenses and tax receivables*.

The Company differentiates Cash investments with primary bank counterparties and high rated liquid financial

instruments. The investments are actively managed and constantly monitored, in compliance with policies that

establish limits of concentration and duration, taking into account the creditworthiness of the counterparties and

of the various countries in which the cash is invested. The policies also define limits in the operations with

Derivatives counterparties. Even though the Company's current securities and Cash and cash equivalents

consist of balances spread across various primary national and international banking institutions and money

market funds that were measured at fair value, there was no exposure to sovereign debt securities at December

31, 2025 and 2024 which could lead to significant risk of repayment.

Liquidity risk

Liquidity risk represents the risk the Company is unable to obtain the funds needed to carry out its operations

and meet its obligations. Any actual or perceived limitations on the Company's liquidity could affect the ability of

counterparties to do business with the Company or may require additional amounts of cash and cash

equivalents to be allocated as collateral for outstanding obligations.

The continuation of challenging economic conditions in the markets in which the Company operates and the

uncertainties that characterize the financial markets, necessitate special attention to the management of liquidity

risk. In that sense, measures taken to generate funds through operations and to maintain a conservative level of

available liquidity are important factors for ensuring operational flexibility and addressing strategic challenges

over the next few years.

The main factors that determined the Company's liquidity situation are the funds generated by or used in

operating and investing activities, the debt lending period and its renewal features or the liquidity of the funds

employed and market terms and conditions.

The Company adopted a series of policies and procedures whose purpose was to optimize the management of

funds and to reduce liquidity risk as follows:

• centralizing the management of receipts and payments where it may be economical in the context of the local

civil, currency and fiscal regulations of the countries in which the Company was present;

• maintaining a conservative level of available liquidity;

• diversifying the means by which funds were obtained and maintaining a continuous and active presence in the

capital markets;

• obtaining adequate credit lines; and

• monitoring future liquidity on the basis of business planning.

The Company manages liquidity risk by monitoring cash flows and keeping an adequate level of funds at its

disposal. The operating cash management and liquidity investment of the Company are centrally coordinated in

the Company's treasury function, with the objective of ensuring effective and efficient management of the

Company's funds. The Company's treasury companies obtain funds in the financial markets from various funding

sources.

Certain notes issued by the Company and its treasury subsidiaries include covenants which could be affected

by circumstances related to certain subsidiaries; in particular, there are cross-default clauses which could

accelerate repayments in the event that such subsidiaries fail to pay certain of their debt obligations.

Refer to Note 16, *Trade receivables, other assets, prepaid expenses and Tax receivables*, Note 24, *Other* 

*liabilities* and Note 22, *Debt* for additional information on the repayment structure of the Company's financial

assets and liabilities. Refer to Note 17, *Derivative financial and operating assets and liabilities* for additional

information on the repayment structure of derivative financial instruments.

The following table summarizes payments due under Stellantis' significant contractual commitments as of

December 31, 2025 and 2024 and excludes off balance sheet commitments which are disclosed in Note 27,

*Guarantees granted, commitments and contingent liabilities*:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** |
|  | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
| *(€ million)* | **Total** | **Less than**<br> **1 year**<br>| **1-3 years** | **3-5 years** | **More than** <br>**5 years**<br>|
| Debt<sup>(1)</sup> |  |  |  |  |  |
| Notes | 22647 | 2514 | 5901 | 5084 | 9148 |
| Borrowings from banks | 1931 | 1286 | 436 | 135 | 74 |
| Asset-backed financing | 15479 | 7247 | 4766 | 2668 | 798 |
| Other debt | 2808 | 1782 | 828 | 155 | 43 |
| Interest on Debt<sup>(2)</sup> | 5786 | 1610 | 2098 | 1152 | 926 |
| Lease liabilities<sup>(3)</sup> | 2833 | 837 | 708 | 418 | 870 |
| Trade payables | 29999 | 29999 |  |  |  |
| Derivative (assets)/liabilities | (392) | (266) | (125) | (1) |  |
| **Total** | **81091** | **45009** | **14612** | **9611** | **11859** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **At December 31, 2024** | **At December 31, 2024** | **At December 31, 2024** | **At December 31, 2024** | **At December 31, 2024** |
|  | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
| *(€ million)* | **Total** | **Less than**<br> **1 year**<br>| **1-3 years** | **3-5 years** | **More than** <br>**5 years**<br>|
| Debt<sup>(1)</sup> |  |  |  |  |  |
| Notes | 18542 | 650 | 4777 | 4129 | 8986 |
| Borrowings from banks | 3562 | 3109 | 293 | 77 | 83 |
| Asset-backed financing | 10016 | 5645 | 2053 | 1628 | 690 |
| Other debt | 1990 | 1596 | 306 | 15 | 73 |
| Interest on Debt<sup>(2)</sup> | 4313 | 1188 | 1410 | 730 | 985 |
| Lease liabilities<sup>(3)</sup> | 2852 | 866 | 643 | 358 | 985 |
| Trade payable | 29684 | 29684 |  |  |  |
| Derivative (assets)/liabilities | 200 | 315 | (83) | (32) |  |
| **Total** | **71159** | **43053** | **9399** | **6905** | **11802** |

---

(1) Amounts presented related to the principal amounts of debt exclude the related interest expense that would be paid when due, fair

value adjustments, discounts, premiums and loan origination fees. For additional information see Note 22, *Debt*, within the Consolidated

Financial Statements included elsewhere in this report

(2) Amounts include interest payments based on contractual terms and current interest rates on debt. Interest rates based on variable

rates included above were determined using the current interest rates in effect at December 31, 2025 and 2024

(3) Lease liabilities consisted mainly of industrial buildings and plant, machinery and equipment used in Stellantis' business. The amounts

reported include all future cash outflows included in the undiscounted lease liabilities. See Note 22, *Debt*, within the Consolidated

Financial Statements included elsewhere in this report

**Financial market risks** 

Due to the nature of the Company's business, the Company is exposed to a variety of market risks, primarily

foreign currency exchange rate risk, interest rate risk and commodity price risk.

The Company's exposure to foreign currency exchange rate risk arises both in connection with the geographical

distribution of the Company's industrial activities compared to the markets in which it sells its products, and in

relation to the use of external borrowing denominated in foreign currencies.

The Company's exposure to interest rate risk arises from the need to fund industrial and financial operating

activities and the necessity to invest surplus funds. Changes in market interest rates could have the effect of

either increasing or decreasing the Company's Net profit, thereby indirectly affecting the costs and returns of

financing and investing transactions.

The Company's exposure to commodity price risk arises from the risk of changes in the price of certain raw

materials (primarily base metals, commodities used in electric vehicles and Platinum Group Metals ("PGMs"),

which include platinum, palladium and rhodium) and energy used in production. Changes in the price of raw

materials could have a significant effect on the Company's results by indirectly affecting costs and product

margins.

These risks could significantly affect the Company's financial position and results and for this reason, these risks

were systematically identified and monitored, in order to detect potential negative effects in advance and take

the necessary actions to mitigate them, primarily through its operating and financing activities and if required,

through the use of derivative financial instruments in accordance with its established risk management policies.

The Company's policies permit derivatives to be used only for managing the exposure to fluctuations in foreign

currency exchange rates and interest rates as well as commodities prices connected with future cash flows and

assets and liabilities.

The Company utilizes derivative financial instruments designated as fair value hedges mainly to hedge:

• the foreign currency exchange rate risk on financial instruments denominated in foreign currency; and

• the interest rate risk on fixed rate loans, bonds and borrowings.

The instruments used for these hedges are mainly foreign currency forward contracts, interest rate swaps and

combined interest rate and foreign currency financial instruments.

The Company uses derivative financial instruments as cash flow hedges for the purpose of pre-determining:

• the exchange rate at which forecasted transactions denominated in foreign currencies would be accounted

for;

• the interest paid on borrowings, both to match the fixed interest received on loans (customer financing

activity), and to achieve a targeted mix of floating versus fixed rate funding structured loans; and

• the price of certain commodities and components.

The foreign currency exchange rate exposure on forecasted commercial flows is hedged by foreign currency

swaps, forward contracts and foreign currency options. Interest rate exposures are usually hedged by interest

rate swaps and, in limited cases, by forward rate agreements. Exposure to changes in the price of commodities

is generally hedged by using commodity swaps and commodity options. Counterparties to these agreements

are major financial institutions.

Refer to Note 17, *Derivative financial and operating assets and liabilities* for additional information on the fair

value of derivative financial instruments held at the balance sheet date.

**Quantitative information on foreign currency exchange rate risk** 

The Company is exposed to risk resulting from changes in foreign currency exchange rates, which could affect

its earnings and equity. Where a Stellantis company incurred costs in a currency different from that of its

revenues, any change in exchange rates could affect the operating results of that company; the principal

exchange rates to which the Company is exposed are:

• EUR/GBP, relating to sales in the UK of vehicles produced in the Euro zone;

• CNY and JPY in relation to costs paid to Chinese and Japanese suppliers net of sales in China and Japan

respectively originating from European and North America entities;

• U.S.$/CAD and U.S.$/MXP, primarily relating to sales in Canada and Mexico of produced vehicles, net of local

cost and import in U.S. of Canadian produced vehicles;

• EUR/U.S.$, relating to sales and purchases (mainly linked to commodity) in U.S.$ made by European entities

and to sales and purchases in Euro made by U.S. entities;

• TRY in relation to sales in Turkish market;

• PLN, linked to sales in Poland market, net of manufacturing costs incurred in the country; and

• U.S.$/BRL and EUR/BRL, relating to Brazilian manufacturing operations and the related import and export

flows.

The Company's policy is to use derivative financial instruments to hedge a percentage of certain exposures

subject to foreign currency exchange rate risk for the upcoming twenty-four months (including such risk before

or beyond that date where it is deemed appropriate in relation to the characteristics of the business) and to

hedge the exposure resulting from firm commitments unless not deemed appropriate.

The Stellantis entities could have trade receivables or payables denominated in a currency different from their

respective functional currency. In addition, in a limited number of cases, it could be convenient from an

economic point of view, or it could be required under local market conditions, for the Stellantis entities to obtain

financing or invest funds in a currency different from their respective functional currency, e.g. Argentinian

industrial companies (with U.S.$ as functional currency) invest a significant amount of cash denominated in

Argentine Pesos. Changes in exchange rates could result in exchange gains or losses arising from these

situations. The Company's policy is to hedge, whenever deemed appropriate, the exposure resulting from

receivables, payables, cash and securities denominated in foreign currencies different from the respective

Stellantis entity's functional currency.

Certain of the Stellantis entities are located in countries which are outside of the Eurozone, primarily the U.S.,

Brazil, Canada, Poland, Serbia, Mexico, Argentina, India and China. As the Company's reporting currency is the

Euro, the income statements of those entities that have a reporting currency other than the Euro are translated

into Euro using the average exchange rate for the period, except for entities that operate in hyperinflationary

economies (Argentina) for which the income statements are translated into Euro using the spot rate at the end of

the period. In addition, the assets and liabilities of those consolidated entities are translated into Euro at the

period-end foreign exchange rate. The effects of these changes in foreign exchange rates are recognized

directly in the Cumulative translation adjustments reserve included in Other comprehensive income. Changes in

exchange rates could lead to effects on the translated balances of revenues, costs and assets and liabilities

reported in Euro, even when corresponding items are unchanged in the respective local currency of these

entities.

The Company monitors its principal exposure to conversion exchange risk and, in certain circumstances, enters

into derivatives for the purpose of hedging the specific risk.

The potential loss in fair value of derivative financial instruments held for foreign currency exchange rate risk

management (currency swaps/forwards) at December 31, 2025 resulting from a 10 percent change in the

exchange rates would have been approximately €633 million in the Other comprehensive income (mainly driven

by the foreign exchange hedges related to the sales in GBP and in CAD and related to costs in CNY) and

€369 million on Consolidated Income Statement.

This analysis assumes that a hypothetical, unfavorable 10 percent change in exchange rates as at year-end is

applied in the measurement of the fair value of derivative financial instruments.

Receivables, payables and future trade flows whose hedging transactions have been analyzed were not

included in this analysis. It is reasonable to assume that changes in market exchange rates would produce the

opposite effect, of an equal or greater amount, on the underlying transactions that have been hedged.

**Quantitative information on interest rate risk** 

The Company makes use of external borrowings and invests in monetary and financial market instruments. In

addition, the Company sells receivables resulting from their trading activities on a continuing basis. Changes in

market interest rates could affect the cost of the various forms of financing, including the sale of receivables, or

the return on investments and the employment of funds, thus negatively impacting the net financial expenses

incurred by the Company.

In addition, the financial services companies provide loans (mainly to customers and dealers), financing

themselves using various forms of direct debt or asset-backed financing (e.g. factoring of receivables or

securitizations). Where the characteristics of the variability of the interest rate applied to loans granted differ from

those of the variability of the cost of the financing obtained, changes in the current level of interest rates could

affect the operating result of those entities and the Company as a whole.

In order to manage these risks, the Company uses interest rate derivative financial instruments, mainly interest

rate swaps and forward rate agreements, when available in the market, with the objective of mitigating, under

economically acceptable conditions, the potential variability of interest rates on the Company's Net profit.

In assessing the potential impact of changes in interest rates, the Company segregated fixed rate financial

instruments (for which the impact was assessed in terms of fair value) from floating rate and short term financial

instruments (for which the impact was assessed in terms of cash flows).

The fixed rate financial instruments used by the Company consisted principally of part of the portfolio of the

financial services companies (primarily customer financing and financial leases) and part of debt (including

subsidized loans and notes). These instruments are measured at amortized cost and changes in market interest

rates for these instruments do not affect Net profit or Equity.

Certain financial securities are accounted for at FVPL. The impact of an unfavorable 50 basis points change in

interest rate levels would result in increase in financial expenses of €9 million due to the change in fair values of

these securities.

The Company entered in certain derivatives in order to manage interest rate risk on underlying debt exposures.

An unfavorable 50 basis points change in interest rates level applied to the interest rate derivatives outstanding

at December 31, 2025 would have an impact of €30 million on financial expense. It is expected that this impact

will be offset by an equivalent gain on the underlying debt exposures.

In addition, financial services companies use derivatives in order to hedge the interest rate risk arising from the

mismatch between financial receivables and related funding. A 50 basis points change in interest rates level

applied to the interest rate derivatives outstanding at December 31, 2025 would have a negative impact of

€32 million in Other comprehensive income.

Floating rate financial instruments consisted principally of cash and cash equivalents, loans provided by the

financial services companies to the sales network and part of debt. The effect of the sale of receivables was also

considered in the sensitivity analysis.

A hypothetical 50 basis points change in short-term interest rates at December 31, 2025, applied to floating rate

or short term maturity financial assets and liabilities, operations for the sale of receivables and derivative

financial instruments, would result in increased net financial expenses, on an annual basis, of approximately

€78 million.

This analysis is based on the assumption that there is an unfavorable change of 50 basis points of interest rate

levels across homogeneous categories. A homogeneous category is defined on the basis of the currency in

which the financial assets and liabilities are denominated. In addition, the sensitivity analysis applied to floating

rate financial instruments assumes that cash and cash equivalents and other short-term financial assets and

liabilities which expire during the projected 12-month period will be renewed or reinvested in similar instruments,

that will reflect the hypothetical 50 basis points change in short-term interest rates.

**Quantitative information on commodity price risk** 

The Company, in addition to supply agreements that provide protections to the price increases and supply

shortages, entered into derivative contracts for certain commodities to hedge its exposure to commodity price

risk associated with buying raw materials and energy used in its normal operations, primarily PGMs, which

include platinum, palladium and rhodium.

In connection with the commodity price derivative contracts outstanding at December 31, 2025, a hypothetical

10 percent change in the price of the commodities at that date would have caused a negative impact on the

Other comprehensive income of €136 million. Future trade flows whose hedging transactions have been

analyzed were not considered in this analysis. It is reasonable to assume that changes in commodity prices

would produce the opposite effect, of an equal or greater amount, on the underlying transactions that have been

hedged.

**33.** **Subsequent events**

The Company has evaluated subsequent events through February 26, 2026, which is the date the financial

statements were authorized for issuance.

On February 6, 2025, Stellantis announced that LG Energy Solution would acquire full ownership of NextStar

Energy Inc, with Stellantis selling its 49 percent equity to LG Energy Solution. The closing of this transaction is

subject to approvals and other conditions.

On February 10, 2026, Standard & Poor Global Ratings revised Stellantis' issuer credit rating and senior

unsecured debt rating from "BBB" to "BBB-" and maintained a negative outlook.

On February 10, 2026, Moody's Investors Service revised Stellantis' long-term issuer rating and senior

unsecured debt rating from "Baa2" to "Baa3" and changed the outlook from negative to stable.

On February 19, 2026, the Company priced an issuance of asset-backed notes through its indirect wholly owned

subsidiary, SFS Auto Receivables Securitization Trust 2026-1. The notes, totaling $1.5 billion, were delivered on

February 26, 2026, at which time the Company received the related proceeds. The notes are supported by a

pool of automobile receivables and include customary structural credit enhancement feature.

In February 2026, the U.S. EPA finalized actions to rescind the 2009 Greenhouse Gas Endangerment Finding

under the Clean Air Act. The Endangerment Finding had provided the legal basis for federal regulation of

greenhouse gas emissions from motor vehicles. As of December 31, 2025, we have recognized GHG Provisions

of €345 million, and GHG-related Other intangible assets of €279 million in our Consolidated Statement of

Financial Position. We are monitoring the developments related to this ruling.

In February 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency

Economic Powers Act ("IEEPA") were invalid. The U.S. Administration subsequently introduced new 10 percent

global tariffs beginning on February 24, 2026. Refunds of previously paid IEEPA tariffs will depend on a court-

driven process leaving the time of any recovery uncertain.

OTHER INFORMATION

ADDITIONAL INFORMATION FOR NETHERLANDS CORPORATE

GOVERNANCE

**Dividends** 

Dividends will be determined in accordance with the article 29 of the Articles of Association of the Company.

The relevant provisions of the Articles of Association read as follows:

**Reserves and profits**

1. The company shall maintain a special capital reserve to be credited against the share premium reserve

exclusively for the purpose of facilitating any issuance or cancellation of special voting shares (the **"special** 

**capital reserve**"). Without prejudice to the next sentence, no distribution shall be made from the special

capital reserve. The Board of Directors shall be authorized to resolve upon (i) any distribution out of the

special capital reserve to pay up special voting shares or (ii) re-allocation of amounts to credit or debit the

special capital reserve against or in favor of the share premium reserve.

2. The company shall maintain a separate dividend reserve for the special voting shares (the **"special voting** 

**shares dividend reserve**"). The special voting shares shall not carry any entitlement to any other reserve of

the company. Distributions from the special voting shares dividend reserve shall be made exclusively to the

holders of special voting shares in proportion to the aggregate nominal value of their special voting shares.

Any distribution out of the special voting shares dividend reserve or the partial or full release of such reserve

will require a prior proposal from the Board of Directors and a subsequent resolution of the meeting of

holders of special voting shares.

3. From the profits, shown in the annual accounts, as adopted, such amounts shall be reserved as the Board of

Directors may determine.

4. The profits remaining thereafter shall first be applied to allocate and add to the special voting shares

dividend reserve an amount equal to one percent (1 percent) of the aggregate nominal value of all special

voting shares outstanding at the end of the financial year to which the annual accounts pertain. The

calculation of the amount to be allocated and added to the special voting shares dividend reserve shall

occur on a time-proportionate basis. If special voting shares are issued during the financial year to which the

allocation and addition pertains, then the amount to be allocated and added to the special voting shares

dividend reserve in respect of these newly issued special voting shares shall be calculated as from the date

on which such special voting shares were issued until the last day of the financial year concerned. The

special voting shares shall not carry any other entitlement to the profits.

5. Any profits remaining thereafter shall be at the disposal of the AGM for distribution of profits on the common

shares only, subject to the provision of Article 29.6.

6. The distribution of profits shall be made after the adoption of the annual accounts, from which it appears that

the same is permitted.

7. The company shall only have power to make distributions to shareholders and other Persons entitled to

distributions to the extent the company's equity exceeds the sum of the paid in and called up part of the

share capital and the reserves that must be maintained pursuant to Dutch law and these Articles of

Association. No distribution of profits or other distributions may be made to the company itself for shares that

the company holds in its own share capital.

8. The Board of Directors, or the AGM upon a proposal of the Board of Directors, may resolve to make

distributions from the company's share premium reserve or from any other reserve (other than the special

capital reserve, to which Article 29.1 applies), provided that payments from the reserves other than the

special voting shares dividend reserve may only be made to the holders of common shares.

9. The Board of Directors may resolve to make one or more interim distributions, provided that the

requirements of Article 29.7 are duly observed as evidenced by an interim statement of assets and liabilities

as referred to in Section 2:105 paragraph 4 DCC, taking into account Article 29.4. The provisions of Articles

29.2 and 29.3 shall apply *mutatis mutandis*.

10. The Board of Directors, or the AGM upon a proposal of the Board of Directors, may resolve that distributions

shall be made other than in cash, including, without limitation, in the form of common shares or shares in

another listed company, provided that, in case of a distribution of common shares, the Board of Directors is

designated as the body competent to pass a resolution for the issuance of common shares in accordance

with Article 7. The Board of Directors may also resolve that distributions will be made payable either in Euro

or in another currency.

11. Distributions of profits and other distributions shall be made payable in the manner and at such date(s) and

notice thereof shall be given as the Board of Directors, or the AGM upon a proposal of the Board of Directors

shall determine.

12. Distributions of profits and other distributions, which have not been collected within five (5) years and one (1)

day after the same have become payable, shall become the property of the company.

**Disclosures pursuant to Decree Article 10 EU-Directive on Takeovers** 

In accordance with the Dutch Decree Article 10 EU-Directive on Takeovers (*Besluit artikel 10 overnamerichtlijn*)

(the "Decree"), the Company makes the following disclosures:

a.For information on the capital structure of the Company, the composition of the issued share capital and the

existence of the classes of shares, please refer to Note 14, *Equity* to the Company Financial Statements in

this Annual Report. For information on the rights attached to the common shares, please refer to the Articles

of Association which can be found on the Company's website. To summarize, the rights attached to common

shares comprise pre-emptive rights upon issue of common shares, the entitlement to attend the AGM and to

speak and vote at that meeting and the entitlement to distributions in accordance with the Articles of

Associations. For information on the rights attached to the special voting shares, please refer to the Articles

of Association and the Terms and Conditions for the Special Voting Shares which can both be found on the

Company's website and more in particular to the paragraph "*Loyalty Voting Structure*" of this Annual Report

in the chapter "*Co*". As at December 31, 2025, the issued share capital of the Company consisted of

2,903,716,295 common shares, representing approximately 77 percent of the aggregate issued share

capital, 866,522,224 Class A special voting shares and 0 Class B special voting shares, representing

approximately 0.01 percent of the aggregate issued share capital.

b.The Articles of Association do not provide for transfer restrictions for common shares but do provide for

transfer restrictions for special voting shares (Article 14).

c.For information on participations in the Company's capital in respect of which pursuant to Sections 5:34,

5:35 and 5:43 of the Dutch Financial Supervision Acts (*Wet op het financieel toezicht*) notification

requirements apply, please refer to the section "*Major Shareholders*" of this Annual Report. There you will

find a list of Shareholders who are known to the Company to have holdings of 3 percent or more at the

stated date.

d.No special control rights accrue to shares in the capital of the Company.

e.During 2023, 2024 and 2025, the Company launched employee-share participation programs (the "2023

ESPP", the "2024 ESPP" and the "2025 ESPP") as mentioned in article 1 sub 1(e) of the Decree. The 2023

ESPP covered approximately 85,000 eligible employees in Italy and France, to which approximately 4.4

million additional shares were issued. Under the plan eligible employees could subscribe to Stellantis

shares, at a subscription price of €14.52 corresponding to the average of the Company's closing share price

on the 20 trading days preceding the date of the decision setting the terms of the plan, less a 20 percent

discount. The 2024 ESPP covered more than 230,000 eligible employees in eighteen countries (Austria,

Belgium, Brazil, Canada, France, Germany, Hungary, India, Italy, Mexico, Morocco, Netherlands, Poland,

Portugal, Slovakia, Spain, United Kingdom and United States of America) to which approximately 9.7 million

additional shares were issued. Under the plan eligible employees could subscribe to Stellantis shares, at a

subscription price of €9.74 corresponding to the average of the Company's closing share price on the 20

trading days preceding the date of the decision setting the terms of the plan, less a 20 percent discount.

The 2025 ESPP covered more than 235,000 eligible employees in 20 countries (Austria, Belgium, Brazil,

Canada, France, Germany, Hungary, India, Italy, Malaysia, Mexico, Morocco, Netherlands, Poland, Portugal,

Serbia, Slovakia, Spain, United Kingdom and United States of America) to which approximately 7.6 million

additional shares were issued. Under the plan eligible employees could subscribe to Stellantis shares, at a

subscription price of €6.52 corresponding to the average of the Company's closing share price on the 20

trading days preceding the date of the decision setting the terms of the plan, less a 20 percent discount. For

all the plans the shares are locked up for a period of 5 years in France and Belgium, as applicable, while for

3 years in all the other countries. Employees bear the risk of fluctuations in the share price relative to the

subscription price. According to the legal or tax framework of each jurisdiction of the plan, the shares have

been issued directly to the eligible employees in Italy, Germany, Spain, United States of America and Poland

and those employees are therefore entitled to vote individually on the shares, while in France, Austria,

Belgium, Brazil, Canada, Hungary, India, Malaysia, Mexico, Morocco, Netherlands, Portugal, Serbia,

Slovakia and United Kingdom the shares issued to the eligible employees are held through a fonds commun

de placement d'entreprise ("FCPE"), a collective investment vehicle reserved to employees governed by

French law, for the benefit of the relevant employee, with the Supervisory Board of the FCPE, composed of

representatives of employees, being able to vote on these shares and the relevant employee having the

economic rights on the shares.

f.No restrictions apply to voting rights attached to shares in the capital of the Company, except for the

Maximum Voting Threshold (as defined in the Articles of Association). Please refer to the sections "*Voting* 

*Rights at General Meetings*" and "*Voting Limitations*" of this Annual Report. There are not any deadlines for

exercising voting rights other than the final registration date for the general meetings of the Company. The

Articles of Association allow the Company to cooperate in the issuance of registered depositary receipts for

common shares, but only pursuant to a resolution to that effect of the Board of Directors. The Company is

not aware of any depository receipts having been issued for shares in its capital.

g.The Company is not aware of the existence of any agreements with Shareholders which may result in

restrictions on the transfer of shares or limitation of voting rights.

h.The rules governing the appointment and dismissal of members of the Board of Directors are stated in the

Articles of Association. All members of the Board of Directors are appointed by the AGM, taking into account

the (binding) nomination rights set out in the Articles of Association. Please refer to the section "*Nomination* 

*Rights*" of this Annual Report for more information on the (binding) nomination rights. The term of office of all

members of the Board of Directors is for a period of two years after appointment, with such a period expiring

immediately after the close of the first AGM held two years following the appointment. The initial term of Mr.

