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"ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-581": { "value": "450000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-582": { "value": "54001000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-583": { "value": "-10000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-584": { "value": "-47000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-585": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-586": { "value": "196000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfChangeInValueOfForeignCurrencyBasisSpreadsMember", "unit": "iso4217:EUR" } }, "f-587": { "value": "454000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfChangeInValueOfForeignCurrencyBasisSpreadsMember", "unit": "iso4217:EUR" } }, "f-588": { "value": "323000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfChangeInValueOfForeignCurrencyBasisSpreadsMember", "unit": "iso4217:EUR" } }, "f-589": { "value": "
1.
Principal activities
Stellantis N.V. was created as a result of the merger between Peugeot S.A. (\u201cPSA\u201d) and Fiat Chrysler
Automobiles N.V. (\u201cFCA N.V.\u201d), effective on January 17, 2021, with FCA N.V. as the surviving company. Upon
the merger, FCA N.V. was renamed to Stellantis N.V., a public limited liability company (naamloze
vennootschap), organized in the Netherlands, as the parent of Stellantis with its principal executive offices
located at Taurusavenue 1, 2132LS Hoofddorp, the Netherlands.
Stellantis is engaged in the design, engineering, manufacturing, distribution and sale of automobiles and light
commercial vehicles, engines, transmission systems, mobility services and financial services activities relating to
dealer and customer financing as well as vehicle leasing and rental. In addition, Stellantis is involved in certain
other activities, including independent after-market parts and service businesses and software and data
businesses.
Unless otherwise specified, the terms \u201cwe\u201d, \u201cour\u201d, \u201cus\u201d, the \u201cCompany\u201d and \u201cStellantis\u201d refer to Stellantis N.V.,
together with its consolidated subsidiaries, or any one or more of them, as the context may require. References
to \u201cFCA\u201d, and \u201cFCA Group\u201d mean Fiat Chrysler Automobiles N.V. together with its consolidated subsidiaries, or
any one or more of them, as the context may require. References to \u201cPSA\u201d and \u201cGroupe PSA\u201d mean Peugeot
S.A. together with its consolidated subsidiaries, or any one or more of them, as the context may require.
References to the \u201cmerger\u201d refer to the merger between PSA and FCA completed on January 17, 2021 and
resulting in the creation of Stellantis.
All references in this report to \u201cEuro\u201d and \u201c\u20ac\u201d refer to the currency introduced at the start of the third stage of
European Economic and Monetary Union pursuant to the Treaty on the Functioning of the European Union, as
amended. Stellantis financial information is presented in Euro. All references to \u201cU.S. Dollars\u201d, \u201cU.S. Dollar\u201d,
\u201cU.S.$\u201d and \u201c$\u201d refer to the currency of the United States of America (\u201cU.S.\u201d). Unless otherwise stated, all
amounts are given in millions of euros (\u20ac million).
Stellantis has filed a list of subsidiaries and associated companies, prepared in accordance with Sections 379
and 414, Book 2, Dutch Civil Code, at the Dutch trade register of Amsterdam.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-590": { "value": "Stellantis N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-591": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-592": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-593": { "value": "Taurusavenue 1, 2132LS Hoofddorp, the Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-594": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-595": { "value": "Stellantis is engaged in the design, engineering, manufacturing, distribution and sale of automobiles and light commercial vehicles, engines, transmission systems, mobility services and financial services activities relating to dealer and customer financing as well as vehicle leasing and rental. In addition, Stellantis is involved in certain other activities, including independent after-market parts and service businesses and software and data businesses.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-596": { "value": "
2.
Basis of preparation
Basis of preparation
The Consolidated Financial Statements are prepared under the historical cost method, modified for the
measurement of certain financial instruments as required, as well as on a going concern basis. In this respect,
the Company\u2019s assessment is that no material uncertainties (as defined in IAS 1 - Presentation of Financial
Statements) exist about its ability to continue as a going concern.
For the presentation of the Consolidated Income Statement, Stellantis uses a classification based on the function
of expenses rather than based on their nature as it is considered more representative of the format used for
internal reporting and management purposes and is consistent with international practice in the automotive
sector.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-598": { "value": "
Authorization of Consolidated Financial Statements and compliance with International Financial
Reporting Standards
The Consolidated Financial Statements, together with the notes thereto, of Stellantis as of and for the year ended
December\u00a031, 2025 (the \u201cConsolidated Financial Statements\u201d) were authorized for issuance by the Stellantis
Board of Directors on February\u00a026, 2026 and have been prepared in accordance with the International Financial
Reporting Standards (\u201cIFRS\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d), as well as
IFRS as adopted by the European Union. There is no effect on these Consolidated Financial Statements resulting
from differences between IFRS as issued by the IASB and IFRS as adopted by the European Union. The
designation \u201cIFRS\u201d includes International Accounting Standards (\u201cIAS\u201d) as well as all interpretations of the IFRS
Interpretations Committee (\u201cIFRIC\u201d).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-597": { "value": "
Authorization of Consolidated Financial Statements and compliance with International Financial
Reporting Standards
The Consolidated Financial Statements, together with the notes thereto, of Stellantis as of and for the year ended
December\u00a031, 2025 (the \u201cConsolidated Financial Statements\u201d) were authorized for issuance by the Stellantis
Board of Directors on February\u00a026, 2026 and have been prepared in accordance with the International Financial
Reporting Standards (\u201cIFRS\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d), as well as
IFRS as adopted by the European Union. There is no effect on these Consolidated Financial Statements resulting
from differences between IFRS as issued by the IASB and IFRS as adopted by the European Union. The
designation \u201cIFRS\u201d includes International Accounting Standards (\u201cIAS\u201d) as well as all interpretations of the IFRS
Interpretations Committee (\u201cIFRIC\u201d).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-599": { "value": "
The Consolidated Financial Statements are prepared under the historical cost method, modified for the
measurement of certain financial instruments as required, as well as on a going concern basis. In this respect,
the Company\u2019s assessment is that no material uncertainties (as defined in IAS 1 - Presentation of Financial
Statements) exist about its ability to continue as a going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-604": { "value": "
2025
Cost of
Revenues
Research and
development
costs
Gains/
(losses) on
disposal of
investments
Share of the
profit/(loss) of
equity method
investees
Total
(\u20ac million)
Platform impairments
2,730
3,853
\u2014
\u2014
6,583
Costs related to product plan realignments and
program cancellations
6,989
2,083
\u2014
\u2014
9,072
Battery JVs
\u2014
\u2014
1,571
483
2,054
Hydrogen fuel cell program discontinuation
338
286
\u2014
470
1,094
Total
10,057
6,222
1,571
953
18,803
Platform impairments
As part of the strategic reassessment, the Company revised its volume and profitability projections, including the
cancellation of certain vehicle programs. As a result, indicators of impairment were identified for several vehicle
platform cash generating units (\u201cCGUs\u201d), and impairment tests were performed, as further described in
Impairment of long-lived assets.
Based on the results of these impairment tests, for the year ended December 31, 2025, the Company
recognized total impairment charges of \u20ac6.6 billion, comprising:
\u2022 \u20ac2.7 billion recognized within Cost of revenues, relating to property, plant and equipment, primarily tooling;
and
\u2022 \u20ac3.9 billion recognized within Research and development costs, primarily relating to the write off of capitalized
development expenditures.
The impairment charges were recognized in North America (\u20ac5.7 billion), Maserati (\u20ac0.6 billion) and Enlarged
Europe (\u20ac0.3 billion).
Costs related to product plan realignments and program cancellations
As part of the strategic reassessment, the Company cancelled certain future products that were not expected to
achieve profitable scale, including the previously planned Ram 1500 BEV, reflecting alignment with customer
demand and changes in the U.S. regulatory framework.
As a result, the Company recognized asset write offs and other costs related to product plan realignments and
program cancellations.
For the year ended December 31, 2025, product plan realignments and program cancellations resulted in total
charges of \u20ac9.1 billion, comprising:
\u2022 \u20ac7.0 billion recognized within Cost of revenues; and
\u2022 \u20ac2.1 billion recognized within Research and development costs
These charges were recognized in North America (\u20ac6.5 billion), Enlarged Europe (\u20ac2.2 billion) and South
America (\u20ac0.3 billion).
EV supply chain
During the year ended December 31, 2025, the Company recognized charges of \u20ac2.1 billion in connection with
actions taken to rationalize battery manufacturing capacity, comprising the following:
\u2022 \u20ac1.6 billion recognized within Gains/(losses) on disposal of investments, relating to the decision to exit the
Company\u2019s battery joint venture with LG Energy Solution, NextStar Energy Inc. (\u201cNextStar\u201d). As a result, the
investment was classified as held for sale and remeasured to fair value less costs to sell, resulting in a full write
down of the investment (\u20ac0.9\u00a0billion). In addition, a \u20ac0.7\u00a0billion liability was accrued in respect of obligations
arising from the exit of the joint venture. These charges were recognized within North America; and
\u2022 \u20ac0.5 billion recognized within Share of profit/(loss) of equity method investments, relating to a full impairment of
the Company\u2019s investment in the Automotive Cells Company SE (\u201cACC\u201d) battery joint venture and the
impairment of the majority of the shareholder loans provided by the Company to ACC. These charges were
recognized within Enlarged Europe. The full impairment of ACC is due to the revised view of the pace of
energy transition in Enlarged Europe.
Hydrogen fuel cell program discontinuation
During the year ended December 31, 2025, the Company concluded that, due to the limited availability of
hydrogen refueling infrastructure, high capital requirements and the need for stronger consumer purchasing
incentives, the adoption of hydrogen powered light commercial vehicles is not expected before the end of the
decade. Accordingly, in July 2025, the Company announced the decision to discontinue its hydrogen fuel cell
technology development program.
As a result of this decision, the Company recognized total charges of \u20ac1.1 billion, comprising:
\u2022 \u20ac0.5 billion recognized within Share of profit/(loss) of equity method investments, relating to a full write down of
the investment in Symbio, a joint venture focused on hydrogen fuel cell technology, and the impairment of
loans granted to the joint venture;
\u2022 \u20ac0.3 billion recognized within Cost of revenues, relating to the write off of fuel cell related property, plant and
equipment, inventory write downs and other related costs; and
\u2022 \u20ac0.3 billion recognized within Research and development costs, primarily relating to the write off of fuel cell
related capitalized development expenditures.
These charges were recognized within Enlarged Europe.\u00a0
Recoverability of non-current assets with definite useful lives
As a result, impairment charges, totaling \u20ac6,005\u00a0million were recognized on platforms used for North America,
Enlarged Europe and Maserati primarily due to significantly reduced volume and profitability resulting from the
strategic plan update, in addition to the \u20ac578\u00a0million impairment recognized on platforms used for Maserati and
Alfa Romeo vehicles as a result of the impairment test performed during the first half of 2025. Refer to Note
2,\u00a0Basis of preparation - Strategic plan undergoing reassessment.
In addition to the impairments discussed above, during the year ended December 31, 2025, Stellantis
recognized impairments of \u20ac3,498\u00a0million. These impairments were driven primarily by \u20ac609\u00a0million of purchased
credits which are no longer expected to be utilized due to the elimination of corporate average fuel economy
(\u201cCAFE\u201d) penalty rate (refer to Note 10, Other intangible assets for additional information), \u20ac341\u00a0million of the
discontinuation of Stellantis\u2019 hydrogen fuel cell technology development program due to limited availability of
hydrogen refueling infrastructure, high capital requirements, and the need for stronger consumer purchasing
incentives, and \u20ac2,548\u00a0million driven primarily by cancellation of select product initiatives due to changes to our
strategic and product plans, mainly in North America and Enlarged Europe. Refer to Note 2,\u00a0Basis of preparation
- Strategic plan undergoing reassessment for additional information.
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related
to impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected
vehicle margins and the cancellation of certain projects prior to launch.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain
platform assets in Enlarged Europe.
5.
Research and development costs
Research and development costs were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Research and development expenditures expensed
2,858
2,932
3,300
Amortization of capitalized development expenditures
2,094
2,149
2,193
Impairment and write-off of capitalized development expenditures
6,193
703
126
Total Research and development costs
11,145
5,784
5,619
Refer to Note 2,\u00a0Basis of preparation - Critical judgments and use of estimates - Recoverability of non-current
assets with definite useful lives for additional information on the impairment and write-off of capitalized
development expenditures during the years ended December 31, 2025, 2024 and 2023.
Refer to Note 10, Other intangible assets, for additional information on capitalized development expenditures.
Government grants of \u20ac150 million, \u20ac208 million and \u20ac144 million were recognized within Research and
development costs in 2025, 2024 and 2023, respectively.
For a description of the impairment and write-off of capitalized development expenditures, refer to Note 2,\u00a0Basis
of preparation - Strategic plan undergoing reassessment.
8.
Other information by nature
Personnel costs for the Company for the years ended December 31, 2025, 2024 and 2023 amounted to \u20ac16.8
billion, \u20ac17.1 billion and \u20ac19.1 billion, respectively, and included costs that were capitalized mainly in connection
with product development activities. Personnel costs include wages and salaries, social security contributions,
share-based compensation, pension and other post-employment benefits.
Amounts relating to IFRS 16 recognized in Profit before taxes
Amounts recognized within Profit before taxes were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Depreciation of right-of-use assets
702
677
607
Interest expense on lease liabilities
95
64
63
Variable lease payments not included in the
measurement of lease liabilities
2
3
3
Income from sub-leasing right-of-use assets
(158)
(138)
(109)
Expenses relating to short-term leases and to
leases of low-value assets
97
219
111
Gains arising from sale and leaseback
transactions
(209)
(248)
(155)
Total expense recognized in Net profit
529
577
520
10.
Other intangible assets
Capitalized development expenditures include both internal and external costs that are directly attributable to
the internal product development process, primarily consisting of material costs and personnel related expenses
relating to engineering, design and development focused on content enhancement of existing vehicles, new
models and propulsion system programs .
In 2025, \u20ac6,808\u00a0million of impairment losses and asset write-offs were recognized of which (i) \u20ac2,060 million
related to product plan realignments and program cancellations, (ii) \u20ac609 million related to CAFE credits, (iii)
\u20ac3,853 million related to platform impairments, (iv) \u20ac286 million related to impairments resulting from the
discontinuation of the hydrogen fuel cell technology development program, as further discussed below.
Additionally, refer to Note 2, Basis of preparation - Critical judgments and use of estimates - Recoverability of
non-current assets with definite useful lives for additional information on the impairment losses and asset write-
offs recognized. For the year ended December 31, 2024, \u20ac694 million of impairment losses and asset write-offs
were recognized.
For a description of costs related to product plan realignments and program cancellations, platform impairments
and impairments relating to the discontinuation of the hydrogen fuel cell development program, refer to Note
2,\u00a0Basis of preparation - Strategic plan undergoing reassessment.
For the year ending December\u00a031, 2025, translation differences and other changes were primarily related to the
weakening of the U.S. Dollar against the Euro.
For the year ending December\u00a031, 2024, translation differences and other changes were primarily related to the
strengthening of the U.S. Dollar against the Euro.
Amortization of capitalized development expenditures is recognized within Research and development costs
within the Consolidated Income Statement, as described in Note 5, Research and development costs.
Amortization of patents, concessions, licenses and other intangibles is recognized within Cost of revenues and
Selling, general and other costs.
At December\u00a031, 2025 and 2024, the Company had contractual commitments for the purchase of intangible
assets amounting to \u20ac368 million and \u20ac331 million, respectively.
CAFE Credits
On July 4, 2025, the U.S. President signed into law the United States legislation formally titled \u201cAn Act to provide
for reconciliation pursuant to title II of H. Con. Res. 14\u201d \u2013 and commonly referred to as the One Big Beautiful Bill
Act (\u201cOBBB\u201d), a comprehensive legislative package that includes significant changes to federal tax policy,
consumer incentives, and capital investment provisions. With the passing of the OBBB, CAFE penalty rate were
eliminated, (refer to Note 27, Guarantees granted, commitments and contingent liabilities for additional
information) and as such, the Company recognized a net expense of \u20ac269\u00a0million within Cost of revenues, which
was excluded from AOI (refer to Note 30, Segment reporting for additional information) which consists of the
following:
(i) An impairment of Other intangible assets of \u20ac609\u00a0million of purchased credits, which are no longer expected
to be utilized;
(ii) The recognition of a provision of \u20ac504\u00a0million related to purchase commitments which have been identified as
onerous contracts; and
(iii) The reversal of the portion of the CAFE provision for \u20ac844\u00a0million related to accruals made for certain model
years for which there is no longer a compliance obligation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-600": { "value": "
2025
Cost of
Revenues
Research and
development
costs
Gains/
(losses) on
disposal of
investments
Share of the
profit/(loss) of
equity method
investees
Total
(\u20ac million)
Platform impairments
2,730
3,853
\u2014
\u2014
6,583
Costs related to product plan realignments and
program cancellations
6,989
2,083
\u2014
\u2014
9,072
Battery JVs
\u2014
\u2014
1,571
483
2,054
Hydrogen fuel cell program discontinuation
338
286
\u2014
470
1,094
Total
10,057
6,222
1,571
953
18,803
Platform impairments
As part of the strategic reassessment, the Company revised its volume and profitability projections, including the
cancellation of certain vehicle programs. As a result, indicators of impairment were identified for several vehicle
platform cash generating units (\u201cCGUs\u201d), and impairment tests were performed, as further described in
Impairment of long-lived assets.
Based on the results of these impairment tests, for the year ended December 31, 2025, the Company
recognized total impairment charges of \u20ac6.6 billion, comprising:
\u2022 \u20ac2.7 billion recognized within Cost of revenues, relating to property, plant and equipment, primarily tooling;
and
\u2022 \u20ac3.9 billion recognized within Research and development costs, primarily relating to the write off of capitalized
development expenditures.
The impairment charges were recognized in North America (\u20ac5.7 billion), Maserati (\u20ac0.6 billion) and Enlarged
Europe (\u20ac0.3 billion).
Costs related to product plan realignments and program cancellations
As part of the strategic reassessment, the Company cancelled certain future products that were not expected to
achieve profitable scale, including the previously planned Ram 1500 BEV, reflecting alignment with customer
demand and changes in the U.S. regulatory framework.
As a result, the Company recognized asset write offs and other costs related to product plan realignments and
program cancellations.
For the year ended December 31, 2025, product plan realignments and program cancellations resulted in total
charges of \u20ac9.1 billion, comprising:
\u2022 \u20ac7.0 billion recognized within Cost of revenues; and
\u2022 \u20ac2.1 billion recognized within Research and development costs
These charges were recognized in North America (\u20ac6.5 billion), Enlarged Europe (\u20ac2.2 billion) and South
America (\u20ac0.3 billion).
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets
held for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures
primarily related to the North America and Enlarged Europe segments. The recoverability of non-current assets
with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the CGUs to
which the assets relate. The lowest level of asset groups that generate largely independent cash flows is the
vehicle platform level, which is considered the CGU for impairment testing.\u00a0
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan
based on the latest interpretation of the changing geo-political and economic circumstances and is developed
using the Company\u2019s climate-related assumptions and targets. Refer to the section \u201cClimate change\u201d for
additional information. As relevant circumstances change, the Company expects to adjust its product plans
which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and propulsion
systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms
and propulsion systems, or both. Any change in recoverability would be accounted for at the time such change
to the business plan occurs. For the years ended December 31, 2025, 2024 and 2023, the impairment tests
performed compared the carrying amount of the assets included in the respective CGUs to their value-in-use.
The value-in-use of the CGUs is determined using a discounted cash flow methodology based on estimated pre-
tax future cash flows attributable to the CGUs and a pre-tax discount rate, which ranges from 9.5 percent to 19.0
percent, reflecting a current market assessment of the time value of money and the risks specific to the CGUs.\u202f
As a result, impairment charges, totaling \u20ac6,005\u00a0million were recognized on platforms used for North America,
Enlarged Europe and Maserati primarily due to significantly reduced volume and profitability resulting from the
strategic plan update, in addition to the \u20ac578\u00a0million impairment recognized on platforms used for Maserati and
Alfa Romeo vehicles as a result of the impairment test performed during the first half of 2025. Refer to Note
2,\u00a0Basis of preparation - Strategic plan undergoing reassessment.
In addition to the impairments discussed above, during the year ended December 31, 2025, Stellantis
recognized impairments of \u20ac3,498\u00a0million. These impairments were driven primarily by \u20ac609\u00a0million of purchased
credits which are no longer expected to be utilized due to the elimination of corporate average fuel economy
(\u201cCAFE\u201d) penalty rate (refer to Note 10, Other intangible assets for additional information), \u20ac341\u00a0million of the
discontinuation of Stellantis\u2019 hydrogen fuel cell technology development program due to limited availability of
hydrogen refueling infrastructure, high capital requirements, and the need for stronger consumer purchasing
incentives, and \u20ac2,548\u00a0million driven primarily by cancellation of select product initiatives due to changes to our
strategic and product plans, mainly in North America and Enlarged Europe. Refer to Note 2,\u00a0Basis of preparation
- Strategic plan undergoing reassessment for additional information.
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related
to impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected
vehicle margins and the cancellation of certain projects prior to launch.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain
platform assets in Enlarged Europe.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are
not amortized but are tested for impairment annually or more frequently if facts or circumstances indicate that
the asset may be impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within
the operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is
monitored for internal management purposes. The impairment test is performed by comparing the carrying
amount (which mainly comprises property, plant and equipment, goodwill, brands, capitalized development
expenditures, working capital and reserves) and the recoverable amount of each CGU or group of CGUs to
which Goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of
disposal and its value-in-use. The balance of Goodwill and intangible assets with indefinite useful lives
recognized by the Company primarily relate to the merger with FCA. Goodwill from the merger with FCA is
allocated to the North America, South America, India and Asia Pacific and Enlarged Europe operating segments.
All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives. Refer to the section \u201cClimate Change\u201d for additional information.
The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u2022 The expected future cash flows cover the period from October 1, 2025 through December 31, 2028. These
expected cash flows reflect the current expectations regarding economic conditions and market trends as well
as the Company\u2019s initiatives for the period covered by the projections. These cash flows relate to the
respective CGUs in their current condition when preparing the financial statements and exclude the estimated
cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used
for estimating the future cash flow are based on assumptions that are considered reasonable and sustainable
and represent the best estimate of expected conditions regarding market trends and segment, brand and
model share for the respective operating segment over the period considered;
\u2022 The expected future cash flows include a normalized terminal period to estimate the future result beyond the
time period explicitly considered which incorporated a long-term growth rate assumption of 1.9 percent to 2.2
percent. The growth rate per region is determined by reference to the risk free rate and the rate of inflation
considered in the regional discount rate. The long-term AOI margins are set considering the Company\u2019s long-
term projections for each of the CGUs;
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not
reflected in the estimated future cash flows; and
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment
of the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from 9.5
percent to 19 percent.\u00a0
The values estimated as described above are determined to be in excess of the carrying amount for each
operating segment or other CGUs to which Goodwill is allocated, except for the Free2Move business, which is
allocated to the Other Activities, where the carrying amount was determined to be in excess of the recoverable
amount as a result of decreases in projected cash flows. As such, an impairment loss of \u20ac164 million was
recognized, comprising of \u20ac94\u00a0million related to Goodwill, \u20ac70 million related to Property, plant and equipment
and Intangible assets. No other impairments of goodwill and intangible assets with indefinite useful lives were
recognized for the year ended December 31, 2025. However, the projected future cash flows of India & Asia
Pacific, Maserati and Financial Services CGUs are sensitive to certain assumptions, primarily the projected
margins for the terminal period and the discount rate, such that a reduction of less than 1 percentage point in
the long-term profit margin applied for the terminal period or an increase of less than 1 percentage point in the
discount rate would reduce the value-in-use to its carrying value. The terminal period assumptions consider
profit margins ranging from 3 percent to 10 percent. The discount rate used has been determined consistently
with the methodology disclosed, reflecting current market conditions and the specific risks associated with the
operating segment. The assumptions used are considered reasonable and represent the best estimate of
expected conditions in the operating segment.
During the year ended December 31, 2024, the carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of
\u20ac514\u00a0million was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives
were recognized for the year ended December 31, 2024.
No impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the
years ended December 31, 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-603": { "value": "
2025
Cost of
Revenues
Research and
development
costs
Gains/
(losses) on
disposal of
investments
Share of the
profit/(loss) of
equity method
investees
Total
(\u20ac million)
Platform impairments
2,730
3,853
\u2014
\u2014
6,583
Costs related to product plan realignments and
program cancellations
6,989
2,083
\u2014
\u2014
9,072
Battery JVs
\u2014
\u2014
1,571
483
2,054
Hydrogen fuel cell program discontinuation
338
286
\u2014
470
1,094
Total
10,057
6,222
1,571
953
18,803
Platform impairments
As part of the strategic reassessment, the Company revised its volume and profitability projections, including the
cancellation of certain vehicle programs. As a result, indicators of impairment were identified for several vehicle
platform cash generating units (\u201cCGUs\u201d), and impairment tests were performed, as further described in
Impairment of long-lived assets.
Based on the results of these impairment tests, for the year ended December 31, 2025, the Company
recognized total impairment charges of \u20ac6.6 billion, comprising:
\u2022 \u20ac2.7 billion recognized within Cost of revenues, relating to property, plant and equipment, primarily tooling;
and
\u2022 \u20ac3.9 billion recognized within Research and development costs, primarily relating to the write off of capitalized
development expenditures.
The impairment charges were recognized in North America (\u20ac5.7 billion), Maserati (\u20ac0.6 billion) and Enlarged
Europe (\u20ac0.3 billion).
Hydrogen fuel cell program discontinuation
During the year ended December 31, 2025, the Company concluded that, due to the limited availability of
hydrogen refueling infrastructure, high capital requirements and the need for stronger consumer purchasing
incentives, the adoption of hydrogen powered light commercial vehicles is not expected before the end of the
decade. Accordingly, in July 2025, the Company announced the decision to discontinue its hydrogen fuel cell
technology development program.
As a result of this decision, the Company recognized total charges of \u20ac1.1 billion, comprising:
\u2022 \u20ac0.5 billion recognized within Share of profit/(loss) of equity method investments, relating to a full write down of
the investment in Symbio, a joint venture focused on hydrogen fuel cell technology, and the impairment of
loans granted to the joint venture;
\u2022 \u20ac0.3 billion recognized within Cost of revenues, relating to the write off of fuel cell related property, plant and
equipment, inventory write downs and other related costs; and
\u2022 \u20ac0.3 billion recognized within Research and development costs, primarily relating to the write off of fuel cell
related capitalized development expenditures.
These charges were recognized within Enlarged Europe.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets
held for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures
primarily related to the North America and Enlarged Europe segments. The recoverability of non-current assets
with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the CGUs to
which the assets relate. The lowest level of asset groups that generate largely independent cash flows is the
vehicle platform level, which is considered the CGU for impairment testing.\u00a0
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan
based on the latest interpretation of the changing geo-political and economic circumstances and is developed
using the Company\u2019s climate-related assumptions and targets. Refer to the section \u201cClimate change\u201d for
additional information. As relevant circumstances change, the Company expects to adjust its product plans
which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and propulsion
systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms
and propulsion systems, or both. Any change in recoverability would be accounted for at the time such change
to the business plan occurs. For the years ended December 31, 2025, 2024 and 2023, the impairment tests
performed compared the carrying amount of the assets included in the respective CGUs to their value-in-use.
The value-in-use of the CGUs is determined using a discounted cash flow methodology based on estimated pre-
tax future cash flows attributable to the CGUs and a pre-tax discount rate, which ranges from 9.5 percent to 19.0
percent, reflecting a current market assessment of the time value of money and the risks specific to the CGUs.\u202f
As a result, impairment charges, totaling \u20ac6,005\u00a0million were recognized on platforms used for North America,
Enlarged Europe and Maserati primarily due to significantly reduced volume and profitability resulting from the
strategic plan update, in addition to the \u20ac578\u00a0million impairment recognized on platforms used for Maserati and
Alfa Romeo vehicles as a result of the impairment test performed during the first half of 2025. Refer to Note
2,\u00a0Basis of preparation - Strategic plan undergoing reassessment.
In addition to the impairments discussed above, during the year ended December 31, 2025, Stellantis
recognized impairments of \u20ac3,498\u00a0million. These impairments were driven primarily by \u20ac609\u00a0million of purchased
credits which are no longer expected to be utilized due to the elimination of corporate average fuel economy
(\u201cCAFE\u201d) penalty rate (refer to Note 10, Other intangible assets for additional information), \u20ac341\u00a0million of the
discontinuation of Stellantis\u2019 hydrogen fuel cell technology development program due to limited availability of
hydrogen refueling infrastructure, high capital requirements, and the need for stronger consumer purchasing
incentives, and \u20ac2,548\u00a0million driven primarily by cancellation of select product initiatives due to changes to our
strategic and product plans, mainly in North America and Enlarged Europe. Refer to Note 2,\u00a0Basis of preparation
- Strategic plan undergoing reassessment for additional information.
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related
to impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected
vehicle margins and the cancellation of certain projects prior to launch.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain
platform assets in Enlarged Europe.
11.
Property, plant and equipment
Property, plant and equipment comprises owned and leased assets that do not meet the definition of investment
property under IAS 40 - Investment Property. The Company leases assets including land, buildings, plant
machinery and equipment, and other assets.
(\u20ac million)
Land
Buildings
Plant, machinery
and equipment
Other
assets
Advances\u00a0and
tangible\u00a0assets
in progress
Total
Gross carrying amount at January 1, 2024
1,448
10,115
50,727
8,445
5,542
76,277
Additions
7
730
3,052
5,805
2,884
12,478
Divestitures and disposals
(19)
(321)
(1,761)
(609)
\u2014
(2,710)
Change in the scope of consolidation
5
42
(64)
207
29
219
Translation differences
3
142
596
382
175
1,298
Transfer to Assets held for sale
(22)
(75)
(11)
(2)
\u2014
(110)
Other changes
(31)
190
2,307
(227)
(2,519)
(280)
At December 31, 2024
1,391
10,823
54,846
14,001
6,111
87,172
Additions
1
428
2,764
9,010
1,042
13,245
Divestitures and disposals
(22)
(144)
(1,296)
(2,256)
(4)
(3,722)
Change in the scope of consolidation
2
2
(3)
10
\u2014
11
Translation differences
(63)
(492)
(2,319)
(1,225)
(417)
(4,516)
Transfer to Assets held for sale
25
20
1
1
3
50
Other changes
(2)
312
1,774
(813)
(2,469)
(1,198)
At December 31, 2025
1,332
10,949
55,767
18,728
4,266
91,042
Accumulated depreciation and impairment
losses at January 1, 2024
32
4,643
31,808
2,082
25
38,590
Depreciation
3
602
3,769
986
\u2014
5,360
Divestitures and disposal
(1)
(244)
(1,624)
(305)
\u2014
(2,174)
Impairment losses and asset write-offs
1
24
343
\u2014
1
369
Change in the scope of consolidation
\u2014
\u2014
(119)
49
\u2014
(70)
Translation differences
1
21
214
70
(2)
304
Transfer to Assets held for sale
\u2014
(34)
(4)
(1)
\u2014
(39)
Other changes
(5)
12
(138)
(43)
(5)
(179)
At December 31, 2024
31
5,024
34,249
2,838
19
42,161
Depreciation
3
594
3,361
1,855
\u2014
5,813
Divestitures and disposals
\u2014
(112)
(1,234)
(539)
\u2014
(1,885)
Impairment losses and asset write-offs
3
(1)
2,209
43
1,019
3,273
Change in the scope of consolidation
\u2014
\u2014
(2)
(1)
\u2014
(3)
Translation differences
(1)
(124)
(968)
(204)
(4)
(1,301)
Transfer to Assets held for sale
12
16
1
\u2014
\u2014
29
Other changes
(12)
8
(220)
224
(3)
(3)
At December 31, 2025
36
5,405
37,396
4,216
1,031
48,084
Carrying amount at December 31, 2024
1,360
5,799
20,597
11,163
6,092
45,011
Carrying amount at December 31, 2025
1,296
5,544
18,371
14,512
3,235
42,958
For the years ended December\u00a031, 2025, the Company recognized \u20ac3,273 million of impairment losses and
asset write-offs of which (i) \u20ac2,730\u00a0million related to platform impairments, (ii) \u20ac488\u00a0million related to product plan
realignments and program cancellations, and (iii) \u20ac55\u00a0million related to the Company\u2019s decision to discontinue
its hydrogen fuel cell technology development program. For the year ended December 31, 2024, \u20ac369 million of
impairment losses and asset write-offs were recognized. Refer to Note 2, Basis of preparation - Critical
judgments and use of estimates - Recoverability of non-current assets with definite useful lives, for additional
information on the impairment losses and asset write-offs recognized.
These impairment charges were recognized within Cost of revenues in the Consolidated Income Statement for
the years ended December\u00a031, 2025 and 2024.
For a description of costs related to product plan realignments and program cancellations, platform impairments
and impairment relating to the discontinuation of the hydrogen fuel cell development program, refer to Note
2,\u00a0Basis of preparation - Strategic plan undergoing reassessment.
For the year ended December\u00a031, 2025, translation differences of \u20ac(3,215) million primarily related to the
weakening of the U.S. Dollar against the Euro. For the year ended December\u00a031, 2024, translation differences of
\u20ac994 million primarily related to the strengthening of the U.S. Dollar and the weakening of the Brazilian Real
against the Euro.
Changes in Other assets segregated between owned assets held and used by the Company and those subject
to operating leases (including vehicles sold with a buy-back commitment) are as follows:
(\u20ac million)
Assets subject to
operating leases
Other assets
Total
Gross carrying amount at January 1, 2024
6,218
2,227
8,445
Additions
5,201
604
5,805
Divestitures and disposals
(304)
(305)
(609)
Transfer to Assets held for sale
\u2014
(2)
(2)
Translation differences
310
72
382
Change in scope
64
143
207
Other changes
(281)
54
(227)
At December 31, 2024
11,208
2,793
14,001
Additions
8,390
620
9,010
Divestitures and disposals
(1,832)
(424)
(2,256)
Transfer to Assets held for sale
\u2014
1
1
Translation differences
(1,053)
(172)
(1,225)
Change in scope
1
9
10
Other changes
(1,654)
841
(813)
At December 31, 2025
15,060
3,668
18,728
Accumulated depreciation and impairment losses at January
1, 2024
624
1,458
2,082
Depreciation
504
482
986
Divestitures
(18)
(287)
(305)
Transfer to Assets held for sale
\u2014
(1)
(1)
Translation differences
26
44
70
Change in scope
26
23
49
Other changes
(31)
(12)
(43)
At December 31, 2024
1,131
1,707
2,838
Depreciation
1,293
562
1,855
Impairment losses and asset write offs
\u2014
43
43
Divestitures
(146)
(393)
(539)
Translation differences
(96)
(108)
(204)
Change in scope
\u2014
(1)
(1)
Other changes
(376)
600
224
At December 31, 2025
1,806
2,410
4,216
Carrying amount at December 31, 2024
10,077
1,086
11,163
Carrying amount at December 31, 2025
13,254
1,258
14,512
The increase in the carrying amount of assets subject to operating leases was primarily driven by higher activity
levels in our financing operations within SFS U.S. Divestitures and disposals of assets subject to operating
leases include amounts related to vehicles accounted for as operating leases that were ultimately retained by
customers at the end of the lease term rather than being returned to the Company.
The maturity analysis of undiscounted annual lease payments (excluding assets subject to buy-back) to be
received is as follows:
At December 31,
(\u20ac million)
2025
2024
Within one year
1,717
1,031
Between one and two years
1,239
947
Between two and three years
559
479
Between three and four years
81
58
Between four and five years
13
3
Later than five years
13
15
Total undiscounted lease payments to be received
3,622
2,533
Property, plant and equipment included owned property, plant and equipment of \u20ac40,985 million at
December\u00a031, 2025 (\u20ac42,950\u00a0million at December\u00a031, 2024) and right-of-use assets of \u20ac1,973 million at
December\u00a031, 2025 (\u20ac2,061\u00a0million at December\u00a031, 2024).
At December\u00a031, 2025 and 2024, the carrying amounts of Property, plant and equipment of the Company
(excluding the Right-of-Use assets described above) reported as pledged as security for debt and other
commitments, was \u20ac25 million and \u20ac499 million, respectively.
At December\u00a031, 2025 and 2024, the Company had contractual commitments for the purchase of Property, plant
and equipment amounting to \u20ac1,563 million and \u20ac2,711 million, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-602": { "value": "
2025
Cost of
Revenues
Research and
development
costs
Gains/
(losses) on
disposal of
investments
Share of the
profit/(loss) of
equity method
investees
Total
(\u20ac million)
Platform impairments
2,730
3,853
\u2014
\u2014
6,583
Costs related to product plan realignments and
program cancellations
6,989
2,083
\u2014
\u2014
9,072
Battery JVs
\u2014
\u2014
1,571
483
2,054
Hydrogen fuel cell program discontinuation
338
286
\u2014
470
1,094
Total
10,057
6,222
1,571
953
18,803
\u20ac2.7 billion recognized within Cost of revenues, relating to property, plant and equipment, primarily tooling;
and
\u20ac7.0 billion recognized within Cost of revenues\u20ac0.3 billion recognized within Cost of revenues, relating to the write off of fuel cell related property, plant and equipment, inventory write downs and other related costs", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-601": { "value": "
2025
Cost of
Revenues
Research and
development
costs
Gains/
(losses) on
disposal of
investments
Share of the
profit/(loss) of
equity method
investees
Total
(\u20ac million)
Platform impairments
2,730
3,853
\u2014
\u2014
6,583
Costs related to product plan realignments and
program cancellations
6,989
2,083
\u2014
\u2014
9,072
Battery JVs
\u2014
\u2014
1,571
483
2,054
Hydrogen fuel cell program discontinuation
338
286
\u2014
470
1,094
Total
10,057
6,222
1,571
953
18,803
\u20ac3.9 billion recognized within Research and development costs, primarily relating to the write off of capitalized
development expenditures.
\u20ac0.3 billion recognized within Research and development costs, primarily relating to the write off of fuel cell related capitalized development expenditures
5.
Research and development costs
Research and development costs were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Research and development expenditures expensed
2,858
2,932
3,300
Amortization of capitalized development expenditures
2,094
2,149
2,193
Impairment and write-off of capitalized development expenditures
6,193
703
126
Total Research and development costs
11,145
5,784
5,619
Refer to Note 2,\u00a0Basis of preparation - Critical judgments and use of estimates - Recoverability of non-current
assets with definite useful lives for additional information on the impairment and write-off of capitalized
development expenditures during the years ended December 31, 2025, 2024 and 2023.
Refer to Note 10, Other intangible assets, for additional information on capitalized development expenditures.
Government grants of \u20ac150 million, \u20ac208 million and \u20ac144 million were recognized within Research and
development costs in 2025, 2024 and 2023, respectively.
For a description of the impairment and write-off of capitalized development expenditures, refer to Note 2,\u00a0Basis
of preparation - Strategic plan undergoing reassessment.
10.
Other intangible assets
Capitalized development expenditures include both internal and external costs that are directly attributable to
the internal product development process, primarily consisting of material costs and personnel related expenses
relating to engineering, design and development focused on content enhancement of existing vehicles, new
models and propulsion system programs
Amortization of capitalized development expenditures is recognized within Research and development costs
within the Consolidated Income Statement, as described in Note 5, Research and development costs.
Amortization of patents, concessions, licenses and other intangibles is recognized within Cost of revenues and
Selling, general and other costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-605": { "value": "
Costs related to product plan realignments and program cancellations
As part of the strategic reassessment, the Company cancelled certain future products that were not expected to
achieve profitable scale, including the previously planned Ram 1500 BEV, reflecting alignment with customer
demand and changes in the U.S. regulatory framework.
As a result, the Company recognized asset write offs and other costs related to product plan realignments and
program cancellations.
For the year ended December 31, 2025, product plan realignments and program cancellations resulted in total
charges of \u20ac9.1 billion, comprising:
\u2022 \u20ac7.0 billion recognized within Cost of revenues; and
\u2022 \u20ac2.1 billion recognized within Research and development costs
These charges were recognized in North America (\u20ac6.5 billion), Enlarged Europe (\u20ac2.2 billion) and South
America (\u20ac0.3 billion).
14.
Inventories
At December 31,
(\u20ac million)
2025
2024
Finished goods and goods for resale
12,161
11,242
Work-in-progress, raw materials and manufacturing supplies
9,992
9,619
Total Inventories
22,153
20,861
The increase in total inventories as of December\u00a031, 2025 compared to December 31, 2024 is mostly driven by
an increase in new vehicles stock and higher manufacturing supplies, reflecting an increase in activity.
The amount of inventory write-downs recognized primarily within Cost of revenues during the years ended
December\u00a031, 2025, 2024 and 2023 was \u20ac1,481 million, \u20ac910 million and \u20ac505 million , respectively. These
mainly relate to finished goods, goods for resale and work-in-progress goods. In 2025, we incurred write-downs
of work-in-progress and raw materials as a result of program cancellations", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-607": { "value": "
EV supply chain
During the year ended December 31, 2025, the Company recognized charges of \u20ac2.1 billion in connection with
actions taken to rationalize battery manufacturing capacity, comprising the following:
\u2022 \u20ac1.6 billion recognized within Gains/(losses) on disposal of investments, relating to the decision to exit the
Company\u2019s battery joint venture with LG Energy Solution, NextStar Energy Inc. (\u201cNextStar\u201d). As a result, the
investment was classified as held for sale and remeasured to fair value less costs to sell, resulting in a full write
down of the investment (\u20ac0.9\u00a0billion). In addition, a \u20ac0.7\u00a0billion liability was accrued in respect of obligations
arising from the exit of the joint venture. These charges were recognized within North America; and
\u2022 \u20ac0.5 billion recognized within Share of profit/(loss) of equity method investments, relating to a full impairment of
the Company\u2019s investment in the Automotive Cells Company SE (\u201cACC\u201d) battery joint venture and the
impairment of the majority of the shareholder loans provided by the Company to ACC. These charges were
recognized within Enlarged Europe. The full impairment of ACC is due to the revised view of the pace of
energy transition in Enlarged Europe.
Interests in Joint Ventures and Associates
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights
to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an
arrangement, which exists only when decisions about the relevant activities require the unanimous consent of
the parties sharing the control.
An associate is an entity over which the Company has significant influence. Significant influence is where the
Company has the power to participate in the financial and operating policy decisions of the investee but does
not have control or joint control over those policies.
Joint ventures and associates are accounted for using the equity method of accounting from the date joint
control or significant influence is obtained. On acquisition, any excess of the investment over the share of the net
fair value of the investee's identifiable assets and liabilities is recognized as goodwill and is included in the
carrying amount of the investment. Any excess of the Company\u2019s share of the net fair value of the investee\u2019s
identifiable assets and liabilities over the cost of the investment is included as income in the determination of the
Company\u2019s share of the investee\u2019s profit/(loss) in the acquisition period.
Under the equity method, investments are initially recognized at cost and adjusted thereafter to recognize the
Company\u2019s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Company\u2019s
share of the investee\u2019s profit/(loss) is recognized in the Consolidated Income Statement. Distributions received
from an investee reduce the carrying amount of the investment. Post-acquisition movements in Other
comprehensive income/(loss) are recognized in Other comprehensive income/(loss) with a corresponding
adjustment to the carrying amount of the investment.
Unrealized gains arising on transactions between the Company and its joint ventures and associates are
eliminated to the extent of the Company\u2019s interest in the joint venture or associate. Unrealized losses are also
eliminated unless the transaction provided evidence of an impairment of the asset transferred.
When the Company\u2019s share of the losses of a joint venture or associate exceeds its interest in that joint venture
or associate, the Company discontinues recognizing its share of further losses. Additional losses are provided
for and a liability is recognized only to the extent that the Company has incurred legal or constructive obligations
or made payments on behalf of the joint venture or associate. The Company tests the carrying value of a joint
venture or associate for impairment when indicators of impairment are identified.
The Company discontinues the use of the equity method from the date the investment ceases to be an associate
or a joint venture, or when it is classified as held for sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-606": { "value": "
EV supply chain
During the year ended December 31, 2025, the Company recognized charges of \u20ac2.1 billion in connection with
actions taken to rationalize battery manufacturing capacity, comprising the following:
\u2022 \u20ac1.6 billion recognized within Gains/(losses) on disposal of investments, relating to the decision to exit the
Company\u2019s battery joint venture with LG Energy Solution, NextStar Energy Inc. (\u201cNextStar\u201d). As a result, the
investment was classified as held for sale and remeasured to fair value less costs to sell, resulting in a full write
down of the investment (\u20ac0.9\u00a0billion). In addition, a \u20ac0.7\u00a0billion liability was accrued in respect of obligations
arising from the exit of the joint venture. These charges were recognized within North America; and
\u2022 \u20ac0.5 billion recognized within Share of profit/(loss) of equity method investments, relating to a full impairment of
the Company\u2019s investment in the Automotive Cells Company SE (\u201cACC\u201d) battery joint venture and the
impairment of the majority of the shareholder loans provided by the Company to ACC. These charges were
recognized within Enlarged Europe. The full impairment of ACC is due to the revised view of the pace of
energy transition in Enlarged Europe.
3.
Scope of consolidation
Acquisitions
In April 2025, Stellantis acquired a 20.6 percent equity interest in STM Financial, SAPI de C.V., SOFOM, E.R.,
Grupo Financiero Inbursa (\u201cSTM Financial\u201d), a Mexican financial services company, for a total consideration of
\u20ac83\u00a0million. The investment supports Stellantis\u2019 strategy to strengthen its automotive financing capabilities in
Mexico and aligns with its global objective to expand direct financial services in key markets. The investment is
accounted for as an associate using the equity method and is reported in Other activities. STM Financial
operated with two share classes and, after a mid\u2011year redemption of Series A shares held by Inbursa, Stellantis\u2019
ownership increased from 20.6 percent to 23.4 percent of total share capital at December 31, 2025.
In August 2025, Stellantis obtained control of Free2Move eSolutions S.p.A. (\u201cF2MeS\u201d) through a unilateral share
subscription as part of a recapitalization, through which Stellantis subscribed to newly issued shares through the
conversion of a \u20ac31 million\u202fshareholder loan and a \u20ac29 million\u202fcash contribution, which diluted the other
shareholder and resulted in Stellantis gaining control. No consideration was transferred to the other shareholder,
and the transaction was accounted for as a step acquisition under IFRS\u202f3. F2MeS offers products and solutions
for electric vehicle customers such as residential, business and public charging infrastructures.
Prior to obtaining control, Stellantis held approximately 50 percent of F2MeS and accounted for its using the
equity method. Accordingly, Stellantis remeasured its previously held interest to fair value at the acquisition date,
resulting in no remeasurement gain or loss as the carrying amount was zero due to accumulated losses.
The identifiable assets and liabilities of F2MeS have been recognized on a provisional basis at fair value,
resulting in preliminary goodwill of \u20ac48 million. F2MeS is reported within the Enlarged Europe segment. The
amounts reported above are provisional and could be subject to further adjustment during the one-year
measurement period, in accordance with IFRS 3.
In September 2025, Stellantis completed a step acquisition of Auto Avaliar, a leading company specializing in
used\u2011vehicle intelligence using a software-as-a-service solutions for car dealerships operating as marketplace.
Auto Avaliar maintains the largest database of vehicle prices, demand, and market trends and is recognized as
a dominant player in its industry. The acquisition was executed to strengthen the Company\u2019s analytical
capabilities, expand data\u2011driven solutions, and support strategic growth objectives in the automotive sector.
Stellantis exercised a call option and paid \u20ac54\u00a0million to acquire an additional 51.7 percent interest, increasing
its ownership from 43.3 percent to 95 percent. Additionally, Stellantis retains a call option to purchase the
remaining 5 percent, while the founders have the right to sell.
As the acquisition resulted in control, the previously held equity\u2011method investment was remeasured to fair
value, giving rise to a gain of \u20ac35\u00a0million, which is reflected in the Consolidated Income Statement under Gains/
(losses) on disposal of investments.
Based on preliminary purchase accounting, the Company has recognized preliminary goodwill of \u20ac45\u00a0million,
intangibles of \u20ac54\u00a0million which is reported in the South America segment. The amounts reported above are
provisional and could be subject to further adjustment during the one-year measurement period, in accordance
with IFRS 3.
Disposals
In April 2025, Stellantis completed the sale of its 100 percent interest in Stellantis Otomotiv Pazarlama A.S.
(\u201cStellantis T\u00fcrkiye\u201d), a national sales company in T\u00fcrkiye, to the Company\u2019s joint venture Tofas for a total
consideration of \u20ac584\u00a0million, including variable consideration contingent on future performance. In 2025,
Stellantis recognized a loss on disposal of \u20ac246\u00a0million, subject to final determination, driven primarily by the
recycling of the cumulative translation reserve from Equity to the Consolidated Income Statement upon disposal,
which is reflected in the Consolidated Income Statement under Gains/(losses) on disposal of investments.
Stellantis T\u00fcrkiye was previously reported in the Middle East & Africa segment.
During the year ended December 31, 2025, the impact of minor business disposals was not material.
12.
Investments accounted for using the equity method
The following table summarizes Investments accounted for using the equity method:
At December 31,
(\u20ac million)
2025
2024
Joint ventures
5,229
7,037
Associates
2,026
2,015
Other
21
48
Total Investments accounted for using the equity method
7,276
9,100
The Company's ownership percentages and the carrying value of investments in joint ventures and associates
accounted for under the equity method were as follows:
Ownership percentage
Investment balance
At December 31,
At December 31,
2025
2024
2025
2024
(Ownership percentage)
(\u20ac million)
Finance companies in partnership with Group Santander
Consumer Finance (\u201cSCF\u201d)
50.0%
50.0%
2,098
2,016
Finance companies in partnership with BNPP PF
50.0%
50.0%
1,084
1,086
Tofas-Turk Otomobil Fabrikasi A.S. (\u201cTofas\u201d)
37.9%
37.9%
1,042
1,101
NextStar Energy Inc(1,2)
49.0%
49.0%
\u2014
897
StarPlus Energy LLC (\u201cStarPlus\u201d)
49.0%
49.0%
703
763
ACC(2)
45.9%
45.0%
\u2014
429
Leasys SAS
50.0%
50.0%
207
424
Symbio(1)(2)
33.3%
33.3%
\u2014
197
Others
95
124
Total joint ventures
5,229
7,037
Zhejiang Leapmotor Technology Co., Ltd. (\u201cLeapmotor\u201d)
20.0%
21.3%
1,274
1,349
Archer Aviation Inc (\u201cArcher\u201d)
8.0%
16.0%
218
206
Nordex S.A.
49.9%
49.9%
137
148
360 Energy S.A.
49.5%
49.5%
103
113
Comau Group S.p.A.
49.9%
49.9%
109
124
STM Financial, S.A.P.I. de C.V.(1)
23.4%
\u2014%
86
\u2014
Others
99
75
Total associates
2,026
2,015
Total joint ventures and associates
7,255
9,052
(1) Refer to Note 3, Scope of consolidation for additional information
(2) Refer to Note 2, Basis of preparation for additional information
For the years ended December\u00a031, 2025 and 2024, there were no unrecognized losses relating to equity method
investments. For the year ended December 31, 2023 there were unrecognized losses of \u20ac27 million.
There are two partnerships with SCF, which cover the financing activities of all Stellantis brands in the following
countries: joint ventures in France, Italy, Spain, Belgium, Poland, the Netherlands and through a commercial
agreement with SCF in Portugal. The joint ventures with BNPP PF operate the financing activities in Germany,
Austria and in the UK.
The following tables provide summarized financial information relating to joint ventures with SCF which are
deemed to be material:
(\u20ac million)
At December 31,
2025
2024
Financial assets
37,882
35,788
Of which: Cash and cash equivalents
1,920
3,201
Other assets
1,632
1,554
Financial liabilities
32,217
30,235
Other liabilities
3,109
3,076
Total Equity
4,188
4,033
Carrying amount of interest
Company\u2019s share of net assets
2,098
2,016
Carrying amount of interest
2,098
2,016
Years ended December 31,
(\u20ac million)
2025
2024
2023
Interest and similar income
3,235
3,382
3,303
Interest and similar expenses
(1,972)
(2,234)
(2,084)
Income tax expense
(200)
(193)
(239)
Profit from continuing operations
456
457
628
Net profit
456
457
628
Net profit attributable to owners of the parent (A)
228
229
314
Other comprehensive income/(loss) attributable to owners of the parent (B)
2
27
3
Total Comprehensive income attributable to owners of the parent (A+B)
230
256
317
Company\u2019s share of net profit
228
229
314
Tofas, the Company\u2019s joint venture with Ko\u00e7 Holding, is registered with the Turkish Capital Market Board and
listed on the Istanbul Stock Exchange. At December\u00a031, 2025, the market value of the Company\u2019s interest in
Tofas was \u20ac929 million (\u20ac1,056 million at December\u00a031, 2024).
Leapmotor is listed on the Hong Kong Stock Exchange. At December\u00a031, 2025, the market value of the
Company\u2019s interest in Leapmotor was \u20ac1,511 million (\u20ac1,147 million at December\u00a031, 2024).
Archer is listed on the NYSE. At December\u00a031, 2025, the market value of the Company\u2019s interest in Archer was
\u20ac382 million (\u20ac533 million at December\u00a031, 2024). Management has determined that the Company continues to
have significant influence over Archer, due to (i) its representation on the Board of Directors, and (ii) its
involvement in key operational activities, including the provision of technology, engineering support and
manufacturing assistance. These factors give the Company the ability to participate in financial and operating
policy decisions, consistent with the definition of significant influence under IAS 28.
The Company's proportionate share of the earnings of its joint ventures, associates and interests in
unconsolidated subsidiaries accounted for using the equity method is included within Share of the profit/(loss) of
equity method investees in the Consolidated Income Statement, and is summarized below by type of equity
method investment.
Years ended December 31,
(\u20ac million)
2025
2024
2023
Joint ventures
(1,179)
118
547
Associates
(95)
(137)
(50)
Other
3
(14)
(6)
Total Share of the profit/(loss) of equity method investees
(1,271)
(33)
491
The share of the loss of equity method investments in the year ended December 31, 2025 was primarily
attributable to losses related to ACC and Symbio resulting from the strategic plan update. Refer to Note 2,\u00a0Basis
of preparation - Strategic plan undergoing reassessment.
Immaterial Joint Ventures and Associates
The aggregate amounts recognized for the Company\u2019s share in all individually immaterial joint ventures and
associates accounted for using the equity method were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Joint ventures:
Profit/(loss) from continuing operations
(1,407)
(111)
233
Net profit/(loss)
(1,407)
(111)
233
Other comprehensive income/(loss)
(278)
(177)
(265)
Total Other comprehensive income/(loss)
(1,685)
(288)
(32)
Associates:
Profit/(loss) from continuing operations
(95)
(137)
(50)
Net profit/(loss)
(95)
(137)
(50)
Other comprehensive income /(loss)
(37)
27
(11)
Total Other comprehensive income/(loss)
(132)
(110)
(61)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-609": { "value": "
Consolidated Statement of Cash Flows
The Company has reclassified certain items in the Consolidated Statement of Cash Flows. These
reclassifications were made to enhance the consistency and comparability of the financial disclosures. These
changes are considered to be changes in accounting policy, in accordance with IAS 8. The reclassifications are
as follows:
\u2022 As the loans and receivables of our financial services activities are growing and as we consider these activities
to be part of our principal revenue-producing activities, the net change in receivables related to financial
services activities was reclassified from Net cash from/(used in) investing activities to Net cash from/(used in)
operating activities;
\u2022 Changes in securities have been reclassified from Net cash from/(used in) financing activities to Net cash
from/(used in) investing activities; and
\u2022 Certain financial receivables related to factoring transactions that qualify for derecognition of the trade
receivable have been reclassified from Net cash from/(used in) financing activities to Net cash from/(used in)
operating activities to the line Changes in working capital.
The following changes improve the structure and content of the Consolidated Statement of Cash Flows by
integrating information previously reported as disclosure notes:
\u2022 The change in long-term debt, which was previously presented net on the Statement of Cash Flows, will be
presented in separate lines presenting gross inflows in Proceeds from issuances of long-term debt and gross
outflows in Repayments of long-term debt; and
\u2022 The Company has moved the disclosures of the cash flows related to dividends received and income taxes
paid to the face of the Statement of Cash Flows. This information was previously disclosed in Note 31,
Explanatory notes to the Consolidated Statement of Cash Flows in the Consolidated Financial Statements at
December 31, 2024.
