Stellantis NV (NYSE: STLA) reported a substantial net loss for the second half of 2025 following significant charges related to a reset of its electric vehicle strategy.
The automaker recorded a net loss of €20.1 billion for the July–December period, after previously flagging €22.2 billion in charges for the half. Adjusted operating income was negative €1.38 billion during the period, with both metrics falling within previously indicated preliminary ranges. Net revenues for the half increased 10%.
Total automotive adjusted EBIT registered a loss of €169 million, compared with consensus expectations for a €721 million profit.
During 2025, Stellantis booked €25.4 billion in writedowns, which Chief Executive Antonio Filosa said reflected the cost of overestimating the pace of the energy transition. The impairments were also tied to vehicle quality issues, which Filosa attributed to prior cost-cutting measures under former CEO Carlos Tavares.
The writedowns include approximately €6.5 billion in expected cash outflows spread over four years beginning in 2026.
Stellantis reiterated its 2026 outlook, guiding for mid-single-digit percentage growth in net revenues and a low-single-digit adjusted operating margin. Industrial free cash flow is expected to turn positive in 2027.
The company also confirmed that it will not pay a dividend this year.
For full-year 2025, Stellantis reported a net loss of €22.3 billion. Adjusted operating loss totaled €842 million, compared with an adjusted operating profit of €8.65 billion in 2024, resulting in an adjusted operating margin of negative 0.5%.
