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 managing operations until a new CEO is appointed in the first half of 2025.

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

• The agenda and meeting procedures were outlined, including voting protocols, language options, and the presence of external auditors and journalists.

Financial performance review

• Shipments fell 12% to 5.4 million vehicles, with net revenues down 17% to EUR 156.9 billion and AOI margin at the bottom of guidance.

• Adjusted diluted EPS dropped 61% to EUR 2.48, AOI fell 64%, and industrial free cash flow was negative EUR 6 billion, near the better end of guidance.

• Inventory reduction actions and lower sales, especially in North America and Europe, drove the decline, with higher industrial costs and FX headwinds exacerbating results.

• Capital expenditures rose by EUR 1.6 billion due to new model launches, and working capital grew by nearly EUR 5 billion.

• Industrial free cash flow was negative at -€6.0B, a €18.9B decline from prior year.

Board and executive committee updates

• The board addressed the CEO transition, with the interim committee focusing on operational stability and preparing for a new CEO appointment in 2025.

• 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.

• Seven non-executive directors were appointed or reappointed, with terms ending after the 2027 AGM.