Year ended December 31, 2024
(\u20ac million)
As previously
reported
Reclassifications
As reclassified
Net profit/(loss)
5,520
(5,520)
\u2014
Profit/(loss) before taxes
\u2014
4,032
4,032
Adjustments for non-cash items and other:
depreciation and amortization
7,226
\u2014
7,226
(gains)/losses on disposals
(32)
\u2014
(32)
change in deferred taxes
(2,921)
2,921
\u2014
share of the profit/(loss) of equity method investees
381
(335)
46
other non-cash items
1,927
\u2014
1,927
Change in provisions and employee benefits liabilities
1,779
\u2014
1,779
Net change in receivables related to financial services activities
\u2014
(3,455)
(3,455)
Change in carrying amount of leased vehicles
(3,885)
\u2014
(3,885)
Dividends received
\u2014
335
335
Income tax received/(paid), net
\u2014
(2,792)
(2,792)
Changes in working capital
(5,987)
2,341
(3,646)
Net cash from/(used in) operating activities
4,008
(2,473)
1,535
Proceeds from disposal of shares in consolidated companies and of
investments in non-consolidated companies
261
\u2014
261
Acquisitions of consolidated subsidiaries and equity method
investments
(1,652)
\u2014
(1,652)
Proceeds from disposals of property, plant and equipment and
intangible assets
365
\u2014
365
Investments in property, plant and equipment and intangible assets
(11,060)
\u2014
(11,060)
Change in amounts payable on property, plant and equipment and
intangible assets
223
\u2014
223
Changes in loans to joint ventures and associates
(4,151)
3,455
(696)
Change in securities
\u2014
2,422
2,422
Other changes
32
\u2014
32
Net cash from/(used in) investing activities
(15,982)
5,877
(10,105)
Distributions paid:
to Stellantis shareholders
(4,651)
\u2014
(4,651)
to non-controlling shareholders of subsidiaries
(10)
\u2014
(10)
Proceeds from issuance of shares
104
\u2014
104
(Purchases)/sales of treasury shares
(3,000)
\u2014
(3,000)
Changes in short-term debt and other financial assets and liabilities
2,557
(982)
1,575
Changes in long-term debt
4,644
(4,644)
\u2014
Gross outflows in repayments of long-term debt
\u2014
(8,471)
(8,471)
Proceeds from issuances of long-term debt
\u2014
13,115
13,115
Change in securities
2,422
(2,422)
\u2014
Other changes
(5)
\u2014
(5)
Net cash from/(used in) financing activities
2,061
(3,404)
(1,343)
Effect of changes in exchange rates
410
\u2014
410
(Increase)/decrease in cash and cash equivalents included in asset
held for sale
(66)
\u2014
(66)
Increase/(decrease) in cash and cash equivalents
(9,569)
\u2014
(9,569)
Net cash and cash equivalents at beginning of the period
43,669
\u2014
43,669
Net cash and cash equivalents at end of the period
34,100
\u2014
34,100
Year ended December 31, 2023
(\u20ac million)
As previously
reported
Reclassifications
As reclassified
Net profit/(loss)
18,625
(18,625)
\u2014
Profit/(loss) before taxes
\u2014
22,418
22,418
Adjustments for non-cash items and other:
depreciation and amortization
7,549
\u2014
7,549
(gains)/losses on disposals
(195)
\u2014
(195)
change in deferred taxes
701
(701)
\u2014
share of the profit/(loss) of equity method investees
(156)
(312)
(468)
other non-cash items
720
\u2014
720
Change in provisions and employee benefits liabilities
2,460
\u2014
2,460
Net change in receivables related to financial services activities
\u2014
(3,586)
(3,586)
Change in carrying amount of leased vehicles
(1,747)
\u2014
(1,747)
Dividends received
\u2014
312
312
Income tax received/(paid), net
\u2014
(2,649)
(2,649)
Changes in working capital
(5,472)
(1,388)
(6,860)
Net cash from/(used in) operating activities
22,485
(4,531)
17,954
Proceeds from disposal of shares in consolidated companies and of
investments in non-consolidated companies
1,457
\u2014
1,457
Acquisitions of consolidated subsidiaries and equity method
investments
(3,885)
\u2014
(3,885)
Proceeds from disposals of property, plant and equipment and
intangible assets
533
\u2014
533
Investments in property, plant and equipment and intangible assets
(10,193)
\u2014
(10,193)
Change in amounts payable on property, plant and equipment and
intangible assets
1,068
\u2014
1,068
Changes in loans to joint ventures and associates
(3,834)
3,586
(248)
Change in securities
\u2014
(2,754)
(2,754)
Other changes
(193)
\u2014
(193)
Net cash from/(used in) investing activities
(15,047)
832
(14,215)
Distributions paid:
\u2014
\u2014
to Stellantis shareholders
(4,208)
\u2014
(4,208)
to non-controlling shareholders of subsidiaries
\u2014
\u2014
\u2014
Proceeds from issuance of shares
92
\u2014
92
(Purchases)/sales of treasury shares
(2,434)
\u2014
(2,434)
Changes in short-term debt and other financial assets and liabilities
328
945
1,273
Changes in long-term debt
(214)
214
\u2014
Gross outflows in repayments of long-term debt
\u2014
(4,382)
(4,382)
Proceeds from issuances of long-term debt
\u2014
4,168
4,168
Change in securities
(2,754)
2,754
\u2014
Other changes
(10)
\u2014
(10)
Net cash from/(used in) financing activities
(9,200)
3,699
(5,501)
Effect of changes in exchange rates
(836)
\u2014
(836)
(Increase)/decrease in cash and cash equivalents included in asset
held for sale
(166)
\u2014
(166)
Increase/(decrease) in cash and cash equivalents
(2,764)
\u2014
(2,764)
Net cash and cash equivalents at beginning of the period
46,433
\u2014
46,433
Net cash and cash equivalents at end of the period
43,669
\u2014
43,669
15.
Working capital
Years ended December 31,
(\u20ac million)
2025
2024
2023
(Increase)/decrease in inventories
(2,537)
632
(4,388)
(Increase)/decrease in trade receivables
(665)
786
(2,249)
Increase/(decrease) in trade payables
3,483
(4,007)
1,058
Other changes
(288)
(1,057)
(1,281)
Total change in working capital
(7)
(3,646)
(6,860)
The change in working capital in 2025 of \u20ac7 million includes (i) an increase of \u20ac2,537 million in inventories mainly
driven by higher manufacturing supplies, reflecting an increase in activity and an increase in new vehicles stock,
(ii) an increase of \u20ac665 million in trade receivables primarily due to increased activities partially offset by higher
factoring, (iii) an increase of \u20ac3,483 million in trade payables, primarily reflecting increased production mainly in
North America and Enlarged Europe and higher manufacturing supplies and (iv) a decrease of \u20ac288 million in
other payables net of other receivables primarily driven by timing of indirect tax receipts
31.
Explanatory notes to the Consolidated Statement of Cash Flows
Non-cash items
For the year ended December\u00a031, 2025 , non-cash items of \u20ac20,806 million primarily included: (i) \u20ac6,981 million
for depreciation and amortization expense, (ii) \u20ac10,797 million in other non-cash items of which \u20ac10,175 million
was attributable to impairments of tangible and intangible assets, (iii) \u20ac1,271 million in share of net losses of
equity method investees, and (iv) \u20ac1,757 million losses on disposal of equity investments and other assets.
For the year ended December\u00a031, 2024, non-cash items of \u20ac9,167\u00a0million primarily included: (i) \u20ac7,226\u00a0million for
depreciation and amortization expense, and (ii) \u20ac1,927\u00a0million in other non-cash items mainly referred to
impairments.
For the year ended December\u00a031, 2023, non-cash items of \u20ac7,606\u00a0million primarily included: (i) \u20ac7,549\u00a0million for
depreciation and amortization expense, (ii) \u20ac720\u00a0million in other non-cash items mainly referred to impairments
and hyperinflation impacts, partially offset by (iii) \u20ac468\u00a0million losses on share of equity method investees, and
(iv) \u20ac195\u00a0million gains on disposal of equity investments and other assets.
Operating activities
For the year ended December\u00a031, 2025, net cash used in operating activities amounted to \u20ac4,650 million. This
primarily reflected the loss before taxes of \u20ac26,605 million adjusted for the following items:
\u2022 Non-cash items of \u20ac20,806 million (as described above);
\u2022 Net increase in provisions of \u20ac11,330 million, primarily due to accruals as a result of (i) change in estimate for
contractual warranties and (ii) the estimated costs related to cancelled programs (refer to Note 21, Provisions
for additional information), partially offset by (iii) the decrease of risk provisions in North America relating to
regulatory matters (refer to Note 10, Other intangible assets for additional information);
\u2022 Increase in receivables from financing activities of \u20ac4,867 million, which was mainly attributable to financial
services activities in North America and South America;
\u2022 Increase in carrying amount of leased vehicles of \u20ac5,379 million related to the financial services activity in
North America; and
\u2022 A net cash absorption of \u20ac7\u00a0million in working capital, refer to Note 15, Working capital for additional
information.
For the year ended December\u00a031, 2024, net cash from operating activities of \u20ac1,535\u00a0million. This primarily
reflected the profit before taxes of \u20ac4,032\u00a0million adjusted for the following items:
\u2022 Non-cash items of \u20ac9,167\u00a0million (as described above);
\u2022 Increase in receivables from financing activities of \u20ac3,455\u00a0million, which was mainly attributable to increased
retail and dealer financing in North and South America;
\u2022 Net increase in provisions of \u20ac1,779\u00a0million, mainly attributable to commercial risks in North America,
restructuring and other risks;
\u2022 Negative effect of the change in carrying amount of leased vehicles of \u20ac3,885\u00a0million related to the financial
services activity in North America; and
\u2022 A net absorption of \u20ac3,646\u00a0million in working capital, which was mainly due to:
\u2022 Decrease of \u20ac4,007\u00a0million in trade payables, primarily reflecting lower production volumes in Enlarged
Europe and North America;
\u2022 Decrease of \u20ac1,057\u00a0million in other payables net of other receivables primarily related to a decrease in tax
payables net of tax receivables and to a decrease in payables to personnel, partially offset by
\u2022 Decrease of \u20ac786\u00a0million in trade receivables primarily due to lower volumes; and
\u2022 Decrease of \u20ac632\u00a0million in inventories mostly driven by reduction in new vehicles stock in Enlarged Europe
due to lower production which is partially offset by an increase in used cars and manufacturing supplies,
For the year ended December\u00a031, 2023, net cash from operating activities amounted to \u20ac17,954\u00a0million. This
primarily reflected the profit before taxes of \u20ac22,418\u00a0million adjusted by the following items:
\u2022 Non-cash items of \u20ac7,606\u00a0million (as described above);
\u2022 Increase in receivables from financing activities of \u20ac3,586\u00a0million, which was mainly attributable to increased
retail and dealer financing of SFS U.S. and dealer financing in Brazil;
\u2022 Increase in provisions of \u20ac2,460\u00a0million, mainly attributable to sales incentives in North America and Enlarged
Europe; and
\u2022 A net absorption of \u20ac6,860\u00a0million in working capital, which was mainly due to:
\u2022 Increase of \u20ac4,388\u00a0million in inventories mostly driven by new vehicles reflecting a stabilization following a
2020-2022 period characterized by significant supply constraints and additional raw materials inventories to
secure production;
\u2022 Increase of \u20ac2,249\u00a0million in trade receivables primarily due to the ongoing plan of factoring reduction,:
\u2022 Decrease of \u20ac1,281\u00a0million in other payables net of other receivables and partially offset by; and
\u2022 Increase of \u20ac1,058\u00a0million in trade payables, primarily reflecting inventories increase.
Investing activities
For the year ended December\u00a031, 2025, net cash used in investing activities of \u20ac5,897\u00a0million was primarily the
result of (1) \u20ac7,987\u00a0million of investment in property, plant and equipment and intangible assets, including
\u20ac3,240 million of capitalized development expenditures, (2) \u20ac(1,155) million decrease in payables related to the
investments in properties, plant and equipment and intangible assets, (3) acquisitions of consolidated
subsidiaries, equity method investments and other investments for \u20ac425\u00a0million primarily relating to (i) the capital
injections to joint ventures and associates for the total of \u20ac104\u00a0million, and (ii) \u20ac321 million in acquisitions of
consolidated subsidiaries and equity method investments. This is partially offset by: (1) a decrease in securities
of \u20ac2,856 million primarily attributable to reduction of government bonds in portfolios in North America and
Enlarged Europe, (2) the disposal of property, plant and equipment of \u20ac229 million, (3) a decrease in loans to
joint ventures and associates of \u20ac91\u00a0million, and (4) disposal of investments in subsidiaries and associates of
\u20ac485 million.\u00a0 \u00a0
For the year ended December\u00a031, 2024, net cash used in investing activities of \u20ac10,105\u00a0million was primarily the
result of (1) \u20ac11,060\u00a0million of investment in property, plant and equipment and intangible assets, including
\u20ac3,922\u00a0million of capitalized development expenditures, partially offset by \u20ac223\u00a0million increase in payables
related to the investments in properties, plant and equipment and intangible assets, ((2) acquisitions of
subsidiaries and equity method investments for \u20ac1,652\u00a0million primarily relating to (i) the capital injections to joint
ventures and associates for the total of \u20ac1,267\u00a0million, and (ii) acquisitions relating to Comercial Automotiva S.A.,
Groupe 2L Logistics, Punch Powertrain E-Transmission N.V. (\u201cPPET\u201d) and Sopriam for the total gross amount of
\u20ac388\u00a0million, (3) an increase in loans to joint ventures and associates of \u20ac696 million. This is partially offset by:
(1) the decrease in securities of \u20ac2,422\u00a0million primarily attributable to reduction of investments in Enlarged
Europe and North America, (2) the disposal of property, plant and equipment of \u20ac365\u00a0million, and (3)
investments in subsidiaries and associates of \u20ac261\u00a0million.\u00a0
For the year ended December\u00a031, 2023, net cash used in investing activities of \u20ac14,215\u00a0million was primarily the
result of (1) \u20ac10,193\u00a0million of investment in property, plant and equipment and intangible assets, including
\u20ac4,184\u00a0million of capitalized development expenditures, partially offset by \u20ac1,068\u00a0million increase in payables
related to the investments in properties, plant and equipment and intangible assets, (2) the increase in securities
of \u20ac2,754\u00a0million primarily attributable to the investment in marketable debt securities by our central treasury
companies, (3) acquisitions of subsidiaries and equity method investments for \u20ac3,885\u00a0million primarily relating to
(i) the investment in Leapmotor for \u20ac1,419\u00a0million, (ii) the capital contributions to StarPlus, NextStar, Symbio,
PPET and Punch Powertrain PSA e-transmissions Assembly SAS for total \u20ac1,222\u00a0million, (iii) the capital
contributions to and acquisitions of financial services entities for \u20ac263\u00a0million, (iv) acquisition of ownership in
South American companies, primarily in raw materials and renewable energy for \u20ac603\u00a0million, partially offset by
the disposal of property, plant and equipment of \u20ac533\u00a0million and of investments in subsidiaries and associates
of \u20ac1,457\u00a0million, including the net proceeds from the disposal of FCA Bank for \u20ac1,090\u00a0million, and (4) an
increase in loans to joint ventures and associates of \u20ac248 million.
Financing activities
For the year ended December\u00a031, 2025, net cash from financing activities of \u20ac7,574 million resulted primarily
from (1) the net increase in long-term debt of \u20ac9,038 million including (i) the issuance of bonds for \u20ac5,266 million
which are partially offset by repayment of bonds at maturity for \u20ac650 million, (ii) new long-term debt for \u20ac8,928
million primarily related to the funding of SFS U.S., partially offset by repayments for \u20ac4,506 million, (2) the
distribution of dividends to shareholders of \u20ac1,959 million, and (3) the changes in short-term debt and other
financial assets and liabilities for positive \u20ac451 million.
For the year ended December\u00a031, 2024, net cash used in financing activities of \u20ac1,343\u00a0million resulted primarily
from (1) the net increase in long-term debt of \u20ac4,644\u00a0million including (i) the issuance of bonds for \u20ac2,750\u00a0million
which are partially offset by repayment of bonds at maturity for \u20ac1,950 million, (ii) new long-term debt for
\u20ac10,365\u00a0million primarily related to the funding of SFS U.S., partially offset by repayments for \u20ac6,521 million, (2)
the distribution of dividends to shareholders of \u20ac4,651 million, (3) the purchase of treasury shares for \u20ac3,000
million as a result of the share buyback program (refer to Note 28, Equity for additional information), and (4) the
changes in short-term debt and other financial assets and liabilities for positive \u20ac1,575\u00a0million.
For the year ended December\u00a031, 2023, net cash used in financing activities of \u20ac5,501\u00a0million resulted primarily
from (1) the net decrease in long-term debt of \u20ac214\u00a0million including (i) the repayment of bonds at maturity for
\u20ac3,277\u00a0million which are partially offset by the issuance of bonds for \u20ac2,500\u00a0million, (ii) new long-term debt for
\u20ac1,668\u00a0million, partially offset by repayments for \u20ac1,105\u00a0million, (2) the distribution of dividends to shareholders
of \u20ac4,208\u00a0million, (3) the purchase of treasury shares for \u20ac2,434\u00a0million as a result of the share buyback program
for \u20ac1,500\u00a0million and the purchase of a portion of the shares held by Dongfeng for \u20ac934\u00a0million (refer to Note
28, Equity for additional information), and (4) the changes in short-term debt and other financial assets and
liabilities for positive \u20ac1,273\u00a0million.
The following is a reconciliation of liabilities arising from financing activities for the years ended December 31,
2025 and 2024:
Years ended December 31,
(\u20ac million)
2025
2024
Total Debt at January 1
37,227
29,463
Add: Derivative (assets)/liabilities and collateral at January 1
(409)
(109)
Total Liabilities from financing activities at January 1
36,818
29,354
Cash flows(1)
9,489
6,219
Foreign exchange effects
(2,252)
12
Fair value changes
2
85
Changes in scope of consolidation
229
350
Transfer to (assets)/liabilities held for sale
(61)
(10)
Other changes
1,434
808
Total Liabilities from financing activities at December 31
45,659
36,818
Less: Derivative (assets)/liabilities and collateral at December 31(2)
(288)
(409)
Total Debt at December 31
45,947
37,227
The table above reflects the reclassified 2024 amounts resulting from the adjustments to the cash flow statement, which have been
described in Note 2, Basis of preparation. No additional changes were made other than those already described in Note 2, Basis of
preparation
(1) Includes the lines (a) Changes in short-term debt and other financial assets and liabilities, (b) Gross outflows in repayments of long-
term debt and (c) Proceeds from issuances of long-term debt. Refer to the Consolidated Statement of Cash Flows for additional
information
(2) Includes the lines (a) Collateral deposits measured at fair value through profit or loss, and (b) Derivative financial assets. Refer to Note
13, Financial assets for additional information, and c) Other non-current financial liabilities, and (d) Other current financial liabilities. Refer
to Note 17, Derivative financial and operating assets and liabilities for additional information
Amounts relating to IFRS 16 recognized in the Consolidated Statement of Cash Flows
During the years ended December 31, 2025, 2024 and 2023, the total cash outflow for leases recognized in
accordance with IFRS 16 was \u20ac951 million, \u20ac938\u00a0million and \u20ac757\u00a0million, respectively, of which \u20ac867 million,
\u20ac874 million and \u20ac693\u00a0million, respectively, related to cash payments for the principal portion of lease liabilities
(recognized within Cash flows from financing activities in the Consolidated Statement of cash flows) and \u20ac84
million, \u20ac64 million and \u20ac64 million, respectively, related to cash payments for interest expense related to lease
liabilities (recognized within Cash flows from operating activities in the Consolidated Statement of cash flows).
Interest expense paid
During the years ended December 31, 2025, 2024 and 2023, the Company paid interest of \u20ac2,245\u00a0million and
received interest of \u20ac2,556\u00a0million, \u20ac1,549\u00a0million and \u20ac2,716\u00a0million, \u20ac1,126\u00a0million and \u20ac2,917\u00a0million,
respectively. These amounts are mainly recognized within Cash flows from operating activities in the
Consolidated Statement of Cash Flows. Amounts indicated are also inclusive of interest rate differentials paid or
received on interest rate derivatives.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-608": { "value": "
Consolidated Statement of Cash Flows
The Company has reclassified certain items in the Consolidated Statement of Cash Flows. These
reclassifications were made to enhance the consistency and comparability of the financial disclosures. These
changes are considered to be changes in accounting policy, in accordance with IAS 8. The reclassifications are
as follows:
\u2022 As the loans and receivables of our financial services activities are growing and as we consider these activities
to be part of our principal revenue-producing activities, the net change in receivables related to financial
services activities was reclassified from Net cash from/(used in) investing activities to Net cash from/(used in)
operating activities;
\u2022 Changes in securities have been reclassified from Net cash from/(used in) financing activities to Net cash
from/(used in) investing activities; and
\u2022 Certain financial receivables related to factoring transactions that qualify for derecognition of the trade
receivable have been reclassified from Net cash from/(used in) financing activities to Net cash from/(used in)
operating activities to the line Changes in working capital.
The following changes improve the structure and content of the Consolidated Statement of Cash Flows by
integrating information previously reported as disclosure notes:
\u2022 The change in long-term debt, which was previously presented net on the Statement of Cash Flows, will be
presented in separate lines presenting gross inflows in Proceeds from issuances of long-term debt and gross
outflows in Repayments of long-term debt; and
\u2022 The Company has moved the disclosures of the cash flows related to dividends received and income taxes
paid to the face of the Statement of Cash Flows. This information was previously disclosed in Note 31,
Explanatory notes to the Consolidated Statement of Cash Flows in the Consolidated Financial Statements at
December 31, 2024.
Year ended December 31, 2024
(\u20ac million)
As previously
reported
Reclassifications
As reclassified
Net profit/(loss)
5,520
(5,520)
\u2014
Profit/(loss) before taxes
\u2014
4,032
4,032
Adjustments for non-cash items and other:
depreciation and amortization
7,226
\u2014
7,226
(gains)/losses on disposals
(32)
\u2014
(32)
change in deferred taxes
(2,921)
2,921
\u2014
share of the profit/(loss) of equity method investees
381
(335)
46
other non-cash items
1,927
\u2014
1,927
Change in provisions and employee benefits liabilities
1,779
\u2014
1,779
Net change in receivables related to financial services activities
\u2014
(3,455)
(3,455)
Change in carrying amount of leased vehicles
(3,885)
\u2014
(3,885)
Dividends received
\u2014
335
335
Income tax received/(paid), net
\u2014
(2,792)
(2,792)
Changes in working capital
(5,987)
2,341
(3,646)
Net cash from/(used in) operating activities
4,008
(2,473)
1,535
Proceeds from disposal of shares in consolidated companies and of
investments in non-consolidated companies
261
\u2014
261
Acquisitions of consolidated subsidiaries and equity method
investments
(1,652)
\u2014
(1,652)
Proceeds from disposals of property, plant and equipment and
intangible assets
365
\u2014
365
Investments in property, plant and equipment and intangible assets
(11,060)
\u2014
(11,060)
Change in amounts payable on property, plant and equipment and
intangible assets
223
\u2014
223
Changes in loans to joint ventures and associates
(4,151)
3,455
(696)
Change in securities
\u2014
2,422
2,422
Other changes
32
\u2014
32
Net cash from/(used in) investing activities
(15,982)
5,877
(10,105)
Distributions paid:
to Stellantis shareholders
(4,651)
\u2014
(4,651)
to non-controlling shareholders of subsidiaries
(10)
\u2014
(10)
Proceeds from issuance of shares
104
\u2014
104
(Purchases)/sales of treasury shares
(3,000)
\u2014
(3,000)
Changes in short-term debt and other financial assets and liabilities
2,557
(982)
1,575
Changes in long-term debt
4,644
(4,644)
\u2014
Gross outflows in repayments of long-term debt
\u2014
(8,471)
(8,471)
Proceeds from issuances of long-term debt
\u2014
13,115
13,115
Change in securities
2,422
(2,422)
\u2014
Other changes
(5)
\u2014
(5)
Net cash from/(used in) financing activities
2,061
(3,404)
(1,343)
Effect of changes in exchange rates
410
\u2014
410
(Increase)/decrease in cash and cash equivalents included in asset
held for sale
(66)
\u2014
(66)
Increase/(decrease) in cash and cash equivalents
(9,569)
\u2014
(9,569)
Net cash and cash equivalents at beginning of the period
43,669
\u2014
43,669
Net cash and cash equivalents at end of the period
34,100
\u2014
34,100
Year ended December 31, 2023
(\u20ac million)
As previously
reported
Reclassifications
As reclassified
Net profit/(loss)
18,625
(18,625)
\u2014
Profit/(loss) before taxes
\u2014
22,418
22,418
Adjustments for non-cash items and other:
depreciation and amortization
7,549
\u2014
7,549
(gains)/losses on disposals
(195)
\u2014
(195)
change in deferred taxes
701
(701)
\u2014
share of the profit/(loss) of equity method investees
(156)
(312)
(468)
other non-cash items
720
\u2014
720
Change in provisions and employee benefits liabilities
2,460
\u2014
2,460
Net change in receivables related to financial services activities
\u2014
(3,586)
(3,586)
Change in carrying amount of leased vehicles
(1,747)
\u2014
(1,747)
Dividends received
\u2014
312
312
Income tax received/(paid), net
\u2014
(2,649)
(2,649)
Changes in working capital
(5,472)
(1,388)
(6,860)
Net cash from/(used in) operating activities
22,485
(4,531)
17,954
Proceeds from disposal of shares in consolidated companies and of
investments in non-consolidated companies
1,457
\u2014
1,457
Acquisitions of consolidated subsidiaries and equity method
investments
(3,885)
\u2014
(3,885)
Proceeds from disposals of property, plant and equipment and
intangible assets
533
\u2014
533
Investments in property, plant and equipment and intangible assets
(10,193)
\u2014
(10,193)
Change in amounts payable on property, plant and equipment and
intangible assets
1,068
\u2014
1,068
Changes in loans to joint ventures and associates
(3,834)
3,586
(248)
Change in securities
\u2014
(2,754)
(2,754)
Other changes
(193)
\u2014
(193)
Net cash from/(used in) investing activities
(15,047)
832
(14,215)
Distributions paid:
\u2014
\u2014
to Stellantis shareholders
(4,208)
\u2014
(4,208)
to non-controlling shareholders of subsidiaries
\u2014
\u2014
\u2014
Proceeds from issuance of shares
92
\u2014
92
(Purchases)/sales of treasury shares
(2,434)
\u2014
(2,434)
Changes in short-term debt and other financial assets and liabilities
328
945
1,273
Changes in long-term debt
(214)
214
\u2014
Gross outflows in repayments of long-term debt
\u2014
(4,382)
(4,382)
Proceeds from issuances of long-term debt
\u2014
4,168
4,168
Change in securities
(2,754)
2,754
\u2014
Other changes
(10)
\u2014
(10)
Net cash from/(used in) financing activities
(9,200)
3,699
(5,501)
Effect of changes in exchange rates
(836)
\u2014
(836)
(Increase)/decrease in cash and cash equivalents included in asset
held for sale
(166)
\u2014
(166)
Increase/(decrease) in cash and cash equivalents
(2,764)
\u2014
(2,764)
Net cash and cash equivalents at beginning of the period
46,433
\u2014
46,433
Net cash and cash equivalents at end of the period
43,669
\u2014
43,669
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-610": { "value": "
Material accounting policies
Basis of consolidation
Subsidiaries
Subsidiaries are entities over which the Company has control. Control is achieved when the Company (i) has
power over the investee; (ii) is exposed to, or has rights to, variable returns from its involvement with the investee
and (iii) has the ability to use its power over the investee to affect the amount of the investor\u2019s returns.
Subsidiaries are consolidated on a line-by-line basis from the date which control is achieved by the Company.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there
are changes to one or more of the three elements of control listed above.
The Company recognizes a non-controlling interest in the acquiree on a transaction-by-transaction basis, either
at fair value or at the non-controlling interest\u2019s share of the recognized amounts of the acquiree\u2019s identifiable net
assets. Net profit or loss and each component of Other comprehensive income/(loss) are attributed to Equity
attributable to owners of the parent and to Non-controlling interests. Total comprehensive income/(loss) of
subsidiaries is attributed to Equity attributable to the owners of the parent and to the non-controlling interest
even if this results in a deficit balance in Non-controlling interests.
Changes in the Company\u2019s ownership interests in a subsidiary that do not result in the Company losing control
over the subsidiary are accounted for as equity transactions. The carrying amounts of Equity attributable to
owners of the parent and Non-controlling interests are adjusted to reflect the changes in their relative interests in
the subsidiary. Any difference between the carrying amount of the non-controlling interests and the fair value of
the consideration paid or received in the transaction is recognized directly in Equity attributable to the owners of
the parent.
Subsidiaries are deconsolidated from the date on which control ceases. When the Company ceases to have
control over a subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at
their carrying amounts, derecognizes the carrying amount of non-controlling interests in the former subsidiary, if
any, and recognizes the fair value of any consideration received from the transaction. Any gain or loss is
recognized in the Consolidated Income Statement. Any retained interest in the former subsidiary is then
remeasured to its fair value.
All intra-group balances and transactions, and any unrealized gains and losses arising from intra-group
transactions, are eliminated in preparing the Consolidated Financial Statements.
Interests in Joint Ventures and Associates
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights
to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an
arrangement, which exists only when decisions about the relevant activities require the unanimous consent of
the parties sharing the control.
An associate is an entity over which the Company has significant influence. Significant influence is where the
Company has the power to participate in the financial and operating policy decisions of the investee but does
not have control or joint control over those policies.
Joint ventures and associates are accounted for using the equity method of accounting from the date joint
control or significant influence is obtained. On acquisition, any excess of the investment over the share of the net
fair value of the investee's identifiable assets and liabilities is recognized as goodwill and is included in the
carrying amount of the investment. Any excess of the Company\u2019s share of the net fair value of the investee\u2019s
identifiable assets and liabilities over the cost of the investment is included as income in the determination of the
Company\u2019s share of the investee\u2019s profit/(loss) in the acquisition period.
Under the equity method, investments are initially recognized at cost and adjusted thereafter to recognize the
Company\u2019s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Company\u2019s
share of the investee\u2019s profit/(loss) is recognized in the Consolidated Income Statement. Distributions received
from an investee reduce the carrying amount of the investment. Post-acquisition movements in Other
comprehensive income/(loss) are recognized in Other comprehensive income/(loss) with a corresponding
adjustment to the carrying amount of the investment.
Unrealized gains arising on transactions between the Company and its joint ventures and associates are
eliminated to the extent of the Company\u2019s interest in the joint venture or associate. Unrealized losses are also
eliminated unless the transaction provided evidence of an impairment of the asset transferred.
When the Company\u2019s share of the losses of a joint venture or associate exceeds its interest in that joint venture
or associate, the Company discontinues recognizing its share of further losses. Additional losses are provided
for and a liability is recognized only to the extent that the Company has incurred legal or constructive obligations
or made payments on behalf of the joint venture or associate. The Company tests the carrying value of a joint
venture or associate for impairment when indicators of impairment are identified.
The Company discontinues the use of the equity method from the date the investment ceases to be an associate
or a joint venture, or when it is classified as held for sale.
Interests in Joint Operations
A joint operation is a type of joint arrangement whereby the parties that have joint control have rights to the
assets and obligations for the liabilities relating to the arrangement. Joint control is the contractually agreed
sharing of control of an arrangement, which exists only when decisions about the relevant activities require the
unanimous consent of the parties sharing control.
The Company recognizes its related interest in the joint operation including: (i)\u00a0its assets, including its share of
any assets held jointly, (ii)\u00a0its liabilities, including its share of any liabilities incurred jointly, (iii)\u00a0its revenue from
the sale of its share of the output arising from the joint operation, (iv)\u00a0its share of the revenue from the sale of the
output by the joint operation and (v)\u00a0its expenses, including its share of any expenses incurred jointly.
Assets held for sale, Assets held for distribution and Discontinued Operations
Pursuant to IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations, non-current assets and
disposal groups are classified as held for sale if their carrying amount will be recovered principally through a
sale transaction rather than through continuing use. This condition is regarded as met only when the asset or
disposal group is available for immediate sale in its present condition, subject only to terms that are usual and
customary for sales of such an asset or disposal group, and the sale is highly probable, with the sale expected
to be completed within one year from the date of classification.
Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying
amount and fair value less costs to sell and are presented separately in the Consolidated Statement of Financial
Position. Non-current assets and disposal groups are not classified as held for sale within the comparative
period presented for the Consolidated Statement of Financial Position.
A discontinued operation is a component of the Company that either has been disposed of or is classified as
held for sale and (i) represents either a separate major line of business or a geographical area of operations, (ii)
is part of a single coordinated plan to dispose of a separate major line of business or geographical area of
operations, or (iii) is a subsidiary acquired exclusively with a view to resell and the disposal will result in the loss
of control.
Classification as a discontinued operation occurs upon disposal or, if earlier, when the asset or disposal group
meets the criteria to be classified as held for sale. When the asset or disposal group is classified as a
discontinued operation, the comparative information is reclassified within the Consolidated Income Statement
and the Consolidated Statement of Cash Flows as if the asset or disposal group had been discontinued from the
start of the earliest comparative period presented. In addition, when an asset or disposal group is classified as
held for sale, depreciation and amortization cease.
For the years ended December 31, 2025, 2024 and 2023 the Company did not have any discontinued
operations.
The classification, presentation and measurement requirements of IFRS 5 - Non-current Assets Held for Sale and
Discontinued Operations outlined above also apply to an asset or disposal group that is classified as held for
distribution to owners, whereby there must be commitment to the distribution, the asset or disposal group must
be available for immediate distribution and the distribution must be highly probable.
Foreign currency
The functional currency of the Company\u2019s entities is the currency used in their respective primary economic
environments. In individual companies, transactions in foreign currencies are recorded at the exchange rate
prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are
translated at the exchange rate prevailing at the date of the Consolidated Statement of Financial Position.
Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates
different from those initially recorded, are recognized in the Consolidated Income Statement.
All assets and liabilities of foreign consolidated companies with a functional currency other than the Euro are
translated using the closing rates as at the date of the Consolidated Statement of Financial Position. Income and
expenses are translated into Euro on a monthly basis at the average exchange rate for each month. Translation
differences arising from the application of this method are classified within Other comprehensive income/(loss)
until the disposal of the subsidiary.
Average exchange rates for the period are used in preparing the Consolidated Statement of Cash Flows to
translate the cash flows of foreign subsidiaries.
The principal exchange rates used to translate other currencies into Euro were as follows:
2025
2024
2023
Average
At December 31
Average
At December 31
Average
At December 31
U.S. Dollar (USD)
1.130
1.175
1.082
1.039
1.081
1.105
Canadian Dollar (CAD)
1.578
1.609
1.482
1.495
1.460
1.464
Mexican Peso (MXN)
21.675
21.118
19.806
21.550
19.193
18.723
Pound Sterling (GBP)
0.857
0.873
0.847
0.829
0.870
0.869
Polish Zloty (PLN)
4.241
4.227
4.306
4.273
4.544
4.348
Swiss Franc (CHF)
0.937
0.931
0.953
0.941
0.972
0.926
Turkish Lira (TRY)(1)
n.a.
50.331
n.a.
36.769
n.a.
32.603
Brazilian Real (BRL)
6.309
6.469
5.828
6.435
5.401
5.350
Argentine Peso (ARS) (2)
n.a.
1707.560
n.a.
1071.106
n.a.
893.404
Chinese Renminbi (CNY)
8.116
8.226
7.786
7.583
7.657
7.851
Japanese Yen (JPY)
168.976
184.090
163.844
163.060
151.854
156.330
n.a. = not applicable
(1) From April 1, 2022, T\u00fcrkiye\u2019s economy was considered to be hyperinflationary. Transactions after January 1, 2022 for entities with the
Turkish Lira as the functional currency were translated using the spot rate at the end of the period. The price indices used are published
by the Turkish Statistical Institute
(2) From July 1, 2018, Argentina\u2019s economy was considered to be hyperinflationary. Transactions after July 1, 2018 for entities with the
Argentine Peso as the functional currency were translated using the spot rate at the end of the period. The price indices used are
published by the Insituto Nacional de Estadistica y Censos de la Republica Argentina
Intangible assets
Goodwill
Goodwill represents the excess of the fair value of consideration paid in a business combination over the fair
value of net tangible and identifiable intangible assets acquired. Goodwill is not amortized but is tested for
impairment annually or more frequently if events or changes in circumstances indicated that it might be
impaired. After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
Intangible assets with indefinite useful lives
Intangible assets with indefinite useful lives consist principally of brands which have no legal, contractual,
competitive, economic or other factors that limit their useful lives. Intangible assets with indefinite useful lives are
not amortized but are tested for impairment annually, or more frequently if events or changes in circumstances
indicated that the asset may be impaired.
Development expenditures
Development expenditures for vehicle production and related components, engines and production systems are
recognized as an asset if all of the following conditions within IAS 38 \u2013 Intangible assets are met: (i) development
expenditures can be measured reliably, (ii) technical feasibility of the product, projected volumes and pricing
support the view that the development expenditure will generate future economic benefits and (iii) the intention
to complete the intangible asset as well as the availability of adequate technical, financial and other resources
for this purpose. Capitalized development expenditures include all costs that are directly attributed to the
development process. All other development expenditures are expensed as incurred.
Capitalized development expenditures are amortized on a straight-line basis from when the related asset is
available for use, generally from the beginning of production, over the expected life cycle of the models
(generally 5-9 years) or propulsion systems (generally 10-12 years) developed.
The useful lives of capitalized development expenditures are reviewed at least annually, or more frequently if
facts and circumstances indicate that there could be a change from the previous assessment. Changes in useful
lives are accounted for as a change in accounting estimate prospectively from the date of change. The useful
life assessment considers any updates to the Company\u2019s product development strategy (including any climate-
related changes in assumptions), reflecting the Company\u2019s most recently approved plans (including the MTP),
which would also reflect any regulatory developments (for example the phasing out of certain technologies).
Refer to the section \u201cClimate change\u201d for additional information.
Other internally developed or purchased intangible assets, excluding development expenditures
The portion of development expenditures relating to software for internal use that corresponds to directly
attributable internal or external costs necessary to create the software or improve its performance is recognized
as an intangible asset when it is probable that these costs will generate future economic benefits. Other software
acquisition and development-costs are expensed as incurred.
Other intangible assets are amortized on a straight-line basis over their estimated useful lives.
Property, plant and equipment
Cost
Property, plant and equipment is initially recognized at cost and includes the purchase price, any costs directly
attributable to bringing the assets to the location and condition necessary to be capable of operating in the
manner intended by management and any initial estimate of the costs of dismantling and removing the asset
and restoring the site on which it is located. Self-constructed assets are initially recognized at production cost.
Subsequent expenditures and the cost of replacing parts of an asset are capitalized only if they increase the
future economic benefits embodied in that asset. All other expenditures are expensed as incurred. When such
replacement costs are capitalized, the carrying amount of the parts that are replaced is expensed to the
Consolidated Income Statement.
Depreciation
During the years ended December\u00a031, 2025, 2024 and 2023, assets were depreciated on a straight-line basis
over their estimated useful lives as follows:
Years
Buildings
33 - 40
Plant, machinery and equipment
2 - 25
Other assets - Assets subject to operating leases
1 - 3
Other assets - Other assets
2 - 34
The useful life of property, plant and equipment is reviewed at least annually, or more frequently if facts and
circumstances indicate that there could be a change from the previous assessment. Changes in useful lives are
accounted for as a change in accounting estimate prospectively from the date of change. The useful life
assessment considers any updates to the Company\u2019s product development strategy (including any climate-
related changes in assumptions), reflecting the Company\u2019s most recently approved plans (including the MTP),
which would also reflect any regulatory developments (for example the phasing out of certain technologies).
Refer to the section \u201cClimate change\u201d for additional information.
Borrowing Costs
Borrowing costs that are directly attributable to the acquisition, construction or production of property, plant or
equipment or an intangible asset that is deemed to be a qualifying asset as defined in IAS 23 - Borrowing Costs
are capitalized. Only assets with a construction period of 12 months or longer are considered. The amount of
borrowing costs eligible for capitalization corresponds to the actual borrowing costs incurred during the period,
less any investment income on the temporary investment of any borrowed funds not yet used. The amount of
borrowing costs capitalized in the years ended December\u00a031, 2025 and 2024 was \u20ac317 million and \u20ac324 million,
respectively.
Leases
As a Lessee
At the inception of a contract, the Company assesses whether the contract has, or contains, a lease. A contract
has, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of
time in exchange for consideration.
At inception or on reassessment of a contract that contains a lease component, the Company allocates the
consideration in the contract to each lease component on the basis of their relative stand-alone prices.
Right-of-use asset
The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-
of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any
lease payments made at or before the commencement date, plus any initial direct costs incurred and an
estimate of costs to dismantle and remove the underlying asset or restore the underlying asset or the site on
which it is located if required by the lease, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date
to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated
useful life of the right-of-use asset is determined based on the nature of the asset, taking into consideration the
lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted
for certain corresponding remeasurements of the lease liability.
Lease liability
The lease liability is initially measured at the present value of the lease payments that have not been paid at the
commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily
determined, the Company's incremental borrowing rate. The incremental borrowing rate is determined
considering macro-economic factors such as the risk free rate based on the relevant currency and term, as well
as the Company specific factors contributing to the Company\u2019s credit spread, including the impact of security.
The Company primarily uses the incremental borrowing rate as the discount rate for its lease liabilities.
Lease payments used to measure the lease liability include the following, if appropriate:
\u2022 fixed payments, including in-substance fixed payments;
\u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate
applicable as at the commencement date;
\u2022 amounts expected to be payable under a residual value guarantee;
\u2022 if reasonably certain to exercise, the exercise price under a purchase option, or lease payments in an optional
renewal period; and
\u2022 penalties for early termination of a lease unless the Company was reasonably certain not to terminate early.
The lease liability is subsequently measured at amortized cost using the effective interest method. It is
remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is
a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, or
if the Company changes its assessment of whether it would exercise a purchase, extension or termination
option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying
amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset
has been reduced to zero.
The Company presents right-of-use assets that do not meet the definition of investment property in Property,
plant and equipment and lease liabilities in Long-term debt and Short-term debt and current portion of long-term
debt in the Consolidated Statement of Financial Position.
The Company elects to not recognize right-of-use assets and lease liabilities for short-term leases and low-value
leases for all classes of leased assets. The Company recognizes the lease payments associated with these
leases as an expense on a straight-line basis over the lease term.
As a Lessor
When the Company acts as a lessor, it determines at lease inception whether each lease is a finance lease or an
operating lease.
To classify each lease, the Company makes an overall assessment of whether the lease transfers substantially
all the risks and rewards incidental to ownership of the underlying asset. If the risks and rewards are
substantially transferred, then the lease is a finance lease; if not, then it is an operating lease. As part of this
assessment, the Company considers certain indicators such as whether the lease is for the major part of the
economic life of the asset.
Impairment of long-lived assets
Semi-annually, or when facts or circumstances indicate otherwise, the Company assesses whether there is any
indication that its finite-lived intangible assets (including capitalized development expenditures) and its property,
plant and equipment may be impaired.
If indicators of impairment are present, an impairment test is performed, comparing the carrying amount of the
asset to its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. In
the event that the carrying amount is in excess of the recoverable amount, an impairment is recorded to reduce
the value of the asset to its recoverable amount. The recoverable amount is determined for the individual asset,
unless the asset does not generate cash inflows that are largely independent of those from other assets or
groups of assets, in which case the asset is tested as part of the cash-generating unit (\u201cCGU\u201d) to which the
asset belongs. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely
independent of the cash inflows from other assets or groups of assets. In assessing the value in use of an asset
or CGU, the estimated future cash flows are discounted to their present value using a discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset or CGU.
When an impairment loss for assets, other than goodwill, no longer exists or has decreased, the carrying amount
of the asset or CGU is increased to the revised estimate of its recoverable amount but not in excess of the
carrying amount that would have been recorded had no impairment loss been recognized.
Impairment losses, along with any required reversal of a previously recorded impairment loss, are recognized in
the Consolidated Income Statement. Refer to the section \u201cCritical judgments and use of estimates\u201d below for
additional information.
Financial assets and liabilities
Financial assets primarily includes trade receivables, receivables from financing activities, investments in other
companies, derivative financial instruments, cash and cash equivalents, and other financial securities that do not
satisfy the requirements for being classified as cash equivalents.
Financial liabilities primarily consists of debt, derivative financial instruments, trade payables and other liabilities.
Receivables from dealer financing activities are typically generated by shipments of vehicles and are generally
managed under dealer network financing programs as a component of the portfolio of the Company's financial
services companies. These receivables accrue interest, except in most cases during an initial, limited period
when they are non-interest bearing. This non-interest bearing period does not apply to U.S. receivables. The
contractual terms governing the relationships with the dealer networks vary according to market and payment
terms, which generally range from one to 21 months.
In addition, the Company generates receivables from financing activities related to installment sales contracts
and loans as a component of the portfolio of the Company\u2019s financial services companies, originated through its
automobile dealer relationships and directly with consumers. The Company primarily used warehouse credit
facilities with financial institutions and asset-backed facilities to fund its origination activities. When sufficient
volume is originated, the Company will complete an on-balance sheet securitization and issue term notes,
thereby freeing up capacity in the warehouse credit facilities.
In our securitizations, we transfer receivables from financing activities to securitization trusts (\u201cTrusts\u201d), which
issue one or more classes of asset-backed securities. These asset-backed securities are then sold to investors.
These Trusts are included in our consolidated financial statements, but they are separate legal entities. The
assets held by these Trusts are legally owned by the Trusts and are not available to the Company\u2019s creditors or
creditors of our other Trusts. When the securitized assets are transferred to a Trust, we make certain
representations and warranties regarding the securitized assets. These representations and warranties relate to
specific aspects of the securitized assets, such as origination, obligors, accuracy, and security interest, but not
the underlying performance of the securitized asset. If a breach were to occur related to one or more of these
representations that materially affects the noteholders\u2019 interest, we would be obligated to repurchase the
securitized assets.
The transfers of assets in the Company\u2019s securitization transactions do not qualify for derecognition. The
Company accounts for all securitization transactions as if they were secured financing and therefore the assets,
liabilities, and related activity of these transactions are consolidated in the Company\u2019s financial statements. As
the securitized receivables amortize, finance charge collections are passed through to the investors at a
specified rate for the life of the securitization and an interest in collections exceeding the specified rate is
retained by the Company. The majority of these securitization transactions are within Stellantis Financial Services
US Corp (\u201cSFS U.S.\u201d).
The Company classifies financial liabilities that arise from supplier finance arrangements within Trade payables
in the Consolidated Statement of Financial Position if they have a similar nature and function to trade payables.
This is the case if the supplier finance arrangement is part of the working capital used in the Company\u2019s normal
operating cycle and the terms of the liabilities that are part of the supply chain finance arrangement are not
substantially different from the terms of trade payables that are not part of the arrangement. Cash flows related
to liabilities arising from supplier finance arrangements that are classified in Trade payables in the Consolidated
Statement of Financial Position are included in operating activities in the Consolidated Statement of Cash Flows.
Classification and measurement
The classification of a financial asset is dependent on the Company\u2019s business model for managing such financial
assets and their contractual cash flows. The Company considers whether the contractual cash flows represent
solely payments of principal and interest that are consistent with a basic lending arrangement. Where the
contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement,
the related financial assets are classified and measured at fair value through profit or loss (\u201cFVPL\u201d).
Financial asset cash flow business model
Initial measurement(1)
Measurement category (3)
Solely to collect the contractual cash flows
(Held to Collect)
Fair Value including transaction costs
Amortized Cost(2)
Collect both the contractual cash flows and
generate cash flows arising from the sale of
assets (Held to Collect and Sell)
Fair Value including transaction costs
Fair value through other
comprehensive income (\u201cFVOCI\u201d)
Generate cash flows primarily from the sale of
assets (Held to Sell)
Fair Value
FVPL
(1) Trade receivables without a significant financing component, as defined by IFRS 15 - Revenue from contracts with customers, are
initially measured at the transaction price
(2) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates are
discounted using market rates
(3) On initial recognition, the Company could irrevocably designate a financial asset at FVPL that otherwise met the requirements to be
measured at amortized cost or at FVOCI if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise
Factors considered by the Company in determining the business model for a group of financial assets include:
\u2022 past experience on how the cash flows for these assets were collected;
\u2022 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and
future sales activity expectations;
\u2022 how the asset\u2019s performance is evaluated and reported to key management personnel; and
\u2022 how risks are assessed and managed and how management is compensated.
Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its
business model for managing financial assets, in which case all affected financial assets are reclassified on the
first day of the first reporting period following the change in the business model.
Cash and cash equivalents include cash at banks, units in money market funds and other money market
securities, commercial paper and certificate of deposits that are readily convertible into cash, with original
maturities of three months or less at the date of purchase. Cash and cash equivalents are subject to an
insignificant risk of changes in value and consist of balances across various primary national and international
banks and of money market instruments. Money market funds consist of investments in high quality, short-term,
diversified financial instruments that can generally be liquidated on demand and are measured at FVPL. Cash at
banks and Other cash equivalents are measured at amortized cost.
Investments in other companies are measured at fair value. Equity investments for which there is no quoted
market price in an active market and there is insufficient financial information in order to determine fair value may
be measured at cost as an estimate of fair value, as permitted by IFRS 9 - Financial Instruments (\u201cIFRS 9\u201d). The
Company may irrevocably elect to present subsequent changes in the investment\u2019s fair value in Other
comprehensive income (\u201cOCI\u201d) upon the initial recognition of an equity investment that is not held to sell. This
election is made on an investment-by-investment basis. Generally, any dividends from these investments are
recognized in Net financial expenses/(income) when the Company\u2019s right to receive payment is established.
Other net gains and losses are recognized in OCI and will not be reclassified to the Consolidated Income
Statement in subsequent periods. Impairment losses (and the reversal of impairment losses) on equity
investments measured at FVOCI are not reported separately from other changes in fair value in OCI.
Impairment of financial assets
The Company\u2019s credit risk differs in relation to the type of activity. In particular, receivables from financing
activities, such as dealer and retail financing that are carried out through the Company\u2019s financial services
companies, are exposed both to the direct risk of default and the deterioration of the creditworthiness of the
counterparty, whereas trade receivables arising from the sale of vehicles and spare parts, are mostly exposed to
the direct risk of counterparty default. These risks are mitigated by different kinds of security received and the
fact that collection exposure is spread across a large number of counterparties.
The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (\u201cECL\u201d) model. ECL is
a probability-weighted estimate of the present value of cash shortfalls.
The calculation of the amount of ECL is based on the risk of default by the counterparty, which is determined by
taking into account the information available at the end of each reporting period as to the counterparty\u2019s
solvency, the fair value of any guarantees and the Company\u2019s historical experience. The Company considers a
financial asset to be in default when: (i) the borrower is unlikely to pay its obligations in full and without
consideration of compensating guarantees or collateral (if any exist); or (ii) the financial asset is more than 90
days past due.
The Company applies two impairment models for financial assets as set out in IFRS 9: the simplified approach
and the general approach. The table below indicates the impairment model used for each of the Company\u2019s
financial asset categories. Impairment losses on financial assets are recognized in the Consolidated Income
Statement within the corresponding line items, based on the classification of the counterparty.
Financial asset
IFRS 9 impairment model
Trade receivables
Simplified approach
Receivables from financing activities
General approach
Other receivables
General approach
In order to test for impairment, individually significant receivables and receivables for which collectability is at
risk are assessed individually, while all other receivables are grouped into homogeneous risk categories based
on shared risk characteristics such as instrument type, industry or geographical location of the counterparty.
The simplified approach for determining the lifetime ECL allowance is performed in two steps:
\u2022 All trade receivables that are in default, as defined above, are individually assessed for impairment; and
\u2022 A general reserve is recognized for all other trade receivables (including those not past due) based on
historical loss rates.
The Company applies the general approach as determined by IFRS 9 by assessing at each reporting date
whether there has been a significant increase in credit risk on the financial instrument since initial recognition.
The Company considers receivables to have experienced a significant increase in credit risk when certain
quantitative or qualitative indicators have been met or the borrower was more than 30 days past due on its
contractual payments.
The \u201cthree-stages\u201d for determining and measuring the impairment based on changes in credit quality since initial
recognition are summarized below:
Stage
Description
Time period for
measurement of ECL
Stage 1
A financial instrument that is not credit-impaired on initial recognition
12-month ECL
Stage 2
A financial instrument with a significant increase in credit risk since initial recognition
Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
Lifetime ECL
Considering forward-looking economic information, ECL is determined by projecting the probability of default,
exposure at default and loss given default for each future contractual period and for each individual exposure or
collective portfolio. The discount rate used in the ECL calculation is the stated effective interest rate or an
approximation thereof. Each reporting period, the assumptions underlying the ECL calculation are reviewed and
updated as necessary. Since adoption, there have been no significant changes in estimation techniques or
significant assumptions that led to material changes in the ECL allowance.
The gross carrying amount of a financial asset is written-off to the extent that there is no realistic prospect of
recovery. This is generally the case when the Company determined that a debtor does not have assets or
sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.
However, financial assets that are written off could still be subject to enforcement activities.
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes in order to reduce currency, interest
rate and market price risks (primarily related to commodities). In accordance with IFRS 9, derivative financial
instruments are recognized when we become a party to the contractual provisions of the instrument and, upon
initial recognition, are measured at fair value. Subsequent to initial recognition, all derivative financial instruments
are measured at fair value. Furthermore, derivative financial instruments qualify for hedge accounting when (i)
there is formal designation and documentation of the hedging relationship and the Company\u2019s risk management
objective and strategy for undertaking the hedge at inception of the hedge and (ii) the hedge is expected to be
effective. If the hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge
ratio but the risk management objective for that designated hedging relationship remains the same, this ratio
must then be rebalanced. Rebalancing consists in adjusting either the designated quantities of the hedged item
or the hedging instrument of an already existing hedging relationship.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
\u2022 Fair value hedges - where a derivative financial instrument is designated as a hedge of the exposure to
changes in fair value of a recognized asset or liability attributable to a particular risk that could affect the
Consolidated Income Statement, the gain or loss from remeasuring the hedging instrument at fair value is
recognized in the Consolidated Income Statement. The gain or loss on the hedged item attributable to the
hedged risk adjusts the carrying amount of the hedged item and is recognized in the Consolidated Income
Statement.
\u2022 Cash flow hedges - where a derivative financial instrument is designated as a hedge of the exposure to
variability in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and
could affect the Consolidated Income Statement, the effective portion of any gain or loss on the derivative
financial instrument is recognized directly in Other comprehensive income/(loss). When the hedged forecasted
transaction results in the recognition of a non-financial asset, the gains and losses previously deferred in Other
comprehensive income/(loss) are reclassified and included in the initial measurement of the cost of the non-
financial asset. The effective portion of any gain or loss is recognized in the Consolidated Income Statement at
the same time as the economic effect arising from the hedged item that affects the Consolidated Income
Statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognized in the Consolidated Income Statement immediately.
When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to
occur, the cumulative gain or loss realized to the point of termination remains and is recognized in the
Consolidated Income Statement at the same time as the underlying transaction occurred. If the hedged
transaction is no longer probable, the cumulative unrealized gain or loss held in Other comprehensive income/
(loss) is recognized in the Consolidated Income Statement immediately.
\u2022 Hedges of a net investment - if a derivative financial instrument is designated as a hedging instrument for a
net investment in a foreign operation, the effective portion of the gain or loss on the derivative financial
instrument is recognized in Other comprehensive income/(loss). The cumulative gain or loss is reclassified
from Other comprehensive income/(loss) to the Consolidated Income Statement upon disposal of the foreign
operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure the hedge relationships meet the effectiveness requirements (including the
existence of an economic relationship between\u00a0the hedged item and hedging instrument). The Company enters
into hedge relationships where the critical terms of the hedging instrument match closely or exactly with the
terms of the hedged item, and so a qualitative assessment of effectiveness is performed. In the event there was
a hedge relationship where the critical terms of the hedged item do not match closely or perfectly with the
critical terms of the hedging instrument, the Company would perform a quantitative assessment to assess
effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential
sources of hedge ineffectiveness are mismatches in timing or the critical terms of the hedged item and the
hedging instrument.
The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The Company\u2019s
derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected to be
one for one.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative
financial instruments are recognized immediately in the Consolidated Income Statement.
Refer to Note 17, Derivative financial and operating assets and liabilities, for additional information on fair value
measurements.
Transfers of financial assets
The Company derecognizes financial assets when the contractual rights to the cash flows arising from the asset
are no longer held or if it transfers substantially all the risks and rewards of ownership of the financial asset. On
derecognition of financial assets, the difference between the carrying amount of the asset and the consideration
received or receivable for the transfer of the asset is recognized in the Consolidated Income Statement.
The Company transfers certain of its financial, trade and tax receivables, mainly through factoring transactions.
Factoring transactions may be either with recourse or without recourse. Certain transfers include deferred
payment clauses requiring first loss cover (for example, when the payment by the factor of a minor part of the
purchase price is dependent on the total amount collected from the receivables), whereby the transferor has
priority participation in the losses, or requires a significant exposure to the variability of cash flows arising from
the transferred receivables to be retained. These types of transactions do not meet the requirements of IFRS 9
for the derecognition of the assets since the risks and rewards connected with ownership of the financial asset
are not substantially transferred, and accordingly the Company continues to recognize these receivables within
the Consolidated Statement of Financial Position and recognizes a financial liability for the same amount under
Asset-backed financing, which is included within Debt. These types of receivables are classified as held-to-
collect, since the business model is consistent with the Company\u2019s continuing recognition of the receivables.
Inventories
Raw materials, semi-finished products and finished goods inventories are stated at the lower of cost and net
realizable value, with cost being determined on a first-in, first-out basis. The measurement of Inventories
includes the direct cost of materials and labor as well as indirect costs (variable and fixed). A provision is made
for obsolete and slow-moving raw materials, finished goods, spare parts and other supplies based on their
expected future use and realizable value. Net realizable value is the estimated selling price in the ordinary
course of business, less the estimated costs of completion and the estimated costs for sale and distribution.
The measurement of production systems construction contracts is based on the stage of completion, which is
determined as the proportion of cost incurred at the balance sheet date over the estimated total contract cost.
These items are presented net of progress billings received from customers. Any losses on such contracts are
recorded in the Consolidated Income Statement in the period in which they are identified.
Employee benefits
Defined contribution plans
Costs arising from defined contribution plans are expensed as incurred.
Defined benefit plans
The Company\u2019s net obligations are determined separately for each defined benefit plan by estimating the
present value of future benefits that employees have earned and deducting the fair value of any plan assets. The
present value of defined benefit obligations is measured using actuarial techniques and actuarial assumptions
that are unbiased, mutually compatible and attribute benefits to periods in which the obligation to provide post-
employment benefits arise by using the Projected Unit Credit Method. Plan assets are recognized and measured
at fair value.
The components of defined benefit cost are recognized as follows:
\u2022 Service cost is recognized in the Consolidated Income Statement by function and is presented within the
relevant line items (Cost of revenues, Selling, general and other costs, and Research and development costs);
\u2022 Net interest expense on the defined benefit liability/(asset) is recognized in the Consolidated Income
Statement within Net financial expenses and is determined by multiplying the net liability/(asset) by the
discount rate used to discount obligations taking into account the effect of contributions and benefit payments
made during the year; and
\u2022 Remeasurement components of the net obligation, which comprise actuarial gains and losses, the return on
plan assets (excluding interest income recognized in the Consolidated Income Statement) and any change in
the effect of the asset ceiling are recognized immediately in Other comprehensive income/(loss). These
remeasurement components are not reclassified to the Consolidated Income Statement in a subsequent
period.
Past service costs arising from plan amendments and curtailments and gains and losses on the settlement of a
plan are recognized immediately in the Consolidated Income Statement.
Other long-term employee benefits
The Company\u2019s obligations represent the present value of future benefits that employees have earned in return
for their service. The effects of remeasuring other long-term employee benefits to the present value of future
benefits are recognized within the Consolidated Income Statement in the period in which they arise.
Share-based compensation
The Company has several compensation plans that provide for the granting of share-based compensation to
certain employees and directors. Share-based compensation plans are accounted for in accordance with IFRS 2
-Share-based Payment, which requires the recognition of share-based compensation expense based on fair
value.
For equity-settled transactions, the cost is determined by the fair value at the date when the grant is determined
with reference to the grant-date share price and, where applicable, using a Monte Carlo simulation model. Refer
to Note 19, Share-based compensation, for additional information.
