# EDGAR Filing Document

**Accession Number:** 0001605484
**File Stem:** 0001605484-26-000041
**Filing Date:** 2026-4
**Character Count:** 163689
**Document Hash:** 59b792ea5814fc65d513e45c4d8a5a5e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001605484-26-000041.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001605484-26-000041

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**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:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36675
- **FILM NUMBER:** 26925294

**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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**_______________________________**

**FORM 6-K**

**_______________________________**

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16 OF** 

**THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of April 2026**

**Commission File No. 001-36675**

**_______________________________**

**STELLANTIS N.V.** 

**(Translation of Registrant's Name Into English)**

**_______________________________**

**Taurusavenue 1**

**2132 LS Hoofddorp**

**The Netherlands**

**Tel. No.: +31 23 700 1511**

**(Address of Principal Executive Offices)**

**_______________________________**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F □

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(b)(1): □

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(b)(7): □

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The following exhibit is furnished herewith:

Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;Stellantis N.V. Interim Report as of and for the three months ended March 31, 2026

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**SIGNATURE**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: April 30, 2026 | STELLANTIS N.V. | STELLANTIS N.V. |
|  | By: | /s/ Joao Laranjo |
|  |  | Name: Joao Laranjo |
|  |  | Title: Chief Financial Officer |

---

------

**Index of Exhibits**

Exhibit

<u>Number</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Description of Exhibit</u>

99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stellantis N.V. Interim Report as of and for the three months ended March 31, 2026

## Exhibit 99.1

**Exhibit 99.1**

![stellantislogo.jpg](stellantislogo.jpg)

Interim Report

As of and for the three months ended March 31, 2026

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **Page** |
| **[CERTAIN DEFINED TERMS](#i47d04b3e908d4e619d32e7ff080cc687_10)** | **[5](#i47d04b3e908d4e619d32e7ff080cc687_10)** |
| **[MANAGEMENT DISCUSSION AND ANALYSIS](#i47d04b3e908d4e619d32e7ff080cc687_13)** | **[6](#i47d04b3e908d4e619d32e7ff080cc687_13)** |
| &nbsp;&nbsp;[Highlights](#i47d04b3e908d4e619d32e7ff080cc687_25)  | [6](#i47d04b3e908d4e619d32e7ff080cc687_25) |
| &nbsp;&nbsp;[Non-GAAP financial measures](#i47d04b3e908d4e619d32e7ff080cc687_28) | [7](#i47d04b3e908d4e619d32e7ff080cc687_28) |
| &nbsp;&nbsp;[Company results](#i47d04b3e908d4e619d32e7ff080cc687_31) | [9](#i47d04b3e908d4e619d32e7ff080cc687_31) |
| &nbsp;&nbsp;[Results by segment](#i47d04b3e908d4e619d32e7ff080cc687_34) | [17](#i47d04b3e908d4e619d32e7ff080cc687_34) |
| &nbsp;&nbsp;[Liquidity and capital resources](#i47d04b3e908d4e619d32e7ff080cc687_55) | [27](#i47d04b3e908d4e619d32e7ff080cc687_55) |
| &nbsp;&nbsp;[Risks and uncertainties](#i47d04b3e908d4e619d32e7ff080cc687_76) | [34](#i47d04b3e908d4e619d32e7ff080cc687_76) |
| &nbsp;&nbsp;[Guidance and outlook](#i47d04b3e908d4e619d32e7ff080cc687_79) | [35](#i47d04b3e908d4e619d32e7ff080cc687_79) |
| **[INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES AS OF AND FOR THE THREE MONTHS ENDED MARCH 31, 2026](#i47d04b3e908d4e619d32e7ff080cc687_82)** | **[36](#i47d04b3e908d4e619d32e7ff080cc687_82)** |
| &nbsp;&nbsp;[Interim Condensed Consolidated Income Statement](#i47d04b3e908d4e619d32e7ff080cc687_85) | [37](#i47d04b3e908d4e619d32e7ff080cc687_85) |
| &nbsp;&nbsp;[Interim Condensed Consolidated Statement of Comprehensive Income](#i47d04b3e908d4e619d32e7ff080cc687_88) | [38](#i47d04b3e908d4e619d32e7ff080cc687_88) |
| &nbsp;&nbsp;[Interim Condensed Consolidated Statement of Financial Position](#i47d04b3e908d4e619d32e7ff080cc687_91) | [39](#i47d04b3e908d4e619d32e7ff080cc687_91) |
| &nbsp;&nbsp;[Interim Condensed Consolidated Statement of Cash Flows](#i47d04b3e908d4e619d32e7ff080cc687_94) | [40](#i47d04b3e908d4e619d32e7ff080cc687_94) |
| &nbsp;&nbsp;[Interim Condensed Consolidated Statement of Changes in Equity](#i47d04b3e908d4e619d32e7ff080cc687_97) | [41](#i47d04b3e908d4e619d32e7ff080cc687_97) |
| &nbsp;&nbsp;[Notes to the Interim Condensed Consolidated Financial Statements](#i47d04b3e908d4e619d32e7ff080cc687_100) | [42](#i47d04b3e908d4e619d32e7ff080cc687_100) |
| &nbsp;&nbsp;&nbsp;&nbsp;[1. Basis of preparation](#i47d04b3e908d4e619d32e7ff080cc687_103) | [42](#i47d04b3e908d4e619d32e7ff080cc687_103) |
| &nbsp;&nbsp;&nbsp;&nbsp;[2. Scope of consolidation](#i47d04b3e908d4e619d32e7ff080cc687_106) | [44](#i47d04b3e908d4e619d32e7ff080cc687_106) |
| &nbsp;&nbsp;&nbsp;&nbsp;[3. Net revenues](#i47d04b3e908d4e619d32e7ff080cc687_109) | [44](#i47d04b3e908d4e619d32e7ff080cc687_109) |
| &nbsp;&nbsp;&nbsp;&nbsp;[4. Net financial expenses/(income)](#i47d04b3e908d4e619d32e7ff080cc687_112) | [46](#i47d04b3e908d4e619d32e7ff080cc687_112) |
| &nbsp;&nbsp;&nbsp;&nbsp;[5. Tax expense/(benefit)](#i47d04b3e908d4e619d32e7ff080cc687_115) | [46](#i47d04b3e908d4e619d32e7ff080cc687_115) |
| &nbsp;&nbsp;&nbsp;&nbsp;[6. Goodwill and intangible assets with indefinite useful lives](#i47d04b3e908d4e619d32e7ff080cc687_118) | [47](#i47d04b3e908d4e619d32e7ff080cc687_118) |
| &nbsp;&nbsp;&nbsp;&nbsp;[7. Other assets and prepaid expenses](#i47d04b3e908d4e619d32e7ff080cc687_127) | [47](#i47d04b3e908d4e619d32e7ff080cc687_127) |
| &nbsp;&nbsp;&nbsp;&nbsp;[8. Financial assets](#i47d04b3e908d4e619d32e7ff080cc687_130) | [48](#i47d04b3e908d4e619d32e7ff080cc687_130) |
| &nbsp;&nbsp;&nbsp;&nbsp;[9. Inventories](#i47d04b3e908d4e619d32e7ff080cc687_133) | [48](#i47d04b3e908d4e619d32e7ff080cc687_133) |
| &nbsp;&nbsp;&nbsp;&nbsp;[10. Share-based compensation](#i47d04b3e908d4e619d32e7ff080cc687_139) | [48](#i47d04b3e908d4e619d32e7ff080cc687_139) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11. Employee benefits liabilities](#i47d04b3e908d4e619d32e7ff080cc687_142) | [49](#i47d04b3e908d4e619d32e7ff080cc687_142) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12. Provisions](#i47d04b3e908d4e619d32e7ff080cc687_145) | [50](#i47d04b3e908d4e619d32e7ff080cc687_145) |
| &nbsp;&nbsp;&nbsp;&nbsp;[13. Debt](#i47d04b3e908d4e619d32e7ff080cc687_148) | [50](#i47d04b3e908d4e619d32e7ff080cc687_148) |
| &nbsp;&nbsp;&nbsp;&nbsp;[14. Other liabilities](#i47d04b3e908d4e619d32e7ff080cc687_151) | [52](#i47d04b3e908d4e619d32e7ff080cc687_151) |
| &nbsp;&nbsp;&nbsp;&nbsp;[15. Fair value measurement](#i47d04b3e908d4e619d32e7ff080cc687_154) | [52](#i47d04b3e908d4e619d32e7ff080cc687_154) |
| &nbsp;&nbsp;&nbsp;&nbsp;[16. Related party transactions](#i47d04b3e908d4e619d32e7ff080cc687_157) | [55](#i47d04b3e908d4e619d32e7ff080cc687_157) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17. Guarantees granted, commitments and contingent liabilities](#i47d04b3e908d4e619d32e7ff080cc687_160) | [56](#i47d04b3e908d4e619d32e7ff080cc687_160) |
| &nbsp;&nbsp;&nbsp;&nbsp;[18. Equity](#i47d04b3e908d4e619d32e7ff080cc687_163) | [57](#i47d04b3e908d4e619d32e7ff080cc687_163) |
| &nbsp;&nbsp;&nbsp;&nbsp;[19. Earnings/(loss) per share](#i47d04b3e908d4e619d32e7ff080cc687_166) | [58](#i47d04b3e908d4e619d32e7ff080cc687_166) |
| &nbsp;&nbsp;&nbsp;&nbsp;[20. Segment reporting](#i47d04b3e908d4e619d32e7ff080cc687_169) | [59](#i47d04b3e908d4e619d32e7ff080cc687_169) |
| &nbsp;&nbsp;&nbsp;&nbsp;[20. Subsequent events](#i47d04b3e908d4e619d32e7ff080cc687_172) | [61](#i47d04b3e908d4e619d32e7ff080cc687_172) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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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 are included in the section — *Risks and uncertainties* of this Interim Report.

------

CERTAIN DEFINED TERMS

In this Interim 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.

References to " Leapmotor" or "LPM" mean Zheijiang Leapmotor Technology Co., Ltd.

All references in this Interim 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 Interim Report is furnished to the U.S. Securities and Exchange Commission ("SEC") on Form 6-K.

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MANAGEMENT DISCUSSION AND ANALYSIS

**Highlights**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| *(€ million, except shipments, which are in thousands of units, and per share amounts)* | **2026** | **2025** |
| Combined shipments<sup>(1)</sup> | 1365 | 1233 |
| Consolidated shipments<sup>(2)</sup> | 1361 | 1217 |
| Net revenues | 38132 | 35813 |
| Net profit/(loss) | 377 | (387) |
| Adjusted operating income ("AOI")<sup>(3)</sup> | 960 | 327 |
| Earnings/(loss) per share ("EPS")<sup>(4)</sup> |  |  |
| Basic (loss)/earnings per share (€) | 0.14 | (0.13) |
| Diluted (loss)/earnings per share (€) | 0.14 | (0.13) |
| Adjusted diluted earnings/(loss) per share (€)<sup>(5)</sup> | 0.21 | 0.04 |
| Ordinary dividends, per share (€) |  | 0.68 |

---

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| *(€ million)* | **2026** | **2025** |
| Net cash from/(used in) operating activities | (2718) | (2846) |
| Industrial free cash flows ("IFCF")<sup>(6)</sup> | (1921) | (3036) |

---

---

| | | |
|:---|:---|:---|
| *(€ million)* | **At March 31, 2026** | **At December 31, 2025** |
| Available liquidity | 48278 | 49795 |
| Of which: Industrial Available liquidity | 44136 | 45711 |
| Industrial net financial position<sup>(6)</sup> | 9511 | 6694 |

---

<sup>(1)</sup> Combined shipments include shipments from Stellantis' consolidated subsidiaries and unconsolidated joint ventures

<sup>(2)</sup> Consolidated shipments only include shipments from Stellantis' consolidated subsidiaries

<sup>(3)</sup> Refer to sections — *Non-GAAP financial measures*, *Company results and Results by segment* in this Interim Report for further discussion

<sup>(4)</sup> Refer to Note 19, *Earnings/(loss) per share*, in the Interim Condensed Consolidated Financial Statements included in this Interim Report

<sup>(5)</sup> Refer to sections — *Non-GAAP financial measures* and *Company results* in this Interim Report for further discussion

<sup>(6)</sup> Refer to sections — *Non-GAAP financial measures* and *Liquidity and capital resources* in this Interim Report for further discussion

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**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 International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), as well as IFRS as adopted by the European Union.

*Adjusted operating income/(loss):* Adjusted operating income/(loss) excludes from Net profit/(loss) 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 the sections "*Company results*" and "*Results by segment*" below for further discussion and for a reconciliation of this non-GAAP measure to Net profit/(loss), which is the most directly comparable measure included in our Interim Condensed Consolidated Income Statement. Adjusted operating income/(loss) should not be considered as a substitute for Net profit/(loss), 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.

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*Adjusted diluted earnings per share:* 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 the section "*Company results*" below 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 Interim Condensed 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. &nbsp;&nbsp;&nbsp;&nbsp;

Refer to "*Liquidity and capital resources*" — "*Industrial free cash flows*" for further 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 Interim Condensed Consolidated Statement of Cash Flows. Industrial free cash flows should not be considered as a substitute for Net profit/(loss), 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 further information.

------

**Company results** 

Effective January 2026, the Company's segment structure was updated to align with how the Chief Operating Decision Maker ("CODM") reviews performance and allocates resources. Under the revised structure, the CODM reviews the business through the following operating and reportable segments: North America; Enlarged Europe; Middle East & Africa; South America; and Asia Pacific. Refer to Note 1, *Basis of Preparation* in the Interim Condensed Consolidated Financial Statements for additional information.

The following is a discussion of the Company's results of operations for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| *(€ million)* | **2026** | **2025** |
| Net revenues | 38132 | 35813 |
| Cost of revenues | 33703 | 32188 |
| Selling, general and other costs | 2302 | 2346 |
| Research and development costs | 1440 | 1433 |
| Gains/(losses) on disposal of investments | (12) | (2) |
| Restructuring costs | 98 | 123 |
| Share of the profit/(loss) of equity method investees | 111 | (37) |
| **Operating income/(loss)** | 688 | (316) |
| Net financial expenses/(income) | 150 | 97 |
| **Profit/(loss) before taxes** | 538 | (413) |
| Tax expense/(benefit) | 161 | (26) |
| **Net profit/(loss)** | 377 | (387) |
| **Net profit/(loss) attributable to:** |  |  |
| Owners of the parent | 390 | (371) |
| Non-controlling interests | (13) | (16) |

---

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**Net revenues**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2026** | **2025** | **2026 vs. 2025** |
| Net revenues | 38132 | 35813 | 6.5% |

---

The following chart presents the Company's Net revenues walk by operational driver for the three months ended March 31, 2026 compared to the corresponding period in 2025:&nbsp;&nbsp;&nbsp;&nbsp;

**Net revenues by operational drive - Q1 2026 compared to Q1 2025 (€ million)**

![chart-b9de74ddc0ea419cb5c.jpg](chart-b9de74ddc0ea419cb5c.jpg)

See — *Results by segment* below for a discussion of Net revenues for each of our five reportable segments (North America, Enlarged Europe, Middle East & Africa, South America and Asia Pacific).