Elkann, Mr. Peugeot, and Mr. de Castries is five years, started at January 17, 2021, and ending immediately

after the close of the first AGM held after five years have lapsed since the appointment of the relevant

director. The other Directors of the current Board of Directors are appointed for a term of two years, started

at April 15, 2025 and July 18, 2025, for the non-executive directors and the Chief Executive Officer,

respectively, for all of them ending immediately after the close of the first AGM to be held in 2027. The AGM

has the power to suspend or dismiss any member of the Board of Directors at any time, taking into account

the majority requirements set out in the Articles of Association. Please refer to the section "*Election and* 

*Removal of Directors*" of this Annual Report for more information on the majority requirements. An

amendment of the Articles of Association requires a resolution of the AGM following a proposal from the

Board of Directors. Such resolution requires an absolute majority of the votes cast, unless it concerns an

amendment of article 2.2 of 2.3 of the Articles of Association in which case a majority of at least two-thirds of

the votes cast is required.

i.At the AGM held on April 15, 2025, it was resolved to extend the authorizations of the Board of Directors (i)

to issue Stellantis common shares or grant rights to subscribe for such shares and (ii) to limit or exclude the

pre-emptive rights in respect of any issue of Stellantis common shares or grant of rights to subscribe for

such shares referred to under (i), as per April 15, 2025 up to and including October 14, 2026 (being the date

18 months from the date of the 2025 annual general meeting). The authorization granted during the 2025

AGM in respect of the issue of shares or the grant of rights to subscribe for such shares is limited to 10

percent of the issued common shares for general corporate purposes as per April 15, 2025, and can be

used for any and all purposes. The authorization granted during the 2025 AGM in respect of the pre-emptive

rights is limited to the percentage of the capital as referred to in the previous sentence. In the event of an

issuance of special voting shares, shareholders have no right of pre-emptions. In addition, the Company has

the authority to acquire fully paid-up shares in its own share capital, provided that such acquisition is made

for no consideration. Further rules governing the acquisition of shares by the Company in its own share

capital are set out in article 9 of the Articles of Association. In addition, the Board of Directors has been

authorized to acquire common shares in the capital of the Company, either through purchase on a stock

exchange, through a public tender offer, offer for exchange or otherwise, up to a maximum number of

shares equal to 10 percent of the Company's issued common shares as per the date of the 2025 AGM (April

15, 2025) at a purchase price per share between, on the one hand, an amount equal to the nominal value of

the shares and, on the other hand, an amount equal to 110 percent of the market price of the shares on the

New York Stock Exchange and/or the Euronext Milan and/or Euronext Paris (as the case may be); the market

price being the average of the highest price on each of the five days of trading prior to the date on which the

acquisition is made, as shown in the Official Price List of the New York Stock Exchange and/or the Euronext

Milan and/or Euronext Paris (as the case may be), for a period of 18 months from the date of the 2025 AGM

(April 15, 2025) and therefore up to and including October 14, 2026.

j.The Company is not a party to any significant agreements which will take effect, be altered or terminated

upon a change of control of the Company as a result of a public offer within the meaning of Section 5:70 of

the Dutch Financial Supervision Acts (*Wet op het financieel toezicht*), provided that some of the loan

agreements guaranteed by the Company and certain bonds guaranteed by the Company contain clauses

that, as it is customary for such financial transactions, may require early repayment or termination in the

event of a change of control of the guarantor or the borrower. In certain cases, that requirement may only be

triggered if the change of control event coincides with other conditions, such as a rating downgrade.

k.Under the terms of the Company's Equity Incentive Plan ("EIP") and employment agreements entered into

with certain executive officers, executives may be entitled to receive severance benefits and accelerated

vesting of awards under the EIP if, within twenty-four (24) months of a Change of Control (as defined

therein), the executive's employment is involuntarily terminated by the Company (other than for Cause -as

defined therein-) or is terminated by the participant for Good Reason (as defined therein).

ADDITIONAL INFORMATION FOR U.S. LISTING PURPOSES

**Contractual Obligations**

The following table summarizes payments due under Stellantis' significant contractual commitments as of

December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
| *(€ million)* | **Total** | **Less than**<br> **1 year**<br>| **1-3 years** | **3-5 years** | **More than** <br>**5 years**<br>|
| Long-term debt<sup>(1)</sup> | 24525 | 2721 | 7165 | 5374 | 9265 |
| Interest on Long-term debt<sup>(2)</sup> | 4243 | 861 | 1501 | 986 | 895 |
| Lease liabilities<sup>(3)</sup> | 2833 | 837 | 708 | 418 | 870 |
| Short-term leases and Low-value assets obligations<sup>(4)</sup> | 113 | 72 | 20 | 5 | 16 |
| Unconditional minimum purchase obligations<sup>(5)</sup> | 12004 | 3098 | 6062 | 1294 | 1550 |
| Purchase obligations<sup>(6)</sup> | 9005 | 6497 | 2270 | 135 | 103 |
| Pension contribution requirements<sup>(7)</sup> | 96 | 96 |  |  |  |
| **Total** | **52819** | **14182** | **17726** | **8212** | **12699** |

---

<sup>(1)</sup> Amounts presented related to the principal amounts of long-term debt excluding asset-backed financing transactions such as

securitizations and factoring transactions which do not meet the IFRS 9 derecognition criteria as these will be settled through collection of

the relevant secured assets. Amounts also exclude the related interest expense that would be paid when due, fair value adjustments,

discounts, premiums and loan origination fees. For additional information see Note 22, Debt, within the Consolidated Financial Statements

included elsewhere in this report

<sup>(2)</sup> Amounts included interest payments based on contractual terms and current interest rates on debt. Interest rates based on variable

rates included above were determined using the current interest rates in effect at December 31, 2025

<sup>(3)</sup> Lease liabilities consisted mainly of industrial buildings and plant, machinery and equipment used in Stellantis' business. The amounts

reported include all future cash outflows included in the undiscounted lease liabilities. See Note 22, Debt, within the Consolidated

Financial Statements included elsewhere in this report

<sup>(4)</sup> Short-term leases and Low-value assets mainly related to leases for commercial and industrial properties, machinery and equipment

used in Stellantis' business. The amounts reported above included the minimum rental and payment commitments due under such leases

<sup>(5)</sup> Unconditional minimum purchase obligations related to Stellantis' unconditional purchase obligations to purchase a fixed or minimum

quantity of goods and/or services from suppliers with fixed and determinable price provisions. From time to time, in the ordinary course of

Stellantis' business, Stellantis entered into various arrangements with key suppliers in order to establish strategic and technological

advantages

<sup>(6)</sup> Purchase obligations were comprised of (i) the repurchase price guaranteed to certain customers on sales with a buy-back

commitment in an aggregate amount of €7,011 million, (ii) commitments to purchase tangible fixed assets, mainly in connection with

planned capital expenditure of various Stellantis companies, in an aggregate amount of approximately €1,563 million, (iii) commitments to

purchase intangible assets for an aggregate amount of approximately €368 million, and (iv) commitments for equity securities of

€63 million

<sup>(7)</sup> Pension contribution requirements were based on the estimate of Stellantis' minimum funding requirements under Stellantis' funded

pension plans. Stellantis could elect to make contributions in excess of the minimum funding requirements. Stellantis contributions to

pension plans for 2026 are expected to be €96 million. Of this amount, €51 million relates to the U.S. and Canada, with €42 million being

mandatory contributions and €9 million discretionary contributions, and €15 million relates to Germany. Stellantis' minimum funding

requirements after 2026 would depend on several factors, including investment performance and interest rates. Therefore, the above

excluded payments beyond 2026, since Stellantis could not predict with reasonable reliability the timing and amounts of future minimum

funding requirements. Refer to Note 20, *Employee benefits liabilities*, within the Consolidated Financial Statements included elsewhere in

this report for expected benefit payments for Stellantis' pension plans and for Stellantis' unfunded health care and life insurance plans

*Product warranties, recall campaigns and product liabilities*

The contractual obligations set forth above do not include payments for product warranty and recall campaign

costs. Stellantis issues various types of product warranties under which the performance of products delivered is

generally guaranteed for a certain period or term. The accrual for product warranties includes the expected

costs of warranty obligations imposed by law or contract, as well as the expected costs for policy coverage,

recall actions and any commitments to buy back vehicles. The estimated future costs of these actions are

principally based on assumptions regarding the lifetime warranty costs of each vehicle line and each model year

of that vehicle line, as well as historical claims experience for the Company's vehicles. The Company

periodically initiates voluntary service and recall actions to address various customer satisfaction as well as

safety and emissions issues related to vehicles sold. Included in the reserve is the estimated cost of these

service and recall actions. The Company accrues estimated costs for recalls when they are probable of

occurring and a reliable estimate of the costs can be made. Estimates of the future costs of these actions are

subject to numerous uncertainties, including the enactment of new laws and regulations, the number of vehicles

affected by a service or recall action and the nature of the corrective action. It is reasonably possible that the

ultimate cost of these service and recall actions may require the Company to make expenditures in excess of (or

less than) established reserves over an extended period of time and in a range of amounts that cannot be

reasonably estimated. At December 31, 2025, Stellantis' product warranty and recall campaigns provision was

€14,124 million. For details on change in estimate for contractual warranty, refer to Note 21, *Provisions* within the

Consolidated Financial Statements included elsewhere in this report.

*Capital commitments*

The contractual obligations set forth above do not include payments for capital commitments to joint ventures. At

December 31, 2025, total capital commitments were €1.7 billion, covering the period up to 2029.

**Significant Vehicle Assembly Plants**

The following table provides information about Stellantis' significant vehicle assembly plants as of December 31,

2025, excluding joint ventures, of which the largest by region are Warren Truck (U.S.), Betim (Brazil) and

Sochaux (France).

Each of the assembly plants listed below have a covered area of more than 100,000 square meters:

---

| | |
|:---|:---|
| **Country** | **Location**  |
| **North America** |  |
| U.S. | Warren, Michigan |
| U.S. | Sterling Heights, Michigan |
| U.S. | Belvidere, Illinois |
| U.S. | Toledo, Ohio (Toledo North) |
| U.S. | Detroit, Michigan (Detroit Assembly Complex - Jefferson) |
| U.S. | Detroit, Michigan (Detroit Assembly Complex - Mack) |
| U.S. | Toledo, Ohio (Toledo South) |
| Mexico | Toluca, Estado de México |
| Mexico | Saltillo, Coahuila (Saltillo Truck) |
| Mexico | Saltillo, Coahuila (Saltillo Van) |
| Canada | Windsor, Ontario |
| Canada | Brampton, Ontario |
| **South America** |  |
| Brazil | Betim |
| Brazil | Goiana |
| Brazil | Porto Real |
| Argentina | Buenos Aires |
| Argentina | Cordoba |
| **Enlarged Europe** |  |
| France | Hordain |
| France | Mulhouse |
| France | Poissy |
| France | Rennes |
| France | Sochaux |
| Germany | Eisenach |
| Germany | Russelsheim |
| Italy | Turin (Mirafiori) |
| Italy | Cassino |
| Italy | Pomigliano |
| Italy | Melfi |
| Italy | Val Di Sangro |
| Poland | Gliwice |
| Poland | Tychy |
| Slovakia | Trnava |
| Serbia | Kragujevac |
| Spain | Madrid |
| Spain | Vigo |
| Spain | Zaragoza |
| UK | Ellesmere Port |

---

**Our Share Information**

On January 18, 2021, Stellantis common shares began trading on Euronext Milan and Euronext Paris, and on

January 19, 2021, began trading on the NYSE. Stellantis common shares trade under the following symbols:

Euronext Milan: "STLAM"; Euronext Paris: "STLAP"; NYSE: "STLA". From October 13, 2014, the common shares

of FCA were traded on the NYSE under the symbol "FCAU" and on Euronext Milan under the symbol "FCA".

**Dividend Policy**

Refer to Note 28, *Equity* within the Consolidated Financial Statements included elsewhere in this report for

additional detail on the proposed dividend to holders of Stellantis common shares and dividend policy.

For additional information on distribution of profits, refer to *ADDITIONAL INFORMATION FOR NETHERLANDS* 

*CORPORATE GOVERNANCE* - *Dividends* above.

**Principal Accountant Fees and Services** 

Deloitte & Associés, the member firms of Deloitte Touche Tohmatsu Limited, and their related entities

(collectively, the "Deloitte Entities") were appointed to serve as Stellantis' independent registered public

accounting firm for the years ended December 31, 2025 and 2024. Stellantis incurred the following fees from

Deloitte Entities for professional services for the years ended December 31, 2025 and 2024, respectively:

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| *(€ million)* | **2025** | **2024** |
| Audit fees | 45.4 | 40.8 |
| Audit-related fees | 1.9 | 2.0 |
| Tax and other fees<sup>(1)</sup> | 0.2 | 0.6 |
| **Total** | **47.5** | **43.4** |

---

<sup>(1)</sup> Tax fees comprise services rendered for tax compliance and tax advice services

For the years ended December 31, 2025 and 2004, "Audit fees" were the aggregate fees billed by Deloitte

Entities for the audit of Stellantis' consolidated annual financial statements, reviews of interim financial

statements and attestation services that were provided in connection with statutory and regulatory filings or

engagements. "Audit-related fees" were fees charged by Deloitte Entities for assurance and related services

that were reasonably related to the performance of the audit or review of Stellantis' financial statements and were

not reported under "Audit fees". This category comprised fees for agreed-upon procedure engagements and

other attestation services subject to regulatory requirements. "Tax fees" were fees charged by the Deloitte &

Associés primarily for activities related to tax refunds claims and tax compliance in different jurisdictions.

**Audit Committee's pre-approval policies and procedures**

Our Audit Committee nominates and engages our independent registered public accounting firm to audit our

consolidated financial statements. Our Audit Committee has a policy requiring management to obtain the Audit

Committee's approval before engaging our independent registered public accounting firm to provide any other

audit or permitted non-audit services to us or our subsidiaries. Pursuant to this policy, which is designed to

ensure that such engagements do not impair the independence of our independent registered public

accounting firm, the Audit Committee reviews and pre-approves (if appropriate) specific audit and non-audit

services in the categories Audit Services, Audit-Related Services, Tax Services, and any other services that may

be performed by our independent registered public accounting firm.

**Purchases of Equity Securities by the Issuer and Affiliated Purchasers**

Not applicable.

**Taxation**

**Material U.S. Federal Income Tax Consequences** 

This section describes the material U.S. federal income tax consequences to U.S. Shareholders (as defined

below) of owning Stellantis stock. When we refer to Stellantis, we refer to Stellantis or to former FCA, as

applicable. It applies solely to persons that hold shares as capital assets for U.S. federal income tax purposes.

This discussion addresses only U.S. federal income taxation and does not discuss all of the tax consequences

that may be relevant to holders in light of their individual circumstances, including foreign, state or local tax

consequences, estate and gift tax consequences, and tax consequences arising under the Medicare

contribution tax on net investment income. This section does not apply to members of a special class of holders

subject to special rules, including:

• a dealer in securities or foreign currencies;

• a regulated investment company;

• a trader in securities that elects to use a mark-to-market method of accounting for securities holdings;

• a tax-exempt organization;

• a bank, financial institution, or insurance company;

• a person liable for alternative minimum tax;

• a person that actually or constructively owns 10 percent or more of the combined voting power of the voting

stock of Stellantis or of the total value of the stock of Stellantis;

• a person that holds shares as part of a straddle or a hedging, conversion, or other risk reduction transaction

for U.S. federal income tax purposes;

• a person that acquired shares pursuant to the exercise of employee stock options or otherwise as

compensation; or

• a person whose functional currency is not the U.S. Dollar.

This section is based on the Internal Revenue Code of 1986, as amended, the Code, its legislative history,

existing and proposed regulations, published rulings and court decisions, as well as on applicable tax treaties,

all as of the date hereof. These laws are subject to change, possibly on a retroactive basis.

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds shares, the U.S.

federal income tax treatment of a partner will generally depend on the status of the partner and the tax treatment

of the partnership. A partner in an entity treated as a partnership for U.S. federal income tax purposes holding

shares should consult its tax advisors with regard to the U.S. federal income tax treatment of the ownership of

Stellantis stock.

No statutory, judicial or administrative authority directly discusses how the ownership of Stellantis stock should

be treated for U.S. federal income tax purposes. As a result, the U.S. federal income tax consequences of the

ownership of Stellantis stock are uncertain. Shareholders should consult their own tax advisors regarding the

U.S. federal, state and local and foreign and other tax consequences of owning and disposing of Stellantis stock

in their particular circumstances.

For the purposes of this discussion, a "U.S. Shareholder" is a beneficial owner of shares that is:

• an individual that is a citizen or resident of the United States;

• a corporation, or other entity taxable as a corporation, created or organized under the laws of the United

States;

• an estate whose income is subject to U.S. federal income tax regardless of its source; or

• a trust if a U.S. court can exercise primary supervision over the trust's administration and one or more U.S.

persons are authorized to control all substantial decisions of the trust.

Tax Consequences of Owning Stellantis Stock

*Taxation of Dividends*

Under the U.S. federal income tax laws, and subject to the discussion of PFIC taxation below, a U.S.

Shareholder must include in its gross income the gross amount of any dividend paid by Stellantis to the extent of

its current or accumulated earnings and profits (as determined for U.S. federal income tax purposes). Dividends

will be taxed as ordinary income to the extent that they are paid out of Stellantis' current or accumulated

earnings and profits. Dividends paid to a non-corporate U.S. Shareholder by certain "qualified foreign

corporations" that constitute qualified dividend income are taxable to the shareholder at the preferential rates

applicable to long-term capital gains provided that the shareholder holds the shares for more than 60 days

during the 121-day period beginning 60 days before the ex-dividend date and meets other holding period

requirements. For this purpose, stock of Stellantis is treated as stock of a qualified foreign corporation if such

stock is listed on an established securities market in the United States. The common shares of Stellantis are

listed on the NYSE. Accordingly, subject to the discussion of PFIC taxation below, dividends Stellantis pays with

respect to the shares will constitute qualified dividend income, assuming the holding period requirements are

met.

A U.S. Shareholder must include any foreign tax withheld from the dividend payment in this gross amount even

though the shareholder does not in fact receive the amount withheld. The dividend is taxable to a U.S.

Shareholder when the U.S. Shareholder receives the dividend, actually or constructively.

The dividend will not be eligible for the dividends-received deduction allowed to U.S. corporations in respect of

dividends received from other U.S. corporations.

Distributions in excess of current and accumulated earnings and profits, as determined for U.S. federal income

tax purposes, will be treated as a non-taxable return of capital to the extent of the U.S. Shareholder's basis in the

shares of Stellantis stock, causing a reduction in the U.S. Shareholder's adjusted basis in Stellantis stock, and

thereafter as capital gain.

Subject to certain limitations, any non-U.S. tax withheld and paid over to a non-U.S. taxing authority may be

eligible for credit against a U.S. Shareholder's U.S. federal income tax liability except to the extent a refund of

the tax withheld is available to the U.S. Shareholder under non-U.S. tax law or under an applicable tax treaty.

The amount allowed to a U.S. Shareholder as a credit is limited to the amount of the U.S. Shareholder's U.S.

federal income tax liability that is attributable to income from sources outside the U.S. and is computed

separately with respect to different types of income that the U.S. Shareholder receives from non-U.S. sources.

Subject to the discussion below regarding Section 904(h) of the Code, dividends paid by Stellantis will be

foreign source income and will generally be "passive" income for purposes of computing the foreign tax credit

allowable to a U.S. Shareholder.

Under Section 904(h) of the Code, dividends paid by a foreign corporation that is treated as 50 percent or more

owned, by vote or value, by U.S. persons may be treated as U.S. source income (rather than foreign source

income) for foreign tax credit purposes, to the extent the foreign corporation earns U.S. source income. In

certain circumstances, U.S. Shareholders may be able to choose the benefits of Section 904(h)(10) of the Code

and elect to treat dividends that would otherwise be U.S. source dividends as foreign source dividends, but in

such a case the foreign tax credit limitations would be separately determined with respect to such "resourced"

income. In general, therefore, the application of Section 904(h) of the Code may adversely affect a U.S.

Shareholder's ability to use foreign tax credits. Stellantis does not believe that it is 50 percent or more owned by

U.S. persons, but this conclusion is a factual determination and is subject to change; no assurance can

therefore be given that Stellantis may not be treated as 50 percent or more owned by U.S. persons for purposes

of Section 904(h) of the Code. U.S. Shareholders are strongly urged to consult their own tax advisors regarding

the possible impact if Section 904(h) of the Code should apply.

*Taxation of Capital Gains*

Subject to the discussion of PFIC taxation below, a U.S. Shareholder that sells or otherwise disposes of its

Stellantis common shares will recognize capital gain or loss for U.S. federal income tax purposes equal to the

difference between the U.S. Dollar value of the amount that the U.S. Shareholder realizes and the U.S.

Shareholder's tax basis in those shares. Capital gain of a non-corporate U.S. Shareholder is generally taxed at

preferential rates where the property is held for more than one year. The gain or loss will be U.S. source income

or loss for foreign tax credit limitation purposes. The deduction of capital losses is subject to limitations.

Loyalty Voting Structure

NO STATUTORY, JUDICIAL OR ADMINISTRATIVE AUTHORITY DIRECTLY DISCUSSES HOW THE RECEIPT,

OWNERSHIP OR DISPOSITION OF SPECIAL VOTING SHARES SHOULD BE TREATED FOR U.S. FEDERAL

INCOME TAX PURPOSES AND AS A RESULT, THE U.S. FEDERAL INCOME TAX CONSEQUENCES ARE

UNCERTAIN. ACCORDINGLY, WE URGE U.S. SHAREHOLDERS TO CONSULT THEIR TAX ADVISOR AS TO

THE TAX CONSEQUENCES OF THE RECEIPT, OWNERSHIP AND DISPOSITION OF SPECIAL VOTING SHARES.

If a U.S. Shareholder receives special voting shares after requesting all or some of the number of its Stellantis

common shares be registered on the Loyalty Register, the tax consequences of the receipt of special voting

shares is unclear. While distributions of stock are tax-free in certain circumstances, the distribution of special

voting shares would be taxable if it were considered to result in a "disproportionate distribution." A

disproportionate distribution is a distribution or series of distributions, including deemed distributions, that have

the effect of the receipt of cash or other property by some shareholders of Stellantis and an increase in the

proportionate interest of other shareholders of Stellantis in Stellantis' assets or earnings and profits. It is possible

that the distribution of special voting shares to a U.S. Shareholder that has requested all or some of the number

of its Stellantis common shares be registered on the Loyalty Register and a distribution of cash in respect of

Stellantis common shares could be considered together to constitute a "disproportionate distribution." Unless

Stellantis has not paid cash dividends in the 36 months prior to a U.S. Shareholder's receipt of special voting

shares and Stellantis does not intend to pay cash dividends in the 36 months following a U.S. Shareholder's

receipt of special voting shares, Stellantis intends to treat the receipt of special voting shares as a distribution

that is subject to tax as described above in "Consequences of Owning Stellantis Stock—Taxation of Dividends."

The amount of the dividend should equal the fair market value of the special voting shares received. For the

reasons stated above, Stellantis believes and intends to take the position that the value of each special voting

share is minimal. However, because the fair market value of the special voting shares is factual and is not

governed by any guidance that directly addresses such a situation, the IRS could assert that the value of the

special voting shares (and thus the amount of the dividend) as determined by Stellantis is incorrect.

*Ownership of Special Voting Shares*

Stellantis believes that U.S. Shareholders holding special voting shares should not have to recognize income in

respect of amounts transferred to the special voting shares dividend reserve that are not paid out as dividends.

Section 305 of the Code may, in certain circumstances, require a holder of preferred shares to recognize income

even if no dividends are actually received on such shares if the preferred shares are redeemable at a premium

and the redemption premium results in a "constructive distribution." Preferred shares for this purpose refer to

shares that do not participate in corporate growth to any significant extent. Stellantis believes that Section 305 of

the Code should not apply to any amounts transferred to the special voting shares dividend reserve that are not

paid out as dividends so as to require current income inclusion by U.S. Shareholders because, among other

things, the special voting shares are not redeemable on a specific date and a U.S. Shareholder is only entitled to

receive amounts in respect of the special voting shares upon liquidation, and even if the amounts transferred to

the special voting shares dividend reserve that are not paid out as dividends are considered redemption

premium, the amount of the redemption premium is likely to be minimal given that the value of each special

voting share, as discussed above, is expected to be minimal. Stellantis therefore intends to take the position that

the transfer of amounts to the special voting shares dividend reserve that are not paid out as dividends does not

result in a "constructive distribution," and this determination is binding on all U.S. Shareholders of special voting

shares other than a U.S. Shareholder that explicitly discloses its contrary determination in the manner prescribed

by the applicable regulations. However, because the tax treatment of the loyalty voting structure is unclear and

because Stellantis' determination is not binding on the IRS, it is possible that the IRS could disagree with

Stellantis' determination and require current income inclusion in respect of such amounts transferred to the

special voting shares dividend reserve that are not paid out as dividends.

*Disposition of Special Voting Shares*

The tax treatment of a U.S. Shareholder that has its special voting shares redeemed for zero consideration after

removing its common shares from the Loyalty Register is unclear. It is possible that a U.S. Shareholder would

recognize a loss to the extent of the U.S. Shareholder's basis in its special voting shares, which should equal (i)

if the special voting shares were received in connection with the 2014 merger, the basis allocated to the special

voting shares, and (ii) if the special voting shares were received after the requisite holding period on the Loyalty

Register, the amount that was included in income upon receipt. Such loss would be a capital loss and would be

a long-term capital loss if a U.S. Shareholder has held its special voting shares for more than one year. It is also

possible that a U.S. Shareholder would not be allowed to recognize a loss upon the redemption of its special

voting shares and instead a U.S. Shareholder should increase the basis in its Stellantis common shares by an

amount equal to the basis in its special voting shares. Such basis increase in a U.S. Shareholder's Stellantis

common shares would decrease the gain, or increase the loss, that a U.S. Shareholder would recognize upon

the sale or other taxable disposition of its Stellantis common shares.