Share-based compensation expense is recognized within Selling, general and other costs within the
Consolidated Income Statement, together with a corresponding increase in equity, over the period in which the
service and, where applicable, the performance conditions are fulfilled (\u201cvesting period\u201d). The cumulative
expense is recognized for equity-settled transactions at each reporting date using the graded vesting method
and reflects the Company\u2019s best estimate of the number of equity instruments that will ultimately vest. The
expense, or credit, in the Consolidated Income Statement for a period represents the movement in cumulative
expense recognized as at the beginning and end of that period.
Service and non-market performance conditions are not taken into account when determining the grant date fair
value of awards, but the likelihood of the conditions being met is assessed as part of the Company\u2019s best
estimate of the number of equity instruments that will ultimately vest. Market performance conditions are
reflected within the grant date fair value. Any other conditions attached to an award, but without an associated
service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair
value of an award and lead to an immediate expensing of an award unless there were also service and/or
performance conditions.
No expense is recognized for awards that do not ultimately vest because non-market performance and/or
service conditions have not been met. Where awards included a market or non-vesting condition, the
transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied,
provided that all other performance and/or service conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair
value of the unmodified award, provided the original vesting terms of the award are met. Any incremental
expense between the original grant and the modified grant, measured at the date of modification, is recognized
over the modified vesting terms. Where an award is cancelled by the entity or by the counterparty, any
unrecognized element of the fair value of the award is expensed immediately through the Consolidated Income
Statement.
For cash-settled transactions, a liability is recognized for the fair value measured initially and at each reporting
date up to and including the settlement date. The fair value is expensed over the period until the vesting date,
with recognition of a corresponding liability. The approach used to account for vesting conditions when
measuring equity-settled transactions also applies to cash-settled transactions.
Revenue recognition
Revenue is recognized when control of the Company\u2019s vehicles, services or parts has been transferred and the
Company\u2019s performance obligations to its customers have been satisfied. Revenue is measured as the amount
of consideration the Company expects to receive in exchange for transferring goods or providing services. The
timing of when the Company transfers the goods or services to the customer could differ from the timing of the
customer\u2019s payment. The Company recognizes a contract liability when it invoices an amount to a customer prior
to the transfer of the goods or services provided. When the Company gives its customers the right to return
eligible goods, the Company estimates the expected returns based on an analysis of historical experiences.
Sales, value added and other taxes that the Company collects on behalf of others concurrently with revenue
generating activities are excluded from revenue and are recognized within the Other liabilities and the Tax
liabilities line items in the Consolidated Statement of Financial Position. Incidental items that are immaterial in the
context of the contract are recognized as expense.
The Company also enters into contracts with multiple performance obligations. For these contracts, the
Company allocates revenue from the transaction price to the distinct goods and services in the contract on a
relative standalone selling price basis. To the extent that the Company sells the good or service separately in the
same market, the standalone selling price is the observable price at which the Company sold the good or
service separately. For all other goods or services, the Company estimates the standalone selling price using a
cost-plus-margin approach.
Shipments of vehicles and sales of other goods
The Company has determined that its customers from the sale of vehicles and service parts are generally
dealers, distributors, fleet customers or retail customers. Transfer of control, and therefore revenue recognition,
generally corresponds to the date when the vehicles or service parts are made available to the customer, or
when the vehicles or service parts are released to the carrier responsible for transporting them to the customer.
This is also the point at which invoices are issued, with payment for vehicles typically due immediately and
payment for service parts typically due in the following month. For component part sales, revenue recognition is
consistent with that of service parts. In the case of service parts sold that are expected to be used for repairs
under warranty, no revenue is recognized upon shipment or upon transfer to the customer. The Company also
sells tooling, with control transferring at the point in time when the customer accepts the tooling.
The cost of incentives, if any, is estimated at the inception of a contract at the expected amount that will
ultimately be paid and is recognized as a reduction to revenue at the time of the sale. If the estimate of the
incentive changes following the sale to the customer, the change in estimate is recognized as an adjustment to
revenue in the period of the change. Refer to the section Critical judgments and use of estimates - Sales
incentives for additional information.
New vehicle sales with residual value guarantees provided by the Company are recognized as revenue when
control of the vehicle transfers to the customer, except in situations where the Company issues a put option for
which there is a significant economic incentive to exercise, as discussed below. Upon recognition of the vehicle
revenue, the Company establishes a liability equal to the estimated amount of any residual value guarantee.
For the vehicle sales where the contract includes a put option whereby the customer may require the Company
to repurchase the vehicles, the Company assesses whether a significant economic incentive exists for the
customer to exercise its put option:
\u2022 If it is concluded that a significant economic incentive does not exist for the customer to exercise its put option,
then revenue is recognized when control of the vehicle transferred to the customer and a liability is recognized
equal to the estimated amount of the residual value guarantee if any; and
\u2022 If it is concluded that a significant economic incentive exists, the contract is accounted for as an operating
lease similarly to a repurchase obligation, as described in Lease installments from assets sold with buy-back
commitments and from operating leases.
Other services provided
Other revenues from services provided are primarily comprised of maintenance plans, extended warranties, and
connectivity services, and are recognized over the contract period in proportion to the costs expected to be
incurred based on the Company\u2019s historical experience. These services are either included in the selling price of
the vehicle or separately priced. Revenue for services is allocated based on the estimated stand-alone selling
price. Costs associated with these services are deferred and are subsequently amortized to expense consistent
with how the related revenue is recognized. The Company had \u20ac258 million of deferred costs related to these
services at December 31, 2025 (\u20ac320 million at December 31, 2024) and recognized \u20ac121 million of amortization
expense during the year ended December\u00a031, 2025 (\u20ac106 million and \u20ac98 million during the year ended
December\u00a031, 2024 and 2023, respectively).
Contract revenues
Revenue from construction contracts, which is comprised of industrial automation systems, included within
\u201cOther activities\u201d, is recognized as revenue over the contract period in proportion to the costs expected to be
incurred based on the Company\u2019s historical experience. A loss is recognized if the sum of the expected costs
for services under the contract exceeds the transaction price. Until December 2024, Stellantis operated in the
production systems sector under the Comau brand.
Lease installments from assets sold with buy-back commitments and from operating leases
Vehicle sales to customers can include a repurchase obligation, whereby the Company is required to
repurchase the vehicles at a given point in time. The Company accounts for such sales as an operating lease.
Upon the transfer of vehicles to the customer, the Company records a liability equal to the proceeds received
within Other liabilities in the Consolidated Statement of Financial Position. The difference between the proceeds
received and the guaranteed repurchase amount is recognized as revenue over the contractual term on a
straight-line basis. The cost of the vehicle is recorded within Assets sold with a buy-back commitment if the
contract term is 12 months or less, and recorded in Property, plant and equipment if the contract term is greater
than 12 months. The difference between the cost of the vehicle and the estimated net residual value is
recognized within Cost of revenues in the Consolidated Income Statement over the contractual term.
The Company (primarily in North America through SFS U.S.) also offers vehicles under operating leases as a
lessor to customers. The vehicles leased to customers under operating leases are recorded within Property,
plant and equipment.\u00a0
Third party estimates are utilized in conjunction with proprietary modelling to develop expected residual values
for the vehicles accounted for as an operating lease. Changes in estimated residual value result in increases or
decreases in depreciation expenses over the remaining term of the lease. Expected residual values are
analyzed quarterly and depreciation rates are adjusted accordingly. Factors that influence the expected residual
value are not limited to but include macro-economic factors such as fuel prices, industry supply and demand,
manufacturer\u2019s incentive programs, model changes or redesigns, regulatory developments, and recent
wholesale market performance. The Company records gains and losses upon the disposal of a leased vehicle
by comparing the net proceeds at disposition to the carrying value of the lease at disposal.
As the Company expects the proportion of assets sold with a buy-back commitment to increasingly comprise of
LEVs, estimating the residual values has become more complex. Residual values for LEVs are subject to greater
uncertainty than for ICE vehicles, due to limited historical resale data and rapid technological developments,
particularly in battery chemistry and driving range. These additional uncertainties are reflected in the Company\u2019s
residual value assumptions for LEVs which generally result in higher depreciation rates compared with ICE
vehicles.
Interest income of financial services activities
Interest income, which is primarily generated from the Company by providing dealer and retail financing, is
recognized using the effective interest method.
Cost of revenues
Cost of revenues comprises expenses incurred in the manufacturing and distribution of vehicles and parts.
Historically the most significant element is the cost of materials and components and the remaining costs
included labor (consisting of direct and indirect wages), transportation costs, depreciation of property, plant and
equipment and amortization of other intangible assets relating to production. In 2025, a strategic reassessment
and business reset led by the new management team resulted in the Company recognizing significant charges
during the year ended December 31, 2025. These charges primarily relate to impairments of vehicle platforms,
product plan realignments and associated costs, costs related to resizing of the EV supply chain, and the
discontinuation of the hydrogen fuel cell development program. Refer to Note 2,\u00a0Basis of preparation - Strategic
plan undergoing reassessment. In addition, expenses which are directly attributable to the consolidated
financial services companies, including interest expense related to their financing as a whole and provisions for
risks and write-downs of assets, are recorded within Cost of revenues (\u20ac2,060 million, \u20ac997 million and \u20ac563
million for the years ended December 31, 2025, 2024 and 2023, respectively). Cost of revenues also included
\u20ac358 million, \u20ac179 million and \u20ac82 million related to the decrease in value for assets sold with buy-back
commitments for the years ended December 31, 2025, 2024 and 2023, respectively. In addition, estimated costs
related to product warranty and recall campaigns are recorded within Cost of revenues (refer to the section
Critical judgments and use of estimates below for further information).
Government Grants
Government grants are recognized in the Consolidated Financial Statements when there is reasonable
assurance of the Company's compliance with the conditions for receiving such grants and that the grants will be
received. Government grants are recognized over the same periods as the related costs which they are
intended to offset.
Government grants related to assets are recognized as a reduction in the cost of the corresponding assets.
Government grants related to income are generally recognized as a reduction of the expense they are intended
to offset.
A below-market rate of interest loan provided by a government or governmental authority is treated as a
government grant. The government grant is measured as the difference between the initial carrying amount of
the loans (their fair values, including transaction costs) and the proceeds received.
Government grants of \u20ac2,634 million, \u20ac1,716 million, and \u20ac1,665 million were recognized in in 2025, 2024, and
2023, respectively in the Consolidated Income Statement and \u20ac220 million and \u20ac219 million were deducted from
the carrying amount of the related assets in the Consolidated Statement of Financial Position in 2025 and 2024,
respectively. These are mainly related to tax credits for incentivizing investments in specific regions, supporting
research and development activities and fostering job creation. In Brazil, certain tax benefits and government
grants that have historically favorably impacted our results are scheduled to expire at the end of 2032.
Amounts reported in the Consolidated Income Statement are presented within the respective line item that best
reflects the nature of the tax benefit or government grant and are primarily included in Net revenues and
Research and development costs, while Consolidated Statement of Financial Position amounts are reflected as
deductions from the cost of the respective assets and recognized in Property, Plant and Equipment and
Intangible assets.
Taxes
Income taxes include all taxes which are based on the taxable profits of the Company. Current and deferred
taxes are recognized as a benefit or expense and are included in the Consolidated Income Statement for the
period, except for tax arising from (i)\u00a0a transaction or event which is recognized, in the same or a different
period, either in Other comprehensive income/(loss) or directly in Equity, or (ii)\u00a0a business combination.
Deferred taxes are accounted for under the full liability method. Deferred tax liabilities are recognized for all
taxable temporary differences between the carrying amounts of assets or liabilities and their tax base, except to
the extent that the deferred tax liabilities arise from the initial recognition of goodwill or the initial recognition of an
asset or liability in a transaction which is not a business combination and at the time of the transaction, affects
neither accounting profit nor taxable profit. Deferred tax assets are recognized for all deductible temporary
differences to the extent that it was probable that taxable profit will be available against which the deductible
temporary differences can be utilized, unless the deferred tax assets arise from the initial recognition of an asset
or liability in a transaction that is not a business combination and at the time of the transaction, affected neither
accounting profit nor taxable profit.
Deferred tax assets and liabilities are measured at the substantively enacted tax rates in the respective
jurisdictions in which the Company operates that are expected to apply to the period when the asset is realized
or liability is settled.
The Company recognizes deferred tax liabilities associated with the existence of a subsidiary\u2019s undistributed
profits when it is probable that this temporary difference will reverse in the foreseeable future, except when it is
able to control the timing of the reversal of the temporary difference. The Company recognizes deferred tax
assets associated with the deductible temporary differences on investments in subsidiaries only to the extent
that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be
available against which the temporary difference can be utilized.
Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising
from deductible temporary differences, are recognized to the extent that it is probable that future profits will be
available against which they can be utilized. The Company monitors unrecognized deferred tax assets at each
reporting date and recognizes a previously unrecognized deferred tax asset to the extent that it has become
probable that future taxable profit will allow the deferred tax asset to be recovered. Refer to the section Critical
judgments and use of estimates - Recoverability of deferred tax assets for additional information.
Current income taxes and deferred taxes are offset when they relate to the same taxation jurisdiction and there is
a legally enforceable right of offset. Other taxes not based on income, such as property taxes and capital taxes,
are included within Cost of revenue, Selling, general and other costs and Research and development costs.
Refer to Note 7, Tax expense/(benefit), for additional information on tax expense and deferred tax assets.
Fair Value Measurement
Fair value for measurement and disclosure purposes is determined as the consideration that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date, regardless of whether that price is directly observable or estimated using a valuation
technique. Fair value measurement is based on the presumption that the transaction to sell the asset or transfer
the liability takes place either:
\u2022 in the principal market for the asset or liability; or
\u2022 in the absence of a principal market, in the most advantageous market for the asset or liability.
The fair value of an asset or a liability is measured using the assumptions that market participants would use
when pricing the asset or liability, assuming that market participants act in their own economic best interest. A
fair value measurement of a non-financial asset takes into account a market participant's ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant that
would use the asset in its highest and best use. In estimating fair value, the Company use market-observable
data to the extent it is available. When market-observable data is not available, the Company use valuation
techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs.
IFRS 13 - Fair Value Measurement establishes a hierarchy which prioritizes the inputs used in measuring fair
value. The hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets
and liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (level 3 inputs). In some cases, the
inputs used to measure the fair value of an asset or a liability might be categorized within different levels of the
fair value hierarchy. In those cases, the fair value measurement is categorized in its entirety in the same level of
the fair value hierarchy at the lowest level input that is significant to the entire measurement.
Levels used in the hierarchy are as follows:
\u2022 Level 1 inputs include quoted prices (unadjusted) in active markets for identical assets and liabilities that the
Company can access at the measurement date. Level 1 primarily consists of financial instruments such as
certain held to collect and sell and held to sell securities;
\u2022 Level 2 inputs include those which are directly or indirectly observable as of the measurement date. Level 2
instruments include commercial paper and non-exchange-traded derivatives such as over-the-counter
currency and commodity forwards, swaps and option contracts, which are valued using models or other
valuation methodologies. These models are primarily industry-standard models that consider various
assumptions, including quoted forward prices for similar instruments in active markets, quoted prices for
identical or similar inputs not in active markets, and observable inputs; and
\u2022 Level 3 inputs are unobservable from objective sources in the market and reflect management judgment about
the assumptions market participants would use in pricing the instruments. Instruments in this category include
non-exchange-traded derivatives such as certain over-the-counter commodity option and swap contracts that
are complex or with non-standard clauses.
Refer to Note 25, Fair value measurement, for additional information on fair value measurements.
Critical judgments and use of estimates
Employee Benefits
The Company provides post-employment benefits for certain of its active employees and retirees, which vary
according to the legal, fiscal and economic conditions of each country in which the Company operates and may
change periodically. The plans are classified by the Company on the basis of the type of benefit provided as
follows: pension benefits, health care and life insurance plans and other post-employment benefits.
The Company provides certain post-employment benefits, such as pension or health care benefits, to their
employees under defined contribution plans whereby the Company pays contributions to public or private plans
on a legally mandatory, contractual, or voluntary basis. The Company recognizes the cost for defined
contribution plans as incurred and classifies this by function within Cost of revenues, Selling, general and other
costs, and Research and development costs in the Consolidated Income Statement.
Pension plans
The Company sponsors defined benefit pension plans primarily in the U.S., Canada, the UK and Germany, the
majority of which were funded. In the U.S. and Canada, pension plans cover certain hourly and salaried
employees which provide benefits based on a fixed rate for each year of service. Additionally in the U.S. and
Canada, benefits are provided to certain salaried employees which provide benefits based on a fixed rate base
and final average salary.\u202fPlans in the UK provide benefits based on final pensionable salary. The main plan in
Germany provides benefits based on contributions multiplied with predefined age factor.
The Company\u2019s defined benefit pension plans are accounted for on an actuarial basis, which requires the use of
estimates and assumptions to determine the net liability or net asset. The Company estimates the present value
of the projected future payments to all participants by taking into consideration parameters of a financial nature
such as discount rates, the rate of salary increases and the likelihood of potential future events estimated by
using demographic assumptions, which may have an effect on the amount and timing of future payments, such
as mortality, dismissal and retirement rates, which are developed to reflect actual and projected plan
experience. Mortality rates are developed using Stellantis plan-specific populations where appropriate as well as
recent mortality information published by recognized experts in this field such as the U.S. Society of Actuaries
and the Canadian Institute of Actuaries and other data where appropriate to reflect actual and projected plan
experience. Comparable country specific sources and methods are used for all other countries. The expected
amount and timing of contributions are based on an assessment of minimum funding requirements. From time to
time, contributions are made beyond those that are legally required.
When the net pension obligation is a potential asset, the recognized amount is limited to the present value of any
economic benefits available in the form of future refunds or reductions in future contributions to the plan (asset
ceiling). The economic benefit available to us from a reduction in future contributions is equal to the difference
between the present value of the employer current service cost, including expenses and the present value of the
projected employer minimum funding current service requirements.
Plan obligations and costs are based on existing retirement plan provisions. Assumptions regarding any
potential future changes to benefit provisions beyond those to which the Company is presently committed are
not made. Significant differences in actual experience or significant changes in the following key assumption
may affect the pension obligations and pension expense:
\u2022 Discount rates. The Company\u2019s discount rates are based on yields of high-quality (AA-rated) fixed income
investments for which the timing, currency and amounts of maturities match the timing and amounts of the
projected benefit payments.
The effects of actual results differing from assumptions and of amended assumptions are included in Other
comprehensive income/(loss). The weighted average discount rates used to determine the defined benefit
obligation for the defined benefit plans were 5.21 percent and 5.25 percent at December\u00a031, 2025 and 2024,
respectively.
At December\u00a031, 2025, the effect on the defined benefit obligation of a decrease or increase in the discount
rate, holding all other assumptions constant, is as follows:
(\u20ac million)
Effect on pension
benefit obligation
increase/(decrease)
in Net liability
Germany and
France
UK
U.S. and
Canada
Other
25 basis point decrease in discount rate
511
90
42
373
6
25 basis point increase in discount rate
(489)
(85)
(40)
(358)
(6)
Refer to Note 20, Employee benefits liabilities, for additional information on the Company\u2019s pension plans.
Other post-employment benefits
The Company provides health care, legal, severance, indemnity life insurance benefits and other post-retirement
benefits to certain hourly and salaried employees. Upon retirement, these employees may become eligible for a
continuation of certain benefits. Benefits and eligibility rules may be modified periodically.
These other post-employment benefits (\u201cOPEB\u201d) are accounted for on an actuarial basis, which requires the
selection of various assumptions. The estimation of the Company\u2019s obligations, costs and liabilities associated
with OPEB requires the use of estimates of the present value of the projected future payments to all participants,
taking into consideration the likelihood of potential future events estimated by using demographic assumptions,
which may have an effect on the amount and timing of future payments, such as mortality, dismissal and
retirement rates, which are developed to reflect actual and projected plan experience, as well as legal
requirements for retirement in respective countries. Mortality rates are developed using plan-specific
populations, recent mortality information published by recognized experts in this field and other data where
appropriate to reflect actual and projected plan experience.
Plan obligations and costs are based on existing plan provisions. Assumptions regarding any potential future
changes to benefit provisions beyond those to which the Company are presently committed are not made.
Significant differences in actual experience or significant changes in the following key assumptions may affect
the OPEB obligation and expense:
\u2022 Discount rates. Stellantis\u2019 discount rates are based on yields of high-quality (AA-rated) fixed income
investments for which the timing, currency and amounts of maturities matched the timing and amounts of the
projected benefit payments.
\u2022 Health care cost trends. The Company\u2019s health care cost trend assumptions are developed based on
historical cost data, the near-term outlook and an assessment of likely long-term trends.
At December\u00a031, 2025, the effect of a decrease or increase in the key assumptions affecting the health care and
life insurance plans, holding all other assumptions constant, is shown below:
(\u20ac million)
Effect\u00a0on\u00a0health care, life insurance
and OPEB obligation
25 basis point decrease in discount rate
59
25 basis point increase in discount rate
(57)
100 basis point decrease in health care cost trend rate
(13)
100 basis point increase in health care cost trend rate
15
Refer to Note 20, Employee benefits liabilities, for additional information on the Company\u2019s OPEB liabilities.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets
held for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures
primarily related to the North America and Enlarged Europe segments. The recoverability of non-current assets
with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the CGUs to
which the assets relate. The lowest level of asset groups that generate largely independent cash flows is the
vehicle platform level, which is considered the CGU for impairment testing.\u00a0
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan
based on the latest interpretation of the changing geo-political and economic circumstances and is developed
using the Company\u2019s climate-related assumptions and targets. Refer to the section \u201cClimate change\u201d for
additional information. As relevant circumstances change, the Company expects to adjust its product plans
which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and propulsion
systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms
and propulsion systems, or both. Any change in recoverability would be accounted for at the time such change
to the business plan occurs. For the years ended December 31, 2025, 2024 and 2023, the impairment tests
performed compared the carrying amount of the assets included in the respective CGUs to their value-in-use.
The value-in-use of the CGUs is determined using a discounted cash flow methodology based on estimated pre-
tax future cash flows attributable to the CGUs and a pre-tax discount rate, which ranges from 9.5 percent to 19.0
percent, reflecting a current market assessment of the time value of money and the risks specific to the CGUs.\u202f
As a result, impairment charges, totaling \u20ac6,005\u00a0million were recognized on platforms used for North America,
Enlarged Europe and Maserati primarily due to significantly reduced volume and profitability resulting from the
strategic plan update, in addition to the \u20ac578\u00a0million impairment recognized on platforms used for Maserati and
Alfa Romeo vehicles as a result of the impairment test performed during the first half of 2025. Refer to Note
2,\u00a0Basis of preparation - Strategic plan undergoing reassessment.
In addition to the impairments discussed above, during the year ended December 31, 2025, Stellantis
recognized impairments of \u20ac3,498\u00a0million. These impairments were driven primarily by \u20ac609\u00a0million of purchased
credits which are no longer expected to be utilized due to the elimination of corporate average fuel economy
(\u201cCAFE\u201d) penalty rate (refer to Note 10, Other intangible assets for additional information), \u20ac341\u00a0million of the
discontinuation of Stellantis\u2019 hydrogen fuel cell technology development program due to limited availability of
hydrogen refueling infrastructure, high capital requirements, and the need for stronger consumer purchasing
incentives, and \u20ac2,548\u00a0million driven primarily by cancellation of select product initiatives due to changes to our
strategic and product plans, mainly in North America and Enlarged Europe. Refer to Note 2,\u00a0Basis of preparation
- Strategic plan undergoing reassessment for additional information.
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related
to impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected
vehicle margins and the cancellation of certain projects prior to launch.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain
platform assets in Enlarged Europe.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are
not amortized but are tested for impairment annually or more frequently if facts or circumstances indicate that
the asset may be impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within
the operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is
monitored for internal management purposes. The impairment test is performed by comparing the carrying
amount (which mainly comprises property, plant and equipment, goodwill, brands, capitalized development
expenditures, working capital and reserves) and the recoverable amount of each CGU or group of CGUs to
which Goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of
disposal and its value-in-use. The balance of Goodwill and intangible assets with indefinite useful lives
recognized by the Company primarily relate to the merger with FCA. Goodwill from the merger with FCA is
allocated to the North America, South America, India and Asia Pacific and Enlarged Europe operating segments.
All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives. Refer to the section \u201cClimate Change\u201d for additional information.
The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u2022 The expected future cash flows cover the period from October 1, 2025 through December 31, 2028. These
expected cash flows reflect the current expectations regarding economic conditions and market trends as well
as the Company\u2019s initiatives for the period covered by the projections. These cash flows relate to the
respective CGUs in their current condition when preparing the financial statements and exclude the estimated
cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used
for estimating the future cash flow are based on assumptions that are considered reasonable and sustainable
and represent the best estimate of expected conditions regarding market trends and segment, brand and
model share for the respective operating segment over the period considered;
\u2022 The expected future cash flows include a normalized terminal period to estimate the future result beyond the
time period explicitly considered which incorporated a long-term growth rate assumption of 1.9 percent to 2.2
percent. The growth rate per region is determined by reference to the risk free rate and the rate of inflation
considered in the regional discount rate. The long-term AOI margins are set considering the Company\u2019s long-
term projections for each of the CGUs;
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not
reflected in the estimated future cash flows; and
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment
of the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from 9.5
percent to 19 percent.\u00a0
The values estimated as described above are determined to be in excess of the carrying amount for each
operating segment or other CGUs to which Goodwill is allocated, except for the Free2Move business, which is
allocated to the Other Activities, where the carrying amount was determined to be in excess of the recoverable
amount as a result of decreases in projected cash flows. As such, an impairment loss of \u20ac164 million was
recognized, comprising of \u20ac94\u00a0million related to Goodwill, \u20ac70 million related to Property, plant and equipment
and Intangible assets. No other impairments of goodwill and intangible assets with indefinite useful lives were
recognized for the year ended December 31, 2025. However, the projected future cash flows of India & Asia
Pacific, Maserati and Financial Services CGUs are sensitive to certain assumptions, primarily the projected
margins for the terminal period and the discount rate, such that a reduction of less than 1 percentage point in
the long-term profit margin applied for the terminal period or an increase of less than 1 percentage point in the
discount rate would reduce the value-in-use to its carrying value. The terminal period assumptions consider
profit margins ranging from 3 percent to 10 percent. The discount rate used has been determined consistently
with the methodology disclosed, reflecting current market conditions and the specific risks associated with the
operating segment. The assumptions used are considered reasonable and represent the best estimate of
expected conditions in the operating segment.
During the year ended December 31, 2024, the carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of
\u20ac514\u00a0million was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives
were recognized for the year ended December 31, 2024.
No impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the
years ended December 31, 2023.
Provisions recognized resulting from the product plan realignment and program cancellations
The Company enters into supply arrangements to support its product development, manufacturing and
assembly activities. As described in the \u201cStrategic plan undergoing reassessment\u201d the reassessment of the
Company\u2019s strategy in 2025 resulted in the cancellation of certain planned programs and a significant
adjustment to forecasted EV volumes. These cancellations and volume adjustments could give rise to disputes
with suppliers.
Provisions are recognized when the Company has a present obligation, an outflow of economic resources is
probable and a reliable estimate can be made. Determining the amount of these provisions requires judgment,
particularly in evaluating the range of potential settlement outcomes. These estimates involve inherent
uncertainty and actual outcomes may differ from the amounts recorded. Provisions are reassessed at each
reporting date as new information becomes available.
Valuation of interests in joint ventures and associates
The Company has investments that are accounted for under the equity method. Significant judgment may be
required in assessing the recoverability of these equity method investments when there is an indicator of
impairment. Management assesses the recoverable amounts of equity method investments, and the
recoverability of any associated loans, in accordance with IAS 36, IAS 28 and IFRS 5, as appropriate, taking into
account revised cash\u2011flow forecasts, changes in strategic direction, and the viability of each venture\u2019s business
plan.
During the twelve months ended December 31, 2025, the Company assessed the classification and
recoverability of the equity method investments in the ACC, NextStar and Symbio joint ventures. This included
judgment in determining that the investments in NextStar and Symbio met the criteria to be classified as held for
sale. These judgments involve inherent uncertainty, and actual outcomes may differ from estimates; carrying
amounts are reassessed at each reporting date as new information becomes available.
Recoverability of deferred tax assets
Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profit will be available
to allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets
is dependent on the Company\u2019s ability to generate sufficient future taxable income in the period in which it is
assumed that the deductible temporary differences reverse and tax losses carried forward can be utilized. In
making this assessment, the Company considers future taxable income arising based on the MTP (refer to the
section \u201cClimate change\u201d for additional information). Moreover, the Company estimates the impact of the
reversal of taxable temporary differences on earnings and it also considers the period over which these deferred
tax assets could be recovered. The estimates and assumptions used in the assessment are subject to
uncertainty especially related to the Company\u2019s future performance as compared to the business plan.
Therefore, changes in current estimates due to unanticipated events could have a significant impact on the
Consolidated Financial Statements. Refer to Note 7, Tax expense/(benefit) for additional information.
Sales incentives
The Company records the estimated cost of sales incentive programs offered to dealers and consumers as a
reduction to revenue at the time of sale to the dealer. This estimated cost represents the incentive programs
offered to dealers and consumers, as well as the expected modifications to these programs in order to facilitate
sales of the dealer inventory. Subsequent adjustments to sales incentive programs related to vehicles previously
sold to dealers are recognized as an adjustment to Net revenues in the period the adjustment is determinable.
The Company uses price discounts to adjust vehicle pricing in response to a number of market and product
factors, including pricing actions and incentives offered by competitors, economic conditions, the amount of
excess industry production capacity, the intensity of market competition, consumer demand for the product and
the desire to support promotional campaigns. The Company may offer a variety of sales incentive programs at
any given point in time, including cash offers to dealers and consumers and subvention programs offered to
customers, or lease subsidies, which reduce the retail customer\u2019s monthly lease payment or cash due at the
inception of the financing arrangement, or both. Sales incentive programs are generally brand, model and
region specific for a defined period of time.
The key estimate that is developed by the Company is the expected incentive cost needed to facilitate the sales
of the inventory by the dealers. This key estimate uses multiple inputs, such as the current incentive programs in
the market, planned promotional programs and the normal incentive escalation incurred as the model year ages.
The estimated incentive rates are reviewed monthly and changes to planned rates are adjusted accordingly,
thereby impacting Net revenues. As there are a multitude of inputs affecting the calculation of the estimate for
sales incentives, an increase or decrease of any of these variables could have a significant effect on Net
revenues.
Product warranties, recall campaigns and product liabilities
The Company establishes reserves for product warranties at the time the related sale is recognized. The
Company issues various types of product warranties under which the performance of products delivered is
generally guaranteed for a certain period or term. The accrual for product warranties includes the expected
costs of warranty obligations imposed by law or contract, as well as the expected costs for policy coverage,
recall actions and buyback commitments. The estimated future costs of these actions are principally based on
assumptions regarding the lifetime warranty costs of each vehicle line and each model year of that vehicle line,
as well as historical claims experience for the Company\u2019s vehicles. In addition, the number and magnitude of
additional service actions expected to be approved and policies related to additional service actions are taken
into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes in the
assumptions used could materially affect the results of operations.
The Company periodically initiates voluntary service and recall actions to address various customer satisfaction
as well as safety and emissions issues related to vehicles sold. Included in the reserve is the estimated cost of
these service and recall actions. The Company accrues estimated costs for recalls when they are probable of
occurring and a reliable estimate of the costs can be made.
Estimates of the future costs of these actions are subject to numerous uncertainties, including the enactment of
new laws and regulations, the number of vehicles affected by a service or recall action and the nature of the
corrective action. It is reasonably possible that the ultimate cost of these service and recall actions may require
the Company to make expenditures in excess of (or less than) established reserves over an extended period of
time and in a range of amounts that cannot be reasonably estimated. The estimate of warranty and additional
service and recall action obligations is periodically reviewed during the year. Experience has shown that initial
data for any given model year can be volatile; therefore, the Company\u2019s process relies upon long-term historical
averages until sufficient data is available. As actual experience becomes available, it is used to modify the
historical averages to ensure that the forecast is within the range of likely outcomes. Resulting accruals are then
compared with current spending rates to ensure that the balances are adequate to meet expected future
obligations.
In addition, the Company makes provisions for estimated product liability costs arising from property damage
and personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the
result of product defects. By nature, these costs can be infrequent, difficult to predict and have the potential to
vary significantly in amount. The valuation of the reserve is actuarially determined on an annual basis based on,
among other factors, the number of vehicles sold and product liability claims incurred. Costs associated with
these provisions are recorded in the Consolidated Income Statement and any subsequent adjustments are
recorded in the period in which the adjustment is determined.
During the year ended December 31, 2025, the Company updated its estimation approach for contractual
warranties. This change in accounting estimate resulted in additional provisions of \u20ac5.4\u00a0billion, recognized within
Cost of revenues and as further described in Note 21, Provisions.
Litigation
Various legal proceedings, claims and governmental investigations are pending against the Company on a wide
range of topics, including vehicle safety, emissions and fuel economy, competition, tax and securities matters,
alleged violations of law, labor, dealer, supplier and other contractual relationships, intellectual property rights,
product warranties and environmental matters. Some of these proceedings allege defects in specific component
parts or systems (including airbags, seats, seat belts, brakes, ball joints, batteries, transmissions, engines and
fuel systems), in various vehicle models or allege general design defects relating to vehicle handling and
stability, sudden unintended movement or crashworthiness. These proceedings seek recovery for damage to
property, personal injuries or wrongful death and in some cases include a claim for exemplary or punitive
damages. Adverse decisions in one or more of these proceedings could require the Company to pay substantial
damages, or undertake service actions, recall campaigns or other costly actions.
Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with
assurance. Moreover, the cases and claims against the Company are often derived from complex legal issues
that are subject to differing degrees of uncertainty, including the facts and circumstances of each particular
case, the manner in which the applicable law is likely to be interpreted and applied and the jurisdiction and the
different laws involved. A provision is established in connection with pending or threatened litigation if it is
probable there would be an outflow of funds and when the amount can be reasonably estimated. If an outflow of
funds becomes probable, but the amount cannot be estimated, the matter is disclosed in the notes to the
Consolidated Financial Statements. In addition to recognized provisions, the Company is exposed to contingent
liabilities for which the likelihood of an outflow is more than remote but less than probable. These matters do not
meet the criteria for recognition under IFRS, but are disclosed in the notes to the Consolidated Financial
Statements. Since these provisions represent estimates, the resolution of some of these matters could require
the Company to make payments in excess of the amounts accrued or may require the Company to make
payments in an amount or range of amounts that could not be reasonably estimated.
The Company monitors the status of pending legal proceedings and consults with specialists on legal and tax
matters on a regular basis. As such, the provisions for the Company\u2019s legal proceedings and litigation may vary
as a result of future developments in pending matters.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-612": { "value": "
Basis of consolidation
Subsidiaries
Subsidiaries are entities over which the Company has control. Control is achieved when the Company (i) has
power over the investee; (ii) is exposed to, or has rights to, variable returns from its involvement with the investee
and (iii) has the ability to use its power over the investee to affect the amount of the investor\u2019s returns.
Subsidiaries are consolidated on a line-by-line basis from the date which control is achieved by the Company.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there
are changes to one or more of the three elements of control listed above.
The Company recognizes a non-controlling interest in the acquiree on a transaction-by-transaction basis, either
at fair value or at the non-controlling interest\u2019s share of the recognized amounts of the acquiree\u2019s identifiable net
assets. Net profit or loss and each component of Other comprehensive income/(loss) are attributed to Equity
attributable to owners of the parent and to Non-controlling interests. Total comprehensive income/(loss) of
subsidiaries is attributed to Equity attributable to the owners of the parent and to the non-controlling interest
even if this results in a deficit balance in Non-controlling interests.
Changes in the Company\u2019s ownership interests in a subsidiary that do not result in the Company losing control
over the subsidiary are accounted for as equity transactions. The carrying amounts of Equity attributable to
owners of the parent and Non-controlling interests are adjusted to reflect the changes in their relative interests in
the subsidiary. Any difference between the carrying amount of the non-controlling interests and the fair value of
the consideration paid or received in the transaction is recognized directly in Equity attributable to the owners of
the parent.
Subsidiaries are deconsolidated from the date on which control ceases. When the Company ceases to have
control over a subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at
their carrying amounts, derecognizes the carrying amount of non-controlling interests in the former subsidiary, if
any, and recognizes the fair value of any consideration received from the transaction. Any gain or loss is
recognized in the Consolidated Income Statement. Any retained interest in the former subsidiary is then
remeasured to its fair value.
All intra-group balances and transactions, and any unrealized gains and losses arising from intra-group
transactions, are eliminated in preparing the Consolidated Financial Statements.
Interests in Joint Ventures and Associates
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights
to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an
arrangement, which exists only when decisions about the relevant activities require the unanimous consent of
the parties sharing the control.
An associate is an entity over which the Company has significant influence. Significant influence is where the
Company has the power to participate in the financial and operating policy decisions of the investee but does
not have control or joint control over those policies.
Joint ventures and associates are accounted for using the equity method of accounting from the date joint
control or significant influence is obtained. On acquisition, any excess of the investment over the share of the net
fair value of the investee's identifiable assets and liabilities is recognized as goodwill and is included in the
carrying amount of the investment. Any excess of the Company\u2019s share of the net fair value of the investee\u2019s
identifiable assets and liabilities over the cost of the investment is included as income in the determination of the
Company\u2019s share of the investee\u2019s profit/(loss) in the acquisition period.
Under the equity method, investments are initially recognized at cost and adjusted thereafter to recognize the
Company\u2019s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Company\u2019s
share of the investee\u2019s profit/(loss) is recognized in the Consolidated Income Statement. Distributions received
from an investee reduce the carrying amount of the investment. Post-acquisition movements in Other
comprehensive income/(loss) are recognized in Other comprehensive income/(loss) with a corresponding
adjustment to the carrying amount of the investment.
Unrealized gains arising on transactions between the Company and its joint ventures and associates are
eliminated to the extent of the Company\u2019s interest in the joint venture or associate. Unrealized losses are also
eliminated unless the transaction provided evidence of an impairment of the asset transferred.
When the Company\u2019s share of the losses of a joint venture or associate exceeds its interest in that joint venture
or associate, the Company discontinues recognizing its share of further losses. Additional losses are provided
for and a liability is recognized only to the extent that the Company has incurred legal or constructive obligations
or made payments on behalf of the joint venture or associate. The Company tests the carrying value of a joint
venture or associate for impairment when indicators of impairment are identified.
The Company discontinues the use of the equity method from the date the investment ceases to be an associate
or a joint venture, or when it is classified as held for sale.
Interests in Joint Operations
A joint operation is a type of joint arrangement whereby the parties that have joint control have rights to the
assets and obligations for the liabilities relating to the arrangement. Joint control is the contractually agreed
sharing of control of an arrangement, which exists only when decisions about the relevant activities require the
unanimous consent of the parties sharing control.
The Company recognizes its related interest in the joint operation including: (i)\u00a0its assets, including its share of
any assets held jointly, (ii)\u00a0its liabilities, including its share of any liabilities incurred jointly, (iii)\u00a0its revenue from
the sale of its share of the output arising from the joint operation, (iv)\u00a0its share of the revenue from the sale of the
output by the joint operation and (v)\u00a0its expenses, including its share of any expenses incurred jointly.
Assets held for sale, Assets held for distribution and Discontinued Operations
Pursuant to IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations, non-current assets and
disposal groups are classified as held for sale if their carrying amount will be recovered principally through a
sale transaction rather than through continuing use. This condition is regarded as met only when the asset or
disposal group is available for immediate sale in its present condition, subject only to terms that are usual and
customary for sales of such an asset or disposal group, and the sale is highly probable, with the sale expected
to be completed within one year from the date of classification.
Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying
amount and fair value less costs to sell and are presented separately in the Consolidated Statement of Financial
Position. Non-current assets and disposal groups are not classified as held for sale within the comparative
period presented for the Consolidated Statement of Financial Position.
A discontinued operation is a component of the Company that either has been disposed of or is classified as
held for sale and (i) represents either a separate major line of business or a geographical area of operations, (ii)
is part of a single coordinated plan to dispose of a separate major line of business or geographical area of
operations, or (iii) is a subsidiary acquired exclusively with a view to resell and the disposal will result in the loss
of control.
Classification as a discontinued operation occurs upon disposal or, if earlier, when the asset or disposal group
meets the criteria to be classified as held for sale. When the asset or disposal group is classified as a
discontinued operation, the comparative information is reclassified within the Consolidated Income Statement
and the Consolidated Statement of Cash Flows as if the asset or disposal group had been discontinued from the
start of the earliest comparative period presented. In addition, when an asset or disposal group is classified as
held for sale, depreciation and amortization cease.
For the years ended December 31, 2025, 2024 and 2023 the Company did not have any discontinued
operations.
The classification, presentation and measurement requirements of IFRS 5 - Non-current Assets Held for Sale and
Discontinued Operations outlined above also apply to an asset or disposal group that is classified as held for
distribution to owners, whereby there must be commitment to the distribution, the asset or disposal group must
be available for immediate distribution and the distribution must be highly probable.
Foreign currency
The functional currency of the Company\u2019s entities is the currency used in their respective primary economic
environments. In individual companies, transactions in foreign currencies are recorded at the exchange rate
prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are
translated at the exchange rate prevailing at the date of the Consolidated Statement of Financial Position.
Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates
different from those initially recorded, are recognized in the Consolidated Income Statement.
All assets and liabilities of foreign consolidated companies with a functional currency other than the Euro are
translated using the closing rates as at the date of the Consolidated Statement of Financial Position. Income and
expenses are translated into Euro on a monthly basis at the average exchange rate for each month. Translation
differences arising from the application of this method are classified within Other comprehensive income/(loss)
until the disposal of the subsidiary.
Average exchange rates for the period are used in preparing the Consolidated Statement of Cash Flows to
translate the cash flows of foreign subsidiaries.
The principal exchange rates used to translate other currencies into Euro were as follows:
2025
2024
2023
Average
At December 31
Average
At December 31
Average
At December 31
U.S. Dollar (USD)
1.130
1.175
1.082
1.039
1.081
1.105
Canadian Dollar (CAD)
1.578
1.609
1.482
1.495
1.460
1.464
Mexican Peso (MXN)
21.675
21.118
19.806
21.550
19.193
18.723
Pound Sterling (GBP)
0.857
0.873
0.847
0.829
0.870
0.869
Polish Zloty (PLN)
4.241
4.227
4.306
4.273
4.544
4.348
Swiss Franc (CHF)
0.937
0.931
0.953
0.941
0.972
0.926
Turkish Lira (TRY)(1)
n.a.
50.331
n.a.
36.769
n.a.
32.603
Brazilian Real (BRL)
6.309
6.469
5.828
6.435
5.401
5.350
Argentine Peso (ARS) (2)
n.a.
1707.560
n.a.
1071.106
n.a.
893.404
Chinese Renminbi (CNY)
8.116
8.226
7.786
7.583
7.657
7.851
Japanese Yen (JPY)
168.976
184.090
163.844
163.060
151.854
156.330
n.a. = not applicable
(1) From April 1, 2022, T\u00fcrkiye\u2019s economy was considered to be hyperinflationary. Transactions after January 1, 2022 for entities with the
Turkish Lira as the functional currency were translated using the spot rate at the end of the period. The price indices used are published
by the Turkish Statistical Institute
(2) From July 1, 2018, Argentina\u2019s economy was considered to be hyperinflationary. Transactions after July 1, 2018 for entities with the
Argentine Peso as the functional currency were translated using the spot rate at the end of the period. The price indices used are
published by the Insituto Nacional de Estadistica y Censos de la Republica Argentina
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-611": { "value": "
Basis of consolidation
Subsidiaries
The Company recognizes a non-controlling interest in the acquiree on a transaction-by-transaction basis, either
at fair value or at the non-controlling interest\u2019s share of the recognized amounts of the acquiree\u2019s identifiable net
assets. Net profit or loss and each component of Other comprehensive income/(loss) are attributed to Equity
attributable to owners of the parent and to Non-controlling interests. Total comprehensive income/(loss) of
subsidiaries is attributed to Equity attributable to the owners of the parent and to the non-controlling interest
even if this results in a deficit balance in Non-controlling interests.
Changes in the Company\u2019s ownership interests in a subsidiary that do not result in the Company losing control
over the subsidiary are accounted for as equity transactions. The carrying amounts of Equity attributable to
owners of the parent and Non-controlling interests are adjusted to reflect the changes in their relative interests in
the subsidiary. Any difference between the carrying amount of the non-controlling interests and the fair value of
the consideration paid or received in the transaction is recognized directly in Equity attributable to the owners of
the parent.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-613": { "value": "
Subsidiaries
Subsidiaries are entities over which the Company has control. Control is achieved when the Company (i) has
power over the investee; (ii) is exposed to, or has rights to, variable returns from its involvement with the investee
and (iii) has the ability to use its power over the investee to affect the amount of the investor\u2019s returns.
Subsidiaries are consolidated on a line-by-line basis from the date which control is achieved by the Company.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there
are changes to one or more of the three elements of control listed above.
The Company recognizes a non-controlling interest in the acquiree on a transaction-by-transaction basis, either
at fair value or at the non-controlling interest\u2019s share of the recognized amounts of the acquiree\u2019s identifiable net
assets. Net profit or loss and each component of Other comprehensive income/(loss) are attributed to Equity
attributable to owners of the parent and to Non-controlling interests. Total comprehensive income/(loss) of
subsidiaries is attributed to Equity attributable to the owners of the parent and to the non-controlling interest
even if this results in a deficit balance in Non-controlling interests.
Changes in the Company\u2019s ownership interests in a subsidiary that do not result in the Company losing control
over the subsidiary are accounted for as equity transactions. The carrying amounts of Equity attributable to
owners of the parent and Non-controlling interests are adjusted to reflect the changes in their relative interests in
the subsidiary. Any difference between the carrying amount of the non-controlling interests and the fair value of
the consideration paid or received in the transaction is recognized directly in Equity attributable to the owners of
the parent.
Subsidiaries are deconsolidated from the date on which control ceases. When the Company ceases to have
control over a subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at
their carrying amounts, derecognizes the carrying amount of non-controlling interests in the former subsidiary, if
any, and recognizes the fair value of any consideration received from the transaction. Any gain or loss is
recognized in the Consolidated Income Statement. Any retained interest in the former subsidiary is then
remeasured to its fair value.
All intra-group balances and transactions, and any unrealized gains and losses arising from intra-group
transactions, are eliminated in preparing the Consolidated Financial Statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-615": { "value": "
Interests in Joint Ventures and Associates
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights
to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an
arrangement, which exists only when decisions about the relevant activities require the unanimous consent of
the parties sharing the control.
Joint ventures and associates are accounted for using the equity method of accounting from the date joint
control or significant influence is obtained. On acquisition, any excess of the investment over the share of the net
fair value of the investee's identifiable assets and liabilities is recognized as goodwill and is included in the
carrying amount of the investment. Any excess of the Company\u2019s share of the net fair value of the investee\u2019s
identifiable assets and liabilities over the cost of the investment is included as income in the determination of the
Company\u2019s share of the investee\u2019s profit/(loss) in the acquisition period.
Under the equity method, investments are initially recognized at cost and adjusted thereafter to recognize the
Company\u2019s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Company\u2019s
share of the investee\u2019s profit/(loss) is recognized in the Consolidated Income Statement. Distributions received
from an investee reduce the carrying amount of the investment. Post-acquisition movements in Other
comprehensive income/(loss) are recognized in Other comprehensive income/(loss) with a corresponding
adjustment to the carrying amount of the investment.
Unrealized gains arising on transactions between the Company and its joint ventures and associates are
eliminated to the extent of the Company\u2019s interest in the joint venture or associate. Unrealized losses are also
eliminated unless the transaction provided evidence of an impairment of the asset transferred.
When the Company\u2019s share of the losses of a joint venture or associate exceeds its interest in that joint venture
or associate, the Company discontinues recognizing its share of further losses. Additional losses are provided
for and a liability is recognized only to the extent that the Company has incurred legal or constructive obligations
or made payments on behalf of the joint venture or associate. The Company tests the carrying value of a joint
venture or associate for impairment when indicators of impairment are identified.
The Company discontinues the use of the equity method from the date the investment ceases to be an associate
or a joint venture, or when it is classified as held for sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-614": { "value": "
Interests in Joint Ventures and Associates
An associate is an entity over which the Company has significant influence. Significant influence is where the
Company has the power to participate in the financial and operating policy decisions of the investee but does
not have control or joint control over those policies.
Joint ventures and associates are accounted for using the equity method of accounting from the date joint
control or significant influence is obtained. On acquisition, any excess of the investment over the share of the net
fair value of the investee's identifiable assets and liabilities is recognized as goodwill and is included in the
carrying amount of the investment. Any excess of the Company\u2019s share of the net fair value of the investee\u2019s
identifiable assets and liabilities over the cost of the investment is included as income in the determination of the
Company\u2019s share of the investee\u2019s profit/(loss) in the acquisition period.
Under the equity method, investments are initially recognized at cost and adjusted thereafter to recognize the
Company\u2019s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Company\u2019s
share of the investee\u2019s profit/(loss) is recognized in the Consolidated Income Statement. Distributions received
from an investee reduce the carrying amount of the investment. Post-acquisition movements in Other
comprehensive income/(loss) are recognized in Other comprehensive income/(loss) with a corresponding
adjustment to the carrying amount of the investment.
Unrealized gains arising on transactions between the Company and its joint ventures and associates are
eliminated to the extent of the Company\u2019s interest in the joint venture or associate. Unrealized losses are also
eliminated unless the transaction provided evidence of an impairment of the asset transferred.
When the Company\u2019s share of the losses of a joint venture or associate exceeds its interest in that joint venture
or associate, the Company discontinues recognizing its share of further losses. Additional losses are provided
for and a liability is recognized only to the extent that the Company has incurred legal or constructive obligations
or made payments on behalf of the joint venture or associate. The Company tests the carrying value of a joint
venture or associate for impairment when indicators of impairment are identified.
The Company discontinues the use of the equity method from the date the investment ceases to be an associate
or a joint venture, or when it is classified as held for sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-617": { "value": "
Assets held for sale, Assets held for distribution and Discontinued Operations
Pursuant to IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations, non-current assets and
disposal groups are classified as held for sale if their carrying amount will be recovered principally through a
sale transaction rather than through continuing use. This condition is regarded as met only when the asset or
disposal group is available for immediate sale in its present condition, subject only to terms that are usual and
customary for sales of such an asset or disposal group, and the sale is highly probable, with the sale expected
to be completed within one year from the date of classification.
Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying
amount and fair value less costs to sell and are presented separately in the Consolidated Statement of Financial
Position. Non-current assets and disposal groups are not classified as held for sale within the comparative
period presented for the Consolidated Statement of Financial Position.
A discontinued operation is a component of the Company that either has been disposed of or is classified as
held for sale and (i) represents either a separate major line of business or a geographical area of operations, (ii)
is part of a single coordinated plan to dispose of a separate major line of business or geographical area of
operations, or (iii) is a subsidiary acquired exclusively with a view to resell and the disposal will result in the loss
of control.
Classification as a discontinued operation occurs upon disposal or, if earlier, when the asset or disposal group
meets the criteria to be classified as held for sale. When the asset or disposal group is classified as a
discontinued operation, the comparative information is reclassified within the Consolidated Income Statement
and the Consolidated Statement of Cash Flows as if the asset or disposal group had been discontinued from the
start of the earliest comparative period presented. In addition, when an asset or disposal group is classified as
held for sale, depreciation and amortization cease.
For the years ended December 31, 2025, 2024 and 2023 the Company did not have any discontinued
operations.
The classification, presentation and measurement requirements of IFRS 5 - Non-current Assets Held for Sale and
Discontinued Operations outlined above also apply to an asset or disposal group that is classified as held for
distribution to owners, whereby there must be commitment to the distribution, the asset or disposal group must
be available for immediate distribution and the distribution must be highly probable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-616": { "value": "
Assets held for sale, Assets held for distribution and Discontinued Operations
Pursuant to IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations, non-current assets and
disposal groups are classified as held for sale if their carrying amount will be recovered principally through a
sale transaction rather than through continuing use. This condition is regarded as met only when the asset or
disposal group is available for immediate sale in its present condition, subject only to terms that are usual and
customary for sales of such an asset or disposal group, and the sale is highly probable, with the sale expected
to be completed within one year from the date of classification.
Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying
amount and fair value less costs to sell and are presented separately in the Consolidated Statement of Financial
Position. Non-current assets and disposal groups are not classified as held for sale within the comparative
period presented for the Consolidated Statement of Financial Position.
A discontinued operation is a component of the Company that either has been disposed of or is classified as
held for sale and (i) represents either a separate major line of business or a geographical area of operations, (ii)
is part of a single coordinated plan to dispose of a separate major line of business or geographical area of
operations, or (iii) is a subsidiary acquired exclusively with a view to resell and the disposal will result in the loss
of control.
Classification as a discontinued operation occurs upon disposal or, if earlier, when the asset or disposal group
meets the criteria to be classified as held for sale. When the asset or disposal group is classified as a
discontinued operation, the comparative information is reclassified within the Consolidated Income Statement
and the Consolidated Statement of Cash Flows as if the asset or disposal group had been discontinued from the
start of the earliest comparative period presented. In addition, when an asset or disposal group is classified as
held for sale, depreciation and amortization cease.
For the years ended December 31, 2025, 2024 and 2023 the Company did not have any discontinued
operations.
The classification, presentation and measurement requirements of IFRS 5 - Non-current Assets Held for Sale and
Discontinued Operations outlined above also apply to an asset or disposal group that is classified as held for
distribution to owners, whereby there must be commitment to the distribution, the asset or disposal group must
be available for immediate distribution and the distribution must be highly probable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-618": { "value": "
Assets held for sale, Assets held for distribution and Discontinued Operations
A discontinued operation is a component of the Company that either has been disposed of or is classified as
held for sale and (i) represents either a separate major line of business or a geographical area of operations, (ii)
is part of a single coordinated plan to dispose of a separate major line of business or geographical area of
operations, or (iii) is a subsidiary acquired exclusively with a view to resell and the disposal will result in the loss
of control.
Classification as a discontinued operation occurs upon disposal or, if earlier, when the asset or disposal group
meets the criteria to be classified as held for sale. When the asset or disposal group is classified as a
discontinued operation, the comparative information is reclassified within the Consolidated Income Statement
and the Consolidated Statement of Cash Flows as if the asset or disposal group had been discontinued from the
start of the earliest comparative period presented. In addition, when an asset or disposal group is classified as
held for sale, depreciation and amortization cease.
For the years ended December 31, 2025, 2024 and 2023 the Company did not have any discontinued
operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-620": { "value": "
Foreign currency
The functional currency of the Company\u2019s entities is the currency used in their respective primary economic
environments. In individual companies, transactions in foreign currencies are recorded at the exchange rate
prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are
translated at the exchange rate prevailing at the date of the Consolidated Statement of Financial Position.
Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates
different from those initially recorded, are recognized in the Consolidated Income Statement.
All assets and liabilities of foreign consolidated companies with a functional currency other than the Euro are
translated using the closing rates as at the date of the Consolidated Statement of Financial Position. Income and
expenses are translated into Euro on a monthly basis at the average exchange rate for each month. Translation
differences arising from the application of this method are classified within Other comprehensive income/(loss)
until the disposal of the subsidiary.
Average exchange rates for the period are used in preparing the Consolidated Statement of Cash Flows to
translate the cash flows of foreign subsidiaries.
The principal exchange rates used to translate other currencies into Euro were as follows:
2025
2024
2023
Average
At December 31
Average
At December 31
Average
At December 31
U.S. Dollar (USD)
1.130
1.175
1.082
1.039
1.081
1.105
Canadian Dollar (CAD)
1.578
1.609
1.482
1.495
1.460
1.464
Mexican Peso (MXN)
21.675
21.118
19.806
21.550
19.193
18.723
Pound Sterling (GBP)
0.857
0.873
0.847
0.829
0.870
0.869
Polish Zloty (PLN)
4.241
4.227
4.306
4.273
4.544
4.348
Swiss Franc (CHF)
0.937
0.931
0.953
0.941
0.972
0.926
Turkish Lira (TRY)(1)
n.a.
50.331
n.a.
36.769
n.a.
32.603
Brazilian Real (BRL)
6.309
6.469
5.828
6.435
5.401
5.350
Argentine Peso (ARS) (2)
n.a.
1707.560
n.a.
1071.106
n.a.
893.404
Chinese Renminbi (CNY)
8.116
8.226
7.786
7.583
7.657
7.851
Japanese Yen (JPY)
168.976
184.090
163.844
163.060
151.854
156.330
n.a. = not applicable
(1) From April 1, 2022, T\u00fcrkiye\u2019s economy was considered to be hyperinflationary. Transactions after January 1, 2022 for entities with the
Turkish Lira as the functional currency were translated using the spot rate at the end of the period. The price indices used are published
by the Turkish Statistical Institute
(2) From July 1, 2018, Argentina\u2019s economy was considered to be hyperinflationary. Transactions after July 1, 2018 for entities with the
Argentine Peso as the functional currency were translated using the spot rate at the end of the period. The price indices used are
published by the Insituto Nacional de Estadistica y Censos de la Republica Argentina
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-619": { "value": "
Foreign currency
The functional currency of the Company\u2019s entities is the currency used in their respective primary economic
environments. In individual companies, transactions in foreign currencies are recorded at the exchange rate
prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are
translated at the exchange rate prevailing at the date of the Consolidated Statement of Financial Position.
Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates
different from those initially recorded, are recognized in the Consolidated Income Statement.
All assets and liabilities of foreign consolidated companies with a functional currency other than the Euro are
translated using the closing rates as at the date of the Consolidated Statement of Financial Position. Income and
expenses are translated into Euro on a monthly basis at the average exchange rate for each month. Translation
differences arising from the application of this method are classified within Other comprehensive income/(loss)
until the disposal of the subsidiary.
Average exchange rates for the period are used in preparing the Consolidated Statement of Cash Flows to
translate the cash flows of foreign subsidiaries.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-621": { "value": "
Intangible assets
Goodwill
Goodwill represents the excess of the fair value of consideration paid in a business combination over the fair
value of net tangible and identifiable intangible assets acquired. Goodwill is not amortized but is tested for
impairment annually or more frequently if events or changes in circumstances indicated that it might be
impaired. After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
Intangible assets with indefinite useful lives
Intangible assets with indefinite useful lives consist principally of brands which have no legal, contractual,
competitive, economic or other factors that limit their useful lives. Intangible assets with indefinite useful lives are
not amortized but are tested for impairment annually, or more frequently if events or changes in circumstances
indicated that the asset may be impaired.