**Cost of revenues**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2026** | **2025** | **2026 vs. 2025** |
| Cost of revenues | 33703 | 32188 | 4.7% |
| Cost of revenues as % of Net revenues | 88.4% | 89.9% |  |

---

The increase in Cost of revenues during the three months ended March 31, 2026 compared to the corresponding period in 2025 was primarily related to increased volumes in North America, Enlarged Europe and Middle East & Africa, partially offset by foreign exchange translation effects.

**Selling, general and other costs**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2026** | **2025** | **2026 vs. 2025** |
| Selling, general and other costs | 2302 | 2346 | (1.9%) |
| Selling, general and other costs as % of Net revenues | 6.0% | 6.6% |  |

---

Selling, general and other expenses for the three months ended March 31, 2026 remained broadly consistent with those incurred in the corresponding period in 2025.

------

**Research and development costs**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2026** | **2025** | **2026 vs. 2025** |
| Research and development expenditures expensed | 862 | 733 | 17.6% |
| Amortization of capitalized development expenditures | 461 | 575 | (19.8%) |
| Impairment and write-off of capitalized development expenditures | 117 | 125 | (6.4%) |
| **Total Research and development costs** | **1440** | **1433** | **0.5%** |

---

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| *(€ million)* | **2026** | **2025** |
| Research and development expenditures expensed as % of Net revenues | 2.3% | 2.0% |
| Amortization of capitalized development expenditures as % of Net revenues | 1.2% | 1.6% |
| Impairment and write-off of capitalized development expenditures as % of Net revenues | 0.3% | 0.3% |
| **Total Research and development cost as % of Net revenues** | **3.8%** | **4.0%** |

---

Research and development expenditures expensed during the three months ended March 31, 2026 increased by 17.6 percent as compared to the corresponding period in 2025 primarily due to (i) higher product serial life activities (quality improvements, value optimization and product actions) aimed at further enhancing the quality of our offerings to customers, and (ii) the expensing of development costs incurred on platforms that were fully impaired in 2025 and are therefore no longer eligible for capitalization.

Amortization of capitalized development expenditures during the three months ended March 31, 2026 decreased by 19.8 percent as compared to the corresponding period in 2025, primarily due to reduced amortization following impairments of assets recognized in 2025.

Impairments of capitalized development expenditures recognized in the three months ended March 31, 2026 were attributable to platform assets in North America. Impairments of capitalized development expenditures recognized in the three months ended March 31, 2025 were attributable to platform assets in North America and South America.

------

Total Research and development expenditures during the three months ended March 31, 2026 and 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2026** | **2025** | **2026 vs. 2025** |
| Capitalized development expenditures excl.borrowing costs<sup>(1)</sup> | 613 | 865 | (29.1%) |
| Research and development expenditures expensed  | 862 | 733 | 17.6% |
| **Total Research and development expenditures** | **1475** | **1598** | **(7.7** **%)** |
| Capitalized development expenditures as % of Total Research and development expenditures | 41.6% | 54.1% |  |
| **Total Research and development expenditures as % of Net revenues** | **3.9%** | **4.5%** |  |

---

<sup>(1)</sup> Additions to capitalized development expenditures of €631 million and €923 million adjusted to remove capitalized borrowing costs of €18 million and €58 million for the three months ended March 31, 2026 and 2025, respectively, in accordance with IAS 23 - Borrowing costs (Revised)

Total Research and development expenditures during the three months ended March 31, 2026 decreased compared to the corresponding period in 2025. Research and development expenditures expensed increased by 17.6 percent as mentioned above, and Capitalized development expenditures (excluding borrowing costs) decreased by 29.1 percent, primarily due to (i) lower capitalization resulting from asset impairments, and (ii) timing of new product development activities.

**Restructuring costs**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2026** | **2025** | **2026 vs. 2025** |
| Restructuring costs | 98 | 123 | (20.3)% |

---

Restructuring costs decreased during the three months ended March 31, 2026 compared to the same period in 2025, primarily related to lower workforce reductions mainly in Enlarged Europe.

**Share of the profit/(loss) of equity method investees**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2026** | **2025** | **2026 vs. 2025** |
| Share of the profit/(loss) of equity method investees | 111 | (37) | n.m. |

---

n.m. = not meaningful

The Company recorded a Share of profit of equity method investees for the three months ended March 31, 2026, compared to a Share of loss of equity method investees in the same period in 2025, primarily driven by improved performance in battery and financial services joint ventures.

------

**Net financial expenses/(income)**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2026** | **2025** | **2026 vs. 2025** |
| Net financial expenses/(income) | 150 | 97 | 54.6% |

---

Net financial expenses increased for the three months ended March 31, 2026 compared to the same period of 2025. The variance was primarily driven by lower interest income from liquidity investments, reflecting both reduced liquidity levels and a decline in short-term market rates, partially offset by expenses recognized during 2025 upon termination of commodity derivative contracts, which did not recur in 2026.

**Tax expense/(benefit)**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2026** | **2025** | **2026 vs. 2025** |
| Tax expense/(benefit) | 161 | (26) | 187 |
| Effective tax rate | 29.9% | 6.3% | 23.6 |

---

The effective tax rate for the three months ended March 31, 2026 was 29.9 percent compared to 6.3 percent for the corresponding period in 2025. The increase primarily reflects the non-recognition of deferred tax assets in Italy and Germany, where pre-tax losses did not give rise to a corresponding 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 recent losses generated in certain jurisdictions for the three months ended March 31, 2026, we are closely monitoring the realizability of our recognized deferred tax assets. If actual future taxable income differs from the current estimates, the Company may be required to de-recognize deferred tax assets, which could materially impact future results.

**Net profit/(loss)**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2026** | **2025** | **2026 vs. 2025** |
| Net profit/(loss) | 377 | (387) | n.m. |

---

n.m. = not meaningful

For the three months ended March 31, 2026, the Company recorded a Net profit of €377 million compared to a Net loss of €387 million in the same period of 2025. The improvement was primarily driven by higher Net revenues as a result of volume growth in North America, Enlarged Europe and Middle East & Africa partially offset by higher tax expenses.

------

**Adjusted operating income**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** |
| *(€ million)* | **2026** | **2025** | **2026 vs. 2025** |
| Adjusted operating income | 960 | 327 | n.m. |
| Adjusted operating income margin (%) | 2.5% | 0.9% | 160 bps |

---

n.m. = not meaningful

The following chart presents the change in Adjusted operating income/(loss) by segment for the three months ended March 31, 2026 compared to the corresponding period in 2025.

**Adjusted operating income/(loss) change by segment - Q1 2026 vs Q1 2025 (€ million)**

![chart-b5053c960707439b9e7.jpg](chart-b5053c960707439b9e7.jpg)

Refer to — *Results by segment* below for a discussion of Adjusted operating income/(loss) for each of our five reportable segments (North America, Enlarged Europe, Middle East & Africa, South America and Asia Pacific).

------

The following table is the reconciliation of Net profit/(loss), which is the most directly comparable measure included in the Interim Condensed Consolidated Income Statement, to Adjusted operating income:

---

| | |
|:---|:---|
| *(€ million)* | **Three Months Ended March 31, 2026** |
| **Net profit/(loss)** | **377** |
| Tax expense/(benefit) | 161 |
| Net financial expenses/(income) | 150 |
| **Operating income/(loss)** | **688** |
| **Adjustments:** |  |
| Restructuring and other costs, net of reversals | 98 |
| Takata airbags recall campaign | 54 |
| Costs related to product plan realignments and program cancellations | 156 |
| U.S. Greenhouse gas ("GHG") regulation change | (66) |
| Other | 30 |
| **Total Adjustments** | 272 |
| **Adjusted operating income /(loss)** | **960** |

---

---

| | |
|:---|:---|
| *(€ million)* | **Three Months Ended March 31, 2025** |
| **Net profit/(loss)** | **(387)** |
| Tax expense/(benefit) | (26) |
| Net financial expenses/(income) | 97 |
| **Operating income/(loss)** | **(316)** |
| **Adjustments:** |  |
| Restructuring and other costs, net of reversals | 123 |
| Impairment expense and supplier obligations, net of reversals | 493 |
| Takata airbags recall campaign | 65 |
| Other | (38) |
| **Total Adjustments** | **643** |
| **Adjusted operating income /(loss)** | **327** |

---

During the three months ended March 31, 2026, Adjusted operating income excluded adjustments primarily related to:

• €98 million of restructuring and other costs, primarily related to workforce reductions, mainly in Enlarged Europe;

• €54 million related to Takata campaigns on certain vehicles mainly in Enlarged Europe;

• €156 million related to costs incurred as result of product plan realignments and program cancellations, including €181 million impairment losses recognized in North America, as well as a provision reversal of €25 million in Enlarged Europe;

• €66 million net gain recognized within Cost of revenues related to the repeal of GHG emissions standards in the U.S. The net gain consisted of an impairment of greenhouse gas-related Other intangible assets of €284 million and the elimination of the related greenhouse gas provision of €350 million; and

------

• €30 million comprised primarily of (i) adjustments to costs previously recognized to support the workforce during the transformation of certain plants in North America, and (ii) gains/(losses) recognized on the disposal of non-significant assets in Enlarged Europe.

During the three months ended March 31, 2025, Adjusted operating income excluded adjustments primarily related to:

• €123 million of restructuring and other costs, primarily related to workforce reductions, mainly in Enlarged Europe;

• €493 million of impairments and supplier obligations, primarily related to (i) €233 million of impairments related to the cancellation of certain projects in North America and South America, and (ii) €260 million for supplier obligations, mainly relating to projects which were cancelled prior to launch in South America;

• €65 million related to Takata campaigns on certain vehicles in Enlarged Europe; and

• €38 million of Other, mainly related to net gains on disposals of fixed assets.

**Diluted and Adjusted diluted EPS**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** |
| *(€ per share)* | **2026** | **2025** | **2026 vs. 2025** |
| Diluted EPS | 0.14 | (0.13) | n.m. |
| Adjusted diluted EPS | 0.21 | 0.04 | n.m. |

---

n.m. = not meaningful

The following table summarizes the reconciliation of Diluted (loss)/earnings per share to Adjusted diluted earnings per share:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| *(€ million except otherwise noted)* | **2026** | **2025** |
| **Net (loss)/profit attributable to owners of the parent** | **390** | **(371)** |
| Coupon and tax impacts on Hybrid perpetual notes<sup>(1)</sup> | 8 |  |
| Weighted average number of shares outstanding (000) | 2897491 | 2880496 |
| Number of shares deployable for share-based compensation (000)<sup>(2)</sup> | 14.374 |  |
| Weighted average number of shares outstanding for diluted earnings per share (000) | 2911865 | 2880496 |
| **Diluted (loss)/earnings per share (A) (€/share)** | **0.14** | **(0.13)** |
| Adjustments, per above | 272 | 643 |
| Tax impact on adjustments<sup>(3)</sup> | (48) | (162) |
| **Total adjustments, net of taxes** | **224** | **481** |
| Number of shares deployable for share-based compensation (000)<sup>(2)</sup> |  | 24.079 |
| Adjusted dilutive impact per share |  | 0.00 |
| Impact of adjustments above, net of taxes, on Diluted earnings per share (B) (€/share) | 0.08 | 0.17 |
| **Adjusted Diluted earnings per share (€/share) (A+B)** | **0.21** | **0.04** |

---

<sup>(1)</sup> Refer to Note 18, *Equity* in the Interim Condensed Consolidated Financial Statements for additional information

<sup>(2)</sup> For the three months ended March 31, 2025, the Company reported a loss attributable to the owners of the parent. Consequently, the potential dilutive impact of share-based payment plans was excluded from the calculation of diluted earnings/(loss) per share, as their inclusion would have been anti-dilutive. However, for the purpose of calculating Adjusted diluted earnings per share, the adjusted net result reflects a profit. Therefore, the potential dilutive effect of share-based payment plans has been included in this calculation, as their impact is dilutive under these circumstances

<sup>(3)</sup> Tax impact on adjustments is calculated based on the expected local country tax implications for each adjustment

------

**Results by segment**

The following are the results by segment for the three months ended March 31, 2026 and for the three months ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Net revenues**<sup>(2)</sup> | **Net revenues**<sup>(2)</sup> | **Adjusted operating income/(loss)** | **Adjusted operating income/(loss)** | **Consolidated Shipments** | **Consolidated Shipments** |
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| *(€ million, except shipments which are in thousands of units)* | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| North America | 16114 | 14469 | 263 | (542) | 379 | 325 |
| Enlarged Europe | 14375 | 14170 | 8 | 292 | 637 | 568 |
| Middle East & Africa | 2388 | 2288 | 282 | 376 | 111 | 100 |
| South America | 3623 | 3679 | 393 | 407 | 219 | 211 |
| Asia Pacific | 435 | 486 | (30) | (20) | 15 | 13 |
| **Total Segments** | **36935** | **35092** | **916** | **513** | **1361** | **1217** |
| Other activities | 1293 | 842 | 186 | 91 |  |  |
| Unallocated items & eliminations<sup>(1)</sup> | (96) | (121) | (142) | (277) |  |  |
| **Total** | **38132** | **35813** | **960** | **327** | **1361** | **1217** |

---

<sup>(1)</sup> Primarily includes intercompany transactions which are eliminated on consolidation

<sup>(2)</sup> Effective January 2026, the Company's segment structure was updated to align with how the CODM reviews performance and allocates resources. Under the revised structure, the CODM reviews the business through the following operating and reportable segments: North America; Enlarged Europe; Middle East & Africa; South America; and Asia Pacific. Refer to Note1, *Basis of Preparation* in the Interim Condensed Consolidated Financial Statements for additional information

The following are the market shares by segment for the three months ended March 31, 2026 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Stellantis market share**<sup>(1)</sup> | **Stellantis market share**<sup>(1)</sup> | **Stellantis and LPM**<sup>(2)</sup> **market share** | **Stellantis and LPM**<sup>(2)</sup> **market share** |
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** | **2026** | **2025** |
| North America | 7.9% | 7.1% | 7.9% | 7.1% |
| Enlarged Europe | 16.8% | 16.4% | 17.4% | 16.5% |
| Middle East & Africa | 11.5% | 11.0% | 11.5% | 11.0% |
| South America | 21.1% | 23.8% | 21.2% | 23.8% |
| Asia Pacific | 0.3% | 0.3% | 0.3% | 0.3% |

---

<sup>(1)</sup> Industry and market share information is derived from third-party industry sources (e.g. Agence Nationale des Titres Sécurisés ("ANTS"), Associação Nacional dos Fabricantes de Veículos Automotores ("ANFAVEA"), Ministry of Infrastructure and Sustainable Mobility ("MIMS"), Ward's Automotive) and internal information. Represents passenger cars ("PC") and light commercial vehicles ("LCV"), except as noted

• Enlarged Europe excludes Russia and Belarus;

• Middle East & Africa excludes Iran, Sudan and Syria;

• South America excludes Cuba; and

• Asia Pacific reflects the major markets where Stellantis competes including China (PC only) including licensed sales from Dongfeng Peugeot Citroën Automobiles, Japan (PC), India (PC), South Korea (PC + Pickups), Australia, New Zealand and South East Asia.