THE U.S. FEDERAL INCOME TAX TREATMENT OF THE LOYALTY VOTING STRUCTURE IS UNCLEAR AND U.S.

SHAREHOLDERS ARE URGED TO CONSULT THEIR TAX ADVISORS IN RESPECT OF THE CONSEQUENCES

OF ACQUIRING, OWNING, AND DISPOSING OF SPECIAL VOTING SHARES.

PFIC Considerations—Consequences of Holding Stellantis Stock

Stellantis believes that shares of its stock are not stock of a PFIC for U.S. federal income tax purposes, but this

conclusion is based on a factual determination made annually and thus is subject to uncertainty and change. As

discussed in greater detail below, if shares of Stellantis stock were to be treated as stock of a PFIC, gain

realized (subject to the discussion below regarding a mark-to-market election) on the sale or other disposition of

shares of Stellantis stock would not be treated as capital gain, and a U.S. Shareholder would be treated as if

such U.S. Shareholder had realized such gain and certain "excess distributions" ratably over the U.S.

Shareholder's holding period for its shares of Stellantis stock and would be taxed at the highest tax rate in effect

for each such year to which the gain was allocated, together with an interest charge in respect of the tax

attributable to each such year. With certain exceptions, a U.S. Shareholder's shares of Stellantis stock would be

treated as stock in a PFIC if Stellantis were a PFIC at any time during such U.S. Shareholder's holding period in

the shares. Dividends received from Stellantis would not be eligible for the special tax rates applicable to

qualified dividend income if Stellantis were treated as a PFIC in the taxable years in which the dividends are

paid or in the preceding taxable year (regardless of whether the U.S. holder held shares of Stellantis stock in

such year) but instead would be taxable at rates applicable to ordinary income.

Stellantis would be a PFIC with respect to a U.S. Shareholder if for any taxable year in which the U.S.

Shareholder held shares of Stellantis stock, after the application of applicable "look-through rules":

• 75 percent or more of Stellantis' gross income for the taxable year consists of "passive income" (including

dividends, interest, gains from the sale or exchange of investment property and rents and royalties other than

rents and royalties which are received from unrelated parties in connection with the active conduct of a trade

or business, as defined in applicable Treasury Regulations); or

• at least 50 percent of its assets for the taxable year (averaged over the year and determined based upon

value) produce or are held for the production of passive income.

Because the determination whether a foreign corporation is a PFIC is primarily factual and there is little

administrative or judicial authority on which to rely to make a determination, the IRS might not agree that

Stellantis is not a PFIC. Moreover, no assurance can be given that Stellantis would not become a PFIC for any

future taxable year if there were to be changes in Stellantis' assets, income or operations.

If Stellantis were to be treated as a PFIC for any taxable year (and regardless of whether Stellantis remains a

PFIC for subsequent taxable years), each U.S. Shareholder that is treated as owning Stellantis stock for

purposes of the PFIC rules (i) would be liable to pay U.S. federal income tax at the highest applicable income

tax rates on (a) ordinary income upon the receipt of excess distributions (the portion of any distributions

received by the U.S. Shareholder on Stellantis stock in a taxable year in excess of 125 percent of the average

annual distributions received by the U.S. Shareholder in the three preceding taxable years or, if shorter, the

portion of the U.S. Shareholder's holding period for the Stellantis stock that preceded the taxable year of the

distribution) and (b) on any gain from the disposition of Stellantis stock, plus interest on such amounts, as if such

excess distributions or gain had been recognized ratably over the U.S. Shareholder's holding period of the

Stellantis stock, and (ii) may be required to annually file Form 8621 with the IRS reporting information concerning

Stellantis.

If Stellantis were to be treated as a PFIC for any taxable year and provided that Stellantis common shares are

treated as "marketable stock" within the meaning of applicable Treasury Regulations, which Stellantis believes

will be the case, a U.S. Shareholder may make a mark-to-market election. Under a mark-to-market election, any

excess of the fair market value of the Stellantis common shares at the close of any taxable year over the U.S.

Shareholder's adjusted tax basis in the Stellantis common shares is included in the U.S. Shareholder's income

as ordinary income. These amounts of ordinary income would not be eligible for the favorable tax rates

applicable to qualified dividend income or long-term capital gains. In addition, the excess, if any, of the U.S.

Shareholder's adjusted tax basis at the close of any taxable year over the fair market value of the Stellantis

common shares is deductible in an amount equal to the lesser of the amount of the excess or the amount of the

net mark-to-market gains that the U.S. Shareholder included in income in prior years. A U.S. Shareholder's tax

basis in Stellantis common shares would be adjusted to reflect any such income or loss. Gain realized on the

sale, exchange or other disposition of Stellantis common shares would be treated as ordinary income, and any

loss realized on the sale, exchange or other disposition of Stellantis common shares would be treated as

ordinary loss to the extent that such loss does not exceed the net mark-to-market gains previously included by

the U.S. Shareholder. It is not expected that the special voting shares would be treated as "marketable stock"

and eligible for the mark-to-market election.

The adverse consequences of owning stock in a PFIC could also be mitigated if a U.S. Shareholder makes a

valid "qualified electing fund" election, or QEF election, which, among other things, would require a U.S.

Shareholder to include currently in income its pro rata share of the PFIC's net capital gain and ordinary earnings,

based on earnings and profits as determined for U.S. federal income tax purposes. Because of the

administrative burdens involved, Stellantis does not intend to provide information to its shareholders that would

be required to make such election effective.

A U.S. Shareholder which holds Stellantis stock during a period when Stellantis is a PFIC will be subject to the

foregoing rules for that taxable year and all subsequent taxable years with respect to that U.S. Shareholder's

holding of Stellantis stock, even if Stellantis ceases to be a PFIC, subject to certain exceptions for U.S.

Shareholders which made a mark-to-market or QEF election. U.S. Shareholders are strongly urged to consult

their tax advisors regarding the PFIC rules, and the potential tax consequences to them if Stellantis were

determined to be a PFIC.

Information with Respect to Foreign Financial Assets

Owners of "specified foreign financial assets" with an aggregate value in excess of U.S.$50,000, (and in some

cases, a higher threshold) may be required to file an information report with respect to such assets with their tax

returns. "Specified foreign financial assets" include any financial accounts maintained by foreign financial

institutions, as well as any of the following, but only if they are held for investment and not held in accounts

maintained by financial institutions: (i) stocks and securities issued by non-U.S. persons; (ii) financial instruments

and contracts that have non-U.S. issuers or counterparties; and (iii) interests in foreign entities. U.S.

Shareholders are urged to consult their tax advisors regarding the application of this legislation to their

ownership of Stellantis stock.

Backup Withholding and Information Reporting

Information reporting requirements for a non-corporate U.S. Shareholder, on IRS Form 1099, will apply to:

• dividend payments or other taxable distributions made to such U.S. Shareholder within the U.S.; and

• the payment of proceeds to such U.S. Shareholder from the sale of Stellantis stock effected at a U.S. office of a

broker.

Additionally, backup withholding (currently at a 24 percent rate) may apply to such payments to a non-corporate

U.S. Shareholder that:

• fails to provide an accurate taxpayer identification number;

• (in the case of dividends) is notified by the IRS that such U.S. Shareholder has failed to report all interest and

dividends required to be shown on such U.S. Shareholder's federal income tax returns; or

• in certain circumstances, fails to comply with applicable certification requirements.

A person may obtain a refund of any amounts withheld under the backup withholding rules that exceed the

person's income tax liability by properly filing a refund claim with the IRS.

Material Netherlands Tax Consequences

This section solely addresses the principal Dutch tax consequences of the acquisition, ownership and disposal

of Stellantis common shares and, if applicable, Stellantis special voting shares by non-resident holders of such

shares (as described below). It does not purport to describe every aspect of Dutch taxation that may be relevant

to a particular holder of Stellantis common shares and, if applicable, Stellantis special voting shares. This

section does not describe any Dutch tax considerations or consequences arising from the Dutch Minimum Tax

Act 2024 (the Dutch implementation of Council Directive (EU) 2022/2523 of 14 December 2022 on ensuring a

global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the EU)

which may be relevant for a particular holder. Tax matters are complex and the tax consequences to a particular

holder of Stellantis common shares and, if applicable, Stellantis special voting shares will depend in part on

such holder's circumstances. Accordingly, a holder is urged to consult his own tax advisor for a full

understanding of the Dutch tax consequences of acquiring, owning and disposing of Stellantis common shares

and, if applicable, Stellantis special voting shares in their particular circumstances, including the applicability

and effect of Dutch tax laws.

Where in this section English terms and expressions are used to refer to Dutch concepts, the meaning to be

attributed to such terms and expressions shall be the meaning to be attributed to the equivalent Dutch concepts

under Dutch tax law. Where in this section the terms "the Netherlands" and "Dutch" are used, these refer solely to

the European part of the Kingdom of the Netherlands.

This section assumes that Stellantis is organized and that its business will be conducted in the manner outlined

in this Form and such that Stellantis is considered to be a resident of the Netherlands for purposes of the tax

treaty between the Netherlands and any other jurisdiction. A change to the organizational structure or to the

manner in which Stellantis conducts its business may invalidate the contents of this section, which will not be

updated to reflect any such change.

This section is based on the tax law of the Netherlands (unpublished case law not included) as it stands at the

date of this Form. The tax law upon which this description is based is subject to changes, possibly with

retroactive effect. Any such change may invalidate the contents of this description, which will not be updated to

reflect such change.

The summary in this Dutch taxation section does not address the Dutch tax consequences for a non-resident

holder of Stellantis common shares and, if applicable, Stellantis special voting shares who:

i.is a person who may be deemed an owner of Stellantis common shares and, if applicable, Stellantis special

voting shares for Dutch tax purposes pursuant to specific statutory attribution rules in Dutch tax law;

ii.is, although in principle subject to Dutch corporation tax, in whole or in part, specifically exempt from that tax

in connection with income from Stellantis common shares and, if applicable, Stellantis special voting shares;

iii.is an investment institution as defined in the Dutch Corporation Tax Act 1969;

iv.is an entity that, although in principle subject to Dutch corporation tax, is fully or partly exempt from Dutch

corporation tax;

v.owns Stellantis common shares and, if applicable, Stellantis special voting shares in connection with a

membership of a management board or a supervisory board, an employment relationship, a deemed

employment relationship or management role;

vi.has a substantial interest in Stellantis or a deemed substantial interest in Stellantis for Dutch tax purposes.

Generally, a person holds a substantial interest if (a) such person – either alone or, in the case of an

individual, together with his partner or any of his relatives by blood or by marriage in the direct line (including

foster-children) or of those of his partner for Dutch tax purposes – owns or is deemed to own, directly or

indirectly, 5 percent or more of the shares or of any class of shares of Stellantis, or rights to acquire, directly

or indirectly, such an interest in the shares of Stellantis or profit participating certificates relating to 5 percent

or more of the annual profits or to 5 percent or more of the liquidation proceeds of Stellantis, or (b) such

person's shares, rights to acquire shares or profit participating certificates in Stellantis are held by him

following the application of a non-recognition provision, whereby the Stellantis common shares and the

Stellantis special voting shares are considered to be separate classes of shares; or

vii.is for Dutch tax purposes taxable as a corporate entity and resident of Aruba, Curaçao or Sint Maarten.

Scope of the summary

The summary of Dutch taxes set out in this section "Material Dutch tax consequences" only applies to a holder of

Stellantis common shares and, if applicable, Stellantis special voting shares who is a non-resident holder of such

shares (as described below).

For the purpose of this summary a holder of Stellantis common shares and, if applicable, Stellantis special voting

shares is a non-resident holder of such shares if such holder is neither a resident nor deemed to be resident in

the Netherlands for purposes of Dutch income tax or corporation tax as the case may be.

Taxes on income and capital gains

*Non-resident holders of Stellantis common shares and, if applicable, Stellantis special voting shares*

***Individuals***

A non-resident holder of Stellantis common shares and, if applicable, Stellantis special voting shares will not be

subject to Dutch income tax in respect of any benefits derived or deemed to be derived from or in connection

with Stellantis common shares and, if applicable, Stellantis special voting shares, except if:

i.he derives profits from an enterprise, whether as an entrepreneur or pursuant to a co-entitlement to the net

value of such enterprise, other than as a shareholder, and such enterprise is carried on, in whole or in part,

through a permanent establishment or a permanent representative in the Netherlands, and his Stellantis

common shares and, if applicable, Stellantis special voting shares are attributable to such permanent

establishment or permanent representative; or

ii.he derives benefits or is deemed to derive benefits from or in connection with Stellantis common shares and,

if applicable, Stellantis special voting shares that are taxable as benefits from miscellaneous activities

performed in the Netherlands.

***Corporate entities***

If a non-resident holder of Stellantis common shares and, if applicable, Stellantis special voting shares is a

corporate entity, or an entity including an association, a partnership and a mutual fund, taxable as a corporate

entity, it will not be subject to Dutch corporation tax in respect of any benefits derived or deemed to be derived

from or in connection with Stellantis common shares and, if applicable, Stellantis special voting shares, except if:

i.it derives profits from an enterprise directly which is carried on, in whole or in part, through a permanent

establishment or a permanent representative in the Netherlands, and to which permanent establishment or

permanent representative its Stellantis common shares and, if applicable, Stellantis special voting shares

are attributable; or

ii.it derives profits pursuant to a co-entitlement to the net value of an enterprise which is managed in the

Netherlands, other than as a holder of securities, and to which enterprise its Stellantis common shares and, if

applicable, Stellantis special voting shares are attributable.

***General***

A non-resident holder of Stellantis common shares and, if applicable, Stellantis special voting shares will for

Dutch tax purposes not carry on or be deemed to carry on an enterprise, in whole or in part, through a

permanent establishment or a permanent representative in the Netherlands by reason only of the execution and/

or enforcement of the documents relating to the issue of Stellantis common shares and, if applicable, Stellantis

special voting shares or the performance by Stellantis of its obligations under such documents or under the

Stellantis common shares and, if applicable, under the Stellantis special voting shares.

Dividend withholding tax

Stellantis is generally required to withhold Dutch dividend withholding tax at a rate of 15 percent from dividends

distributed by it, subject to possible relief under Dutch domestic law, the Treaty on the Functioning of the

European Union or an applicable Dutch income tax treaty depending on a particular holder of Stellantis common

shares and, if applicable, Stellantis special voting shares individual circumstances.

The concept "dividends distributed by Stellantis " as used in this Dutch section paragraph includes, but is not

limited to, the following:

• distributions in cash or in kind, deemed and constructive distributions and repayments of capital not

recognized as paid-in for Dutch dividend withholding tax purposes;

• liquidation proceeds and proceeds of repurchase or redemption of Stellantis common shares and, if

applicable, Stellantis special voting shares in excess of the average capital recognized as paid-in for Dutch

dividend withholding tax purposes;

• the par value of Stellantis common shares and, if applicable, Stellantis special voting shares issued by

Stellantis to a holder of Stellantis common shares and, if applicable, Stellantis special voting shares or an

increase of the par value of Stellantis common shares or Stellantis special voting shares, as the case may be,

to the extent that it does not appear that a contribution, recognized for Dutch dividend withholding tax

purposes, has been made or will be made; and

• partial repayment of capital, recognized as paid-in for Dutch dividend withholding tax purposes, if and to the

extent that there are net profits, unless (a) the general meeting of Stellantis' shareholders has resolved in

advance to make such repayment and (b) the par value of the Stellantis common shares or Stellantis special

voting shares concerned, as the case may be, has been reduced by an equal amount by way of an

amendment to Stellantis' articles of association.

Additional withholding tax

An additional Dutch withholding tax may apply with respect to dividends distributed or deemed to be distributed

by Stellantis if the dividends are distributed or deemed to be distributed to a shareholder that has a controlling

interest in Stellantis N.V., and (i) is resident in a low-tax or non-cooperative jurisdiction as specifically listed in an

annually updated Dutch regulation, (ii) has a permanent establishment in any such jurisdiction to which the

dividend is attributable, (iii) is neither resident in the Netherlands nor in a low-tax or non-cooperative jurisdiction,

and is entitled to the dividend with the main purpose or one of the main purposes to avoid withholding tax of

another person, (iv) is a hybrid entity, or (v) is not resident in any jurisdiction, within the meaning of the Dutch

Withholding Tax Act 2021. The additional Dutch withholding tax rate will be equal to the highest Dutch corporate

income tax rate at the time of the dividend payment, which is currently 25.8 percent. The additional Dutch

withholding tax on dividends may be reduced by any regular Dutch dividend withholding tax withheld in respect

of the same dividend distribution.

Gift and inheritance taxes

No Dutch gift tax or Dutch inheritance tax will arise with respect to an acquisition or deemed acquisition of

Stellantis common shares and, if applicable, Stellantis special voting shares by way of gift by, or upon the death

of, a holder of Stellantis common shares and, if applicable, Stellantis special voting shares who is neither

resident nor deemed to be resident in the Netherlands for purposes of Dutch gift tax or Dutch inheritance tax

except if, in the event of a gift whilst not being a resident nor being a deemed resident in the Netherlands for

purposes of Dutch gift tax or Dutch inheritance tax, the holder of Stellantis common shares and, if applicable,

Stellantis special voting shares becomes a resident or a deemed resident in the Netherlands and dies within 180

days after the date of the gift.

For purposes of Dutch gift tax and Dutch inheritance tax, a gift of Stellantis common shares and, if applicable,

Stellantis special voting shares made under a condition precedent is deemed to be made at the time the

condition precedent is satisfied.

Value Added Tax

No Dutch value added tax should arise in respect of any payment in consideration for the issue of Stellantis

common shares and, if applicable, Stellantis special voting shares.

Registration taxes and duties

No Dutch registration tax, transfer tax, stamp duty or any other similar documentary tax or duty, other than court

fees, is payable in the Netherlands in respect of or in connection with a transfer of Stellantis common shares

and, if applicable, Stellantis special voting shares.

**Exhibits**

---

| | |
|:---|:---|
| **Exhibit**<br>**Number**<br>| **Description of Documents** |
| **1.1** | [English translation of the Articles of Association of Stellantis N.V. (](https://www.sec.gov/Archives/edgar/data/1605484/000160548422000023/exhibit11-unofficial_engli.htm)*[incorporated by reference to Exhibit 1.1 to](https://www.sec.gov/Archives/edgar/data/1605484/000160548422000023/exhibit11-unofficial_engli.htm)*<br>*[Annual Report on Form 20-F filed with the SEC on February 25, 2022, File No. 001-36675](https://www.sec.gov/Archives/edgar/data/1605484/000160548422000023/exhibit11-unofficial_engli.htm)*[)](https://www.sec.gov/Archives/edgar/data/1605484/000160548422000023/exhibit11-unofficial_engli.htm)<br>|
| **1.2** | [English translation of the Deed of Incorporation of Stellantis N.V. (](https://www.sec.gov/Archives/edgar/data/1605484/000119312514260113/d704286dex32.htm)*[incorporated by reference to Exhibit 3.2 to](https://www.sec.gov/Archives/edgar/data/1605484/000119312514260113/d704286dex32.htm)*<br>*[Registration Statement on Form F-4, filed with the SEC on July 3, 2014, File No. 333-197229](https://www.sec.gov/Archives/edgar/data/1605484/000119312514260113/d704286dex32.htm)*[)](https://www.sec.gov/Archives/edgar/data/1605484/000119312514260113/d704286dex32.htm)<br>|
| **2.1** | [Description of the Registrant's Securities Registered Pursuant to Section 12 of the Exchange Act](exhibit2120251231-descript.htm) |
|  | Certain long-term debt instruments, none of which relates to indebtedness that exceeds 10% of the <br>consolidated assets of Stellantis N.V., have not been filed as exhibits to this Form 20-F. Stellantis N.V. agrees <br>to furnish the Securities and Exchange Commission, upon its request, a copy of any instrument defining the <br>rights of holders of long-term debt of Stellantis N.V. and its consolidated subsidiaries.<br>|
| **4.1** | [Stellantis N.V. Equity Incentive Plan 2021-2025 (](https://www.sec.gov/Archives/edgar/data/1605484/000160548421000059/a4305052021_stla.htm)*[incorporated by reference to Exhibit 4.3 to Registration](https://www.sec.gov/Archives/edgar/data/1605484/000160548421000059/a4305052021_stla.htm)*<br>*[Statement on Form S-8, filed with the SEC on May 5, 2021, File No. 333-255788](https://www.sec.gov/Archives/edgar/data/1605484/000160548421000059/a4305052021_stla.htm)*[)](https://www.sec.gov/Archives/edgar/data/1605484/000160548421000059/a4305052021_stla.htm)<br>|
| **4.2** | [Stellantis N.V. Remuneration Policy](exhibit4220251231-remunera.htm) |
| **4.3** | [Undertaking Letter, dated December 17, 2019, by and between Exor N.V. and Fiat Chrysler Automobiles N.V.](https://www.sec.gov/Archives/edgar/data/1605484/000119312515006816/d849772dex43.htm)<br>[(](https://www.sec.gov/Archives/edgar/data/1605484/000119312515006816/d849772dex43.htm)*[incorporated by reference to Exhibit 4.4 to Annual Report on Form 20-F, filed with the SEC on February 25,](https://www.sec.gov/Archives/edgar/data/1605484/000119312515006816/d849772dex43.htm)*<br>*[2020, File No. 001-36675](https://www.sec.gov/Archives/edgar/data/1605484/000119312515006816/d849772dex43.htm)*[)](https://www.sec.gov/Archives/edgar/data/1605484/000119312515006816/d849772dex43.htm)<br>|
| **4.4** | [Undertaking Letter, dated December 17, 2019, by and among Establissements Peugeot Freres S.A., FFP S.A.](https://www.sec.gov/Archives/edgar/data/1605484/000160548420000011/exhibit4520191231-undertak.htm)<br>[and Peugeot S.A. (](https://www.sec.gov/Archives/edgar/data/1605484/000160548420000011/exhibit4520191231-undertak.htm)*[incorporated by reference to Exhibit 4.5 to Annual Report on Form 20-F, filed with the SEC](https://www.sec.gov/Archives/edgar/data/1605484/000160548420000011/exhibit4520191231-undertak.htm)*<br>*[on February 25, 2020, File No. 001-36675](https://www.sec.gov/Archives/edgar/data/1605484/000160548420000011/exhibit4520191231-undertak.htm)*[)](https://www.sec.gov/Archives/edgar/data/1605484/000160548420000011/exhibit4520191231-undertak.htm)<br>|
| **4.5** | [Undertaking Letter, dated December 17, 2019, by and among Dongfeng Motor Group Company Ltd., Dongfeng](https://www.sec.gov/Archives/edgar/data/1605484/000160548420000011/exhibit4520191231-undertak.htm)<br>[Motor (Hong Kong) International Co Ltd. and Peugeot S.A. (](https://www.sec.gov/Archives/edgar/data/1605484/000160548420000011/exhibit4520191231-undertak.htm)*[incorporated by reference to Exhibit 4.6 to Annual](https://www.sec.gov/Archives/edgar/data/1605484/000160548420000011/exhibit4520191231-undertak.htm)*<br>*[Report on Form 20-F, filed with the SEC on February 25, 2020, File No. 001-36675](https://www.sec.gov/Archives/edgar/data/1605484/000160548420000011/exhibit4520191231-undertak.htm)*[)](https://www.sec.gov/Archives/edgar/data/1605484/000160548420000011/exhibit4520191231-undertak.htm)<br>|
| **4.6** | [Undertaking Letter, dated December 17, 2019, by and among Bpifrance Participations S.A., Lion Participations](https://www.sec.gov/Archives/edgar/data/1605484/000160548420000011/exhibit4620191231-undertak.htm)<br>[S.A.S. and Peugeot S.A. (](https://www.sec.gov/Archives/edgar/data/1605484/000160548420000011/exhibit4620191231-undertak.htm)*[incorporated by reference to Exhibit 4.7 to Annual Report on Form 20-F, filed with](https://www.sec.gov/Archives/edgar/data/1605484/000160548420000011/exhibit4620191231-undertak.htm)*<br>*[the SEC on February 25, 2020, File No. 001-36675](https://www.sec.gov/Archives/edgar/data/1605484/000160548420000011/exhibit4620191231-undertak.htm)*[)](https://www.sec.gov/Archives/edgar/data/1605484/000160548420000011/exhibit4620191231-undertak.htm)<br>|
| **8.1** | [Subsidiaries](exhibit8120251231-subsidia.htm) |
| **11.1** | [Stellantis N.V. Insider Trading Policy](exhibit11120251231-stellan.htm)  |
| **12.1** | [Section 302 Certification of the Chief Executive Officer](exhibit12120251231-section.htm) |
| **12.2** | [Section 302 Certification of the Chief Financial Officer](exhibit12220251231-section.htm) |
| **13.1** | [Certification of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section](exhibit13120251231-section.htm)<br>[906 of the Sarbanes-Oxley Act of 2002](exhibit13120251231-section.htm)<br>|
| **13.2** | [Certification of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section](exhibit13220251231-section.htm)<br>[906 of the Sarbanes-Oxley Act of 2002](exhibit13220251231-section.htm)<br>|
| **23.1** | [Consent of Deloitte & Associés](exhibit23120251231-deloitt.htm) |
| **23.2** | [Consent of EY S.p.A.](exhibit23220251231-eyspaco.htm) |
| **97.1** | [Stellantis N.V. Clawback Policy](exhibit97120251231-stellan.htm) |
| **101.INS** | XBRL Instance Document |
| **101.SCH** | XBRL Taxonomy Extension Schema Document |
| **101.CAL** | XBRL Taxonomy Extension Calculation Linkbase Document |
| **101.DEF** | XBRL Taxonomy Extension Definition Linkbase Document |
| **101.LAB** | XBRL Taxonomy Extension Label Linkbase Document |
| **101.PRE** | XBRL Taxonomy Extension Presentation Linkbase Document |

---

## FORM 20-F CROSS REFERENCE
The table below sets out the location within the document of the information required by the SEC for annual

reports on Form 20-F. The exact location is included in the column "Cross Reference". The column "Page" refers

to the starting page of the section (or sub-section) for reference only.