Development expenditures
Development expenditures for vehicle production and related components, engines and production systems are
recognized as an asset if all of the following conditions within IAS 38 \u2013 Intangible assets are met: (i) development
expenditures can be measured reliably, (ii) technical feasibility of the product, projected volumes and pricing
support the view that the development expenditure will generate future economic benefits and (iii) the intention
to complete the intangible asset as well as the availability of adequate technical, financial and other resources
for this purpose. Capitalized development expenditures include all costs that are directly attributed to the
development process. All other development expenditures are expensed as incurred.
Capitalized development expenditures are amortized on a straight-line basis from when the related asset is
available for use, generally from the beginning of production, over the expected life cycle of the models
(generally 5-9 years) or propulsion systems (generally 10-12 years) developed.
The useful lives of capitalized development expenditures are reviewed at least annually, or more frequently if
facts and circumstances indicate that there could be a change from the previous assessment. Changes in useful
lives are accounted for as a change in accounting estimate prospectively from the date of change. The useful
life assessment considers any updates to the Company\u2019s product development strategy (including any climate-
related changes in assumptions), reflecting the Company\u2019s most recently approved plans (including the MTP),
which would also reflect any regulatory developments (for example the phasing out of certain technologies).
Refer to the section \u201cClimate change\u201d for additional information.
Other internally developed or purchased intangible assets, excluding development expenditures
The portion of development expenditures relating to software for internal use that corresponds to directly
attributable internal or external costs necessary to create the software or improve its performance is recognized
as an intangible asset when it is probable that these costs will generate future economic benefits. Other software
acquisition and development-costs are expensed as incurred.
Other intangible assets are amortized on a straight-line basis over their estimated useful lives.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets
held for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures
primarily related to the North America and Enlarged Europe segments. The recoverability of non-current assets
with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the CGUs to
which the assets relate. The lowest level of asset groups that generate largely independent cash flows is the
vehicle platform level, which is considered the CGU for impairment testing.\u00a0
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan
based on the latest interpretation of the changing geo-political and economic circumstances and is developed
using the Company\u2019s climate-related assumptions and targets. Refer to the section \u201cClimate change\u201d for
additional information. As relevant circumstances change, the Company expects to adjust its product plans
which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and propulsion
systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms
and propulsion systems, or both. Any change in recoverability would be accounted for at the time such change
to the business plan occurs. For the years ended December 31, 2025, 2024 and 2023, the impairment tests
performed compared the carrying amount of the assets included in the respective CGUs to their value-in-use.
The value-in-use of the CGUs is determined using a discounted cash flow methodology based on estimated pre-
tax future cash flows attributable to the CGUs and a pre-tax discount rate, which ranges from 9.5 percent to 19.0
percent, reflecting a current market assessment of the time value of money and the risks specific to the CGUs.\u202f
As a result, impairment charges, totaling \u20ac6,005\u00a0million were recognized on platforms used for North America,
Enlarged Europe and Maserati primarily due to significantly reduced volume and profitability resulting from the
strategic plan update, in addition to the \u20ac578\u00a0million impairment recognized on platforms used for Maserati and
Alfa Romeo vehicles as a result of the impairment test performed during the first half of 2025. Refer to Note
2,\u00a0Basis of preparation - Strategic plan undergoing reassessment.
In addition to the impairments discussed above, during the year ended December 31, 2025, Stellantis
recognized impairments of \u20ac3,498\u00a0million. These impairments were driven primarily by \u20ac609\u00a0million of purchased
credits which are no longer expected to be utilized due to the elimination of corporate average fuel economy
(\u201cCAFE\u201d) penalty rate (refer to Note 10, Other intangible assets for additional information), \u20ac341\u00a0million of the
discontinuation of Stellantis\u2019 hydrogen fuel cell technology development program due to limited availability of
hydrogen refueling infrastructure, high capital requirements, and the need for stronger consumer purchasing
incentives, and \u20ac2,548\u00a0million driven primarily by cancellation of select product initiatives due to changes to our
strategic and product plans, mainly in North America and Enlarged Europe. Refer to Note 2,\u00a0Basis of preparation
- Strategic plan undergoing reassessment for additional information.
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related
to impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected
vehicle margins and the cancellation of certain projects prior to launch.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain
platform assets in Enlarged Europe.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are
not amortized but are tested for impairment annually or more frequently if facts or circumstances indicate that
the asset may be impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within
the operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is
monitored for internal management purposes. The impairment test is performed by comparing the carrying
amount (which mainly comprises property, plant and equipment, goodwill, brands, capitalized development
expenditures, working capital and reserves) and the recoverable amount of each CGU or group of CGUs to
which Goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of
disposal and its value-in-use. The balance of Goodwill and intangible assets with indefinite useful lives
recognized by the Company primarily relate to the merger with FCA. Goodwill from the merger with FCA is
allocated to the North America, South America, India and Asia Pacific and Enlarged Europe operating segments.
All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives. Refer to the section \u201cClimate Change\u201d for additional information.
The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u2022 The expected future cash flows cover the period from October 1, 2025 through December 31, 2028. These
expected cash flows reflect the current expectations regarding economic conditions and market trends as well
as the Company\u2019s initiatives for the period covered by the projections. These cash flows relate to the
respective CGUs in their current condition when preparing the financial statements and exclude the estimated
cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used
for estimating the future cash flow are based on assumptions that are considered reasonable and sustainable
and represent the best estimate of expected conditions regarding market trends and segment, brand and
model share for the respective operating segment over the period considered;
\u2022 The expected future cash flows include a normalized terminal period to estimate the future result beyond the
time period explicitly considered which incorporated a long-term growth rate assumption of 1.9 percent to 2.2
percent. The growth rate per region is determined by reference to the risk free rate and the rate of inflation
considered in the regional discount rate. The long-term AOI margins are set considering the Company\u2019s long-
term projections for each of the CGUs;
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not
reflected in the estimated future cash flows; and
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment
of the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from 9.5
percent to 19 percent.\u00a0
The values estimated as described above are determined to be in excess of the carrying amount for each
operating segment or other CGUs to which Goodwill is allocated, except for the Free2Move business, which is
allocated to the Other Activities, where the carrying amount was determined to be in excess of the recoverable
amount as a result of decreases in projected cash flows. As such, an impairment loss of \u20ac164 million was
recognized, comprising of \u20ac94\u00a0million related to Goodwill, \u20ac70 million related to Property, plant and equipment
and Intangible assets. No other impairments of goodwill and intangible assets with indefinite useful lives were
recognized for the year ended December 31, 2025. However, the projected future cash flows of India & Asia
Pacific, Maserati and Financial Services CGUs are sensitive to certain assumptions, primarily the projected
margins for the terminal period and the discount rate, such that a reduction of less than 1 percentage point in
the long-term profit margin applied for the terminal period or an increase of less than 1 percentage point in the
discount rate would reduce the value-in-use to its carrying value. The terminal period assumptions consider
profit margins ranging from 3 percent to 10 percent. The discount rate used has been determined consistently
with the methodology disclosed, reflecting current market conditions and the specific risks associated with the
operating segment. The assumptions used are considered reasonable and represent the best estimate of
expected conditions in the operating segment.
During the year ended December 31, 2024, the carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of
\u20ac514\u00a0million was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives
were recognized for the year ended December 31, 2024.
No impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the
years ended December 31, 2023.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-623": { "value": "
Goodwill
Goodwill represents the excess of the fair value of consideration paid in a business combination over the fair
value of net tangible and identifiable intangible assets acquired. Goodwill is not amortized but is tested for
impairment annually or more frequently if events or changes in circumstances indicated that it might be
impaired. After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are
not amortized but are tested for impairment annually or more frequently if facts or circumstances indicate that
the asset may be impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within
the operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is
monitored for internal management purposes. The impairment test is performed by comparing the carrying
amount (which mainly comprises property, plant and equipment, goodwill, brands, capitalized development
expenditures, working capital and reserves) and the recoverable amount of each CGU or group of CGUs to
which Goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of
disposal and its value-in-use. The balance of Goodwill and intangible assets with indefinite useful lives
recognized by the Company primarily relate to the merger with FCA. Goodwill from the merger with FCA is
allocated to the North America, South America, India and Asia Pacific and Enlarged Europe operating segments.
All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives. Refer to the section \u201cClimate Change\u201d for additional information.
The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u2022 The expected future cash flows cover the period from October 1, 2025 through December 31, 2028. These
expected cash flows reflect the current expectations regarding economic conditions and market trends as well
as the Company\u2019s initiatives for the period covered by the projections. These cash flows relate to the
respective CGUs in their current condition when preparing the financial statements and exclude the estimated
cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used
for estimating the future cash flow are based on assumptions that are considered reasonable and sustainable
and represent the best estimate of expected conditions regarding market trends and segment, brand and
model share for the respective operating segment over the period considered;
\u2022 The expected future cash flows include a normalized terminal period to estimate the future result beyond the
time period explicitly considered which incorporated a long-term growth rate assumption of 1.9 percent to 2.2
percent. The growth rate per region is determined by reference to the risk free rate and the rate of inflation
considered in the regional discount rate. The long-term AOI margins are set considering the Company\u2019s long-
term projections for each of the CGUs;
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not
reflected in the estimated future cash flows; and
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment
of the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from 9.5
percent to 19 percent.\u00a0
The values estimated as described above are determined to be in excess of the carrying amount for each
operating segment or other CGUs to which Goodwill is allocated, except for the Free2Move business, which is
allocated to the Other Activities, where the carrying amount was determined to be in excess of the recoverable
amount as a result of decreases in projected cash flows. As such, an impairment loss of \u20ac164 million was
recognized, comprising of \u20ac94\u00a0million related to Goodwill, \u20ac70 million related to Property, plant and equipment
and Intangible assets. No other impairments of goodwill and intangible assets with indefinite useful lives were
recognized for the year ended December 31, 2025. However, the projected future cash flows of India & Asia
Pacific, Maserati and Financial Services CGUs are sensitive to certain assumptions, primarily the projected
margins for the terminal period and the discount rate, such that a reduction of less than 1 percentage point in
the long-term profit margin applied for the terminal period or an increase of less than 1 percentage point in the
discount rate would reduce the value-in-use to its carrying value. The terminal period assumptions consider
profit margins ranging from 3 percent to 10 percent. The discount rate used has been determined consistently
with the methodology disclosed, reflecting current market conditions and the specific risks associated with the
operating segment. The assumptions used are considered reasonable and represent the best estimate of
expected conditions in the operating segment.
During the year ended December 31, 2024, the carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of
\u20ac514\u00a0million was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives
were recognized for the year ended December 31, 2024.
No impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the
years ended December 31, 2023.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-622": { "value": "
Goodwill
Goodwill represents the excess of the fair value of consideration paid in a business combination over the fair
value of net tangible and identifiable intangible assets acquired. Goodwill is not amortized but is tested for
impairment annually or more frequently if events or changes in circumstances indicated that it might be
impaired. After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are
not amortized but are tested for impairment annually or more frequently if facts or circumstances indicate that
the asset may be impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within
the operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is
monitored for internal management purposes. The impairment test is performed by comparing the carrying
amount (which mainly comprises property, plant and equipment, goodwill, brands, capitalized development
expenditures, working capital and reserves) and the recoverable amount of each CGU or group of CGUs to
which Goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of
disposal and its value-in-use. The balance of Goodwill and intangible assets with indefinite useful lives
recognized by the Company primarily relate to the merger with FCA. Goodwill from the merger with FCA is
allocated to the North America, South America, India and Asia Pacific and Enlarged Europe operating segments.
All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives. Refer to the section \u201cClimate Change\u201d for additional information.
The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u2022 The expected future cash flows cover the period from October 1, 2025 through December 31, 2028. These
expected cash flows reflect the current expectations regarding economic conditions and market trends as well
as the Company\u2019s initiatives for the period covered by the projections. These cash flows relate to the
respective CGUs in their current condition when preparing the financial statements and exclude the estimated
cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used
for estimating the future cash flow are based on assumptions that are considered reasonable and sustainable
and represent the best estimate of expected conditions regarding market trends and segment, brand and
model share for the respective operating segment over the period considered;
\u2022 The expected future cash flows include a normalized terminal period to estimate the future result beyond the
time period explicitly considered which incorporated a long-term growth rate assumption of 1.9 percent to 2.2
percent. The growth rate per region is determined by reference to the risk free rate and the rate of inflation
considered in the regional discount rate. The long-term AOI margins are set considering the Company\u2019s long-
term projections for each of the CGUs;
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not
reflected in the estimated future cash flows; and
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment
of the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from 9.5
percent to 19 percent.\u00a0
The values estimated as described above are determined to be in excess of the carrying amount for each
operating segment or other CGUs to which Goodwill is allocated, except for the Free2Move business, which is
allocated to the Other Activities, where the carrying amount was determined to be in excess of the recoverable
amount as a result of decreases in projected cash flows. As such, an impairment loss of \u20ac164 million was
recognized, comprising of \u20ac94\u00a0million related to Goodwill, \u20ac70 million related to Property, plant and equipment
and Intangible assets. No other impairments of goodwill and intangible assets with indefinite useful lives were
recognized for the year ended December 31, 2025. However, the projected future cash flows of India & Asia
Pacific, Maserati and Financial Services CGUs are sensitive to certain assumptions, primarily the projected
margins for the terminal period and the discount rate, such that a reduction of less than 1 percentage point in
the long-term profit margin applied for the terminal period or an increase of less than 1 percentage point in the
discount rate would reduce the value-in-use to its carrying value. The terminal period assumptions consider
profit margins ranging from 3 percent to 10 percent. The discount rate used has been determined consistently
with the methodology disclosed, reflecting current market conditions and the specific risks associated with the
operating segment. The assumptions used are considered reasonable and represent the best estimate of
expected conditions in the operating segment.
During the year ended December 31, 2024, the carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of
\u20ac514\u00a0million was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives
were recognized for the year ended December 31, 2024.
No impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the
years ended December 31, 2023.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-624": { "value": "
Intangible assets with indefinite useful lives
Intangible assets with indefinite useful lives consist principally of brands which have no legal, contractual,
competitive, economic or other factors that limit their useful lives. Intangible assets with indefinite useful lives are
not amortized but are tested for impairment annually, or more frequently if events or changes in circumstances
indicated that the asset may be impaired.
Development expenditures
Development expenditures for vehicle production and related components, engines and production systems are
recognized as an asset if all of the following conditions within IAS 38 \u2013 Intangible assets are met: (i) development
expenditures can be measured reliably, (ii) technical feasibility of the product, projected volumes and pricing
support the view that the development expenditure will generate future economic benefits and (iii) the intention
to complete the intangible asset as well as the availability of adequate technical, financial and other resources
for this purpose. Capitalized development expenditures include all costs that are directly attributed to the
development process. All other development expenditures are expensed as incurred.
Capitalized development expenditures are amortized on a straight-line basis from when the related asset is
available for use, generally from the beginning of production, over the expected life cycle of the models
(generally 5-9 years) or propulsion systems (generally 10-12 years) developed.
The useful lives of capitalized development expenditures are reviewed at least annually, or more frequently if
facts and circumstances indicate that there could be a change from the previous assessment. Changes in useful
lives are accounted for as a change in accounting estimate prospectively from the date of change. The useful
life assessment considers any updates to the Company\u2019s product development strategy (including any climate-
related changes in assumptions), reflecting the Company\u2019s most recently approved plans (including the MTP),
which would also reflect any regulatory developments (for example the phasing out of certain technologies).
Refer to the section \u201cClimate change\u201d for additional information.
Other internally developed or purchased intangible assets, excluding development expenditures
The portion of development expenditures relating to software for internal use that corresponds to directly
attributable internal or external costs necessary to create the software or improve its performance is recognized
as an intangible asset when it is probable that these costs will generate future economic benefits. Other software
acquisition and development-costs are expensed as incurred.
Other intangible assets are amortized on a straight-line basis over their estimated useful lives.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets
held for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures
primarily related to the North America and Enlarged Europe segments. The recoverability of non-current assets
with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the CGUs to
which the assets relate. The lowest level of asset groups that generate largely independent cash flows is the
vehicle platform level, which is considered the CGU for impairment testing.\u00a0
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan
based on the latest interpretation of the changing geo-political and economic circumstances and is developed
using the Company\u2019s climate-related assumptions and targets. Refer to the section \u201cClimate change\u201d for
additional information. As relevant circumstances change, the Company expects to adjust its product plans
which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and propulsion
systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms
and propulsion systems, or both. Any change in recoverability would be accounted for at the time such change
to the business plan occurs. For the years ended December 31, 2025, 2024 and 2023, the impairment tests
performed compared the carrying amount of the assets included in the respective CGUs to their value-in-use.
The value-in-use of the CGUs is determined using a discounted cash flow methodology based on estimated pre-
tax future cash flows attributable to the CGUs and a pre-tax discount rate, which ranges from 9.5 percent to 19.0
percent, reflecting a current market assessment of the time value of money and the risks specific to the CGUs.\u202f
As a result, impairment charges, totaling \u20ac6,005\u00a0million were recognized on platforms used for North America,
Enlarged Europe and Maserati primarily due to significantly reduced volume and profitability resulting from the
strategic plan update, in addition to the \u20ac578\u00a0million impairment recognized on platforms used for Maserati and
Alfa Romeo vehicles as a result of the impairment test performed during the first half of 2025. Refer to Note
2,\u00a0Basis of preparation - Strategic plan undergoing reassessment.
In addition to the impairments discussed above, during the year ended December 31, 2025, Stellantis
recognized impairments of \u20ac3,498\u00a0million. These impairments were driven primarily by \u20ac609\u00a0million of purchased
credits which are no longer expected to be utilized due to the elimination of corporate average fuel economy
(\u201cCAFE\u201d) penalty rate (refer to Note 10, Other intangible assets for additional information), \u20ac341\u00a0million of the
discontinuation of Stellantis\u2019 hydrogen fuel cell technology development program due to limited availability of
hydrogen refueling infrastructure, high capital requirements, and the need for stronger consumer purchasing
incentives, and \u20ac2,548\u00a0million driven primarily by cancellation of select product initiatives due to changes to our
strategic and product plans, mainly in North America and Enlarged Europe. Refer to Note 2,\u00a0Basis of preparation
- Strategic plan undergoing reassessment for additional information.
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related
to impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected
vehicle margins and the cancellation of certain projects prior to launch.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain
platform assets in Enlarged Europe.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are
not amortized but are tested for impairment annually or more frequently if facts or circumstances indicate that
the asset may be impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within
the operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is
monitored for internal management purposes. The impairment test is performed by comparing the carrying
amount (which mainly comprises property, plant and equipment, goodwill, brands, capitalized development
expenditures, working capital and reserves) and the recoverable amount of each CGU or group of CGUs to
which Goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of
disposal and its value-in-use. The balance of Goodwill and intangible assets with indefinite useful lives
recognized by the Company primarily relate to the merger with FCA. Goodwill from the merger with FCA is
allocated to the North America, South America, India and Asia Pacific and Enlarged Europe operating segments.
All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives. Refer to the section \u201cClimate Change\u201d for additional information.
The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u2022 The expected future cash flows cover the period from October 1, 2025 through December 31, 2028. These
expected cash flows reflect the current expectations regarding economic conditions and market trends as well
as the Company\u2019s initiatives for the period covered by the projections. These cash flows relate to the
respective CGUs in their current condition when preparing the financial statements and exclude the estimated
cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used
for estimating the future cash flow are based on assumptions that are considered reasonable and sustainable
and represent the best estimate of expected conditions regarding market trends and segment, brand and
model share for the respective operating segment over the period considered;
\u2022 The expected future cash flows include a normalized terminal period to estimate the future result beyond the
time period explicitly considered which incorporated a long-term growth rate assumption of 1.9 percent to 2.2
percent. The growth rate per region is determined by reference to the risk free rate and the rate of inflation
considered in the regional discount rate. The long-term AOI margins are set considering the Company\u2019s long-
term projections for each of the CGUs;
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not
reflected in the estimated future cash flows; and
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment
of the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from 9.5
percent to 19 percent.\u00a0
The values estimated as described above are determined to be in excess of the carrying amount for each
operating segment or other CGUs to which Goodwill is allocated, except for the Free2Move business, which is
allocated to the Other Activities, where the carrying amount was determined to be in excess of the recoverable
amount as a result of decreases in projected cash flows. As such, an impairment loss of \u20ac164 million was
recognized, comprising of \u20ac94\u00a0million related to Goodwill, \u20ac70 million related to Property, plant and equipment
and Intangible assets. No other impairments of goodwill and intangible assets with indefinite useful lives were
recognized for the year ended December 31, 2025. However, the projected future cash flows of India & Asia
Pacific, Maserati and Financial Services CGUs are sensitive to certain assumptions, primarily the projected
margins for the terminal period and the discount rate, such that a reduction of less than 1 percentage point in
the long-term profit margin applied for the terminal period or an increase of less than 1 percentage point in the
discount rate would reduce the value-in-use to its carrying value. The terminal period assumptions consider
profit margins ranging from 3 percent to 10 percent. The discount rate used has been determined consistently
with the methodology disclosed, reflecting current market conditions and the specific risks associated with the
operating segment. The assumptions used are considered reasonable and represent the best estimate of
expected conditions in the operating segment.
During the year ended December 31, 2024, the carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of
\u20ac514\u00a0million was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives
were recognized for the year ended December 31, 2024.
No impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the
years ended December 31, 2023.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-625": { "value": "
Development expenditures
Development expenditures for vehicle production and related components, engines and production systems are
recognized as an asset if all of the following conditions within IAS 38 \u2013 Intangible assets are met: (i) development
expenditures can be measured reliably, (ii) technical feasibility of the product, projected volumes and pricing
support the view that the development expenditure will generate future economic benefits and (iii) the intention
to complete the intangible asset as well as the availability of adequate technical, financial and other resources
for this purpose. Capitalized development expenditures include all costs that are directly attributed to the
development process. All other development expenditures are expensed as incurred.
Capitalized development expenditures are amortized on a straight-line basis from when the related asset is
available for use, generally from the beginning of production, over the expected life cycle of the models
(generally 5-9 years) or propulsion systems (generally 10-12 years) developed.
The useful lives of capitalized development expenditures are reviewed at least annually, or more frequently if
facts and circumstances indicate that there could be a change from the previous assessment. Changes in useful
lives are accounted for as a change in accounting estimate prospectively from the date of change. The useful
life assessment considers any updates to the Company\u2019s product development strategy (including any climate-
related changes in assumptions), reflecting the Company\u2019s most recently approved plans (including the MTP),
which would also reflect any regulatory developments (for example the phasing out of certain technologies).
Refer to the section \u201cClimate change\u201d for additional information.
Other internally developed or purchased intangible assets, excluding development expenditures
The portion of development expenditures relating to software for internal use that corresponds to directly
attributable internal or external costs necessary to create the software or improve its performance is recognized
as an intangible asset when it is probable that these costs will generate future economic benefits. Other software
acquisition and development-costs are expensed as incurred.
Other intangible assets are amortized on a straight-line basis over their estimated useful lives.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-628": { "value": "
Property, plant and equipment
Cost
Property, plant and equipment is initially recognized at cost and includes the purchase price, any costs directly
attributable to bringing the assets to the location and condition necessary to be capable of operating in the
manner intended by management and any initial estimate of the costs of dismantling and removing the asset
and restoring the site on which it is located. Self-constructed assets are initially recognized at production cost.
Subsequent expenditures and the cost of replacing parts of an asset are capitalized only if they increase the
future economic benefits embodied in that asset. All other expenditures are expensed as incurred. When such
replacement costs are capitalized, the carrying amount of the parts that are replaced is expensed to the
Consolidated Income Statement.
Depreciation
During the years ended December\u00a031, 2025, 2024 and 2023, assets were depreciated on a straight-line basis
over their estimated useful lives as follows:
Years
Buildings
33 - 40
Plant, machinery and equipment
2 - 25
Other assets - Assets subject to operating leases
1 - 3
Other assets - Other assets
2 - 34
The useful life of property, plant and equipment is reviewed at least annually, or more frequently if facts and
circumstances indicate that there could be a change from the previous assessment. Changes in useful lives are
accounted for as a change in accounting estimate prospectively from the date of change. The useful life
assessment considers any updates to the Company\u2019s product development strategy (including any climate-
related changes in assumptions), reflecting the Company\u2019s most recently approved plans (including the MTP),
which would also reflect any regulatory developments (for example the phasing out of certain technologies).
Refer to the section \u201cClimate change\u201d for additional information.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets
held for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures
primarily related to the North America and Enlarged Europe segments. The recoverability of non-current assets
with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the CGUs to
which the assets relate. The lowest level of asset groups that generate largely independent cash flows is the
vehicle platform level, which is considered the CGU for impairment testing.\u00a0
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan
based on the latest interpretation of the changing geo-political and economic circumstances and is developed
using the Company\u2019s climate-related assumptions and targets. Refer to the section \u201cClimate change\u201d for
additional information. As relevant circumstances change, the Company expects to adjust its product plans
which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and propulsion
systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms
and propulsion systems, or both. Any change in recoverability would be accounted for at the time such change
to the business plan occurs. For the years ended December 31, 2025, 2024 and 2023, the impairment tests
performed compared the carrying amount of the assets included in the respective CGUs to their value-in-use.
The value-in-use of the CGUs is determined using a discounted cash flow methodology based on estimated pre-
tax future cash flows attributable to the CGUs and a pre-tax discount rate, which ranges from 9.5 percent to 19.0
percent, reflecting a current market assessment of the time value of money and the risks specific to the CGUs.\u202f
As a result, impairment charges, totaling \u20ac6,005\u00a0million were recognized on platforms used for North America,
Enlarged Europe and Maserati primarily due to significantly reduced volume and profitability resulting from the
strategic plan update, in addition to the \u20ac578\u00a0million impairment recognized on platforms used for Maserati and
Alfa Romeo vehicles as a result of the impairment test performed during the first half of 2025. Refer to Note
2,\u00a0Basis of preparation - Strategic plan undergoing reassessment.
In addition to the impairments discussed above, during the year ended December 31, 2025, Stellantis
recognized impairments of \u20ac3,498\u00a0million. These impairments were driven primarily by \u20ac609\u00a0million of purchased
credits which are no longer expected to be utilized due to the elimination of corporate average fuel economy
(\u201cCAFE\u201d) penalty rate (refer to Note 10, Other intangible assets for additional information), \u20ac341\u00a0million of the
discontinuation of Stellantis\u2019 hydrogen fuel cell technology development program due to limited availability of
hydrogen refueling infrastructure, high capital requirements, and the need for stronger consumer purchasing
incentives, and \u20ac2,548\u00a0million driven primarily by cancellation of select product initiatives due to changes to our
strategic and product plans, mainly in North America and Enlarged Europe. Refer to Note 2,\u00a0Basis of preparation
- Strategic plan undergoing reassessment for additional information.
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related
to impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected
vehicle margins and the cancellation of certain projects prior to launch.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain
platform assets in Enlarged Europe.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-627": { "value": "
Property, plant and equipment
Depreciation
During the years ended December\u00a031, 2025, 2024 and 2023, assets were depreciated on a straight-line basis
over their estimated useful lives as follows:
Years
Buildings
33 - 40
Plant, machinery and equipment
2 - 25
Other assets - Assets subject to operating leases
1 - 3
Other assets - Other assets
2 - 34
The useful life of property, plant and equipment is reviewed at least annually, or more frequently if facts and
circumstances indicate that there could be a change from the previous assessment. Changes in useful lives are
accounted for as a change in accounting estimate prospectively from the date of change. The useful life
assessment considers any updates to the Company\u2019s product development strategy (including any climate-
related changes in assumptions), reflecting the Company\u2019s most recently approved plans (including the MTP),
which would also reflect any regulatory developments (for example the phasing out of certain technologies).
Refer to the section \u201cClimate change\u201d for additional information.
Right-of-use asset
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date
to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated
useful life of the right-of-use asset is determined based on the nature of the asset, taking into consideration the
lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted
for certain corresponding remeasurements of the lease liability.
Cost of revenues
Cost of revenues comprises expenses incurred in the manufacturing and distribution of vehicles and parts.
Historically the most significant element is the cost of materials and components and the remaining costs
included labor (consisting of direct and indirect wages), transportation costs, depreciation of property, plant and
equipment and amortization of other intangible assets relating to production. In 2025, a strategic reassessment
and business reset led by the new management team resulted in the Company recognizing significant charges
during the year ended December 31, 2025. These charges primarily relate to impairments of vehicle platforms,
product plan realignments and associated costs, costs related to resizing of the EV supply chain, and the
discontinuation of the hydrogen fuel cell development program. Refer to Note 2,\u00a0Basis of preparation - Strategic
plan undergoing reassessment. In addition, expenses which are directly attributable to the consolidated
financial services companies, including interest expense related to their financing as a whole and provisions for
risks and write-downs of assets, are recorded within Cost of revenues (\u20ac2,060 million, \u20ac997 million and \u20ac563
million for the years ended December 31, 2025, 2024 and 2023, respectively). Cost of revenues also included
\u20ac358 million, \u20ac179 million and \u20ac82 million related to the decrease in value for assets sold with buy-back
commitments for the years ended December 31, 2025, 2024 and 2023, respectively. In addition, estimated costs
related to product warranty and recall campaigns are recorded within Cost of revenues (refer to the section
Critical judgments and use of estimates below for further information).
Product warranties, recall campaigns and product liabilities
The Company establishes reserves for product warranties at the time the related sale is recognized. The
Company issues various types of product warranties under which the performance of products delivered is
generally guaranteed for a certain period or term. The accrual for product warranties includes the expected
costs of warranty obligations imposed by law or contract, as well as the expected costs for policy coverage,
recall actions and buyback commitments. The estimated future costs of these actions are principally based on
assumptions regarding the lifetime warranty costs of each vehicle line and each model year of that vehicle line,
as well as historical claims experience for the Company\u2019s vehicles. In addition, the number and magnitude of
additional service actions expected to be approved and policies related to additional service actions are taken
into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes in the
assumptions used could materially affect the results of operations.
The Company periodically initiates voluntary service and recall actions to address various customer satisfaction
as well as safety and emissions issues related to vehicles sold. Included in the reserve is the estimated cost of
these service and recall actions. The Company accrues estimated costs for recalls when they are probable of
occurring and a reliable estimate of the costs can be made.
Estimates of the future costs of these actions are subject to numerous uncertainties, including the enactment of
new laws and regulations, the number of vehicles affected by a service or recall action and the nature of the
corrective action. It is reasonably possible that the ultimate cost of these service and recall actions may require
the Company to make expenditures in excess of (or less than) established reserves over an extended period of
time and in a range of amounts that cannot be reasonably estimated. The estimate of warranty and additional
service and recall action obligations is periodically reviewed during the year. Experience has shown that initial
data for any given model year can be volatile; therefore, the Company\u2019s process relies upon long-term historical
averages until sufficient data is available. As actual experience becomes available, it is used to modify the
historical averages to ensure that the forecast is within the range of likely outcomes. Resulting accruals are then
compared with current spending rates to ensure that the balances are adequate to meet expected future
obligations.
In addition, the Company makes provisions for estimated product liability costs arising from property damage
and personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the
result of product defects. By nature, these costs can be infrequent, difficult to predict and have the potential to
vary significantly in amount. The valuation of the reserve is actuarially determined on an annual basis based on,
among other factors, the number of vehicles sold and product liability claims incurred. Costs associated with
these provisions are recorded in the Consolidated Income Statement and any subsequent adjustments are
recorded in the period in which the adjustment is determined.
During the year ended December 31, 2025, the Company updated its estimation approach for contractual
warranties. This change in accounting estimate resulted in additional provisions of \u20ac5.4\u00a0billion, recognized within
Cost of revenues and as further described in Note 21, Provisions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-626": { "value": "
Property, plant and equipment
Depreciation
During the years ended December\u00a031, 2025, 2024 and 2023, assets were depreciated on a straight-line basis
over their estimated useful lives as follows:
Years
Buildings
33 - 40
Plant, machinery and equipment
2 - 25
Other assets - Assets subject to operating leases
1 - 3
Other assets - Other assets
2 - 34
The useful life of property, plant and equipment is reviewed at least annually, or more frequently if facts and
circumstances indicate that there could be a change from the previous assessment. Changes in useful lives are
accounted for as a change in accounting estimate prospectively from the date of change. The useful life
assessment considers any updates to the Company\u2019s product development strategy (including any climate-
related changes in assumptions), reflecting the Company\u2019s most recently approved plans (including the MTP),
which would also reflect any regulatory developments (for example the phasing out of certain technologies).
Refer to the section \u201cClimate change\u201d for additional information.
Right-of-use asset
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date
to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated
useful life of the right-of-use asset is determined based on the nature of the asset, taking into consideration the
lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted
for certain corresponding remeasurements of the lease liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-629": { "value": "
Borrowing Costs
Borrowing costs that are directly attributable to the acquisition, construction or production of property, plant or
equipment or an intangible asset that is deemed to be a qualifying asset as defined in IAS 23 - Borrowing Costs
are capitalized. Only assets with a construction period of 12 months or longer are considered. The amount of
borrowing costs eligible for capitalization corresponds to the actual borrowing costs incurred during the period,
less any investment income on the temporary investment of any borrowed funds not yet used.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-630": { "value": "
Borrowing Costs
The amount of
borrowing costs capitalized in the years ended December\u00a031, 2025 and 2024 was \u20ac317 million and \u20ac324 million,
respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-631": { "value": "
Leases
As a Lessee
At the inception of a contract, the Company assesses whether the contract has, or contains, a lease. A contract
has, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of
time in exchange for consideration.
At inception or on reassessment of a contract that contains a lease component, the Company allocates the
consideration in the contract to each lease component on the basis of their relative stand-alone prices.
Right-of-use asset
The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-
of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any
lease payments made at or before the commencement date, plus any initial direct costs incurred and an
estimate of costs to dismantle and remove the underlying asset or restore the underlying asset or the site on
which it is located if required by the lease, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date
to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated
useful life of the right-of-use asset is determined based on the nature of the asset, taking into consideration the
lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted
for certain corresponding remeasurements of the lease liability.
Lease liability
The lease liability is initially measured at the present value of the lease payments that have not been paid at the
commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily
determined, the Company's incremental borrowing rate. The incremental borrowing rate is determined
considering macro-economic factors such as the risk free rate based on the relevant currency and term, as well
as the Company specific factors contributing to the Company\u2019s credit spread, including the impact of security.
The Company primarily uses the incremental borrowing rate as the discount rate for its lease liabilities.
Lease payments used to measure the lease liability include the following, if appropriate:
\u2022 fixed payments, including in-substance fixed payments;
\u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate
applicable as at the commencement date;
\u2022 amounts expected to be payable under a residual value guarantee;
\u2022 if reasonably certain to exercise, the exercise price under a purchase option, or lease payments in an optional
renewal period; and
\u2022 penalties for early termination of a lease unless the Company was reasonably certain not to terminate early.
The lease liability is subsequently measured at amortized cost using the effective interest method. It is
remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is
a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, or
if the Company changes its assessment of whether it would exercise a purchase, extension or termination
option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying
amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset
has been reduced to zero.
The Company presents right-of-use assets that do not meet the definition of investment property in Property,
plant and equipment and lease liabilities in Long-term debt and Short-term debt and current portion of long-term
debt in the Consolidated Statement of Financial Position.
The Company elects to not recognize right-of-use assets and lease liabilities for short-term leases and low-value
leases for all classes of leased assets. The Company recognizes the lease payments associated with these
leases as an expense on a straight-line basis over the lease term.
As a Lessor
When the Company acts as a lessor, it determines at lease inception whether each lease is a finance lease or an
operating lease.
To classify each lease, the Company makes an overall assessment of whether the lease transfers substantially
all the risks and rewards incidental to ownership of the underlying asset. If the risks and rewards are
substantially transferred, then the lease is a finance lease; if not, then it is an operating lease. As part of this
assessment, the Company considers certain indicators such as whether the lease is for the major part of the
economic life of the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-633": { "value": "
Impairment of long-lived assets
Semi-annually, or when facts or circumstances indicate otherwise, the Company assesses whether there is any
indication that its finite-lived intangible assets (including capitalized development expenditures) and its property,
plant and equipment may be impaired.
If indicators of impairment are present, an impairment test is performed, comparing the carrying amount of the
asset to its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. In
the event that the carrying amount is in excess of the recoverable amount, an impairment is recorded to reduce
the value of the asset to its recoverable amount. The recoverable amount is determined for the individual asset,
unless the asset does not generate cash inflows that are largely independent of those from other assets or
groups of assets, in which case the asset is tested as part of the cash-generating unit (\u201cCGU\u201d) to which the
asset belongs. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely
independent of the cash inflows from other assets or groups of assets. In assessing the value in use of an asset
or CGU, the estimated future cash flows are discounted to their present value using a discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset or CGU.
When an impairment loss for assets, other than goodwill, no longer exists or has decreased, the carrying amount
of the asset or CGU is increased to the revised estimate of its recoverable amount but not in excess of the
carrying amount that would have been recorded had no impairment loss been recognized.
Impairment losses, along with any required reversal of a previously recorded impairment loss, are recognized in
the Consolidated Income Statement. Refer to the section \u201cCritical judgments and use of estimates\u201d below for
additional information.
Impairment of financial assets
The Company\u2019s credit risk differs in relation to the type of activity. In particular, receivables from financing
activities, such as dealer and retail financing that are carried out through the Company\u2019s financial services
companies, are exposed both to the direct risk of default and the deterioration of the creditworthiness of the
counterparty, whereas trade receivables arising from the sale of vehicles and spare parts, are mostly exposed to
the direct risk of counterparty default. These risks are mitigated by different kinds of security received and the
fact that collection exposure is spread across a large number of counterparties.
The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (\u201cECL\u201d) model. ECL is
a probability-weighted estimate of the present value of cash shortfalls.
The calculation of the amount of ECL is based on the risk of default by the counterparty, which is determined by
taking into account the information available at the end of each reporting period as to the counterparty\u2019s
solvency, the fair value of any guarantees and the Company\u2019s historical experience. The Company considers a
financial asset to be in default when: (i) the borrower is unlikely to pay its obligations in full and without
consideration of compensating guarantees or collateral (if any exist); or (ii) the financial asset is more than 90
days past due.
The Company applies two impairment models for financial assets as set out in IFRS 9: the simplified approach
and the general approach. The table below indicates the impairment model used for each of the Company\u2019s
financial asset categories. Impairment losses on financial assets are recognized in the Consolidated Income
Statement within the corresponding line items, based on the classification of the counterparty.
Financial asset
IFRS 9 impairment model
Trade receivables
Simplified approach
Receivables from financing activities
General approach
Other receivables
General approach
In order to test for impairment, individually significant receivables and receivables for which collectability is at
risk are assessed individually, while all other receivables are grouped into homogeneous risk categories based
on shared risk characteristics such as instrument type, industry or geographical location of the counterparty.
The simplified approach for determining the lifetime ECL allowance is performed in two steps:
\u2022 All trade receivables that are in default, as defined above, are individually assessed for impairment; and
\u2022 A general reserve is recognized for all other trade receivables (including those not past due) based on
historical loss rates.
The Company applies the general approach as determined by IFRS 9 by assessing at each reporting date
whether there has been a significant increase in credit risk on the financial instrument since initial recognition.
The Company considers receivables to have experienced a significant increase in credit risk when certain
quantitative or qualitative indicators have been met or the borrower was more than 30 days past due on its
contractual payments.
The \u201cthree-stages\u201d for determining and measuring the impairment based on changes in credit quality since initial
recognition are summarized below:
Stage
Description
Time period for
measurement of ECL
Stage 1
A financial instrument that is not credit-impaired on initial recognition
12-month ECL
Stage 2
A financial instrument with a significant increase in credit risk since initial recognition
Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
Lifetime ECL
Considering forward-looking economic information, ECL is determined by projecting the probability of default,
exposure at default and loss given default for each future contractual period and for each individual exposure or
collective portfolio. The discount rate used in the ECL calculation is the stated effective interest rate or an
approximation thereof. Each reporting period, the assumptions underlying the ECL calculation are reviewed and
updated as necessary. Since adoption, there have been no significant changes in estimation techniques or
significant assumptions that led to material changes in the ECL allowance.
The gross carrying amount of a financial asset is written-off to the extent that there is no realistic prospect of
recovery. This is generally the case when the Company determined that a debtor does not have assets or
sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.
However, financial assets that are written off could still be subject to enforcement activities.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets
held for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures
primarily related to the North America and Enlarged Europe segments. The recoverability of non-current assets
with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the CGUs to
which the assets relate. The lowest level of asset groups that generate largely independent cash flows is the
vehicle platform level, which is considered the CGU for impairment testing.\u00a0
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan
based on the latest interpretation of the changing geo-political and economic circumstances and is developed
using the Company\u2019s climate-related assumptions and targets. Refer to the section \u201cClimate change\u201d for
additional information. As relevant circumstances change, the Company expects to adjust its product plans
which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and propulsion
systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms
and propulsion systems, or both. Any change in recoverability would be accounted for at the time such change
to the business plan occurs. For the years ended December 31, 2025, 2024 and 2023, the impairment tests
performed compared the carrying amount of the assets included in the respective CGUs to their value-in-use.
The value-in-use of the CGUs is determined using a discounted cash flow methodology based on estimated pre-
tax future cash flows attributable to the CGUs and a pre-tax discount rate, which ranges from 9.5 percent to 19.0
percent, reflecting a current market assessment of the time value of money and the risks specific to the CGUs.\u202f
As a result, impairment charges, totaling \u20ac6,005\u00a0million were recognized on platforms used for North America,
Enlarged Europe and Maserati primarily due to significantly reduced volume and profitability resulting from the
strategic plan update, in addition to the \u20ac578\u00a0million impairment recognized on platforms used for Maserati and
Alfa Romeo vehicles as a result of the impairment test performed during the first half of 2025. Refer to Note
2,\u00a0Basis of preparation - Strategic plan undergoing reassessment.
In addition to the impairments discussed above, during the year ended December 31, 2025, Stellantis
recognized impairments of \u20ac3,498\u00a0million. These impairments were driven primarily by \u20ac609\u00a0million of purchased
credits which are no longer expected to be utilized due to the elimination of corporate average fuel economy
(\u201cCAFE\u201d) penalty rate (refer to Note 10, Other intangible assets for additional information), \u20ac341\u00a0million of the
discontinuation of Stellantis\u2019 hydrogen fuel cell technology development program due to limited availability of
hydrogen refueling infrastructure, high capital requirements, and the need for stronger consumer purchasing
incentives, and \u20ac2,548\u00a0million driven primarily by cancellation of select product initiatives due to changes to our
strategic and product plans, mainly in North America and Enlarged Europe. Refer to Note 2,\u00a0Basis of preparation
- Strategic plan undergoing reassessment for additional information.
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related
to impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected
vehicle margins and the cancellation of certain projects prior to launch.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain
platform assets in Enlarged Europe.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are
not amortized but are tested for impairment annually or more frequently if facts or circumstances indicate that
the asset may be impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within
the operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is
monitored for internal management purposes. The impairment test is performed by comparing the carrying
amount (which mainly comprises property, plant and equipment, goodwill, brands, capitalized development
expenditures, working capital and reserves) and the recoverable amount of each CGU or group of CGUs to
which Goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of
disposal and its value-in-use. The balance of Goodwill and intangible assets with indefinite useful lives
recognized by the Company primarily relate to the merger with FCA. Goodwill from the merger with FCA is
allocated to the North America, South America, India and Asia Pacific and Enlarged Europe operating segments.
All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives. Refer to the section \u201cClimate Change\u201d for additional information.
The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u2022 The expected future cash flows cover the period from October 1, 2025 through December 31, 2028. These
expected cash flows reflect the current expectations regarding economic conditions and market trends as well
as the Company\u2019s initiatives for the period covered by the projections. These cash flows relate to the
respective CGUs in their current condition when preparing the financial statements and exclude the estimated
cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used
for estimating the future cash flow are based on assumptions that are considered reasonable and sustainable
and represent the best estimate of expected conditions regarding market trends and segment, brand and
model share for the respective operating segment over the period considered;
\u2022 The expected future cash flows include a normalized terminal period to estimate the future result beyond the
time period explicitly considered which incorporated a long-term growth rate assumption of 1.9 percent to 2.2
percent. The growth rate per region is determined by reference to the risk free rate and the rate of inflation
considered in the regional discount rate. The long-term AOI margins are set considering the Company\u2019s long-
term projections for each of the CGUs;
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not
reflected in the estimated future cash flows; and
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment
of the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from 9.5
percent to 19 percent.\u00a0
The values estimated as described above are determined to be in excess of the carrying amount for each
operating segment or other CGUs to which Goodwill is allocated, except for the Free2Move business, which is
allocated to the Other Activities, where the carrying amount was determined to be in excess of the recoverable
amount as a result of decreases in projected cash flows. As such, an impairment loss of \u20ac164 million was
recognized, comprising of \u20ac94\u00a0million related to Goodwill, \u20ac70 million related to Property, plant and equipment
and Intangible assets. No other impairments of goodwill and intangible assets with indefinite useful lives were
recognized for the year ended December 31, 2025. However, the projected future cash flows of India & Asia
Pacific, Maserati and Financial Services CGUs are sensitive to certain assumptions, primarily the projected
margins for the terminal period and the discount rate, such that a reduction of less than 1 percentage point in
the long-term profit margin applied for the terminal period or an increase of less than 1 percentage point in the
discount rate would reduce the value-in-use to its carrying value. The terminal period assumptions consider
profit margins ranging from 3 percent to 10 percent. The discount rate used has been determined consistently
with the methodology disclosed, reflecting current market conditions and the specific risks associated with the
operating segment. The assumptions used are considered reasonable and represent the best estimate of
expected conditions in the operating segment.
During the year ended December 31, 2024, the carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of
\u20ac514\u00a0million was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives
were recognized for the year ended December 31, 2024.
No impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the
years ended December 31, 2023.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-632": { "value": "
Impairment of long-lived assets
Semi-annually, or when facts or circumstances indicate otherwise, the Company assesses whether there is any
indication that its finite-lived intangible assets (including capitalized development expenditures) and its property,
plant and equipment may be impaired.
If indicators of impairment are present, an impairment test is performed, comparing the carrying amount of the
asset to its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. In
the event that the carrying amount is in excess of the recoverable amount, an impairment is recorded to reduce
the value of the asset to its recoverable amount. The recoverable amount is determined for the individual asset,
unless the asset does not generate cash inflows that are largely independent of those from other assets or
groups of assets, in which case the asset is tested as part of the cash-generating unit (\u201cCGU\u201d) to which the
asset belongs. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely
independent of the cash inflows from other assets or groups of assets. In assessing the value in use of an asset
or CGU, the estimated future cash flows are discounted to their present value using a discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset or CGU.
When an impairment loss for assets, other than goodwill, no longer exists or has decreased, the carrying amount
of the asset or CGU is increased to the revised estimate of its recoverable amount but not in excess of the
carrying amount that would have been recorded had no impairment loss been recognized.
Impairment losses, along with any required reversal of a previously recorded impairment loss, are recognized in
the Consolidated Income Statement. Refer to the section \u201cCritical judgments and use of estimates\u201d below for
additional information.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets
held for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures
primarily related to the North America and Enlarged Europe segments. The recoverability of non-current assets
with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the CGUs to
which the assets relate. The lowest level of asset groups that generate largely independent cash flows is the
vehicle platform level, which is considered the CGU for impairment testing.\u00a0
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan
based on the latest interpretation of the changing geo-political and economic circumstances and is developed
using the Company\u2019s climate-related assumptions and targets. Refer to the section \u201cClimate change\u201d for
additional information. As relevant circumstances change, the Company expects to adjust its product plans
which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and propulsion
systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms
and propulsion systems, or both. Any change in recoverability would be accounted for at the time such change
to the business plan occurs. For the years ended December 31, 2025, 2024 and 2023, the impairment tests
performed compared the carrying amount of the assets included in the respective CGUs to their value-in-use.
The value-in-use of the CGUs is determined using a discounted cash flow methodology based on estimated pre-
tax future cash flows attributable to the CGUs and a pre-tax discount rate, which ranges from 9.5 percent to 19.0
percent, reflecting a current market assessment of the time value of money and the risks specific to the CGUs.\u202f
As a result, impairment charges, totaling \u20ac6,005\u00a0million were recognized on platforms used for North America,
Enlarged Europe and Maserati primarily due to significantly reduced volume and profitability resulting from the
strategic plan update, in addition to the \u20ac578\u00a0million impairment recognized on platforms used for Maserati and
Alfa Romeo vehicles as a result of the impairment test performed during the first half of 2025. Refer to Note
2,\u00a0Basis of preparation - Strategic plan undergoing reassessment.
In addition to the impairments discussed above, during the year ended December 31, 2025, Stellantis
recognized impairments of \u20ac3,498\u00a0million. These impairments were driven primarily by \u20ac609\u00a0million of purchased
credits which are no longer expected to be utilized due to the elimination of corporate average fuel economy
(\u201cCAFE\u201d) penalty rate (refer to Note 10, Other intangible assets for additional information), \u20ac341\u00a0million of the
discontinuation of Stellantis\u2019 hydrogen fuel cell technology development program due to limited availability of
hydrogen refueling infrastructure, high capital requirements, and the need for stronger consumer purchasing
incentives, and \u20ac2,548\u00a0million driven primarily by cancellation of select product initiatives due to changes to our
strategic and product plans, mainly in North America and Enlarged Europe. Refer to Note 2,\u00a0Basis of preparation
- Strategic plan undergoing reassessment for additional information.
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related
to impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected
vehicle margins and the cancellation of certain projects prior to launch.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain
platform assets in Enlarged Europe.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are
not amortized but are tested for impairment annually or more frequently if facts or circumstances indicate that
the asset may be impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within
the operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is
monitored for internal management purposes. The impairment test is performed by comparing the carrying
amount (which mainly comprises property, plant and equipment, goodwill, brands, capitalized development
expenditures, working capital and reserves) and the recoverable amount of each CGU or group of CGUs to
which Goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of
disposal and its value-in-use. The balance of Goodwill and intangible assets with indefinite useful lives
recognized by the Company primarily relate to the merger with FCA. Goodwill from the merger with FCA is
allocated to the North America, South America, India and Asia Pacific and Enlarged Europe operating segments.
All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives. Refer to the section \u201cClimate Change\u201d for additional information.
The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u2022 The expected future cash flows cover the period from October 1, 2025 through December 31, 2028. These
expected cash flows reflect the current expectations regarding economic conditions and market trends as well
as the Company\u2019s initiatives for the period covered by the projections. These cash flows relate to the
respective CGUs in their current condition when preparing the financial statements and exclude the estimated
cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used
for estimating the future cash flow are based on assumptions that are considered reasonable and sustainable
and represent the best estimate of expected conditions regarding market trends and segment, brand and
model share for the respective operating segment over the period considered;
\u2022 The expected future cash flows include a normalized terminal period to estimate the future result beyond the
time period explicitly considered which incorporated a long-term growth rate assumption of 1.9 percent to 2.2
percent. The growth rate per region is determined by reference to the risk free rate and the rate of inflation
considered in the regional discount rate. The long-term AOI margins are set considering the Company\u2019s long-
term projections for each of the CGUs;
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not
reflected in the estimated future cash flows; and
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment
of the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from 9.5
percent to 19 percent.\u00a0
The values estimated as described above are determined to be in excess of the carrying amount for each
operating segment or other CGUs to which Goodwill is allocated, except for the Free2Move business, which is
allocated to the Other Activities, where the carrying amount was determined to be in excess of the recoverable
amount as a result of decreases in projected cash flows. As such, an impairment loss of \u20ac164 million was
recognized, comprising of \u20ac94\u00a0million related to Goodwill, \u20ac70 million related to Property, plant and equipment
and Intangible assets. No other impairments of goodwill and intangible assets with indefinite useful lives were
recognized for the year ended December 31, 2025. However, the projected future cash flows of India & Asia
Pacific, Maserati and Financial Services CGUs are sensitive to certain assumptions, primarily the projected
margins for the terminal period and the discount rate, such that a reduction of less than 1 percentage point in
the long-term profit margin applied for the terminal period or an increase of less than 1 percentage point in the
discount rate would reduce the value-in-use to its carrying value. The terminal period assumptions consider
profit margins ranging from 3 percent to 10 percent. The discount rate used has been determined consistently
with the methodology disclosed, reflecting current market conditions and the specific risks associated with the
operating segment. The assumptions used are considered reasonable and represent the best estimate of
expected conditions in the operating segment.
During the year ended December 31, 2024, the carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of
\u20ac514\u00a0million was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives
were recognized for the year ended December 31, 2024.
No impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the
years ended December 31, 2023.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-639": { "value": "
Financial assets and liabilities
Financial assets primarily includes trade receivables, receivables from financing activities, investments in other
companies, derivative financial instruments, cash and cash equivalents, and other financial securities that do not
satisfy the requirements for being classified as cash equivalents.
Financial liabilities primarily consists of debt, derivative financial instruments, trade payables and other liabilities.
Receivables from dealer financing activities are typically generated by shipments of vehicles and are generally
managed under dealer network financing programs as a component of the portfolio of the Company's financial
services companies. These receivables accrue interest, except in most cases during an initial, limited period
when they are non-interest bearing. This non-interest bearing period does not apply to U.S. receivables. The
contractual terms governing the relationships with the dealer networks vary according to market and payment
terms, which generally range from one to 21 months.
In addition, the Company generates receivables from financing activities related to installment sales contracts
and loans as a component of the portfolio of the Company\u2019s financial services companies, originated through its
automobile dealer relationships and directly with consumers. The Company primarily used warehouse credit
facilities with financial institutions and asset-backed facilities to fund its origination activities. When sufficient
volume is originated, the Company will complete an on-balance sheet securitization and issue term notes,
thereby freeing up capacity in the warehouse credit facilities.
In our securitizations, we transfer receivables from financing activities to securitization trusts (\u201cTrusts\u201d), which
issue one or more classes of asset-backed securities. These asset-backed securities are then sold to investors.
These Trusts are included in our consolidated financial statements, but they are separate legal entities. The
assets held by these Trusts are legally owned by the Trusts and are not available to the Company\u2019s creditors or
creditors of our other Trusts. When the securitized assets are transferred to a Trust, we make certain
representations and warranties regarding the securitized assets. These representations and warranties relate to
specific aspects of the securitized assets, such as origination, obligors, accuracy, and security interest, but not
the underlying performance of the securitized asset. If a breach were to occur related to one or more of these
representations that materially affects the noteholders\u2019 interest, we would be obligated to repurchase the
securitized assets.
The transfers of assets in the Company\u2019s securitization transactions do not qualify for derecognition. The
Company accounts for all securitization transactions as if they were secured financing and therefore the assets,
liabilities, and related activity of these transactions are consolidated in the Company\u2019s financial statements. As
the securitized receivables amortize, finance charge collections are passed through to the investors at a
specified rate for the life of the securitization and an interest in collections exceeding the specified rate is
retained by the Company. The majority of these securitization transactions are within Stellantis Financial Services
US Corp (\u201cSFS U.S.\u201d).
The Company classifies financial liabilities that arise from supplier finance arrangements within Trade payables
in the Consolidated Statement of Financial Position if they have a similar nature and function to trade payables.
This is the case if the supplier finance arrangement is part of the working capital used in the Company\u2019s normal
operating cycle and the terms of the liabilities that are part of the supply chain finance arrangement are not
substantially different from the terms of trade payables that are not part of the arrangement. Cash flows related
to liabilities arising from supplier finance arrangements that are classified in Trade payables in the Consolidated
Statement of Financial Position are included in operating activities in the Consolidated Statement of Cash Flows.
Classification and measurement
The classification of a financial asset is dependent on the Company\u2019s business model for managing such financial
assets and their contractual cash flows. The Company considers whether the contractual cash flows represent
solely payments of principal and interest that are consistent with a basic lending arrangement. Where the
contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement,
the related financial assets are classified and measured at fair value through profit or loss (\u201cFVPL\u201d).
Financial asset cash flow business model
Initial measurement(1)
Measurement category (3)
Solely to collect the contractual cash flows
(Held to Collect)
Fair Value including transaction costs
Amortized Cost(2)
Collect both the contractual cash flows and
generate cash flows arising from the sale of
assets (Held to Collect and Sell)
Fair Value including transaction costs
Fair value through other
comprehensive income (\u201cFVOCI\u201d)
Generate cash flows primarily from the sale of
assets (Held to Sell)
Fair Value
FVPL
(1) Trade receivables without a significant financing component, as defined by IFRS 15 - Revenue from contracts with customers, are
initially measured at the transaction price
(2) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates are
discounted using market rates
(3) On initial recognition, the Company could irrevocably designate a financial asset at FVPL that otherwise met the requirements to be
measured at amortized cost or at FVOCI if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise
Factors considered by the Company in determining the business model for a group of financial assets include:
\u2022 past experience on how the cash flows for these assets were collected;
\u2022 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and
future sales activity expectations;
\u2022 how the asset\u2019s performance is evaluated and reported to key management personnel; and
\u2022 how risks are assessed and managed and how management is compensated.
Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its
business model for managing financial assets, in which case all affected financial assets are reclassified on the
first day of the first reporting period following the change in the business model.
Cash and cash equivalents include cash at banks, units in money market funds and other money market
securities, commercial paper and certificate of deposits that are readily convertible into cash, with original
maturities of three months or less at the date of purchase. Cash and cash equivalents are subject to an
insignificant risk of changes in value and consist of balances across various primary national and international
banks and of money market instruments. Money market funds consist of investments in high quality, short-term,
diversified financial instruments that can generally be liquidated on demand and are measured at FVPL. Cash at
banks and Other cash equivalents are measured at amortized cost.
Investments in other companies are measured at fair value. Equity investments for which there is no quoted
market price in an active market and there is insufficient financial information in order to determine fair value may
be measured at cost as an estimate of fair value, as permitted by IFRS 9 - Financial Instruments (\u201cIFRS 9\u201d). The
Company may irrevocably elect to present subsequent changes in the investment\u2019s fair value in Other
comprehensive income (\u201cOCI\u201d) upon the initial recognition of an equity investment that is not held to sell. This
election is made on an investment-by-investment basis. Generally, any dividends from these investments are
recognized in Net financial expenses/(income) when the Company\u2019s right to receive payment is established.
