STLA · Stellantis N.V.

Stellantis Q1 2026 results mark a return to profitability with net profit of €0.4 billion versus a loss last year, driven by 6% net revenue growth to €38.1 billion from higher volumes across regions, particularly North America where shipments rose 17% and market share gained 80 bps to 7.9%. Adjusted operating income doubled to €1.0 billion with a 2.5% margin, as most regions posted positive AOI; North America swung to €263 million profit, while Enlarged Europe remained near breakeven at €8 million amid pricing pressures. CEO Antonio Filosa highlighted early progress from 2025 product launches and 10 new 2026 vehicles, prioritizing customer focus ahead of Investor Day on May 21. Industrial free cash flow improved 37% to -€1.9 billion despite H2 2025 charges, with liquidity at €44.1 billion (28% of TTM revenues) bolstered by €5 billion hybrid notes issuance. Confirmed FY 2026 guidance signals confidence in mid-single digit revenue growth, low-single digit AOI margin, and year-over-year free cash flow improvement including €2 billion H2 '25 payments, targeting positive flows in 2027. Regional momentum includes Ram's 20% U.S. sales surge, EU30 share at 17.5%, and leadership in South America LCVs, offsetting Asia Pacific weakness.