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Section** | **Cross Reference** | **Page** |
| **Part I** | **Part I** | **Part I** | **Part I** |
| Item 1. | Identity of Directors, Senior Management and Advisers | Not applicable |  |
| Item 2. | Offer Statistics and Expected Timetable | Not applicable |  |
| Item 3. | Key Information |  |  |
|  | B. Capitalization and Indebtedness | Not applicable |  |
|  | C. Reasons for the Offer and Use of Proceeds | Not applicable |  |
|  | D. Risk Factors | [Risk Factors](#i50a88c72b527462790c71fd2c9783f1e_184) | [80](#i50a88c72b527462790c71fd2c9783f1e_184) |
| Item 4. | Information on the Company |  |  |
|  | A. History and Development of the Company | [Stellantis Overview](#i50a88c72b527462790c71fd2c9783f1e_58) | [9](#i50a88c72b527462790c71fd2c9783f1e_58) |
|  |  | [Documents on Display](#i50a88c72b527462790c71fd2c9783f1e_34) | [5](#i50a88c72b527462790c71fd2c9783f1e_34) |
|  | B. Business Overview | [Stellantis Overview](#i50a88c72b527462790c71fd2c9783f1e_58) | [9](#i50a88c72b527462790c71fd2c9783f1e_58) |
|  |  | [Overview of Our Business](#i50a88c72b527462790c71fd2c9783f1e_70) | [11](#i50a88c72b527462790c71fd2c9783f1e_70) |
|  |  | [Sales Overview](#i50a88c72b527462790c71fd2c9783f1e_91) | [16](#i50a88c72b527462790c71fd2c9783f1e_91) |
|  |  | [Results by Segment](#i50a88c72b527462790c71fd2c9783f1e_139) | [60](#i50a88c72b527462790c71fd2c9783f1e_139) |
|  |  | [Note 27 (Guarantees granted,](#i50a88c72b527462790c71fd2c9783f1e_826)<br>[commitments and contingent](#i50a88c72b527462790c71fd2c9783f1e_826)<br>[Liabilities)](#i50a88c72b527462790c71fd2c9783f1e_826) to the Consolidated <br>Financial Statements<br>| [302](#i50a88c72b527462790c71fd2c9783f1e_826) |
|  |  | [Environmental and Other Regulatory](#i50a88c72b527462790c71fd2c9783f1e_100)<br>[Matters](#i50a88c72b527462790c71fd2c9783f1e_100)<br>| [30](#i50a88c72b527462790c71fd2c9783f1e_100) |
|  | C. Organization Structure | [Note 3 (Scope of consolidation)](#i50a88c72b527462790c71fd2c9783f1e_748) to <br>the Consolidated Financial <br>Statements<br>| [239](#i50a88c72b527462790c71fd2c9783f1e_748) |
|  | D. Property, Plant and Equipment | [Property, Plant and Equipment](#i50a88c72b527462790c71fd2c9783f1e_82) | [14](#i50a88c72b527462790c71fd2c9783f1e_82) |
|  |  | [Significant Vehicle Assembly Plants](#i50a88c72b527462790c71fd2c9783f1e_961) | [338](#i50a88c72b527462790c71fd2c9783f1e_961) |
| Item 4A. | Unresolved Staff Comments | None |  |
| Item 5. | Operating and Financial Review | [MD&A Overview](#i50a88c72b527462790c71fd2c9783f1e_121) | [39](#i50a88c72b527462790c71fd2c9783f1e_121) |
|  |  | [Trends, Uncertainties and](#i50a88c72b527462790c71fd2c9783f1e_124)<br>[Opportunities](#i50a88c72b527462790c71fd2c9783f1e_124)<br>| [39](#i50a88c72b527462790c71fd2c9783f1e_124) |
|  |  | [Note 2 (Basis of preparation - Critical](#i50a88c72b527462790c71fd2c9783f1e_739)<br>[judgments and use of estimates)](#i50a88c72b527462790c71fd2c9783f1e_739) to <br>the Consolidated Financial <br>Statements<br>| [229](#i50a88c72b527462790c71fd2c9783f1e_739) |
|  |  | [Non-GAAP Financial Measures](#i50a88c72b527462790c71fd2c9783f1e_130) | [45](#i50a88c72b527462790c71fd2c9783f1e_130) |
|  | A. Operating Results | [Results of Operations](#i50a88c72b527462790c71fd2c9783f1e_133) | [47](#i50a88c72b527462790c71fd2c9783f1e_133) |
|  | B. Liquidity and Capital Resources | [Liquidity and Capital Resources](#i50a88c72b527462790c71fd2c9783f1e_160) | [67](#i50a88c72b527462790c71fd2c9783f1e_160) |
|  |  | [Note 22 (Debt)](#i50a88c72b527462790c71fd2c9783f1e_811) to the Consolidated <br>Financial Statements<br>| [286](#i50a88c72b527462790c71fd2c9783f1e_811) |
|  |  | [Note 31 (Explanatory notes to the](#i50a88c72b527462790c71fd2c9783f1e_838)<br>[Consolidated statement of cash](#i50a88c72b527462790c71fd2c9783f1e_838)<br>[flows)](#i50a88c72b527462790c71fd2c9783f1e_838) to the Consolidated Financial <br>Statements<br>| [319](#i50a88c72b527462790c71fd2c9783f1e_838) |
|  | C. Research and Development, Patents and Licenses, <br>etc.<br>| [Research and Development](#i50a88c72b527462790c71fd2c9783f1e_76) | [13](#i50a88c72b527462790c71fd2c9783f1e_76) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Section** | **Cross Reference** | **Page** |
|  | D. Trend Information | [Trends, Uncertainties and](#i50a88c72b527462790c71fd2c9783f1e_124)<br>[Opportunities](#i50a88c72b527462790c71fd2c9783f1e_124)<br>| [39](#i50a88c72b527462790c71fd2c9783f1e_124) |
|  | E. Critical Accounting Estimates | [Note 2 (Basis of preparation - Critical](#i50a88c72b527462790c71fd2c9783f1e_739)<br>[judgments and use of estimates)](#i50a88c72b527462790c71fd2c9783f1e_739) to <br>the Consolidated Financial <br>Statements<br>| [229](#i50a88c72b527462790c71fd2c9783f1e_739) |
| Item 6. | Directors, Senior Management and Employees |  |  |
|  | A. Directors and Senior Management | [Board of Directors](#i50a88c72b527462790c71fd2c9783f1e_199) | [105](#i50a88c72b527462790c71fd2c9783f1e_199) |
|  |  | [Senior Management](#i50a88c72b527462790c71fd2c9783f1e_229) | [119](#i50a88c72b527462790c71fd2c9783f1e_229) |
|  | B. Compensation | [Remuneration Report](#i50a88c72b527462790c71fd2c9783f1e_310) | [162](#i50a88c72b527462790c71fd2c9783f1e_310) |
|  |  | [Senior Management](#i50a88c72b527462790c71fd2c9783f1e_229) | [119](#i50a88c72b527462790c71fd2c9783f1e_229) |
|  |  | [Note 26 (Related party transactions)](#i50a88c72b527462790c71fd2c9783f1e_823) <br>to the Consolidated Financial <br>Statements<br>| [299](#i50a88c72b527462790c71fd2c9783f1e_823) |
|  | C. Board Practices | [The Audit Committee](#i50a88c72b527462790c71fd2c9783f1e_214) | [114](#i50a88c72b527462790c71fd2c9783f1e_214) |
|  |  | [The Remuneration Committee](#i50a88c72b527462790c71fd2c9783f1e_217) | [116](#i50a88c72b527462790c71fd2c9783f1e_217) |
|  |  | [The ESG Committee](#i50a88c72b527462790c71fd2c9783f1e_220) | [116](#i50a88c72b527462790c71fd2c9783f1e_220) |
|  | D. Employees | [Employees](#i50a88c72b527462790c71fd2c9783f1e_88) | [15](#i50a88c72b527462790c71fd2c9783f1e_88) |
|  | E. Share Ownership | [Directors' Share Ownership](#i50a88c72b527462790c71fd2c9783f1e_205) | [113](#i50a88c72b527462790c71fd2c9783f1e_205) |
|  | F. Disclosure of a Registrant's Actions to Recover <br>Erroneously Awarded Compensation<br>| [Disclosure of a Registrant's Actions](#i50a88c72b527462790c71fd2c9783f1e_301)<br>[to Recover Erroneously Awarded](#i50a88c72b527462790c71fd2c9783f1e_301)<br>[Compensation](#i50a88c72b527462790c71fd2c9783f1e_301)<br>| [153](#i50a88c72b527462790c71fd2c9783f1e_301) |
| Item 7. | Major Shareholders and Related Party Transactions |  |  |
|  | A. Major Shareholders | [Major Shareholders](#i50a88c72b527462790c71fd2c9783f1e_64) | [10](#i50a88c72b527462790c71fd2c9783f1e_64) |
|  | B. Related Party Transactions | [Note 26 (Related party transactions)](#i50a88c72b527462790c71fd2c9783f1e_823) <br>to the Consolidated Financial <br>Statements<br>| [299](#i50a88c72b527462790c71fd2c9783f1e_823) |
|  | C. Interests of Experts and Counsel | Not applicable |  |
| Item 8. | Financial Information |  |  |
|  | A. Consolidated Statements and Other Financial <br>Information<br>| [Consolidated Financial Statements](#i50a88c72b527462790c71fd2c9783f1e_694) | [191](#i50a88c72b527462790c71fd2c9783f1e_694) |
|  |  | [Sales Overview](#i50a88c72b527462790c71fd2c9783f1e_91) | [16](#i50a88c72b527462790c71fd2c9783f1e_91) |
|  |  | [Note 27 (Guarantees granted,](#i50a88c72b527462790c71fd2c9783f1e_826)<br>[commitments and contingent](#i50a88c72b527462790c71fd2c9783f1e_826)<br>[Liabilities)](#i50a88c72b527462790c71fd2c9783f1e_826) to the Consolidated <br>Financial Statements<br>| [302](#i50a88c72b527462790c71fd2c9783f1e_826) |
|  |  | [Our Share Information](#i50a88c72b527462790c71fd2c9783f1e_964) | [340](#i50a88c72b527462790c71fd2c9783f1e_964) |
|  | B. Significant Changes | [Presentation of Financial and Other](#i50a88c72b527462790c71fd2c9783f1e_40)<br>[Data](#i50a88c72b527462790c71fd2c9783f1e_40)<br>| [5](#i50a88c72b527462790c71fd2c9783f1e_40) |
| Item 9. | The Offer and Listing |  |  |
|  | A. Offer and Listing Details | [Our Share Information](#i50a88c72b527462790c71fd2c9783f1e_964) | [340](#i50a88c72b527462790c71fd2c9783f1e_964) |
|  | B. Plan of Distribution | Not applicable |  |
|  | C. Markets | [Our Share Information](#i50a88c72b527462790c71fd2c9783f1e_964) | [340](#i50a88c72b527462790c71fd2c9783f1e_964) |
|  | D. Selling Shareholders | Not applicable |  |
|  | E. Dilution | Not applicable |  |
|  | F. Expenses of the Issue | Not applicable |  |
| Item 10. | Additional Information |  |  |
|  | A. Share Capital | Not applicable |  |
|  | B. Memorandum and Articles of Association | [Articles of Association and](#i50a88c72b527462790c71fd2c9783f1e_232)<br>[Information on Stellantis Shares](#i50a88c72b527462790c71fd2c9783f1e_232)<br>| [124](#i50a88c72b527462790c71fd2c9783f1e_232) |
|  | C. Material Contracts | [Exhibits](#i50a88c72b527462790c71fd2c9783f1e_979) | [352](#i50a88c72b527462790c71fd2c9783f1e_979) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Section** | **Cross Reference** | **Page** |
|  | D. Exchange Controls | [Articles of Association and](#i50a88c72b527462790c71fd2c9783f1e_232)<br>[Information on Stellantis Shares](#i50a88c72b527462790c71fd2c9783f1e_232)<br>| [124](#i50a88c72b527462790c71fd2c9783f1e_232) |
|  | E. Taxation | [Taxation](#i50a88c72b527462790c71fd2c9783f1e_976) | [342](#i50a88c72b527462790c71fd2c9783f1e_976) |
|  | F. Dividends and Paying Agents | Not applicable |  |
|  | G. Statements of Experts | Not applicable |  |
|  | H. Documents on Display | [Documents on Display](#i50a88c72b527462790c71fd2c9783f1e_34) | [5](#i50a88c72b527462790c71fd2c9783f1e_34) |
|  | I. Subsidiary Information | Not applicable |  |
|  | J. Annual report to security holders | Not applicable |  |
| Item 11. | Quantitative and Qualitative Disclosures | [Note 31 (Qualitative and quantitative](#i50a88c72b527462790c71fd2c9783f1e_841)<br>[information on financial risks)](#i50a88c72b527462790c71fd2c9783f1e_841) to the <br>Consolidated Financial Statements<br>| [323](#i50a88c72b527462790c71fd2c9783f1e_841) |
| Item 12. | Description of Securities Other than Equity Securities |  |  |
|  | A. Debt Securities | Not applicable |  |
|  | B. Warrants and Rights | Not applicable |  |
|  | C. Other Securities | Not applicable |  |
|  | D. American Depositary Shares | None |  |
| **Part II** | **Part II** | **Part II** | **Part II** |
| Item 13. | Defaults, Dividend Arrearages and Delinquencies | None |  |
| Item 14. | Material Modifications to the Rights of Security Holders <br>and Use of Proceeds<br>| None |  |
| Item 15. | Controls and Procedures | [Controls and Procedures](#i50a88c72b527462790c71fd2c9783f1e_679) | [187](#i50a88c72b527462790c71fd2c9783f1e_679) |
| Item 16A. | Audit Committee Financial Expert | [The Audit Committee](#i50a88c72b527462790c71fd2c9783f1e_214) | [114](#i50a88c72b527462790c71fd2c9783f1e_214) |
| Item 16B. | Code of Ethics | [Code of Conduct](#i50a88c72b527462790c71fd2c9783f1e_280) | [148](#i50a88c72b527462790c71fd2c9783f1e_280) |
| Item 16C. | Principal Accountant Fees and Services | [Principal Accountant Fees and](#i50a88c72b527462790c71fd2c9783f1e_967)<br>[Services](#i50a88c72b527462790c71fd2c9783f1e_967)<br>| [340](#i50a88c72b527462790c71fd2c9783f1e_967) |
| Item 16D. | Exemptions from the Listing Standards for Audit <br>Committees<br>| None |  |
| Item 16E. | Purchases of Equity Securities by the Issuer and Affiliated <br>Purchasers<br>| [Note 28 (Equity)](#i50a88c72b527462790c71fd2c9783f1e_829) to the Consolidated <br>Financial Statements<br>| [310](#i50a88c72b527462790c71fd2c9783f1e_829) |
|  |  | [Purchases of Equity Securities by](#i50a88c72b527462790c71fd2c9783f1e_973)<br>[the Issuer and Affiliated Purchasers](#i50a88c72b527462790c71fd2c9783f1e_973)<br>| [341](#i50a88c72b527462790c71fd2c9783f1e_973) |
| Item 16F. | Change in the Registrant's Certifying Accountant | Not applicable |  |
| Item 16G. | Corporate Governance | [Differences between Dutch](#i50a88c72b527462790c71fd2c9783f1e_295)<br>[Corporate Governance Practices and](#i50a88c72b527462790c71fd2c9783f1e_295)<br>[NYSE Listing Standard](#i50a88c72b527462790c71fd2c9783f1e_295)<br>| [151](#i50a88c72b527462790c71fd2c9783f1e_295) |
| Item 16H. | Mine Safety Disclosure | None |  |
| Item 16I. | Disclosure Regarding Foreign Jurisdictions that Prevent <br>Inspections<br>| None |  |
| Item 16J. | Insider trading policies | [Insider Trading Policy](#i50a88c72b527462790c71fd2c9783f1e_283) | [149](#i50a88c72b527462790c71fd2c9783f1e_283) |
|  |  | [Exhibits](#i50a88c72b527462790c71fd2c9783f1e_979) | [352](#i50a88c72b527462790c71fd2c9783f1e_979) |
| Item 16K. | Cybersecurity | [Cybersecurity](#i50a88c72b527462790c71fd2c9783f1e_298) | [152](#i50a88c72b527462790c71fd2c9783f1e_298) |
| **Part III** | **Part III** | **Part III** | **Part III** |
| Item 17. | Financial Statements | [Consolidated Financial Statements](#i50a88c72b527462790c71fd2c9783f1e_694) | [191](#i50a88c72b527462790c71fd2c9783f1e_694) |
| Item 18. | Financial Statements | [Consolidated Financial Statements](#i50a88c72b527462790c71fd2c9783f1e_694) | [191](#i50a88c72b527462790c71fd2c9783f1e_694) |
| Item 19. | Exhibits | [Exhibits](#i50a88c72b527462790c71fd2c9783f1e_979) | [352](#i50a88c72b527462790c71fd2c9783f1e_979) |

---

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly

caused and authorized the undersigned to sign this annual report on its behalf.

---

| | | | |
|:---|:---|:---|:---|
|  |  | STELLANTIS N.V. | STELLANTIS N.V. |
|  |  | *(Registrant)* | *(Registrant)* |
|  |  | By: | /s/ Joao Laranjo |
|  |  | Name: Joao Laranjo | Name: Joao Laranjo |
|  |  | Title: Chief Financial Officer | Title: Chief Financial Officer |
| Date: | February 26, 2026 |  |  |

---

## Exhibit 2.1

**Exhibit 2.1**

**DESCRIPTION OF SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934**

<u>COMMON SHARES</u>

*The following description is a summary of the material information relating to Stellantis's common shares, including summaries of certain provisions of Stellantis's articles of association (the "Articles of Association"), the terms and conditions in respect of Stellantis's special voting shares (the "Terms and Conditions of Special Voting Shares") and the applicable Dutch law provisions in effect at the date hereof. The summaries of the Articles of Association and the Terms and Conditions of Special Voting Shares as set forth herein are qualified in their entirety by reference to the full text of the Articles of Association and the Terms and Conditions of the Special Voting Shares. In this summary, unless otherwise specified, the terms "we", "our", "us", the "Group", the "Company" and "Stellantis" refer to Stellantis N.V., together with its consolidated subsidiaries, or any one or more of them, as the context may require. References to "FCA" mean Fiat Chrysler Automobiles N.V. or Fiat Chrysler Automobiles N.V. together with its consolidated subsidiaries, or any one or more of them, as the context may require. References to "PSA" mean Peugeot S.A. or Peugeot S.A. together with its consolidated subsidiaries, or any one or more of them, as the context may require.*

***Share Capital***

The authorized share capital of Stellantis amounts to €90,000,000, divided into 4,500,000,000 common shares with a nominal value of €0.01 each, 4,499,750,000 class A special voting shares and 250,000 class B special voting shares.

As of February 25, 2026, the share capital of the Company consisted of: 2,903,716,295 common shares, 866,522,224 Class A special voting shares and nil Class B special voting shares.

Stellantis common shares and special voting shares have been created under the laws of the Netherlands.

Stellantis common shares are registered shares represented by an entry in the shareholders' register of Stellantis. The Board of Directors may determine that, for the purpose of trading and transfer of shares on a foreign stock exchange, share certificates will be issued in such a form as will comply with the requirements of such a foreign stock exchange and Dutch law. A register of shareholders is maintained by Stellantis in the Netherlands and a branch register is maintained in the U.S. on Stellantis' behalf by Computershare Trust Company, N.A., which serves as Stellantis' branch registrar and transfer agent in the U.S.

Beneficial interests in Stellantis common shares that are traded on the NYSE are held through the book-entry system provided by The Depository Trust Company ("DTC") and are registered in Stellantis' register of shareholders in the name of Cede & Co., as DTC's nominee. Beneficial interests in Stellantis common shares traded on Euronext Milan are held through Monte Titoli S.p.A., the Italian central clearing and settlement system, as a participant (through Euroclear Bank) in DTC. Beneficial interests in Stellantis common shares traded on Euronext Paris are held through Euroclear France and its intermediaries Euroclear Bank and J.P. Morgan, the latter acting as a participant in DTC.

Special voting shares are registered shares represented by an entry in the shareholders' register of Stellantis. No share certificates have been issued with respect to the special voting shares. No right of pledge may be established on special voting shares and the voting rights attributable to special voting shares may not be assigned to an usufructuary.

**Loyalty Voting Structure**

------

Stellantis adopted the loyalty voting structure as summarized below on January 17, 2021.

Shareholders of Stellantis may at any time elect to participate in the loyalty voting structure by requesting that Stellantis registers all or some of their common shares in a separate register (the "Loyalty Register"). The registration of common shares in the Loyalty Register blocks such shares from trading in the Regular Trading Systems. If such number of common shares (the "Electing Common Shares") have been registered in the Loyalty Register (and thus blocked from trading in the Regular Trading Systems) for an uninterrupted period of three years in the name of the same shareholder (such a share a "Qualifying Common Share"), the relevant shareholder becomes eligible to receive one class A special voting share for each Qualifying Common Share. If, at any time, such common shares are de-registered from the Loyalty Register for whatever reason, the relevant shareholder shall lose its entitlement to hold a corresponding number of special voting shares. From January 17, 2021, shareholders will only be able to receive class A special voting shares and not class B special voting shares. Class B special voting shares were created at the Governance Effective Time in order to be held by FCA shareholders (other than Exor) who held FCA special voting shares prior to such time. In December 2022 all class B special voting shares were exchanged for class A special voting shares in accordance with the Terms and Conditions of Special Voting Shares. On June 20, 2024, the remaining number of class B special voting shares was cancelled in accordance to the resolution adopted by the AGM on April 16, 2024.

A holder of Electing Common Shares or Qualifying Common Shares may at any time request the de-registration of some or all of the number of such shares from the Loyalty Register, which will allow such shareholder to freely trade such common shares. From the moment of such a request, the holder of Electing Common Shares or Qualifying Common Shares shall be considered to have waived his or her rights to cast any votes associated with such special voting shares to be de-registered from the Loyalty Register. Upon the de-registration from the Loyalty Register, the relevant number of common shares will therefore cease to be Electing Common Shares or Qualifying Common Shares. Any de-registration request would automatically trigger a mandatory transfer requirement pursuant to which the relevant special voting shares will be acquired by Stellantis for no consideration (*om niet*) in accordance with the Terms and Conditions of Special Voting Shares.

Stellantis common shares are freely transferable. However, any transfer or disposal of Stellantis common shares with which special voting shares are associated would trigger the de-registration of such common shares from the Loyalty Register and the transfer of all relevant special voting shares to Stellantis. Special voting shares are not admitted to listing and are transferable only in very limited circumstances (including, among other things, transfers to affiliates or to relatives through succession, donation, or other transfers, provided that the corresponding Qualifying Common Shares are also transferred to such party, or transfers with the approval of the Board of Directors). In particular, no shareholder shall, directly or indirectly: (a) sell, dispose of or transfer any special voting share or otherwise grant any right or interest in any special voting share, other than as permitted pursuant to the Articles of Association or the Terms and Conditions of Special Voting Shares; or (b) create or permit to exist any pledge, lien, fixed or floating charge or other encumbrance over any special voting share or any interest in any special voting share.

The purpose of the loyalty voting structure is to grant long-term shareholders an extra voting right by means of granting a special voting share (shareholders holding special voting shares are entitled to exercise one vote for each special voting share held and one vote for each Stellantis common share held), without entitling such shareholders to any economic rights, other than those pertaining to the common shares. However, under Dutch law, the special voting shares cannot be totally excluded from economic entitlements. As a result, pursuant to the Articles of Association, holders of special voting shares are entitled to a minimum dividend, which is allocated to a separate special voting shares dividend reserve (the "Special Voting Shares Dividend Reserve"). A distribution from the Special Voting Shares Dividend Reserve or the (partial) release of the Special Voting Shares Dividend Reserve will require a prior proposal from the Board of Directors and a subsequent resolution of the meeting of holders of special voting shares. The powers to vote upon the distribution from the Special Voting Shares Dividend Reserve and the cancellation of all class A special voting shares are the only powers that are granted to that meeting pursuant to the Articles of Association, which can only be convened by the Board of Directors as it deems necessary. The special voting shares do not have any other economic entitlement.

------

Section 11 of the Terms and Conditions of Special Voting Shares includes liquidated damages provisions intended to discourage any attempt by holders to violate the Terms and Conditions of Special Voting Shares. These liquidated damages provisions may be enforced by Stellantis by means of a legal action brought by Stellantis in the courts of Amsterdam, the Netherlands. In particular, a violation of the provisions of the Terms and Conditions of Special Voting Shares concerning the transfer of special voting shares may lead to the imposition of liquidated damages.

Pursuant to Section 13 of the Terms and Conditions of Special Voting Shares, any amendment to the Terms and Conditions of Special Voting Shares (other than merely technical, non-material amendments) may only be made with the approval of the shareholders at an AGM.

***Special Voting Shares Foundation***

Pursuant to the Articles of Association, Stichting Stellantis SVS, a Dutch foundation (*stichting*) (the "SVS Foundation") has an option right to subscribe for a number of class A special voting shares up to the number of class A special voting shares included in the Company's authorized share capital from time to time. This option right can only be exercised by the SVS Foundation to facilitate the loyalty voting structure as set forth in the Articles of Association and the Terms and Conditions of Special Voting Shares. An option right has been granted to the SVS Foundation for an unlimited period and is intended to ensure that holders of Qualifying Common Shares in the future will receive their special voting shares without requiring a resolution from the AGM. Under the structure of the SVS Foundation, once a shareholder of the Company becomes entitled to receive one special voting share for each Qualifying Common Share, the Company issues such special voting shares to the SVS Foundation pursuant to the SVS Foundation's exercise of its option right and, thereafter, the SVS Foundation transfers the special voting shares to such shareholder. Issuing shares to the SVS Foundation is a technical device to ensure that special voting shares will be available for issue to eligible shareholders once such shareholders acquire the right to the special voting shares.

***Terms and Conditions of the Special Voting Shares***

The Terms and Conditions of Special Voting Shares apply to the issuance, allocation, acquisition, holding, repurchase and transfer of special voting shares in the issued share capital of Stellantis and to certain aspects of Electing Common Shares, Qualifying Common Shares and Stellantis common shares which are registered in the Loyalty Register.

*Special Capital Reserve*

Stellantis will maintain a separate capital reserve for the purpose of facilitating any issuance or cancellation of special voting shares. No distribution shall be made from the special capital reserve, except that the Board of Directors shall be authorized to resolve upon (i) any distribution out of the special capital reserve to pay up special voting shares or (ii) re-allocation of amounts to credit or debit the special capital reserve against or in favor of the share premium reserve.