Other net gains and losses are recognized in OCI and will not be reclassified to the Consolidated Income
Statement in subsequent periods. Impairment losses (and the reversal of impairment losses) on equity
investments measured at FVOCI are not reported separately from other changes in fair value in OCI.
Impairment of financial assets
The Company\u2019s credit risk differs in relation to the type of activity. In particular, receivables from financing
activities, such as dealer and retail financing that are carried out through the Company\u2019s financial services
companies, are exposed both to the direct risk of default and the deterioration of the creditworthiness of the
counterparty, whereas trade receivables arising from the sale of vehicles and spare parts, are mostly exposed to
the direct risk of counterparty default. These risks are mitigated by different kinds of security received and the
fact that collection exposure is spread across a large number of counterparties.
The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (\u201cECL\u201d) model. ECL is
a probability-weighted estimate of the present value of cash shortfalls.
The calculation of the amount of ECL is based on the risk of default by the counterparty, which is determined by
taking into account the information available at the end of each reporting period as to the counterparty\u2019s
solvency, the fair value of any guarantees and the Company\u2019s historical experience. The Company considers a
financial asset to be in default when: (i) the borrower is unlikely to pay its obligations in full and without
consideration of compensating guarantees or collateral (if any exist); or (ii) the financial asset is more than 90
days past due.
The Company applies two impairment models for financial assets as set out in IFRS 9: the simplified approach
and the general approach. The table below indicates the impairment model used for each of the Company\u2019s
financial asset categories. Impairment losses on financial assets are recognized in the Consolidated Income
Statement within the corresponding line items, based on the classification of the counterparty.
Financial asset
IFRS 9 impairment model
Trade receivables
Simplified approach
Receivables from financing activities
General approach
Other receivables
General approach
In order to test for impairment, individually significant receivables and receivables for which collectability is at
risk are assessed individually, while all other receivables are grouped into homogeneous risk categories based
on shared risk characteristics such as instrument type, industry or geographical location of the counterparty.
The simplified approach for determining the lifetime ECL allowance is performed in two steps:
\u2022 All trade receivables that are in default, as defined above, are individually assessed for impairment; and
\u2022 A general reserve is recognized for all other trade receivables (including those not past due) based on
historical loss rates.
The Company applies the general approach as determined by IFRS 9 by assessing at each reporting date
whether there has been a significant increase in credit risk on the financial instrument since initial recognition.
The Company considers receivables to have experienced a significant increase in credit risk when certain
quantitative or qualitative indicators have been met or the borrower was more than 30 days past due on its
contractual payments.
The \u201cthree-stages\u201d for determining and measuring the impairment based on changes in credit quality since initial
recognition are summarized below:
Stage
Description
Time period for
measurement of ECL
Stage 1
A financial instrument that is not credit-impaired on initial recognition
12-month ECL
Stage 2
A financial instrument with a significant increase in credit risk since initial recognition
Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
Lifetime ECL
Considering forward-looking economic information, ECL is determined by projecting the probability of default,
exposure at default and loss given default for each future contractual period and for each individual exposure or
collective portfolio. The discount rate used in the ECL calculation is the stated effective interest rate or an
approximation thereof. Each reporting period, the assumptions underlying the ECL calculation are reviewed and
updated as necessary. Since adoption, there have been no significant changes in estimation techniques or
significant assumptions that led to material changes in the ECL allowance.
The gross carrying amount of a financial asset is written-off to the extent that there is no realistic prospect of
recovery. This is generally the case when the Company determined that a debtor does not have assets or
sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.
However, financial assets that are written off could still be subject to enforcement activities.
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes in order to reduce currency, interest
rate and market price risks (primarily related to commodities). In accordance with IFRS 9, derivative financial
instruments are recognized when we become a party to the contractual provisions of the instrument and, upon
initial recognition, are measured at fair value. Subsequent to initial recognition, all derivative financial instruments
are measured at fair value. Furthermore, derivative financial instruments qualify for hedge accounting when (i)
there is formal designation and documentation of the hedging relationship and the Company\u2019s risk management
objective and strategy for undertaking the hedge at inception of the hedge and (ii) the hedge is expected to be
effective. If the hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge
ratio but the risk management objective for that designated hedging relationship remains the same, this ratio
must then be rebalanced. Rebalancing consists in adjusting either the designated quantities of the hedged item
or the hedging instrument of an already existing hedging relationship.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
\u2022 Fair value hedges - where a derivative financial instrument is designated as a hedge of the exposure to
changes in fair value of a recognized asset or liability attributable to a particular risk that could affect the
Consolidated Income Statement, the gain or loss from remeasuring the hedging instrument at fair value is
recognized in the Consolidated Income Statement. The gain or loss on the hedged item attributable to the
hedged risk adjusts the carrying amount of the hedged item and is recognized in the Consolidated Income
Statement.
\u2022 Cash flow hedges - where a derivative financial instrument is designated as a hedge of the exposure to
variability in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and
could affect the Consolidated Income Statement, the effective portion of any gain or loss on the derivative
financial instrument is recognized directly in Other comprehensive income/(loss). When the hedged forecasted
transaction results in the recognition of a non-financial asset, the gains and losses previously deferred in Other
comprehensive income/(loss) are reclassified and included in the initial measurement of the cost of the non-
financial asset. The effective portion of any gain or loss is recognized in the Consolidated Income Statement at
the same time as the economic effect arising from the hedged item that affects the Consolidated Income
Statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognized in the Consolidated Income Statement immediately.
When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to
occur, the cumulative gain or loss realized to the point of termination remains and is recognized in the
Consolidated Income Statement at the same time as the underlying transaction occurred. If the hedged
transaction is no longer probable, the cumulative unrealized gain or loss held in Other comprehensive income/
(loss) is recognized in the Consolidated Income Statement immediately.
\u2022 Hedges of a net investment - if a derivative financial instrument is designated as a hedging instrument for a
net investment in a foreign operation, the effective portion of the gain or loss on the derivative financial
instrument is recognized in Other comprehensive income/(loss). The cumulative gain or loss is reclassified
from Other comprehensive income/(loss) to the Consolidated Income Statement upon disposal of the foreign
operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure the hedge relationships meet the effectiveness requirements (including the
existence of an economic relationship between\u00a0the hedged item and hedging instrument). The Company enters
into hedge relationships where the critical terms of the hedging instrument match closely or exactly with the
terms of the hedged item, and so a qualitative assessment of effectiveness is performed. In the event there was
a hedge relationship where the critical terms of the hedged item do not match closely or perfectly with the
critical terms of the hedging instrument, the Company would perform a quantitative assessment to assess
effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential
sources of hedge ineffectiveness are mismatches in timing or the critical terms of the hedged item and the
hedging instrument.
The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The Company\u2019s
derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected to be
one for one.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative
financial instruments are recognized immediately in the Consolidated Income Statement.
Refer to Note 17, Derivative financial and operating assets and liabilities, for additional information on fair value
measurements.
Transfers of financial assets
The Company derecognizes financial assets when the contractual rights to the cash flows arising from the asset
are no longer held or if it transfers substantially all the risks and rewards of ownership of the financial asset. On
derecognition of financial assets, the difference between the carrying amount of the asset and the consideration
received or receivable for the transfer of the asset is recognized in the Consolidated Income Statement.
The Company transfers certain of its financial, trade and tax receivables, mainly through factoring transactions.
Factoring transactions may be either with recourse or without recourse. Certain transfers include deferred
payment clauses requiring first loss cover (for example, when the payment by the factor of a minor part of the
purchase price is dependent on the total amount collected from the receivables), whereby the transferor has
priority participation in the losses, or requires a significant exposure to the variability of cash flows arising from
the transferred receivables to be retained. These types of transactions do not meet the requirements of IFRS 9
for the derecognition of the assets since the risks and rewards connected with ownership of the financial asset
are not substantially transferred, and accordingly the Company continues to recognize these receivables within
the Consolidated Statement of Financial Position and recognizes a financial liability for the same amount under
Asset-backed financing, which is included within Debt. These types of receivables are classified as held-to-
collect, since the business model is consistent with the Company\u2019s continuing recognition of the receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-638": { "value": "
Financial assets and liabilities
Financial assets primarily includes trade receivables, receivables from financing activities, investments in other
companies, derivative financial instruments, cash and cash equivalents, and other financial securities that do not
satisfy the requirements for being classified as cash equivalents.
Financial liabilities primarily consists of debt, derivative financial instruments, trade payables and other liabilities.
Receivables from dealer financing activities are typically generated by shipments of vehicles and are generally
managed under dealer network financing programs as a component of the portfolio of the Company's financial
services companies. These receivables accrue interest, except in most cases during an initial, limited period
when they are non-interest bearing. This non-interest bearing period does not apply to U.S. receivables. The
contractual terms governing the relationships with the dealer networks vary according to market and payment
terms, which generally range from one to 21 months.
In addition, the Company generates receivables from financing activities related to installment sales contracts
and loans as a component of the portfolio of the Company\u2019s financial services companies, originated through its
automobile dealer relationships and directly with consumers. The Company primarily used warehouse credit
facilities with financial institutions and asset-backed facilities to fund its origination activities. When sufficient
volume is originated, the Company will complete an on-balance sheet securitization and issue term notes,
thereby freeing up capacity in the warehouse credit facilities.
In our securitizations, we transfer receivables from financing activities to securitization trusts (\u201cTrusts\u201d), which
issue one or more classes of asset-backed securities. These asset-backed securities are then sold to investors.
These Trusts are included in our consolidated financial statements, but they are separate legal entities. The
assets held by these Trusts are legally owned by the Trusts and are not available to the Company\u2019s creditors or
creditors of our other Trusts. When the securitized assets are transferred to a Trust, we make certain
representations and warranties regarding the securitized assets. These representations and warranties relate to
specific aspects of the securitized assets, such as origination, obligors, accuracy, and security interest, but not
the underlying performance of the securitized asset. If a breach were to occur related to one or more of these
representations that materially affects the noteholders\u2019 interest, we would be obligated to repurchase the
securitized assets.
The transfers of assets in the Company\u2019s securitization transactions do not qualify for derecognition. The
Company accounts for all securitization transactions as if they were secured financing and therefore the assets,
liabilities, and related activity of these transactions are consolidated in the Company\u2019s financial statements. As
the securitized receivables amortize, finance charge collections are passed through to the investors at a
specified rate for the life of the securitization and an interest in collections exceeding the specified rate is
retained by the Company. The majority of these securitization transactions are within Stellantis Financial Services
US Corp (\u201cSFS U.S.\u201d).
The Company classifies financial liabilities that arise from supplier finance arrangements within Trade payables
in the Consolidated Statement of Financial Position if they have a similar nature and function to trade payables.
This is the case if the supplier finance arrangement is part of the working capital used in the Company\u2019s normal
operating cycle and the terms of the liabilities that are part of the supply chain finance arrangement are not
substantially different from the terms of trade payables that are not part of the arrangement. Cash flows related
to liabilities arising from supplier finance arrangements that are classified in Trade payables in the Consolidated
Statement of Financial Position are included in operating activities in the Consolidated Statement of Cash Flows.
Classification and measurement
The classification of a financial asset is dependent on the Company\u2019s business model for managing such financial
assets and their contractual cash flows. The Company considers whether the contractual cash flows represent
solely payments of principal and interest that are consistent with a basic lending arrangement. Where the
contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement,
the related financial assets are classified and measured at fair value through profit or loss (\u201cFVPL\u201d).
Financial asset cash flow business model
Initial measurement(1)
Measurement category (3)
Solely to collect the contractual cash flows
(Held to Collect)
Fair Value including transaction costs
Amortized Cost(2)
Collect both the contractual cash flows and
generate cash flows arising from the sale of
assets (Held to Collect and Sell)
Fair Value including transaction costs
Fair value through other
comprehensive income (\u201cFVOCI\u201d)
Generate cash flows primarily from the sale of
assets (Held to Sell)
Fair Value
FVPL
(1) Trade receivables without a significant financing component, as defined by IFRS 15 - Revenue from contracts with customers, are
initially measured at the transaction price
(2) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates are
discounted using market rates
(3) On initial recognition, the Company could irrevocably designate a financial asset at FVPL that otherwise met the requirements to be
measured at amortized cost or at FVOCI if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise
Factors considered by the Company in determining the business model for a group of financial assets include:
\u2022 past experience on how the cash flows for these assets were collected;
\u2022 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and
future sales activity expectations;
\u2022 how the asset\u2019s performance is evaluated and reported to key management personnel; and
\u2022 how risks are assessed and managed and how management is compensated.
Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its
business model for managing financial assets, in which case all affected financial assets are reclassified on the
first day of the first reporting period following the change in the business model.
Cash and cash equivalents include cash at banks, units in money market funds and other money market
securities, commercial paper and certificate of deposits that are readily convertible into cash, with original
maturities of three months or less at the date of purchase. Cash and cash equivalents are subject to an
insignificant risk of changes in value and consist of balances across various primary national and international
banks and of money market instruments. Money market funds consist of investments in high quality, short-term,
diversified financial instruments that can generally be liquidated on demand and are measured at FVPL. Cash at
banks and Other cash equivalents are measured at amortized cost.
Investments in other companies are measured at fair value. Equity investments for which there is no quoted
market price in an active market and there is insufficient financial information in order to determine fair value may
be measured at cost as an estimate of fair value, as permitted by IFRS 9 - Financial Instruments (\u201cIFRS 9\u201d). The
Company may irrevocably elect to present subsequent changes in the investment\u2019s fair value in Other
comprehensive income (\u201cOCI\u201d) upon the initial recognition of an equity investment that is not held to sell. This
election is made on an investment-by-investment basis. Generally, any dividends from these investments are
recognized in Net financial expenses/(income) when the Company\u2019s right to receive payment is established.
Other net gains and losses are recognized in OCI and will not be reclassified to the Consolidated Income
Statement in subsequent periods. Impairment losses (and the reversal of impairment losses) on equity
investments measured at FVOCI are not reported separately from other changes in fair value in OCI.
Impairment of financial assets
The Company\u2019s credit risk differs in relation to the type of activity. In particular, receivables from financing
activities, such as dealer and retail financing that are carried out through the Company\u2019s financial services
companies, are exposed both to the direct risk of default and the deterioration of the creditworthiness of the
counterparty, whereas trade receivables arising from the sale of vehicles and spare parts, are mostly exposed to
the direct risk of counterparty default. These risks are mitigated by different kinds of security received and the
fact that collection exposure is spread across a large number of counterparties.
The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (\u201cECL\u201d) model. ECL is
a probability-weighted estimate of the present value of cash shortfalls.
The calculation of the amount of ECL is based on the risk of default by the counterparty, which is determined by
taking into account the information available at the end of each reporting period as to the counterparty\u2019s
solvency, the fair value of any guarantees and the Company\u2019s historical experience. The Company considers a
financial asset to be in default when: (i) the borrower is unlikely to pay its obligations in full and without
consideration of compensating guarantees or collateral (if any exist); or (ii) the financial asset is more than 90
days past due.
The Company applies two impairment models for financial assets as set out in IFRS 9: the simplified approach
and the general approach. The table below indicates the impairment model used for each of the Company\u2019s
financial asset categories. Impairment losses on financial assets are recognized in the Consolidated Income
Statement within the corresponding line items, based on the classification of the counterparty.
Financial asset
IFRS 9 impairment model
Trade receivables
Simplified approach
Receivables from financing activities
General approach
Other receivables
General approach
In order to test for impairment, individually significant receivables and receivables for which collectability is at
risk are assessed individually, while all other receivables are grouped into homogeneous risk categories based
on shared risk characteristics such as instrument type, industry or geographical location of the counterparty.
The simplified approach for determining the lifetime ECL allowance is performed in two steps:
\u2022 All trade receivables that are in default, as defined above, are individually assessed for impairment; and
\u2022 A general reserve is recognized for all other trade receivables (including those not past due) based on
historical loss rates.
The Company applies the general approach as determined by IFRS 9 by assessing at each reporting date
whether there has been a significant increase in credit risk on the financial instrument since initial recognition.
The Company considers receivables to have experienced a significant increase in credit risk when certain
quantitative or qualitative indicators have been met or the borrower was more than 30 days past due on its
contractual payments.
The \u201cthree-stages\u201d for determining and measuring the impairment based on changes in credit quality since initial
recognition are summarized below:
Stage
Description
Time period for
measurement of ECL
Stage 1
A financial instrument that is not credit-impaired on initial recognition
12-month ECL
Stage 2
A financial instrument with a significant increase in credit risk since initial recognition
Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
Lifetime ECL
Considering forward-looking economic information, ECL is determined by projecting the probability of default,
exposure at default and loss given default for each future contractual period and for each individual exposure or
collective portfolio. The discount rate used in the ECL calculation is the stated effective interest rate or an
approximation thereof. Each reporting period, the assumptions underlying the ECL calculation are reviewed and
updated as necessary. Since adoption, there have been no significant changes in estimation techniques or
significant assumptions that led to material changes in the ECL allowance.
The gross carrying amount of a financial asset is written-off to the extent that there is no realistic prospect of
recovery. This is generally the case when the Company determined that a debtor does not have assets or
sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.
However, financial assets that are written off could still be subject to enforcement activities.
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes in order to reduce currency, interest
rate and market price risks (primarily related to commodities). In accordance with IFRS 9, derivative financial
instruments are recognized when we become a party to the contractual provisions of the instrument and, upon
initial recognition, are measured at fair value. Subsequent to initial recognition, all derivative financial instruments
are measured at fair value. Furthermore, derivative financial instruments qualify for hedge accounting when (i)
there is formal designation and documentation of the hedging relationship and the Company\u2019s risk management
objective and strategy for undertaking the hedge at inception of the hedge and (ii) the hedge is expected to be
effective. If the hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge
ratio but the risk management objective for that designated hedging relationship remains the same, this ratio
must then be rebalanced. Rebalancing consists in adjusting either the designated quantities of the hedged item
or the hedging instrument of an already existing hedging relationship.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
\u2022 Fair value hedges - where a derivative financial instrument is designated as a hedge of the exposure to
changes in fair value of a recognized asset or liability attributable to a particular risk that could affect the
Consolidated Income Statement, the gain or loss from remeasuring the hedging instrument at fair value is
recognized in the Consolidated Income Statement. The gain or loss on the hedged item attributable to the
hedged risk adjusts the carrying amount of the hedged item and is recognized in the Consolidated Income
Statement.
\u2022 Cash flow hedges - where a derivative financial instrument is designated as a hedge of the exposure to
variability in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and
could affect the Consolidated Income Statement, the effective portion of any gain or loss on the derivative
financial instrument is recognized directly in Other comprehensive income/(loss). When the hedged forecasted
transaction results in the recognition of a non-financial asset, the gains and losses previously deferred in Other
comprehensive income/(loss) are reclassified and included in the initial measurement of the cost of the non-
financial asset. The effective portion of any gain or loss is recognized in the Consolidated Income Statement at
the same time as the economic effect arising from the hedged item that affects the Consolidated Income
Statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognized in the Consolidated Income Statement immediately.
When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to
occur, the cumulative gain or loss realized to the point of termination remains and is recognized in the
Consolidated Income Statement at the same time as the underlying transaction occurred. If the hedged
transaction is no longer probable, the cumulative unrealized gain or loss held in Other comprehensive income/
(loss) is recognized in the Consolidated Income Statement immediately.
\u2022 Hedges of a net investment - if a derivative financial instrument is designated as a hedging instrument for a
net investment in a foreign operation, the effective portion of the gain or loss on the derivative financial
instrument is recognized in Other comprehensive income/(loss). The cumulative gain or loss is reclassified
from Other comprehensive income/(loss) to the Consolidated Income Statement upon disposal of the foreign
operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure the hedge relationships meet the effectiveness requirements (including the
existence of an economic relationship between\u00a0the hedged item and hedging instrument). The Company enters
into hedge relationships where the critical terms of the hedging instrument match closely or exactly with the
terms of the hedged item, and so a qualitative assessment of effectiveness is performed. In the event there was
a hedge relationship where the critical terms of the hedged item do not match closely or perfectly with the
critical terms of the hedging instrument, the Company would perform a quantitative assessment to assess
effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential
sources of hedge ineffectiveness are mismatches in timing or the critical terms of the hedged item and the
hedging instrument.
The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The Company\u2019s
derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected to be
one for one.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative
financial instruments are recognized immediately in the Consolidated Income Statement.
Refer to Note 17, Derivative financial and operating assets and liabilities, for additional information on fair value
measurements.
Transfers of financial assets
The Company derecognizes financial assets when the contractual rights to the cash flows arising from the asset
are no longer held or if it transfers substantially all the risks and rewards of ownership of the financial asset. On
derecognition of financial assets, the difference between the carrying amount of the asset and the consideration
received or receivable for the transfer of the asset is recognized in the Consolidated Income Statement.
The Company transfers certain of its financial, trade and tax receivables, mainly through factoring transactions.
Factoring transactions may be either with recourse or without recourse. Certain transfers include deferred
payment clauses requiring first loss cover (for example, when the payment by the factor of a minor part of the
purchase price is dependent on the total amount collected from the receivables), whereby the transferor has
priority participation in the losses, or requires a significant exposure to the variability of cash flows arising from
the transferred receivables to be retained. These types of transactions do not meet the requirements of IFRS 9
for the derecognition of the assets since the risks and rewards connected with ownership of the financial asset
are not substantially transferred, and accordingly the Company continues to recognize these receivables within
the Consolidated Statement of Financial Position and recognizes a financial liability for the same amount under
Asset-backed financing, which is included within Debt. These types of receivables are classified as held-to-
collect, since the business model is consistent with the Company\u2019s continuing recognition of the receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-637": { "value": "
Financial assets and liabilities
Financial assets primarily includes trade receivables, receivables from financing activities, investments in other
companies, derivative financial instruments, cash and cash equivalents, and other financial securities that do not
satisfy the requirements for being classified as cash equivalents.
Financial liabilities primarily consists of debt, derivative financial instruments, trade payables and other liabilities.
Receivables from dealer financing activities are typically generated by shipments of vehicles and are generally
managed under dealer network financing programs as a component of the portfolio of the Company's financial
services companies. These receivables accrue interest, except in most cases during an initial, limited period
when they are non-interest bearing. This non-interest bearing period does not apply to U.S. receivables. The
contractual terms governing the relationships with the dealer networks vary according to market and payment
terms, which generally range from one to 21 months.
In addition, the Company generates receivables from financing activities related to installment sales contracts
and loans as a component of the portfolio of the Company\u2019s financial services companies, originated through its
automobile dealer relationships and directly with consumers. The Company primarily used warehouse credit
facilities with financial institutions and asset-backed facilities to fund its origination activities. When sufficient
volume is originated, the Company will complete an on-balance sheet securitization and issue term notes,
thereby freeing up capacity in the warehouse credit facilities.
In our securitizations, we transfer receivables from financing activities to securitization trusts (\u201cTrusts\u201d), which
issue one or more classes of asset-backed securities. These asset-backed securities are then sold to investors.
These Trusts are included in our consolidated financial statements, but they are separate legal entities. The
assets held by these Trusts are legally owned by the Trusts and are not available to the Company\u2019s creditors or
creditors of our other Trusts. When the securitized assets are transferred to a Trust, we make certain
representations and warranties regarding the securitized assets. These representations and warranties relate to
specific aspects of the securitized assets, such as origination, obligors, accuracy, and security interest, but not
the underlying performance of the securitized asset. If a breach were to occur related to one or more of these
representations that materially affects the noteholders\u2019 interest, we would be obligated to repurchase the
securitized assets.
The transfers of assets in the Company\u2019s securitization transactions do not qualify for derecognition. The
Company accounts for all securitization transactions as if they were secured financing and therefore the assets,
liabilities, and related activity of these transactions are consolidated in the Company\u2019s financial statements. As
the securitized receivables amortize, finance charge collections are passed through to the investors at a
specified rate for the life of the securitization and an interest in collections exceeding the specified rate is
retained by the Company. The majority of these securitization transactions are within Stellantis Financial Services
US Corp (\u201cSFS U.S.\u201d).
The Company classifies financial liabilities that arise from supplier finance arrangements within Trade payables
in the Consolidated Statement of Financial Position if they have a similar nature and function to trade payables.
This is the case if the supplier finance arrangement is part of the working capital used in the Company\u2019s normal
operating cycle and the terms of the liabilities that are part of the supply chain finance arrangement are not
substantially different from the terms of trade payables that are not part of the arrangement. Cash flows related
to liabilities arising from supplier finance arrangements that are classified in Trade payables in the Consolidated
Statement of Financial Position are included in operating activities in the Consolidated Statement of Cash Flows.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-636": { "value": "
Financial assets and liabilities
Investments in other companies are measured at fair value. Equity investments for which there is no quoted
market price in an active market and there is insufficient financial information in order to determine fair value may
be measured at cost as an estimate of fair value, as permitted by IFRS 9 - Financial Instruments (\u201cIFRS 9\u201d). The
Company may irrevocably elect to present subsequent changes in the investment\u2019s fair value in Other
comprehensive income (\u201cOCI\u201d) upon the initial recognition of an equity investment that is not held to sell. This
election is made on an investment-by-investment basis. Generally, any dividends from these investments are
recognized in Net financial expenses/(income) when the Company\u2019s right to receive payment is established.
Other net gains and losses are recognized in OCI and will not be reclassified to the Consolidated Income
Statement in subsequent periods. Impairment losses (and the reversal of impairment losses) on equity
investments measured at FVOCI are not reported separately from other changes in fair value in OCI.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-635": { "value": "
Financial assets and liabilities
Classification and measurement
The classification of a financial asset is dependent on the Company\u2019s business model for managing such financial
assets and their contractual cash flows. The Company considers whether the contractual cash flows represent
solely payments of principal and interest that are consistent with a basic lending arrangement. Where the
contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement,
the related financial assets are classified and measured at fair value through profit or loss (\u201cFVPL\u201d).
Financial asset cash flow business model
Initial measurement(1)
Measurement category (3)
Solely to collect the contractual cash flows
(Held to Collect)
Fair Value including transaction costs
Amortized Cost(2)
Collect both the contractual cash flows and
generate cash flows arising from the sale of
assets (Held to Collect and Sell)
Fair Value including transaction costs
Fair value through other
comprehensive income (\u201cFVOCI\u201d)
Generate cash flows primarily from the sale of
assets (Held to Sell)
Fair Value
FVPL
(1) Trade receivables without a significant financing component, as defined by IFRS 15 - Revenue from contracts with customers, are
initially measured at the transaction price
(2) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates are
discounted using market rates
(3) On initial recognition, the Company could irrevocably designate a financial asset at FVPL that otherwise met the requirements to be
measured at amortized cost or at FVOCI if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise
Factors considered by the Company in determining the business model for a group of financial assets include:
\u2022 past experience on how the cash flows for these assets were collected;
\u2022 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and
future sales activity expectations;
\u2022 how the asset\u2019s performance is evaluated and reported to key management personnel; and
\u2022 how risks are assessed and managed and how management is compensated.
Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its
business model for managing financial assets, in which case all affected financial assets are reclassified on the
first day of the first reporting period following the change in the business model.
Cash and cash equivalents include cash at banks, units in money market funds and other money market
securities, commercial paper and certificate of deposits that are readily convertible into cash, with original
maturities of three months or less at the date of purchase. Cash and cash equivalents are subject to an
insignificant risk of changes in value and consist of balances across various primary national and international
banks and of money market instruments. Money market funds consist of investments in high quality, short-term,
diversified financial instruments that can generally be liquidated on demand and are measured at FVPL. Cash at
banks and Other cash equivalents are measured at amortized cost.
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes in order to reduce currency, interest
rate and market price risks (primarily related to commodities). In accordance with IFRS 9, derivative financial
instruments are recognized when we become a party to the contractual provisions of the instrument and, upon
initial recognition, are measured at fair value. Subsequent to initial recognition, all derivative financial instruments
are measured at fair value. Furthermore, derivative financial instruments qualify for hedge accounting when (i)
there is formal designation and documentation of the hedging relationship and the Company\u2019s risk management
objective and strategy for undertaking the hedge at inception of the hedge and (ii) the hedge is expected to be
effective. If the hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge
ratio but the risk management objective for that designated hedging relationship remains the same, this ratio
must then be rebalanced. Rebalancing consists in adjusting either the designated quantities of the hedged item
or the hedging instrument of an already existing hedging relationship.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
\u2022 Fair value hedges - where a derivative financial instrument is designated as a hedge of the exposure to
changes in fair value of a recognized asset or liability attributable to a particular risk that could affect the
Consolidated Income Statement, the gain or loss from remeasuring the hedging instrument at fair value is
recognized in the Consolidated Income Statement. The gain or loss on the hedged item attributable to the
hedged risk adjusts the carrying amount of the hedged item and is recognized in the Consolidated Income
Statement.
\u2022 Cash flow hedges - where a derivative financial instrument is designated as a hedge of the exposure to
variability in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and
could affect the Consolidated Income Statement, the effective portion of any gain or loss on the derivative
financial instrument is recognized directly in Other comprehensive income/(loss). When the hedged forecasted
transaction results in the recognition of a non-financial asset, the gains and losses previously deferred in Other
comprehensive income/(loss) are reclassified and included in the initial measurement of the cost of the non-
financial asset. The effective portion of any gain or loss is recognized in the Consolidated Income Statement at
the same time as the economic effect arising from the hedged item that affects the Consolidated Income
Statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognized in the Consolidated Income Statement immediately.
When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to
occur, the cumulative gain or loss realized to the point of termination remains and is recognized in the
Consolidated Income Statement at the same time as the underlying transaction occurred. If the hedged
transaction is no longer probable, the cumulative unrealized gain or loss held in Other comprehensive income/
(loss) is recognized in the Consolidated Income Statement immediately.
\u2022 Hedges of a net investment - if a derivative financial instrument is designated as a hedging instrument for a
net investment in a foreign operation, the effective portion of the gain or loss on the derivative financial
instrument is recognized in Other comprehensive income/(loss). The cumulative gain or loss is reclassified
from Other comprehensive income/(loss) to the Consolidated Income Statement upon disposal of the foreign
operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure the hedge relationships meet the effectiveness requirements (including the
existence of an economic relationship between\u00a0the hedged item and hedging instrument). The Company enters
into hedge relationships where the critical terms of the hedging instrument match closely or exactly with the
terms of the hedged item, and so a qualitative assessment of effectiveness is performed. In the event there was
a hedge relationship where the critical terms of the hedged item do not match closely or perfectly with the
critical terms of the hedging instrument, the Company would perform a quantitative assessment to assess
effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential
sources of hedge ineffectiveness are mismatches in timing or the critical terms of the hedged item and the
hedging instrument.
The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The Company\u2019s
derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected to be
one for one.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative
financial instruments are recognized immediately in the Consolidated Income Statement.
Refer to Note 17, Derivative financial and operating assets and liabilities, for additional information on fair value
measurements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-634": { "value": "
Financial assets and liabilities
Cash and cash equivalents include cash at banks, units in money market funds and other money market
securities, commercial paper and certificate of deposits that are readily convertible into cash, with original
maturities of three months or less at the date of purchase. Cash and cash equivalents are subject to an
insignificant risk of changes in value and consist of balances across various primary national and international
banks and of money market instruments. Money market funds consist of investments in high quality, short-term,
diversified financial instruments that can generally be liquidated on demand and are measured at FVPL. Cash at
banks and Other cash equivalents are measured at amortized cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-640": { "value": "
Impairment of financial assets
The Company\u2019s credit risk differs in relation to the type of activity. In particular, receivables from financing
activities, such as dealer and retail financing that are carried out through the Company\u2019s financial services
companies, are exposed both to the direct risk of default and the deterioration of the creditworthiness of the
counterparty, whereas trade receivables arising from the sale of vehicles and spare parts, are mostly exposed to
the direct risk of counterparty default. These risks are mitigated by different kinds of security received and the
fact that collection exposure is spread across a large number of counterparties.
The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (\u201cECL\u201d) model. ECL is
a probability-weighted estimate of the present value of cash shortfalls.
The calculation of the amount of ECL is based on the risk of default by the counterparty, which is determined by
taking into account the information available at the end of each reporting period as to the counterparty\u2019s
solvency, the fair value of any guarantees and the Company\u2019s historical experience. The Company considers a
financial asset to be in default when: (i) the borrower is unlikely to pay its obligations in full and without
consideration of compensating guarantees or collateral (if any exist); or (ii) the financial asset is more than 90
days past due.
The Company applies two impairment models for financial assets as set out in IFRS 9: the simplified approach
and the general approach. The table below indicates the impairment model used for each of the Company\u2019s
financial asset categories. Impairment losses on financial assets are recognized in the Consolidated Income
Statement within the corresponding line items, based on the classification of the counterparty.
Financial asset
IFRS 9 impairment model
Trade receivables
Simplified approach
Receivables from financing activities
General approach
Other receivables
General approach
In order to test for impairment, individually significant receivables and receivables for which collectability is at
risk are assessed individually, while all other receivables are grouped into homogeneous risk categories based
on shared risk characteristics such as instrument type, industry or geographical location of the counterparty.
The simplified approach for determining the lifetime ECL allowance is performed in two steps:
\u2022 All trade receivables that are in default, as defined above, are individually assessed for impairment; and
\u2022 A general reserve is recognized for all other trade receivables (including those not past due) based on
historical loss rates.
The Company applies the general approach as determined by IFRS 9 by assessing at each reporting date
whether there has been a significant increase in credit risk on the financial instrument since initial recognition.
The Company considers receivables to have experienced a significant increase in credit risk when certain
quantitative or qualitative indicators have been met or the borrower was more than 30 days past due on its
contractual payments.
The \u201cthree-stages\u201d for determining and measuring the impairment based on changes in credit quality since initial
recognition are summarized below:
Stage
Description
Time period for
measurement of ECL
Stage 1
A financial instrument that is not credit-impaired on initial recognition
12-month ECL
Stage 2
A financial instrument with a significant increase in credit risk since initial recognition
Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
Lifetime ECL
Considering forward-looking economic information, ECL is determined by projecting the probability of default,
exposure at default and loss given default for each future contractual period and for each individual exposure or
collective portfolio. The discount rate used in the ECL calculation is the stated effective interest rate or an
approximation thereof. Each reporting period, the assumptions underlying the ECL calculation are reviewed and
updated as necessary. Since adoption, there have been no significant changes in estimation techniques or
significant assumptions that led to material changes in the ECL allowance.
The gross carrying amount of a financial asset is written-off to the extent that there is no realistic prospect of
recovery. This is generally the case when the Company determined that a debtor does not have assets or
sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.
However, financial assets that are written off could still be subject to enforcement activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-643": { "value": "
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes in order to reduce currency, interest
rate and market price risks (primarily related to commodities). In accordance with IFRS 9, derivative financial
instruments are recognized when we become a party to the contractual provisions of the instrument and, upon
initial recognition, are measured at fair value. Subsequent to initial recognition, all derivative financial instruments
are measured at fair value. Furthermore, derivative financial instruments qualify for hedge accounting when (i)
there is formal designation and documentation of the hedging relationship and the Company\u2019s risk management
objective and strategy for undertaking the hedge at inception of the hedge and (ii) the hedge is expected to be
effective. If the hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge
ratio but the risk management objective for that designated hedging relationship remains the same, this ratio
must then be rebalanced. Rebalancing consists in adjusting either the designated quantities of the hedged item
or the hedging instrument of an already existing hedging relationship.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
\u2022 Fair value hedges - where a derivative financial instrument is designated as a hedge of the exposure to
changes in fair value of a recognized asset or liability attributable to a particular risk that could affect the
Consolidated Income Statement, the gain or loss from remeasuring the hedging instrument at fair value is
recognized in the Consolidated Income Statement. The gain or loss on the hedged item attributable to the
hedged risk adjusts the carrying amount of the hedged item and is recognized in the Consolidated Income
Statement.
\u2022 Cash flow hedges - where a derivative financial instrument is designated as a hedge of the exposure to
variability in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and
could affect the Consolidated Income Statement, the effective portion of any gain or loss on the derivative
financial instrument is recognized directly in Other comprehensive income/(loss). When the hedged forecasted
transaction results in the recognition of a non-financial asset, the gains and losses previously deferred in Other
comprehensive income/(loss) are reclassified and included in the initial measurement of the cost of the non-
financial asset. The effective portion of any gain or loss is recognized in the Consolidated Income Statement at
the same time as the economic effect arising from the hedged item that affects the Consolidated Income
Statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognized in the Consolidated Income Statement immediately.
When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to
occur, the cumulative gain or loss realized to the point of termination remains and is recognized in the
Consolidated Income Statement at the same time as the underlying transaction occurred. If the hedged
transaction is no longer probable, the cumulative unrealized gain or loss held in Other comprehensive income/
(loss) is recognized in the Consolidated Income Statement immediately.
\u2022 Hedges of a net investment - if a derivative financial instrument is designated as a hedging instrument for a
net investment in a foreign operation, the effective portion of the gain or loss on the derivative financial
instrument is recognized in Other comprehensive income/(loss). The cumulative gain or loss is reclassified
from Other comprehensive income/(loss) to the Consolidated Income Statement upon disposal of the foreign
operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure the hedge relationships meet the effectiveness requirements (including the
existence of an economic relationship between\u00a0the hedged item and hedging instrument). The Company enters
into hedge relationships where the critical terms of the hedging instrument match closely or exactly with the
terms of the hedged item, and so a qualitative assessment of effectiveness is performed. In the event there was
a hedge relationship where the critical terms of the hedged item do not match closely or perfectly with the
critical terms of the hedging instrument, the Company would perform a quantitative assessment to assess
effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential
sources of hedge ineffectiveness are mismatches in timing or the critical terms of the hedged item and the
hedging instrument.
The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The Company\u2019s
derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected to be
one for one.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative
financial instruments are recognized immediately in the Consolidated Income Statement.
Refer to Note 17, Derivative financial and operating assets and liabilities, for additional information on fair value
measurements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-642": { "value": "
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes in order to reduce currency, interest
rate and market price risks (primarily related to commodities). In accordance with IFRS 9, derivative financial
instruments are recognized when we become a party to the contractual provisions of the instrument and, upon
initial recognition, are measured at fair value. Subsequent to initial recognition, all derivative financial instruments
are measured at fair value. Furthermore, derivative financial instruments qualify for hedge accounting when (i)
there is formal designation and documentation of the hedging relationship and the Company\u2019s risk management
objective and strategy for undertaking the hedge at inception of the hedge and (ii) the hedge is expected to be
effective. If the hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge
ratio but the risk management objective for that designated hedging relationship remains the same, this ratio
must then be rebalanced. Rebalancing consists in adjusting either the designated quantities of the hedged item
or the hedging instrument of an already existing hedging relationship.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
\u2022 Fair value hedges - where a derivative financial instrument is designated as a hedge of the exposure to
changes in fair value of a recognized asset or liability attributable to a particular risk that could affect the
Consolidated Income Statement, the gain or loss from remeasuring the hedging instrument at fair value is
recognized in the Consolidated Income Statement. The gain or loss on the hedged item attributable to the
hedged risk adjusts the carrying amount of the hedged item and is recognized in the Consolidated Income
Statement.
\u2022 Cash flow hedges - where a derivative financial instrument is designated as a hedge of the exposure to
variability in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and
could affect the Consolidated Income Statement, the effective portion of any gain or loss on the derivative
financial instrument is recognized directly in Other comprehensive income/(loss). When the hedged forecasted
transaction results in the recognition of a non-financial asset, the gains and losses previously deferred in Other
comprehensive income/(loss) are reclassified and included in the initial measurement of the cost of the non-
financial asset. The effective portion of any gain or loss is recognized in the Consolidated Income Statement at
the same time as the economic effect arising from the hedged item that affects the Consolidated Income
Statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognized in the Consolidated Income Statement immediately.
When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to
occur, the cumulative gain or loss realized to the point of termination remains and is recognized in the
Consolidated Income Statement at the same time as the underlying transaction occurred. If the hedged
transaction is no longer probable, the cumulative unrealized gain or loss held in Other comprehensive income/
(loss) is recognized in the Consolidated Income Statement immediately.
\u2022 Hedges of a net investment - if a derivative financial instrument is designated as a hedging instrument for a
net investment in a foreign operation, the effective portion of the gain or loss on the derivative financial
instrument is recognized in Other comprehensive income/(loss). The cumulative gain or loss is reclassified
from Other comprehensive income/(loss) to the Consolidated Income Statement upon disposal of the foreign
operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure the hedge relationships meet the effectiveness requirements (including the
existence of an economic relationship between\u00a0the hedged item and hedging instrument). The Company enters
into hedge relationships where the critical terms of the hedging instrument match closely or exactly with the
terms of the hedged item, and so a qualitative assessment of effectiveness is performed. In the event there was
a hedge relationship where the critical terms of the hedged item do not match closely or perfectly with the
critical terms of the hedging instrument, the Company would perform a quantitative assessment to assess
effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential
sources of hedge ineffectiveness are mismatches in timing or the critical terms of the hedged item and the
hedging instrument.
The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The Company\u2019s
derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected to be
one for one.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative
financial instruments are recognized immediately in the Consolidated Income Statement.
Refer to Note 17, Derivative financial and operating assets and liabilities, for additional information on fair value
measurements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-641": { "value": "
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes in order to reduce currency, interest
rate and market price risks (primarily related to commodities). In accordance with IFRS 9, derivative financial
instruments are recognized when we become a party to the contractual provisions of the instrument and, upon
initial recognition, are measured at fair value. Subsequent to initial recognition, all derivative financial instruments
are measured at fair value. Furthermore, derivative financial instruments qualify for hedge accounting when (i)
there is formal designation and documentation of the hedging relationship and the Company\u2019s risk management
objective and strategy for undertaking the hedge at inception of the hedge and (ii) the hedge is expected to be
effective. If the hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge
ratio but the risk management objective for that designated hedging relationship remains the same, this ratio
must then be rebalanced. Rebalancing consists in adjusting either the designated quantities of the hedged item
or the hedging instrument of an already existing hedging relationship.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
\u2022 Fair value hedges - where a derivative financial instrument is designated as a hedge of the exposure to
changes in fair value of a recognized asset or liability attributable to a particular risk that could affect the
Consolidated Income Statement, the gain or loss from remeasuring the hedging instrument at fair value is
recognized in the Consolidated Income Statement. The gain or loss on the hedged item attributable to the
hedged risk adjusts the carrying amount of the hedged item and is recognized in the Consolidated Income
Statement.
\u2022 Cash flow hedges - where a derivative financial instrument is designated as a hedge of the exposure to
variability in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and
could affect the Consolidated Income Statement, the effective portion of any gain or loss on the derivative
financial instrument is recognized directly in Other comprehensive income/(loss). When the hedged forecasted
transaction results in the recognition of a non-financial asset, the gains and losses previously deferred in Other
comprehensive income/(loss) are reclassified and included in the initial measurement of the cost of the non-
financial asset. The effective portion of any gain or loss is recognized in the Consolidated Income Statement at
the same time as the economic effect arising from the hedged item that affects the Consolidated Income
Statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognized in the Consolidated Income Statement immediately.
When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to
occur, the cumulative gain or loss realized to the point of termination remains and is recognized in the
Consolidated Income Statement at the same time as the underlying transaction occurred. If the hedged
transaction is no longer probable, the cumulative unrealized gain or loss held in Other comprehensive income/
(loss) is recognized in the Consolidated Income Statement immediately.
\u2022 Hedges of a net investment - if a derivative financial instrument is designated as a hedging instrument for a
net investment in a foreign operation, the effective portion of the gain or loss on the derivative financial
instrument is recognized in Other comprehensive income/(loss). The cumulative gain or loss is reclassified
from Other comprehensive income/(loss) to the Consolidated Income Statement upon disposal of the foreign
operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure the hedge relationships meet the effectiveness requirements (including the
existence of an economic relationship between\u00a0the hedged item and hedging instrument). The Company enters
into hedge relationships where the critical terms of the hedging instrument match closely or exactly with the
terms of the hedged item, and so a qualitative assessment of effectiveness is performed. In the event there was
a hedge relationship where the critical terms of the hedged item do not match closely or perfectly with the
critical terms of the hedging instrument, the Company would perform a quantitative assessment to assess
effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential
sources of hedge ineffectiveness are mismatches in timing or the critical terms of the hedged item and the
hedging instrument.
The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The Company\u2019s
derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected to be
one for one.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative
financial instruments are recognized immediately in the Consolidated Income Statement.
Refer to Note 17, Derivative financial and operating assets and liabilities, for additional information on fair value
measurements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-644": { "value": "
Transfers of financial assets
The Company derecognizes financial assets when the contractual rights to the cash flows arising from the asset
are no longer held or if it transfers substantially all the risks and rewards of ownership of the financial asset. On
derecognition of financial assets, the difference between the carrying amount of the asset and the consideration
received or receivable for the transfer of the asset is recognized in the Consolidated Income Statement.
The Company transfers certain of its financial, trade and tax receivables, mainly through factoring transactions.
Factoring transactions may be either with recourse or without recourse. Certain transfers include deferred
payment clauses requiring first loss cover (for example, when the payment by the factor of a minor part of the
purchase price is dependent on the total amount collected from the receivables), whereby the transferor has
priority participation in the losses, or requires a significant exposure to the variability of cash flows arising from
the transferred receivables to be retained. These types of transactions do not meet the requirements of IFRS 9
for the derecognition of the assets since the risks and rewards connected with ownership of the financial asset
are not substantially transferred, and accordingly the Company continues to recognize these receivables within
the Consolidated Statement of Financial Position and recognizes a financial liability for the same amount under
Asset-backed financing, which is included within Debt. These types of receivables are classified as held-to-
collect, since the business model is consistent with the Company\u2019s continuing recognition of the receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-645": { "value": "
Inventories
Raw materials, semi-finished products and finished goods inventories are stated at the lower of cost and net
realizable value, with cost being determined on a first-in, first-out basis. The measurement of Inventories
includes the direct cost of materials and labor as well as indirect costs (variable and fixed). A provision is made
for obsolete and slow-moving raw materials, finished goods, spare parts and other supplies based on their
expected future use and realizable value. Net realizable value is the estimated selling price in the ordinary
course of business, less the estimated costs of completion and the estimated costs for sale and distribution.
The measurement of production systems construction contracts is based on the stage of completion, which is
determined as the proportion of cost incurred at the balance sheet date over the estimated total contract cost.
These items are presented net of progress billings received from customers. Any losses on such contracts are
recorded in the Consolidated Income Statement in the period in which they are identified.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-646": { "value": "
Employee benefits
Defined contribution plans
Costs arising from defined contribution plans are expensed as incurred.
Defined benefit plans
The Company\u2019s net obligations are determined separately for each defined benefit plan by estimating the
present value of future benefits that employees have earned and deducting the fair value of any plan assets. The
present value of defined benefit obligations is measured using actuarial techniques and actuarial assumptions
that are unbiased, mutually compatible and attribute benefits to periods in which the obligation to provide post-
employment benefits arise by using the Projected Unit Credit Method. Plan assets are recognized and measured
at fair value.
The components of defined benefit cost are recognized as follows:
\u2022 Service cost is recognized in the Consolidated Income Statement by function and is presented within the
relevant line items (Cost of revenues, Selling, general and other costs, and Research and development costs);
\u2022 Net interest expense on the defined benefit liability/(asset) is recognized in the Consolidated Income
Statement within Net financial expenses and is determined by multiplying the net liability/(asset) by the
discount rate used to discount obligations taking into account the effect of contributions and benefit payments
made during the year; and
\u2022 Remeasurement components of the net obligation, which comprise actuarial gains and losses, the return on
plan assets (excluding interest income recognized in the Consolidated Income Statement) and any change in
the effect of the asset ceiling are recognized immediately in Other comprehensive income/(loss). These
remeasurement components are not reclassified to the Consolidated Income Statement in a subsequent
period.
Past service costs arising from plan amendments and curtailments and gains and losses on the settlement of a
plan are recognized immediately in the Consolidated Income Statement.
Other long-term employee benefits
The Company\u2019s obligations represent the present value of future benefits that employees have earned in return
for their service. The effects of remeasuring other long-term employee benefits to the present value of future
benefits are recognized within the Consolidated Income Statement in the period in which they arise.
Share-based compensation
The Company has several compensation plans that provide for the granting of share-based compensation to
certain employees and directors. Share-based compensation plans are accounted for in accordance with IFRS 2
-Share-based Payment, which requires the recognition of share-based compensation expense based on fair
value.
For equity-settled transactions, the cost is determined by the fair value at the date when the grant is determined
with reference to the grant-date share price and, where applicable, using a Monte Carlo simulation model. Refer
to Note 19, Share-based compensation, for additional information.
Share-based compensation expense is recognized within Selling, general and other costs within the
Consolidated Income Statement, together with a corresponding increase in equity, over the period in which the
service and, where applicable, the performance conditions are fulfilled (\u201cvesting period\u201d). The cumulative
expense is recognized for equity-settled transactions at each reporting date using the graded vesting method
and reflects the Company\u2019s best estimate of the number of equity instruments that will ultimately vest. The
expense, or credit, in the Consolidated Income Statement for a period represents the movement in cumulative
expense recognized as at the beginning and end of that period.
Service and non-market performance conditions are not taken into account when determining the grant date fair
value of awards, but the likelihood of the conditions being met is assessed as part of the Company\u2019s best
estimate of the number of equity instruments that will ultimately vest. Market performance conditions are
reflected within the grant date fair value. Any other conditions attached to an award, but without an associated
service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair
value of an award and lead to an immediate expensing of an award unless there were also service and/or
performance conditions.
No expense is recognized for awards that do not ultimately vest because non-market performance and/or
service conditions have not been met. Where awards included a market or non-vesting condition, the
transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied,
provided that all other performance and/or service conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair
value of the unmodified award, provided the original vesting terms of the award are met. Any incremental
expense between the original grant and the modified grant, measured at the date of modification, is recognized
over the modified vesting terms. Where an award is cancelled by the entity or by the counterparty, any
unrecognized element of the fair value of the award is expensed immediately through the Consolidated Income
Statement.
For cash-settled transactions, a liability is recognized for the fair value measured initially and at each reporting
date up to and including the settlement date. The fair value is expensed over the period until the vesting date,
with recognition of a corresponding liability. The approach used to account for vesting conditions when
measuring equity-settled transactions also applies to cash-settled transactions.
Employee Benefits
The Company provides post-employment benefits for certain of its active employees and retirees, which vary
according to the legal, fiscal and economic conditions of each country in which the Company operates and may
change periodically. The plans are classified by the Company on the basis of the type of benefit provided as
follows: pension benefits, health care and life insurance plans and other post-employment benefits.
The Company provides certain post-employment benefits, such as pension or health care benefits, to their
employees under defined contribution plans whereby the Company pays contributions to public or private plans
on a legally mandatory, contractual, or voluntary basis. The Company recognizes the cost for defined
contribution plans as incurred and classifies this by function within Cost of revenues, Selling, general and other
costs, and Research and development costs in the Consolidated Income Statement.
Pension plans
The Company sponsors defined benefit pension plans primarily in the U.S., Canada, the UK and Germany, the
majority of which were funded. In the U.S. and Canada, pension plans cover certain hourly and salaried
employees which provide benefits based on a fixed rate for each year of service. Additionally in the U.S. and
Canada, benefits are provided to certain salaried employees which provide benefits based on a fixed rate base
and final average salary.\u202fPlans in the UK provide benefits based on final pensionable salary. The main plan in
Germany provides benefits based on contributions multiplied with predefined age factor.
The Company\u2019s defined benefit pension plans are accounted for on an actuarial basis, which requires the use of
estimates and assumptions to determine the net liability or net asset. The Company estimates the present value
of the projected future payments to all participants by taking into consideration parameters of a financial nature
such as discount rates, the rate of salary increases and the likelihood of potential future events estimated by
using demographic assumptions, which may have an effect on the amount and timing of future payments, such
as mortality, dismissal and retirement rates, which are developed to reflect actual and projected plan
experience. Mortality rates are developed using Stellantis plan-specific populations where appropriate as well as
recent mortality information published by recognized experts in this field such as the U.S. Society of Actuaries
and the Canadian Institute of Actuaries and other data where appropriate to reflect actual and projected plan
experience. Comparable country specific sources and methods are used for all other countries. The expected
amount and timing of contributions are based on an assessment of minimum funding requirements. From time to
time, contributions are made beyond those that are legally required.
When the net pension obligation is a potential asset, the recognized amount is limited to the present value of any
economic benefits available in the form of future refunds or reductions in future contributions to the plan (asset
ceiling). The economic benefit available to us from a reduction in future contributions is equal to the difference
between the present value of the employer current service cost, including expenses and the present value of the
projected employer minimum funding current service requirements.
Plan obligations and costs are based on existing retirement plan provisions. Assumptions regarding any
potential future changes to benefit provisions beyond those to which the Company is presently committed are
not made. Significant differences in actual experience or significant changes in the following key assumption
may affect the pension obligations and pension expense:
\u2022 Discount rates. The Company\u2019s discount rates are based on yields of high-quality (AA-rated) fixed income
investments for which the timing, currency and amounts of maturities match the timing and amounts of the
projected benefit payments.
The effects of actual results differing from assumptions and of amended assumptions are included in Other
comprehensive income/(loss). The weighted average discount rates used to determine the defined benefit
obligation for the defined benefit plans were 5.21 percent and 5.25 percent at December\u00a031, 2025 and 2024,
respectively.
At December\u00a031, 2025, the effect on the defined benefit obligation of a decrease or increase in the discount
rate, holding all other assumptions constant, is as follows:
(\u20ac million)
Effect on pension
benefit obligation
increase/(decrease)
in Net liability
Germany and
France
UK
U.S. and
Canada
Other
25 basis point decrease in discount rate
511
90
42
373
6
25 basis point increase in discount rate
(489)
(85)
(40)
(358)
(6)
Refer to Note 20, Employee benefits liabilities, for additional information on the Company\u2019s pension plans.
Other post-employment benefits
The Company provides health care, legal, severance, indemnity life insurance benefits and other post-retirement
benefits to certain hourly and salaried employees. Upon retirement, these employees may become eligible for a
continuation of certain benefits. Benefits and eligibility rules may be modified periodically.
These other post-employment benefits (\u201cOPEB\u201d) are accounted for on an actuarial basis, which requires the
selection of various assumptions. The estimation of the Company\u2019s obligations, costs and liabilities associated
with OPEB requires the use of estimates of the present value of the projected future payments to all participants,
taking into consideration the likelihood of potential future events estimated by using demographic assumptions,
which may have an effect on the amount and timing of future payments, such as mortality, dismissal and
retirement rates, which are developed to reflect actual and projected plan experience, as well as legal
requirements for retirement in respective countries. Mortality rates are developed using plan-specific
populations, recent mortality information published by recognized experts in this field and other data where
appropriate to reflect actual and projected plan experience.
Plan obligations and costs are based on existing plan provisions. Assumptions regarding any potential future
changes to benefit provisions beyond those to which the Company are presently committed are not made.
Significant differences in actual experience or significant changes in the following key assumptions may affect
the OPEB obligation and expense:
\u2022 Discount rates. Stellantis\u2019 discount rates are based on yields of high-quality (AA-rated) fixed income
investments for which the timing, currency and amounts of maturities matched the timing and amounts of the
projected benefit payments.
\u2022 Health care cost trends. The Company\u2019s health care cost trend assumptions are developed based on
historical cost data, the near-term outlook and an assessment of likely long-term trends.
At December\u00a031, 2025, the effect of a decrease or increase in the key assumptions affecting the health care and
life insurance plans, holding all other assumptions constant, is shown below:
(\u20ac million)
Effect\u00a0on\u00a0health care, life insurance
and OPEB obligation
25 basis point decrease in discount rate
59
25 basis point increase in discount rate
(57)
100 basis point decrease in health care cost trend rate
(13)
100 basis point increase in health care cost trend rate
15
Refer to Note 20, Employee benefits liabilities, for additional information on the Company\u2019s OPEB liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-647": { "value": "
Defined benefit plans
The Company\u2019s net obligations are determined separately for each defined benefit plan by estimating the
present value of future benefits that employees have earned and deducting the fair value of any plan assets. The
present value of defined benefit obligations is measured using actuarial techniques and actuarial assumptions
that are unbiased, mutually compatible and attribute benefits to periods in which the obligation to provide post-
employment benefits arise by using the Projected Unit Credit Method. Plan assets are recognized and measured
at fair value.
The components of defined benefit cost are recognized as follows:
\u2022 Service cost is recognized in the Consolidated Income Statement by function and is presented within the
relevant line items (Cost of revenues, Selling, general and other costs, and Research and development costs);
\u2022 Net interest expense on the defined benefit liability/(asset) is recognized in the Consolidated Income
Statement within Net financial expenses and is determined by multiplying the net liability/(asset) by the
discount rate used to discount obligations taking into account the effect of contributions and benefit payments
made during the year; and
\u2022 Remeasurement components of the net obligation, which comprise actuarial gains and losses, the return on
plan assets (excluding interest income recognized in the Consolidated Income Statement) and any change in
the effect of the asset ceiling are recognized immediately in Other comprehensive income/(loss). These
remeasurement components are not reclassified to the Consolidated Income Statement in a subsequent
period.
Past service costs arising from plan amendments and curtailments and gains and losses on the settlement of a
plan are recognized immediately in the Consolidated Income Statement.
Employee Benefits
The Company provides post-employment benefits for certain of its active employees and retirees, which vary
according to the legal, fiscal and economic conditions of each country in which the Company operates and may
change periodically. The plans are classified by the Company on the basis of the type of benefit provided as
follows: pension benefits, health care and life insurance plans and other post-employment benefits.
The Company provides certain post-employment benefits, such as pension or health care benefits, to their
employees under defined contribution plans whereby the Company pays contributions to public or private plans
on a legally mandatory, contractual, or voluntary basis. The Company recognizes the cost for defined
contribution plans as incurred and classifies this by function within Cost of revenues, Selling, general and other
costs, and Research and development costs in the Consolidated Income Statement.
Pension plans
The Company sponsors defined benefit pension plans primarily in the U.S., Canada, the UK and Germany, the
majority of which were funded. In the U.S. and Canada, pension plans cover certain hourly and salaried
employees which provide benefits based on a fixed rate for each year of service. Additionally in the U.S. and
Canada, benefits are provided to certain salaried employees which provide benefits based on a fixed rate base
and final average salary.\u202fPlans in the UK provide benefits based on final pensionable salary. The main plan in
Germany provides benefits based on contributions multiplied with predefined age factor.
