Stellantis (STLAM) Q4 2024 earnings summary

Executive summary

• Net revenues declined 17% year-over-year to €156.9 billion, driven by lower volumes, negative mix, and FX headwinds, especially in North America and Enlarged Europe.

• Net profit dropped 70% to €5.5 billion, and adjusted operating income fell 64% to €8.6 billion, with a margin of 5.5%.

• Industrial free cash flow was negative €6 billion, mainly due to lower profitability and inventory reduction actions.

• Strategic focus shifted to regional empowerment, rigorous execution, and profitable growth, with new product launches and enhanced stakeholder engagement.

• Leadership transition is ongoing, with a new CEO expected in H1 2025; interim management has focused on performance improvement and critical product launches.

Financial highlights

• Combined shipments fell 14% year-over-year to 5.5 million units; consolidated shipments down 12%.

• Adjusted diluted EPS was €2.48, down 61% year-over-year.

• Industrial net financial position at €15.1 billion at year-end, down from €29.5 billion.

• Industrial available liquidity at year-end was €49.5 billion, representing 32% of prior 12-month net revenues.

• Dividend of €0.68 per share proposed, representing 30% of 2024 net profit and a 5% yield.

Outlook and guidance

• 2025 guidance projects positive net revenue growth, mid-single digit AOI margin, and positive industrial free cash flows, especially in the second half.

• Ten new product launches planned for 2025, with continued rollout of new multi-energy platforms.

• Guidance assumes current tariff and trade rules remain unchanged.

• No stock buybacks planned for H1 2025; capital return to be reassessed as performance improves.