*Withdrawal of Special Voting Shares*

Following a mandatory transfer to Stellantis of special voting shares after a de-registration of Qualifying Common Shares from the Loyalty Register, Stellantis may continue to hold the special voting shares as treasury stock, but will not be entitled to vote any such treasury stock. Alternatively, Stellantis may withdraw and cancel the special voting shares held in treasury, as a result of which the nominal value of such shares will be allocated to the special capital reserves of Stellantis. Stellantis may also cancel all issued and outstanding class A special voting shares subject to approval of the meeting of holders of the class A special voting shares. Consequently, the loyalty voting feature will terminate as to the relevant Qualifying Common Shares being deregistered from the Loyalty Register. No shareholder required to transfer special voting shares to Stellantis pursuant to the Terms and Conditions of Special Voting Shares will be entitled to any consideration for such special voting shares and each shareholder expressly waives any rights in that respect as a condition to participation in the loyalty voting structure.

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*Change of Control*

A shareholder with common shares registered in the Loyalty Register must promptly notify Stellantis in the event of a Change of Control with respect to such shareholder and must make a de-registration request with respect to his or her Qualifying Common Shares or Electing Common Shares registered in the Loyalty Register. The de-registration request leads to a withdrawal of the special voting shares as described under "*—Withdrawal of Special Voting Shares*". Notwithstanding Stellantis not receiving any such notification, it may, upon becoming aware of a Change of Control, initiate the de-registration of the relevant shareholder's Qualifying Common Shares or Electing Common Shares.

**No Liability to Further Capital Calls**

All of the outstanding Stellantis common shares and special voting shares are fully paid and non-assessable.

**Discriminating Provisions**

Except for the voting limitations described in this section under "*Voting Limitations*" below, there are no provisions of the Articles of Association that discriminate against a shareholder because of its ownership of a certain number of shares.

*Voting Limitations*

No shareholder, acting alone or in concert, together with votes exercised by affiliates of such shareholder or pursuant to proxies or other arrangements conferring the right to vote, shall be able to exercise, directly or indirectly, voting rights at an AGM reaching or exceeding the 30 percent or more of the votes that could be cast at any AGM ("Voting Threshold"), including after giving effect to any voting rights exercisable through Stellantis special voting shares. Any voting right reaching or exceeding the Voting Threshold shall be suspended. Furthermore, the Articles of Association provide that, before each AGM, any shareholder that would be able to exercise voting rights reaching or exceeding the Voting Threshold must notify Stellantis, in writing, of its shareholding and total voting rights in Stellantis and provide, upon written request by Stellantis, within three days of such request being made, any information necessary to ascertain the composition, nature and size of the equity interest of that person and any other person acting in concert with it. The Voting Threshold restriction (i) may be removed following a resolution passed to that effect by the meeting of Stellantis shareholders with a majority of at least two-thirds of the votes cast (for the avoidance of doubt, without giving effect to any voting rights exercisable through Stellantis special voting shares, and subject to the aforementioned Voting Threshold) and (ii) shall lapse upon any person holding more than 50 percent of the issued Stellantis common shares (other than Stellantis special voting shares) as a result of a public offer for Stellantis common shares.

**Additional Issuances and Rights of Preference**

***Issuance of Shares***

The AGM, or alternatively the Board of Directors if it has been designated to do so at the AGM, shall have authority to resolve on any issuance of shares and rights to subscribe for shares.

The Board of Directors was irrevocably authorized, for a period of three years from January 16, 2021 to issue common shares and rights to subscribe for common shares up to in aggregate (i) ten percent of the issued common shares for general corporate purposes as of January 16, 2021, plus (ii) an additional ten percent of the issued common shares as of such date, if the issuance and/or the granting of rights to subscribe for common shares occurs in connection with the acquisition of an enterprise or a corporation, or, if such issuance and/or the granting of rights to subscribe for common shares is otherwise necessary in the opinion of the Board of Directors. The Board of Directors was also designated, for a period of three years from January 16, 2021, as the authorized body to limit or exclude the rights of pre-emption of shareholders in connection with the foregoing authority of the Board of

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Directors to issue Stellantis common shares and grant rights to subscribe for Stellantis common shares. Refer to the "*Rights of Pre-emption*" section elsewhere in this report. The AGM held on April 13, 2023, April 16, 2024 and April 15, 2025 resolved to extend the authorization of the Board of Directors as per the date it lapses for a period of 18 months. Current authorization, resolved by AGM held on April 15, 2025 will lapse on October 14, 2026. The authorization is limited to 10 percent of the issued common shares for general corporate purposes as per the date of the 2025 AGM (April 15, 2025) and can be used for any and all purposes. The AGM, or the Board of Directors if so designated in accordance with the Articles of Association, shall decide on the price and the further terms and conditions of issuance, with due observance of what is required in relation thereto under Dutch law and the Articles of Association.

If the Board of Directors is designated by the AGM to have authority to decide on the issuance of shares or rights to subscribe for shares, such a designation shall specify the class of shares and the maximum number of shares or rights to subscribe for shares that can be issued under such a designation. When making such designation the duration of the Board of Directors' relevant authority, which shall not be for more than five years, shall be resolved upon at the same time. The designation may be extended from time to time for periods not exceeding five years. The designation may not be withdrawn unless otherwise provided in the resolution in which the designation is made.

Payment for shares shall be made in cash unless another form of consideration has been agreed. Payment in a currency other than Euro may only be made with the consent of the Board of Directors.

***Rights of Pre-Emption***

Under Dutch law and the Articles of Association, each Stellantis shareholder has a right of pre-emption in proportion to the aggregate nominal value of its common shares upon the issuance of new Stellantis common shares, or the granting of rights to subscribe for Stellantis common shares. Exceptions to this right of pre-emption include the issuance of new Stellantis common shares, or the granting of rights to subscribe for Stellantis common shares: (i) to employees of Stellantis or another company of Stellantis pursuant to an equity incentive plan of Stellantis; (ii) against payment in kind (contribution other than in cash); and (iii) to persons exercising a previously granted right to subscribe for Stellantis common shares. Shareholders do not have any right of pre-emption in connection with the issuance of special voting shares. Rights of pre-emption may be exercised during a period of at least two weeks after the announcement of an issuance of new Stellantis common shares in the Dutch State Gazette.

The AGM may resolve to limit or exclude the rights of pre-emption upon an issuance of Stellantis common shares, which resolution requires approval of at least two-thirds of the votes cast if less than one-half of the issued and outstanding share capital is present or represented at the AGM. If more than one-half of the issued and outstanding share capital is present or represented at the AGM, an absolute majority of the votes cast is required. The Articles of Association, or the AGM, may also designate the Board of Directors to resolve to limit or exclude the rights of pre-emption in relation to the issuance of Stellantis common shares. Pursuant to Dutch law, the designation by the AGM may be granted to the Board of Directors for a specified period of time of not more than five years and only if the Board of Directors has also been designated or is simultaneously designated the authority to resolve to issue Stellantis common shares. In the proposal to the AGM in respect of the Board of Directors' authority to resolve to limit or exclude such rights of pre-emption, the reasons for the proposal and the choice of the intended price of issue will be explained in writing.

**Repurchase of Shares**

Upon agreement with the relevant shareholder, Stellantis may acquire fully paid-up shares in its own share capital at any time for no consideration (*om niet*), or, subject to certain provisions of Dutch law and the Articles of Association, for consideration if: (i) Stellantis' shareholders' equity less the payment required to make the acquisition does not fall below the sum of called-up and paid-in share capital and any reserves to be maintained pursuant to Dutch law and the Articles of Association; (ii) Stellantis would thereafter not hold a pledge over Stellantis common shares, or together with its subsidiaries, hold Stellantis common shares with an aggregate nominal value exceeding 50 percent of Stellantis' issued share capital; and (iii) the Board of Directors has been authorized to do so by the AGM.

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Stellantis' equity, as shown in the last confirmed and adopted balance sheet, after deduction of the acquisition price for shares in the share capital of Stellantis, the amount of the loans as referred to in Article 2:98c of the Dutch Civil Code and distributions from profits or reserves to any other persons that became due by the Company and its subsidiary companies after the date of the balance sheet, shall be decisive for purposes of items (i) and (ii) referred to in the immediately preceding paragraph. If no annual accounts have been confirmed and adopted when more than six months have expired after the end of any financial year, then an acquisition in reliance on the immediately preceding paragraph shall not be allowed until the relevant annual accounts are adopted.

The acquisition of fully paid-up shares by Stellantis other than for no consideration (*om niet*) requires authorization by the AGM. Such authorization may be granted to the Board of Directors for a period not exceeding 18 months and shall specify the number of shares, the manner in which the shares may be acquired and the price range within which shares may be acquired. The authorization is not required for the acquisition by Stellantis of shares for employees of Stellantis, or another company of Stellantis, under a scheme applicable to such employees and no authorization is required for repurchase of shares acquired in certain other limited circumstances in which the acquisition takes place by operation of law, such as pursuant to mergers or demergers. In case of acquisition of shares by Stellantis for employees of Stellantis, such shares must be officially listed on the price list of an exchange.

Stellantis may, including jointly with its subsidiaries, hold Stellantis common shares in its own capital exceeding one-tenth of its issued and outstanding capital for no more than three years after acquisition of such Stellantis common shares for no consideration (*om niet*) or in certain other limited circumstances in which the acquisition takes place by operation of law, such as pursuant to mergers or demergers. Any Stellantis common shares held by Stellantis in excess of the amount permitted shall transfer to all members of the Board of Directors jointly at the end of the last day of such three-year period. Each member of the Board of Directors shall be jointly and severally liable to compensate Stellantis for the value of the Stellantis common shares at such a time, with interest payable at the statutory rate on such shares. The term "Stellantis common shares" as used in this paragraph shall include depositary receipts for shares and shares in respect of which Stellantis holds a right of pledge.

No votes may be cast at an AGM on behalf of the Stellantis common shares held by Stellantis or its subsidiaries. In addition, no voting rights may be cast at an AGM in respect of Stellantis common shares for which depositary receipts have been issued that are owned by Stellantis. Nonetheless, the holders of a right of usufruct or pledge in respect of shares held by Stellantis and its subsidiaries in Stellantis share capital are not excluded from the right to vote on such shares if the right of usufruct or pledge was granted prior to the time such shares were acquired by Stellantis or its subsidiaries. Neither Stellantis nor any of its subsidiaries may cast votes in respect of a share on which it or its subsidiaries holds a right of usufruct or pledge.

**Reduction of Share Capital**

The Stellantis common shares held in treasury by Stellantis and all issued class A special voting shares may be cancelled, and the nominal value of shares may be reduced, with the approval of the AGM.

A resolution to reduce the share capital requires a majority of at least two-thirds of the votes cast at the AGM if less than one-half of the issued and outstanding share capital is present or represented at the meeting. If more than one-half of the issued and outstanding share capital is present or represented at an AGM, an absolute majority of the votes cast is required.

Class A special voting shares may be cancelled by resolution taken by a majority of at least two-thirds of the votes cast at an AGM, subject to the approval of the meeting of holders of the class A special voting shares. Cancellation of class A special voting shares shall take place without repayment of the nominal value of the special voting shares, and such nominal value shall be added to the special capital reserve.

Any reduction of the nominal value of the Stellantis common shares without repayment must be made pro rata on all common shares. Any reduction of the nominal value of the special voting shares shall take place without repayment.

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A partial repayment on Stellantis common shares shall only be allowed in implementation of a resolution to reduce the nominal value of the Stellantis common shares. Such partial repayment must be made in respect of all Stellantis common shares on a pro rata basis. The pro rata requirement may be waived with the consent of all the holders of Stellantis common shares.

Any proposal for a cancellation or reduction of nominal value is subject to general requirements of Dutch law with respect to reductions of share capital.

**Transfer of Shares**

In accordance with the provisions of Dutch law, pursuant to Article 13 of the Articles of Association, the transfer of Stellantis common shares or the creation of a right *in rem* in such shares requires a deed intended for that purpose and, save when Stellantis is a party to the deed, written acknowledgment by Stellantis of the transfer.

Common shares that have been entered into DTC's book-entry system will be registered in the name of Cede & Co. as nominee for DTC and transfers of beneficial ownership of shares held through DTC will be effected by electronic transfer made by DTC participants. Article 13 of the Articles of Association does not apply to the trading of such Stellantis common shares on a regulated market or the equivalent of a regulated market.

Transfers of shares held outside of (i) DTC or another direct registration system maintained by Computershare Trust Company, N.A., Stellantis' transfer agent in New York, (ii) Monte Titoli S.p.A. or (iii) Euroclear France (collectively, the "Regular Trading Systems") and not represented by certificates are effected by a deed intended for that purpose (including a stock transfer instrument) and, save where Stellantis is a party to the deed, require written acknowledgement by Stellantis. Transfer of common shares for which registered certificates have been issued is effected by presenting and surrendering the certificates to the transfer agent. A valid transfer requires the registered certificates to be properly endorsed for transfer as provided for in the certificates and accompanied by proper instruments of transfer and stock transfer tax stamps for, or funds to pay, any applicable stock transfer taxes. Stellantis may acknowledge the transfer by making an annotation on such certificate as proof of the acknowledgement or by replacing the surrendered certificate by a new share certificate registered in the name of the transferee.

Stellantis common shares are freely transferable.The number of Stellantis common shares registered in the Loyalty Register pursuant to Stellantis's loyalty voting structure and special voting shares is subject to the transfer restrictions described above under "*Loyalty Voting Structure-Terms and Conditions of the Special Voting Shares—Withdrawal of Special Voting Shares*".

**Exchange Controls and Other Limitations Affecting Shareholders**

Under Dutch law, there are no exchange control restrictions on investments in, or payments on, Stellantis common shares. There are no special restrictions in the Articles of Association or Dutch law that limit the right of shareholders who are not citizens or residents of the Netherlands to hold or vote Stellantis common shares.

**Payment of Dividends**

Stellantis may make distributions to the shareholders and other persons entitled to distributions only to the extent that its shareholders' equity exceeds the sum of the paid-up and called-up portion of the share capital and the reserves that must be maintained in accordance with Dutch law and the Articles of Association. No distribution of profits or other distributions may be made to Stellantis itself for shares that Stellantis holds in its own share capital.

Stellantis may make a distribution of profits to the shareholders after the adoption of its statutory annual accounts. The Board of Directors, or the AGM upon a proposal of the Board of Directors, may resolve to make distributions from Stellantis' share premium reserve or from any other reserve (other than the special capital

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reserve), provided that payments from reserves other than the Special Voting Shares Dividend Reserve may only be made to holders of Stellantis common shares.

Holders of special voting shares shall not receive any dividends in respect of the special voting shares; however, Stellantis shall maintain a separate dividend reserve for the special voting shares for the sole purpose of the allocation of the mandatory minimal profits that accrue to the special voting shares (as further described below under *Voting Rights at General Meetings*"). A distribution from the Special Voting Shares Dividend Reserve or the (partial) release of the Special Voting Shares Dividend Reserve, shall require a prior proposal from the Board of Directors and a subsequent resolution of the meeting of holders of special voting shares, and shall be made exclusively to the holders of special voting shares in proportion to the aggregate nominal value of their special voting shares.

From the profits shown in the annual accounts, as adopted, such amounts shall be reserved as the Board of Directors may determine. The profits remaining thereafter shall first be applied to allocate and add to the Special Voting Shares Dividend Reserve an amount equal to one percent of the aggregate nominal amount of all special voting shares outstanding at the end of the financial year to which the annual accounts pertain. The special voting shares shall not carry any other entitlement to the profits.

Insofar as the profits have not been distributed or allocated to the reserves, they may, by resolution of the AGM, be distributed as dividends on the Stellantis common shares only. The Board of Directors may resolve that distributions will be made payable either in Euro or in another currency. The Board of Directors, or the AGM upon a proposal by the Board of Directors, may resolve that a distribution will, wholly or partially, be made other than in cash, including in the form of Stellantis common shares or shares in another listed company, provided that, in case of a distribution in the form of Stellantis common shares, the Board of Directors has been designated as the body competent to pass a resolution for the issuance of shares.

The Board of Directors will have the power to declare one or more interim dividends or other distributions, subject to certain provisions of Dutch law and certain conditions set forth in the Articles of Association.

Dividends and other distributions will be made payable in the manner and at such date(s) as the Board of Directors or the AGM upon a proposal by the Board of Directors will determine.

The right to dividends and distributions shall lapse if the dividends or distributions are not claimed within five years following the day after the date on which they first became payable. Any dividends or other distributions made in violation of the Articles of Association or Dutch law shall have to be repaid by the shareholders who knew, or should have known, of such violation.

**Voting Rights at General Meetings**

Subject to the restrictions described under "*—Voting Limitations,*" every Stellantis share (whether common share or special voting share) shall confer the right to cast one vote at an AGM. Shares in respect of which Dutch law determines that no votes may be cast shall be disregarded for the purposes of determining the proportion of shareholders voting, present or represented or the proportion of the share capital present or represented. All resolutions shall be passed with an absolute majority of the votes validly cast unless otherwise specified in the Articles of Association or the Dutch Civil Code. Blank votes shall not be counted as votes cast.

All votes shall be cast in writing or electronically. The chairman of the meeting may, however, determine that voting by raising hands or in another manner shall be permitted. Voting by acclamation shall be permitted if none of the shareholders present or represented objects. No voting rights shall be exercised in the AGM for common shares owned by the Company or by a subsidiary of the Company. However, pledgees and usufructuaries of shares owned by the Company and its subsidiaries shall not be excluded from exercising their voting rights if the right of pledge or usufruct was created before the shares were owned by the Company or a subsidiary. Neither the Company nor any of its subsidiaries may exercise voting rights for shares in respect of which it holds a right of pledge or usufruct.

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Without prejudice to the Articles of Association, the Company shall determine for each resolution passed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the number of shares on which valid votes have been cast;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the percentage that the number of shares as referred to under (a) represents in the issued and outstanding share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the aggregate number of votes validly cast; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the aggregate number of votes cast in favor of and against a resolution, as well as the number of abstentions.

***Voting Limitations***

No shareholder, acting alone or in concert, together with votes exercised by affiliates of such shareholder or pursuant to proxies or other arrangements conferring the right to vote, shall be able to exercise, directly or indirectly, voting rights at an AGM reaching or exceeding the 30 percent or more of the votes that could be cast at any AGM ("Voting Threshold"), including after giving effect to any voting rights exercisable through Stellantis special voting shares. Any voting right reaching or exceeding the Voting Threshold shall be suspended. Furthermore, the Articles of Association provide that, before each AGM, any shareholder that would be able to exercise voting rights reaching or exceeding the Voting Threshold must notify Stellantis, in writing, of its shareholding and total voting rights in Stellantis and provide, upon written request by Stellantis, within three days of such request being made, any information necessary to ascertain the composition, nature and size of the equity interest of that person and any other person acting in concert with it. The Voting Threshold restriction (i) may be removed following a resolution passed to that effect by the meeting of Stellantis shareholders with a majority of at least two-thirds of the votes cast (for the avoidance of doubt, without giving effect to any voting rights exercisable through Stellantis special voting shares, and subject to the aforementioned Voting Threshold) and (ii) shall lapse upon any person holding more than 50 percent of the issued Stellantis common shares (other than Stellantis special voting shares) as a result of a public offer for Stellantis common shares.

**Shareholders' Votes on Certain Transactions**

Any important change in the identity or character of Stellantis must be approved by the AGM, including (i) the transfer to a third party of the business of Stellantis or practically the entire business of Stellantis; (ii) the entry into or breaking off of any long-term cooperation of Stellantis or a subsidiary with another legal entity or company or as a fully liable partner of a general partnership or limited partnership, where such entry into or breaking off is of far-reaching importance to Stellantis; and (iii) the acquisition or disposal by Stellantis or a subsidiary of an interest in the capital of a company with a value of at least one-third of Stellantis' assets according to the consolidated balance sheet with explanatory notes included in the last adopted annual accounts of Stellantis.

**Amendments to the Articles of Association, including Variation of Rights**

A resolution of the AGM to amend the Articles of Association or to wind up Stellantis may be approved only if proposed by the Board of Directors and approved by a vote of an absolute majority of the votes cast, provided that a resolution to amend Stellantis' corporate seat and/or place of effective management will require a majority of at least two-thirds of the votes cast.

The rights of shareholders may be changed only by amending the Articles of Association in compliance with Dutch law, provided that rights specific to nominating shareholders set out in the Articles of Association cannot be amended without the prior written approval of such shareholder.

**Dissolution and Liquidation**

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The AGM may resolve to dissolve Stellantis upon a proposal of the Board of Directors thereto. In the event of dissolution, Stellantis will be liquidated in accordance with Dutch law and the Articles of Association and the liquidation shall be arranged by the members of the Board of Directors, unless the AGM appoints other liquidators. The AGM will appoint, and decide on the remuneration of, the liquidators. During liquidation, the provisions of the Articles of Association will remain in force as long as possible.

If Stellantis is dissolved and liquidated, whatever remains of Stellantis' equity after all its debts have been discharged shall first be applied to distribute the aggregate balance of share premium reserves and other reserves (other than the Special Voting Shares Dividend Reserve) to holders of Stellantis common shares in proportion to the aggregate nominal value of Stellantis common shares held by each holder; secondly, from any balance remaining, an amount equal to the aggregate amount of the nominal value of Stellantis common shares will be distributed to the holders of Stellantis common shares in proportion to the aggregate nominal value of Stellantis common shares held by each of them; thirdly, from any balance remaining, an amount equal to the aggregate amount of the Special Voting Shares Dividend Reserve will be distributed to the holders of special voting shares in proportion to the aggregate nominal value of the special voting shares held by each of them; fourthly, from any balance remaining, the aggregate amount of the nominal value of the special voting shares will be distributed to the holders of special voting shares in proportion to the aggregate nominal value of the special voting shares held by each of them; and, lastly, any balance remaining will be distributed to the holders of Stellantis common shares in proportion to the aggregate nominal value of Stellantis common shares held by each of them.

**Disclosure of Holdings under Dutch Law**

As a result of the listing of Stellantis common shares on Euronext Milan and Euronext Paris, pursuant to Chapter 5.3 of the Dutch Financial Markets Supervision Act ("FMSA"), which chapter is an implementation of Directive 2004/109/EC as amended by Directive 2013/50/EU into Dutch law, any person who, directly or indirectly, acquires or disposes of an actual or potential capital interest and/or actual or potential voting rights in Stellantis must without delay notify the AFM of such acquisition or disposal if, as a result of such acquisition or disposal, the percentage of capital interest and/or voting rights held by such person reaches, exceeds or falls below the following thresholds: three percent, five percent, ten percent, 15 percent, 20 percent, 25 percent, 30 percent, 40 percent, 50 percent, 60 percent, 75 percent and 95 percent (the "Notification Thresholds").

For the purpose of calculating the percentage of capital interest or voting rights, the following interests must, *inter alia*, be taken into account: (i) shares and/or voting rights directly held (or acquired or disposed of) by any person; (ii) shares and/or voting rights held (or, acquired or disposed of) by such person's controlled entities or by a third party for such person's account; (iii) voting rights held (or acquired or disposed of) by a third party with whom such person has concluded an oral or written voting agreement; (iv) voting rights acquired pursuant to an agreement providing for a temporary transfer of voting rights in consideration for a payment; and (v) shares which such person, or any controlled entity or third party referred to above, may acquire pursuant to any option or other right to acquire shares.

As a consequence of the above, special voting shares must be added to Stellantis common shares for the purposes of the above thresholds.

For the purpose of calculating the percentage of capital interest or voting rights, the following instruments qualify as "shares": (i) common shares or special voting shares; (ii) depositary receipts for shares (or negotiable instruments similar to such receipts); (iii) negotiable instruments for acquiring the instruments under (i) or (ii) (such as convertible bonds); and (iv) options for acquiring the instruments under (i) or (ii).

Controlled entities (within the meaning of the FMSA) do not themselves have notification obligations under the FMSA as their direct and indirect interests are attributed to their (ultimate) parent. If a person who has a three percent or larger interest in Stellantis' share capital or voting rights ceases to be a controlled entity it must immediately notify the AFM and all notification obligations under the FMSA will become applicable to such former controlled entity.

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Special rules apply to the attribution of shares and/or voting rights which are part of the property of a partnership or other form of joint ownership. A holder of a pledge or right of usufruct in respect of shares can also be subject to notification obligations if such person has, or can acquire, the right to vote on the shares. The acquisition of (conditional) voting rights by a pledgee or beneficial owner may also trigger notification obligations as if the pledgee or beneficial owner were the legal holder of the shares and/or voting rights.

Furthermore, when calculating the percentage of capital interest, a person is also considered to be in possession of shares if (i) such person holds a financial instrument the value of which is (in part) determined by the value of the shares or any distributions associated therewith and which does not entitle such person to acquire any shares; (ii) such person may be required to purchase shares on the basis of an option; or (iii) such person has concluded another contract whereby such person acquires an economic interest comparable to that of holding a share.

If a person's capital interest and/or voting rights reaches, exceeds, or falls below the above-mentioned thresholds as a result of a change in Stellantis' issued and outstanding share capital or voting rights, such person is required to make a notification not later than on the fourth trading day after the AFM has published Stellantis' notification as described below.

The notification to the AFM should indicate whether the interest is held directly or indirectly, and whether the interest is an actual or a potential interest.

In addition, each person who is or ought to be aware that, as a result of the exchange of certain financial instruments, such as options for shares, his or her actual capital or voting interest in Stellantis, reaches, exceeds or falls below any of the Notification Thresholds, *vis-à-vis* his or her most recent notification to the AFM, must give notice to the AFM no later than the fourth trading day after he or she became or ought to be aware of this change.

Stellantis is required to notify the AFM promptly of any change of one percent or more in its issued share capital or voting rights since a previous notification. Other changes in Stellantis' issued share capital or voting rights must be notified to the AFM within eight days after the end of the quarter in which the change occurred.

In addition to the above-described notification obligations pertaining to capital interest or voting rights, pursuant to Regulation (EU) No. 236/2012, notification must be made to the AFM of any net short position of 0.2 percent in the issued share capital of Stellantis and of every subsequent 0.1 percent above this threshold. Notifications starting at 0.5 percent and every subsequent 0.1 percent above this threshold will be made public via the short selling register of the AFM. To calculate whether a natural person or legal person has a net short position, their short positions and long positions must be set off. A short transaction in a share can only be contracted if a reasonable case can be made that the shares sold can actually be delivered, which requires confirmation of a third party that the shares have been located. Furthermore, gross short positions are required to be notified in the event that a threshold is reached, exceeded, or fallen below. With regard to gross short positions, the same disclosure thresholds as for holders of capital interests and/or voting rights apply, without any set-off against long positions.

The AFM keeps a public register of all notifications made pursuant to these disclosure obligations and publishes any notification received which can be accessed via www.afm.nl. The notifications referred to in this paragraph should be made through the online notification system of the AFM.