The Company\u2019s defined benefit pension plans are accounted for on an actuarial basis, which requires the use of
estimates and assumptions to determine the net liability or net asset. The Company estimates the present value
of the projected future payments to all participants by taking into consideration parameters of a financial nature
such as discount rates, the rate of salary increases and the likelihood of potential future events estimated by
using demographic assumptions, which may have an effect on the amount and timing of future payments, such
as mortality, dismissal and retirement rates, which are developed to reflect actual and projected plan
experience. Mortality rates are developed using Stellantis plan-specific populations where appropriate as well as
recent mortality information published by recognized experts in this field such as the U.S. Society of Actuaries
and the Canadian Institute of Actuaries and other data where appropriate to reflect actual and projected plan
experience. Comparable country specific sources and methods are used for all other countries. The expected
amount and timing of contributions are based on an assessment of minimum funding requirements. From time to
time, contributions are made beyond those that are legally required.
When the net pension obligation is a potential asset, the recognized amount is limited to the present value of any
economic benefits available in the form of future refunds or reductions in future contributions to the plan (asset
ceiling). The economic benefit available to us from a reduction in future contributions is equal to the difference
between the present value of the employer current service cost, including expenses and the present value of the
projected employer minimum funding current service requirements.
Plan obligations and costs are based on existing retirement plan provisions. Assumptions regarding any
potential future changes to benefit provisions beyond those to which the Company is presently committed are
not made. Significant differences in actual experience or significant changes in the following key assumption
may affect the pension obligations and pension expense:
\u2022 Discount rates. The Company\u2019s discount rates are based on yields of high-quality (AA-rated) fixed income
investments for which the timing, currency and amounts of maturities match the timing and amounts of the
projected benefit payments.
The effects of actual results differing from assumptions and of amended assumptions are included in Other
comprehensive income/(loss). The weighted average discount rates used to determine the defined benefit
obligation for the defined benefit plans were 5.21 percent and 5.25 percent at December\u00a031, 2025 and 2024,
respectively.
At December\u00a031, 2025, the effect on the defined benefit obligation of a decrease or increase in the discount
rate, holding all other assumptions constant, is as follows:
(\u20ac million)
Effect on pension
benefit obligation
increase/(decrease)
in Net liability
Germany and
France
UK
U.S. and
Canada
Other
25 basis point decrease in discount rate
511
90
42
373
6
25 basis point increase in discount rate
(489)
(85)
(40)
(358)
(6)
Refer to Note 20, Employee benefits liabilities, for additional information on the Company\u2019s pension plans.
Other post-employment benefits
The Company provides health care, legal, severance, indemnity life insurance benefits and other post-retirement
benefits to certain hourly and salaried employees. Upon retirement, these employees may become eligible for a
continuation of certain benefits. Benefits and eligibility rules may be modified periodically.
These other post-employment benefits (\u201cOPEB\u201d) are accounted for on an actuarial basis, which requires the
selection of various assumptions. The estimation of the Company\u2019s obligations, costs and liabilities associated
with OPEB requires the use of estimates of the present value of the projected future payments to all participants,
taking into consideration the likelihood of potential future events estimated by using demographic assumptions,
which may have an effect on the amount and timing of future payments, such as mortality, dismissal and
retirement rates, which are developed to reflect actual and projected plan experience, as well as legal
requirements for retirement in respective countries. Mortality rates are developed using plan-specific
populations, recent mortality information published by recognized experts in this field and other data where
appropriate to reflect actual and projected plan experience.
Plan obligations and costs are based on existing plan provisions. Assumptions regarding any potential future
changes to benefit provisions beyond those to which the Company are presently committed are not made.
Significant differences in actual experience or significant changes in the following key assumptions may affect
the OPEB obligation and expense:
\u2022 Discount rates. Stellantis\u2019 discount rates are based on yields of high-quality (AA-rated) fixed income
investments for which the timing, currency and amounts of maturities matched the timing and amounts of the
projected benefit payments.
\u2022 Health care cost trends. The Company\u2019s health care cost trend assumptions are developed based on
historical cost data, the near-term outlook and an assessment of likely long-term trends.
At December\u00a031, 2025, the effect of a decrease or increase in the key assumptions affecting the health care and
life insurance plans, holding all other assumptions constant, is shown below:
(\u20ac million)
Effect\u00a0on\u00a0health care, life insurance
and OPEB obligation
25 basis point decrease in discount rate
59
25 basis point increase in discount rate
(57)
100 basis point decrease in health care cost trend rate
(13)
100 basis point increase in health care cost trend rate
15
Refer to Note 20, Employee benefits liabilities, for additional information on the Company\u2019s OPEB liabilities.
Sales incentives
The Company records the estimated cost of sales incentive programs offered to dealers and consumers as a
reduction to revenue at the time of sale to the dealer. This estimated cost represents the incentive programs
offered to dealers and consumers, as well as the expected modifications to these programs in order to facilitate
sales of the dealer inventory. Subsequent adjustments to sales incentive programs related to vehicles previously
sold to dealers are recognized as an adjustment to Net revenues in the period the adjustment is determinable.
The Company uses price discounts to adjust vehicle pricing in response to a number of market and product
factors, including pricing actions and incentives offered by competitors, economic conditions, the amount of
excess industry production capacity, the intensity of market competition, consumer demand for the product and
the desire to support promotional campaigns. The Company may offer a variety of sales incentive programs at
any given point in time, including cash offers to dealers and consumers and subvention programs offered to
customers, or lease subsidies, which reduce the retail customer\u2019s monthly lease payment or cash due at the
inception of the financing arrangement, or both. Sales incentive programs are generally brand, model and
region specific for a defined period of time.
The key estimate that is developed by the Company is the expected incentive cost needed to facilitate the sales
of the inventory by the dealers. This key estimate uses multiple inputs, such as the current incentive programs in
the market, planned promotional programs and the normal incentive escalation incurred as the model year ages.
The estimated incentive rates are reviewed monthly and changes to planned rates are adjusted accordingly,
thereby impacting Net revenues. As there are a multitude of inputs affecting the calculation of the estimate for
sales incentives, an increase or decrease of any of these variables could have a significant effect on Net
revenues.
Product warranties, recall campaigns and product liabilities
The Company establishes reserves for product warranties at the time the related sale is recognized. The
Company issues various types of product warranties under which the performance of products delivered is
generally guaranteed for a certain period or term. The accrual for product warranties includes the expected
costs of warranty obligations imposed by law or contract, as well as the expected costs for policy coverage,
recall actions and buyback commitments. The estimated future costs of these actions are principally based on
assumptions regarding the lifetime warranty costs of each vehicle line and each model year of that vehicle line,
as well as historical claims experience for the Company\u2019s vehicles. In addition, the number and magnitude of
additional service actions expected to be approved and policies related to additional service actions are taken
into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes in the
assumptions used could materially affect the results of operations.
The Company periodically initiates voluntary service and recall actions to address various customer satisfaction
as well as safety and emissions issues related to vehicles sold. Included in the reserve is the estimated cost of
these service and recall actions. The Company accrues estimated costs for recalls when they are probable of
occurring and a reliable estimate of the costs can be made.
Estimates of the future costs of these actions are subject to numerous uncertainties, including the enactment of
new laws and regulations, the number of vehicles affected by a service or recall action and the nature of the
corrective action. It is reasonably possible that the ultimate cost of these service and recall actions may require
the Company to make expenditures in excess of (or less than) established reserves over an extended period of
time and in a range of amounts that cannot be reasonably estimated. The estimate of warranty and additional
service and recall action obligations is periodically reviewed during the year. Experience has shown that initial
data for any given model year can be volatile; therefore, the Company\u2019s process relies upon long-term historical
averages until sufficient data is available. As actual experience becomes available, it is used to modify the
historical averages to ensure that the forecast is within the range of likely outcomes. Resulting accruals are then
compared with current spending rates to ensure that the balances are adequate to meet expected future
obligations.
In addition, the Company makes provisions for estimated product liability costs arising from property damage
and personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the
result of product defects. By nature, these costs can be infrequent, difficult to predict and have the potential to
vary significantly in amount. The valuation of the reserve is actuarially determined on an annual basis based on,
among other factors, the number of vehicles sold and product liability claims incurred. Costs associated with
these provisions are recorded in the Consolidated Income Statement and any subsequent adjustments are
recorded in the period in which the adjustment is determined.
During the year ended December 31, 2025, the Company updated its estimation approach for contractual
warranties. This change in accounting estimate resulted in additional provisions of \u20ac5.4\u00a0billion, recognized within
Cost of revenues and as further described in Note 21, Provisions.
Litigation
Various legal proceedings, claims and governmental investigations are pending against the Company on a wide
range of topics, including vehicle safety, emissions and fuel economy, competition, tax and securities matters,
alleged violations of law, labor, dealer, supplier and other contractual relationships, intellectual property rights,
product warranties and environmental matters. Some of these proceedings allege defects in specific component
parts or systems (including airbags, seats, seat belts, brakes, ball joints, batteries, transmissions, engines and
fuel systems), in various vehicle models or allege general design defects relating to vehicle handling and
stability, sudden unintended movement or crashworthiness. These proceedings seek recovery for damage to
property, personal injuries or wrongful death and in some cases include a claim for exemplary or punitive
damages. Adverse decisions in one or more of these proceedings could require the Company to pay substantial
damages, or undertake service actions, recall campaigns or other costly actions.
Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with
assurance. Moreover, the cases and claims against the Company are often derived from complex legal issues
that are subject to differing degrees of uncertainty, including the facts and circumstances of each particular
case, the manner in which the applicable law is likely to be interpreted and applied and the jurisdiction and the
different laws involved. A provision is established in connection with pending or threatened litigation if it is
probable there would be an outflow of funds and when the amount can be reasonably estimated. If an outflow of
funds becomes probable, but the amount cannot be estimated, the matter is disclosed in the notes to the
Consolidated Financial Statements. In addition to recognized provisions, the Company is exposed to contingent
liabilities for which the likelihood of an outflow is more than remote but less than probable. These matters do not
meet the criteria for recognition under IFRS, but are disclosed in the notes to the Consolidated Financial
Statements. Since these provisions represent estimates, the resolution of some of these matters could require
the Company to make payments in excess of the amounts accrued or may require the Company to make
payments in an amount or range of amounts that could not be reasonably estimated.
The Company monitors the status of pending legal proceedings and consults with specialists on legal and tax
matters on a regular basis. As such, the provisions for the Company\u2019s legal proceedings and litigation may vary
as a result of future developments in pending matters.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-648": { "value": "
Share-based compensation
The Company has several compensation plans that provide for the granting of share-based compensation to
certain employees and directors. Share-based compensation plans are accounted for in accordance with IFRS 2
-Share-based Payment, which requires the recognition of share-based compensation expense based on fair
value.
For equity-settled transactions, the cost is determined by the fair value at the date when the grant is determined
with reference to the grant-date share price and, where applicable, using a Monte Carlo simulation model. Refer
to Note 19, Share-based compensation, for additional information.
Share-based compensation expense is recognized within Selling, general and other costs within the
Consolidated Income Statement, together with a corresponding increase in equity, over the period in which the
service and, where applicable, the performance conditions are fulfilled (\u201cvesting period\u201d). The cumulative
expense is recognized for equity-settled transactions at each reporting date using the graded vesting method
and reflects the Company\u2019s best estimate of the number of equity instruments that will ultimately vest. The
expense, or credit, in the Consolidated Income Statement for a period represents the movement in cumulative
expense recognized as at the beginning and end of that period.
Service and non-market performance conditions are not taken into account when determining the grant date fair
value of awards, but the likelihood of the conditions being met is assessed as part of the Company\u2019s best
estimate of the number of equity instruments that will ultimately vest. Market performance conditions are
reflected within the grant date fair value. Any other conditions attached to an award, but without an associated
service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair
value of an award and lead to an immediate expensing of an award unless there were also service and/or
performance conditions.
No expense is recognized for awards that do not ultimately vest because non-market performance and/or
service conditions have not been met. Where awards included a market or non-vesting condition, the
transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied,
provided that all other performance and/or service conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair
value of the unmodified award, provided the original vesting terms of the award are met. Any incremental
expense between the original grant and the modified grant, measured at the date of modification, is recognized
over the modified vesting terms. Where an award is cancelled by the entity or by the counterparty, any
unrecognized element of the fair value of the award is expensed immediately through the Consolidated Income
Statement.
For cash-settled transactions, a liability is recognized for the fair value measured initially and at each reporting
date up to and including the settlement date. The fair value is expensed over the period until the vesting date,
with recognition of a corresponding liability. The approach used to account for vesting conditions when
measuring equity-settled transactions also applies to cash-settled transactions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-649": { "value": "
Revenue recognition
Revenue is recognized when control of the Company\u2019s vehicles, services or parts has been transferred and the
Company\u2019s performance obligations to its customers have been satisfied. Revenue is measured as the amount
of consideration the Company expects to receive in exchange for transferring goods or providing services. The
timing of when the Company transfers the goods or services to the customer could differ from the timing of the
customer\u2019s payment. The Company recognizes a contract liability when it invoices an amount to a customer prior
to the transfer of the goods or services provided. When the Company gives its customers the right to return
eligible goods, the Company estimates the expected returns based on an analysis of historical experiences.
Sales, value added and other taxes that the Company collects on behalf of others concurrently with revenue
generating activities are excluded from revenue and are recognized within the Other liabilities and the Tax
liabilities line items in the Consolidated Statement of Financial Position. Incidental items that are immaterial in the
context of the contract are recognized as expense.
The Company also enters into contracts with multiple performance obligations. For these contracts, the
Company allocates revenue from the transaction price to the distinct goods and services in the contract on a
relative standalone selling price basis. To the extent that the Company sells the good or service separately in the
same market, the standalone selling price is the observable price at which the Company sold the good or
service separately. For all other goods or services, the Company estimates the standalone selling price using a
cost-plus-margin approach.
Shipments of vehicles and sales of other goods
The Company has determined that its customers from the sale of vehicles and service parts are generally
dealers, distributors, fleet customers or retail customers. Transfer of control, and therefore revenue recognition,
generally corresponds to the date when the vehicles or service parts are made available to the customer, or
when the vehicles or service parts are released to the carrier responsible for transporting them to the customer.
This is also the point at which invoices are issued, with payment for vehicles typically due immediately and
payment for service parts typically due in the following month. For component part sales, revenue recognition is
consistent with that of service parts. In the case of service parts sold that are expected to be used for repairs
under warranty, no revenue is recognized upon shipment or upon transfer to the customer. The Company also
sells tooling, with control transferring at the point in time when the customer accepts the tooling.
The cost of incentives, if any, is estimated at the inception of a contract at the expected amount that will
ultimately be paid and is recognized as a reduction to revenue at the time of the sale. If the estimate of the
incentive changes following the sale to the customer, the change in estimate is recognized as an adjustment to
revenue in the period of the change. Refer to the section Critical judgments and use of estimates - Sales
incentives for additional information.
New vehicle sales with residual value guarantees provided by the Company are recognized as revenue when
control of the vehicle transfers to the customer, except in situations where the Company issues a put option for
which there is a significant economic incentive to exercise, as discussed below. Upon recognition of the vehicle
revenue, the Company establishes a liability equal to the estimated amount of any residual value guarantee.
For the vehicle sales where the contract includes a put option whereby the customer may require the Company
to repurchase the vehicles, the Company assesses whether a significant economic incentive exists for the
customer to exercise its put option:
\u2022 If it is concluded that a significant economic incentive does not exist for the customer to exercise its put option,
then revenue is recognized when control of the vehicle transferred to the customer and a liability is recognized
equal to the estimated amount of the residual value guarantee if any; and
\u2022 If it is concluded that a significant economic incentive exists, the contract is accounted for as an operating
lease similarly to a repurchase obligation, as described in Lease installments from assets sold with buy-back
commitments and from operating leases.
Other services provided
Other revenues from services provided are primarily comprised of maintenance plans, extended warranties, and
connectivity services, and are recognized over the contract period in proportion to the costs expected to be
incurred based on the Company\u2019s historical experience. These services are either included in the selling price of
the vehicle or separately priced. Revenue for services is allocated based on the estimated stand-alone selling
price. Costs associated with these services are deferred and are subsequently amortized to expense consistent
with how the related revenue is recognized. The Company had \u20ac258 million of deferred costs related to these
services at December 31, 2025 (\u20ac320 million at December 31, 2024) and recognized \u20ac121 million of amortization
expense during the year ended December\u00a031, 2025 (\u20ac106 million and \u20ac98 million during the year ended
December\u00a031, 2024 and 2023, respectively).
Contract revenues
Revenue from construction contracts, which is comprised of industrial automation systems, included within
\u201cOther activities\u201d, is recognized as revenue over the contract period in proportion to the costs expected to be
incurred based on the Company\u2019s historical experience. A loss is recognized if the sum of the expected costs
for services under the contract exceeds the transaction price. Until December 2024, Stellantis operated in the
production systems sector under the Comau brand.
Lease installments from assets sold with buy-back commitments and from operating leases
Vehicle sales to customers can include a repurchase obligation, whereby the Company is required to
repurchase the vehicles at a given point in time. The Company accounts for such sales as an operating lease.
Upon the transfer of vehicles to the customer, the Company records a liability equal to the proceeds received
within Other liabilities in the Consolidated Statement of Financial Position. The difference between the proceeds
received and the guaranteed repurchase amount is recognized as revenue over the contractual term on a
straight-line basis. The cost of the vehicle is recorded within Assets sold with a buy-back commitment if the
contract term is 12 months or less, and recorded in Property, plant and equipment if the contract term is greater
than 12 months. The difference between the cost of the vehicle and the estimated net residual value is
recognized within Cost of revenues in the Consolidated Income Statement over the contractual term.
The Company (primarily in North America through SFS U.S.) also offers vehicles under operating leases as a
lessor to customers. The vehicles leased to customers under operating leases are recorded within Property,
plant and equipment.\u00a0
Third party estimates are utilized in conjunction with proprietary modelling to develop expected residual values
for the vehicles accounted for as an operating lease. Changes in estimated residual value result in increases or
decreases in depreciation expenses over the remaining term of the lease. Expected residual values are
analyzed quarterly and depreciation rates are adjusted accordingly. Factors that influence the expected residual
value are not limited to but include macro-economic factors such as fuel prices, industry supply and demand,
manufacturer\u2019s incentive programs, model changes or redesigns, regulatory developments, and recent
wholesale market performance. The Company records gains and losses upon the disposal of a leased vehicle
by comparing the net proceeds at disposition to the carrying value of the lease at disposal.
As the Company expects the proportion of assets sold with a buy-back commitment to increasingly comprise of
LEVs, estimating the residual values has become more complex. Residual values for LEVs are subject to greater
uncertainty than for ICE vehicles, due to limited historical resale data and rapid technological developments,
particularly in battery chemistry and driving range. These additional uncertainties are reflected in the Company\u2019s
residual value assumptions for LEVs which generally result in higher depreciation rates compared with ICE
vehicles.
Interest income of financial services activities
Interest income, which is primarily generated from the Company by providing dealer and retail financing, is
recognized using the effective interest method.
Sales incentives
The Company records the estimated cost of sales incentive programs offered to dealers and consumers as a
reduction to revenue at the time of sale to the dealer. This estimated cost represents the incentive programs
offered to dealers and consumers, as well as the expected modifications to these programs in order to facilitate
sales of the dealer inventory. Subsequent adjustments to sales incentive programs related to vehicles previously
sold to dealers are recognized as an adjustment to Net revenues in the period the adjustment is determinable.
The Company uses price discounts to adjust vehicle pricing in response to a number of market and product
factors, including pricing actions and incentives offered by competitors, economic conditions, the amount of
excess industry production capacity, the intensity of market competition, consumer demand for the product and
the desire to support promotional campaigns. The Company may offer a variety of sales incentive programs at
any given point in time, including cash offers to dealers and consumers and subvention programs offered to
customers, or lease subsidies, which reduce the retail customer\u2019s monthly lease payment or cash due at the
inception of the financing arrangement, or both. Sales incentive programs are generally brand, model and
region specific for a defined period of time.
The key estimate that is developed by the Company is the expected incentive cost needed to facilitate the sales
of the inventory by the dealers. This key estimate uses multiple inputs, such as the current incentive programs in
the market, planned promotional programs and the normal incentive escalation incurred as the model year ages.
The estimated incentive rates are reviewed monthly and changes to planned rates are adjusted accordingly,
thereby impacting Net revenues. As there are a multitude of inputs affecting the calculation of the estimate for
sales incentives, an increase or decrease of any of these variables could have a significant effect on Net
revenues.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-650": { "value": "
Interest income of financial services activities
Interest income, which is primarily generated from the Company by providing dealer and retail financing, is
recognized using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-651": { "value": "
Government Grants
Government grants are recognized in the Consolidated Financial Statements when there is reasonable
assurance of the Company's compliance with the conditions for receiving such grants and that the grants will be
received. Government grants are recognized over the same periods as the related costs which they are
intended to offset.
Government grants related to assets are recognized as a reduction in the cost of the corresponding assets.
Government grants related to income are generally recognized as a reduction of the expense they are intended
to offset.
A below-market rate of interest loan provided by a government or governmental authority is treated as a
government grant. The government grant is measured as the difference between the initial carrying amount of
the loans (their fair values, including transaction costs) and the proceeds received.
Government grants of \u20ac2,634 million, \u20ac1,716 million, and \u20ac1,665 million were recognized in in 2025, 2024, and
2023, respectively in the Consolidated Income Statement and \u20ac220 million and \u20ac219 million were deducted from
the carrying amount of the related assets in the Consolidated Statement of Financial Position in 2025 and 2024,
respectively. These are mainly related to tax credits for incentivizing investments in specific regions, supporting
research and development activities and fostering job creation. In Brazil, certain tax benefits and government
grants that have historically favorably impacted our results are scheduled to expire at the end of 2032.
Amounts reported in the Consolidated Income Statement are presented within the respective line item that best
reflects the nature of the tax benefit or government grant and are primarily included in Net revenues and
Research and development costs, while Consolidated Statement of Financial Position amounts are reflected as
deductions from the cost of the respective assets and recognized in Property, Plant and Equipment and
Intangible assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-653": { "value": "
Taxes
Income taxes include all taxes which are based on the taxable profits of the Company. Current and deferred
taxes are recognized as a benefit or expense and are included in the Consolidated Income Statement for the
period, except for tax arising from (i)\u00a0a transaction or event which is recognized, in the same or a different
period, either in Other comprehensive income/(loss) or directly in Equity, or (ii)\u00a0a business combination.
Deferred taxes are accounted for under the full liability method. Deferred tax liabilities are recognized for all
taxable temporary differences between the carrying amounts of assets or liabilities and their tax base, except to
the extent that the deferred tax liabilities arise from the initial recognition of goodwill or the initial recognition of an
asset or liability in a transaction which is not a business combination and at the time of the transaction, affects
neither accounting profit nor taxable profit. Deferred tax assets are recognized for all deductible temporary
differences to the extent that it was probable that taxable profit will be available against which the deductible
temporary differences can be utilized, unless the deferred tax assets arise from the initial recognition of an asset
or liability in a transaction that is not a business combination and at the time of the transaction, affected neither
accounting profit nor taxable profit.
Deferred tax assets and liabilities are measured at the substantively enacted tax rates in the respective
jurisdictions in which the Company operates that are expected to apply to the period when the asset is realized
or liability is settled.
The Company recognizes deferred tax liabilities associated with the existence of a subsidiary\u2019s undistributed
profits when it is probable that this temporary difference will reverse in the foreseeable future, except when it is
able to control the timing of the reversal of the temporary difference. The Company recognizes deferred tax
assets associated with the deductible temporary differences on investments in subsidiaries only to the extent
that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be
available against which the temporary difference can be utilized.
Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising
from deductible temporary differences, are recognized to the extent that it is probable that future profits will be
available against which they can be utilized. The Company monitors unrecognized deferred tax assets at each
reporting date and recognizes a previously unrecognized deferred tax asset to the extent that it has become
probable that future taxable profit will allow the deferred tax asset to be recovered. Refer to the section Critical
judgments and use of estimates - Recoverability of deferred tax assets for additional information.
Current income taxes and deferred taxes are offset when they relate to the same taxation jurisdiction and there is
a legally enforceable right of offset. Other taxes not based on income, such as property taxes and capital taxes,
are included within Cost of revenue, Selling, general and other costs and Research and development costs.
Refer to Note 7, Tax expense/(benefit), for additional information on tax expense and deferred tax assets.
Provisions recognized resulting from the product plan realignment and program cancellations
The Company enters into supply arrangements to support its product development, manufacturing and
assembly activities. As described in the \u201cStrategic plan undergoing reassessment\u201d the reassessment of the
Company\u2019s strategy in 2025 resulted in the cancellation of certain planned programs and a significant
adjustment to forecasted EV volumes. These cancellations and volume adjustments could give rise to disputes
with suppliers.
Provisions are recognized when the Company has a present obligation, an outflow of economic resources is
probable and a reliable estimate can be made. Determining the amount of these provisions requires judgment,
particularly in evaluating the range of potential settlement outcomes. These estimates involve inherent
uncertainty and actual outcomes may differ from the amounts recorded. Provisions are reassessed at each
reporting date as new information becomes available.
Valuation of interests in joint ventures and associates
The Company has investments that are accounted for under the equity method. Significant judgment may be
required in assessing the recoverability of these equity method investments when there is an indicator of
impairment. Management assesses the recoverable amounts of equity method investments, and the
recoverability of any associated loans, in accordance with IAS 36, IAS 28 and IFRS 5, as appropriate, taking into
account revised cash\u2011flow forecasts, changes in strategic direction, and the viability of each venture\u2019s business
plan.
During the twelve months ended December 31, 2025, the Company assessed the classification and
recoverability of the equity method investments in the ACC, NextStar and Symbio joint ventures. This included
judgment in determining that the investments in NextStar and Symbio met the criteria to be classified as held for
sale. These judgments involve inherent uncertainty, and actual outcomes may differ from estimates; carrying
amounts are reassessed at each reporting date as new information becomes available.
Recoverability of deferred tax assets
Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profit will be available
to allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets
is dependent on the Company\u2019s ability to generate sufficient future taxable income in the period in which it is
assumed that the deductible temporary differences reverse and tax losses carried forward can be utilized. In
making this assessment, the Company considers future taxable income arising based on the MTP (refer to the
section \u201cClimate change\u201d for additional information). Moreover, the Company estimates the impact of the
reversal of taxable temporary differences on earnings and it also considers the period over which these deferred
tax assets could be recovered. The estimates and assumptions used in the assessment are subject to
uncertainty especially related to the Company\u2019s future performance as compared to the business plan.
Therefore, changes in current estimates due to unanticipated events could have a significant impact on the
Consolidated Financial Statements. Refer to Note 7, Tax expense/(benefit) for additional information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-652": { "value": "
Taxes
Income taxes include all taxes which are based on the taxable profits of the Company. Current and deferred
taxes are recognized as a benefit or expense and are included in the Consolidated Income Statement for the
period, except for tax arising from (i)\u00a0a transaction or event which is recognized, in the same or a different
period, either in Other comprehensive income/(loss) or directly in Equity, or (ii)\u00a0a business combination.
Deferred taxes are accounted for under the full liability method. Deferred tax liabilities are recognized for all
taxable temporary differences between the carrying amounts of assets or liabilities and their tax base, except to
the extent that the deferred tax liabilities arise from the initial recognition of goodwill or the initial recognition of an
asset or liability in a transaction which is not a business combination and at the time of the transaction, affects
neither accounting profit nor taxable profit. Deferred tax assets are recognized for all deductible temporary
differences to the extent that it was probable that taxable profit will be available against which the deductible
temporary differences can be utilized, unless the deferred tax assets arise from the initial recognition of an asset
or liability in a transaction that is not a business combination and at the time of the transaction, affected neither
accounting profit nor taxable profit.
Deferred tax assets and liabilities are measured at the substantively enacted tax rates in the respective
jurisdictions in which the Company operates that are expected to apply to the period when the asset is realized
or liability is settled.
The Company recognizes deferred tax liabilities associated with the existence of a subsidiary\u2019s undistributed
profits when it is probable that this temporary difference will reverse in the foreseeable future, except when it is
able to control the timing of the reversal of the temporary difference. The Company recognizes deferred tax
assets associated with the deductible temporary differences on investments in subsidiaries only to the extent
that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be
available against which the temporary difference can be utilized.
Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising
from deductible temporary differences, are recognized to the extent that it is probable that future profits will be
available against which they can be utilized. The Company monitors unrecognized deferred tax assets at each
reporting date and recognizes a previously unrecognized deferred tax asset to the extent that it has become
probable that future taxable profit will allow the deferred tax asset to be recovered. Refer to the section Critical
judgments and use of estimates - Recoverability of deferred tax assets for additional information.
Current income taxes and deferred taxes are offset when they relate to the same taxation jurisdiction and there is
a legally enforceable right of offset. Other taxes not based on income, such as property taxes and capital taxes,
are included within Cost of revenue, Selling, general and other costs and Research and development costs.
Refer to Note 7, Tax expense/(benefit), for additional information on tax expense and deferred tax assets.
Recoverability of deferred tax assets
Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profit will be available
to allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets
is dependent on the Company\u2019s ability to generate sufficient future taxable income in the period in which it is
assumed that the deductible temporary differences reverse and tax losses carried forward can be utilized. In
making this assessment, the Company considers future taxable income arising based on the MTP (refer to the
section \u201cClimate change\u201d for additional information). Moreover, the Company estimates the impact of the
reversal of taxable temporary differences on earnings and it also considers the period over which these deferred
tax assets could be recovered. The estimates and assumptions used in the assessment are subject to
uncertainty especially related to the Company\u2019s future performance as compared to the business plan.
Therefore, changes in current estimates due to unanticipated events could have a significant impact on the
Consolidated Financial Statements. Refer to Note 7, Tax expense/(benefit) for additional information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-654": { "value": "
Fair Value Measurement
Fair value for measurement and disclosure purposes is determined as the consideration that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date, regardless of whether that price is directly observable or estimated using a valuation
technique. Fair value measurement is based on the presumption that the transaction to sell the asset or transfer
the liability takes place either:
\u2022 in the principal market for the asset or liability; or
\u2022 in the absence of a principal market, in the most advantageous market for the asset or liability.
The fair value of an asset or a liability is measured using the assumptions that market participants would use
when pricing the asset or liability, assuming that market participants act in their own economic best interest. A
fair value measurement of a non-financial asset takes into account a market participant's ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant that
would use the asset in its highest and best use. In estimating fair value, the Company use market-observable
data to the extent it is available. When market-observable data is not available, the Company use valuation
techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs.
IFRS 13 - Fair Value Measurement establishes a hierarchy which prioritizes the inputs used in measuring fair
value. The hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets
and liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (level 3 inputs). In some cases, the
inputs used to measure the fair value of an asset or a liability might be categorized within different levels of the
fair value hierarchy. In those cases, the fair value measurement is categorized in its entirety in the same level of
the fair value hierarchy at the lowest level input that is significant to the entire measurement.
Levels used in the hierarchy are as follows:
\u2022 Level 1 inputs include quoted prices (unadjusted) in active markets for identical assets and liabilities that the
Company can access at the measurement date. Level 1 primarily consists of financial instruments such as
certain held to collect and sell and held to sell securities;
\u2022 Level 2 inputs include those which are directly or indirectly observable as of the measurement date. Level 2
instruments include commercial paper and non-exchange-traded derivatives such as over-the-counter
currency and commodity forwards, swaps and option contracts, which are valued using models or other
valuation methodologies. These models are primarily industry-standard models that consider various
assumptions, including quoted forward prices for similar instruments in active markets, quoted prices for
identical or similar inputs not in active markets, and observable inputs; and
\u2022 Level 3 inputs are unobservable from objective sources in the market and reflect management judgment about
the assumptions market participants would use in pricing the instruments. Instruments in this category include
non-exchange-traded derivatives such as certain over-the-counter commodity option and swap contracts that
are complex or with non-standard clauses.
Refer to Note 25, Fair value measurement, for additional information on fair value measurements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-657": { "value": "
Critical judgments and use of estimates
The Consolidated Financial Statements are prepared in accordance with IFRS which requires the use of
estimates, judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of
contingent assets and liabilities and the amounts of income and expenses recognized. The estimates and
associated assumptions are based on management's best judgment of elements that were known when the
financial statements are prepared, on historical experience and on any other factors that are considered to be
relevant. The following items discussed in this section are topics which we consider to have sources of
estimation uncertainties that may have a significant risk of resulting in a material adjustment to the carrying
amount of assets and liabilities in the next 12 months.
Estimates and underlying assumptions are reviewed by the Company periodically and when circumstances
require. Actual results could differ from the estimates, which would require adjustment accordingly. The effects
of any changes in estimates are recognized in the Consolidated Income Statement in the period in which the
adjustment is made, or in future periods.
Items requiring estimates for which there is a risk that a material difference could arise in the future in respect of
the carrying amounts of assets and liabilities are discussed below.
Employee Benefits
The Company provides post-employment benefits for certain of its active employees and retirees, which vary
according to the legal, fiscal and economic conditions of each country in which the Company operates and may
change periodically. The plans are classified by the Company on the basis of the type of benefit provided as
follows: pension benefits, health care and life insurance plans and other post-employment benefits.
The Company provides certain post-employment benefits, such as pension or health care benefits, to their
employees under defined contribution plans whereby the Company pays contributions to public or private plans
on a legally mandatory, contractual, or voluntary basis. The Company recognizes the cost for defined
contribution plans as incurred and classifies this by function within Cost of revenues, Selling, general and other
costs, and Research and development costs in the Consolidated Income Statement.
Pension plans
The Company sponsors defined benefit pension plans primarily in the U.S., Canada, the UK and Germany, the
majority of which were funded. In the U.S. and Canada, pension plans cover certain hourly and salaried
employees which provide benefits based on a fixed rate for each year of service. Additionally in the U.S. and
Canada, benefits are provided to certain salaried employees which provide benefits based on a fixed rate base
and final average salary.\u202fPlans in the UK provide benefits based on final pensionable salary. The main plan in
Germany provides benefits based on contributions multiplied with predefined age factor.
The Company\u2019s defined benefit pension plans are accounted for on an actuarial basis, which requires the use of
estimates and assumptions to determine the net liability or net asset. The Company estimates the present value
of the projected future payments to all participants by taking into consideration parameters of a financial nature
such as discount rates, the rate of salary increases and the likelihood of potential future events estimated by
using demographic assumptions, which may have an effect on the amount and timing of future payments, such
as mortality, dismissal and retirement rates, which are developed to reflect actual and projected plan
experience. Mortality rates are developed using Stellantis plan-specific populations where appropriate as well as
recent mortality information published by recognized experts in this field such as the U.S. Society of Actuaries
and the Canadian Institute of Actuaries and other data where appropriate to reflect actual and projected plan
experience. Comparable country specific sources and methods are used for all other countries. The expected
amount and timing of contributions are based on an assessment of minimum funding requirements. From time to
time, contributions are made beyond those that are legally required.
When the net pension obligation is a potential asset, the recognized amount is limited to the present value of any
economic benefits available in the form of future refunds or reductions in future contributions to the plan (asset
ceiling). The economic benefit available to us from a reduction in future contributions is equal to the difference
between the present value of the employer current service cost, including expenses and the present value of the
projected employer minimum funding current service requirements.
Plan obligations and costs are based on existing retirement plan provisions. Assumptions regarding any
potential future changes to benefit provisions beyond those to which the Company is presently committed are
not made. Significant differences in actual experience or significant changes in the following key assumption
may affect the pension obligations and pension expense:
\u2022 Discount rates. The Company\u2019s discount rates are based on yields of high-quality (AA-rated) fixed income
investments for which the timing, currency and amounts of maturities match the timing and amounts of the
projected benefit payments.
The effects of actual results differing from assumptions and of amended assumptions are included in Other
comprehensive income/(loss). The weighted average discount rates used to determine the defined benefit
obligation for the defined benefit plans were 5.21 percent and 5.25 percent at December\u00a031, 2025 and 2024,
respectively.
At December\u00a031, 2025, the effect on the defined benefit obligation of a decrease or increase in the discount
rate, holding all other assumptions constant, is as follows:
(\u20ac million)
Effect on pension
benefit obligation
increase/(decrease)
in Net liability
Germany and
France
UK
U.S. and
Canada
Other
25 basis point decrease in discount rate
511
90
42
373
6
25 basis point increase in discount rate
(489)
(85)
(40)
(358)
(6)
Refer to Note 20, Employee benefits liabilities, for additional information on the Company\u2019s pension plans.
Other post-employment benefits
The Company provides health care, legal, severance, indemnity life insurance benefits and other post-retirement
benefits to certain hourly and salaried employees. Upon retirement, these employees may become eligible for a
continuation of certain benefits. Benefits and eligibility rules may be modified periodically.
These other post-employment benefits (\u201cOPEB\u201d) are accounted for on an actuarial basis, which requires the
selection of various assumptions. The estimation of the Company\u2019s obligations, costs and liabilities associated
with OPEB requires the use of estimates of the present value of the projected future payments to all participants,
taking into consideration the likelihood of potential future events estimated by using demographic assumptions,
which may have an effect on the amount and timing of future payments, such as mortality, dismissal and
retirement rates, which are developed to reflect actual and projected plan experience, as well as legal
requirements for retirement in respective countries. Mortality rates are developed using plan-specific
populations, recent mortality information published by recognized experts in this field and other data where
appropriate to reflect actual and projected plan experience.
Plan obligations and costs are based on existing plan provisions. Assumptions regarding any potential future
changes to benefit provisions beyond those to which the Company are presently committed are not made.
Significant differences in actual experience or significant changes in the following key assumptions may affect
the OPEB obligation and expense:
\u2022 Discount rates. Stellantis\u2019 discount rates are based on yields of high-quality (AA-rated) fixed income
investments for which the timing, currency and amounts of maturities matched the timing and amounts of the
projected benefit payments.
\u2022 Health care cost trends. The Company\u2019s health care cost trend assumptions are developed based on
historical cost data, the near-term outlook and an assessment of likely long-term trends.
At December\u00a031, 2025, the effect of a decrease or increase in the key assumptions affecting the health care and
life insurance plans, holding all other assumptions constant, is shown below:
(\u20ac million)
Effect\u00a0on\u00a0health care, life insurance
and OPEB obligation
25 basis point decrease in discount rate
59
25 basis point increase in discount rate
(57)
100 basis point decrease in health care cost trend rate
(13)
100 basis point increase in health care cost trend rate
15
Refer to Note 20, Employee benefits liabilities, for additional information on the Company\u2019s OPEB liabilities.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets
held for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures
primarily related to the North America and Enlarged Europe segments. The recoverability of non-current assets
with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the CGUs to
which the assets relate. The lowest level of asset groups that generate largely independent cash flows is the
vehicle platform level, which is considered the CGU for impairment testing.\u00a0
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan
based on the latest interpretation of the changing geo-political and economic circumstances and is developed
using the Company\u2019s climate-related assumptions and targets. Refer to the section \u201cClimate change\u201d for
additional information. As relevant circumstances change, the Company expects to adjust its product plans
which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and propulsion
systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms
and propulsion systems, or both. Any change in recoverability would be accounted for at the time such change
to the business plan occurs. For the years ended December 31, 2025, 2024 and 2023, the impairment tests
performed compared the carrying amount of the assets included in the respective CGUs to their value-in-use.
The value-in-use of the CGUs is determined using a discounted cash flow methodology based on estimated pre-
tax future cash flows attributable to the CGUs and a pre-tax discount rate, which ranges from 9.5 percent to 19.0
percent, reflecting a current market assessment of the time value of money and the risks specific to the CGUs.\u202f
As a result, impairment charges, totaling \u20ac6,005\u00a0million were recognized on platforms used for North America,
Enlarged Europe and Maserati primarily due to significantly reduced volume and profitability resulting from the
strategic plan update, in addition to the \u20ac578\u00a0million impairment recognized on platforms used for Maserati and
Alfa Romeo vehicles as a result of the impairment test performed during the first half of 2025. Refer to Note
2,\u00a0Basis of preparation - Strategic plan undergoing reassessment.
In addition to the impairments discussed above, during the year ended December 31, 2025, Stellantis
recognized impairments of \u20ac3,498\u00a0million. These impairments were driven primarily by \u20ac609\u00a0million of purchased
credits which are no longer expected to be utilized due to the elimination of corporate average fuel economy
(\u201cCAFE\u201d) penalty rate (refer to Note 10, Other intangible assets for additional information), \u20ac341\u00a0million of the
discontinuation of Stellantis\u2019 hydrogen fuel cell technology development program due to limited availability of
hydrogen refueling infrastructure, high capital requirements, and the need for stronger consumer purchasing
incentives, and \u20ac2,548\u00a0million driven primarily by cancellation of select product initiatives due to changes to our
strategic and product plans, mainly in North America and Enlarged Europe. Refer to Note 2,\u00a0Basis of preparation
- Strategic plan undergoing reassessment for additional information.
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related
to impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected
vehicle margins and the cancellation of certain projects prior to launch.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain
platform assets in Enlarged Europe.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are
not amortized but are tested for impairment annually or more frequently if facts or circumstances indicate that
the asset may be impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within
the operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is
monitored for internal management purposes. The impairment test is performed by comparing the carrying
amount (which mainly comprises property, plant and equipment, goodwill, brands, capitalized development
expenditures, working capital and reserves) and the recoverable amount of each CGU or group of CGUs to
which Goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of
disposal and its value-in-use. The balance of Goodwill and intangible assets with indefinite useful lives
recognized by the Company primarily relate to the merger with FCA. Goodwill from the merger with FCA is
allocated to the North America, South America, India and Asia Pacific and Enlarged Europe operating segments.
All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives. Refer to the section \u201cClimate Change\u201d for additional information.
The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u2022 The expected future cash flows cover the period from October 1, 2025 through December 31, 2028. These
expected cash flows reflect the current expectations regarding economic conditions and market trends as well
as the Company\u2019s initiatives for the period covered by the projections. These cash flows relate to the
respective CGUs in their current condition when preparing the financial statements and exclude the estimated
cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used
for estimating the future cash flow are based on assumptions that are considered reasonable and sustainable
and represent the best estimate of expected conditions regarding market trends and segment, brand and
model share for the respective operating segment over the period considered;
\u2022 The expected future cash flows include a normalized terminal period to estimate the future result beyond the
time period explicitly considered which incorporated a long-term growth rate assumption of 1.9 percent to 2.2
percent. The growth rate per region is determined by reference to the risk free rate and the rate of inflation
considered in the regional discount rate. The long-term AOI margins are set considering the Company\u2019s long-
term projections for each of the CGUs;
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not
reflected in the estimated future cash flows; and
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment
of the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from 9.5
percent to 19 percent.\u00a0
The values estimated as described above are determined to be in excess of the carrying amount for each
operating segment or other CGUs to which Goodwill is allocated, except for the Free2Move business, which is
allocated to the Other Activities, where the carrying amount was determined to be in excess of the recoverable
amount as a result of decreases in projected cash flows. As such, an impairment loss of \u20ac164 million was
recognized, comprising of \u20ac94\u00a0million related to Goodwill, \u20ac70 million related to Property, plant and equipment
and Intangible assets. No other impairments of goodwill and intangible assets with indefinite useful lives were
recognized for the year ended December 31, 2025. However, the projected future cash flows of India & Asia
Pacific, Maserati and Financial Services CGUs are sensitive to certain assumptions, primarily the projected
margins for the terminal period and the discount rate, such that a reduction of less than 1 percentage point in
the long-term profit margin applied for the terminal period or an increase of less than 1 percentage point in the
discount rate would reduce the value-in-use to its carrying value. The terminal period assumptions consider
profit margins ranging from 3 percent to 10 percent. The discount rate used has been determined consistently
with the methodology disclosed, reflecting current market conditions and the specific risks associated with the
operating segment. The assumptions used are considered reasonable and represent the best estimate of
expected conditions in the operating segment.
During the year ended December 31, 2024, the carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of
\u20ac514\u00a0million was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives
were recognized for the year ended December 31, 2024.
No impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the
years ended December 31, 2023.
Provisions recognized resulting from the product plan realignment and program cancellations
The Company enters into supply arrangements to support its product development, manufacturing and
assembly activities. As described in the \u201cStrategic plan undergoing reassessment\u201d the reassessment of the
Company\u2019s strategy in 2025 resulted in the cancellation of certain planned programs and a significant
adjustment to forecasted EV volumes. These cancellations and volume adjustments could give rise to disputes
with suppliers.
Provisions are recognized when the Company has a present obligation, an outflow of economic resources is
probable and a reliable estimate can be made. Determining the amount of these provisions requires judgment,
particularly in evaluating the range of potential settlement outcomes. These estimates involve inherent
uncertainty and actual outcomes may differ from the amounts recorded. Provisions are reassessed at each
reporting date as new information becomes available.
Valuation of interests in joint ventures and associates
The Company has investments that are accounted for under the equity method. Significant judgment may be
required in assessing the recoverability of these equity method investments when there is an indicator of
impairment. Management assesses the recoverable amounts of equity method investments, and the
recoverability of any associated loans, in accordance with IAS 36, IAS 28 and IFRS 5, as appropriate, taking into
account revised cash\u2011flow forecasts, changes in strategic direction, and the viability of each venture\u2019s business
plan.
During the twelve months ended December 31, 2025, the Company assessed the classification and
recoverability of the equity method investments in the ACC, NextStar and Symbio joint ventures. This included
judgment in determining that the investments in NextStar and Symbio met the criteria to be classified as held for
sale. These judgments involve inherent uncertainty, and actual outcomes may differ from estimates; carrying
amounts are reassessed at each reporting date as new information becomes available.
Recoverability of deferred tax assets
Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profit will be available
to allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets
is dependent on the Company\u2019s ability to generate sufficient future taxable income in the period in which it is
assumed that the deductible temporary differences reverse and tax losses carried forward can be utilized. In
making this assessment, the Company considers future taxable income arising based on the MTP (refer to the
section \u201cClimate change\u201d for additional information). Moreover, the Company estimates the impact of the
reversal of taxable temporary differences on earnings and it also considers the period over which these deferred
tax assets could be recovered. The estimates and assumptions used in the assessment are subject to
uncertainty especially related to the Company\u2019s future performance as compared to the business plan.
Therefore, changes in current estimates due to unanticipated events could have a significant impact on the
Consolidated Financial Statements. Refer to Note 7, Tax expense/(benefit) for additional information.
Sales incentives
The Company records the estimated cost of sales incentive programs offered to dealers and consumers as a
reduction to revenue at the time of sale to the dealer. This estimated cost represents the incentive programs
offered to dealers and consumers, as well as the expected modifications to these programs in order to facilitate
sales of the dealer inventory. Subsequent adjustments to sales incentive programs related to vehicles previously
sold to dealers are recognized as an adjustment to Net revenues in the period the adjustment is determinable.
The Company uses price discounts to adjust vehicle pricing in response to a number of market and product
factors, including pricing actions and incentives offered by competitors, economic conditions, the amount of
excess industry production capacity, the intensity of market competition, consumer demand for the product and
the desire to support promotional campaigns. The Company may offer a variety of sales incentive programs at
any given point in time, including cash offers to dealers and consumers and subvention programs offered to
customers, or lease subsidies, which reduce the retail customer\u2019s monthly lease payment or cash due at the
inception of the financing arrangement, or both. Sales incentive programs are generally brand, model and
region specific for a defined period of time.
The key estimate that is developed by the Company is the expected incentive cost needed to facilitate the sales
of the inventory by the dealers. This key estimate uses multiple inputs, such as the current incentive programs in
the market, planned promotional programs and the normal incentive escalation incurred as the model year ages.
The estimated incentive rates are reviewed monthly and changes to planned rates are adjusted accordingly,
thereby impacting Net revenues. As there are a multitude of inputs affecting the calculation of the estimate for
sales incentives, an increase or decrease of any of these variables could have a significant effect on Net
revenues.
Product warranties, recall campaigns and product liabilities
The Company establishes reserves for product warranties at the time the related sale is recognized. The
Company issues various types of product warranties under which the performance of products delivered is
generally guaranteed for a certain period or term. The accrual for product warranties includes the expected
costs of warranty obligations imposed by law or contract, as well as the expected costs for policy coverage,
recall actions and buyback commitments. The estimated future costs of these actions are principally based on
assumptions regarding the lifetime warranty costs of each vehicle line and each model year of that vehicle line,
as well as historical claims experience for the Company\u2019s vehicles. In addition, the number and magnitude of
additional service actions expected to be approved and policies related to additional service actions are taken
into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes in the
assumptions used could materially affect the results of operations.
The Company periodically initiates voluntary service and recall actions to address various customer satisfaction
as well as safety and emissions issues related to vehicles sold. Included in the reserve is the estimated cost of
these service and recall actions. The Company accrues estimated costs for recalls when they are probable of
occurring and a reliable estimate of the costs can be made.
Estimates of the future costs of these actions are subject to numerous uncertainties, including the enactment of
new laws and regulations, the number of vehicles affected by a service or recall action and the nature of the
corrective action. It is reasonably possible that the ultimate cost of these service and recall actions may require
the Company to make expenditures in excess of (or less than) established reserves over an extended period of
time and in a range of amounts that cannot be reasonably estimated. The estimate of warranty and additional
service and recall action obligations is periodically reviewed during the year. Experience has shown that initial
data for any given model year can be volatile; therefore, the Company\u2019s process relies upon long-term historical
averages until sufficient data is available. As actual experience becomes available, it is used to modify the
historical averages to ensure that the forecast is within the range of likely outcomes. Resulting accruals are then
compared with current spending rates to ensure that the balances are adequate to meet expected future
obligations.
In addition, the Company makes provisions for estimated product liability costs arising from property damage
and personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the
result of product defects. By nature, these costs can be infrequent, difficult to predict and have the potential to
vary significantly in amount. The valuation of the reserve is actuarially determined on an annual basis based on,
among other factors, the number of vehicles sold and product liability claims incurred. Costs associated with
these provisions are recorded in the Consolidated Income Statement and any subsequent adjustments are
recorded in the period in which the adjustment is determined.
During the year ended December 31, 2025, the Company updated its estimation approach for contractual
warranties. This change in accounting estimate resulted in additional provisions of \u20ac5.4\u00a0billion, recognized within
Cost of revenues and as further described in Note 21, Provisions.
Litigation
Various legal proceedings, claims and governmental investigations are pending against the Company on a wide
range of topics, including vehicle safety, emissions and fuel economy, competition, tax and securities matters,
alleged violations of law, labor, dealer, supplier and other contractual relationships, intellectual property rights,
product warranties and environmental matters. Some of these proceedings allege defects in specific component
parts or systems (including airbags, seats, seat belts, brakes, ball joints, batteries, transmissions, engines and
fuel systems), in various vehicle models or allege general design defects relating to vehicle handling and
stability, sudden unintended movement or crashworthiness. These proceedings seek recovery for damage to
property, personal injuries or wrongful death and in some cases include a claim for exemplary or punitive
damages. Adverse decisions in one or more of these proceedings could require the Company to pay substantial
damages, or undertake service actions, recall campaigns or other costly actions.
Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with
assurance. Moreover, the cases and claims against the Company are often derived from complex legal issues
that are subject to differing degrees of uncertainty, including the facts and circumstances of each particular
case, the manner in which the applicable law is likely to be interpreted and applied and the jurisdiction and the
different laws involved. A provision is established in connection with pending or threatened litigation if it is
probable there would be an outflow of funds and when the amount can be reasonably estimated. If an outflow of
funds becomes probable, but the amount cannot be estimated, the matter is disclosed in the notes to the
Consolidated Financial Statements. In addition to recognized provisions, the Company is exposed to contingent
liabilities for which the likelihood of an outflow is more than remote but less than probable. These matters do not
meet the criteria for recognition under IFRS, but are disclosed in the notes to the Consolidated Financial
Statements. Since these provisions represent estimates, the resolution of some of these matters could require
the Company to make payments in excess of the amounts accrued or may require the Company to make
payments in an amount or range of amounts that could not be reasonably estimated.
The Company monitors the status of pending legal proceedings and consults with specialists on legal and tax
matters on a regular basis. As such, the provisions for the Company\u2019s legal proceedings and litigation may vary
as a result of future developments in pending matters.
7.
Tax expense/(benefit)
Tax loss carry-forwards
Recognition of deferred tax assets related to tax loss carry-forwards were tested for realizability based on
forecasted future taxable income using estimates consistent with the main assumptions of the MTP. Deferred tax
assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from deductible
temporary differences, were recognized to the extent that it was probable that future profits would be available
against which they could be utilized. The realization of these deferred tax assets considered assumptions and
judgments used in the determination of the taxable income in the future, as well as Stellantis\u2019 ability to implement
tax planning strategies, as necessary. While Stellantis has not recognized all deferred tax assets in all
jurisdictions, it is possible the Company\u2019s assessment of realizability could change, resulting in the recognition
or derecognition of additional deferred tax assets in the Company\u2019s Consolidated Statement of Financial Position
and the related income tax benefit in the Company\u2019s Consolidated Income Statement. Refer to Note 2, Basis of
preparation - Critical judgments and use of estimates - Recoverability of deferred tax assets for additional
information.
Tax loss carry-forward
(after application of the
current tax rate)
Recognized deferred tax
assets on tax loss carry-
forward
Unrecognized deferred tax
assets on tax loss carry-
forwards (after application
of the current tax rate)
(\u20ac million)
At December 31, 2025
Tax Groups:
France
2,384
(2,331)
53
Germany
447
(154)
293
Spain
489
(103)
386
Italy
4,025
(572)
3,453
U.S.
1,039
(1,036)
3
Other Jurisdictions:
Brazil
1,869
(1,549)
320
Others
618
(325)
293
Total
10,871
(6,070)
4,801
Tax loss carry-forward
(after application of the
current tax rate)
Recognized deferred tax
assets on tax loss carry-
forward
Unrecognized deferred tax
assets on tax loss carry-
forwards (after application
of the current tax rate)
(\u20ac million)
At December 31, 2024
Tax Groups:
France
1,640
(1,621)
19
Germany
381
(381)
\u2014
Spain
509
(95)
414
Italy
3,665
(639)
3,026
Other Jurisdictions:
Brazil
1,921
(1,616)
305
Others
666
(337)
329
Total
8,782
(4,689)
4,093
At December 31 2025 and 2024, the Company had total tax-effected tax loss carry-forwards of \u20ac10.9\u00a0billion and
\u20ac8.8\u00a0billion, respectively, of which \u20ac4.8\u00a0billion and \u20ac4.1\u00a0billion were not recognized, respectively. The majority of
the Company\u2019s tax loss carry-forwards do not expire, such as in France, Germany, Italy, Spain, U.S. and Brazil.
Tax loss carry-forwards relating to the French, German, Spanish, U.S. and Italian tax groups are available within
each tax group for offsetting against net deferred tax liabilities (subject to limitations provided under local tax
law) and are recognized in the Consolidated Statement of Financial Position.
20.
Employee benefits liabilities
Pension benefits
The Company\u2019s funding policy for defined benefit pension plans, to directly make benefit payments where
appropriate, is to contribute the minimum amounts required by applicable laws and regulations or to directly pay
benefit payments where appropriate. In the U.S., these excess amounts are tracked and the resulting credit
balance can be used to satisfy minimum funding requirements in future years. At December\u00a031, 2025, the
combined credit balances for the U.S. and Canada qualified pension plans were approximately \u20ac1.1 billion, with
the usage of the credit balances to satisfy minimum funding requirements subject to the plans maintaining
certain funding levels. During the year ended December\u00a031, 2025, the Company made pension contributions in
the U.S. and Canada totaling \u20ac27\u00a0million. Contributions to the pension plans of the Company for 2026 are
expected to be \u20ac96 million, including both contributions to pension funds and direct benefit payments to
employees. Of this amount, \u20ac51 million relates to the U.S. and Canada, with \u20ac42\u00a0million being mandatory
contributions and \u20ac9\u00a0million discretionary contributions, and \u20ac15 million relates to Germany.
The expected benefit payments for pension plans are as follows:
(\u20ac\u00a0million)
Expected\u00a0benefit
payments
2026
1,751
2027
1,738
2028
1,694
2029
1,684
2030
1,665
2031-2035
7,909
The weighted average assumptions used to determine defined benefit obligations were as follows:
At December 31,
2025
2024
U.S.
Canada
UK
France
Germany
U.S.
Canada
UK
France
Germany
Discount rate
5.43%
4.79%
5.69%
3.81%
4.16%
5.70%
4.61%
5.23%
3.39%
3.42%
Future salary
increase rate
\u2014%
3.50%
2.40%
2.75%
2.60%
\u2014%
3.50%
2.65%
2.85%
2.70%
The average duration of U.S., Canada, UK, France and Germany liabilities was approximately 9, 11, 12, 7 and
14, respectively. Refer to Note 2, Basis of preparation, for additional information on the Company\u2019s sensitivity
analysis.
The average longevity at retirement age for current pensioners (male/female) were as follows:
2025
U.S.
Canada
UK
France
Germany
Life Expectancy at Age 65
Male retiring in 25 years (Aged 40)
20.69
21.88
23.12
N/A
24.26
Female retiring in 25 years (Aged 40)
22.16
24.11
25.62
N/A
27
Male retiring today (Aged 65)
19.19
20.63
21.38
11.19
20.90
Female retiring today (Aged 65)
20.79
22.94
23.81
10.72
24.27
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-656": { "value": "
Critical judgments and use of estimates
The Consolidated Financial Statements are prepared in accordance with IFRS which requires the use of
estimates, judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of
contingent assets and liabilities and the amounts of income and expenses recognized. The estimates and
associated assumptions are based on management's best judgment of elements that were known when the
financial statements are prepared, on historical experience and on any other factors that are considered to be
relevant. The following items discussed in this section are topics which we consider to have sources of
estimation uncertainties that may have a significant risk of resulting in a material adjustment to the carrying
amount of assets and liabilities in the next 12 months.
Estimates and underlying assumptions are reviewed by the Company periodically and when circumstances
require. Actual results could differ from the estimates, which would require adjustment accordingly. The effects
of any changes in estimates are recognized in the Consolidated Income Statement in the period in which the
adjustment is made, or in future periods.
Items requiring estimates for which there is a risk that a material difference could arise in the future in respect of
the carrying amounts of assets and liabilities are discussed below.
Employee Benefits
The Company provides post-employment benefits for certain of its active employees and retirees, which vary
according to the legal, fiscal and economic conditions of each country in which the Company operates and may
change periodically. The plans are classified by the Company on the basis of the type of benefit provided as
follows: pension benefits, health care and life insurance plans and other post-employment benefits.
