Stellantis resets strategy after 2025 losses, targeting growth in 2026

Stellantis posted full-year 2025 net revenues of €153.5 billion (−2% vs 2024) and a net loss of €22.3 billion, driven by €25.4 billion in unusual charges tied to a strategic reset to prioritize customer choice. Adjusted operating income was −€0.842 billion (AOI margin −0.5%), and industrial free cash flow was −€4.525 billion. The second half showed improvement, with 10% revenue growth and a reduced IFCF loss. For 2026 the company reiterates guidance for mid‑single‑digit net revenue growth, low‑single‑digit AOI margin, and improved IFCF (including €2 billion in 2026 payments related to H2 2025 charges), suspends the 2026 dividend, and plans up to €5 billion of hybrid bonds to bolster liquidity as it expands a broad product wave across regions toward profitable growth (with the aim of positive IFCF in 2027).