Non-compliance with these disclosure obligations is an economic offense and may lead to criminal prosecution. The AFM may impose administrative penalties for non-compliance and may publish the imposed penalties. In addition, a civil court can impose measures against any person that fails to notify or incorrectly notifies the AFM of matters required to be notified. A claim requiring that such measures be imposed may be instituted by Stellantis and/or by one or more shareholders who alone or together with others represent at least three percent of the issued and outstanding share capital of Stellantis or are able to exercise at least three percent of the voting rights. The measures that the civil court may impose include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an order requiring appropriate disclosure;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• suspension of the right to exercise the voting rights for a period of up to three years as determined by the court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• voiding a resolution adopted by the general meeting of shareholders, if the court determines that the resolution would not have been adopted but for the exercise of the voting rights of the person with a duty to disclose, or suspension of a resolution adopted by the general meeting of shareholders until the court makes a decision about such voiding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an order to refrain, during a period of up to five years as determined by the court, from acquiring shares and/or voting rights in Stellantis.

Shareholders are advised to consult with their own legal advisers to determine whether the disclosure obligations apply to them.

**Mandatory Bid Requirement**

Under Dutch law, any person who, acting alone or in concert with others, directly or indirectly acquires 30 percent or more of Stellantis' voting rights will be required to launch a public offer for all outstanding shares in Stellantis' share capital for a fair purchase price determined by law. A fair price is considered a price which is equal to the highest price paid by such person or the persons acting in concert with it for Stellantis' shares in the year prior to the announcement of the offer or, in the absence of such a purchase, the average share price of Stellantis' shares in the year prior to the announcement of the offer. At the request of the offeror, Stellantis, or any of the Stellantis shareholders, the Enterprise Chamber of the Court of Appeal in Amsterdam (*Ondernemingskamer van het Gerechtshof te Amsterdam*) (the "Dutch Enterprise Chamber") may determine a different fair price. If a 30 percent shareholder fails to make a public offer, the Dutch Enterprise Chamber may require such shareholder to do so upon the request of, among others, Stellantis or any of the Stellantis shareholders.

**Dutch Financial Reporting Supervision Act**

On the basis of the Dutch Financial Reporting Supervision Act (*Wet toezicht financiële verslaggeving,* or the "FRSA"), the AFM supervises the application of financial reporting standards by, amongst others, companies whose corporate seat is in the Netherlands and whose securities are listed on a regulated Dutch or foreign stock exchange.

Pursuant to the FRSA, the AFM has an independent right to (i) request an explanation from Stellantis regarding its application of the applicable financial reporting standards and thereafter (ii) make informal arrangements with the Company that must be observed in the future or make a notification to the Company that its financial reports do not meet the applicable financial reporting standards, which notification may be accompanied by a recommendation to the Company to issue a press release on the subject matter. If we do not adequately comply with such a request or recommendation, the AFM may request that the Enterprise Chamber order us to (i) provide an explanation of the way we have applied the applicable financial reporting standards to our financial reports; or (ii) prepare our financial reports in accordance with the Enterprise Chamber's instructions.

**Compulsory Acquisition**

Pursuant to article 2:92a of the Dutch Civil Code, a shareholder who, for its own account, holds at least 95 percent of the issued share capital of Stellantis may institute proceedings against the other shareholders jointly for the transfer of their shares to it. The proceedings are held before the Dutch Enterprise Chamber and can be instituted by means of a writ of summons served upon each of the minority shareholders in accordance with the provisions of the Dutch Code of Civil Procedure. The Dutch Enterprise Chamber may grant the claim for the squeeze-out in relation to all minority shareholders and will determine the price to be paid for the shares, if necessary, after appointment of one to three expert(s) who will offer an opinion to the Dutch Enterprise Chamber on the value to be paid for the shares of the minority shareholders. Once the order to transfer becomes final before the Dutch

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Enterprise Chamber, the person acquiring the shares must give written notice of the date and place of payment and the price to the holders of the shares to be acquired whose addresses are known to it. Unless the addresses of all of them are known to it, it must also publish the same in a Dutch daily newspaper with a national circulation. A shareholder can only appeal against the judgment of the Dutch Enterprise Chamber before the Dutch Supreme Court.

In addition, pursuant to article 2:359c of the Dutch Civil Code, following a public offer, a holder of at least 95 percent of the issued share capital and of voting rights of Stellantis has the right to require the minority shareholders to sell their shares to it. Any such request must be filed with the Dutch Enterprise Chamber within three months after the end of the acceptance period of the public offer. Conversely, pursuant to article 2:359d of the Dutch Civil Code, each minority shareholder has the right to require the holder of at least 95 percent of the issued share capital and the voting rights of Stellantis to purchase its shares in such a case. The minority shareholder must file such a claim with the Dutch Enterprise Chamber within three months after the end of the acceptance period of the public offer.

**Disclosure of Trades in Listed Securities**

Pursuant to the FMSA, each member of the Board of Directors must notify the AFM:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• within two weeks after his or her appointment of the number of shares he or she holds and the number of votes he or she is entitled to cast in respect of Stellantis's issued and outstanding share capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subsequently of each change in the number of shares he or she holds and of each change in the number of votes he or she is entitled to cast in respect of Stellantis's issued and outstanding share capital, immediately after the relevant change.

Furthermore, pursuant to Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 (as amended and supplemented, the "Market Abuse Regulation"), each of the members of the Board of Directors and any other person discharging managerial responsibilities within Stellantis and who in that capacity is authorized to make decisions affecting the future developments and business prospects of Stellantis and has regular access to inside information relating, directly or indirectly, to Stellantis (each, a "PDMR") must notify the AFM of all transactions, conducted or carried out for his or her own account, relating to Stellantis common shares, special voting shares or financial instruments the value of which is (in part) determined by the value of Stellantis common shares or special voting shares.

In addition, persons that are closely associated with members of the Board of Directors or any of the other PDMRs must notify the AFM of all transactions conducted for their own account relating to Stellantis' shares or financial instruments, the value of which is (in part) determined by the value of Stellantis' shares. The Market Abuse Regulation designates the following categories of persons: (i) the spouse or any partner considered by applicable law as equivalent to the spouse; (ii) dependent children; (iii) other relatives who have shared the same household for at least one year as of the relevant transaction date; and (iv) any legal person, trust or partnership, among other things, whose managerial responsibilities are discharged by a member of the board of directors or any other PDMR or by a person referred to under (i), (ii) or (iii) above.

The notifications pursuant to the Market Abuse Regulation described above must be made to the AFM no later than the third business day following the relevant transaction date by means of a standard form. Such notifications under the Market Abuse Regulation may however be postponed until the date that the value of the transactions carried out on a person's own account, together with the transactions carried out by the persons associated with that person, reaches, or exceeds the amount of €5,000 in the calendar year in question. Any subsequent transaction must be notified as set forth above. The AFM keeps a public register of all notifications made pursuant to the FMSA and the Market Abuse Regulation.

Non-compliance with these reporting obligations could lead to criminal penalties, administrative fines, and cease-and-desist orders (and the publication of such penalties, fines and orders), imprisonment or other sanctions.

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**Shareholder Disclosure and Reporting Obligations under U.S. Law**

Holders of Stellantis common shares are subject to certain U.S. reporting requirements under the Exchange Act for shareholders owning more than five percent of any class of equity securities registered pursuant to Section 12 of the Exchange Act. Among the reporting requirements are disclosure obligations intended to keep investors aware of any plans or proposals that may lead to a change of control of an issuer.

**Disclosure Requirements under Italian law and European Union law**

Further disclosure requirements will apply to Stellantis under Italian law and French law by virtue of the listing of Stellantis's shares on the MTA and Euronext Paris, respectively. Summarized below are the most significant requirements to be complied with by Stellantis in connection with the admission to trading of Stellantis common shares on the MTA and the admission to listing and trading on Euronext Paris. The breach of the obligations described below may result in the application of fines and criminal penalties (including, for instance, those provided for insider trading and market manipulation).

In particular, the following main disclosure obligations will apply to Stellantis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The following articles of Legislative Decree no. 58/1998, or the Italian Financial Act (as well as the implementing regulations enacted by the Commissione Nazionale per le Società e la Borsa ("CONSOB") thereunder) effective as of the date of this report: article 92 (equal treatment principle), article 113-*ter* (general provisions on regulated disclosures), article 114 (information to be provided to the public), article 114-*bis* (information concerning the allocation of financial instruments to corporate officers, employees and collaborators), article 115 (information to be disclosed to CONSOB upon the authority's request), articles 180 through 187-*quaterdecies* (relating to insider trading and market manipulation) and article 193 (fines for breach of disclosures duties);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the General Regulation of the AMF, article 223-16 (obligation to disclose on a monthly basis the total number of shares and voting rights comprising Stellantis's share capital if these numbers have changed compared to the most recently disclosed numbers) and article 223-20 (obligation to file with the AMF certain changes to the Articles of Association). The information required to be published in France may be published in French or English; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the applicable law concerning market abuse and, in particular, article 7 (Inside information), article 17 (Public disclosure of inside information), article 18 (Insider lists) and article 19 (Managers' transactions) of the Market Abuse Regulation, as well as implementing regulations promulgated thereunder.

In addition to the above, the applicable provisions set forth under the market rules (including those relating to the timing for the payment of dividends and relevant "ex date" and "record date") will apply to Stellantis.

The foregoing is based on the current legal framework and, therefore, it may vary following any potential regulatory changes adopted by the concerned member states and competent authorities.

**Disclosure of Inside Information - Article 17 of the Market Abuse Regulation**

Pursuant to the Market Abuse Regulation, Stellantis has to disclose to the public, without delay, any inside information which: (i) is of a precise nature; (ii) has not been made public; (iii) directly concerns Stellantis; and (iv) if it were made public, would be likely to have a significant effect on the prices of Stellantis's financial instruments (as such term is defined under the Market Abuse Regulation) or on the price of related derivative financial instruments (the "Inside Information"). In this regard:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information is deemed to be of a precise nature if: (a) it indicates a set of circumstances which exists or which may reasonably be expected to come into existence, or an event which has occurred, or which may

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reasonably be expected to occur and (b) it is specific enough to enable a conclusion to be drawn as to the possible effect of that set of circumstances or event on the prices of the financial instruments (*e.g.*, Stellantis's common shares) or the related derivative financial instrument. In this respect, in the case of a protracted process that is intended to bring about, or that results in, particular circumstances or a particular event, those future circumstances or that future event, and also the intermediate steps of that process which are connected with bringing about or resulting in those future circumstances or that future event, may be deemed to be information of precise nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information which, if it were made public, would be likely to have a significant effect on the prices of financial instruments or the related derivative financial instruments means information a reasonable investor would be likely to use as part of the basis of his or her investment decisions.

An intermediate step in a protracted process is deemed to be Inside Information if, by itself, it satisfies the criteria of Inside Information as referred to above.

The above disclosure requirement has to be complied with through the publication of a press release by Stellantis in accordance with the Market Abuse Regulation and Dutch, Italian and French law, which discloses to the public the relevant Inside Information. In addition, any Inside Information disseminated by Stellantis in any jurisdiction is required to be made public in a manner that permits full and prompt access to, and correct and timely evaluation of, such information by the public in compliance with the Market Abuse Regulation.

Under specific circumstances, the AFM, CONSOB and the AMF may request Stellantis and/or its main shareholders to disclose to the public, or provide, specific information or documentation. For this purpose, the AFM, CONSOB and the AMF have broad powers under applicable European Union regulations, as well as Italian and French law, to, among other things, carry out inspections or investigations or request information from the members of the Board of Directors or the external auditors.

Stellantis may, under its own responsibility, delay disclosure to the public of Inside Information provided that all of the following conditions are met: (a) immediate disclosure is likely to prejudice the legitimate interests of Stellantis; (b) delay of disclosure is not likely to mislead the public; and (c) Stellantis is able to ensure the confidentiality of that information.

In the case of a protracted process that occurs in stages and that is intended to bring about, or that results in, a particular circumstance or a particular event, Stellantis may under its own responsibility delay the public disclosure of Inside Information relating to this process, subject to the conditions set forth under (a), (b) and (c) above.

**Insiders' List - Article 18 of the Market Abuse Regulation**

Stellantis, as well as persons acting on its behalf or on its account, are required to draw up and keep regularly updated, a list of all persons who have access to Inside Information and who are working for them under a contract of employment, or otherwise performing tasks pursuant to which they have access to Inside Information, such as advisers, accountants or credit rating agencies (the "insider list").

Stellantis, or any person acting on its behalf or on its account, is required to take all reasonable steps to ensure that any person on the insider list acknowledges in writing the legal and regulatory duties entailed and is aware of the sanctions applicable to insider dealing and unlawful disclosure of Inside Information.

**Prohibition on Insider Dealing – Article 14 of the Market Abuse Regulation**

It is prohibited for any person to make use of inside information by acquiring or disposing of, for its own account or for the account of a third party, directly or indirectly, financial instruments to which that information relates, as well as an attempt to do so ("insider dealing"). The use of inside information by cancelling or amending of an order concerning a financial instrument also constitutes insider dealing. In addition, it is prohibited for any person to disclose inside information to anyone else (except where the disclosure is made strictly as part of the

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person's regular duty or function) or, whilst in possession of inside information, recommend or induce anyone to acquire or dispose of financial instruments to which the information relates. Furthermore, it is prohibited for any person to engage in or attempt to engage in market manipulation, for instance by conducting transactions which could lead to an incorrect or misleading signal of the supply of, the demand for or the price of a financial instrument.

**Prohibition to Trade During Closed Periods – Article 19 of the Market Abuse Regulation**

A PDMR is not permitted to (directly or indirectly) conduct any transactions on its own account or for the account of a third party, relating to shares or debt instruments of the Company or other financial instruments linked thereto, during a closed period of 30 calendar days before the announcement of an annual or semi-annual financial report of the Company.

**Transparency Directive**

The Netherlands is the Company's home member state for the purposes of Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 (as amended by Directive 2013/50/EU of the European Parliament and of the Council of 22 October 2013) as a consequence of which the Company will be subject to the FMSA in respect of certain ongoing transparency and disclosure obligations.

**Public Tender Offers**

Certain rules provided for under Italian law with respect to both voluntary and mandatory public tender offers will apply to any offer launched for Stellantis common shares. In particular, among other things, the provisions concerning the tender offer price and the procedure, including the obligation to communicate the decision to launch a tender offer, the content of the offer document and the disclosure of the tender offer will be supervised by CONSOB and will be subject to Italian law.

## Exhibit 4.2

**Exhibit 4.2**

**Remuneration Policy**

**1. Introduction**

We are pleased to present the proposed new Remuneration Policy for Stellantis N.V. ("Stellantis" and "Company"). The Remuneration Policy has been developed by the Remuneration Committee ("Remuneration Committee") of the Board of Directors ("Board") This policy fully aligns with the legal disclosure requirements passed in the Dutch Civil Code ("DCC") implementing the European Shareholders' Rights Directive. The revised Remuneration Policy will be submitted to the shareholders for approval at the Company's 2021 Annual General Meeting.

The Remuneration Policy covers Directors which includes both executive directors ("Executive Directors") and non-executive directors ("Non-Executive Directors"). With respect to Executive Directors, the Remuneration Policy is intended to provide a compensation structure that allows the Company to attract, motivate and retain highly qualified senior executives. With respect to Non-Executive Directors, the Remuneration Policy is intended to provide market-competitive fixed compensation that is not dependent on the results of the Company. When determining the Remuneration Policy, the Remuneration Committee has taken into account the scenario analyses made, as well as the pay differentials within the Company. In addition, compensation levels offered in the market as well as shareholder and general societal views with respect to remuneration of the Board have been taken into account. The Company follows a pay for performance compensation philosophy at all levels in the organization which continues to be the essence of our Remuneration Policy.

The Board is responsible for the implementation of this Remuneration Policy. The remuneration of the Executive and Non-Executive Directors will be determined by the Board, at the recommendation of the Remuneration Committee, within the scope of this Remuneration Policy, provided that the Executive Directors may not participate in the decision-making regarding the determination of the remuneration for the Executive Directors.

At least every four years, the Remuneration Committee will review the Remuneration Policy and make recommendations to the Board in respect of any proposed changes. This Remuneration Policy can be amended or restated by the Company's general meeting in accordance with the Company's articles of association and Dutch law.

A copy of the amended Remuneration Policy is available on the Company's website, www.stellantis.com.

**2. Purpose, Vision and Values**

Stellantis is a leading global mobility player with a clear mission to provide freedom of movement for all customers through distinct, appealing, affordable and sustainable mobility solutions. We offer a full spectrum of choice from luxury, premium and mainstream passenger

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vehicles as well as dedicated mobility, financial and parts and service brands. With industrial operations in 30 countries and a commercial presence in more than 130 markets, Stellantis has the ability to consistently exceed the evolving needs and expectations of customers, while creating superior value for all stakeholders.

Our Remuneration Policy supports our purpose, vision and values by aligning pay programs in a consistent manner.

**3. &nbsp;&nbsp;&nbsp;&nbsp;Remuneration Principles**

The guiding principles of our Remuneration Policy guide our efforts to provide a compensation structure that allows Stellantis to attract and retain the most highly qualified executive talent and to motivate such executives to achieve business and financial goals that create value for shareholders and other stakeholders in a manner consistent with our core business and leadership values. Stellantis's compensation philosophy, aims to provide compensation to its Executive Directors as outlined below.

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| | |
|:---|:---|
| Alignment with Stellantis' strategy | Compensation is strongly linked to the achievement of the Group's publicly disclosed performance targets. |
| Pay for performance | Compensation must reinforce our performance-driven culture and principles of meritocracy. As such, the majority of pay is linked directly to the Group's performance through both short and long-term variable pay instruments. |
| Competitiveness | Compensation will be competitive against the comparable market and set in a manner to attract, retain and motivate expert leaders and highly qualified executives. |
| Long-term shareholder value creation | Targets triggering any variable compensation payment should align with the interest of shareholders and other stakeholders. |
| Compliance | Our compensation policies and plans are designed to comply with applicable laws and corporate governance requirements. |
| Risk prudence | The compensation structure should avoid incentives that encourage unnecessary or excessive risks that could threaten the Company's value. |

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What We Do

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have a simple and transparent remuneration structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We pay for performance and conduct scenario analyses to test the link between pay and performance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We consider pay ratios within the Company in establishing Executive Directors' pay

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We use appropriate incentive pay programs to balance both short and long term focus and drive the achievement of short and long term goals

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We align goals and values organization-wide through incentive pay and rigorous performance management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We set predetermined stretch goals for incentive pay programs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have robust stock ownership and share retention guidelines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have claw-back policies incorporated into our incentive plans

What We Do Not Do

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We do not offer remuneration which encourages our Executive or Non-Executive Directors to take any unnecessary or excessive risks or to act in their own interests

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We do not reward performance below threshold

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We do not have excessive pay programs

**4. &nbsp;&nbsp;&nbsp;&nbsp;Benchmarking executive compensation**

The Company periodically benchmarks its executive compensation program and the compensation offered to Directors against peer companies and monitors compensation levels and trends in the market as well as, international standards regarding appropriate remuneration.

The Remuneration Committee strives to identify a peer group that best reflects all aspects of Stellantis's business and considers global footprint, revenue, and market capitalization and/or enterprise value. Our peer group represents a blend of both U.S. and European companies in recognition of the relevant talent market for our executives. In addition to including U.S. and European automobile manufacturers, our peer group includes U.S. and European companies with a global presence that have significant manufacturing and/or engineering operations. We do not limit our peer group to our industry alone because we believe compensation practices at other large global multinational companies affect our ability to attract and retain diverse talent.

We review each element of compensation compared to the market and generally target our total direct compensation (base salary, annual bonus and long-term incentives, or for Non-Executive Directors - retainers, meeting fees, committee service) for Directors, on average, to be at or near market median. In addition, we consider Stellantis's relative size and scope against those of our peers in assessing and setting our pay levels and program designs for our Directors. An individual compensation element or an individual's total direct compensation may be positioned above or below the market median because of his or her specific responsibilities, experience and performance.

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The Remuneration Committee reviews each year the compensation peer group for compensation comparisons and makes any updates as needed to align with the established criteria and Company strategy. Any changes to the compensation peer group will be disclosed in the annual Remuneration Report.

**5. &nbsp;&nbsp;&nbsp;&nbsp;Internal Pay Ratios**

When determining the total compensation of the Executive Directors, the Remuneration Committee considers the internal pay ratio of the appropriate external benchmark and our position within the external benchmark. In addition, the Company considers increases provided to other employees. In line with the DCC and the Dutch Corporate Governance Code ('DCGC"), the CEO pay ratio and the trend is disclosed in the annual Remuneration Report.

**6. &nbsp;&nbsp;&nbsp;&nbsp;Overview of Remuneration Element**

The remuneration structure for Executive Directors provides a fixed component as well as short and long-term variable components. In addition, post-employment benefits and other customary fringe benefits are provided. The Company believes that such a remuneration structure promotes the interests of the Company in the short and the long-term and is designed to encourage the executive directors to act in the best interests of the Company and not in their own interests. In determining the level and structure of the compensation of the Executive Directors, the Non-Executive Directors will take into account, among other things, the financial and operational results as well as other business objectives of the Company. The Company establishes target compensation levels using a market-based approach and periodically benchmarks its executive compensation program against peer companies and monitors compensation levels and trends in the market.

Non-Executive Directors will receive fixed payments only and no variable compensation. Customary fringe benefits may apply.

Executive Directors' remuneration consists of the following primary elements:

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| | | |
|:---|:---|:---|
| Element | Purpose | Description |
| Base Salary | Provides a fixed level of earnings to attract and retain Executive Directors | Base salary is based on scope of job responsibilities, experience of the Executive Director and the competitive market.<br>Company's policy is to periodically benchmark comparable salaries paid to other Executive Directors in its compensation peer group.<br>Base salary increases are not guaranteed for Executive Directors and their services agreements do not contemplate automatic base salary increases. |
| Short Term Incentive - <br>Annual Bonus | To focus on and drive the business priorities company-wide for the current year<br>Motivates executives to achieve performance objectives that are critical to our annual operating and strategic plans | At risk pay, subject to achievement of annually pre-established challenging financial and other business plan objectives.<br>Threshold, target and upper limit performance and corresponding pay-out levels are set competitively versus peer pay practices for each financial and other business plan objectives.<br>Scenario analyses performed to align short term variable pay to the actual annual operating performance. |
| Long Term Incentive | Drive and rewards long term value creation linked to the Company's strategy<br>Aligns Executive Board and shareholder and other stakeholders'<br>interests | Performance share units subject to acceptable individual performance.<br>Performance share units: subject to achievement of predetermined performance and other business plan objectives covering a three-year period.<br>Threshold, target and upper limit performance and corresponding pay-out levels are set competitively versus peer pay practices for each performance and market objective.<br>Equity awards granted in will be subject to a holding period of five years. |
| Post –<br>Employment Benefits | Provides executive future income security | Customary retirement income and severance benefits consistent with competitive offerings of appropriate peer group |
| Other <br>Benefits | Provides benefits in line with usual and customary fringe benefits in order to attract and retain Executive Directors | Benefits that Executive Directors typically receive include personal use of aircraft, company cars, personal home security, medical insurance, accident insurance, tax preparation and financial counselling, and tax equalization when applicable |

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*Base Salary*

As described above, base salary takes into consideration the Executive Director's skills, experience, scope of responsibilities, and the competitive market. The Company's policy is to periodically benchmark comparable salaries paid to other Executive Directors in its compensation peer group. Base salary increases are not guaranteed for Executive Directors and their agreements do not contemplate automatic base salary increases. Salary increases will be made taking into account those awarded to the Company's wider employee population.

*Variable Components*

Our Executive Directors are eligible to receive variable compensation, contingent on the achievement of pre-established, financial performance and other business plan targets. The variable components of our Executive Directors' remuneration, both short and long-term, are linked to predetermined, measurable objectives which serve to motivate strong performance and shareholder returns and are approved by the Non-Executive Directors. The Non-Executive Directors believe that placing significantly more weight on the long-term component is appropriate to align the Executive Directors' efforts and the Company's strategy, long-term interests and sustainability. The Company aims to select stable performance objectives throughout the normal business cycle.

Scenario analyses are carried out annually to examine the relationship between the performance criteria chosen and the possible outcomes for the variable remuneration of the Executive Directors. Such analyses help ensure a strong link between remuneration and performance and serve as a check on whether chosen performance criteria strongly supports the Company's strategic objectives and are appropriate under both the short-term and long-term incentive components of total remuneration.

In case an Executive Director is hired from outside the Stellantis Group, there is flexibility to award additional cash if and where necessary to compensate forfeiture of incentive awards upon leaving existing employment.

*Short-Term Variable Incentives*

The primary objective of the short-term variable incentive is to motivate achievement of the business priorities for the current year. The CEO is eligible to participate in the annual incentive plan. The Chairman does not participate.

The CEO's short-term variable incentive is based on achievement of annual financial and other business plan objectives proposed by the Remuneration Committee and approved by the Non-Executive Directors at the beginning of each year. The short-term variable incentive program applies rigorous performance measures to ensure a link between annual payout and Company performance.

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*Our Methodology for Determining Annual CEO Bonus Award*

![image.jpg](image.jpg)

When determining the CEO's annual short-term incentive compensation, the Remuneration Committee and the Non-Executive Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• select challenging objectives from those included in the annual operating plan approved by the Board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determine the weighting of each objective

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review the performance actually delivered to determine the appropriate overall measurement of achievement of the objectives

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approve the final bonus calculation

The targeted incentive for the annual bonus program is determined upon a periodic review of appropriate benchmarks. The CEO's targeted incentive is 200% of base salary with a range of 0% of base salary if threshold objectives are not met to a maximum of 400% of base salary for overachievement of objectives.

If upon a competitive review of each compensation element, the targeted and maximum short-term incentives warrant an adjustment to remain competitive, the Remuneration Policy reserves the right for the Board to make such adjustments, which will be reported in the Remuneration Report.

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*Long-Term Variable Incentives*

Long-term incentive compensation is a critical component of the Company's Executive Directors' compensation structure. This compensation component is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• align the interests of our Executive Directors and other key contributors with the interests of our shareholders and other stakeholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• motivate the attainment of Company financial and other performance goals and reward sustained long-term value creation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• serve as an important attraction and long-term retention tool that management and the Remuneration Committee uses to strengthen loyalty to the Company.