The Company provides certain post-employment benefits, such as pension or health care benefits, to their
employees under defined contribution plans whereby the Company pays contributions to public or private plans
on a legally mandatory, contractual, or voluntary basis. The Company recognizes the cost for defined
contribution plans as incurred and classifies this by function within Cost of revenues, Selling, general and other
costs, and Research and development costs in the Consolidated Income Statement.
Pension plans
The Company sponsors defined benefit pension plans primarily in the U.S., Canada, the UK and Germany, the
majority of which were funded. In the U.S. and Canada, pension plans cover certain hourly and salaried
employees which provide benefits based on a fixed rate for each year of service. Additionally in the U.S. and
Canada, benefits are provided to certain salaried employees which provide benefits based on a fixed rate base
and final average salary.\u202fPlans in the UK provide benefits based on final pensionable salary. The main plan in
Germany provides benefits based on contributions multiplied with predefined age factor.
The Company\u2019s defined benefit pension plans are accounted for on an actuarial basis, which requires the use of
estimates and assumptions to determine the net liability or net asset. The Company estimates the present value
of the projected future payments to all participants by taking into consideration parameters of a financial nature
such as discount rates, the rate of salary increases and the likelihood of potential future events estimated by
using demographic assumptions, which may have an effect on the amount and timing of future payments, such
as mortality, dismissal and retirement rates, which are developed to reflect actual and projected plan
experience. Mortality rates are developed using Stellantis plan-specific populations where appropriate as well as
recent mortality information published by recognized experts in this field such as the U.S. Society of Actuaries
and the Canadian Institute of Actuaries and other data where appropriate to reflect actual and projected plan
experience. Comparable country specific sources and methods are used for all other countries. The expected
amount and timing of contributions are based on an assessment of minimum funding requirements. From time to
time, contributions are made beyond those that are legally required.
When the net pension obligation is a potential asset, the recognized amount is limited to the present value of any
economic benefits available in the form of future refunds or reductions in future contributions to the plan (asset
ceiling). The economic benefit available to us from a reduction in future contributions is equal to the difference
between the present value of the employer current service cost, including expenses and the present value of the
projected employer minimum funding current service requirements.
Plan obligations and costs are based on existing retirement plan provisions. Assumptions regarding any
potential future changes to benefit provisions beyond those to which the Company is presently committed are
not made. Significant differences in actual experience or significant changes in the following key assumption
may affect the pension obligations and pension expense:
\u2022 Discount rates. The Company\u2019s discount rates are based on yields of high-quality (AA-rated) fixed income
investments for which the timing, currency and amounts of maturities match the timing and amounts of the
projected benefit payments.
The effects of actual results differing from assumptions and of amended assumptions are included in Other
comprehensive income/(loss). The weighted average discount rates used to determine the defined benefit
obligation for the defined benefit plans were 5.21 percent and 5.25 percent at December\u00a031, 2025 and 2024,
respectively.
At December\u00a031, 2025, the effect on the defined benefit obligation of a decrease or increase in the discount
rate, holding all other assumptions constant, is as follows:
(\u20ac million)
Effect on pension
benefit obligation
increase/(decrease)
in Net liability
Germany and
France
UK
U.S. and
Canada
Other
25 basis point decrease in discount rate
511
90
42
373
6
25 basis point increase in discount rate
(489)
(85)
(40)
(358)
(6)
Refer to Note 20, Employee benefits liabilities, for additional information on the Company\u2019s pension plans.
Other post-employment benefits
The Company provides health care, legal, severance, indemnity life insurance benefits and other post-retirement
benefits to certain hourly and salaried employees. Upon retirement, these employees may become eligible for a
continuation of certain benefits. Benefits and eligibility rules may be modified periodically.
These other post-employment benefits (\u201cOPEB\u201d) are accounted for on an actuarial basis, which requires the
selection of various assumptions. The estimation of the Company\u2019s obligations, costs and liabilities associated
with OPEB requires the use of estimates of the present value of the projected future payments to all participants,
taking into consideration the likelihood of potential future events estimated by using demographic assumptions,
which may have an effect on the amount and timing of future payments, such as mortality, dismissal and
retirement rates, which are developed to reflect actual and projected plan experience, as well as legal
requirements for retirement in respective countries. Mortality rates are developed using plan-specific
populations, recent mortality information published by recognized experts in this field and other data where
appropriate to reflect actual and projected plan experience.
Plan obligations and costs are based on existing plan provisions. Assumptions regarding any potential future
changes to benefit provisions beyond those to which the Company are presently committed are not made.
Significant differences in actual experience or significant changes in the following key assumptions may affect
the OPEB obligation and expense:
\u2022 Discount rates. Stellantis\u2019 discount rates are based on yields of high-quality (AA-rated) fixed income
investments for which the timing, currency and amounts of maturities matched the timing and amounts of the
projected benefit payments.
\u2022 Health care cost trends. The Company\u2019s health care cost trend assumptions are developed based on
historical cost data, the near-term outlook and an assessment of likely long-term trends.
At December\u00a031, 2025, the effect of a decrease or increase in the key assumptions affecting the health care and
life insurance plans, holding all other assumptions constant, is shown below:
(\u20ac million)
Effect\u00a0on\u00a0health care, life insurance
and OPEB obligation
25 basis point decrease in discount rate
59
25 basis point increase in discount rate
(57)
100 basis point decrease in health care cost trend rate
(13)
100 basis point increase in health care cost trend rate
15
Refer to Note 20, Employee benefits liabilities, for additional information on the Company\u2019s OPEB liabilities.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets
held for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures
primarily related to the North America and Enlarged Europe segments. The recoverability of non-current assets
with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the CGUs to
which the assets relate. The lowest level of asset groups that generate largely independent cash flows is the
vehicle platform level, which is considered the CGU for impairment testing.\u00a0
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan
based on the latest interpretation of the changing geo-political and economic circumstances and is developed
using the Company\u2019s climate-related assumptions and targets. Refer to the section \u201cClimate change\u201d for
additional information. As relevant circumstances change, the Company expects to adjust its product plans
which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and propulsion
systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms
and propulsion systems, or both. Any change in recoverability would be accounted for at the time such change
to the business plan occurs. For the years ended December 31, 2025, 2024 and 2023, the impairment tests
performed compared the carrying amount of the assets included in the respective CGUs to their value-in-use.
The value-in-use of the CGUs is determined using a discounted cash flow methodology based on estimated pre-
tax future cash flows attributable to the CGUs and a pre-tax discount rate, which ranges from 9.5 percent to 19.0
percent, reflecting a current market assessment of the time value of money and the risks specific to the CGUs.\u202f
As a result, impairment charges, totaling \u20ac6,005\u00a0million were recognized on platforms used for North America,
Enlarged Europe and Maserati primarily due to significantly reduced volume and profitability resulting from the
strategic plan update, in addition to the \u20ac578\u00a0million impairment recognized on platforms used for Maserati and
Alfa Romeo vehicles as a result of the impairment test performed during the first half of 2025. Refer to Note
2,\u00a0Basis of preparation - Strategic plan undergoing reassessment.
In addition to the impairments discussed above, during the year ended December 31, 2025, Stellantis
recognized impairments of \u20ac3,498\u00a0million. These impairments were driven primarily by \u20ac609\u00a0million of purchased
credits which are no longer expected to be utilized due to the elimination of corporate average fuel economy
(\u201cCAFE\u201d) penalty rate (refer to Note 10, Other intangible assets for additional information), \u20ac341\u00a0million of the
discontinuation of Stellantis\u2019 hydrogen fuel cell technology development program due to limited availability of
hydrogen refueling infrastructure, high capital requirements, and the need for stronger consumer purchasing
incentives, and \u20ac2,548\u00a0million driven primarily by cancellation of select product initiatives due to changes to our
strategic and product plans, mainly in North America and Enlarged Europe. Refer to Note 2,\u00a0Basis of preparation
- Strategic plan undergoing reassessment for additional information.
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related
to impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected
vehicle margins and the cancellation of certain projects prior to launch.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain
platform assets in Enlarged Europe.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are
not amortized but are tested for impairment annually or more frequently if facts or circumstances indicate that
the asset may be impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within
the operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is
monitored for internal management purposes. The impairment test is performed by comparing the carrying
amount (which mainly comprises property, plant and equipment, goodwill, brands, capitalized development
expenditures, working capital and reserves) and the recoverable amount of each CGU or group of CGUs to
which Goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of
disposal and its value-in-use. The balance of Goodwill and intangible assets with indefinite useful lives
recognized by the Company primarily relate to the merger with FCA. Goodwill from the merger with FCA is
allocated to the North America, South America, India and Asia Pacific and Enlarged Europe operating segments.
All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives. Refer to the section \u201cClimate Change\u201d for additional information.
The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u2022 The expected future cash flows cover the period from October 1, 2025 through December 31, 2028. These
expected cash flows reflect the current expectations regarding economic conditions and market trends as well
as the Company\u2019s initiatives for the period covered by the projections. These cash flows relate to the
respective CGUs in their current condition when preparing the financial statements and exclude the estimated
cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used
for estimating the future cash flow are based on assumptions that are considered reasonable and sustainable
and represent the best estimate of expected conditions regarding market trends and segment, brand and
model share for the respective operating segment over the period considered;
\u2022 The expected future cash flows include a normalized terminal period to estimate the future result beyond the
time period explicitly considered which incorporated a long-term growth rate assumption of 1.9 percent to 2.2
percent. The growth rate per region is determined by reference to the risk free rate and the rate of inflation
considered in the regional discount rate. The long-term AOI margins are set considering the Company\u2019s long-
term projections for each of the CGUs;
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not
reflected in the estimated future cash flows; and
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment
of the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from 9.5
percent to 19 percent.\u00a0
The values estimated as described above are determined to be in excess of the carrying amount for each
operating segment or other CGUs to which Goodwill is allocated, except for the Free2Move business, which is
allocated to the Other Activities, where the carrying amount was determined to be in excess of the recoverable
amount as a result of decreases in projected cash flows. As such, an impairment loss of \u20ac164 million was
recognized, comprising of \u20ac94\u00a0million related to Goodwill, \u20ac70 million related to Property, plant and equipment
and Intangible assets. No other impairments of goodwill and intangible assets with indefinite useful lives were
recognized for the year ended December 31, 2025. However, the projected future cash flows of India & Asia
Pacific, Maserati and Financial Services CGUs are sensitive to certain assumptions, primarily the projected
margins for the terminal period and the discount rate, such that a reduction of less than 1 percentage point in
the long-term profit margin applied for the terminal period or an increase of less than 1 percentage point in the
discount rate would reduce the value-in-use to its carrying value. The terminal period assumptions consider
profit margins ranging from 3 percent to 10 percent. The discount rate used has been determined consistently
with the methodology disclosed, reflecting current market conditions and the specific risks associated with the
operating segment. The assumptions used are considered reasonable and represent the best estimate of
expected conditions in the operating segment.
During the year ended December 31, 2024, the carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of
\u20ac514\u00a0million was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives
were recognized for the year ended December 31, 2024.
No impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the
years ended December 31, 2023.
Provisions recognized resulting from the product plan realignment and program cancellations
The Company enters into supply arrangements to support its product development, manufacturing and
assembly activities. As described in the \u201cStrategic plan undergoing reassessment\u201d the reassessment of the
Company\u2019s strategy in 2025 resulted in the cancellation of certain planned programs and a significant
adjustment to forecasted EV volumes. These cancellations and volume adjustments could give rise to disputes
with suppliers.
Provisions are recognized when the Company has a present obligation, an outflow of economic resources is
probable and a reliable estimate can be made. Determining the amount of these provisions requires judgment,
particularly in evaluating the range of potential settlement outcomes. These estimates involve inherent
uncertainty and actual outcomes may differ from the amounts recorded. Provisions are reassessed at each
reporting date as new information becomes available.
Valuation of interests in joint ventures and associates
The Company has investments that are accounted for under the equity method. Significant judgment may be
required in assessing the recoverability of these equity method investments when there is an indicator of
impairment. Management assesses the recoverable amounts of equity method investments, and the
recoverability of any associated loans, in accordance with IAS 36, IAS 28 and IFRS 5, as appropriate, taking into
account revised cash\u2011flow forecasts, changes in strategic direction, and the viability of each venture\u2019s business
plan.
During the twelve months ended December 31, 2025, the Company assessed the classification and
recoverability of the equity method investments in the ACC, NextStar and Symbio joint ventures. This included
judgment in determining that the investments in NextStar and Symbio met the criteria to be classified as held for
sale. These judgments involve inherent uncertainty, and actual outcomes may differ from estimates; carrying
amounts are reassessed at each reporting date as new information becomes available.
Recoverability of deferred tax assets
Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profit will be available
to allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets
is dependent on the Company\u2019s ability to generate sufficient future taxable income in the period in which it is
assumed that the deductible temporary differences reverse and tax losses carried forward can be utilized. In
making this assessment, the Company considers future taxable income arising based on the MTP (refer to the
section \u201cClimate change\u201d for additional information). Moreover, the Company estimates the impact of the
reversal of taxable temporary differences on earnings and it also considers the period over which these deferred
tax assets could be recovered. The estimates and assumptions used in the assessment are subject to
uncertainty especially related to the Company\u2019s future performance as compared to the business plan.
Therefore, changes in current estimates due to unanticipated events could have a significant impact on the
Consolidated Financial Statements. Refer to Note 7, Tax expense/(benefit) for additional information.
Sales incentives
The Company records the estimated cost of sales incentive programs offered to dealers and consumers as a
reduction to revenue at the time of sale to the dealer. This estimated cost represents the incentive programs
offered to dealers and consumers, as well as the expected modifications to these programs in order to facilitate
sales of the dealer inventory. Subsequent adjustments to sales incentive programs related to vehicles previously
sold to dealers are recognized as an adjustment to Net revenues in the period the adjustment is determinable.
The Company uses price discounts to adjust vehicle pricing in response to a number of market and product
factors, including pricing actions and incentives offered by competitors, economic conditions, the amount of
excess industry production capacity, the intensity of market competition, consumer demand for the product and
the desire to support promotional campaigns. The Company may offer a variety of sales incentive programs at
any given point in time, including cash offers to dealers and consumers and subvention programs offered to
customers, or lease subsidies, which reduce the retail customer\u2019s monthly lease payment or cash due at the
inception of the financing arrangement, or both. Sales incentive programs are generally brand, model and
region specific for a defined period of time.
The key estimate that is developed by the Company is the expected incentive cost needed to facilitate the sales
of the inventory by the dealers. This key estimate uses multiple inputs, such as the current incentive programs in
the market, planned promotional programs and the normal incentive escalation incurred as the model year ages.
The estimated incentive rates are reviewed monthly and changes to planned rates are adjusted accordingly,
thereby impacting Net revenues. As there are a multitude of inputs affecting the calculation of the estimate for
sales incentives, an increase or decrease of any of these variables could have a significant effect on Net
revenues.
Product warranties, recall campaigns and product liabilities
The Company establishes reserves for product warranties at the time the related sale is recognized. The
Company issues various types of product warranties under which the performance of products delivered is
generally guaranteed for a certain period or term. The accrual for product warranties includes the expected
costs of warranty obligations imposed by law or contract, as well as the expected costs for policy coverage,
recall actions and buyback commitments. The estimated future costs of these actions are principally based on
assumptions regarding the lifetime warranty costs of each vehicle line and each model year of that vehicle line,
as well as historical claims experience for the Company\u2019s vehicles. In addition, the number and magnitude of
additional service actions expected to be approved and policies related to additional service actions are taken
into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes in the
assumptions used could materially affect the results of operations.
The Company periodically initiates voluntary service and recall actions to address various customer satisfaction
as well as safety and emissions issues related to vehicles sold. Included in the reserve is the estimated cost of
these service and recall actions. The Company accrues estimated costs for recalls when they are probable of
occurring and a reliable estimate of the costs can be made.
Estimates of the future costs of these actions are subject to numerous uncertainties, including the enactment of
new laws and regulations, the number of vehicles affected by a service or recall action and the nature of the
corrective action. It is reasonably possible that the ultimate cost of these service and recall actions may require
the Company to make expenditures in excess of (or less than) established reserves over an extended period of
time and in a range of amounts that cannot be reasonably estimated. The estimate of warranty and additional
service and recall action obligations is periodically reviewed during the year. Experience has shown that initial
data for any given model year can be volatile; therefore, the Company\u2019s process relies upon long-term historical
averages until sufficient data is available. As actual experience becomes available, it is used to modify the
historical averages to ensure that the forecast is within the range of likely outcomes. Resulting accruals are then
compared with current spending rates to ensure that the balances are adequate to meet expected future
obligations.
In addition, the Company makes provisions for estimated product liability costs arising from property damage
and personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the
result of product defects. By nature, these costs can be infrequent, difficult to predict and have the potential to
vary significantly in amount. The valuation of the reserve is actuarially determined on an annual basis based on,
among other factors, the number of vehicles sold and product liability claims incurred. Costs associated with
these provisions are recorded in the Consolidated Income Statement and any subsequent adjustments are
recorded in the period in which the adjustment is determined.
During the year ended December 31, 2025, the Company updated its estimation approach for contractual
warranties. This change in accounting estimate resulted in additional provisions of \u20ac5.4\u00a0billion, recognized within
Cost of revenues and as further described in Note 21, Provisions.
Litigation
Various legal proceedings, claims and governmental investigations are pending against the Company on a wide
range of topics, including vehicle safety, emissions and fuel economy, competition, tax and securities matters,
alleged violations of law, labor, dealer, supplier and other contractual relationships, intellectual property rights,
product warranties and environmental matters. Some of these proceedings allege defects in specific component
parts or systems (including airbags, seats, seat belts, brakes, ball joints, batteries, transmissions, engines and
fuel systems), in various vehicle models or allege general design defects relating to vehicle handling and
stability, sudden unintended movement or crashworthiness. These proceedings seek recovery for damage to
property, personal injuries or wrongful death and in some cases include a claim for exemplary or punitive
damages. Adverse decisions in one or more of these proceedings could require the Company to pay substantial
damages, or undertake service actions, recall campaigns or other costly actions.
Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with
assurance. Moreover, the cases and claims against the Company are often derived from complex legal issues
that are subject to differing degrees of uncertainty, including the facts and circumstances of each particular
case, the manner in which the applicable law is likely to be interpreted and applied and the jurisdiction and the
different laws involved. A provision is established in connection with pending or threatened litigation if it is
probable there would be an outflow of funds and when the amount can be reasonably estimated. If an outflow of
funds becomes probable, but the amount cannot be estimated, the matter is disclosed in the notes to the
Consolidated Financial Statements. In addition to recognized provisions, the Company is exposed to contingent
liabilities for which the likelihood of an outflow is more than remote but less than probable. These matters do not
meet the criteria for recognition under IFRS, but are disclosed in the notes to the Consolidated Financial
Statements. Since these provisions represent estimates, the resolution of some of these matters could require
the Company to make payments in excess of the amounts accrued or may require the Company to make
payments in an amount or range of amounts that could not be reasonably estimated.
The Company monitors the status of pending legal proceedings and consults with specialists on legal and tax
matters on a regular basis. As such, the provisions for the Company\u2019s legal proceedings and litigation may vary
as a result of future developments in pending matters.
7.
Tax expense/(benefit)
Tax loss carry-forwards
Recognition of deferred tax assets related to tax loss carry-forwards were tested for realizability based on
forecasted future taxable income using estimates consistent with the main assumptions of the MTP. Deferred tax
assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from deductible
temporary differences, were recognized to the extent that it was probable that future profits would be available
against which they could be utilized. The realization of these deferred tax assets considered assumptions and
judgments used in the determination of the taxable income in the future, as well as Stellantis\u2019 ability to implement
tax planning strategies, as necessary. While Stellantis has not recognized all deferred tax assets in all
jurisdictions, it is possible the Company\u2019s assessment of realizability could change, resulting in the recognition
or derecognition of additional deferred tax assets in the Company\u2019s Consolidated Statement of Financial Position
and the related income tax benefit in the Company\u2019s Consolidated Income Statement. Refer to Note 2, Basis of
preparation - Critical judgments and use of estimates - Recoverability of deferred tax assets for additional
information.
Tax loss carry-forward
(after application of the
current tax rate)
Recognized deferred tax
assets on tax loss carry-
forward
Unrecognized deferred tax
assets on tax loss carry-
forwards (after application
of the current tax rate)
(\u20ac million)
At December 31, 2025
Tax Groups:
France
2,384
(2,331)
53
Germany
447
(154)
293
Spain
489
(103)
386
Italy
4,025
(572)
3,453
U.S.
1,039
(1,036)
3
Other Jurisdictions:
Brazil
1,869
(1,549)
320
Others
618
(325)
293
Total
10,871
(6,070)
4,801
Tax loss carry-forward
(after application of the
current tax rate)
Recognized deferred tax
assets on tax loss carry-
forward
Unrecognized deferred tax
assets on tax loss carry-
forwards (after application
of the current tax rate)
(\u20ac million)
At December 31, 2024
Tax Groups:
France
1,640
(1,621)
19
Germany
381
(381)
\u2014
Spain
509
(95)
414
Italy
3,665
(639)
3,026
Other Jurisdictions:
Brazil
1,921
(1,616)
305
Others
666
(337)
329
Total
8,782
(4,689)
4,093
At December 31 2025 and 2024, the Company had total tax-effected tax loss carry-forwards of \u20ac10.9\u00a0billion and
\u20ac8.8\u00a0billion, respectively, of which \u20ac4.8\u00a0billion and \u20ac4.1\u00a0billion were not recognized, respectively. The majority of
the Company\u2019s tax loss carry-forwards do not expire, such as in France, Germany, Italy, Spain, U.S. and Brazil.
Tax loss carry-forwards relating to the French, German, Spanish, U.S. and Italian tax groups are available within
each tax group for offsetting against net deferred tax liabilities (subject to limitations provided under local tax
law) and are recognized in the Consolidated Statement of Financial Position.
20.
Employee benefits liabilities
Pension benefits
The Company\u2019s funding policy for defined benefit pension plans, to directly make benefit payments where
appropriate, is to contribute the minimum amounts required by applicable laws and regulations or to directly pay
benefit payments where appropriate. In the U.S., these excess amounts are tracked and the resulting credit
balance can be used to satisfy minimum funding requirements in future years. At December\u00a031, 2025, the
combined credit balances for the U.S. and Canada qualified pension plans were approximately \u20ac1.1 billion, with
the usage of the credit balances to satisfy minimum funding requirements subject to the plans maintaining
certain funding levels. During the year ended December\u00a031, 2025, the Company made pension contributions in
the U.S. and Canada totaling \u20ac27\u00a0million. Contributions to the pension plans of the Company for 2026 are
expected to be \u20ac96 million, including both contributions to pension funds and direct benefit payments to
employees. Of this amount, \u20ac51 million relates to the U.S. and Canada, with \u20ac42\u00a0million being mandatory
contributions and \u20ac9\u00a0million discretionary contributions, and \u20ac15 million relates to Germany.
The expected benefit payments for pension plans are as follows:
(\u20ac\u00a0million)
Expected\u00a0benefit
payments
2026
1,751
2027
1,738
2028
1,694
2029
1,684
2030
1,665
2031-2035
7,909
The weighted average assumptions used to determine defined benefit obligations were as follows:
At December 31,
2025
2024
U.S.
Canada
UK
France
Germany
U.S.
Canada
UK
France
Germany
Discount rate
5.43%
4.79%
5.69%
3.81%
4.16%
5.70%
4.61%
5.23%
3.39%
3.42%
Future salary
increase rate
\u2014%
3.50%
2.40%
2.75%
2.60%
\u2014%
3.50%
2.65%
2.85%
2.70%
The average duration of U.S., Canada, UK, France and Germany liabilities was approximately 9, 11, 12, 7 and
14, respectively. Refer to Note 2, Basis of preparation, for additional information on the Company\u2019s sensitivity
analysis.
The average longevity at retirement age for current pensioners (male/female) were as follows:
2025
U.S.
Canada
UK
France
Germany
Life Expectancy at Age 65
Male retiring in 25 years (Aged 40)
20.69
21.88
23.12
N/A
24.26
Female retiring in 25 years (Aged 40)
22.16
24.11
25.62
N/A
27
Male retiring today (Aged 65)
19.19
20.63
21.38
11.19
20.90
Female retiring today (Aged 65)
20.79
22.94
23.81
10.72
24.27
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-655": { "value": "Critical judgments and use of estimates The Consolidated Financial Statements are prepared in accordance with IFRS which requires the use of estimates, judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of contingent assets and liabilities and the amounts of income and expenses recognized. The estimates and associated assumptions are based on management's best judgment of elements that were known when the financial statements are prepared, on historical experience and on any other factors that are considered to be relevant. The following items discussed in this section are topics which we consider to have sources of estimation uncertainties that may have a significant risk of resulting in a material adjustment to the carrying amount of assets and liabilities in the next 12 months. Estimates and underlying assumptions are reviewed by the Company periodically and when circumstances require. Actual results could differ from the estimates, which would require adjustment accordingly. The effects of any changes in estimates are recognized in the Consolidated Income Statement in the period in which the adjustment is made, or in future periods.Items requiring estimates for which there is a risk that a material difference could arise in the future in respect of the carrying amounts of assets and liabilities are discussed below. Employee BenefitsThe Company provides post-employment benefits for certain of its active employees and retirees, which vary according to the legal, fiscal and economic conditions of each country in which the Company operates and may change periodically. The plans are classified by the Company on the basis of the type of benefit provided as follows: pension benefits, health care and life insurance plans and other post-employment benefits. The Company provides certain post-employment benefits, such as pension or health care benefits, to their employees under defined contribution plans whereby the Company pays contributions to public or private plans on a legally mandatory, contractual, or voluntary basis. The Company recognizes the cost for defined contribution plans as incurred and classifies this by function within Cost of revenues, Selling, general and other costs, and Research and development costs in the Consolidated Income Statement.Pension plans The Company sponsors defined benefit pension plans primarily in the U.S., Canada, the UK and Germany, the majority of which were funded. In the U.S. and Canada, pension plans cover certain hourly and salaried employees which provide benefits based on a fixed rate for each year of service. Additionally in the U.S. and Canada, benefits are provided to certain salaried employees which provide benefits based on a fixed rate base and final average salary.\u202fPlans in the UK provide benefits based on final pensionable salary. The main plan in Germany provides benefits based on contributions multiplied with predefined age factor.The Company\u2019s defined benefit pension plans are accounted for on an actuarial basis, which requires the use of estimates and assumptions to determine the net liability or net asset. The Company estimates the present value of the projected future payments to all participants by taking into consideration parameters of a financial nature such as discount rates, the rate of salary increases and the likelihood of potential future events estimated by using demographic assumptions, which may have an effect on the amount and timing of future payments, such as mortality, dismissal and retirement rates, which are developed to reflect actual and projected plan experience. Mortality rates are developed using Stellantis plan-specific populations where appropriate as well as recent mortality information published by recognized experts in this field such as the U.S. Society of Actuaries and the Canadian Institute of Actuaries and other data where appropriate to reflect actual and projected plan experience. Comparable country specific sources and methods are used for all other countries. The expected amount and timing of contributions are based on an assessment of minimum funding requirements. From time to time, contributions are made beyond those that are legally required.When the net pension obligation is a potential asset, the recognized amount is limited to the present value of any economic benefits available in the form of future refunds or reductions in future contributions to the plan (asset ceiling). The economic benefit available to us from a reduction in future contributions is equal to the difference between the present value of the employer current service cost, including expenses and the present value of the projected employer minimum funding current service requirements.Plan obligations and costs are based on existing retirement plan provisions. Assumptions regarding any potential future changes to benefit provisions beyond those to which the Company is presently committed are not made. Significant differences in actual experience or significant changes in the following key assumption may affect the pension obligations and pension expense:\u2022 Discount rates. The Company\u2019s discount rates are based on yields of high-quality (AA-rated) fixed income investments for which the timing, currency and amounts of maturities match the timing and amounts of the projected benefit payments. The effects of actual results differing from assumptions and of amended assumptions are included in Other comprehensive income/(loss). The weighted average discount rates used to determine the defined benefit obligation for the defined benefit plans were 5.21 percent and 5.25 percent at December\u00a031, 2025 and 2024, respectively. Other post-employment benefitsThe Company provides health care, legal, severance, indemnity life insurance benefits and other post-retirement benefits to certain hourly and salaried employees. Upon retirement, these employees may become eligible for a continuation of certain benefits. Benefits and eligibility rules may be modified periodically. These other post-employment benefits (\u201cOPEB\u201d) are accounted for on an actuarial basis, which requires the selection of various assumptions. The estimation of the Company\u2019s obligations, costs and liabilities associated with OPEB requires the use of estimates of the present value of the projected future payments to all participants, taking into consideration the likelihood of potential future events estimated by using demographic assumptions, which may have an effect on the amount and timing of future payments, such as mortality, dismissal and retirement rates, which are developed to reflect actual and projected plan experience, as well as legal requirements for retirement in respective countries. Mortality rates are developed using plan-specific populations, recent mortality information published by recognized experts in this field and other data where appropriate to reflect actual and projected plan experience.Plan obligations and costs are based on existing plan provisions. Assumptions regarding any potential future changes to benefit provisions beyond those to which the Company are presently committed are not made. Significant differences in actual experience or significant changes in the following key assumptions may affect the OPEB obligation and expense:\u2022 Discount rates. Stellantis\u2019 discount rates are based on yields of high-quality (AA-rated) fixed income investments for which the timing, currency and amounts of maturities matched the timing and amounts of the projected benefit payments. \u2022 Health care cost trends. The Company\u2019s health care cost trend assumptions are developed based on historical cost data, the near-term outlook and an assessment of likely long-term trends. Recoverability of non-current assets with definite useful livesNon-current assets with definite useful lives include property, plant and equipment, intangible assets and assets held for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures primarily related to the North America and Enlarged Europe segments. The recoverability of non-current assets with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the CGUs to which the assets relate. The lowest level of asset groups that generate largely independent cash flows is the vehicle platform level, which is considered the CGU for impairment testing.\u00a0 The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan based on the latest interpretation of the changing geo-political and economic circumstances and is developed using the Company\u2019s climate-related assumptions and targets. Refer to the section \u201cClimate change\u201d for additional information. As relevant circumstances change, the Company expects to adjust its product plans which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and propulsion systems.These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms and propulsion systems, or both. Any change in recoverability would be accounted for at the time such change to the business plan occurs. For the years ended December 31, 2025, 2024 and 2023, the impairment tests performed compared the carrying amount of the assets included in the respective CGUs to their value-in-use. The value-in-use of the CGUs is determined using a discounted cash flow methodology based on estimated pre-tax future cash flows attributable to the CGUs and a pre-tax discount rate, which ranges from 9.5 percent to 19.0 percent, reflecting a current market assessment of the time value of money and the risks specific to the CGUs.\u202f As a result, impairment charges, totaling \u20ac6,005\u00a0million were recognized on platforms used for North America, Enlarged Europe and Maserati primarily due to significantly reduced volume and profitability resulting from the strategic plan update, in addition to the \u20ac578\u00a0million impairment recognized on platforms used for Maserati and Alfa Romeo vehicles as a result of the impairment test performed during the first half of 2025. Refer to Note 2,\u00a0Basis of preparation - Strategic plan undergoing reassessment.In addition to the impairments discussed above, during the year ended December 31, 2025, Stellantis recognized impairments of \u20ac3,498\u00a0million. These impairments were driven primarily by \u20ac609\u00a0million of purchased credits which are no longer expected to be utilized due to the elimination of corporate average fuel economy (\u201cCAFE\u201d) penalty rate (refer to Note 10, Other intangible assets for additional information), \u20ac341\u00a0million of the discontinuation of Stellantis\u2019 hydrogen fuel cell technology development program due to limited availability of hydrogen refueling infrastructure, high capital requirements, and the need for stronger consumer purchasing incentives, and \u20ac2,548\u00a0million driven primarily by cancellation of select product initiatives due to changes to our strategic and product plans, mainly in North America and Enlarged Europe. Refer to Note 2,\u00a0Basis of preparation - Strategic plan undergoing reassessment for additional information.During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related to impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected vehicle margins and the cancellation of certain projects prior to launch.During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain platform assets in Enlarged Europe.Recoverability of Goodwill and Intangible assets with indefinite useful lives In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are not amortized but are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be impaired. Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within the operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is monitored for internal management purposes. The impairment test is performed by comparing the carrying amount (which mainly comprises property, plant and equipment, goodwill, brands, capitalized development expenditures, working capital and reserves) and the recoverable amount of each CGU or group of CGUs to which Goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use. The balance of Goodwill and intangible assets with indefinite useful lives recognized by the Company primarily relate to the merger with FCA. Goodwill from the merger with FCA is allocated to the North America, South America, India and Asia Pacific and Enlarged Europe operating segments. All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser extent China.The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets with indefinite useful lives. Refer to the section \u201cClimate Change\u201d for additional information.The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the operating segments is determined using value-in-use and was based on the following assumptions:\u2022 The expected future cash flows cover the period from October 1, 2025 through December 31, 2028. These expected cash flows reflect the current expectations regarding economic conditions and market trends as well as the Company\u2019s initiatives for the period covered by the projections. These cash flows relate to the respective CGUs in their current condition when preparing the financial statements and exclude the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used for estimating the future cash flow are based on assumptions that are considered reasonable and sustainable and represent the best estimate of expected conditions regarding market trends and segment, brand and model share for the respective operating segment over the period considered; \u2022 The expected future cash flows include a normalized terminal period to estimate the future result beyond the time period explicitly considered which incorporated a long-term growth rate assumption of 1.9 percent to 2.2 percent. The growth rate per region is determined by reference to the risk free rate and the rate of inflation considered in the regional discount rate. The long-term AOI margins are set considering the Company\u2019s long-term projections for each of the CGUs; \u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected in the estimated future cash flows; and\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of the time value of money for the period being considered, and the risks specific to those cash flows under consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from 9.5 percent to 19 percent.\u00a0 The values estimated as described above are determined to be in excess of the carrying amount for each operating segment or other CGUs to which Goodwill is allocated, except for the Free2Move business, which is allocated to the Other Activities, where the carrying amount was determined to be in excess of the recoverable amount as a result of decreases in projected cash flows. As such, an impairment loss of \u20ac164 million was recognized, comprising of \u20ac94\u00a0million related to Goodwill, \u20ac70 million related to Property, plant and equipment and Intangible assets. No other impairments of goodwill and intangible assets with indefinite useful lives were recognized for the year ended December 31, 2025. However, the projected future cash flows of India & Asia Pacific, Maserati and Financial Services CGUs are sensitive to certain assumptions, primarily the projected margins for the terminal period and the discount rate, such that a reduction of less than 1 percentage point in the long-term profit margin applied for the terminal period or an increase of less than 1 percentage point in the discount rate would reduce the value-in-use to its carrying value. The terminal period assumptions consider profit margins ranging from 3 percent to 10 percent. The discount rate used has been determined consistently with the methodology disclosed, reflecting current market conditions and the specific risks associated with the operating segment. The assumptions used are considered reasonable and represent the best estimate of expected conditions in the operating segment.During the year ended December 31, 2024, the carrying amount of the Maserati segment was determined to be in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of \u20ac514\u00a0million was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives were recognized for the year ended December 31, 2024.No impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the years ended December 31, 2023.Provisions recognized resulting from the product plan realignment and program cancellationsThe Company enters into supply arrangements to support its product development, manufacturing and assembly activities. As described in the \u201cStrategic plan undergoing reassessment\u201d the reassessment of the Company\u2019s strategy in 2025 resulted in the cancellation of certain planned programs and a significant adjustment to forecasted EV volumes. These cancellations and volume adjustments could give rise to disputes with suppliers.Provisions are recognized when the Company has a present obligation, an outflow of economic resources is probable and a reliable estimate can be made. Determining the amount of these provisions requires judgment, particularly in evaluating the range of potential settlement outcomes. These estimates involve inherent uncertainty and actual outcomes may differ from the amounts recorded. Provisions are reassessed at each reporting date as new information becomes available.Valuation of interests in joint ventures and associatesThe Company has investments that are accounted for under the equity method. Significant judgment may be required in assessing the recoverability of these equity method investments when there is an indicator of impairment. Management assesses the recoverable amounts of equity method investments, and the recoverability of any associated loans, in accordance with IAS 36, IAS 28 and IFRS 5, as appropriate, taking into account revised cash\u2011flow forecasts, changes in strategic direction, and the viability of each venture\u2019s business plan. During the twelve months ended December 31, 2025, the Company assessed the classification and recoverability of the equity method investments in the ACC, NextStar and Symbio joint ventures. This included judgment in determining that the investments in NextStar and Symbio met the criteria to be classified as held for sale. These judgments involve inherent uncertainty, and actual outcomes may differ from estimates; carrying amounts are reassessed at each reporting date as new information becomes available.Recoverability of deferred tax assets Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profit will be available to allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets is dependent on the Company\u2019s ability to generate sufficient future taxable income in the period in which it is assumed that the deductible temporary differences reverse and tax losses carried forward can be utilized. In making this assessment, the Company considers future taxable income arising based on the MTP (refer to the section \u201cClimate change\u201d for additional information). Moreover, the Company estimates the impact of the reversal of taxable temporary differences on earnings and it also considers the period over which these deferred tax assets could be recovered. The estimates and assumptions used in the assessment are subject to uncertainty especially related to the Company\u2019s future performance as compared to the business plan. Therefore, changes in current estimates due to unanticipated events could have a significant impact on the Consolidated Financial Statements. Refer to Note 7, Tax expense/(benefit) for additional information.Sales incentives The Company records the estimated cost of sales incentive programs offered to dealers and consumers as a reduction to revenue at the time of sale to the dealer. This estimated cost represents the incentive programs offered to dealers and consumers, as well as the expected modifications to these programs in order to facilitate sales of the dealer inventory. Subsequent adjustments to sales incentive programs related to vehicles previously sold to dealers are recognized as an adjustment to Net revenues in the period the adjustment is determinable. The Company uses price discounts to adjust vehicle pricing in response to a number of market and product factors, including pricing actions and incentives offered by competitors, economic conditions, the amount of excess industry production capacity, the intensity of market competition, consumer demand for the product and the desire to support promotional campaigns. The Company may offer a variety of sales incentive programs at any given point in time, including cash offers to dealers and consumers and subvention programs offered to customers, or lease subsidies, which reduce the retail customer\u2019s monthly lease payment or cash due at the inception of the financing arrangement, or both. Sales incentive programs are generally brand, model and region specific for a defined period of time. The key estimate that is developed by the Company is the expected incentive cost needed to facilitate the sales of the inventory by the dealers. This key estimate uses multiple inputs, such as the current incentive programs in the market, planned promotional programs and the normal incentive escalation incurred as the model year ages. The estimated incentive rates are reviewed monthly and changes to planned rates are adjusted accordingly, thereby impacting Net revenues. As there are a multitude of inputs affecting the calculation of the estimate for sales incentives, an increase or decrease of any of these variables could have a significant effect on Net revenues.Product warranties, recall campaigns and product liabilitiesThe Company establishes reserves for product warranties at the time the related sale is recognized. The Company issues various types of product warranties under which the performance of products delivered is generally guaranteed for a certain period or term. The accrual for product warranties includes the expected costs of warranty obligations imposed by law or contract, as well as the expected costs for policy coverage, recall actions and buyback commitments. The estimated future costs of these actions are principally based on assumptions regarding the lifetime warranty costs of each vehicle line and each model year of that vehicle line, as well as historical claims experience for the Company\u2019s vehicles. In addition, the number and magnitude of additional service actions expected to be approved and policies related to additional service actions are taken into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes in the assumptions used could materially affect the results of operations. The Company periodically initiates voluntary service and recall actions to address various customer satisfaction as well as safety and emissions issues related to vehicles sold. Included in the reserve is the estimated cost of these service and recall actions. The Company accrues estimated costs for recalls when they are probable of occurring and a reliable estimate of the costs can be made.Estimates of the future costs of these actions are subject to numerous uncertainties, including the enactment of new laws and regulations, the number of vehicles affected by a service or recall action and the nature of the corrective action. It is reasonably possible that the ultimate cost of these service and recall actions may require the Company to make expenditures in excess of (or less than) established reserves over an extended period of time and in a range of amounts that cannot be reasonably estimated. The estimate of warranty and additional service and recall action obligations is periodically reviewed during the year. Experience has shown that initial data for any given model year can be volatile; therefore, the Company\u2019s process relies upon long-term historical averages until sufficient data is available. As actual experience becomes available, it is used to modify the historical averages to ensure that the forecast is within the range of likely outcomes. Resulting accruals are then compared with current spending rates to ensure that the balances are adequate to meet expected future obligations. In addition, the Company makes provisions for estimated product liability costs arising from property damage and personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the result of product defects. By nature, these costs can be infrequent, difficult to predict and have the potential to vary significantly in amount. The valuation of the reserve is actuarially determined on an annual basis based on, among other factors, the number of vehicles sold and product liability claims incurred. Costs associated with these provisions are recorded in the Consolidated Income Statement and any subsequent adjustments are recorded in the period in which the adjustment is determined. During the year ended December 31, 2025, the Company updated its estimation approach for contractual warranties. This change in accounting estimate resulted in additional provisions of \u20ac5.4\u00a0billion, recognized within Cost of revenues and as further described in Note 21, Provisions.Litigation Various legal proceedings, claims and governmental investigations are pending against the Company on a wide range of topics, including vehicle safety, emissions and fuel economy, competition, tax and securities matters, alleged violations of law, labor, dealer, supplier and other contractual relationships, intellectual property rights, product warranties and environmental matters. Some of these proceedings allege defects in specific component parts or systems (including airbags, seats, seat belts, brakes, ball joints, batteries, transmissions, engines and fuel systems), in various vehicle models or allege general design defects relating to vehicle handling and stability, sudden unintended movement or crashworthiness. These proceedings seek recovery for damage to property, personal injuries or wrongful death and in some cases include a claim for exemplary or punitive damages. Adverse decisions in one or more of these proceedings could require the Company to pay substantial damages, or undertake service actions, recall campaigns or other costly actions. Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance. Moreover, the cases and claims against the Company are often derived from complex legal issues that are subject to differing degrees of uncertainty, including the facts and circumstances of each particular case, the manner in which the applicable law is likely to be interpreted and applied and the jurisdiction and the different laws involved. A provision is established in connection with pending or threatened litigation if it is probable there would be an outflow of funds and when the amount can be reasonably estimated. If an outflow of funds becomes probable, but the amount cannot be estimated, the matter is disclosed in the notes to the Consolidated Financial Statements. In addition to recognized provisions, the Company is exposed to contingent liabilities for which the likelihood of an outflow is more than remote but less than probable. These matters do not meet the criteria for recognition under IFRS, but are disclosed in the notes to the Consolidated Financial Statements. Since these provisions represent estimates, the resolution of some of these matters could require the Company to make payments in excess of the amounts accrued or may require the Company to make payments in an amount or range of amounts that could not be reasonably estimated. The Company monitors the status of pending legal proceedings and consults with specialists on legal and tax matters on a regular basis. As such, the provisions for the Company\u2019s legal proceedings and litigation may vary as a result of future developments in pending matters.7. Tax expense/(benefit) Tax loss carry-forwardsRecognition of deferred tax assets related to tax loss carry-forwards were tested for realizability based on forecasted future taxable income using estimates consistent with the main assumptions of the MTP. Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from deductible temporary differences, were recognized to the extent that it was probable that future profits would be available against which they could be utilized. The realization of these deferred tax assets considered assumptions and judgments used in the determination of the taxable income in the future, as well as Stellantis\u2019 ability to implement tax planning strategies, as necessary. While Stellantis has not recognized all deferred tax assets in all jurisdictions, it is possible the Company\u2019s assessment of realizability could change, resulting in the recognition or derecognition of additional deferred tax assets in the Company\u2019s Consolidated Statement of Financial Position and the related income tax benefit in the Company\u2019s Consolidated Income Statement.At December 31 2025 and 2024, the Company had total tax-effected tax loss carry-forwards of \u20ac10.9\u00a0billion and \u20ac8.8\u00a0billion, respectively, of which \u20ac4.8\u00a0billion and \u20ac4.1\u00a0billion were not recognized, respectively. The majority of the Company\u2019s tax loss carry-forwards do not expire, such as in France, Germany, Italy, Spain, U.S. and Brazil. Tax loss carry-forwards relating to the French, German, Spanish, U.S. and Italian tax groups are available within each tax group for offsetting against net deferred tax liabilities (subject to limitations provided under local tax law) and are recognized in the Consolidated Statement of Financial Position. 20. Employee benefits liabilities The average duration of U.S., Canada, UK, France and Germany liabilities was approximately 9, 11, 12, 7 and 14, respectively. Refer to Note 2, Basis of preparation, for additional information on the Company\u2019s sensitivity analysis.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-659": { "value": "
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets
held for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures
primarily related to the North America and Enlarged Europe segments. The recoverability of non-current assets
with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the CGUs to
which the assets relate. The lowest level of asset groups that generate largely independent cash flows is the
vehicle platform level, which is considered the CGU for impairment testing.\u00a0
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan
based on the latest interpretation of the changing geo-political and economic circumstances and is developed
using the Company\u2019s climate-related assumptions and targets. Refer to the section \u201cClimate change\u201d for
additional information. As relevant circumstances change, the Company expects to adjust its product plans
which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and propulsion
systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms
and propulsion systems, or both. Any change in recoverability would be accounted for at the time such change
to the business plan occurs. For the years ended December 31, 2025, 2024 and 2023, the impairment tests
performed compared the carrying amount of the assets included in the respective CGUs to their value-in-use.
The value-in-use of the CGUs is determined using a discounted cash flow methodology based on estimated pre-
tax future cash flows attributable to the CGUs and a pre-tax discount rate, which ranges from 9.5 percent to 19.0
percent, reflecting a current market assessment of the time value of money and the risks specific to the CGUs.\u202f
As a result, impairment charges, totaling \u20ac6,005\u00a0million were recognized on platforms used for North America,
Enlarged Europe and Maserati primarily due to significantly reduced volume and profitability resulting from the
strategic plan update, in addition to the \u20ac578\u00a0million impairment recognized on platforms used for Maserati and
Alfa Romeo vehicles as a result of the impairment test performed during the first half of 2025. Refer to Note
2,\u00a0Basis of preparation - Strategic plan undergoing reassessment.
In addition to the impairments discussed above, during the year ended December 31, 2025, Stellantis
recognized impairments of \u20ac3,498\u00a0million. These impairments were driven primarily by \u20ac609\u00a0million of purchased
credits which are no longer expected to be utilized due to the elimination of corporate average fuel economy
(\u201cCAFE\u201d) penalty rate (refer to Note 10, Other intangible assets for additional information), \u20ac341\u00a0million of the
discontinuation of Stellantis\u2019 hydrogen fuel cell technology development program due to limited availability of
hydrogen refueling infrastructure, high capital requirements, and the need for stronger consumer purchasing
incentives, and \u20ac2,548\u00a0million driven primarily by cancellation of select product initiatives due to changes to our
strategic and product plans, mainly in North America and Enlarged Europe. Refer to Note 2,\u00a0Basis of preparation
- Strategic plan undergoing reassessment for additional information.
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related
to impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected
vehicle margins and the cancellation of certain projects prior to launch.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain
platform assets in Enlarged Europe.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are
not amortized but are tested for impairment annually or more frequently if facts or circumstances indicate that
the asset may be impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within
the operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is
monitored for internal management purposes. The impairment test is performed by comparing the carrying
amount (which mainly comprises property, plant and equipment, goodwill, brands, capitalized development
expenditures, working capital and reserves) and the recoverable amount of each CGU or group of CGUs to
which Goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of
disposal and its value-in-use. The balance of Goodwill and intangible assets with indefinite useful lives
recognized by the Company primarily relate to the merger with FCA. Goodwill from the merger with FCA is
allocated to the North America, South America, India and Asia Pacific and Enlarged Europe operating segments.
All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives. Refer to the section \u201cClimate Change\u201d for additional information.
The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u2022 The expected future cash flows cover the period from October 1, 2025 through December 31, 2028. These
expected cash flows reflect the current expectations regarding economic conditions and market trends as well
as the Company\u2019s initiatives for the period covered by the projections. These cash flows relate to the
respective CGUs in their current condition when preparing the financial statements and exclude the estimated
cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used
for estimating the future cash flow are based on assumptions that are considered reasonable and sustainable
and represent the best estimate of expected conditions regarding market trends and segment, brand and
model share for the respective operating segment over the period considered;
\u2022 The expected future cash flows include a normalized terminal period to estimate the future result beyond the
time period explicitly considered which incorporated a long-term growth rate assumption of 1.9 percent to 2.2
percent. The growth rate per region is determined by reference to the risk free rate and the rate of inflation
considered in the regional discount rate. The long-term AOI margins are set considering the Company\u2019s long-
term projections for each of the CGUs;
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not
reflected in the estimated future cash flows; and
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment
of the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from 9.5
percent to 19 percent.\u00a0
The values estimated as described above are determined to be in excess of the carrying amount for each
operating segment or other CGUs to which Goodwill is allocated, except for the Free2Move business, which is
allocated to the Other Activities, where the carrying amount was determined to be in excess of the recoverable
amount as a result of decreases in projected cash flows. As such, an impairment loss of \u20ac164 million was
recognized, comprising of \u20ac94\u00a0million related to Goodwill, \u20ac70 million related to Property, plant and equipment
and Intangible assets. No other impairments of goodwill and intangible assets with indefinite useful lives were
recognized for the year ended December 31, 2025. However, the projected future cash flows of India & Asia
Pacific, Maserati and Financial Services CGUs are sensitive to certain assumptions, primarily the projected
margins for the terminal period and the discount rate, such that a reduction of less than 1 percentage point in
the long-term profit margin applied for the terminal period or an increase of less than 1 percentage point in the
discount rate would reduce the value-in-use to its carrying value. The terminal period assumptions consider
profit margins ranging from 3 percent to 10 percent. The discount rate used has been determined consistently
with the methodology disclosed, reflecting current market conditions and the specific risks associated with the
operating segment. The assumptions used are considered reasonable and represent the best estimate of
expected conditions in the operating segment.
During the year ended December 31, 2024, the carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of
\u20ac514\u00a0million was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives
were recognized for the year ended December 31, 2024.
No impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the
years ended December 31, 2023.
9.
Goodwill and intangible assets with indefinite useful lives
Goodwill and intangible assets with indefinite useful lives at December\u00a031, 2025 and 2024 are summarized
below:
Goodwill
(\u20ac million)
Gross
amount
Accumulated
impairment
losses
Total
Goodwill
Brands
Other
Total Goodwill
and intangible
assets with
indefinite
useful lives
At January 1, 2024
15,211
(38)
15,173
15,796
25
30,994
Additions
290
\u2014
290
61
1
352
Impairment losses and assets
write-offs
\u2014
(514)
(514)
\u2014
\u2014
(514)
Translation differences and
other
395
\u2014
395
761
(2)
1,154
At December 31, 2024
15,896
(552)
15,344
16,618
24
31,986
Additions(1)
93
\u2014
93
\u2014
\u2014
93
Impairment losses and assets
write-offs
\u2014
(94)
(94)
\u2014
\u2014
(94)
Translation differences and
other
(1,342)
8
(1,334)
(1,475)
\u2014
(2,809)
At December 31, 2025
14,647
(638)
14,009
15,143
24
29,176
(1) Amounts related to Auto Avaliar for \u20ac45 million and F2MeS for \u20ac48 million, refer to Note 3, Scope of consolidation for additional
information
For the year ended December 31, 2025 translation differences were primarily related to\u00a0the weakening of the
U.S. Dollar against the Euro.
For the year ended December 31, 2024 translation differences primarily related to the strengthening of the U.S.
Dollar against the Euro and the weakening of Brazilian Real against the Euro.
Brands, comprised of Jeep, Ram, Dodge, Mopar, Opel/Vauxhall, FIAT, Alfa Romeo and Maserati are allocated to
North America, Enlarged Europe and Maserati segments. These rights are protected legally through registration
with government agencies and through their continuous use in commerce. As these rights have no legal,
contractual, competitive or economic term that limits their useful lives, they were classified as intangible assets
with indefinite useful lives and were therefore not amortized but instead tested at least annually for impairment.
For the purpose of impairment testing, the carrying value of Brands is tested jointly with the goodwill, if any, and
allocated to the North America, Maserati and Enlarged Europe segments.
There were \u20ac94\u00a0million and \u20ac514\u00a0million impairment charges recognized in respect of Goodwill and intangible
assets with indefinite lives during the years ended December\u00a031, 2025, and 2024, respectively. Refer to Note 2,
Basis of preparation - Critical judgments and use of estimates for discussion of the assumptions and judgments
relating to goodwill impairment testing.
The following table summarizes the allocation of Goodwill and Brands between the Company\u2019s reportable
segments:
At December 31, 2025
At December 31, 2024
(\u20ac million)
Goodwill
Brands
Goodwill
Brands
North America
9,786
11,092
11,074
12,546
Enlarged Europe
2,114
2,922
2,059
2,943
Middle East & Africa
107
\u2014
107
\u2014
South America
1,370
51
1,332
51
China and India & Asia Pacific
150
\u2014
164
\u2014
Maserati
\u2014
972
\u2014
972
Other activities
482
106
608
106
Total
14,009
15,143
15,344
16,618
10.
Other intangible assets
(\u20ac million)
Capitalized
development
expenditures
Patents,
concessions
and licenses
Other
intangible
assets
Total
Gross carrying amount at January 1, 2024
36,786
1,007
4,238
42,031
Additions
4,150
82
454
4,686
Divestitures
(150)
(20)
(707)
(877)
Change in scope of consolidation
230
(2)
35
263
Transfer to Assets held for sale
\u2014
\u2014
(1)
(1)
Translation differences and other changes
677
23
92
792
At December 31, 2024
41,693
1,090
4,111
46,894
Additions
3,452
80
412
3,944
Divestitures
(1,368)
(81)
(151)
(1,600)
Change in scope of consolidation
3
(1)
60
62
Translation differences and other changes
(1,563)
(202)
(123)
(1,888)
At December 31, 2025
42,217
886
4,309
47,412
Accumulated amortization and impairment losses at
January 1, 2024
19,211
634
1,561
21,406
Amortization
2,149
98
211
2,458
Impairment losses and asset write-offs
693
1
\u2014
694
Divestitures
(156)
(19)
(28)
(203)
Change in scope of consolidation
(30)
\u2014
3
(27)
Translation differences and other changes
159
5
23
187
At December 31, 2024
22,026
719
1,770
24,515
Amortization
2,094
94
271
2,459
Impairment losses and asset write-offs
6,190
3
615
6,808
Divestitures
(1,373)
(79)
(12)
(1,464)
Change in scope of consolidation
(1)
(2)
(3)
(6)
Translation differences and other changes
(418)
(166)
(25)
(609)
At December 31, 2025
28,518
569
2,616
31,703
Carrying amount at December 31, 2024
19,667
371
2,341
22,379
Carrying amount at December 31, 2025
13,699
317
1,693
15,709
Capitalized development expenditures include both internal and external costs that are directly attributable to
the internal product development process, primarily consisting of material costs and personnel related expenses
relating to engineering, design and development focused on content enhancement of existing vehicles, new
models and propulsion system programs .
In 2025, \u20ac6,808\u00a0million of impairment losses and asset write-offs were recognized of which (i) \u20ac2,060 million
related to product plan realignments and program cancellations, (ii) \u20ac609 million related to CAFE credits, (iii)
\u20ac3,853 million related to platform impairments, (iv) \u20ac286 million related to impairments resulting from the
discontinuation of the hydrogen fuel cell technology development program, as further discussed below.
Additionally, refer to Note 2, Basis of preparation - Critical judgments and use of estimates - Recoverability of
non-current assets with definite useful lives for additional information on the impairment losses and asset write-
offs recognized. For the year ended December 31, 2024, \u20ac694 million of impairment losses and asset write-offs
were recognized.
For a description of costs related to product plan realignments and program cancellations, platform impairments
and impairments relating to the discontinuation of the hydrogen fuel cell development program, refer to Note
2,\u00a0Basis of preparation - Strategic plan undergoing reassessment.
For the year ending December\u00a031, 2025, translation differences and other changes were primarily related to the
weakening of the U.S. Dollar against the Euro.
For the year ending December\u00a031, 2024, translation differences and other changes were primarily related to the
strengthening of the U.S. Dollar against the Euro.
Amortization of capitalized development expenditures is recognized within Research and development costs
within the Consolidated Income Statement, as described in Note 5, Research and development costs.
Amortization of patents, concessions, licenses and other intangibles is recognized within Cost of revenues and
Selling, general and other costs.
At December\u00a031, 2025 and 2024, the Company had contractual commitments for the purchase of intangible
assets amounting to \u20ac368 million and \u20ac331 million, respectively.
CAFE Credits
On July 4, 2025, the U.S. President signed into law the United States legislation formally titled \u201cAn Act to provide
for reconciliation pursuant to title II of H. Con. Res. 14\u201d \u2013 and commonly referred to as the One Big Beautiful Bill
Act (\u201cOBBB\u201d), a comprehensive legislative package that includes significant changes to federal tax policy,
consumer incentives, and capital investment provisions. With the passing of the OBBB, CAFE penalty rate were
eliminated, (refer to Note 27, Guarantees granted, commitments and contingent liabilities for additional
information) and as such, the Company recognized a net expense of \u20ac269\u00a0million within Cost of revenues, which
was excluded from AOI (refer to Note 30, Segment reporting for additional information) which consists of the
following:
(i) An impairment of Other intangible assets of \u20ac609\u00a0million of purchased credits, which are no longer expected
to be utilized;
(ii) The recognition of a provision of \u20ac504\u00a0million related to purchase commitments which have been identified as
onerous contracts; and
(iii) The reversal of the portion of the CAFE provision for \u20ac844\u00a0million related to accruals made for certain model
years for which there is no longer a compliance obligation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-658": { "value": "
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets
held for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures
primarily related to the North America and Enlarged Europe segments. The recoverability of non-current assets
with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the CGUs to
which the assets relate. The lowest level of asset groups that generate largely independent cash flows is the
vehicle platform level, which is considered the CGU for impairment testing.\u00a0
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan
based on the latest interpretation of the changing geo-political and economic circumstances and is developed
using the Company\u2019s climate-related assumptions and targets. Refer to the section \u201cClimate change\u201d for
additional information. As relevant circumstances change, the Company expects to adjust its product plans
which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and propulsion
systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms
and propulsion systems, or both. Any change in recoverability would be accounted for at the time such change
to the business plan occurs. For the years ended December 31, 2025, 2024 and 2023, the impairment tests
performed compared the carrying amount of the assets included in the respective CGUs to their value-in-use.