<sup>(2)</sup> This metric combines Stellantis-owned brands and Leapmotor vehicles distributed by Leapmotor International, 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. Stellantis does not design, or manufacture Leapmotor-branded vehicles and does not own the Leapmotor brand or intellectual property

Figures may not add due to rounding. Prior period figures have been updated to reflect current information provided by third-party industry sources

------

Refer to Note 20, *Segment reporting* in the Interim Condensed Consolidated Financial Statements for additional information on the Company's reportable segments.

The following is a discussion of Net revenues, Shipments and Adjusted operating income/(loss) for each of our five reportable segments for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.

**• 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**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** |
| | **2026** | **2025** | **2026 vs. 2025** |
| Consolidated shipments (thousands of units) | 379 | 325 | 16.6% |
| Net revenues (€ million) | 16114 | 14469 | 11.4% |
| Adjusted operating income/(loss)(€ million) | 263 | (542) | 148.5% |
| Adjusted operating income margin (%) | 1.6% | (3.7)% | 530 bps |

---

Three Months Ended March 31, 2026

The following table presents Stellantis market share<sup>(1)</sup> and Stellantis and LPM market share for the three months ended March 31, 2026 and 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Stellantis market share** | **Stellantis market share** | **Stellantis market share** | **Stellantis and LPM**<sup>(1)</sup> **market share** | **Stellantis and LPM**<sup>(1)</sup> **market share** | **Stellantis and LPM**<sup>(1)</sup> **market share** |
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** |
| | **2026** | **2025** | **2026 vs. 2025** | **2026** | **2025** | **2026 vs. 2025** |
| North America | 7.9% | 7.1% | 80 bps | 7.9% | 7.1% | 80 bps |
| U.S. | 8.1% | 7.3% | 80 bps | 8.1% | 7.3% | 80 bps |

---

<sup>(1)</sup> This metric combines Stellantis-owned brands and Leapmotor vehicles distributed by Leapmotor International, 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. Stellantis does not design, or manufacture Leapmotor-branded vehicles and does not own the Leapmotor brand or intellectual property. There were no Leapmotor vehicles distributed in North America in the the three months ended March 31, 2025 or 2026

Shipments

North America shipments increased in the three months ended March 31, 2026 compared to the corresponding period in 2025, reflecting improved commercial momentum, supported by Ram 1500 HEMI V-8, the refreshed Jeep Grand Wagoneer and the all-new Jeep Cherokee.

Net revenues

The increase in North America Net revenues in the three months ended March 31, 2026 compared to the corresponding period in 2025 was driven by higher volumes, improved mix and positive net pricing, partially offset by unfavorable foreign exchange impacts.

Adjusted operating income

The following chart reflects the change in North America Adjusted operating income/(loss) by operational driver for the three months ended March 31, 2026 compared to the same period in 2025.

<sup>1</sup> Industry and market share information is derived from third-party industry sources (e.g. Agence Nationale des Titres Sécurisés ("ANTS"), Associação Nacional dos Fabricantes de Veículos Automotores ("ANFAVEA"), Ministry of Infrastructure and Sustainable Mobility ("MIMS"), Ward's Automotive) and internal information

------

**Adjusted operating income/(loss) by operational driver - Q1 2026 vs. Q1 2025 (€ million)**

![chart-774f0adcf8e645c08ca.jpg](chart-774f0adcf8e645c08ca.jpg)

The increase in North America Adjusted operating income/(loss) in the three months ended March 31, 2026 compared to the same period in 2025 was mainly driven by higher volumes, favorable mix, positive net pricing and improved industrial costs. Tariff impacts were broadly neutral year-over-year, with International Emergency Economic Powers Act ("IEEPA") tariff cost adjustment of approximately €0.4 billion offsetting Q1 2026 tariffs costs.

**Enlarged Europe**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** |
| | **2026** | **2025** | **2026 vs. 2025** |
| Consolidated shipments (thousands of units) | 637 | 568 | 12.1% |
| Net revenues (€ million) | 14375 | 14170 | 1.4% |
| Adjusted operating income (€ million) | 8 | 292 | (97.3%) |
| Adjusted operating income margin (%) | 0.1% | 2.1% | -200 bps |

---

Three Months Ended March 31, 2026

The following table presents market share<sup>(2)</sup> and Stellantis and LPM market share for the three months ended March 31, 2026 and 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Stellantis market share** | **Stellantis market share** | **Stellantis market share** | **Stellantis and LPM**<sup>(1)</sup> **market share** | **Stellantis and LPM**<sup>(1)</sup> **market share** | **Stellantis and LPM**<sup>(1)</sup> **market share** |
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** |
| | **2026** | **2025** | **2026 vs. 2025** | **2026** | **2025** | **2026 vs. 2025** |
| Enlarged Europe | 16.8% | 16.4% | 40 bps | 17.4% | 16.5% | 90 bps |
| EU30 | 17.5% | 17.3% | 20 bps | 18.1% | 17.4% | 70 bps |

---

<sup>(1)</sup> This metric combines Stellantis-owned brands and Leapmotor vehicles distributed by Leapmotor International, 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. Stellantis does not design, or manufacture Leapmotor-branded vehicles and does not own the Leapmotor brand or intellectual property

<sup>2</sup> EU30 = EU27 (excluding Malta) and including 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"), Associação Nacional dos Fabricantes de Veículos Automotores ("ANFAVEA"), Ministry of Infrastructure and Sustainable Mobility ("MIMS"), Ward's Automotive) and internal information

------

Shipments

Shipments in Enlarged Europe increased in the three months ended March 31, 2026 compared to the corresponding period in 2025, mainly due to higher volumes of Citroën C3 and C3 Aircross, Opel/Vauxhall Frontera and Fiat Grande Panda, as well as Leapmotor-branded vehicles, notably the T03.

Net revenues

The increase in Enlarged Europe Net revenues in the three months ended March 31, 2026 compared to the corresponding period in 2025 was driven by higher volumes, largely offset by negative net pricing and unfavorable mix.

Adjusted operating income

The following chart reflects the change in Enlarged Europe Adjusted operating income by operational driver for the three months ended March 31, 2026 compared to the same period in 2025.

**Adjusted operating income by operational driver - Q1 2026 vs. Q1 2025 (€ million)**

![chart-5c67bc239af54ec59d6.jpg](chart-5c67bc239af54ec59d6.jpg)

The decrease in Enlarged Europe Adjusted operating income in the three months ended March 31, 2026 compared to the same period in 2025 was driven by negative net pricing, unfavorable mix and higher Selling, general and other costs to support sales growth, partly offset by increased volumes and improved industrial costs.

**Middle East & Africa**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** |
| | **2026** | **2025** | **2026 vs. 2025** |
| Combined shipments (thousands of units) | 115 | 116 | (0.9%) |
| Consolidated shipments (thousands of units) | 111 | 100 | 11.0% |
| Net revenues (€ million) | 2388 | 2288 | 4.4% |
| Adjusted operating income (€ million) | 282 | 376 | (25.0%) |
| Adjusted operating income margin (%) | 11.8% | 16.4% | -460 bps |

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Three Months Ended March 31, 2026

The following table presents market share<sup>(3)</sup> and Stellantis and LPM market share for the three months ended March 31, 2026 and 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Stellantis market share** | **Stellantis market share** | **Stellantis market share** | **Stellantis and LPM**<sup>(1)</sup> **market share** | **Stellantis and LPM**<sup>(1)</sup> **market share** | **Stellantis and LPM**<sup>(1)</sup> **market share** |
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** |
| | **2026** | **2025** | **2026 vs. 2025** | **2026** | **2025** | **2026 vs. 2025** |
| Middle East & Africa | 11.5% | 11.0% | 50 bps | 11.5% | 11.0% | 50 bps |

---

<sup>(1)</sup> This metric combines Stellantis-owned brands and Leapmotor vehicles distributed by Leapmotor International, 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. Stellantis does not design, or manufacture Leapmotor-branded vehicles and does not own the Leapmotor brand or intellectual property

Shipments

The increase in consolidated shipments in Middle East & Africa in the three months ended March 31, 2026 compared to the corresponding period in 2025 was driven primarily by higher volumes in Türkiye, with additional contributions from Morocco and Algeria.

Net revenues

The increase in Middle East & Africa Net revenues in the three months ended March 31, 2026 compared to the corresponding period in 2025 was driven by higher volumes and positive net pricing, partially offset by unfavorable foreign exchange translation effects from the Turkish lira.

Adjusted operating income

The following chart reflects the change in Middle East & Africa Adjusted operating income by operational driver for the three months ended March 31, 2026 compared to the same period in 2025.

**Adjusted operating income by operational driver - Q1 2026 vs. Q1 2025 (€ million)**

![chart-ce2d456bab0949a6a07.jpg](chart-ce2d456bab0949a6a07.jpg)

<sup>3</sup> Industry and market share information is derived from third-party industry sources (e.g. Agence Nationale des Titres Sécurisés ("ANTS"), Associação Nacional dos Fabricantes de Veículos Automotores ("ANFAVEA"), Ministry of Infrastructure and Sustainable Mobility ("MIMS"), Ward's Automotive) and internal information

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The decrease in Middle East & Africa Adjusted operating income in the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to unfavorable foreign exchange effects related to Turkish Lira devaluation, partially offset by higher volume and positive net pricing.

**South America**

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** |
| | **2026** | **2025** | **2026 vs. 2025** |
| Consolidated shipments (thousands of units) | 219 | 211 | 3.8% |
| Net revenues (€ million) | 3623 | 3679 | (1.5%) |
| Adjusted operating income (€ million) | 393 | 407 | (3.4%) |
| Adjusted operating income margin (%) | 10.8% | 11.1% | -30 bps |

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Three Months Ended March 31, 2026

The following table presents market share<sup>(4)</sup> and Stellantis and LPM market share for the three months ended March 31, 2026 and 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Stellantis market share** | **Stellantis market share** | **Stellantis market share** | **Stellantis and LPM**<sup>(1)</sup> **market share** | **Stellantis and LPM**<sup>(1)</sup> **market share** | **Stellantis and LPM**<sup>(1)</sup> **market share** |
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** |
| | **2026** | **2025** | **2026 vs. 2025** | **2026** | **2025** | **2026 vs. 2025** |
| South America | 21.1% | 23.8% | -270 bps | 21.2% | 23.8% | -260 bps |
| Brazil | 28.9% | 30.6% | -170 bps | 29.1% | 30.6% | -150 bps |
| Argentina | 28.9% | 34.3% | -540 bps | 28.9% | 34.3% | -540 bps |

---

<sup>(1)</sup> This metric combines Stellantis-owned brands and Leapmotor vehicles distributed by Leapmotor International, 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. Stellantis does not design, or manufacture Leapmotor-branded vehicles and does not own the Leapmotor brand or intellectual property

Shipments

Shipments in South America increased in the three months ended March 31, 2026 compared to the corresponding period in 2025, driven primarily by higher volumes in Brazil, partially offset by lower volumes in Argentina and Chile.

Net revenues

South America Net revenues decreased slightly in the three months ended March 31, 2026 compared to the corresponding period in 2025 as higher shipments were more than offset by unfavorable mix and negative foreign exchange translation effects.

Adjusted operating income

The following chart reflects the change in South America Adjusted operating income by operational driver for the three months ended March 31, 2026 compared to the same period in 2025.

<sup>4</sup> Industry and market share information is derived from third-party industry sources (e.g. Agence Nationale des Titres Sécurisés ("ANTS"), Associação Nacional dos Fabricantes de Veículos Automotores ("ANFAVEA"), Ministry of Infrastructure and Sustainable Mobility ("MIMS"), Ward's Automotive) and internal information

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**Adjusted operating income by operational driver - Q1 2026 vs. Q1 2025 (€ million)**

![chart-4922f0a065874c52b24.jpg](chart-4922f0a065874c52b24.jpg)

The decrease in South America Adjusted operating income in the three months ended March 31, 2026 compared to the same period in 2025 mainly reflecting negative mix and higher costs, partially offset by higher volumes and favorable foreign exchange transaction effects.

**Asia Pacific**

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** |
| | **2026** | **2025** | **2026 vs. 2025** |
| Consolidated shipments (thousands of units) | 15 | 13 | 15.4% |
| Net revenues (€ million) | 435 | 486 | (10.5%) |
| Adjusted operating income/(loss) (€ million) | (30) | (20) | (50.0%) |
| Adjusted operating income/(loss) margin (%) | (6.9)% | (4.1%) | -280 bps |

---

In China, we distribute imported vehicles primarily for the Jeep brand through an asset-light approach.

We produce the Jeep Compass and Jeep Meridian in India through our joint operation Fiat India Automobiles Private Limited and we recognize our related interest in the joint operation on a line-by-line basis.

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Three Months Ended March 31, 2026

The following table presents market share<sup>(5)</sup> and Stellantis and LPM market share for the three months ended March 31, 2026 and 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Stellantis market share** | **Stellantis market share** | **Stellantis market share** | **Stellantis and LPM**<sup>(1)</sup> **market share** | **Stellantis and LPM**<sup>(1)</sup> **market share** | **Stellantis and LPM**<sup>(1)</sup> **market share** |
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase/(Decrease)** |
| | **2026** | **2025** | **2026 vs. 2025** | **2026** | **2025** | **2026 vs. 2025** |
| Asia Pacific | 0.3% | 0.3% | 0 bps | 0.3% | 0.3% | 0 bps |

---

<sup>(1)</sup> This metric combines Stellantis-owned brands and Leapmotor vehicles distributed by Leapmotor International, 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. Stellantis does not design, or manufacture Leapmotor-branded vehicles and does not own the Leapmotor brand or intellectual property

Shipments

The increase in Asia Pacific consolidated shipments in the three months ended March 31, 2026 compared to the corresponding period in 2025 was mainly driven by higher volumes of refreshed Citroën models in India.

Net revenues

The decrease in Asia Pacific Net revenues in the three months ended March 31, 2026 compared to the corresponding period in 2025 was primarily due to unfavorable mix, negative net pricing and foreign exchange headwinds more than offsetting higher volumes.

Adjusted operating income

The following chart reflects the change in Asia Pacific Adjusted operating income by operational driver for the three months ended March 31, 2026 compared to the same period in 2025.

**Adjusted operating income/(loss) by operational driver - Q1 2026 vs. Q1 2025 (€ million)**![chart-cdcb6068f8a24f84ac0.jpg](chart-cdcb6068f8a24f84ac0.jpg)

<sup>5</sup> Industry and market share information is derived from third-party industry sources (e.g. Agence Nationale des Titres Sécurisés ("ANTS"), Associação Nacional dos Fabricantes de Veículos Automotores ("ANFAVEA"), Ministry of Infrastructure and Sustainable Mobility ("MIMS"), Ward's Automotive) and internal information

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The decrease in Asia Pacific Adjusted operating income in the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to unfavorable mix and negative net pricing more than offsetting higher volumes.

