Half Year 2026 Stellantis NV Earnings Call Transcript
Key Points
- Net revenues increased 13% year-over-year, driven by higher volumes in North America and Europe.
- Adjusted operating income (AOI) margin improved by 120 basis points year-over-year.
- Industrial free cash flow turned positive at EUR1 billion, a EUR1 billion improvement year-over-year.
- Production efficiency improved significantly, with 870 basis points in North America and 170 basis points in Europe.
- Quality improved, with three-month in-service quality up 38% in North America and 24% in Europe.
- Net pricing was negative $456 million, primarily due to pricing pressure in Europe.
- Europe AOI remained negative at $94 million, despite a year-over-year improvement.
- Total inventory increased 20% year-over-year to 1.4 million units, partly due to new product launches and summer shutdowns.
- Foreign exchange and other factors had a negative impact of $861 million, driven by Turkish lira devaluation and lower residual values.
- The company faces headwinds from raw material inflation and tariff expenses, expected to be EUR1 billion to EUR1.2 billion for the full year.
Hello and welcome to the Stellantis Q2 2026 Financial Results Call. You will have the opportunity to ask questions at the end of the call by typing pound key 5 on your telephone keypad.
Please do not exceed one question per person and, if necessary, an additional one.
I now give the floor to Mr. Charlie Classman, Head of Investor Relations, to begin today's conference. Sir, the floor is yours.
Thank you. Hello, everyone, and thank you for joining us today as we review the Stellantis Q2 2026 results.
Earlier today, the presentation material for this call, along with the related press release, were posted under the Investors section of the Stellantis Group website.
Today, our call is hosted by Antonio Felosta, Chief Executive Officer and Joal Lorandro, Chief Financial Officer.
After their prepared remarks, Antonio and Joal will be available to answer questions from the analysts.
Before we begin, I want to point out that any forward-looking
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