Stellantis reported a robust first-half performance in 2026, with adjusted earnings per share (EPS) rising 85% year-over-year to $0.37. The global automaker’s total sales for the six-month period reached $95.225 billion, marking a 13.04% increase from the $84.242 billion recorded in H1 2025. This top-line growth was driven by a significant return to profitability in the second quarter, where net profit turned positive at €0.3 billion, reversing a €1.9 billion loss in Q2 2025.

The improvement in earnings reflects broader operational efficiencies and volume growth, particularly in North America. For the full first half, the company demonstrated its ability to convert revenue growth into higher per-share earnings, despite a challenging macroeconomic backdrop. The surge in adjusted EPS underscores the effectiveness of Stellantis’s FaSTLAne 2030 strategic plan, which focuses on streamlining operations and enhancing cash generation across its global portfolio.

Regional Performance Drivers

North America emerged as the primary catalyst for the quarter’s success, with net revenues surging 32% year-over-year to €18.2 billion in Q2 alone. Sales volumes in the region increased by 6%, marking the fourth consecutive quarter of year-over-year growth. Key models such as the Jeep Grand Wagoneer saw retail sales up 43%, while the Ram 1500 rose 9%. North America’s adjusted operating income (AOI) turned positive at €0.3 billion, reversing a €0.4 billion loss in the prior year period.

In contrast, Enlarged Europe remained flat in terms of revenue, reporting €16.4 billion, while Middle East & Africa and Asia Pacific saw slight declines. However, South America delivered a 6% revenue increase to €4.3 billion, supported by favorable foreign exchange effects and positive net pricing, despite a 2% drop in sales volumes. Leapmotor-branded vehicles contributed to momentum in several regions, with sales growing sixfold year-over-year in Europe.

What the Numbers Show

A critical observation from the filing is the divergence between reported net profit and adjusted operating metrics due to significant non-recurring items. While net profit turned positive, the underlying operational profitability remains constrained, as evidenced by the modest 1.8% consolidated AOI margin. The improvement in net profit was partly assisted by a €0.3 billion gain from renegotiated regulatory purchase commitments for compliance credits, which is excluded from AOI. Furthermore, Enlarged Europe continues to weigh on overall margins, recording a negative AOI margin of (0.6)%, highlighting ongoing structural challenges in the region despite volume growth in specific segments like light commercial vehicles.

Cash Position and Guidance

Stellantis closed the quarter with industrial available liquidity of €44.1 billion, representing 27% of trailing 12-month net revenues, which remains within the company’s targeted range of 25-30%. The company noted that the net tariff headwind for 2026 is now estimated at €1.0 billion to €1.2 billion, with H1 2026 net tariff costs totaling €0.3 billion. Looking ahead, management expects H2 2026 performance to be weighted toward Q4, following summer production shutdowns in Q3. Full-year capital expenditures and R&D spending are estimated at 6.5% to 7.0% of net revenues, consistent with the FaSTLAne 2030 investment plan.

Stellantis has agreed to sell its entire shareholding in the Free2move car-sharing business to private equity firm Mutares SE & Co. KGaA. The agreement, announced on July 28, 2026, marks a strategic shift for the global automaker as it seeks to sharpen its focus on core automotive activities under its FaSTLAne 2030 plan. The transaction is expected to close by the end of 2026, pending customary closing conditions.

The sale aligns with Stellantis’ disciplined approach to capital allocation, which directs investments toward regions, brands, and technologies that generate the strongest returns. By divesting the car-sharing unit, Stellantis aims to strengthen its capacity to deliver long-term performance in its primary automotive segments. The company stated it would prioritize continuity for customers, partners, and employees throughout the transition process.

Free2move operates one of the most geographically diversified car-sharing platforms globally, offering short- and long-term free-floating services bookable 24/7 via a proprietary mobile application. Its fleets are currently active across 14 cities in Europe and the United States. As an independent entity under Mutares, the business is expected to benefit from enhanced agility, dedicated investment, and increased operational flexibility.

Mutares, a listed private equity holding company, plans to revamp the management of the international fleet and continue the transition to battery-electric vehicles. Johannes Laumann, CIO of Mutares, noted that the business combines a strong brand with clear potential for operational improvement following the carve-out from Stellantis. The firm intends to strengthen Free2move’s operating model and develop it into an independent leading platform in the mobility sector.

Virgilio Cerutti, Head of Business Development & Partnerships at Stellantis, emphasized the commitment to working closely with all stakeholders to support a smooth transition. "By sharpening our focus on core automotive activities, we strengthen our capacity to deliver long-term performance," Cerutti said.

Transaction Details

Completion of the transaction remains subject to applicable information and consultation processes with employee representative bodies, as well as regulatory approvals and other customary conditions under relevant laws and statutory provisions. Mutares’ shares are traded on the Regulated Market of the Frankfurt Stock Exchange under the symbol "MUX" and are included in the SDAX selection index.