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**Liquidity and capital resources** 

**Available liquidity** 

The following table summarizes our total Available liquidity:

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| | | |
|:---|:---|:---|
| *(€ million)* | **At March 31, 2026** | **At December 31, 2025** |
| Cash, cash equivalents and financial securities<sup>(1)</sup> | 32817 | 31508 |
| Undrawn committed credit lines | 15461 | 18287 |
| Cash, cash equivalents and financial securities - included within Assets held for sale |  |  |
| **Total Available liquidity**<sup>(2)</sup> | **48278** | **49795** |
| of which: Available liquidity of the Industrial Activities | **44136** | **45711** |

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(1) 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)

(2) 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 €409 million cash and securities at March 31, 2026 (€354 million at December 31, 2025), and in Algeria, in which we have €203 million (€276 million at December 31, 2025)), 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 €793 million at March 31, 2026 (€663 million at December 31, 2025) held in bank deposits which are restricted to the operations related to securitization programs and warehouses credit facilities of Stellantis Financial Services U.S. ("SFS U.S.")

Available liquidity of the industrial activities at March 31, 2026, decreased by €1.6 billion from December 31, 2025, primarily due to €1.9 billion negative Free Cash Flow, €2.6 billion reduction in available credit lines and €1.3 billion bond repayment, partially offset by €4.9 billion proceeds from the issuance of Hybrid perpetual notes.

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. Moreover, we tend to operate with negative working capital as we generally receive payment for vehicles within a few days of shipment, whereas there is a lag between the time when parts and materials are received from suppliers and when we pay for such parts and materials; therefore, in periods in which our vehicle shipments decline materially we will 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. Plant shutdowns, whether associated with model year changeovers, or other factors such as temporary supplier interruptions or government-imposed restrictions, can have a significant negative impact on our revenues and working capital as we continue to pay suppliers while we do not receive proceeds from vehicle sales. Refer to the section — *Cash flows* below for additional information regarding the change in cash and cash equivalents. &nbsp;&nbsp;&nbsp;&nbsp;

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 cash, cash equivalents and financial securities available at March 31, 2026, €19.1 billion, or 58 percent (€16.7 billion, or 53 percent at December 31, 2025), were denominated in Euro and €7.6 billion, or 23.0 percent (€8.1 billion, or 26 percent at December 31, 2025), were denominated in U.S. Dollar.

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At March 31, 2026, undrawn committed credit lines of €15.5 billion include the syndicated revolving credit facility ("RCF") of €12.0 billion, originally signed in July 2021, 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 on March 31, 2026.

The committed credit line signed in January 2025, with a pool of relationship banks, of originally €4.0 billion, has been reduced to €1.5 billion effective from March 16, 2026. The facility line is available for general corporate purposes, 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 utilized under this credit line was nil on March 31, 2026.

In December 2025, SFS U.S. established a privately placed Commercial Paper ("CP") program available up to a maximum of €1.9 billion ($2.2 billion). No CP was issued under the program in December 2025. Issuances under the CP program commenced in March 2026. At March 31, 2026, €0.3 billion ($0.3 billion) notes were outstanding under the CP program.

In connection with the the establishment of the CP program, the €0.9 billion ($1 billion) committed USD credit facility originally signed by SFS U.S. in March 2024 was amended and refinanced (the "SFS RCF"). The amended SFS RCF is structured in two tranches: €0.9 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. At March 31, 2026, the amount available under the amended SFS RCF, net of €0.3 billion of CP outstanding, was €1.6 billion ($1.9 billion).

*Perpetual fixed rate resettable capital securities ("Hybrid perpetual notes")*

In March 2026, the Company issued a series of Hybrid perpetual notes:

• €2.2 billion Perpetual Fixed Rate Resettable Capital Securities, having a non-call period of 5.25 years, perpetual maturity and an annual coupon of 6.250% until the first reset date of June 16, 2031;

• €1.8 billion Perpetual Fixed Rate Resettable Capital Securities, having a non-call period of 8 years, perpetual maturity and an annual coupon of 6.875% until the first reset date of March 16, 2034; and

• £865 million (€997 million) Perpetual Fixed Rate Resettable Capital Securities, having a non-call period of 6.5 years, perpetual maturity and an annual coupon of 8.250% until the first reset date of September 16, 2032.

Refer to Note 18, *Equity* in the Interim Condensed Consolidated Financial Statements for additional information.

*Euro Medium Term Note Programme and other Notes*

In January 2026, the Company repaid, at maturity, a €1,250 million note issued by FCA N.V. in 2020.

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Warehouse credit facilities

In January 2026, revolving credit floorplan facility (Stellantis Financial Floorplan Master Auto Owner Trust 2024-1) size was increased from €1.1 billion ($1.3 billion) to €1.7 billion ($2.0 billion) with the addition of 3 lenders. Draws off the facility will bear an interest rate based on the lender's asset-backed commercial paper cost of funds or Secured Overnight Financing Rate ("SOFR"), 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 March 31, 2026, €1.0 billion ($1.2 billion) was outstanding under this facility.

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

In January 2026, SFS U.S., through SFS Auto Receivables Securitization Trust 2026-1, issued six classes of ABS Term Notes totaling €1.3 billion ($1.5 billion) in aggregate. The notes issued in each class bear a fixed rate and floating rate. The ABS Term Notes are secured by a pool of prime retail loans.

Refer to Note 13, *Debt* in the Interim Condensed Consolidated Financial Statements for additional information.

Ratings

In February 2026, S&P revised Stellantis' issuer credit rating and senior unsecured debt rating from "BBB" to "BBB-" with negative outlook.

In February 2026, Moody's revised Stellantis' long-term issuer rating and senior unsecured debt rating from "Baa2" to "Baa3" and changed the outlook from negative to stable.

Cash flows

The following table summarizes the cash flows from operating, investing and financing activities for the three months ended March 31, 2026 and 2025. Refer to the Interim Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2026 and 2025 included in this Interim Report for additional information.

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| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| *(€ million)* | **2026** | **2025** |
| Net cash from/(used in) operating activities | (2718) | (2846) |
| Net cash from/(used in) investing activities | (1315) | (1006) |
| Net cash from/(used in) financing activities | 5524 | 2658 |
| Effects of changes in exchange rates | 313 | (294) |
| (Increase)/decrease in cash and cash equivalents included in asset held for sale |  | 168 |
| Increase/(decrease) in cash and cash equivalents | 1804 | (1320) |
| Net cash and cash equivalents at beginning of period | 30146 | 34100 |
| **NET CASH AND CASH EQUIVALENTS AT END OF PERIOD** | **31950** | **32780** |

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*Operating activities*

For the three months ended March 31, 2026, cash flows used in operating activities was the result of Profit before taxes of €538 million adjusted primarily for the following items:

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• Non-cash items of:

&nbsp;&nbsp;&nbsp;&nbsp;• €1,569 million for depreciation and amortization expense;

&nbsp;&nbsp;&nbsp;&nbsp;• €629 million for other non-cash items, including €455 million related to impairments of tangible and intangible assets of which €284 million of U.S. GHG related Other intangible assets (refer to Company results for additional information) and the rest primarily related to platform impairments in North America;

• €2,167 million net decrease in provisions, primarily due to warranty, sales incentives and risk provisions including €0.7 billion of cash payments related to charges recorded in the second half of 2025, as well as the release of U.S. GHG provisions (refer to Note 12, *Provisions* in the Interim Condensed Consolidated Financial Statements for additional information);

• the cash absorption of €1,273 million as a result of the increase in the carrying amount of leased vehicles related to the financial services activity in North America;

• an increase in receivables from financing activities of €1,085 million, which was mainly attributable to financial services activity in North America;

• A net cash absorption of €693 million in working capital, which includes:

&nbsp;&nbsp;&nbsp;&nbsp;• an increase of €2,491 million in inventories driven by increases in new vehicles and manufacturing inventories;

&nbsp;&nbsp;&nbsp;&nbsp;• an increase of €828 million in trade receivables mainly reflecting increased shipments in Enlarged Europe;

&nbsp;&nbsp;&nbsp;&nbsp;• a negative impact of €1,010 million in other changes which is mainly related to the increase in receivables related to tariffs in North America; and

&nbsp;&nbsp;&nbsp;&nbsp;• an increase of €3,636 million in trade payables primarily reflecting increased production compared to December 2025.

For the three months ended March 31, 2025, cash flows used in operating activities was the result of Loss before taxes of €413 million adjusted primarily for the following items:

• Non-cash items of:

&nbsp;&nbsp;&nbsp;&nbsp;• €1,879 million for depreciation and amortization expense;

&nbsp;&nbsp;&nbsp;&nbsp;• €426 million for other non-cash items;

• €1,270 million net decrease in provisions, primarily due to a decrease in sales incentives;

• the absorption of €1,535 million for the change in carrying amount of leased vehicles related to the financial services activity in North America;

• an increase in receivables from financing activities of €825 million;

• the negative effect of the change in working capital of €938 million, which includes:

&nbsp;&nbsp;&nbsp;&nbsp;• an increase of €2,933 million in inventories due to an increase in new vehicles stock and an increase in manufacturing inventories as a result of increased activity;

&nbsp;&nbsp;&nbsp;&nbsp;• an increase of €1,098 million in trade receivables mainly reflecting the increased activity mainly in Enlarged Europe, North America and South America;

&nbsp;&nbsp;&nbsp;&nbsp;• a positive impact of €49 million in other receivables and payables; and

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&nbsp;&nbsp;&nbsp;&nbsp;• an increase of €3,044 million in trade payables primarily reflecting higher production levels compared to December 2024.

*Investing activities* 

For the three months ended March 31, 2026, cash used in investing activities was primarily the result of (1) €1,348 million of investment in property, plant and equipment and intangible assets, including €613 million of capitalized development expenditures, (2) €282 million decrease in payables related to investments in property, plant and equipment and intangible assets, partially offset by (3) a decrease in securities of €465 million mainly due to the maturity of short-term marketable securities.

For the three months ended March 31, 2025, cash used in investing activities was primarily the result of (1) €2,329 million of investment in properties, plant and equipment and intangible assets, including €865 million of capitalized development expenditures, (2) €328 million decrease in payables related to investments in properties, plant and equipment and intangible assets, partially offset by (3) a decrease in securities of €1,177 million mainly due to decrease in investments held by treasury companies.

*Financing activities*

For the three months ended March 31, 2026, net cash from financing activities totaled €5,524 million, primarily driven by: (1) the issuance of Hybrid perpetual notes of €4,928 million, net (refer to Note 18, Equity in the Interim Condensed Consolidated Financial Statements for additional information), (2) new long-term debt for €1,805 million mainly to fund SFS U.S., and (3) a net increase of €1,134 million in short-term debt and other financial assets and liabilities due to increase in SFS U.S. warehouse credit facilities. These inflows were partially offset by repayments of long-term debt, including: (4) €1,250 million of bonds repaid at maturity, and (5) €1,058 million of other long-term debt repayments.

For the three months ended March 31, 2025, cash used in financing activities resulted primarily from (1) the net increase in long-term debt of €2,857 million, including (i) the issuance of bonds for €2,464 million, and (ii) new other long-term debt for €2,379 million, partially offset by (iii) the repayment of bonds for €650 million, and (iv) repayment of other long-term debt for €1,336 million, and (3) a net decrease of €199 million in short-term debt and other financial assets and liabilities.

Industrial free cash flows

The following table provides a reconciliation of Cash flows from operating activities, the most directly comparable measure included in our Interim Condensed Consolidated Statement of Cash Flows, to Industrial free cash flows for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| *(€ million)* | **2026** | **2025** |
| **Cash flows from/(used in) operating activities** | **(2718)** | **(2846)** |
| Less: Financial services, net of inter-segment eliminations | (2493) | (2341) |
| Less: Capital Expenditures and capitalized research and development expenditures and change in amounts payable on property, plant and equipment and intangible assets for industrial activities | 1621 | 2649 |
| Add: Proceeds from disposal of assets and other changes in investing activities | (2) | 135 |
| Less: Contributions of equity to joint ventures and minor acquisitions of consolidated subsidiaries and equity method and other investments | 83 | 24 |
| Add: Defined benefit pension contributions, net of tax | 10 | 7 |
| **Industrial free cash flows** | **(1921)** | **(3036)** |

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Industrial free cash flow amounted to a net cash absorption of €1,921 million for the three months ended March 31, 2026, an improvement of €1,115 million, compared to the Industrial free cash flow net absorption of €3,036 million for the three months ended March 31, 2025. The main contributors to the improvement in Industrial free cash flow were (1) an increase of €280 million in cash flows from industrial operating activities, as a result of (i) a €881 million increase in Profit before taxes from industrial activities, (ii) a lower absorption of cash in working capital of industrial activities of €291 million, (2) a decrease in capital expenditures and capitalized research and development expenditures and change in amounts payable on property, plant and equipment and intangible assets for industrial activities of €1,028 million, and (3) an increase in contributions of equity to joint ventures and minor acquisitions for €59 million.

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**Industrial net financial position**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **At March 31, 2026** | **At March 31, 2026** | **At March 31, 2026** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** |
| *(€ million)* | **Stellantis** | **Industrial activities** | **Financial services** | **Stellantis** | **Industrial activities** | **Financial services** |
| Third parties debt (Principal) | (47317) | (23607) | (23710) | (45318) | (24616) | (20702) |
| *Capital market*<sup>(1)</sup> | (24328) | (19797) | (4531) | (25060) | (20945) | (4115) |
| *Bank debt* | (2148) | (891) | (1257) | (1931) | (867) | (1064) |
| *Other debt*<sup>(2)</sup> | (18287) | (379) | (17908) | (15873) | (362) | (15511) |
| *Lease liabilities* | (2554) | (2540) | (14) | (2454) | (2442) | (12) |
| Accrued interest and other adjustments<sup>(3)</sup> | (602) | (377) | (225) | (629) | (533) | (96) |
| **Debt with third parties (excluding held for sale)** | **(47919)** | **(23984)** | **(23935)** | **(45947)** | **(25149)** | **(20798)** |
| Debt classified as held for sale |  |  |  |  |  |  |
| **Debt with third parties including held for sale** | **(47919)** | **(23984)** | **(23935)** | **(45947)** | **(25149)** | **(20798)** |
| Intercompany, net<sup>(4)</sup> |  | 2197 | (2197) |  | 1756 | (1756) |
| Current financial receivables from jointly-controlled financial services companies<sup>(5)</sup> | 870 | 870 |  | 603 | 603 |  |
| **Debt, net of intercompany, and current financial receivables from jointly-controlled financial service companies** | **(47049)** | **(20917)** | **(26132)** | **(45344)** | **(22790)** | **(22554)** |
| Derivative financial assets/(liabilities), net of collateral deposits<sup>(6)</sup> | 127 | 112 | 15 | 181 | 188 | (7) |
| Financial securities<sup>(7)</sup> | 867 | 701 | 166 | 1362 | 1098 | 264 |
| Cash and cash equivalents | 31950 | 29615 | 2335 | 30146 | 28198 | 1948 |
| Cash and cash equivalents classified as held for sale |  |  |  |  |  |  |
| **Net financial position** | **(14105)** | **9511** | **(23616)** | **(13655)** | **6694** | **(20349)** |

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(1) Includes notes issued under the Medium Term Programme, or Medium Term Note ("MTN") Programme, and other notes for €21,223 million at March 31, 2026 (€22,333 million at December 31, 2025), Schuldschein for €314 million (€314 million at December 31, 2025) and other financial instruments issued in financial markets, from financial services companies for €2,791 million (€2,413 million at December 31, 2025)

(2)Includes debt for securitizations programs, for €17,887 million at March 31, 2026 (€15,471 million at December 31, 2025), and other

asset-backed financing, i.e., sales of receivables for which de-recognition is not allowed under IFRS, for €63 million at March 31, 2026

(€8 million at December 31, 2025)

(3) Includes adjustments for purchase accounting and net (accrued)/deferred interest and other amortizing cost adjustments

(4) Net amount between industrial activities entities' financial receivables due from financial services entities (€2,479 million at March 31, 2026 and €2,237 million at December 31, 2025) and industrial activities entities' financial payables due to financial services entities (€282 million at March 31, 2026 and €481 million at December 31, 2025)

(5) Financial receivables due from Stellantis Financial Services Europe JVs

(6) Fair value of derivative financial instruments (net positive €110 million at March 31, 2026 and net positive €161 million at December 31, 2025) and collateral deposits (€17 million at March 31, 2026 and €20 million at December 31, 2025)

(7) Excludes certain financial securities held pursuant to applicable regulations (€395 million at March 31, 2026 and €376 million at December 31, 2025) and non-liquid equity investments (€618 million at March 31, 2026 and €608 million at December 31, 2025) and other non-liquid securities (€224 million at March 31, 2026 and €203 million at December 31, 2025)

The €2.8 billion improvement in Industrial net financial position at March 31, 2026, as compared to December 31, 2025, primarily reflects the proceeds from the Hybrid perpetual notes partially offset by the negative Free Cash Flow of the period.