All employee equity awards, including those of the Executive Directors, are governed by the Stellantis N.V. Equity Incentive Plan ("EIP"). The EIP is an umbrella plan, specifying the general terms and conditions applicable to all long-term incentive equity awards. The EIP is an integral part of the Remuneration Policy and is also available on the Company's website www.stellantis.com<u>.</u> 

When determining the Executive Directors long-term incentives, the Remuneration Committee and the Non-Executive Directors, within the scope of the EIP and shareholder authorization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• select challenging objectives from those included in the EIP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determine the weighting of each objective

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review the performance actually delivered to determine the appropriate overall measurement of achievement of the objectives

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approve the final equity award determination

The targeted incentive for the annual bonus program is determined upon a periodic review of appropriate benchmarks. All equity awards are subject to acceptable individual performance. The targeted long-term incentive award for the Chairman is 300% of base salary to a maximum of 390% of base salary and for the CEO it is 600% of base salary to a maximum of 780% of base salary.

For the Chairman and CEO's equity awards 100% of award is performance share units linked to approved Company performance goals in line with the Strategic Business Plan.

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Vesting of all equity awards for Executive Directors is dependent on a three-year performance period. Equity granted will be subject to a holding period of five years.

If upon a competitive review of each compensation element, the targeted and maximum long-term incentives warrant an adjustment to remain competitive, the Remuneration Policy reserves the right for the Board to make such adjustments, which will be reported in the annual Remuneration Report.

*Recoupment of Incentive Compensation (Claw back Policy)*

The Board is dedicated to maintaining and enhancing a culture focused on integrity and accountability. Employment and services agreements with members of management, including its executive officers, and also the Equity Incentive Plan, allow the Company to recover, or "claw back", incentive compensation, including the ability to retroactively adjust if any cash or equity incentive award is predicated upon achieving financial results and the financial results were subject to an accounting restatement. In addition, the Executive Directors and each of the Company's executive officers will repay net amounts received for their annual bonuses, restricted share units and performance share units if, after payment, (i) Stellantis restates its financial statements for any vesting or performance period covered by the compensation (a "covered period"), (ii) the Board determines that circumstances existed during a covered period that, if known, would have constituted "cause", as defined in the executive's employment agreement, or (iii) the executive engaged in certain conduct during the covered period that has been materially injurious to the Company.

*Post-Employment Benefits*

The Executive Directors may participate in the same Company sponsored retirement and savings programs and health care benefits available to other executives and all salaried employees of the country where they are employed. Supplemental retirement provisions may apply in line with executive level benefits compared to peer companies in the country where employed.

*Severance Benefits*

In the event of an involuntary termination of employment other than for cause, Executive Directors may receive up to a maximum of twelve months' base salary, in accordance with the DCGC. Payment of a severance benefit is contingent upon the Executive Director complying with restrictive covenants such as non-competition and non-solicitation. Separation benefits may also include prorated vesting of equity awards in the event of death, disability or involuntary termination by the Company unless for cause. In addition, if within twenty-four months following a change of control the, Executive Director's services are involuntarily terminated by the Company (other than for cause), or are terminated by the Executive Director for good reason, the Executive Director is entitled to receive the applicable severance and accelerated vesting of outstanding equity awards under the EIP.

<sup>9</sup>

------

*Fringe Benefits*

We offer customary perquisites and fringe benefits to our Executive Directors, which may include personal use of aircraft, company car and driver, personal/home security, medical insurance, accident and disability insurance, tax preparation, and financial counseling. If as a result of the Executive Directors' global roles in the Company, employment income arises in multiple countries, the Executive Directors may participate in the Company's tax equalization policy for globally mobile employees, which provides for tax equalization to the country where the Executive Director is employed.

**7. &nbsp;&nbsp;&nbsp;&nbsp;Stock related provisions** 

*Ownership and Retention*

Our Board recognizes the critical role that executive stock ownership and retention has in aligning the interests of management with those of shareholders. Executive Directors are required to own an aggregate value of shares not less than a minimum multiple of their base salary. Executive Directors are required to meet their required level of ownership prior to December 31, 2025 Executive Directors are required to retain one hundred percent (100%) of net, after-tax shares of Common stock issued upon vesting and settlement of any equity awards granted until the fifth (5<sup>th</sup>) anniversary of the grant date of such award.

*Insider Trading Policy*

The Company maintains an insider trading policy applicable to all Directors, employees, members of the households and immediate family members (including spouse and children) of persons listed and other unrelated persons, if they are supported by the persons listed. The insider trading policy provides that the aforementioned individuals may not buy, sell or engage in other transactions in the Company's stock while in possession of material non-public information; buy or sell securities of other companies while in possession of material non-public information about those companies they become aware of as a result of business dealings between the Company and those companies; disclose material non-public information to any unauthorized persons outside of the Company; or engage in hedging transactions through the use of certain derivatives, such as put and call options involving the Company's securities. The insider trading policy also restricts trading by specified individuals to defined window periods which follow the Company's quarterly earnings releases.

*Prohibition on Short Sales (Anti-hedging)*

To ensure alignment with shareholders' interest and to further strengthen our compensation risk management policies and practice, the Company's insider trading policy prohibits all individuals

<sup>10</sup>

------

to whom the policy applies from engaging in a short sale of the Company's or its subsidiaries' securities and derivatives (such as options, puts, calls, or warrants).

**8. &nbsp;&nbsp;&nbsp;&nbsp;Terms of engagement management**

The Company's current Remuneration Policy is that Executive Directors are engaged for an indefinite period of time and are employed at will, meaning either party can terminate the relationship at any time.

**9. &nbsp;&nbsp;&nbsp;&nbsp;Remuneration Policy for Non-Executive Directors**

Remuneration of Non-Executive Directors is fixed and not dependent on the Company's financial results. Non-Executive Directors are not eligible for variable compensation and do not participate in any incentive plans.

The annual remuneration for the Non-Executive Directors to be paid in cash is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• €200,000 for each Non-Executive Director

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An additional €10,000 for each member of the Audit Committee and €25,000 for the Audit Committee Chairman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An additional €5,000 for each member of the Remuneration Committee and the Governance and Sustainability Committee and €10,000 for the Remuneration Committee Chairman and the Governance and Sustainability Committee Chairman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An additional €50,000 for the Senior Independent Director

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subject to taxes related to imputed income, if any, each Non-Executive Director is entitled to an automobile perquisite of one (1) assigned vehicle, rotated annually, and discounts on the purchase or lease of Company vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock ownership requirement equivalent to one year of base compensation (€200,000)

**10. Derogation**

The Board may, upon recommendation of the Remuneration Committee, deviate from the policy if exceptional circumstances provide valid reasons to do so and may only be temporary until a new policy is adopted. Exceptional circumstances are circumstances in which deviation is, in the opinion of the Board, necessary to serve the long-term prospects and sustainability of the Company and/or the Group. This may concern all aspects of the policy including exceptional

<sup>11</sup>

------

short-term and long-term incentive awards. Deviations shall be aligned with the main objectives of the policy applying a consistent approach.

Finally, above-market levels of remuneration may be awarded to retain or secure an individual who is considered to have the skill or experience that is critical to delivering the Company strategy.

\* \* \* \* \*

## Exhibit 8.1

**Exhibit 8.1**

**Principal Subsidiaries - Stellantis NV**

---

| | | |
|:---|:---|:---|
| Name | Country | Percentage Interest Held |
| North America |  |  |
| FCA US LLC | USA | 100.00 |
| FCA Canada Inc. | Canada | 100.00 |
| Stellantis Mexico, S.A. de C.V. | Mexico | 100.00 |
| South America |  |  |
| Stellantis Automoveis Brasil Ltda. | Brazil | 100.00 |
| FCA Automobiles Argentina S.A. | Argentina | 100.00 |
| Peugeot Citroën Argentina S.A. | Argentina | 99.97 |
| Enlarged Europe |  |  |
| Automobiles Peugeot | France | 100.00 |
| Stellantis Europe S.p.A. | Italy | 100.00 |
| Opel Automobile GmbH | Germany | 100.00 |
| Stellantis Auto S.A.S. | France | 100.00 |
| Automobiles Citroën | France | 100.00 |
| Groupe PSA Italia S.p.A. | Italy | 100.00 |
| Stellantis & You France S.A.S. | France | 100.00 |
| Stellantis España, S.L. | Spain | 99.99 |
| Peugeot Motor Company PLC | United Kingdom | 100.00 |
| FCA Germany GmbH | Germany | 100.00 |
| Vauxhall Motors Limited | United Kingdom | 100.00 |
| Stellantis & You UK Limited | United Kingdom | 100.00 |
| Stellantis Belux S.A. | Belgium | 100.00 |
| Stellantis & You Italia S.p.A. | Italy | 100.00 |
| Peugeot Deutschland GmbH | Germany | 100.00 |
| FCA France S.A.S. | France | 100.00 |
| Citroën Deutschland GmbH | Germany | 100.00 |
| Leapmotor International Business S.p.A. | Italy | 51.00 |
| FCA Poland S.p.z.o.o. | Poland | 100.00 |
| PCA Slovakia SRO | Slovakia | 100.00 |
| Middle East & Africa |  |  |
| Stellantis Production El Djazair S.p.A. | Algeria | 51.00 |
| Stellantis Middle East FZE | United Arab Emirates | 100.00 |
| Stellantis Maroc S.A. | Morocco | 100.00 |
| China and India & Asia Pacific |  |  |
| Stellantis Japan Ltd. | Japan | 100.00 |
| Stellantis Asia Pacific Investment Co., Ltd. | People's Rep.of China | 100.00 |
| Maserati |  |  |
| Maserati S.p.A. | Italy | 100.00 |
| Holdings & Other Companies |  |  |
| Stellantis Financial Services US Corp. | USA | 100.00 |
| Stellantis Financiamentos Sociedade de Crédito, Financiamento e Investimento S.A. | Brazil | 100.00 |
| Banco Stellantis S.A. | Brazil | 100.00 |
| Stellantis Financial Services Europe | France | 100.00 |
| GIE PSA Trésorerie | France | 100.00 |
| Fiat Chrysler Finance North America, Inc. | USA | 100.00 |
| FCA US Insurance Company | USA | 100.00 |
| Stellantis International S.A. | Switzerland | 100.00 |
| FCA North America Holdings LLC | USA | 100.00 |
| Aramis Group | France | 60.54 |

---

## Exhibit 11.1

**Exhibit 11.1**

**STELLANTIS N.V. - INSIDER TRADING POLICY**

**Approved and adopted by the Board of Directors on October 10, 2014 <br>and amended on July 28, 2016, on October 2, 2019 and on January 17, 2021**

**1.&nbsp;&nbsp;&nbsp;&nbsp;SCOPE**

Stellantis N.V. (the "***Company***") is a public limited liability company incorporated under Dutch law with common shares listed on the New York Stock Exchange, on the Mercato Telematico Azionario managed by Borsa Italiana S.p.A and on Euronext Paris. Certain provisions and prohibitions under the Insider Trading Laws (as defined in Section 3 below) are enforceable against the Company and its subsidiaries (collectively, the "***Group***") and their respective directors ("***Directors***"), officers ("***Officers***") and employees ("***Employees***").

This insider trading policy (the "***Policy***") is intended to provide recommendations and guidelines to Insiders (as defined in Section 2 below) in order to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)familiarize them with the rules and disciplinary provisions (requirements, constraints, risks and sanctions relating thereto) under the Insider Trading Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)help them comply with the provisions of the Insider Trading Laws that are applicable to the Group and to Insiders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)set forth certain Group-required restrictions intended to aid in compliance by the Group and Insiders with the Insider Trading Laws.

The Company considers compliance with this Policy to be of the utmost importance. Group personnel, including Directors and Officers of the Group, who violate this Policy will be subject to disciplinary action, which may include but may not be limited to, dismissal.

Please direct your questions as to any of the matters discussed in this Policy to the Group's Insider Trading Compliance Officer (refer to Section 12 below).

**2.&nbsp;&nbsp;&nbsp;&nbsp;TO WHOM THIS POLICY APPLIES**

The Policy applies to the group of people listed below, who are referred to in this Policy as "***Insiders***":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Directors and Officers. The term "**Officers**" includes (1) the Company's officers named as senior management of the Company in the Company's most recent Annual Report ("**Senior Officers**") and (2) the members of the Global Executive Committee (or any successor senior management body or committee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Relatives who are members of the same household, the spouse, partner equivalent to a spouse under national law and children who are dependent in accordance with

------

**Exhibit 11.1**

national law of (or residing in the same household as) the Insiders referred to under (1) of this Section 2;<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;Any legal person, trust (including trust referred to in article 1(c) of the Dutch Act on Supervision of Trust Offices (*Wet toezicht trustkantoren*)) or partnership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the executive responsibility of which is vested in;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) which is directly or indirectly controlled by;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which has been created for the benefit of; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the economic interests of which are essentially equivalent to those of the Insiders referred to in (1) and (3).

Directors, Officers and Employees are expected to be responsible for compliance by the Insiders referred to under (3) and (4) of this Section 2 related to them, as well as their own compliance.

In addition, all persons who have access on a regular or on an occasional basis to Material Non-Public Information, *i.e.* Insiders who are (1) Directors, (2) Officers, (3) members of the management holding a position of N-2 or higher, (4) employees in the accounting, finance, legal or investor relations departments holding a position of N-3 or assisting with the preparation of earnings releases, of the Company's annual or quarterly reports or serving as members of the Company's financial reporting Committee are defined as "**Restricted Insiders**".

From time to time, other persons (who shall be so notified by the Company) may become Insiders or Restricted Insiders and be subject to the relevant requirements of the Policy if such persons have or may have access to Material Non-public Information (as defined in Section 3 below) or receive Material Non-public Information from any Insider. The Insiders shall be notified when their name is included in the insiders lists compiled and updated from time to time by the Company in accordance with the terms and conditions and in the format required under the MAR.<sup>2</sup> In addition, the Company takes the required measures to ensure that any such person on the insiders lists acknowledges in writing the legal and regulatory duties associated with such listing and is aware of the sanctions applicable to insider dealing and unlawful disclosure of inside information. The Company must provide the insiders lists to the AFM as soon as possible upon its request.

1&nbsp;&nbsp;&nbsp;&nbsp;An Insider may possibly held accountable for trading activities of other related persons even if not captured by this section (3).

2&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the MAR, the Company must draw up and keep up-to-date a list of all persons who have access to Material Non-public Information and who are are working for the Company under a contract of employment or otherwise performing tasks through which they have access to Material Non-public Information. The information on this list must include the name, address, job title and the contact information of each such insider, as well as the reason for which said insider is registered on the list and the corresponding date of registration.

------

**Exhibit 11.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;DEFINITIONS**

The terms "**Insider Trading Laws**", "**Material Non-public Information**" and "**Securities**" are defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1&nbsp;&nbsp;&nbsp;&nbsp;**Insider Trading Laws

The term "**Insider Trading Laws**" includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the anti-fraud provisions of the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), including Section 10(b) of, and Rule 10b-5 under the Exchange Act, as well as related anti-fraud and enforcement provisions of the U.S. federal and state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the relevant provisions of the Italian Legislative Decree No. 58 of February 24, 1998 (the ***"Consolidated Financial Law***") and any rules and regulations thereto, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the relevant provisions of the Dutch Financial Supervision Act (*Wet op het financieel toezicht*) (the "DFSA") and any rules and regulations thereto, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the relevant provisions of the French Monetary and Financial Code (*Code monétaire et financier*) (including articles L. 465-1 and seq. and Articles L. 621-15) and of the General Regulations of the French financial markets authority (including articles 223-1 and seq.) (the "**French Financial Rules**") and any rules and regulations thereto, as amended from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the provisions of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation), including all legislation and regulation promulgated thereunder, as amended from time to time (the "***MAR***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2&nbsp;&nbsp;&nbsp;&nbsp;Material Non-public Information**

The term "***Material Non-public Information***" includes any information not generally available<sup>3</sup> that:

3&nbsp;&nbsp;&nbsp;&nbsp;Any information that has not been made public or disclosed to, and absorbed by, the marketplace shall be considered not generally available or "non-public". Thus, information about the Group that is not yet in general circulation should be considered non-public.

------

**Exhibit 11.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;is of a precise<sup>4</sup> nature and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)relates, directly or indirectly, to the Group or to Securities (as defined below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)if made public, would be likely to have a significant effect<sup>5</sup> on the prices of Securities (including on the price of any related derivative financial instruments); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;that a reasonable investor would consider important in a decision to buy, hold or sell a security. U.S. courts have described that as information that could be considered to significantly alter the "total mix" of information available to a reasonable investor in making its investment decision.

Schedule 1 sets forth a list of types of information that may be deemed material and accordingly could qualify as Material Non-public Information if not generally available to investors. This list is not exhaustive and should be viewed solely as a guide for further consideration of the materiality of a particular fact, circumstance or development which may be material depending on the circumstances. No implication should be drawn that a particular event is or is not material by virtue of its inclusion or exclusion from the list. Information may be "*material*" whether positive or negative.

If an Insider has a question as to whether particular information is a Material Non-public Information, such Insider should consult the Company's Insider Trading Compliance Officer for guidance prior to trading the Company's Securities.

If securities transactions become the subject of scrutiny, the U.S. Securities and Exchange Commission, the Dutch Authority for the Financial Markets (*Stichting Autoriteit Financiële Markten*) (the "***AFM***"), the Italian Authority for the Financial Markets (*Commissione Nazionale per le Società e la Borsa*) ("***Consob***"), the French Authority for the Financial Markets (*Autorité des Marchés Financiers*) (the "***AMF***"), prosecutors, courts and others will decide what is material and/or non-public after the fact. As a result, before engaging in any transaction,

4&nbsp;&nbsp;&nbsp;&nbsp;Information is precise if it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)indicates circumstances that exist or may reasonably be expected to come into existence or an event that has occurred or may reasonably be expected to occur; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)is specific enough to enable a conclusion to be drawn as to the possible effect of those circumstances or that event on the price of Securities or related investments. In the case of a protracted process that is intended to bring about, or that results in, particular circumstances or a particular event, those future circumstances or that future event, and also the intermediate steps of that process which are connected with bringing about or resulting in those future circumstances or that future event, may be deemed to be precise information. An intermediate step in a protracted process shall be deemed to be inside information if, by itself, it satisfies the criteria of inside information as referred to above.

5&nbsp;&nbsp;&nbsp;&nbsp;In assessing whether a particular piece of information could have a significant (or material) effect on price, it is important to assess whether it is information of a kind which a reasonable investor would be likely to use as part of the basis of its investment decisions (see Schedule 1 for a list of examples, that are likely to be deemed material).

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**Exhibit 11.1**

Insiders should carefully consider how regulators and others might view the transaction in hindsight.

The good faith belief that material information has been made public at the time an individual trades does **<u>not</u>** relieve an individual from liability if he or she is wrong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3&nbsp;&nbsp;&nbsp;&nbsp;Securities**

The "***Securities***" to which this Policy applies include the Company's common stock, preferred stock, bonds and notes and the stock, bonds and notes of any of the Company's subsidiaries and derivative securities of such securities (such as options, puts, calls or warrants or any other financial instrument by which the above securities can be acquired or subscribed) whether or not issued by the Company (and whether or not settled in such securities or in cash).

In addition, this Policy applies to securities of a third party to the extent that an Insider acquires Material Non-public Information in relation to that third party or the financial instruments of that third party as a result of the Insider's employment with, or service to, the Group.

This Policy applies to Securities regardless of whether they are held in a brokerage account, a 401(k) or similar account, through an employee stock purchase plan or otherwise.

**4.&nbsp;&nbsp;&nbsp;&nbsp;INSIDER TRADING - INSIDER TIPPING**

Insiders are prohibited from (i) trading in Securities while in possession of Material Non-public Information, (ii) recommending or , inducing third parties to trade in Securities while in possession of Material Non-public Information and (iii) passing Material Non-public Information on to any person unless the person has a "need to know" the information for Group-related reasons, provided that such disclosure is made in the normal exercise of the employment of the Insider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1&nbsp;&nbsp;&nbsp;&nbsp;Insider Trading**

Pursuant to the anti-fraud provisions of the Exchange Act, it is unlawful for any person, in connection with the purchase or sale of securities, to do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to employ any device, scheme, or artifice to defraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)to engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.

Insiders who want to either buy or sell Securities are subject to the anti-fraud provisions and are not permitted to trade Securities while in possession of Material Non-public Information.

------

**Exhibit 11.1**

The prohibition to trade Securities while in possession of Material Non-public Information is also clearly set forth under the MAR, the Consolidated Financial Law and the French Financial Rules, which prohibits Insiders from buying, selling, carrying out other transactions or attempting to carry out transactions involving, directly or indirectly, for his own account or for the account of a third party, Securities using Material Non-public Information. The use of Material Non-Public Information by cancelling or amending a transaction concerning Securities to which the Material Non-Public Information relates, is also considered to be inside dealing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2&nbsp;&nbsp;&nbsp;&nbsp;Insider Tipping**

The Insider Trading Laws also prohibit Insiders from giving "tips," either by (i) revealing Material Non-public Information concerning the Group to others outside the normal requirements of their employment, profession, duties or position and for company-related reasons or (ii) by recommending or inducing others to buy or sell Securities or to cancel or amend an order concerning the Securities while possessing Material Non-public Information.

**5.&nbsp;&nbsp;&nbsp;&nbsp;PROHIBITIONS APPLICABLE TO INSIDERS** <br> The Policy prohibits Insiders from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)trading in Securities, including purchasing or selling or making any offer to purchase or sell Securities, unless the trade occurs (i) with respect to Restricted Insiders, during an open trading window (i.e., the period when no Blackout Period is in place) and (ii) in any case, at a time at which the Insider is not in possession of Material Non-public Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)revealing any Material Non-public Information to any other person (including family members) outside the normal requirements of their employment, profession, duties or position and for company-related reasons, or making recommendations or expressing opinions as to trading in Securities while in possession of Material Non-public Information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)purchasing or selling securities of any other company if any Material Non-public Information in relation to that company or the financial instruments of that company has been obtained by Insiders through their roles and responsibilities at the Group or in the course of their employment or affiliation with the Group.

Furthermore, participants in the Group's 401 (K) Plan may not transfer any Securities (including any matching contributions made in Securities) out of the Company Stock Fund or equivalent fund of other name during any Regular or Special Blackout Period.

**No Insider may engage in a short sale of the Securities under any circumstances.** A short sale is a sale of Securities not owned by the seller or, if owned, not delivered against such sale within 20 days thereafter. Transactions in certain put and call options for the Securities may

------

**Exhibit 11.1**

in some instances constitute a short sale. To ensure compliance with this Policy and applicable Insider Trading Laws, the Company requires that all Insiders refrain from investing in derivatives of the Securities, such as puts or call options, as well as from participating in hedging transactions involving Securities, at any time. Short sales and investing in other derivatives of the Securities are prohibited by this Policy even when a "trading window" is open.

While the general operation of these limitations is straightforward, there may be situations where their applicability is not clear. In these situations, when an Insider has questions concerning any particular transaction, the Insider must call the Group's Insider Trading Compliance Officer in advance of making any trade.

**6.&nbsp;&nbsp;&nbsp;&nbsp;BLACKOUT PERIODS**

The purpose of the Blackout Periods is to help prevent inadvertent violations and to avoid the appearance of an improper transaction when material information may be available but has not yet been disclosed to, and absorbed by, the public. Restricted Insiders, by virtue of their positions with the Company, may be more likely than others to possess Material Non-public Information. To reduce the risk of claims that Restricted Insiders have violated an anti-fraud or insider trading provision, Restricted Insiders may not trade Securities during any "***Blackout Period***" (regardless of whether it is a Regular or Special Blackout Period). **These Blackout Periods do not apply to Insiders who are not Restricted Insiders and to the Company in connection with its own securities transactions in light of the Company's ability to assess whether there exists Material Non-public Information, and if necessary to make supplemental disclosures, in connection with any offering, sale or purchase by the Company of its securities.**

At the beginning of each year, the Company will post notices of Regular Blackout Periods on its Intranet site. It is the responsibility and obligation of each Restricted Insider to make sure that no Blackout Period, either Regular or Special, is in effect prior to trading in Securities.

Any questions regarding the Blackout Periods should be raised with the Group's Insider Trading Compliance Officer prior to trading in Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1&nbsp;&nbsp;&nbsp;&nbsp;Regular Blackout Periods**

The Company maintains four mandatory Regular Blackout Periods each year. Each Regular Blackout Period commences on the earlier of (i) <u>two weeks prior</u> to the official end date of the quarter or (ii) thirty (30) calendar days prior to the Group's public release of its quarterly earnings or annual report and ends two business days after the Group's public release of its quarterly earnings. In other words, trading may not commence before the third business day after the earnings release.

Restricted Insiders should note that quarterly earnings releases may be delayed beyond the scheduled release date, in which case the actual ending date of a Regular Blackout Period will be extended commensurately.

------

**Exhibit 11.1**

The prohibitions of this Section 6 shall not apply to transactions as referred to in Section

7.2. **&nbsp;&nbsp;&nbsp;&nbsp;6.2&nbsp;&nbsp;&nbsp;&nbsp;Special Blackout Periods**

From time to time, the Company or the Insider Trading Compliance Officer may impose a Special Blackout Period to prohibit some or all Insiders, including Restricted Insiders, from trading Securities because of material developments, or potentially material developments, known to the Group and not yet disclosed to the public. In such event, all such prohibited Insiders, including Restricted Insiders, may not engage in any transaction involving the purchase or sale of the Securities and should not disclose to others the fact of such suspension of trading until the second business day after the Company or the Insider Trading Compliance Officer has lifted the Special Blackout Period.

**&nbsp;&nbsp;&nbsp;&nbsp;6.3&nbsp;&nbsp;&nbsp;&nbsp;<u>No Trading on Material Non-public Information at Any Time</u>**

**Even outside a Blackout Period, any Insider (including any Restricted Insider) who is aware of or possesses Material Non-public Information concerning the Group, may not engage in any transactions in the Securities until such information has been known publicly for at least two full trading days or has otherwise ceased to be Material Non-Public Information. Trading in the Securities outside a Blackout Period should <u>not</u> be considered a "safe harbor," and all Insiders are responsible for their individual compliance with applicable securities and other laws and therefore must use good judgment in determining whether to purchase or sell Securities at all times.**

**7. EXEMPTIONS**

**&nbsp;&nbsp;&nbsp;&nbsp;7.1&nbsp;&nbsp;&nbsp;&nbsp;Trading Plans under rule 10b5-1 under the Exchange Act**

Insiders may elect to trade in Securities pursuant to a written plan or set of instructions to his or her stock broker (a "**Trading Plan**") that complies with Rule 10b5-1 under the Exchange Act and that meets the other conditions set forth below.

