Financial Performance – First Half 2025
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Stellantis (including Fiat, Jeep, Peugeot, Chrysler, and others) reported net revenues of €74.3 billion for H1 2025, a 13% decrease versus the same period in 2024.
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The group posted a net loss of €2.3 billion, reversing a €5.6 billion profit the year prior.
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Adjusted operating income (AOI) for H1 2025 dropped to €540 million (AOI margin of 0.7%), down sharply from €8.5 billion and a 10.0% margin in H1 2024.
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Industrial free cash flow was negative €3.0 billion, illustrating both weak profitability and large ongoing investments and R&D spending.
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Cash flow from operating activities was negative €2.3 billion, compared to a positive €4.0 billion in H1 2024.
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Stellantis still boasts strong liquidity, with €47.2 billion available as of June 30, 2025.
Key Challenges
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Tariffs and trade barriers imposed in North America and Europe, culminating in over €1.5 billion of extra direct costs, hit margins and shipments hard.
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Transition periods for discontinued or replaced models (like the Dodge Charger and Jeep Cherokee) caused a 23% drop in North American shipments and a 26% plunge in that region’s net revenues.
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Increased sales incentives and reliance on lower-margin fleet sales further weighed on profitability.
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Fiat's traditional stronghold in southern Europe saw sluggish demand and delayed ramp-up for new models. The Fiat 600 and Fiat Doblo Cargo provided some bright spots, though volume was limited.
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Currency headwinds (notably with the Turkish Lira) severely impacted results in Fiat’s Middle East & Africa segment.
Geographic and Segment Highlights—Best and Worst Performers
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Enlarged Europe: Shipments fell 7%, mainly due to slow introductions of new B-segment products. Some gains came from new Fiat 600 and Doblo models.
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South America: Stellantis (and Fiat) performed better, with consolidated shipments up 5%, net revenues at €7.8 billion (+€402 million), and a healthy AOI margin of 15.3%.
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North America: The toughest region, with shipments down 23% and a segment loss of €951 million in the first half.
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Middle East & Africa: Shipments declined 8%, AOI down 27%, though Fiat’s vans and professional vehicles shored up performance somewhat.
Inventory and Outlook
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Stellantis inventories were at 1.2 million units as of June 30, 2025, up 1% from year-end 2024.
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Sequential improvement in shipments is expected as new models launch and cost controls take effect in H2 2025.
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Forecasted low-single-digit operating margins are anticipated in the second half, as restructuring, cost reduction, and refreshed vehicle lineups take hold.
Leadership & Strategy
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New CEO Antonio Filosa has prioritized brand revitalization, product launches, and recovery actions, especially for Fiat with its new small hybrids and updated core models.
Key 2025 Stellantis/Fiat Financials (H1)
| Metric | H1 2025 | H1 2024 | Change |
|---|---|---|---|
| Net revenues | €74.3 billion | €85.0 billion | -13% |
| Net profit/(loss) | (€2.3 billion) | €5.6 billion | n/a |
| Adjusted operating income | €540 million | €8.5 billion | -94% |
| Adjusted operating margin | 0.7% | 10.0% | -930bps |
| Industrial free cash flow | (€3.0 billion) | n/a | n/a |
| Global shipments | Down 7% | – | – |
| South America net revenues | €7.8 billion | €7.4 billion | +5% |
| South America AOI margin | 15.3% | 15.6% | -0.3pts |
Summary Outlook
Fiat’s outlook within Stellantis for H2 2025 is for cautious stabilization, relying on new models (especially hybrids/EVs), tighter inventory controls, and expense reductions. While headwinds from tariffs, weak European demand, and currency effects persist, strong liquidity and a refreshed lineup provide a base for gradual improvement toward late 2025 and 2026.