------

**Risks and uncertainties** 

The Company believes that the risks and uncertainties identified for the three months ended March 31, 2026 are in line with the main risks and uncertainties that were identified and discussed in the section *Risk Management-Risk Factors* in the Company's Annual Report and Form 20-F for the year ended December 31, 2025 filed with the SEC and AFM on February 26, 2026. Those risks and uncertainties should be read in conjunction with this Interim Report.

------

GUIDANCE AND OUTLOOK

FY 2026 STELLANTIS GUIDANCE

---

| | |
|:---|:---|
| Net revenue | Mid-single digit percent increase |
| Adjusted operating income margin | Low-single digit percent |
| Industrial free cash flows | Improved year-over-year<br>(including €2 billion in 2026 payments related to H2 2025 charges) |

---

**AOI Considerations:**

• Revenue growth reflects recently expanded product portfolio

• Pricing trends, outside of hyper-inflationary countries, projected at neutral to nominally positive

• Estimated net tariffs updated from €1.6 billion to €1.3 billion primarily due to recognition of approximately €0.4 billion IEEPA tariff cost adjustment

• Expect increase in H2 2026 AOI Margin percent vs. H1 2026

• Continue to manage volatility related to geopolitical, trade and inflationary pressures

**IFCF Considerations:**

• Includes €2 billion of cash payments related to H2 2025 charges, of which, approximately €0.7 billion incurred in Q1 2026

• The Company expects return to positive IFCF in 2027

------

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES AS OF AND FOR THE THREE MONTHS ENDED MARCH 31, 2026

------

**STELLANTIS N.V. AND SUBSIDIARIES**

**INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT** 

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | | **Three months ended March 31,** | **Three months ended March 31,** |
| *(€ million, except per share amounts)* | **Note** | **2026** | **2025** |
| Net revenues | 3 | 38132 | 35813 |
| Cost of revenues |  | 33703 | 32188 |
| Selling, general and other costs |  | 2302 | 2346 |
| Research and development costs |  | 1440 | 1433 |
| Gains/(losses) on disposal of investments |  | (12) | (2) |
| Restructuring costs | 12 | 98 | 123 |
| Share of the profit/(loss) of equity method investees |  | 111 | (37) |
| **Operating income/(loss)** |  | 688 | (316) |
| Net financial expenses/(income) | 4 | 150 | 97 |
| **Profit/(loss) before taxes** |  | 538 | (413) |
| Tax expense/(benefit) | 5 | 161 | (26) |
| **Net profit/(loss)** |  | 377 | (387) |
| **Net profit/(loss) attributable to:** |  |  |  |
| &nbsp;&nbsp;Owners of the parent |  | 390 | (371) |
| &nbsp;&nbsp;Non-controlling interests |  | (13) | (16) |
| **Earnings/(loss) per share:** | 19 |  |  |
| &nbsp;&nbsp;Basic (loss)/earnings per share (€) |  | 0.14 | (0.13) |
| &nbsp;&nbsp;Diluted (loss)/earnings per share (€) |  | 0.14 | (0.13) |

---

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements.

------

**STELLANTIS N.V. AND SUBSIDIARIES**

**INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME**

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| | | **Three months ended March 31,** | **Three months ended March 31,** |
| *(€ million)* | **Note** | **2026** | **2025** |
| **Consolidated profit/(loss) for the period** |  | **377** | **(387)** |
| Fair value remeasurement of cash flow hedges |  | 170 | 277 |
| &nbsp;&nbsp;&nbsp;of which, reclassified to the income statement |  | (29) | (5) |
| &nbsp;&nbsp;&nbsp;of which, recognized in equity during the period |  | 199 | 282 |
| Gains and losses from remeasurement of financial assets |  | (7) | 180 |
| &nbsp;&nbsp;&nbsp;of which, recognized in equity during the period |  | (7) | 180 |
| Exchange differences on translating foreign operations |  | 1253 | (1322) |
| Income tax (expense)/benefit |  | (20) | (72) |
| Share of Other comprehensive income/(loss) of equity method investees |  | 67 | (129) |
| **Amounts to be potentially reclassified to profit or loss** | 15 | **1463** | **(1066)** |
| Actuarial gains and losses on defined benefit pension obligations |  | 180 | 138 |
| Income tax (expense)/benefit |  | (51) | (33) |
| Share of Other comprehensive income/(loss) for equity method investees |  | 2 | 7 |
| **Amounts not to be reclassified to profit or loss** | 15 | **131** | **112** |
| **TOTAL CONSOLIDATED COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD** |  | **1971** | **(1341)** |
| &nbsp;&nbsp;&nbsp;of which, attributable to equity holders of the parent |  | 1982 | (1311) |
| &nbsp;&nbsp;&nbsp;of which, attributable to non-controlling interests |  | (11) | (30) |

---

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements.

------

**STELLANTIS N.V. AND SUBSIDIARIES** 

**INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION** 

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| *(€ million)* | **Note** | **At March 31, 2026** | **At December 31, 2025** |
| **Assets** |  |  |  |
| Goodwill and intangible assets with indefinite useful lives | 6 | 29766 | 29176 |
| Other intangible assets |  | 15533 | 15709 |
| Property, plant and equipment |  | 44912 | 42958 |
| Equity method investments |  | 7493 | 7276 |
| Non-current financial assets | 8 | 1680 | 1794 |
| Other non-current assets and prepaid expenses | 7 | 12054 | 11125 |
| Deferred tax assets |  | 6507 | 6383 |
| Non-current tax receivables |  | 138 | 194 |
| **Total Non-current assets** |  | **118083** | **114615** |
| Inventories | 9 | 24960 | 22153 |
| Assets sold with a buyback commitment |  | 3871 | 3616 |
| Trade receivables |  | 6563 | 5662 |
| Current tax receivables |  | 1440 | 1199 |
| Other current assets and prepaid expenses | 7 | 18558 | 15770 |
| Current financial assets | 8 | 1987 | 1987 |
| Cash and cash equivalents |  | 31950 | 30146 |
| Assets held for sale |  | 5 | 5 |
| **Total Current assets** |  | **89334** | **80538** |
| **Total Assets** |  | **207417** | **195153** |
| **Equity and liabilities** |  |  |  |
| **Equity** | 18 |  |  |
| Equity attributable to owners of the parent |  | 60528 | 53551 |
| Non-controlling interests |  | 418 | 450 |
| **Total Equity** |  | **60946** | **54001** |
| **Liabilities** |  |  |  |
| Long-term debt | 13 | 30591 | 31826 |
| Other non-current financial liabilities |  | 1 | 7 |
| Other non-current liabilities | 14 | 5730 | 5475 |
| Non-current provisions | 12 | 17449 | 18596 |
| Employee benefits liabilities | 11 | 4738 | 4795 |
| Non-current tax liabilities |  | 377 | 420 |
| Deferred tax liabilities |  | 1250 | 1294 |
| **Total Non-current liabilities** |  | **60136** | **62413** |
| Short-term debt and current portion of long-term debt | 13 | 17328 | 14121 |
| Current provisions | 12 | 13566 | 14317 |
| Employee benefits liabilities | 11 | 523 | 517 |
| Trade payables |  | 33898 | 29999 |
| Current tax liabilities |  | 553 | 491 |
| Other liabilities | 14 | 20449 | 19265 |
| Other current financial liabilities |  | 18 | 29 |
| Liabilities held for sale |  |  |  |
| **Total Current liabilities** |  | **86335** | **78739** |
| **Total Equity and liabilities** |  | **207417** | **195153** |

---

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements.

------

**STELLANTIS N.V. AND SUBSIDIARIES**

**INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS** 

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | | **Three months ended March 31,** | **Three months ended March 31,** |
| *(€ million)* | **Note** | **2026** | **2025** |
| **Profit/(loss) before taxes** |  | **538** | **(413)** |
| Adjustments for non-cash items and other: |  |  |  |
| &nbsp;&nbsp;&nbsp; depreciation and amortization |  | 1569 | 1879 |
| &nbsp;&nbsp;&nbsp; other non-cash items |  | 629 | 426 |
| &nbsp;&nbsp;&nbsp; (gains)/losses on disposals |  | 9 | (51) |
| &nbsp;&nbsp;&nbsp; share of the profit/(loss) of equity method investees |  | (111) | 37 |
| Change in provisions and employee benefits liabilities |  | (2167) | (1270) |
| Change in carrying amount of leased vehicles |  | (1273) | (1535) |
| Net change in receivables related to financial services activities |  | (1085) | (825) |
| Dividend received |  | 75 | 2 |
| Income tax received/(paid), net |  | (209) | (158) |
| Changes in working capital |  | (693) | (938) |
| **Net cash from (used in) operating activities** |  | **(2718)** | **(2846)** |
| Proceeds from disposals of shares in consolidated companies and of investments in non-consolidated companies |  | 10 | 39 |
| Acquisitions of consolidated subsidiaries and equity method investments |  | (67) | (24) |
| Proceeds from disposals of property, plant and equipment and of intangible assets |  | 16 | 131 |
| Investments in property, plant and equipment and intangible assets |  | (1348) | (2329) |
| Change in amounts payable on property, plant and equipment and of intangible assets |  | (282) | (328) |
| Changes in loans to joint ventures and associates |  | (108) | 289 |
| Change in securities |  | 465 | 1177 |
| Other changes |  | (1) | 39 |
| **Net cash from (used in) investing activities** |  | **(1315)** | **(1006)** |
| Changes in short-term debt and other financial assets and liabilities | 13 | 1134 | (199) |
| Gross outflows in repayments of long-term debt | 13 | (2308) | (1986) |
| Proceed from issuances of long-term debt | 13 | 1805 | 4843 |
| Issuance of Hybrid perpetual notes | 18 | 4928 |  |
| Repayment of Hybrid perpetual notes |  |  |  |
| Coupons paid on Hybrid perpetual notes |  |  |  |
| Other changes |  | (35) |  |
| **Net cash from (used in) financing activities** |  | **5524** | **2658** |
| Effect of changes in exchange rates |  | 313 | (294) |
| (Increase)/decrease in cash and cash equivalents included in asset held for sale |  |  | 168 |
| **Increase/(decrease) in cash and cash equivalents** |  | **1804** | **(1320)** |
| Net cash and cash equivalents at beginning of period |  | 30146 | 34100 |
| **Net cash and cash equivalents at end of the period** |  | **31950** | **32780** |

---

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements.

------

**STELLANTIS N.V. AND SUBSIDIARIES**

**INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY**

**(Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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 capital** | **Treasury<br>shares** | **Retained earnings and other reserves** | **Cash flow hedges** | **Remeasurement <br>of the fair value of financial assets** | **Actuarial gains and losses on pension obligations plans** | **Effect of change in exchange rates** | **Cumulative <br>share of OCI of equity method investees** | **Equity - Attributable<br> to Owners of the parent** | **Non-controlling interests** | **Total equity** |
| **At December 31, 2024** | **37** | **(285)** | **77316** | **(359)** | **74** | **3129** | **2048** | **(268)** | **81692** | **423** | **82115** |
| Other comprehensive income |  |  |  | 205 | 180 | 105 | (1308) | (122) | (940) | (14) | (954) |
| Net profit/(loss) |  |  | (371) |  |  |  |  |  | (371) | (16) | (387) |
| **Total Other comprehensive income** | **—** | **—** | **(371)** | **205** | **180** | **105** | **(1308)** | **(122)** | **(1311)** | **(30)** | **(1341)** |
| Share-based compensation |  |  | 15 |  |  |  |  |  | 15 |  | 15 |
| Other changes<sup>(1)</sup> |  |  | 372 | 4 |  |  |  |  | 376 | 1 | 377 |
| **At March 31, 2025** | **37** | **(285)** | **77332** | **(150)** | **254** | **3234** | **740** | **(390)** | **80772** | **394** | **81166** |

---

(1) Includes 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 €67 million at March 31, 2025. Also includes €4 million deferred net hedging gains/(losses) transferred to inventory, net of tax

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** | **Attributable to the Owners of the parent** | | |
| *(€ million)* | **Share capital** | **Treasury<br>shares** | **Hybrid perpetual notes** | **Retained earnings and other reserves** | **Cash flow hedges** | **Remeasurement <br>of the fair value of financial assets** | **Actuarial gains and losses on pension obligations plans** | **Effect of change in exchange rates** | **Cumulative <br>share of OCI of equity method investees** | **Equity - Attributable<br> to Owners of the parent** | **Non-controlling interests** | **Total equity** |
| **At December 31, 2025** | **37** | **(285)** | **—** | **53267** | **106** | **64** | **3442** | **(2489)** | **(591)** | **53551** | **450** | **54001** |
| Other comprehensive income |  |  |  |  | 150 | (7) | 129 | 1251 | 69 | 1592 | 2 | 1594 |
| Net profit/(loss) |  |  |  | 390 |  |  |  |  |  | 390 | (13) | 377 |
| **Total Other comprehensive income** | **—** | **—** | **—** | **390** | **150** | **(7)** | **129** | **1251** | **69** | **1982** | **(11)** | **1971** |
| Distributions |  |  |  |  |  |  |  |  |  |  |  |  |
| Share-based compensation |  |  |  | 26 |  |  |  |  |  | 26 |  | 26 |
| Hybrid perpetual notes |  |  | 5000 | (72) |  |  |  |  |  | 4928 |  | 4928 |
| Coupons on Hybrid perpetual notes |  |  | 14 | (14) |  |  |  |  |  |  |  |  |
| Other changes<sup>(1)</sup> |  |  |  | 44 | (3) |  |  |  |  | 41 | (21) | 20 |
| **At March 31, 2026** | **37** | **(285)** | **5014** | **53641** | **253** | **57** | **3571** | **(1238)** | **(522)** | **60528** | **418** | **60946** |

---

(1) Includes 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 €39 million at March 31, 2026. Also includes €(3) million deferred net hedging gains/(losses) transferred to inventory, net of tax

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements.