The Company encourages the adoption of a Trading Plan by all Insiders (be they Insiders or Restricted Insiders) who intend to sell shares.

Insiders may enter into a Trading Plan (1) with a broker administering the delivery of equity incentives under the Company's Equity Incentive Plan offering a standard form of Trading Plan preapproved by the Company, or (2) with a broker of their own choice. All Trading Plans must be approved in advance by the Insider Trading Compliance Officer in writing.

All Trading Plans must be filed with the Insider Trading Compliance Officer with an executed certificate stating that the Trading Plan (i) is a *bona fide* Trading Plan that complies with Rule 10b5-1 and (ii) meets the following minimum conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trading Plan is in writing and signed by the person adopting the Trading Plan.The person adopting the Trading Plan is not aware of any Material Nonpublic Information as of the date of the adoption of the

------

**Exhibit 11.1**

Trading Plan, and is entering into the Trading Plan in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b5-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trading Plan may be adopted or amended by a Restricted Insider only during an open Trading Window.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trading Plan shall be suspended during Blackout Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trading Plan specifies a fixed number of shares to be purchased or sold, or specifies or sets a formula for the amount of stock to be purchased or sold, the dates on which the stock is to be purchased or sold, and the prices at which the stock is to be purchased or sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unless approved by the Insider Trading Compliance Officer, the first trade made pursuant to a Trading Plan may not take place until at least 30 days have elapsed since the date on which the Trading Plan was adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trading Plan complies with any applicable guidelines regarding Trading Plans that may be issued from time to time by the Insider Trading Compliance Officer.

The Company strongly recommends that any person seeking to adopt a Trading Plan consult with his or her legal counsel prior to the adoption of a Trading Plan.

**Each individual adopting a Trading Plan is solely responsible for compliance with Rule 10b5-1 and ensuring that such Trading Plan meets the other conditions set forth above.** Insiders also remain individually responsible for compliance with all applicable laws, rules and regulations on insider trading and remain subject to disciplinary action for any violations of this Policy, regardless of whether a Trading Plan has been adopted. Notwithstanding the conditions set forth above, the Company does not undertake any obligation to ensure that a Trading Plan filed with the Company complies with Rule 10b5-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2&nbsp;&nbsp;&nbsp;&nbsp;Exemptions from Insider Trading under the MAR**

The Company may allow a Restricted Insider to trade Securities during a Blackout Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on a case-by-case basis due to the existence of exceptional circumstances, such as severe financial difficulty, which require the immediate sale of Securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) due to the characteristics of the trading involved for transactions made under, or related to, an employee share or saving scheme, qualification or entitlement of shares, or transactions where the beneficial interest in the relevant Security does not change, provided that the Restricted Insider is able to demonstrate that the particular transaction cannot be executed at another moment in time than in the Blackout Period.

------

**Exhibit 11.1**

In the circumstances of (i) above, the Restricted Insider shall provide a reasoned written request to the Insider Trading Compliance Officer for obtaining permission to proceed with immediate sale of Securities during a Blackout Period. The written request shall describe the envisaged transaction and provide an explanation of why the sale of shares is the only reasonable alternative to obtain the necessary financing.

The Insider Trading Compliance Officer shall only permit the immediate sale of Securities when the circumstances for such transactions may be considered exceptional. Circumstances shall be considered to be exceptional when they are extremely urgent, unforeseen and compelling and where their cause is external to the Restricted Insider and the Restricted Insider has no control over them. When examining the circumstances, the Insider Trading Compliance Officer shall take into account, *inter alia*, whether and the extent to which the Restricted Insider is (i) at the moment of submitting its request facing a legally enforceable financial commitment or claim, or (ii) has to fulfill or is in a situation entered into before the beginning of the Blackout Period and requiring the payment of a sum to a third party, including tax liability, and cannot reasonably satisfy a financial commitment or claim by means other than the immediate sale of Securities.

The prohibitions for Restricted Insiders to trade Securities while in possession of Material Non-public Information during a Blackout Period as set out in the MAR (as referred to in Section 4.1) and as set out in Section 6 under (i) shall, if the Insider Trading Compliance Officer (on behalf of the issuer) decides so, not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the receipt, other than by choice, of Securities as stock dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the granting, within the scope of an employee participation plan of financial instruments to employees, provided that the employee participation plan is approved by the Company, the terms of the employee participation plan specify the timing of the grant and the amount of Securities granted or the basis on which such an amount is calculated, the person receiving the Securities does not have any discretion as to the acceptance of the Securities and a pre-planned and organized approach is followed regarding the conditions, periodicity, timing, amount to be awarded and group of entitled persons or the grant takes place under a defined framework under which any Material Non-public Information cannot influence the grant of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the exercise of options or warrants or conversion of convertible bonds assigned to him under an employee scheme when the expiration date of such options, warrants or convertible bonds falls within a Blackout Period, as well as sales of the shares acquired pursuant to such exercise or conversion, provided that (i) the Restricted Insider notifies the Company of its choice to exercise or convert at least four months before the expiration date; (ii) the decision of the Restricted Insider irrevocable; and (iii) the Restricted Insider has received the authorization from the Company prior to proceed;

------

**Exhibit 11.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)acquiring Securities under an employee saving scheme, provided that (i) the Restricted Insider has entered into the scheme before the Blackout Period, except when it cannot enter into the scheme at another time due to the date of commencement of employment; (ii) the Restricted Insider does not alter the conditions of his participation into the scheme or cancel his participation into the scheme during the Blackout Period; and (iii) the purchase operations are clearly organized under the scheme terms and the Restricted Insider has no right or legal possibility to alter them during the Blackout Period, or are planned under the scheme to intervene at a fixed date which falls in the closed period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any transfer, directly or indirectly, of Securities provided that the Securities are transferred between two accounts of the Restricted Insider and that such transfer does not result in a change in price of such Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)acquiring qualification or entitlement to shares of the Company where the final date for such acquisition falls during a Blackout Period, provided that the Restricted Insider submits evidence to the Company for the reasons for the acquisition not taking place at another time, and the Company is satisfied with the provided information.

**8.&nbsp;&nbsp;&nbsp;&nbsp;PRECLEARANCE OF TRANSACTIONS BY DIRECTORS AND OFFICERS AND CERTAIN OTHER EMPLOYEES**

No Director or Officer and no Insider related to a Director or an Officer (pursuant to items (3) or (4) of the definition of Insiders) (collectively the "**Preclearance Individuals**") will trade in Securities, except for trades under a Trading Plan that complies with Rule 10b5-1 and the minimum conditions set forth in Section 7.1., even outside of a Blackout Period in the case of a Restricted Insider, without first complying with the Company's preclearance process as set forth below. The same restriction applies to the employees designated as Preclearance Individuals by the Company and so notified by the Insider Trading Compliance Officer.

Preclearance Individuals must notify in writing the Company's Insider Trading Compliance Officer not less than two (2) business days prior to commencing any trade in the Securities of the amount and the date or dates of the proposed trade by completing and submitting the pre-clearance request form provided by the Company. The pre-clearance request form includes a statement by the Preclearance Individual that (1) he or she is not in possession of Material Non-public Information, and (2) the proposed trade does not violate any regulatory trading restrictions. No trade may be effected until the relevant Preclearance Individual has received the approved pre-clearance request form, even if two (2) business days have passed since the pre-clearance request form was submitted. If the Insider Trading Compliance Officer is unavailable for more than forty-eight hours, or the trade is requested by the Insider Trading Compliance Officer, the Company's Chief Financial Officer may approve the transaction.

------

**Exhibit 11.1**

Clearance of a transaction is valid only for a forty-eight hour period unless the relevant Preclearance Individual comes into possession of Material Non-public Information before then; if the transaction is not completed within that forty-eight hour period, clearance of the transaction must be re-requested.

The Insider Trading Compliance Officer is not under any obligation to approve a trade submitted for preclearance, and may determine not to permit a trade at his or her sole discretion. Pre-clearance of a transaction does not constitute an affirmation by the Company or the Insider Trading Compliance Officer that the relevant Preclearance Individual is not in possession of Material Non-public Information; it is not a defense to a claim of insider trading and does not excuse Preclearance Individuals from otherwise complying with Insider Trading Laws or this Policy.

**9. WHISTLEBLOWING**

If an Insider becomes aware of another Insider's conduct that the Insider believes may amount to insider trading or otherwise may be in violation with this Policy, the Insider must promptly inform the Group's Insider Trading Compliance Officer of the matter.

**10. PENALTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 Legal Penalties**

Any Insider who violates the above rules is subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;civil and criminal penalties in the United States under the Federal Insider Trading and Securities Fraud Enforcement Act of 1988, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)disgorgement of profit made or loss avoided by trading or tipping;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)payment of the loss suffered by the person who purchased securities from or sold securities to the individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a civil penalty of up to three times the profit gained or loss avoided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)a criminal penalty (no matter how small the profit) of up to US$5 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)a jail term of up to twenty years.

The penalties for the <u>Group</u> if it fails to take appropriate steps to prevent insider trading include a criminal penalty of up to US$25 million. In addition, any person who at the time of the violation, directly or indirectly, controlled the Insider may be subject to a civil penalty of the greater of US$1 million and three times the profit gained or loss avoided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;criminal and administrative penalties in Italy under the Consolidated Financial Law:

------

**Exhibit 11.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a jail term of up to six years and a criminal penalty of up to Euro 3 million; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)administrative penalties of up to Euro 5 million and possible further accessory sanction set forth in the Consolidated Financial Law.

Italian courts or CONSOB, as the case may be, may increase the fine up to three times or up to the larger amount of ten times the product of the crime or the profit deriving there from when, in view of the particular seriousness of the offence, the personal situation of the person subject to criminal proceeding or the magnitude of the product of the crime or the profit deriving there from, the fine appears inadequate even if the maximum fine is applied.

In case insider trading is committed in the interest or to the advantage of the Group by persons discharging managerial responsibilities within the Group or persons subject to the direction or supervision by the latter, the Group might be subject to fines up to Euro 15 million or, if greater, 15% of the Group's turnover. Should the product of the crime or the profit deriving therefrom to the benefit of the Group be of significant amount, the pecuniary penalties for the Group may be increased up to ten times the product of the crime or the profit deriving there from.

Additionally, the person may be enjoined, in severe cases, from acting as an officer or director of any publicly traded company.

These penalties apply even if the Insider has derived no benefit. The Regulators may impose large penalties on those engaged in tipping, even though the persons involve neither trade themselves nor receive any money from friends or relatives to whom they tip insider information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;criminal and administrative penalties in France under the French Financial Rules, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a jail term of up to five years and a criminal penalty of up to Euro 100 million, which may be increased to up to ten times the amount of the profit realized and shall never be less than the amount of such profit, it being specified that, for legal persons, such amount may be increased to up to 15% of its total annual revenue; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)an administrative penalty of up to Euro 100 million or ten times the amount of any profit made if it can be determined (that can be further increased within the limit of 10% of its amount), it being specified that, for legal persons, such amount may be increased to up to 15% of its total annual revenue.

In the Netherlands, failure to comply with the rules set out in this Policy by an Insider could make such Insider subject to administrative, civil or criminal investigations and/or sanctions, including by imprisonment or a fine.

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**Exhibit 11.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 Group Penalties**

In addition to any legal penalties, a violation of this Policy may subject the Insider, if a Director, to removal and, if an Officer or Employee, to disciplinary action by the Group, up to and including termination (of the employment) agreement for cause.

**11. MAINTAINING CONFIDENTIALITY**

All Insiders should avoid communicating non-public information relating to the Group to any person (including family members and friends) unless the person has a "need to know" the information for Group-related reasons. <u>This guideline applies without regard to the materiality of the information</u>. It is the responsibility of each Insider to take whatever practicable steps are appropriate to preserve the confidentiality of non-public information.

To avoid even the appearance of impropriety, each Insider should at all times refrain from providing advice or making recommendations regarding the purchase or sale of Securities or the securities of other companies of which he/she has knowledge as a result of his/her employment or association with the Group.

If an individual communicates information that someone else uses to trade illegally in securities, the legal penalties described above will apply whether or not such individual personally derived any benefit from the illegal trading.

If an Insider inadvertently discloses Material Non-public Information, or discovers that someone else inside or outside the Group has, the Insider should immediately report the facts to the Group's Insider Trading Compliance Officer for a decision regarding the appropriate remedial steps.

**12. INSIDER TRADING COMPLIANCE OFFICER**

The Company has appointed the Group's General Counsel as the Group's Insider Trading Compliance Officer. The duties of the Insider Trading Compliance Officer shall include, but not be limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Performing cross-checks from time to time, as deemed appropriate by the Group's Insider Trading Compliance Officer, of available materials, which may include, officers and directors questionnaires and reports received from the Group's stock administrator and transfer agent, to determine trading activity by Directors, Officers and Employees and others who have, or may have, access to Material Non-public Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Circulating the Policy (and/or a summary thereof) to all Directors, Officers and Employees on an annual basis and providing the Policy and other appropriate materials to new Directors, Officers and Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Coordinating with the Group outside counsel regarding compliance activities with Insider Trading Laws to ensure that the Policy is amended as necessary to comply with such requirements.

------

**Exhibit 11.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Coordinating and supervising the implementation of the exemptions set forth under Sections 7 of this Policy, including Trading Plans adopted in compliance with Rule 10b5-1 under the Exchange Act; provided, however, that the Insider Trading Compliance Officer is not responsible for determining whether such plans are in compliance with Rule 10b5-1.

The Insider Trading Compliance Officer is authorized to conduct an investigation or to call an investigation to be conducted, regarding transactions in Securities that has/have been executed or undertaken by, on the instruction of, or for the benefit of an Insider. The Insider Trading Compliance Officer is authorized to report in writing the results of such investigation to the Chairman of the Company's board of directors (the "***Chairman***"). Prior to this reporting, the Insider must be given an opportunity to react on the results of the investigation. All Insiders are obliged to collaborate in the investigation. If requested any Insider will instruct his stockbroker or responsible intermediary to provide the Insider Trading Compliance Officer with any requested information of the transactions executed in the Securities.

The individual who is subject to said investigation will be informed of the results of the investigation by the Chairman. If the investigation concerns the Chairman, the task and responsibilities of the Chairman under this clause shall rest with the CEO.

**13.&nbsp;&nbsp;&nbsp;&nbsp;NOTIFICATION OBLIGATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1 Notification obligations for Directors**

Each Director must notify the Insider Trading Compliance Officer and the AFM in the manner set forth in section 13.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)within two weeks of his/her designation or appointment, of his/her holding of capital interest and/or voting rights in the Company and in any other Dutch corporation with shares or depository receipts for shares listed on a regulated market that is affiliated with the Company (an "***Affiliated Issuer***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)immediately without delay after a Dutch corporation has become an Affiliated Issuer, of his/her holding of capital interest and/or voting rights in such Affiliated Issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)immediately without delay, of each change in his/her holding of capital interest and/or voting rights in the Company and in any Affiliated Issuer.

**13.2 Notification obligations for other Insiders. Process for notifications**

Directors, Senior Officers, and any other Insider designated in writing by the Company as an Insider required to comply with this Section 13.2 (collectively "**Notifying Insiders**") must notify the Insider Trading Compliance Officer and the AFM of any transaction performed for his/her account or for the account of the Insiders as referred to under (3) or (4) of the definition of Insiders who are related to them in Securities of the Company promptly, and in no event more than two (2) days following the date of the transaction. Apart from the acquisition and disposal of Securities, transactions that should also be notified include (i) the pledging and lending of

------

**Exhibit 11.1**

Securities, (ii) transactions undertaken by persons professionally arranging or executing transactions or by another person on behalf of an Insider referred to under (1), (3) and (4) of the definition of Insiders and (iii) transactions made under a life insurance policy where the policyholder is an Insider referred to under (1), (3) and (4) of the definition of Insiders, the investment risk is borne by the policyholder and the policyholder has the power or discretion to make investment decisions regarding specific instruments in that life insurance policy or to execute transactions regarding specific instruments for that life insurance policy.

The notification in the preceding paragraphs may be delayed by a Notifying Insider until the time that the transactions performed for his/her account, together with the transactions performed by the Insiders as referred to under (3) or (4) of the definition of Insiders who are related to him/her, reach or exceed an amount of EUR 5,000, as possibly increased by the competent authority pursuant to Article 19, paragraph 9, of the MAR, in the applicable calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3 Further notification obligations**

Each Notifying Insider shall notify in writing the Insiders as referred to under (3) and (4) of the definition of Insiders of its obligations under this Section 13 and shall keep a copy of this notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4 Manner of notification**

The notification to the AFM can be done by the relevant Notifying Insider or by the Insider Trading Compliance Officer on behalf of the relevant Notifying Insider upon a request thereto in writing or via email by the relevant Notifying Insider, subject to timely provision by the Notifying Insider of all the necessary information in the manner indicated by the Insider Trading Compliance Officer. Notwithstanding the foregoing, each Notifying Insider will at all times remain ultimately responsible for compliance with his/her notification obligations within the relevant timeframe.

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**Exhibit 11.1**

**<u>SCHEDULE 1</u>**

**NON-EXHAUSTIVE LIST OF POTENTIAL <br>"MATERIAL" EVENTS INVOLVING THE COMPANY**

Set forth below is a list of types of information, whether relating to actual occurrences, known plans or risks relating thereto or significant developments thereon, that may be deemed *"material"* and accordingly could qualify as Material Non-public Information if not generally available. This list should be viewed solely as a guide for further consideration of the materiality of a particular fact, circumstance or development and no implication should be drawn that a particular event is or is not material by virtue of its inclusion or exclusion from the list

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Earnings reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Proposal or agreements involving a merger, acquisition, divestiture, joint venture or similar transaction that is of material significance for the business, or other extraordinary corporate event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Performance inconsistent with or changes to externally communicated financial, sales or other performance targets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Performance inconsistent with or changes to financial, sales and other significant internal business forecasts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Significant changes in sales volumes, market share, production scheduling, product pricing, mix of sales, strategic plans, or liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Loss of a significant supplier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)Vehicle safety matters or potential or planned vehicle recall or field actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)Major cybersecurity breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)Liquidity concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)Decrease or increase in dividend rate or payment of a special dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)Labor problems of material significance for the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)Changes of debt ratings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)Significant changes in accounting treatment, write-offs or effective tax rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)Significant certain offerings of securities (particularly equity offerings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)Significant change in senior management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)major litigation or government investigations.

## Exhibit 12.1

**Exhibit 12.1**

**STELLANTIS N.V.**

**SECTION 302 CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER**

I, Antonio Filosa, Chief Executive Officer and Director of Stellantis N.V., certify that:

1. I have reviewed this annual report on Form 20-F of Stellantis N.V.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5. The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | February 26, 2026 | /s/ Antonio Filosa |
| | | Antonio Filosa |
| | | Chief Executive Officer and Director |

---

## Exhibit 12.2

**Exhibit 12.2**

**STELLANTIS N.V.**

**SECTION 302 CERTIFICATION OF THE CHIEF FINANCIAL OFFICER**

I, Joao Laranjo, Chief Financial Officer of Stellantis N.V., certify that:

1. I have reviewed this annual report on Form 20-F of Stellantis N.V.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5. The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | February 26, 2026 | /s/ Joao Laranjo |
| | | Joao Laranjo |
| | | Chief Financial Officer |

---

## Exhibit 13.1

**Exhibit 13.1**

**STELLANTIS N.V.**

**CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

I, Antonio Filosa, Chief Executive Officer and Director of Stellantis N.V. (the "Company"), hereby certify pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.the Company's Annual Report on Form 20-F for the year ended December 31, 2025, to which this statement is furnished as an exhibit (the "Report"), fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: | February 26, 2026 | /s/ Antonio Filosa |
| | | Antonio Filosa |
| | | Chief Executive Officer and Director |

---

## Exhibit 13.2

**Exhibit 13.2**

**STELLANTIS N.V.**

**CERTIFICATION OF THE CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

I, Joao Laranjo, Chief Financial Officer of Stellantis N.V. (the "Company"), hereby certify pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.the Company's Annual Report on Form 20-F for the year ended December 31, 2025, to which this statement is furnished as an exhibit (the "Report"), fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: | February 26, 2026 | /s/ Joao Laranjo |
| | | Joao Laranjo |
| | | Chief Financial Officer |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in Registration Statement Nos. 333-282619, 333-255788 and 333-289846 on Form S-8 of our reports dated February 26, 2026 relating to the consolidated financial statements of Stellantis N.V. and the effectiveness of Stellantis N.V.'s internal control over financial reporting appearing in the Annual Report on Form 20-F for the year ended December 31, 2025.

/s/ Deloitte & Associés

Paris-La Défense, France

February 26, 2026

## Exhibit 23.2

**Exhibit 23.2**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in the following Registration Statements of Stellantis N.V.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Registration Statement (Form S-8 No. 333-255788) pertaining to the Stellantis N.V. Equity Incentive Plan 2021 - 2025 of Stellantis N.V.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Registration Statement (Form S-8 No. 333-282619) pertaining to the "Shares To Win" 2024 Stellantis Employee Shareholding Plan of Stellantis N.V.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Registration Statement (Form S-8 No. 333-289846) pertaining to the "Shares to Win" 2025 Stellantis Employee Shareholding Plan of Stellantis N.V.

of our report dated February 22, 2024, with respect to the consolidated financial statements of Stellantis N.V. included in the Annual Report on Form 20-F of Stellantis N.V. for the year ended December 31, 2025.

/s/ EY S.p.A.

Turin, Italy

February 26, 2026

## Exhibit 97.1

**<u>Exhibit 97.1</u>**

**Stellantis N.V. Clawback Policy**

1. **Purpose and Scope.**

Stellantis N.V. (the "Company") has adopted this compensation clawback policy (the "Policy") to comply with Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 ("Dodd-Frank"), as codified by Section 10D of the Securities Exchange Act of 1934 (the "Exchange Act") and Section 303A.14 of the New York Stock Exchange Listed Company Manual (the "Listing Standards"), which require the recovery of certain forms of executive compensation in the case of accounting restatements resulting from a material error in an issuer's financial statements. This Policy shall be administered by the Board of Directors of the Company (the "Board") or, if so designated by the Board, the Remuneration Committee.

2. **Effective Date.**

This Policy shall be effective as of October 2, 2023. The terms of this Policy shall apply to any Incentive-Based Compensation that is received by Covered Executives on or after that date, even if such Incentive-Based Compensation was approved, awarded, granted or paid to Covered Executives prior to the October 2, 2023.

3. **Covered Executives.** 

This Policy applies to all of the Company's current and former executive officers, and such other employees who may from time to time be deemed subject to this Policy by the Board (each, a "Covered Executive"). For purposes of this Policy, an executive officer means an officer as defined in Section 16 of the Exchange Act and the Listing Standards.

4. **Incentive-Based Compensation.** 

For purposes of this Policy, the term "Incentive-Based Compensation" means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Reporting Measure. "Financial Reporting Measures" are measures that are determined and presented in accordance with the accounting principles used in preparing the issuer's financial statements, and any measures that are derived wholly or in part from such measures, including stock price and total shareholder return. For the avoidance of doubt, Incentive-Based Compensation does not include annual salary, or compensation awarded based on completion of a specified period of service without any performance measure.

5. **Recovery; Accounting Restatement.** 

In the event the Company is required to prepare an accounting restatement of its financial statements due to material noncompliance with any financial reporting requirement under the federal securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (a "Restatement"), the Company shall, as promptly as it reasonably can, recover any Incentive-Based Compensation received by a Covered Executive during the three completed fiscal years immediately preceding the Restatement Date (as defined below), so long as the Incentive-Based Compensation received by such Covered Executive is in excess of what would have been granted, earned or vested after giving effect to the Restatement. The Restatement Date shall be the earlier of (i) the date the Company's board of directors, a board committee, or officer(s) are authorized to take such action if board action is not required, concludes, or reasonably should have concluded, that the issuer is required to prepare an accounting restatement due to the material noncompliance of the issuer with any financial reporting requirement under the securities laws as described in Rule 10D-1(b)(1) under the Exchange Act or (ii) the date a court, regulator, or other legally authorized body directs the issuer to prepare an accounting restatement. The amount to be recovered will be the excess of the Incentive-Based Compensation paid to the Covered Executive based on the erroneous data in the original financial statements over the Incentive-Based Compensation that would have been paid to the Covered Executive had it been

------

based on the restated results, without respect to any taxes paid ("Erroneously Awarded Compensation"). Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company under its remuneration policy, or under the terms of any employment agreement, equity award agreement, or similar agreement.

Subsequent changes in a Covered Executive's employment status, including retirement or termination of employment, do not affect the Company's rights to recover Incentive-Based Compensation pursuant to this Policy. For purposes of this Policy, Incentive-Based Compensation shall be deemed to have been received during the fiscal period in which the financial reporting measure specified in the award is attained, even if such Incentive-Based Compensation is paid or granted after the end of such fiscal period.

No recovery shall be required in the case of a Board determination that:

(i)&nbsp;&nbsp;&nbsp;&nbsp;the direct expense paid to a third party to assist in enforcing this Policy would exceed the amount to be recovered;

(ii) &nbsp;&nbsp;&nbsp;&nbsp;the recovery would violate Dutch law in effect prior to November 28, 2022. The Board shall obtain, and provide to the New York Stock Exchange ("NYSE"), an opinion of reputable home country counsel that recovery would result in a violation; or

(iii) &nbsp;&nbsp;&nbsp;&nbsp;the recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and regulations thereunder.

Such determination shall be made after a reasonable and documented attempt to recover the Incentive-Based Compensation, which documentation shall be provided to the NYSE. The Board shall determine, in its sole discretion, the method of recovering any Incentive-Based Compensation pursuant to this Policy, including setting off the repayment amount against any amount owed to the Covered Executive.

6. **No Indemnification.** 

The Company shall not indemnify any current or former Covered Executive against the loss of erroneously awarded compensation, and shall not pay, or reimburse any Covered Executives for premiums, for any insurance policy to fund such executive's potential recovery obligations.

7. **Miscellaneous**

This Policy generally will be administered and interpreted by the Board or the Remuneration Committee. Any determination with respect to this Policy shall be final, conclusive and binding on all interested parties.

8. **Amendment and Interpretation.** 

The Board may amend this Policy from time to time in its discretion and shall amend this Policy as it deems necessary to reflect the regulations adopted by the SEC and to comply with any rules or standards adopted by a national securities exchange on which the Company's securities are then listed. It is intended that this Policy be interpreted in a manner that is consistent with the requirements of Section 10D of the Exchange Act and any applicable rules or standards adopted by the SEC and any national securities exchange on which the Company's securities are then listed.

<br>