Stellantis (STLAM) AGM 2025 summary

Opening remarks and agenda

• The meeting opened with acknowledgment of a disappointing 2024, citing internal misalignment and the CEO's departure, with an interim executive committee now in place.

• Annual General Meeting held on April 15, 2025, presenting full year 2024 results and FY 2025 guidance.

• Decisive actions were taken to stabilize operations, including inventory reduction and regional empowerment, with a new CEO expected in the first half of 2025.

• The agenda and voting procedures were outlined, with emphasis on orderly conduct and multilingual support.

Financial performance review

• Shipments fell 12% to 5.4 million vehicles, with net revenues down 17% to €156.9 billion, mainly due to lower volume/mix and FX headwinds.

• Adjusted diluted EPS dropped 61% to €2.48, AOI margin at the bottom of guidance, and industrial free cash flow was negative €6.0 billion.

• Adjusted operating income margin dropped to 5.5%, with AOI down 45% year-over-year.

• Capital expenditures rose by €1.6 billion due to new model launches, with working capital up nearly €5 billion.

• Inventory normalization and new product launches were prioritized, with significant cost headwinds and FX impacts.

Board and executive committee updates

• The board operated with an interim executive committee following the CEO's departure, with the chairman leading day-to-day management.

• Appointment and reappointment of seven non-executive directors were approved, with terms ending after the 2027 AGM.

• Corrective actions implemented to address excess inventory, portfolio gaps, and affordability challenges.

• 20 product launches in 2024, with further launches planned for 2025 to reduce product and powertrain gaps.