------

**STELLANTIS N.V. AND SUBSIDIARIES**

**NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)** 

**1. Basis of preparation** 

The accompanying Interim Condensed Consolidated Financial Statements together with the notes thereto (the "Interim Condensed Consolidated Financial Statements") were authorized for issuance on April 30, 2026.

The Interim Condensed Consolidated Financial Statements, which have been prepared in accordance with IAS 34 – *Interim Financial Reporting*, do not include all of the information and notes required for complete financial statements and should be read in conjunction with the audited annual consolidated financial statements as of and for the year ended December 31, 2025 filed with the AFM and with the SEC on February 26, 2026 (the "Consolidated Financial Statements at December 31, 2025"), which are available on the Company's corporate website at www.stellantis.com. The accounting policies are consistent with those used at December 31, 2025, except as described in the section — *New standards and amendments effective from January 1, 2026* below. There is no effect on these Interim Condensed Consolidated Financial Statements resulting from differences between IFRS as issued by the IASB and IFRS as adopted by the European Union.

The Interim Condensed 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.

The preparation of the Interim Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets, liabilities and disclosure of contingent liabilities. If in the future such estimates and assumptions, which are based on management's best judgment at the date of the Interim Condensed Consolidated Financial Statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the period in which the circumstances change. The Interim Condensed Consolidated Financial Statements include all adjustments considered necessary by management to fairly state the Company's results of operations, financial position and cash flows. For a description of the significant estimates, judgments and assumptions of the Company, refer to Note 2, *Basis of preparation - Critical judgements and use of estimates* in the Consolidated Financial Statements at December 31, 2025.

**Segment reporting changes**

Effective January 2026, the Company's segment structure was updated to align with how the CODM reviews performance and allocates resources. Under the revised structure, the CODM reviews the business through the following operating and reportable segments: North America; Enlarged Europe; Middle East & Africa; South America; and Asia Pacific.

The changes in our segment reporting are summarized below:

• Maserati is no longer presented as a separate reportable segment as it is managed consistently with the other brands within the regions (and are therefore presented on a "where sold" basis). Maserati is therefore no longer presented as a separate reportable segment;

------

• The Asia Pacific region is now managed as a single operating segment. Previously, the CODM reviewed two operating segments: (i) China and (ii) India & Asia Pacific, which were reported as one reportable segment under IFRS 8. From 2026, these activities are reviewed together, resulting in one operating and reportable segment: Asia Pacific. There is no impact on previously reported numbers as a result of this change; and

• European used car operations, previously included within Other activities, have been reclassified to the Enlarged Europe segment in line with the CODM's oversight.

Comparative information has been restated to reflect the revised segment structure. The impact of these changes is presented in the following table.

**Net revenues**

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** |
| *(€ million)* | **As reported** | **Adjustments** | **As adjusted** |
| North America | 14416 | 53 | 14469 |
| Enlarged Europe | 13565 | 605 | 14170 |
| Middle East & Africa | 2280 | 8 | 2288 |
| South America | 3678 | 1 | 3679 |
| Asia Pacific | 447 | 39 | 486 |
| Maserati | 157 | (157) |  |
| Others | 1270 | (549) | 721 |

---

**New standards and amendments effective from January 1, 2026**

The following new standards, amendments and interpretations, which were effective from January 1, 2026, were adopted by the Company. The adoption of these amendments did not have a material impact on the Interim Condensed Consolidated Financial Statements.

• 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.

• 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.

------

**Exchange rates**

The principal exchange rates used to translate other currencies into Euro were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the three months ended March 31, 2026** | **At March 31, 2026** | **At December 31, 2025** | **For the three months ended March 31, 2025** | **At March 31, 2025** |
| U.S. Dollar (USD) | 1.170 | 1.150 | 1.175 | 1.052 | 1.082 |
| Canadian Dollar (CAD) | 1.605 | 1.602 | 1.609 | 1.510 | 1.553 |
| Mexican Peso (MXN) | 20.710 | 20.557 | 21.118 | 21.489 | 22.063 |
| Pound Sterling (GBP) | 0.868 | 0.868 | 0.873 | 0.836 | 0.835 |
| Polish Zloty (PLN) | 4.289 | 4.234 | 4.227 | 4.203 | 4.184 |
| Swiss Franc (CHF) | 0.917 | 0.919 | 0.931 | 0.946 | 0.953 |
| Turkish Lira (TRY)<sup>(1)</sup> | n.a. | 50.975 | 50.331 | n.a. | 40.739 |
| Brazilian Real (BRL) | 6.159 | 6.011 | 6.469 | 6.156 | 6.199 |
| Argentine Peso (ARS)<sup>(2)</sup> | n.a. | 1583.850 | 1707.560 | n.a. | 1160.585 |
| Chinese Renminbi (CNY) | 8.106 | 7.934 | 8.226 | 7.652 | 7.844 |
| Japanese Yen (JPY) | 183.390 | 183.608 | 184.090 | 160.457 | 161.600 |

---

n.a. = not applicable

(1) 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

(2) 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

**2. Scope of consolidation** 

During the three months ended March 31, 2026, the effects of minor business disposals and minor business combinations were not material.

On March 31, 2026, Stellantis exited its joint venture with NextStar Energy Inc ("NextStar"). The investment had been classified as held for sale and fully written down in 2025, and the exit had no material financial impact in 2026.

**3. Net revenues** 

Net revenues were as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| *(€ million)* | **2026** | **2025** |
| Revenues from: |  |  |
| Shipments of vehicles and sales of other goods | 36064 | 34117 |
| Other services provided | 1307 | 1179 |
| Lease installments from assets sold with a buyback commitment | 144 | 174 |
| Interest income of financial services activities | 617 | 343 |
| **Total Net revenues** | **38132** | **35813** |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three months ended March 31, 2026** | **North America** | **Enlarged Europe** | **Middle East & Africa** | **South America** | **Asia Pacific** | **Other activities** | **Total** |
| *(€ million)* |  |  |  |  |  |  |  |
| Revenues from: |  |  |  |  |  |  |  |
| Shipments of vehicles and sales of other goods | 15790 | 13885 | 2373 | 3519 | 424 | 73 | **36064** |
| Other services provided | 324 | 345 | 14 | 64 | 11 | 549 | **1307** |
| **Revenues from goods and services** | **16114** | **14230** | **2387** | **3583** | **435** | **622** | **37371** |
| Lease installments from assets sold with a buy-back commitment |  | 144 |  |  |  |  | **144** |
| Interest income from financial services activities |  |  |  |  |  | 617 | **617** |
| **Total Net revenues** | **16114** | **14374** | **2387** | **3583** | **435** | **1239** | **38132** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three months ended March 31, 2025** | **North America** | **Enlarged Europe** | **Middle East & Africa** | **South America** | **Asia Pacific** | **Other activities** | **Total** |
| *(€ million)* |  |  |  |  |  |  |  |
| Revenues from: |  |  |  |  |  |  |  |
| Shipments of vehicles and sales of other goods | 14128 | 13623 | 2267 | 3601 | 474 | 24 | **34117** |
| Other services provided | 341 | 371 | 15 | 67 | 11 | 374 | **1179** |
| **Revenues from goods and services** | **14469** | **13994** | **2282** | **3668** | **485** | **398** | **35296** |
| Lease installments from assets sold with a buyback commitment |  | 174 |  |  |  |  | **174** |
| Interest income from financial services activities |  |  |  |  |  | 343 | **343** |
| **Total Net revenues** | **14469** | **14168** | **2282** | **3668** | **485** | **741** | **35813** |

---

------

**4. Net financial expenses/(income)**

The following table summarizes the Company's financial income and expenses included within Net financial expenses/(income):

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| *(€ million)* | **2026** | **2025** |
| **Interest income and other financial income** | 215 | 365 |
| **Financial expenses:** |  |  |
| Interest expense and other financial expenses | 329 | 285 |
| Interest on lease liabilities | 20 | 17 |
| Write-down/(reversals) of write-downs of financial assets | 2 | (1) |
| Losses on disposal of securities |  |  |
| Net interest expense on employee benefits provisions | 49 | 56 |
| **Total Financial expenses** | 400 | 357 |
| Net expenses/(income) from derivative financial instruments and exchange rate differences | (35) | 105 |
| **Total Financial expenses and Net expenses from derivative financial instruments and exchange rate differences** | 365 | 462 |
| **Net financial expenses/(income)** | 150 | 97 |

---

For the three months ended March 31, 2026 the Company recorded Net financial expenses of €150 million compared to €97 million in the same period in 2025. The variance was primarily driven by the lower interest income from liquidity investments, reflecting both reduced liquidity levels and a decline in short-term market rates, partially offset by expenses recognized during 2025 upon termination of commodity derivative contracts, which did not recur in 2026.

Net financial expenses/(income) for the three months ended March 31, 2026, included €20 million of losses (€49 million of losses for the three months ended March 31, 2025) on the net monetary position of entities whose functional currency is the currency of hyperinflationary economies, relating to the Argentine Peso and to the Turkish Lira. The decrease primarily reflects the disposal of Stellantis Türkiye that occurred in Q2 2025.

**5. Tax expense/(benefit)**

Tax expense/(benefit) was as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| *(€ million)* | **2026** | **2025** |
| Current tax expense/(benefit) | 189 | (419) |
| Deferred tax expense/(benefit) | 10 | 386 |
| Tax expense/(benefit) relating to prior periods | (38) | 7 |
| **Total Tax expense/(benefit)** | **161** | **(26)** |

---

Tax expense for the three months ended March 31, 2026 was €161 million, compared to a tax benefit of €26 million for the three months ended March 31, 2025, this variation was a result of the Company recording a pre-tax loss for the three months ended March 31, 2025 compared to a pre-tax income for the three months ended March 31, 2026.

------

The effective tax rate of 29.9 percent for the three months ended March 31, 2026, was higher than the effective tax rate of 6.3 percent for the three months ended March 31, 2025. This increase primarily reflects a different mix of results by jurisdiction, with a greater proportion of pre-tax losses incurred in jurisdictions where deferred tax assets are not recognized and, accordingly, such losses did not give rise to a corresponding tax benefit.

The Company has assessed the impact of the Pillar Two tax rules on its operations. Many countries, including the Netherlands, where the Company is tax resident, enacted these rules in 2024. As a result, the Pillar Two rules are effective for Stellantis from January 1, 2024. For these quarterly Condensed Consolidated Financial Statements, the impact of Pillar Two is immaterial and relates to the Company's operations in the United Arab Emirates, where the Pillar Two transitional safe harbor does not apply and the Pillar Two effective rate is below 15 percent. The Company has applied the mandatory exception to recognizing and disclosing information about deferred tax assets and liabilities arising from Pillar Two income taxes.

**6. Goodwill and intangible assets with indefinite useful lives**

Goodwill and intangible assets with indefinite useful lives at March 31, 2026 and at December 31, 2025 are summarized below:

---

| | | |
|:---|:---|:---|
| *(€ million)* | **At March 31, 2026** | **At December 31, 2025** |
| Goodwill | 14349 | 14009 |
| Other intangible assets with indefinite useful lives | 15417 | 15167 |
| **Total Goodwill and intangible assets with indefinite useful lives** | **29766** | **29176** |

---

At March 31, 2026, Goodwill amounted to €14,349 million, with gross value of €14,987 million and accumulated impairment losses of €638 million.

At December 31, 2025, Goodwill amounted to €14,009 million, with gross value of €14,647 million and accumulated impairment losses of €638 million.

The increase in Goodwill and Other intangible assets with indefinite useful lives during the three months ended March 31, 2026 is primarily related to currency translation impacts driven by the strengthening of the U.S. Dollar against the Euro.

**7. Other assets and prepaid expenses**

Other assets and prepaid expenses consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **At March 31, 2026** | **At March 31, 2026** | **At March 31, 2026** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** |
| *(€ million)* | **Current** | **Non-current** | **Total** | **Current** | **Non-current** | **Total** |
| Receivables from financing activities | 8935 | 8402 | 17337 | 7867 | 7864 | 15731 |
| Other receivables and other assets | 4112 | 1120 | 5232 | 3052 | 884 | 3936 |
| Indirect tax receivables | 3645 | 978 | 4623 | 3266 | 958 | 4224 |
| Defined benefit plan assets |  | 1009 | 1009 |  | 967 | 967 |
| Derivative operating assets | 496 | 70 | 566 | 349 | 57 | 406 |
| Prepaid expenses | 1370 | 475 | 1845 | 1236 | 395 | 1631 |
| **Total other assets and prepaid expenses** | **18558** | **12054** | **30612** | **15770** | **11125** | **26895** |

---

------

At March 31, 2026, Other receivables and other assets amounted to €5,232 million (€3,936 million at December 31, 2025). The increase is largely attributable to assets of approximately €0.4 billion recognized related to tariff refund receivables during the three months ended March 31, 2026.

*Transfer of financial assets*

At March 31, 2026, 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 €16,615 million (€16,074 million at December 31, 2025), of which 68 percent (69 percent at December 31, 2025), mainly due from the sales network, were transferred to financing companies in partnership with Santander and BNP Paribas.

**8. Financial assets**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **At March 31, 2026** | **At March 31, 2026** | **At March 31, 2026** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** |
| *(€ million)* | **Current** | **Non-current** | **Total** | **Current** | **Non-current** | **Total** |
| Derivative financial assets | 28 | 175 | 203 | 45 | 259 | 304 |
| Financial securities measured at fair value through other comprehensive income | 38 | 343 | 381 | 62 | 335 | 397 |
| Financial securities measured at fair value through profit or loss | 641 | 857 | 1498 | 562 | 903 | 1465 |
| Financial securities measured at amortized cost | 99 | 126 | 225 | 553 | 134 | 687 |
| Financial receivables<sup>(1)</sup> | 1181 | 162 | 1343 | 763 | 145 | 908 |
| Collateral deposits<sup>(2)</sup> |  | 17 | 17 | 2 | 18 | 20 |
| **Total financial assets** | **1987** | **1680** | **3667** | **1987** | **1794** | **3781** |

---

(1) Measured at amortized cost

(2) Collateral deposits are held in connection with derivative transactions and debt obligations

**9. Inventories**

---

| | | |
|:---|:---|:---|
| *(€ million)* | **At March 31, 2026** | **At December 31, 2025** |
| Finished goods and goods for resale | 14048 | 12161 |
| Work-in-progress, raw materials and manufacturing supplies | 10912 | 9992 |
| **Total Inventories** | **24960** | **22153** |

---

**10. Share-based compensation** 

Including previously granted awards, total expense of approximately €32 million was recorded for the Performance Share Units ("PSU"), Performance Restricted Share Units ("PRSU") and Restricted Share Units ("RSU") awards for the three months ended March 31, 2026. Total expense of approximately €18 million was recorded for the PSU, PRSU and RSU awards for the three months ended March 31, 2025.

The total number of PSU, PRSU and RSU awards outstanding at March 31, 2026, was approximately 25 million, 0.6 million and 24 million shares, respectively.

------

**11. Employee benefits liabilities**

Employee benefits liabilities include provisions for both pension plans and health care, legal, severance indemnity and other post-employment benefits ("OPEB") and consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **At March 31, 2026** | **At March 31, 2026** | **At March 31, 2026** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** |
| *(€ million)* | **Current** | **Non-current** | **Total** | **Current** | **Non-current** | **Total** |
| Pension benefits | 37 | 2121 | 2158 | 36 | 2164 | 2200 |
| Health care and life insurance plans | 122 | 1395 | 1517 | 119 | 1397 | 1516 |
| Other post-employment benefits | 49 | 571 | 620 | 37 | 578 | 615 |
| Other provisions for employees | 315 | 651 | 966 | 325 | 656 | 981 |
| **Total Employee benefits liabilities** | **523** | **4738** | **5261** | **517** | **4795** | **5312** |

---

As of March 31, 2026, the U.S. and Canada pension plans, representing the largest portion of the Company's pension benefits, were remeasured resulting in a decrease in the net liability of approximately €306 million due to changes in the discount rate partially offset by an increase in the net liability of approximately €171 million due to unfavorable asset returns.

No curtailment losses were recognized during the three months ended March 31, 2026 and 2025.

Pension and OPEB costs included in the Interim Condensed Consolidated Income Statement were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| *(€ million)* | **2026** | **2026** | **2025** | **2025** |
|  | **Pension** | **OPEB** | **Pension** | **OPEB** |
| Current service cost | 27 | 14 | 34 | 13 |
| Interest expense | 243 | 29 | 294 | 31 |
| Interest (income) | (220) | (3) | (274) | (3) |
| Other administrative costs | 20 | 4 | 22 | (3) |
| **Total** | **70** | **44** | **76** | **38** |

---

Total contributions and direct benefit payments of €14 million were made to the pension plans in Enlarged Europe and North America during the three months ended March 31, 2026.

------

**12. Provisions**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **At March 31, 2026** | **At March 31, 2026** | **At March 31, 2026** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** |
| *(€ million)* | **Current** | **Non-current** | **Total** | **Current** | **Non-current** | **Total** |
| Product warranty and recall campaigns | 4515 | 9277 | 13792 | 4562 | 9562 | 14124 |
| Sales incentives | 4818 |  | 4818 | 5321 |  | 5321 |
| Restructuring | 504 | 386 | 890 | 637 | 405 | 1042 |
| Legal proceedings and disputes | 414 | 635 | 1049 | 379 | 601 | 980 |
| Commercial risks | 2686 | 5195 | 7881 | 2779 | 6002 | 8781 |
| Other risks | 629 | 1956 | 2585 | 639 | 2026 | 2665 |
| **Total Provisions** | **13566** | **17449** | **31015** | **14317** | **18596** | **32913** |

---

Restructuring costs of €98 million and €123 million were recognized for the three months ended March 31, 2026 and 2025, respectively, the decrease was primarily related to lower workforce reductions mainly in Enlarged Europe.

The decrease in Commercial risks provision is primarily due to (i) €0.7 billion of cash payments related to charges recorded in the second half of 2025 and (ii) reversal of the U.S. greenhouse gas provision of €350 million.

In February 2026, the U.S. Environmental Protection Agency finalized actions to rescind the 2009 Greenhouse Gas Endangerment Finding under the Clean Air Act. The Endangerment Finding had previously provided the legal basis for federal regulation of greenhouse gas emissions from motor vehicles. As a result of this regulatory development, during the three months ended March 31, 2026, Stellantis recognized a gain of €66 million within Cost of revenues which was excluded from AOI. The net gain consisted of an impairment of greenhouse gas-related Other intangible assets of €284 million and the reversal of the related greenhouse gas provision of €350 million, which was recorded within Commercial risks.

**13. Debt**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **At March 31, 2026** | **At March 31, 2026** | **At March 31, 2026** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** |
| *(€ million)* | **Current** | **Non-current** | **Total** | **Current** | **Non-current** | **Total** |
| Notes | 3686 | 18221 | 21907 | 2945 | 20256 | 23201 |
| Borrowings from banks | 1609 | 560 | 2169 | 1311 | 649 | 1960 |
| Asset-backed financing | 9207 | 8743 | 17950 | 7247 | 8232 | 15479 |
| Lease liabilities | 895 | 1660 | 2555 | 818 | 1636 | 2454 |
| Other debt | 1931 | 1407 | 3338 | 1800 | 1053 | 2853 |
| **Total Debt** | **17328** | **30591** | **47919** | **14121** | **31826** | **45947** |

---

Euro Medium Term Note Programme Notes

In January 2026, the Company repaid, at maturity, a €1,250 million note issued by FCA N.V. in 2020.

Undrawn committed credit lines

Stellantis N.V. has a syndicated revolving credit facility of €12.0 billion, structured in two tranches. The amount utilized under these credit lines was nil on March 31, 2026.

------

In December 2025, SFS U.S. established a privately placed CP program available up to a maximum of €1.9 billion ($2.2 billion). No CP was issued under the program in December 2025. Issuances under the CP program commenced in March 2026. At March 31, 2026, €0.3 billion ($0.3 billion) notes were outstanding under the CP program. These amounts are reported within the line item Other debt.

In connection with the the establishment of the CP program, the €0.9 billion ($1 billion) committed USD credit facility originally signed by SFS U.S. in March 2024 was amended and refinanced (the "SFS RCF"). The amended SFS RCF is structured in two tranches: €0.9 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. At March 31, 2026, the amount available under the amended SFS RCF, net of €0.3 billion of CP outstanding, was €1.6 billion ($1.9 billion).

Borrowings from banks

The increase of borrowings from banks is mainly due to issuance of new debt mainly in Brazilian financial services companies.

Asset-backed financing

Asset-backed financing primarily represented the amount of financing received by SFS U.S. through USD denominated securitization programs and amounted to €17,112 million at March 31, 2026, (€14,759 million at December 31, 2025) that will be settled through the collection of a portfolio of receivables which originate from consumers and dealers. The increase in asset-backed financing at March 31, 2026, is primarily due to securitizations made to fund the increase in the SFS U.S. portfolio.

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 €9.2 billion ($10.6 billion) as of March 31, 2026 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 rates of interest and borrowings are based on the floating rate SOFR and CP indices.

ABS USD Term Notes

ABS USD Term Notes are issued in the U.S. by SFS U.S. for various classes ranging from Class A to Class E Notes. These notes are sequentially paid with Class A Notes paid first. The range of interest rates depends on the level of risk of loss and is determined by investor interest in each class of the notes.

------

ABS USD Term Loans

ABS USD 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 asset-backed term loans outstanding as of March 31, 2026, with an aggregate balance of $1.2 billion (€1.0 billion) are secured by retail loan receivables with an aggregate balance of $1.5 billion (€1.3 billion). The remaining asset-backed term loan facility with a balance of $0.7 billion (€0.6 billion) as of March 31, 2026, is secured by $0.9 billion (€0.8 billion) in consumer lease receivables. These amounts are reported within the line item Asset-backed financing.

The terms governing the warehouse credit facilities and ABS Term Loans contain 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.

**14. Other liabilities** 

Other liabilities consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **At March 31, 2026** | **At March 31, 2026** | **At March 31, 2026** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** |
| *(€ million)* | **Current** | **Non-current** | **Total** | **Current** | **Non-current** | **Total** |
| Payables for buy-back agreements | 5641 | 2813 | 8454 | 5313 | 2576 | 7889 |
| Accrued expenses and deferred income | 7135 | 822 | 7957 | 6323 | 789 | 7112 |
| Indirect tax payables | 1498 | 6 | 1504 | 1354 | 7 | 1361 |
| Payables to personnel | 1534 | 3 | 1537 | 1749 | 2 | 1751 |
| Social security payables | 573 | 2 | 575 | 472 | 2 | 474 |
| Service contract liabilities | 763 | 1446 | 2209 | 744 | 1444 | 2188 |
| Derivatives operating liabilities | 83 | 16 | 99 | 150 | 27 | 177 |
| Other | 3222 | 622 | 3844 | 3160 | 628 | 3788 |
| **Total Other liabilities** | **20449** | **5730** | **26179** | **19265** | **5475** | **24740** |

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**15. 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 that are measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At March 31, 2026** | **At March 31, 2026** | **At March 31, 2026** | **At March 31, 2026** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** |
| *(€ million)* | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Financial securities and equity instruments measured at FVOCI | 76 |  | 305 | 381 | 108 |  | 289 | 397 |
| Financial securities and equity instruments measured at FVPL | 1093 | 8 | 397 | 1498 | 1110 | 4 | 351 | 1465 |
| Derivative financial assets |  | 202 | 1 | 203 |  | 303 | 1 | 304 |
| Derivative operating assets |  | 559 | 7 | 566 |  | 397 | 9 | 406 |
| Collateral deposits | 17 |  |  | 17 | 20 |  |  | 20 |
| Receivables from financing activities |  |  | 15 | 15 |  |  | 3 | 3 |
| Trade receivables |  | 16 |  | 16 |  | 4 |  | 4 |
| Money market securities | 14843 |  |  | 14843 | 13191 |  |  | 13191 |
| **Total Assets** | **16029** | **785** | **725** | **17539** | **14429** | **708** | **653** | **15790** |
| Derivative financial liabilities |  | 19 |  | 19 |  | 36 |  | 36 |
| Derivative operating liabilities |  | 98 | 2 | 100 |  | 177 |  | 177 |
| **Total Liabilities** | **—** | **117** | **2** | **119** | **—** | **213** | **—** | **213** |

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The fair value of derivative financial assets and liabilities is 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 is 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 is 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 is 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 is 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).&nbsp;&nbsp;&nbsp;&nbsp;

The fair value of money market securities is also based on available market quotations. &nbsp;&nbsp;&nbsp;&nbsp;

The fair value of Receivables from financing activities, which are classified in Level 3 of the fair value hierarchy, has been estimated using discounted cash flow models. The most significant inputs used in this measurement are market discount rates that reflect conditions applied in various reference markets on receivables with similar characteristics, adjusted in order to take into account the credit risk of the counterparties.

The fair values of Financial securities classified in level 3 are calculated using valuation techniques that incorporate inputs that are not directly observable in active markets. Therefore, the Company uses discounted cash flow models with the significant input being market discount rates along with the most recent financing rounds for certain investments.

The fair value of Other receivables is classified in Level 3 of the fair value hierarchy and has been estimated using discounted cash flow models. The most significant inputs used in this measurement are market discount rates.

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For assets and liabilities recognized in the financial statements at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization at the end of each reporting period.

The following is a reconciliation of the changes in items measured at fair value and classified within Level 3:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| *(€ million)* | **Receivables from financing activities** | **Financial securities** | **Derivative assets/(liabilities)** | **Other receivables** |
| **At January 1** | **3** | **640** | **10** | **—** |
| Gains/(losses) recognized in Other comprehensive income/(loss) |  | 14 | (4) |  |
| Issues/(Settlements) | 12 |  |  |  |
| Purchases/(Sales) |  | (30) |  |  |
| Transfer (from)/to level 3 |  | 78 |  |  |
| **At March 31** | **15** | **702** | **6** | **—** |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| *(€ million)* | **Receivables from financing activities** | **Financial securities** | **Derivative assets/(liabilities)** | **Other receivables** |
| **At January 1** | **—** | **922** | **(1)** | **66** |
| Change in scope of consolidation |  | (11) |  |  |
| Gains/(losses) recognized in Other comprehensive income/(loss) |  | 154 | 3 |  |
| Issues/(Settlements) | 83 |  |  | (66) |
| Purchases/(Sales) |  | (38) |  |  |
| **At March 31** | **83** | **1027** | **2** | **—** |

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The gains/(losses) included in the Interim Condensed Consolidated Income Statements during the three months ended March 31, 2026 and 2025 were recognized within Net financial expenses. Of the total gains/(losses) recognized in Other comprehensive income, €4 million of losses were recognized within Fair value remeasurement of cash flow hedges (€211 million of gains at March 31, 2025), €14 million of gains were recognized within Exchange differences on translating foreign operations (€24 million of losses at March 31, 2025) and nil were recognized within Gains and losses from remeasurement of financial assets (€30 million of losses at March 31, 2025).

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 is a reasonable approximation of fair value as the present value of future cash flows does not differ significantly from the carrying amount.

The carrying value of Cash at banks and Other cash equivalents usually approximate fair value due to the short maturity of these instruments.

The following table summarizes the carrying amount and fair value for financial assets and liabilities not measured at fair value on a recurring basis:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **At March 31, 2026** | **At March 31, 2026** | **At December 31, 2025** | **At December 31, 2025** |
| *(€ million)* | **Note** | **Carrying <br>amount** | **Fair <br>Value** | **Carrying <br>amount** | **Fair <br>Value** |
| Dealer financing |  | 3464 | 3470 | 3084 | 3095 |
| Retail financing |  | 11825 | 10753 | 10703 | 10096 |
| Finance leases |  | 582 | 564 | 540 | 522 |
| Other receivables from financing activities |  | 1451 | 1458 | 1401 | 1360 |
| **Total Receivables from financing activities**<sup>(1)</sup> | 7 | **17322** | **16245** | **15728** | **15073** |
| Notes |  | 21907 | 20877 | 23201 | 22698 |
| Borrowings from banks & Other debt |  | 5507 | 5510 | 4813 | 4823 |
| Asset-backed financing |  | 17950 | 18008 | 15479 | 15331 |
| **Total Debt, excluding Lease liabilities** | 13 | **45364** | **44395** | **43493** | **42852** |

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(1) Amounts exclude receivables measured at FVPL

The carrying value of financial securities measured at amortized cost was a reasonable approximation of fair value as the present value of future cash flows did not differ significantly from the carrying amount. Refer to Note 8, *Financial assets* for additional information.

Notes that are traded in active markets for which close or last trade pricing is available are classified within Level 1 of the fair value hierarchy. Notes for which such prices are not available are 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 within Level 2. At March 31, 2026, €20,558 million and €318 million of Notes were categorized within Level 1 and Level 2, respectively. At December 31, 2025, €22,381 million and €317 million of Notes were categorized within Level 1 and Level 2, respectively.

The fair value of Borrowings from banks and Other debt classified within Level 2 of the fair value hierarchy has been estimated using discounted cash flow models. The main inputs used are 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 the Borrowings from banks and Other debt that requires significant adjustments using unobservable inputs is categorized in Level 3. At March 31, 2026, €5,216 million and €295 million of Borrowings from banks and Other Debt were categorized within Level 2 and Level 3, respectively. At December 31, 2025, €4,465 million and €358 million of Borrowings from banks and Other Debt were categorized within Level 2 and Level 3, respectively.

**16. 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 affiliated with Exor N.V., which include Ferrari N.V., CNH Industrial N.V. ("CNHI") and Iveco Group N.V. ("Iveco").

The amounts for transactions with related parties recognized in the Interim Condensed Consolidated Income Statement were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** | **2025** |
| *(€ million)* | **Net revenues** | **Cost of revenues** | **Selling, general and other costs/(income)** | **Net financial expenses/(income)** | **Net revenues** | **Cost of revenues** | **Selling, general and other costs/(income)** | **Net financial expenses/(income)** |
| Joint arrangements and associates | 3545 | 1121 | (8) | 8 | 2752 | 498 | 1 | 2 |
| CNHI |  | (2) |  |  | 2 |  |  |  |
| Ferrari N.V. | 1 |  |  |  | 1 |  |  |  |
| Iveco | 34 | 2 |  |  | 26 | 1 |  |  |

---

Assets and liabilities from transactions with related parties were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At March 31, 2026** | **At March 31, 2026** | **At March 31, 2026** | **At March 31, 2026** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** |
| *(€ million)* | **Trade and other receivables** | **Trade payables and Other liabilities** | **Asset-backed financing** | **Debt**<sup>(1)</sup> | **Trade and other receivables** | **Trade payables and Other liabilities**<sup>(2)</sup> | **Asset-backed financing** | **Debt**<sup>(1)</sup> |
| Joint arrangements and associates | 3552 | 3059 | 58 | 95 | 2793 | 2620 | 6 | 103 |
| CNHI | 3 |  |  |  | 3 |  |  |  |
| Ferrari N.V. | 7 |  |  |  | 8 |  |  |  |
| Iveco | 65 | 55 |  |  | 34 | 34 |  |  |

---

(1) Related to Debt excluding Asset-backed financing, refer to Note 13, *Debt* for additional information

(2) Trade payables and Other liabilities at December 31, 2025 previously reported have been increased by €1,052 million to reflect the portion of payables for buy-back agreements related to transactions with Leasys

**17. Guarantees granted, commitments and contingent liabilities**

Guarantees granted and commitments

As of March 31, 2026, the Company had granted guarantees to third parties totaling €203 million in respect of Contemporary Star Energy's commitments, with Stellantis España guaranteeing €102 million, or 50 percent of the total.

In 2024, NextStar entered into a loan facility with third-party financial institutions for a notional amount of €1,144 million ($1,344 million at December 31, 2025), which was 49 percent guaranteed by Stellantis N.V. The facility was fully drawn at December 31, 2025. In March 2026, the Stellantis guarantees were terminated in connection with the exit from NextStar.

Litigation

*U.S. Securities Class Actions*

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. In March 2026, the Court ruled in favor of Stellantis N.V.'s motion to dismiss. Plaintiffs filed a notice of appeal in April 2026. 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.

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In April 2026, 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 current and former officers, alleging that the defendants made material misstatements relating to the Company's electrification strategy, earnings growth prospects and anticipated restructuring charges. 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.

Other commitments, arrangements and contractual rights

At March 31, 2026, total joint venture and associate capital commitments were €1.2 billion covering the period up to 2037.

**18. Equity**

Share capital

At March 31, 2026, 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 March 31, 2026, the fully paid-up share capital of Stellantis amounted to €37 million (€37 million at December 31, 2025) and consisted of 2,903,716,295 common shares (2,903,716,295 at December 31, 2025), of which 6,208,530 held in treasury (6,233,099 at December 31, 2025), 866,522,224 special voting shares A (866,522,224 at December 31, 2025) of which 139,606 held in treasury (113,162 at December 31, 2025).

At March 31, 2026 there were 2,897,507,765 outstanding common shares (2,897,483,196 at December 31, 2025). In the three months ended March 31, 2026, 24,231 were delivered in execution of the Share-based compensation plans.

Share buyback program

At the annual general meeting ("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 in the same terms at the AGM on April 14, 2026.

Perpetual subordinated fixed rate resettable capital securities ("Hybrid perpetual notes")

In March 2026, the Company issued three tranches of Hybrid perpetual notes:

• €2.2 billion with a non-call period of 5.25 years and an annual coupon of 6.250 percent until the first reset date on June 16, 2031;

• €1.8 billion with a non-call period of 8 years and an annual coupon of 6.875 percent until the first reset date on March 16, 2034; and

• GBP 865 million (€997 million) with a non-call period of 6.5 years and an annual coupon of 8.250 percent until the first reset date on September 16, 2032.

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*Coupon*

The fixed-rate coupons are subject to a reset every five years, beginning from the respective first reset date indicated above.

Coupon payments may be deferred indefinitely at the Company's discretion, and Stellantis is not obligated to make any payments, subject to certain conditions. Deferred coupons will accumulate and will become payable only if the Hybrid perpetual notes are called by Stellantis. In limited circumstances such as the declaration of dividends, payments on junior securities or parity obligations, Stellantis is required to pay any then-deferred coupons.

The Hybrid perpetual notes have no maturity date, however, subject to applicable non-call periods, the Company may redeem them in whole at its discretion.

*Accounting treatment*

Debt and equity instruments are classified by the Company as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and with the definitions of a financial liability and equity instrument set out in IAS 32 - *Financial Instruments*.

Equity instruments issued by the Company are recognized when the proceeds are received, net of direct issuance costs.

The repurchase of equity instruments issued by the Company is recognized and deducted directly in equity. No gain or loss is recognized in the profit or loss on the purchase, sale, issue or cancellation of equity instruments issued by the Company.

Distributions to holders of equity instruments are recognized directly in equity.

The characteristics of the Hybrid perpetual notes give the Company an unconditional right to avoid paying the principal or interest. As a result, and in accordance with IAS 32, these securities are classified as equity instruments, and any payment, net of taxes is accounted for as a deduction of equity.

The issuance discount and transaction costs related to these issuances amount to €72 million, and have been recorded in equity, in accordance with IAS 32.

**19. Earnings/(loss) per share** 

In 2026, following the issuance of Hybrid perpetual notes classified as equity (refer to Note 18, *Equity* for additional information), coupons accrued on these instruments, together with the Hybrid perpetual notes, are accounted for in a separate reserve within equity, which is not available for distribution to equity holders. The deferred tax effect arising from the issuance discount and other costs on the Hybrid perpetual notes is also recognized directly in equity within Retained earnings and other reserves. Accordingly, the coupon accrued and the deferred tax impact are deducted from Net profit/(loss) attributable to the equity holders of the parent in calculating both basic and diluted earnings per share. No such adjustment was required in 2025, as no Hybrid perpetual notes were outstanding during that period.

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Basic (loss)/earnings per share

Basic (loss)/earnings per share for the three months ended March 31, 2026 and 2025 was determined by dividing the Net profit/(loss) attributable to the equity holders of the parent adjusted for coupons on Hybrid perpetual notes, net of taxes, by the weighted average number of shares outstanding during each period.

The following table summarizes the amounts used to calculate the basic earnings/(loss) per share:

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| | | | |
|:---|:---|:---|:---|
| | | **Three months ended March 31,** | **Three months ended March 31,** |
| | | **2026** | **2025** |
| Net profit/(loss) attributable to owners of the parent | *million* | 390 | (371) |
| Coupon and tax impacts on Hybrid perpetual notes | *million* | 8 |  |
| Weighted average number of shares outstanding | *thousand* | 2897491 | 2880496 |
| **Basic (loss)/earnings per share** |  | **0.14** | **(0.13)** |

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Diluted (loss)/earnings per share

In order to calculate the diluted (loss)/earnings per share during the three months ended March 31, 2026, the weighted average number of shares outstanding was increased to take into consideration the theoretical effect of the potential common shares that would be issued for the outstanding and unvested share-based compensation awards at March 31, 2026 as determined using the treasury stock method.

For the three months ended March 31, 2026, there were no instruments excluded from the calculation of diluted earnings per share because of an anti-dilutive effect.

For the three months ended March 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.

The following table summarize the amounts used to calculate the diluted (loss)/earnings per share for the three months ended March 31, 2026 and 2025:

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| | | | |
|:---|:---|:---|:---|
| | | **Three months ended March 31,** | **Three months ended March 31,** |
| | | **2026** | **2025** |
| Net profit/(loss) attributable to owners of the parent | *million* | 390 | (371) |
| Coupon and tax impacts on Hybrid perpetual notes | *million* | 8 |  |
| Weighted average number of shares outstanding | *thousand* | 2897491 | 2880496 |
| Number of shares deployable for share-based compensation | *thousand* | 14374 | 0 |
| Weighted average number of shares outstanding for diluted earnings per share | *thousand* | 2911865 | 2880496 |
| **Diluted (loss)/earnings per share** |  | **0.14** | **(0.13)** |

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**20. Segment reporting** 

The Company's activities are carried out through five regional vehicle reportable segments: North America, Enlarged Europe, Middle East & Africa, South America and Asia Pacific. Refer to Note 1, *Basis of Preparation* for additional information on segment reporting changes.

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See below for a reconciliation of Net profit, which is the most directly comparable measure included in our Interim Condensed 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.

The following tables summarize selected financial information by segment for the three months ended March 31, 2026 and 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three months ended March 31, 2026** | **North America** | **Enlarged Europe** | **Middle East & Africa** | **South America** | **Asia Pacific** | **Other activities** | **Unallocated items & eliminations** | **Stellantis** |
| *(€ million)* |  |  |  |  |  |  |  |  |
| Net revenues from external customers | 16114 | 14374 | 2387 | 3583 | 435 | 1239 |  | 38132 |
| Net revenues from transactions with other segments |  | 1 | 1 | 40 |  | 54 | (96) |  |
| **Net revenues** | **16114** | **14375** | **2388** | **3623** | **435** | **1293** | **(96)** | **38132** |
| **Net profit/(loss)** |  |  |  |  |  |  |  | **377** |
| Tax expense/(benefit) |  |  |  |  |  |  |  | 161 |
| Net financial expenses/(income) |  |  |  |  |  |  |  | 150 |
| **Operating income/(loss)** |  |  |  |  |  |  |  | **688** |
| **Adjustments:** |  |  |  |  |  |  |  |  |
| Restructuring and other costs, net of reversals<sup>(1)</sup> | (7) | 100 | 4 |  | 1 |  |  | 98 |
| Takata airbags recall campaign<sup>(2)</sup> |  | 49 | 5 |  |  |  |  | 54 |
| Costs related to product plan realignments and program cancellations<sup>(3)</sup> | 181 | (25) |  |  |  |  |  | 156 |
| U.S. GHG regulation change<sup>(4)</sup> | (66) |  |  |  |  |  |  | (66) |
| Other<sup>(5)</sup> | 17 | 13 |  |  |  | 1 | (1) | 30 |
| **Total adjustments** | **125** | **137** | **9** | **—** | **1** | **1** | **(1)** | **272** |
| **Adjusted operating income/(loss)** | **263** | **8** | **282** | **393** | **(30)** | **186** | **(142)** | **960** |
| Share of profit of equity method investees, excluding adjustments | 30 | 18 | 9 | 1 | (17) | 70 |  | 111 |

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(1) Primarily related to workforce reductions, mainly in Enlarged Europe

(2) Related to Takata campaigns on certain vehicles mainly in Enlarged Europe

(3) Primarily related to costs incurred as result of product plan realignments and program cancellations, including €181 million impairment losses recognized in North America, as well as a provision reversal of €25 million in Enlarged Europe

(4) Following the repeal of GHG emissions standards in the U.S., the Company recognized a gain of €66 million within Cost of revenues. The net gain consisted of an impairment of greenhouse gas-related Other intangible assets of €284 million and the elimination of the related greenhouse gas provision of €350 million

(5) Comprised primarily of (i) adjustments to costs previously recognized to support the workforce during the transformation of certain plants in North America, and (ii) gains/(losses) recognized on the disposal of non-significant assets in Enlarged Europe

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended March 31, 2025** | **North America** | **Enlarged Europe** | **Middle East & Africa** | **South America** | **Asia Pacific** | **Other activities** | **Unallocated items & eliminations** | **Stellantis** |
| *(€ million)* |  |  |  |  |  |  |  |  |
| Net revenues from external customers | 14469 | 14168 | 2282 | 3668 | 485 | 741 |  | 35813 |
| Net revenues from transactions with other segments |  | 2 | 6 | 11 | 1 | 101 | (121) |  |
| **Net revenues**<sup>(1)</sup> | **14469** | **14170** | **2288** | **3679** | **486** | **842** | **(121)** | **35813** |
| **Net profit/(loss)** |  |  |  |  |  |  |  | **(387)** |
| Tax expense/(benefit) |  |  |  |  |  |  |  | (26) |
| Net financial expenses/(income) |  |  |  |  |  |  |  | 97 |
| **Operating income/(loss)** |  |  |  |  |  |  |  | **(316)** |
| **Adjustments:** |  |  |  |  |  |  |  |  |
| Restructuring and other costs, net of reversals<sup>(2)</sup> | (38) | 161 |  |  |  |  |  | 123 |
| Impairment expense and supplier obligations, net of reversals<sup>(3)</sup> | 162 | 12 |  | 319 |  |  |  | 493 |
| Takata airbags recall campaign<sup>(4)</sup> |  | 65 |  |  |  |  |  | 65 |
| Other<sup>(5)</sup> | (20) | (28) |  | 1 | 3 | 16 | (10) | (38) |
| **Total adjustments** | **104** | **210** | **—** | **320** | **3** | **16** | **(10)** | **643** |
| **Adjusted operating income** | **(542)** | **292** | **376** | **407** | **(20)** | **91** | **(277)** | **327** |
| Share of profit of equity method investees, excluding adjustments | 5 | (74) | (5) | (2) | (22) | 61 |  | (37) |

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(1) With effect from January 1, 2026, the Company's segment structure was updated to align with how the CODM reviews performance and allocates resources. Under the revised structure, the CODM reviews the business through the following operating and reportable segments: North America; Enlarged Europe; Middle East & Africa; South America; and Asia Pacific. Refer to Note1, *Basis of Preparation* for additional information.

(2) Primarily related to workforce reductions, mainly in Enlarged Europe

(3) Primarily related to (i) €233 million of impairments related to the cancellation of certain projects in North America and South America, (ii) €260 million for supplier obligations, mainly relating to projects which were cancelled prior to launch in South America

(4) Related to Takata campaigns on certain vehicles in Enlarged Europe

(5) Mainly related to net gains on disposals of fixed assets

**21. Subsequent events**

On April 9, 2026, SFS U.S., through its indirect wholly-owned subsidiary First investors Auto Owners Trust 2026-1, issued approximately $498 million of asset-backed notes secured by approximately $572 million of retail finance receivables. The proceeds were used to repay amounts outstanding under SFS U.S.'s warehouse credit facilities.

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