The value-in-use of the CGUs is determined using a discounted cash flow methodology based on estimated pre-
tax future cash flows attributable to the CGUs and a pre-tax discount rate, which ranges from 9.5 percent to 19.0
percent, reflecting a current market assessment of the time value of money and the risks specific to the CGUs.\u202f
As a result, impairment charges, totaling \u20ac6,005\u00a0million were recognized on platforms used for North America,
Enlarged Europe and Maserati primarily due to significantly reduced volume and profitability resulting from the
strategic plan update, in addition to the \u20ac578\u00a0million impairment recognized on platforms used for Maserati and
Alfa Romeo vehicles as a result of the impairment test performed during the first half of 2025. Refer to Note
2,\u00a0Basis of preparation - Strategic plan undergoing reassessment.
In addition to the impairments discussed above, during the year ended December 31, 2025, Stellantis
recognized impairments of \u20ac3,498\u00a0million. These impairments were driven primarily by \u20ac609\u00a0million of purchased
credits which are no longer expected to be utilized due to the elimination of corporate average fuel economy
(\u201cCAFE\u201d) penalty rate (refer to Note 10, Other intangible assets for additional information), \u20ac341\u00a0million of the
discontinuation of Stellantis\u2019 hydrogen fuel cell technology development program due to limited availability of
hydrogen refueling infrastructure, high capital requirements, and the need for stronger consumer purchasing
incentives, and \u20ac2,548\u00a0million driven primarily by cancellation of select product initiatives due to changes to our
strategic and product plans, mainly in North America and Enlarged Europe. Refer to Note 2,\u00a0Basis of preparation
- Strategic plan undergoing reassessment for additional information.
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related
to impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected
vehicle margins and the cancellation of certain projects prior to launch.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain
platform assets in Enlarged Europe.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are
not amortized but are tested for impairment annually or more frequently if facts or circumstances indicate that
the asset may be impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within
the operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is
monitored for internal management purposes. The impairment test is performed by comparing the carrying
amount (which mainly comprises property, plant and equipment, goodwill, brands, capitalized development
expenditures, working capital and reserves) and the recoverable amount of each CGU or group of CGUs to
which Goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of
disposal and its value-in-use. The balance of Goodwill and intangible assets with indefinite useful lives
recognized by the Company primarily relate to the merger with FCA. Goodwill from the merger with FCA is
allocated to the North America, South America, India and Asia Pacific and Enlarged Europe operating segments.
All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives. Refer to the section \u201cClimate Change\u201d for additional information.
The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u2022 The expected future cash flows cover the period from October 1, 2025 through December 31, 2028. These
expected cash flows reflect the current expectations regarding economic conditions and market trends as well
as the Company\u2019s initiatives for the period covered by the projections. These cash flows relate to the
respective CGUs in their current condition when preparing the financial statements and exclude the estimated
cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used
for estimating the future cash flow are based on assumptions that are considered reasonable and sustainable
and represent the best estimate of expected conditions regarding market trends and segment, brand and
model share for the respective operating segment over the period considered;
\u2022 The expected future cash flows include a normalized terminal period to estimate the future result beyond the
time period explicitly considered which incorporated a long-term growth rate assumption of 1.9 percent to 2.2
percent. The growth rate per region is determined by reference to the risk free rate and the rate of inflation
considered in the regional discount rate. The long-term AOI margins are set considering the Company\u2019s long-
term projections for each of the CGUs;
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not
reflected in the estimated future cash flows; and
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment
of the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from 9.5
percent to 19 percent.\u00a0
The values estimated as described above are determined to be in excess of the carrying amount for each
operating segment or other CGUs to which Goodwill is allocated, except for the Free2Move business, which is
allocated to the Other Activities, where the carrying amount was determined to be in excess of the recoverable
amount as a result of decreases in projected cash flows. As such, an impairment loss of \u20ac164 million was
recognized, comprising of \u20ac94\u00a0million related to Goodwill, \u20ac70 million related to Property, plant and equipment
and Intangible assets. No other impairments of goodwill and intangible assets with indefinite useful lives were
recognized for the year ended December 31, 2025. However, the projected future cash flows of India & Asia
Pacific, Maserati and Financial Services CGUs are sensitive to certain assumptions, primarily the projected
margins for the terminal period and the discount rate, such that a reduction of less than 1 percentage point in
the long-term profit margin applied for the terminal period or an increase of less than 1 percentage point in the
discount rate would reduce the value-in-use to its carrying value. The terminal period assumptions consider
profit margins ranging from 3 percent to 10 percent. The discount rate used has been determined consistently
with the methodology disclosed, reflecting current market conditions and the specific risks associated with the
operating segment. The assumptions used are considered reasonable and represent the best estimate of
expected conditions in the operating segment.
During the year ended December 31, 2024, the carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of
\u20ac514\u00a0million was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives
were recognized for the year ended December 31, 2024.
No impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the
years ended December 31, 2023.
9.
Goodwill and intangible assets with indefinite useful lives
Goodwill and intangible assets with indefinite useful lives at December\u00a031, 2025 and 2024 are summarized
below:
Goodwill
(\u20ac million)
Gross
amount
Accumulated
impairment
losses
Total
Goodwill
Brands
Other
Total Goodwill
and intangible
assets with
indefinite
useful lives
At January 1, 2024
15,211
(38)
15,173
15,796
25
30,994
Additions
290
\u2014
290
61
1
352
Impairment losses and assets
write-offs
\u2014
(514)
(514)
\u2014
\u2014
(514)
Translation differences and
other
395
\u2014
395
761
(2)
1,154
At December 31, 2024
15,896
(552)
15,344
16,618
24
31,986
Additions(1)
93
\u2014
93
\u2014
\u2014
93
Impairment losses and assets
write-offs
\u2014
(94)
(94)
\u2014
\u2014
(94)
Translation differences and
other
(1,342)
8
(1,334)
(1,475)
\u2014
(2,809)
At December 31, 2025
14,647
(638)
14,009
15,143
24
29,176
(1) Amounts related to Auto Avaliar for \u20ac45 million and F2MeS for \u20ac48 million, refer to Note 3, Scope of consolidation for additional
information
For the year ended December 31, 2025 translation differences were primarily related to\u00a0the weakening of the
U.S. Dollar against the Euro.
For the year ended December 31, 2024 translation differences primarily related to the strengthening of the U.S.
Dollar against the Euro and the weakening of Brazilian Real against the Euro.
Brands, comprised of Jeep, Ram, Dodge, Mopar, Opel/Vauxhall, FIAT, Alfa Romeo and Maserati are allocated to
North America, Enlarged Europe and Maserati segments. These rights are protected legally through registration
with government agencies and through their continuous use in commerce. As these rights have no legal,
contractual, competitive or economic term that limits their useful lives, they were classified as intangible assets
with indefinite useful lives and were therefore not amortized but instead tested at least annually for impairment.
For the purpose of impairment testing, the carrying value of Brands is tested jointly with the goodwill, if any, and
allocated to the North America, Maserati and Enlarged Europe segments.
There were \u20ac94\u00a0million and \u20ac514\u00a0million impairment charges recognized in respect of Goodwill and intangible
assets with indefinite lives during the years ended December\u00a031, 2025, and 2024, respectively. Refer to Note 2,
Basis of preparation - Critical judgments and use of estimates for discussion of the assumptions and judgments
relating to goodwill impairment testing.
The following table summarizes the allocation of Goodwill and Brands between the Company\u2019s reportable
segments:
At December 31, 2025
At December 31, 2024
(\u20ac million)
Goodwill
Brands
Goodwill
Brands
North America
9,786
11,092
11,074
12,546
Enlarged Europe
2,114
2,922
2,059
2,943
Middle East & Africa
107
\u2014
107
\u2014
South America
1,370
51
1,332
51
China and India & Asia Pacific
150
\u2014
164
\u2014
Maserati
\u2014
972
\u2014
972
Other activities
482
106
608
106
Total
14,009
15,143
15,344
16,618
10.
Other intangible assets
(\u20ac million)
Capitalized
development
expenditures
Patents,
concessions
and licenses
Other
intangible
assets
Total
Gross carrying amount at January 1, 2024
36,786
1,007
4,238
42,031
Additions
4,150
82
454
4,686
Divestitures
(150)
(20)
(707)
(877)
Change in scope of consolidation
230
(2)
35
263
Transfer to Assets held for sale
\u2014
\u2014
(1)
(1)
Translation differences and other changes
677
23
92
792
At December 31, 2024
41,693
1,090
4,111
46,894
Additions
3,452
80
412
3,944
Divestitures
(1,368)
(81)
(151)
(1,600)
Change in scope of consolidation
3
(1)
60
62
Translation differences and other changes
(1,563)
(202)
(123)
(1,888)
At December 31, 2025
42,217
886
4,309
47,412
Accumulated amortization and impairment losses at
January 1, 2024
19,211
634
1,561
21,406
Amortization
2,149
98
211
2,458
Impairment losses and asset write-offs
693
1
\u2014
694
Divestitures
(156)
(19)
(28)
(203)
Change in scope of consolidation
(30)
\u2014
3
(27)
Translation differences and other changes
159
5
23
187
At December 31, 2024
22,026
719
1,770
24,515
Amortization
2,094
94
271
2,459
Impairment losses and asset write-offs
6,190
3
615
6,808
Divestitures
(1,373)
(79)
(12)
(1,464)
Change in scope of consolidation
(1)
(2)
(3)
(6)
Translation differences and other changes
(418)
(166)
(25)
(609)
At December 31, 2025
28,518
569
2,616
31,703
Carrying amount at December 31, 2024
19,667
371
2,341
22,379
Carrying amount at December 31, 2025
13,699
317
1,693
15,709
Capitalized development expenditures include both internal and external costs that are directly attributable to
the internal product development process, primarily consisting of material costs and personnel related expenses
relating to engineering, design and development focused on content enhancement of existing vehicles, new
models and propulsion system programs .
In 2025, \u20ac6,808\u00a0million of impairment losses and asset write-offs were recognized of which (i) \u20ac2,060 million
related to product plan realignments and program cancellations, (ii) \u20ac609 million related to CAFE credits, (iii)
\u20ac3,853 million related to platform impairments, (iv) \u20ac286 million related to impairments resulting from the
discontinuation of the hydrogen fuel cell technology development program, as further discussed below.
Additionally, refer to Note 2, Basis of preparation - Critical judgments and use of estimates - Recoverability of
non-current assets with definite useful lives for additional information on the impairment losses and asset write-
offs recognized. For the year ended December 31, 2024, \u20ac694 million of impairment losses and asset write-offs
were recognized.
For a description of costs related to product plan realignments and program cancellations, platform impairments
and impairments relating to the discontinuation of the hydrogen fuel cell development program, refer to Note
2,\u00a0Basis of preparation - Strategic plan undergoing reassessment.
For the year ending December\u00a031, 2025, translation differences and other changes were primarily related to the
weakening of the U.S. Dollar against the Euro.
For the year ending December\u00a031, 2024, translation differences and other changes were primarily related to the
strengthening of the U.S. Dollar against the Euro.
Amortization of capitalized development expenditures is recognized within Research and development costs
within the Consolidated Income Statement, as described in Note 5, Research and development costs.
Amortization of patents, concessions, licenses and other intangibles is recognized within Cost of revenues and
Selling, general and other costs.
At December\u00a031, 2025 and 2024, the Company had contractual commitments for the purchase of intangible
assets amounting to \u20ac368 million and \u20ac331 million, respectively.
CAFE Credits
On July 4, 2025, the U.S. President signed into law the United States legislation formally titled \u201cAn Act to provide
for reconciliation pursuant to title II of H. Con. Res. 14\u201d \u2013 and commonly referred to as the One Big Beautiful Bill
Act (\u201cOBBB\u201d), a comprehensive legislative package that includes significant changes to federal tax policy,
consumer incentives, and capital investment provisions. With the passing of the OBBB, CAFE penalty rate were
eliminated, (refer to Note 27, Guarantees granted, commitments and contingent liabilities for additional
information) and as such, the Company recognized a net expense of \u20ac269\u00a0million within Cost of revenues, which
was excluded from AOI (refer to Note 30, Segment reporting for additional information) which consists of the
following:
(i) An impairment of Other intangible assets of \u20ac609\u00a0million of purchased credits, which are no longer expected
to be utilized;
(ii) The recognition of a provision of \u20ac504\u00a0million related to purchase commitments which have been identified as
onerous contracts; and
(iii) The reversal of the portion of the CAFE provision for \u20ac844\u00a0million related to accruals made for certain model
years for which there is no longer a compliance obligation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-660": { "value": "
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are
not amortized but are tested for impairment annually or more frequently if facts or circumstances indicate that
the asset may be impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within
the operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is
monitored for internal management purposes. The impairment test is performed by comparing the carrying
amount (which mainly comprises property, plant and equipment, goodwill, brands, capitalized development
expenditures, working capital and reserves) and the recoverable amount of each CGU or group of CGUs to
which Goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of
disposal and its value-in-use. The balance of Goodwill and intangible assets with indefinite useful lives
recognized by the Company primarily relate to the merger with FCA. Goodwill from the merger with FCA is
allocated to the North America, South America, India and Asia Pacific and Enlarged Europe operating segments.
All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives. Refer to the section \u201cClimate Change\u201d for additional information.
The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u2022 The expected future cash flows cover the period from October 1, 2025 through December 31, 2028. These
expected cash flows reflect the current expectations regarding economic conditions and market trends as well
as the Company\u2019s initiatives for the period covered by the projections. These cash flows relate to the
respective CGUs in their current condition when preparing the financial statements and exclude the estimated
cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used
for estimating the future cash flow are based on assumptions that are considered reasonable and sustainable
and represent the best estimate of expected conditions regarding market trends and segment, brand and
model share for the respective operating segment over the period considered;
\u2022 The expected future cash flows include a normalized terminal period to estimate the future result beyond the
time period explicitly considered which incorporated a long-term growth rate assumption of 1.9 percent to 2.2
percent. The growth rate per region is determined by reference to the risk free rate and the rate of inflation
considered in the regional discount rate. The long-term AOI margins are set considering the Company\u2019s long-
term projections for each of the CGUs;
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not
reflected in the estimated future cash flows; and
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment
of the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from 9.5
percent to 19 percent.\u00a0
The values estimated as described above are determined to be in excess of the carrying amount for each
operating segment or other CGUs to which Goodwill is allocated, except for the Free2Move business, which is
allocated to the Other Activities, where the carrying amount was determined to be in excess of the recoverable
amount as a result of decreases in projected cash flows. As such, an impairment loss of \u20ac164 million was
recognized, comprising of \u20ac94\u00a0million related to Goodwill, \u20ac70 million related to Property, plant and equipment
and Intangible assets. No other impairments of goodwill and intangible assets with indefinite useful lives were
recognized for the year ended December 31, 2025. However, the projected future cash flows of India & Asia
Pacific, Maserati and Financial Services CGUs are sensitive to certain assumptions, primarily the projected
margins for the terminal period and the discount rate, such that a reduction of less than 1 percentage point in
the long-term profit margin applied for the terminal period or an increase of less than 1 percentage point in the
discount rate would reduce the value-in-use to its carrying value. The terminal period assumptions consider
profit margins ranging from 3 percent to 10 percent. The discount rate used has been determined consistently
with the methodology disclosed, reflecting current market conditions and the specific risks associated with the
operating segment. The assumptions used are considered reasonable and represent the best estimate of
expected conditions in the operating segment.
During the year ended December 31, 2024, the carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of
\u20ac514\u00a0million was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives
were recognized for the year ended December 31, 2024.
No impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the
years ended December 31, 2023.
9.
Goodwill and intangible assets with indefinite useful lives
Goodwill and intangible assets with indefinite useful lives at December\u00a031, 2025 and 2024 are summarized
below:
Goodwill
(\u20ac million)
Gross
amount
Accumulated
impairment
losses
Total
Goodwill
Brands
Other
Total Goodwill
and intangible
assets with
indefinite
useful lives
At January 1, 2024
15,211
(38)
15,173
15,796
25
30,994
Additions
290
\u2014
290
61
1
352
Impairment losses and assets
write-offs
\u2014
(514)
(514)
\u2014
\u2014
(514)
Translation differences and
other
395
\u2014
395
761
(2)
1,154
At December 31, 2024
15,896
(552)
15,344
16,618
24
31,986
Additions(1)
93
\u2014
93
\u2014
\u2014
93
Impairment losses and assets
write-offs
\u2014
(94)
(94)
\u2014
\u2014
(94)
Translation differences and
other
(1,342)
8
(1,334)
(1,475)
\u2014
(2,809)
At December 31, 2025
14,647
(638)
14,009
15,143
24
29,176
(1) Amounts related to Auto Avaliar for \u20ac45 million and F2MeS for \u20ac48 million, refer to Note 3, Scope of consolidation for additional
information
For the year ended December 31, 2025 translation differences were primarily related to\u00a0the weakening of the
U.S. Dollar against the Euro.
For the year ended December 31, 2024 translation differences primarily related to the strengthening of the U.S.
Dollar against the Euro and the weakening of Brazilian Real against the Euro.
There were \u20ac94\u00a0million and \u20ac514\u00a0million impairment charges recognized in respect of Goodwill and intangible
assets with indefinite lives during the years ended December\u00a031, 2025, and 2024, respectively. Refer to Note 2,
Basis of preparation - Critical judgments and use of estimates for discussion of the assumptions and judgments
relating to goodwill impairment testing.
The following table summarizes the allocation of Goodwill and Brands between the Company\u2019s reportable
segments:
At December 31, 2025
At December 31, 2024
(\u20ac million)
Goodwill
Brands
Goodwill
Brands
North America
9,786
11,092
11,074
12,546
Enlarged Europe
2,114
2,922
2,059
2,943
Middle East & Africa
107
\u2014
107
\u2014
South America
1,370
51
1,332
51
China and India & Asia Pacific
150
\u2014
164
\u2014
Maserati
\u2014
972
\u2014
972
Other activities
482
106
608
106
Total
14,009
15,143
15,344
16,618
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-662": { "value": "
Provisions recognized resulting from the product plan realignment and program cancellations
The Company enters into supply arrangements to support its product development, manufacturing and
assembly activities. As described in the \u201cStrategic plan undergoing reassessment\u201d the reassessment of the
Company\u2019s strategy in 2025 resulted in the cancellation of certain planned programs and a significant
adjustment to forecasted EV volumes. These cancellations and volume adjustments could give rise to disputes
with suppliers.
Provisions are recognized when the Company has a present obligation, an outflow of economic resources is
probable and a reliable estimate can be made. Determining the amount of these provisions requires judgment,
particularly in evaluating the range of potential settlement outcomes. These estimates involve inherent
uncertainty and actual outcomes may differ from the amounts recorded. Provisions are reassessed at each
reporting date as new information becomes available.
Valuation of interests in joint ventures and associates
The Company has investments that are accounted for under the equity method. Significant judgment may be
required in assessing the recoverability of these equity method investments when there is an indicator of
impairment. Management assesses the recoverable amounts of equity method investments, and the
recoverability of any associated loans, in accordance with IAS 36, IAS 28 and IFRS 5, as appropriate, taking into
account revised cash\u2011flow forecasts, changes in strategic direction, and the viability of each venture\u2019s business
plan.
During the twelve months ended December 31, 2025, the Company assessed the classification and
recoverability of the equity method investments in the ACC, NextStar and Symbio joint ventures. This included
judgment in determining that the investments in NextStar and Symbio met the criteria to be classified as held for
sale. These judgments involve inherent uncertainty, and actual outcomes may differ from estimates; carrying
amounts are reassessed at each reporting date as new information becomes available.
Recoverability of deferred tax assets
Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profit will be available
to allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets
is dependent on the Company\u2019s ability to generate sufficient future taxable income in the period in which it is
assumed that the deductible temporary differences reverse and tax losses carried forward can be utilized. In
making this assessment, the Company considers future taxable income arising based on the MTP (refer to the
section \u201cClimate change\u201d for additional information). Moreover, the Company estimates the impact of the
reversal of taxable temporary differences on earnings and it also considers the period over which these deferred
tax assets could be recovered. The estimates and assumptions used in the assessment are subject to
uncertainty especially related to the Company\u2019s future performance as compared to the business plan.
Therefore, changes in current estimates due to unanticipated events could have a significant impact on the
Consolidated Financial Statements. Refer to Note 7, Tax expense/(benefit) for additional information.
7.
Tax expense/(benefit)
The following table summarizes Tax expense/(benefit):
Years ended December 31,
(\u20ac million)
2025
2024
2023
Current tax expense
804
1,070
3,405
Deferred tax expense/(benefit)
(5,050)
(2,503)
559
Tax expense/(benefit) relating to prior periods(1)
(27)
(55)
(171)
Total Tax expense/(benefit)
(4,273)
(1,488)
3,793
(1) Tax expense/(benefit) relating to prior periods includes deferred tax expense of nil, \u20ac372\u00a0million and \u20ac173\u00a0million for 2025, 2024 and
2023, respectively, primarily related to U.S. provision to return adjustments for prior year tax positions
Effective tax rate reconciliation
The applicable tax rate used to determine theoretical income taxes is the statutory corporate income tax rate of
the jurisdiction in which the Company is tax resident. For the years presented, the Company is tax resident in the
Netherlands. Accordingly, the reconciliation between the theoretical income tax and actual tax is calculated
using the Netherlands corporate income tax rate of 25.8 percent in 2025, 2024 and 2023, as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Profit/(loss) before tax
(26,605)
4,032
22,418
Income tax rate
25.8%
25.8%
25.8%
Theoretical income taxes
(6,864)
1,040
5,784
Tax effect on:
Differences between foreign tax rates and the theoretical applicable tax
rate and tax holidays
457
8
(407)
Recognition and utilization of previously unrecognized deferred tax
assets
(180)
(2,512)
(740)
Deferred tax assets not recognized and write-downs
2,012
442
\u2014
Permanent differences
436
(5)
(470)
Tax credits
(408)
(531)
(299)
Withholding tax
38
57
44
Other differences
236
13
(119)
Total Tax expense/(benefit)
(4,273)
(1,488)
3,793
Effective tax rate
16.1%
-36.9%
16.9%
The effective tax rate for the year ended December\u00a031, 2025 is 16.1 percent, compared to the Netherlands
statutory corporate income tax of 25.8 percent. The lower effective tax rate primarily reflects the non-recognition
of deferred tax assets, principally in Germany and Italy, where the recoverability criteria under IAS 12 were not
met.
The effective tax rate of (36.9) percent in 2024 is negative due to profit before tax of \u20ac4.0\u00a0billion with a
corresponding overall tax benefit for \u20ac1.5\u00a0billion. The primary driver in the overall tax benefit is related to the non-
recurring \u20ac2.3\u00a0billion net tax benefit resulting from the deferred tax recognition event in Brazil as further
described below.
General Deferred Tax Asset Principles
Deferred tax assets are recognized when it is probable that future taxable profits will allow the use of deductible
temporary differences and tax loss carry-forwards.\u202fDeferred tax assets\u202fare derecognized when sufficient future
taxable profits are\u202fnot probable.\u202fThis assessment considers both positive and negative evidence, including
historical financial performance and future taxable income or loss\u202fprojections. Refer to the section \u201cCritical
judgments and use of estimates\u201d for additional information.
Net deferred tax position
The Company recognizes the net amount as either Deferred tax assets or Deferred tax liabilities, to the extent
deferred taxes may be offset. Amounts recognized were as follows:
At December 31,
(\u20ac million)
2025
2024
Deferred tax assets
6,383
4,371
Deferred tax liabilities
(1,294)
(4,507)
Total Net deferred tax assets/(liabilities)
5,089
(136)
The increase in Net deferred tax assets was mainly due to an increase in Net deferred tax assets in North
America, partially offset\u202fby\u202fthe\u202fdecrease in recognized Net deferred tax assets in Germany for \u20ac0.9\u00a0billion net tax
expense recorded in 2025 related to the derecognition of previously recognized Deferred tax assets. See Note
2, Basis of preparation - Critical judgments and use of estimates - Recoverability of deferred tax assets for
additional information.
U.S. consolidated tax group deferred tax asset recognition
Net deferred tax assets of approximately \u20ac2.1\u00a0billion continue to be recognized in the U.S. as of December\u00a031,
2025. This balance includes \u20ac1.0\u00a0billion related to tax loss carry-forwards, which do not expire and \u20ac0.9\u00a0billion
primarily related to tax credits which expire if not utilized within 20 years.
As explained in detail in Note 2,\u202fBasis of preparation - Strategic plan undergoing reassessment, in 2025 the
Company recognized significant identifiable charges which are unlikely to recur in the future, to align the
Company\u2019s product plans and investment profile with strategic priorities and market demand. Excluding the
impact of the significant non-recurring charges, cumulative profit before tax was positive in the U.S., which is
consistent with recent results that were not impacted by such significant non-recurring items.
The Company has begun execution of the broad reset of the business with the objective of re-establishing the
Company to sustainably and profitably grow in the U.S. which supports the continued recognition of U.S.
deferred tax assets. Further, tax planning strategies could be implemented in the U.S., if necessary, to
accelerate the utilization of U.S. tax losses and to prevent U.S. tax credit carry-forwards from expiring unutilized.
Based on management\u2019s assessment, the positive evidence outweighs negative evidence and it is probable that
sufficient taxable profit will be available to realize the deferred tax assets of the U.S. consolidated tax group.\u00a0
French tax group deferred tax asset recognition
Net deferred tax assets of approximately \u20ac109\u00a0million continue to be recognized in France as of December\u00a031,
2025. This net balance is comprised of deferred tax assets related to tax loss carryforwards of \u20ac2.3\u00a0billion and
net deferred tax liabilities of approximately \u20ac2.2\u00a0billion. The French tax group has cumulative profit before tax as
of December\u00a031, 2025. To further support continued recognition of French deferred tax assets, it is expected
that the reversal of taxable temporary differences in the near term will generate sufficient taxable profit to utilize
deductible temporary differences.
Based on management\u2019s assessment, the positive evidence outweighs negative evidence and it is probable that
sufficient taxable profit will be available to realize the deferred tax assets of the French tax group.
German tax group deferred tax asset recognition
In Germany, as a result of the Company\u2019s deferred tax asset recoverability assessment as of December\u00a031,
2025, it was concluded that it is not probable that there will be sufficient future taxable profits to utilize the
accumulated tax loss carry-forwards and other deductible temporary differences by the German tax group. As
such, the Company derecognized deferred tax assets of \u20ac0.9\u00a0billion. Management\u2019s assessment considers all
positive and negative evidence. The negative evidence is the continued losses before tax, generation of tax loss
carry-forwards and forecasted taxable losses over the MTP period. The positive evidence is that the tax loss
carry-forwards do not expire. The negative evidence was determined to outweigh the positive evidence.
Stellantis Brazil deferred tax asset recognition
As a result of our deferred tax asset recoverability assessment as of December\u00a031, 2024, it was concluded that it
was probable that there would be sufficient future taxable profits to utilize the accumulated tax loss carry-
forwards and other deductible temporary differences for Brazil. Stellantis Brazil has a history of generating
significant profit before tax. However, from 2015 through 2023, the entity accumulated substantial tax\u202floss\u202fcarry-
forwards, primarily due to the non-taxability of Brazilian tax incentives, resulting in overall tax losses despite
significant cumulative profit before tax. A change in Brazilian tax law made these incentives taxable from 2024.
In December 2024, Stellantis Brazil obtained formal approval for the extension of certain of these taxable
incentives through 2032.\u202f
In 2024, based on Stellantis Brazil\u2019s cumulative profit before tax, projected annual taxable income, and the
confirmed extension through 2032 of the taxable incentives, management concluded that it was probable that
future taxable profits will be sufficient to\u202futilize\u202fthe accumulated tax loss carry-forwards. The tax loss carry-
forwards in Brazil do not expire, further supporting their recoverability. As of December 31, 2024, after
considering all relevant factors, the Company recognized deferred tax assets of \u20ac2.3 billion. As the factors
supporting the assessment are unchanged in 2025, the Company continues to recognize deferred tax assets for
Stellantis Brazil as of December\u00a031, 2025.
Changes in deferred tax position by nature
Following a detailed review performed in 2025, the Company concluded that tax credits should be presented as
a separate category due to their increased significance. This revised presentation has been applied in 2025 and
retrospectively to the 2024 comparatives, together with certain reclassifications to improve clarity and
transparency.
The significant components of Deferred tax assets and liabilities and their changes during the years ended
December\u00a031, 2025 and 2024 were as follows:
(\u20ac million)
At January 1,
2025
Recognized in
Consolidated
Income
Statement
Recognized
in Equity
Transferred
to Assets/
(Liabilities)
Held for Sale
Translation
differences
and Other
At December
31, 2025
Deferred tax liabilities arising on:
Accelerated depreciation
(4,322)
365
\u2014
\u2014
339
(3,618)
Capitalized development assets
(3,580)
1,052
\u2014
\u2014
67
(2,461)
Other Intangible assets and
Intangible assets with indefinite
useful lives
(4,020)
107
\u2014
\u2014
291
(3,622)
Right-of-use assets
(312)
2
\u2014
\u2014
26
(284)
Provision for employee benefits
(1,067)
(26)
(45)
\u2014
124
(1,014)
Other
(529)
(237)
(64)
\u2014
82
(748)
Total deferred tax liabilities
(13,830)
1,263
(109)
\u2014
929
(11,747)
Deferred tax assets arising on:
Provisions
5,043
3,129
\u2014
\u2014
(250)
7,922
Provision for employee benefits
2,296
(42)
(45)
\u2014
(217)
1,992
Lease liabilities
399
21
\u2014
\u2014
(42)
378
Impairment of tangible and
intangible assets
1,776
106
\u2014
\u2014
(221)
1,661
Inventories
386
(13)
\u2014
\u2014
17
390
Tax credit
1,096
505
\u2014
\u2014
(75)
1,526
Provision for buy back
151
(156)
\u2014
\u2014
8
3
Other
515
62
(108)
\u2014
40
509
Total deferred tax assets
11,662
3,612
(153)
\u2014
(740)
14,381
Unrecognized deferred tax assets
on temporary differences(1)
(2,095)
(1,272)
112
\u2014
250
(3,005)
Unrecognized deferred tax assets
on tax credits
(561)
17
\u2014
\u2014
(66)
(610)
Deferred tax assets arising on tax
loss carry-forwards
8,782
2,139
\u2014
\u2014
(50)
10,871
Unrecognized deferred tax assets
on tax loss carry-forwards
(4,094)
(709)
\u2014
\u2014
2
(4,801)
Total Net deferred tax assets/
(liabilities)
(136)
5,050
(150)
\u2014
325
5,089
(1) Unrecognized deferred tax assets on temporary differences reported in the Changes in the table above include Allowance for
Corporate Equity in Italy of \u20ac305\u00a0million in 2025 (\u20ac304\u00a0million in 2024) for Pillar Two disclosure purposes
(\u20ac million)
At January 1,
2024
Recognized in
Consolidated
Income
Statement
Recognized
in Equity
Transferred
to Assets/
(Liabilities)
Held for Sale
Translation
differences
and Other
At December
31, 2024
Deferred tax liabilities arising on:
Accelerated depreciation
(3,840)
(375)
\u2014
\u2014
(107)
(4,322)
Capitalized development assets
(3,917)
320
\u2014
\u2014
17
(3,580)
Other Intangible assets and
Intangible assets with indefinite
useful lives
(3,854)
15
\u2014
\u2014
(181)
(4,020)
Right-of-use assets
(276)
(28)
\u2014
\u2014
(8)
(312)
Provision for employee benefits
(1,077)
(5)
66
\u2014
(51)
(1,067)
Other
(310)
(87)
(47)
10
(95)
(529)
Total deferred tax liabilities
(13,274)
(160)
19
10
(425)
(13,830)
Deferred tax assets arising on:
Provisions
4,830
229
\u2014
\u2014
(16)
5,043
Provision for employee benefits
1,953
214
(13)
\u2014
142
2,296
Lease liabilities
336
48
\u2014
\u2014
15
399
Impairment of tangible and
intangible assets
1,984
(118)
\u2014
\u2014
(90)
1,776
Inventories
444
(54)
\u2014
\u2014
(4)
386
Tax credits
524
512
\u2014
\u2014
60
1,096
Provisions for buy backs
153
(35)
\u2014
\u2014
33
151
Other
1,030
(284)
(109)
\u2014
(122)
515
Total deferred tax assets
11,254
512
(122)
\u2014
18
11,662
Unrecognized deferred tax assets
on temporary differences(1)
(2,859)
608
12
\u2014
144
(2,095)
Unrecognized deferred tax assets
on tax credits
(517)
\u2014
\u2014
\u2014
(44)
(561)
Deferred tax assets arising on tax
loss carry-forwards
9,069
214
\u2014
\u2014
(501)
8,782
Unrecognized deferred tax assets
on tax loss carry-forwards
(6,305)
1,704
\u2014
\u2014
507
(4,094)
Total Net deferred tax assets /
(liabilities)
(2,632)
2,878
(91)
10
(301)
(136)
(1) Unrecognized deferred tax assets on temporary differences reported in the table above include Allowance for Corporate Equity in Italy
of \u20ac304\u00a0million in 2024 (\u20ac312\u00a0million in 2023) for Pillar Two disclosure purposes
In accordance with IAS 12 - Income Taxes, deferred taxes are calculated for all temporary differences between
the tax base of assets and liabilities and their carrying amount. Deferred tax liabilities are systematically
recognized, while deferred tax assets are recognized for all deductible temporary differences to the extent that it
is probable that taxable profit will be available against which the deductible temporary differences could be
utilized. A deferred tax liability is recognized for all taxable temporary differences associated with investments in
subsidiaries and equity method investments for the difference between their tax and accounting value, except to
the extent that both of the following conditions are satisfied: (i) Stellantis is able to control the timing of the
reversal of the temporary difference, and (ii) it is probable that the temporary difference will not reverse in the
foreseeable future.
At December 31, 2025, the aggregate amount of temporary differences relating to investments in subsidiaries
and interests in joint ventures for which deferred tax liabilities are not recognized is approximately \u20ac761\u00a0million
(\u20ac530\u00a0million at December 21, 2024).
As of December 31, 2025, the Company had total Deferred tax assets on deductible temporary differences of
\u20ac14,381\u00a0million (\u20ac11,662\u00a0million at December 31, 2024 ), of which \u20ac3,615\u00a0million was not recognized
(\u20ac2,656\u00a0million at December 31, 2024). As of December 31, 2025, the Company also had Deferred tax assets on
tax loss carry-forwards of \u20ac10,871\u00a0million (\u20ac8,782 million at December 31, 2024), of which \u20ac4,801\u00a0million was not
recognized (\u20ac4,094\u00a0million at December 31, 2024).
Tax loss carry-forwards
Recognition of deferred tax assets related to tax loss carry-forwards were tested for realizability based on
forecasted future taxable income using estimates consistent with the main assumptions of the MTP. Deferred tax
assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from deductible
temporary differences, were recognized to the extent that it was probable that future profits would be available
against which they could be utilized. The realization of these deferred tax assets considered assumptions and
judgments used in the determination of the taxable income in the future, as well as Stellantis\u2019 ability to implement
tax planning strategies, as necessary. While Stellantis has not recognized all deferred tax assets in all
jurisdictions, it is possible the Company\u2019s assessment of realizability could change, resulting in the recognition
or derecognition of additional deferred tax assets in the Company\u2019s Consolidated Statement of Financial Position
and the related income tax benefit in the Company\u2019s Consolidated Income Statement. Refer to Note 2, Basis of
preparation - Critical judgments and use of estimates - Recoverability of deferred tax assets for additional
information.
Tax loss carry-forward
(after application of the
current tax rate)
Recognized deferred tax
assets on tax loss carry-
forward
Unrecognized deferred tax
assets on tax loss carry-
forwards (after application
of the current tax rate)
(\u20ac million)
At December 31, 2025
Tax Groups:
France
2,384
(2,331)
53
Germany
447
(154)
293
Spain
489
(103)
386
Italy
4,025
(572)
3,453
U.S.
1,039
(1,036)
3
Other Jurisdictions:
Brazil
1,869
(1,549)
320
Others
618
(325)
293
Total
10,871
(6,070)
4,801
Tax loss carry-forward
(after application of the
current tax rate)
Recognized deferred tax
assets on tax loss carry-
forward
Unrecognized deferred tax
assets on tax loss carry-
forwards (after application
of the current tax rate)
(\u20ac million)
At December 31, 2024
Tax Groups:
France
1,640
(1,621)
19
Germany
381
(381)
\u2014
Spain
509
(95)
414
Italy
3,665
(639)
3,026
Other Jurisdictions:
Brazil
1,921
(1,616)
305
Others
666
(337)
329
Total
8,782
(4,689)
4,093
At December 31 2025 and 2024, the Company had total tax-effected tax loss carry-forwards of \u20ac10.9\u00a0billion and
\u20ac8.8\u00a0billion, respectively, of which \u20ac4.8\u00a0billion and \u20ac4.1\u00a0billion were not recognized, respectively. The majority of
the Company\u2019s tax loss carry-forwards do not expire, such as in France, Germany, Italy, Spain, U.S. and Brazil.
Tax loss carry-forwards relating to the French, German, Spanish, U.S. and Italian tax groups are available within
each tax group for offsetting against net deferred tax liabilities (subject to limitations provided under local tax
law) and are recognized in the Consolidated Statement of Financial Position.
Pillar Two
The OECD Pillar Two agreement aims to ensure that multinational corporations pay a minimum effective tax rate
of 15 percent on a jurisdictional basis. Several jurisdictions (including the Netherlands, where the Company is
tax resident) enacted Pillar Two tax laws effective January 1, 2024. The Company has applied the IAS 12
temporary exception and has not recognized deferred taxes related to Pillar Two.
For 2025, our assessment of the potential exposure to Pillar Two income taxes is based on the country-by-
country reporting for 2024 and the latest financial information for 2025 for the constituent entities of the
Company. Based on this assessment, our expected exposure to Pillar Two income taxes does not have a
material impact on tax expense and relates to our profits earned in the United Arab Emirates where the Pillar
Two transitional safe harbor does not apply and the Pillar Two effective tax rate is below 15 percent.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-661": { "value": "
Provisions recognized resulting from the product plan realignment and program cancellations
The Company enters into supply arrangements to support its product development, manufacturing and
assembly activities. As described in the \u201cStrategic plan undergoing reassessment\u201d the reassessment of the
Company\u2019s strategy in 2025 resulted in the cancellation of certain planned programs and a significant
adjustment to forecasted EV volumes. These cancellations and volume adjustments could give rise to disputes
with suppliers.
Provisions are recognized when the Company has a present obligation, an outflow of economic resources is
probable and a reliable estimate can be made. Determining the amount of these provisions requires judgment,
particularly in evaluating the range of potential settlement outcomes. These estimates involve inherent
uncertainty and actual outcomes may differ from the amounts recorded. Provisions are reassessed at each
reporting date as new information becomes available.
Valuation of interests in joint ventures and associates
The Company has investments that are accounted for under the equity method. Significant judgment may be
required in assessing the recoverability of these equity method investments when there is an indicator of
impairment. Management assesses the recoverable amounts of equity method investments, and the
recoverability of any associated loans, in accordance with IAS 36, IAS 28 and IFRS 5, as appropriate, taking into
account revised cash\u2011flow forecasts, changes in strategic direction, and the viability of each venture\u2019s business
plan.
During the twelve months ended December 31, 2025, the Company assessed the classification and
recoverability of the equity method investments in the ACC, NextStar and Symbio joint ventures. This included
judgment in determining that the investments in NextStar and Symbio met the criteria to be classified as held for
sale. These judgments involve inherent uncertainty, and actual outcomes may differ from estimates; carrying
amounts are reassessed at each reporting date as new information becomes available.
Recoverability of deferred tax assets
Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profit will be available
to allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets
is dependent on the Company\u2019s ability to generate sufficient future taxable income in the period in which it is
assumed that the deductible temporary differences reverse and tax losses carried forward can be utilized. In
making this assessment, the Company considers future taxable income arising based on the MTP (refer to the
section \u201cClimate change\u201d for additional information). Moreover, the Company estimates the impact of the
reversal of taxable temporary differences on earnings and it also considers the period over which these deferred
tax assets could be recovered. The estimates and assumptions used in the assessment are subject to
uncertainty especially related to the Company\u2019s future performance as compared to the business plan.
Therefore, changes in current estimates due to unanticipated events could have a significant impact on the
Consolidated Financial Statements. Refer to Note 7, Tax expense/(benefit) for additional information.
7.
Tax expense/(benefit)
Changes in deferred tax position by nature
Following a detailed review performed in 2025, the Company concluded that tax credits should be presented as
a separate category due to their increased significance. This revised presentation has been applied in 2025 and
retrospectively to the 2024 comparatives, together with certain reclassifications to improve clarity and
transparency.
The significant components of Deferred tax assets and liabilities and their changes during the years ended
December\u00a031, 2025 and 2024 were as follows:
(\u20ac million)
At January 1,
2025
Recognized in
Consolidated
Income
Statement
Recognized
in Equity
Transferred
to Assets/
(Liabilities)
Held for Sale
Translation
differences
and Other
At December
31, 2025
Deferred tax liabilities arising on:
Accelerated depreciation
(4,322)
365
\u2014
\u2014
339
(3,618)
Capitalized development assets
(3,580)
1,052
\u2014
\u2014
67
(2,461)
Other Intangible assets and
Intangible assets with indefinite
useful lives
(4,020)
107
\u2014
\u2014
291
(3,622)
Right-of-use assets
(312)
2
\u2014
\u2014
26
(284)
Provision for employee benefits
(1,067)
(26)
(45)
\u2014
124
(1,014)
Other
(529)
(237)
(64)
\u2014
82
(748)
Total deferred tax liabilities
(13,830)
1,263
(109)
\u2014
929
(11,747)
Deferred tax assets arising on:
Provisions
5,043
3,129
\u2014
\u2014
(250)
7,922
Provision for employee benefits
2,296
(42)
(45)
\u2014
(217)
1,992
Lease liabilities
399
21
\u2014
\u2014
(42)
378
Impairment of tangible and
intangible assets
1,776
106
\u2014
\u2014
(221)
1,661
Inventories
386
(13)
\u2014
\u2014
17
390
Tax credit
1,096
505
\u2014
\u2014
(75)
1,526
Provision for buy back
151
(156)
\u2014
\u2014
8
3
Other
515
62
(108)
\u2014
40
509
Total deferred tax assets
11,662
3,612
(153)
\u2014
(740)
14,381
Unrecognized deferred tax assets
on temporary differences(1)
(2,095)
(1,272)
112
\u2014
250
(3,005)
Unrecognized deferred tax assets
on tax credits
(561)
17
\u2014
\u2014
(66)
(610)
Deferred tax assets arising on tax
loss carry-forwards
8,782
2,139
\u2014
\u2014
(50)
10,871
Unrecognized deferred tax assets
on tax loss carry-forwards
(4,094)
(709)
\u2014
\u2014
2
(4,801)
Total Net deferred tax assets/
(liabilities)
(136)
5,050
(150)
\u2014
325
5,089
(1) Unrecognized deferred tax assets on temporary differences reported in the Changes in the table above include Allowance for
Corporate Equity in Italy of \u20ac305\u00a0million in 2025 (\u20ac304\u00a0million in 2024) for Pillar Two disclosure purposes
(\u20ac million)
At January 1,
2024
Recognized in
Consolidated
Income
Statement
Recognized
in Equity
Transferred
to Assets/
(Liabilities)
Held for Sale
Translation
differences
and Other
At December
31, 2024
Deferred tax liabilities arising on:
Accelerated depreciation
(3,840)
(375)
\u2014
\u2014
(107)
(4,322)
Capitalized development assets
(3,917)
320
\u2014
\u2014
17
(3,580)
Other Intangible assets and
Intangible assets with indefinite
useful lives
(3,854)
15
\u2014
\u2014
(181)
(4,020)
Right-of-use assets
(276)
(28)
\u2014
\u2014
(8)
(312)
Provision for employee benefits
(1,077)
(5)
66
\u2014
(51)
(1,067)
Other
(310)
(87)
(47)
10
(95)
(529)
Total deferred tax liabilities
(13,274)
(160)
19
10
(425)
(13,830)
Deferred tax assets arising on:
Provisions
4,830
229
\u2014
\u2014
(16)
5,043
Provision for employee benefits
1,953
214
(13)
\u2014
142
2,296
Lease liabilities
336
48
\u2014
\u2014
15
399
Impairment of tangible and
intangible assets
1,984
(118)
\u2014
\u2014
(90)
1,776
Inventories
444
(54)
\u2014
\u2014
(4)
386
Tax credits
524
512
\u2014
\u2014
60
1,096
Provisions for buy backs
153
(35)
\u2014
\u2014
33
151
Other
1,030
(284)
(109)
\u2014
(122)
515
Total deferred tax assets
11,254
512
(122)
\u2014
18
11,662
Unrecognized deferred tax assets
on temporary differences(1)
(2,859)
608
12
\u2014
144
(2,095)
Unrecognized deferred tax assets
on tax credits
(517)
\u2014
\u2014
\u2014
(44)
(561)
Deferred tax assets arising on tax
loss carry-forwards
9,069
214
\u2014
\u2014
(501)
8,782
Unrecognized deferred tax assets
on tax loss carry-forwards
(6,305)
1,704
\u2014
\u2014
507
(4,094)
Total Net deferred tax assets /
(liabilities)
(2,632)
2,878
(91)
10
(301)
(136)
(1) Unrecognized deferred tax assets on temporary differences reported in the table above include Allowance for Corporate Equity in Italy
of \u20ac304\u00a0million in 2024 (\u20ac312\u00a0million in 2023) for Pillar Two disclosure purposes
In accordance with IAS 12 - Income Taxes, deferred taxes are calculated for all temporary differences between
the tax base of assets and liabilities and their carrying amount. Deferred tax liabilities are systematically
recognized, while deferred tax assets are recognized for all deductible temporary differences to the extent that it
is probable that taxable profit will be available against which the deductible temporary differences could be
utilized. A deferred tax liability is recognized for all taxable temporary differences associated with investments in
subsidiaries and equity method investments for the difference between their tax and accounting value, except to
the extent that both of the following conditions are satisfied: (i) Stellantis is able to control the timing of the
reversal of the temporary difference, and (ii) it is probable that the temporary difference will not reverse in the
foreseeable future.
At December 31, 2025, the aggregate amount of temporary differences relating to investments in subsidiaries
and interests in joint ventures for which deferred tax liabilities are not recognized is approximately \u20ac761\u00a0million
(\u20ac530\u00a0million at December 21, 2024).
As of December 31, 2025, the Company had total Deferred tax assets on deductible temporary differences of
\u20ac14,381\u00a0million (\u20ac11,662\u00a0million at December 31, 2024 ), of which \u20ac3,615\u00a0million was not recognized
(\u20ac2,656\u00a0million at December 31, 2024). As of December 31, 2025, the Company also had Deferred tax assets on
tax loss carry-forwards of \u20ac10,871\u00a0million (\u20ac8,782 million at December 31, 2024), of which \u20ac4,801\u00a0million was not
recognized (\u20ac4,094\u00a0million at December 31, 2024).
Tax loss carry-forwards
Recognition of deferred tax assets related to tax loss carry-forwards were tested for realizability based on
forecasted future taxable income using estimates consistent with the main assumptions of the MTP. Deferred tax
assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from deductible
temporary differences, were recognized to the extent that it was probable that future profits would be available
against which they could be utilized. The realization of these deferred tax assets considered assumptions and
judgments used in the determination of the taxable income in the future, as well as Stellantis\u2019 ability to implement
tax planning strategies, as necessary. While Stellantis has not recognized all deferred tax assets in all
jurisdictions, it is possible the Company\u2019s assessment of realizability could change, resulting in the recognition
or derecognition of additional deferred tax assets in the Company\u2019s Consolidated Statement of Financial Position
and the related income tax benefit in the Company\u2019s Consolidated Income Statement. Refer to Note 2, Basis of
preparation - Critical judgments and use of estimates - Recoverability of deferred tax assets for additional
information.
Tax loss carry-forward
(after application of the
current tax rate)
Recognized deferred tax
assets on tax loss carry-
forward
Unrecognized deferred tax
assets on tax loss carry-
forwards (after application
of the current tax rate)
(\u20ac million)
At December 31, 2025
Tax Groups:
France
2,384
(2,331)
53
Germany
447
(154)
293
Spain
489
(103)
386
Italy
4,025
(572)
3,453
U.S.
1,039
(1,036)
3
Other Jurisdictions:
Brazil
1,869
(1,549)
320
Others
618
(325)
293
Total
10,871
(6,070)
4,801
Tax loss carry-forward
(after application of the
current tax rate)
Recognized deferred tax
assets on tax loss carry-
forward
Unrecognized deferred tax
assets on tax loss carry-
forwards (after application
of the current tax rate)
(\u20ac million)
At December 31, 2024
Tax Groups:
France
1,640
(1,621)
19
Germany
381
(381)
\u2014
Spain
509
(95)
414
Italy
3,665
(639)
3,026
Other Jurisdictions:
Brazil
1,921
(1,616)
305
Others
666
(337)
329
Total
8,782
(4,689)
4,093
At December 31 2025 and 2024, the Company had total tax-effected tax loss carry-forwards of \u20ac10.9\u00a0billion and
\u20ac8.8\u00a0billion, respectively, of which \u20ac4.8\u00a0billion and \u20ac4.1\u00a0billion were not recognized, respectively. The majority of
the Company\u2019s tax loss carry-forwards do not expire, such as in France, Germany, Italy, Spain, U.S. and Brazil.
Tax loss carry-forwards relating to the French, German, Spanish, U.S. and Italian tax groups are available within
each tax group for offsetting against net deferred tax liabilities (subject to limitations provided under local tax
law) and are recognized in the Consolidated Statement of Financial Position.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-663": { "value": "
Sales incentives
The Company records the estimated cost of sales incentive programs offered to dealers and consumers as a
reduction to revenue at the time of sale to the dealer. This estimated cost represents the incentive programs
offered to dealers and consumers, as well as the expected modifications to these programs in order to facilitate
sales of the dealer inventory. Subsequent adjustments to sales incentive programs related to vehicles previously
sold to dealers are recognized as an adjustment to Net revenues in the period the adjustment is determinable.
The Company uses price discounts to adjust vehicle pricing in response to a number of market and product
factors, including pricing actions and incentives offered by competitors, economic conditions, the amount of
excess industry production capacity, the intensity of market competition, consumer demand for the product and
the desire to support promotional campaigns. The Company may offer a variety of sales incentive programs at
any given point in time, including cash offers to dealers and consumers and subvention programs offered to
customers, or lease subsidies, which reduce the retail customer\u2019s monthly lease payment or cash due at the
inception of the financing arrangement, or both. Sales incentive programs are generally brand, model and
region specific for a defined period of time.
The key estimate that is developed by the Company is the expected incentive cost needed to facilitate the sales
of the inventory by the dealers. This key estimate uses multiple inputs, such as the current incentive programs in
the market, planned promotional programs and the normal incentive escalation incurred as the model year ages.
The estimated incentive rates are reviewed monthly and changes to planned rates are adjusted accordingly,
thereby impacting Net revenues. As there are a multitude of inputs affecting the calculation of the estimate for
sales incentives, an increase or decrease of any of these variables could have a significant effect on Net
revenues.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-665": { "value": "
New standards and amendments effective January 1, 2025
The following new standards and amendments, were adopted by the Company. The adoption of these
amendments did not have a material impact on the Consolidated Financial Statements.
\u2022 In August 2023, the IASB issued amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates,
which requires companies to provide more useful information in their financial statements when a currency
cannot be exchanged into another currency. These amendments require companies to apply a consistent
approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in
determining the exchange rate to use and the disclosures to provide.\u00a0 \u00a0
\u2022 In December 2024, the IASB issued Contracts Referencing Nature-dependent Electricity (Amendments to IFRS
9 and IFRS 7). The amendments were issued to help companies better report the financial effects of nature-
dependent electricity contracts, which are often structured as power purchase agreements. The amendments
include clarifying the application of the \u201cown-use\u201d requirements; permitting hedge accounting if these
contracts are used as hedging instruments; and adding new disclosure requirements to enable investors to
understand the effect of these contracts on a company\u2019s financial performance and cash flows. The
amendments are effective for annual reporting periods beginning on or after January 1, 2026, with earlier
adoption permitted. We have elected to early adopt the amendments to these standards in 2025.
New standards and amendments not yet effective
The following new standards and amendments were issued by the IASB. We will comply with the relevant
guidance no later than their respective effective dates:
\u2022 In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 regarding the classification and
measurement of financial instruments. The amendments relate to the settling of financial liabilities using an
electronic payment system, as well as assessing contractual cash flow characteristics of financial assets,
including those with environmental, social and governance linked features. The amendments are effective for
periods beginning on or after January 1, 2026, with early adoption permitted. We are currently evaluating the
impact of adoption;
\u2022 In July 2024, the IASB issued Annual Improvements to IFRS Accounting Standards \u2013 Volume 11, which
included amendments to the following standards: updated wording regarding hedge accounting in IFRS 1 -
First-time Adoption of IFRS, to address potential confusion from an inconsistency with the hedge accounting
requirements of IFRS 9 Financial Instruments; replaced an obsolete reference in IFRS 7 \u2013 Financial
Instruments: Disclosures, to IFRS 13 \u2013 Fair Value Measurement, and made other minor revisions regarding
inconsistencies with IFRS 13; amended IFRS 9 Financial Instruments, to clarify how a lessee accounts for the
derecognition of a lease liability and removed a potentially confusing cross reference to the term \u201ctransaction
price\u201d in IFRS 15 \u2013 Revenue from Contracts with Customers, as the term is used elsewhere in IFRS 9 and is not
necessarily consistent with the definition in IFRS 15; revised the wording in IFRS 10 - Consolidated Financial
Statements, to addresses a potential confusion arising from an inconsistency between two paragraphs related
to an investor determining whether another party is acting on its behalf by aligning the language in both
paragraphs; amended IAS 7 \u2013 Statement of Cash Flows, to remove a reference to the term \u201ccost method\u201d that
is no longer defined in IFRS. The amendments are effective for periods beginning on or after January 1, 2026,
with early adoption permitted. We are currently evaluating the impact of adoption;
\u2022 In March 2024, the IASB issued IFRS 18 - Presentation and Disclosure in Financial Statements, which is
intended to give investors more transparent and comparable information about companies\u2019 financial
performance. IFRS 18 replaces IAS 1 - Presentation of Financial Statements but carries forward many
requirements of IAS 1 unchanged. The standard introduces three defined categories for income and expenses
- operating, investing and financing - to improve the structure of the income statement, and requires all
companies to provide new defined subtotals, including operating profit. IFRS 18 also introduces additional
disclosure requirements in relation to management-defined performance measures. The standard is effective
for annual reporting periods beginning on or after January 1, 2027, with earlier adoption permitted. The
adoption will impact the classification of certain expenses within the Consolidated Income Statement and the
classification of certain amounts in the Consolidated Statement of Cash Flows, Additional disclosure will also
be included in the notes of our financial statements;
\u2022 In May 2024, the IASB issued IFRS 19 - Subsidiaries without Public Accountability: Disclosure, which permits
eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures. Subsidiaries using IFRS
Accounting Standards for their own financial statements provide disclosures that maybe disproportionate to
the information needs of their users, and this standard provides reduced disclosures which are better suited to
the needs of the users of their financial statements. Subsidiaries are eligible to apply IFRS 19 if they do not
have public accountability and their parent company applies IFRS Accounting Standards in their consolidated
financial statements. In August of 2025, the IASB issued amendments to IFRS 19 to reduce disclosure
requirements for standards and amendments issued between February 2021 and May 2024, as it originally
only covered those standards and amendments issued up to February 2021. The standard is effective for
annual reporting periods beginning on or after January 1, 2027, with earlier adoption permitted. We do not
expect the standard to have an impact on the consolidated financial statements; and
\u2022 In November 2025, the IASB issued an amendment to IAS 21 - The Effects of Changes in Foreign Exchange
Rates, which clarify how companies should translate financial statements from a non-hyperinflationary
currency into a hyperinflationary one. The narrow-scope amendments aim to improve the usefulness of the
resulting information in a cost-effective manner. The amendments are effective for annual periods beginning
on or after January 1, 2027, with earlier adoption permitted. We are currently evaluating the impact of
adoption.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-664": { "value": "
New standards and amendments effective January 1, 2025
The following new standards and amendments, were adopted by the Company. The adoption of these
amendments did not have a material impact on the Consolidated Financial Statements.
\u2022 In August 2023, the IASB issued amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates,
which requires companies to provide more useful information in their financial statements when a currency
cannot be exchanged into another currency. These amendments require companies to apply a consistent
approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in
determining the exchange rate to use and the disclosures to provide.\u00a0 \u00a0
\u2022 In December 2024, the IASB issued Contracts Referencing Nature-dependent Electricity (Amendments to IFRS
9 and IFRS 7). The amendments were issued to help companies better report the financial effects of nature-
dependent electricity contracts, which are often structured as power purchase agreements. The amendments
include clarifying the application of the \u201cown-use\u201d requirements; permitting hedge accounting if these
contracts are used as hedging instruments; and adding new disclosure requirements to enable investors to
understand the effect of these contracts on a company\u2019s financial performance and cash flows. The
amendments are effective for annual reporting periods beginning on or after January 1, 2026, with earlier
adoption permitted. We have elected to early adopt the amendments to these standards in 2025.
New standards and amendments not yet effective
The following new standards and amendments were issued by the IASB. We will comply with the relevant
guidance no later than their respective effective dates:
\u2022 In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 regarding the classification and
measurement of financial instruments. The amendments relate to the settling of financial liabilities using an
electronic payment system, as well as assessing contractual cash flow characteristics of financial assets,
including those with environmental, social and governance linked features. The amendments are effective for
periods beginning on or after January 1, 2026, with early adoption permitted. We are currently evaluating the
impact of adoption;
\u2022 In July 2024, the IASB issued Annual Improvements to IFRS Accounting Standards \u2013 Volume 11, which
included amendments to the following standards: updated wording regarding hedge accounting in IFRS 1 -
First-time Adoption of IFRS, to address potential confusion from an inconsistency with the hedge accounting
requirements of IFRS 9 Financial Instruments; replaced an obsolete reference in IFRS 7 \u2013 Financial
Instruments: Disclosures, to IFRS 13 \u2013 Fair Value Measurement, and made other minor revisions regarding
inconsistencies with IFRS 13; amended IFRS 9 Financial Instruments, to clarify how a lessee accounts for the
derecognition of a lease liability and removed a potentially confusing cross reference to the term \u201ctransaction
price\u201d in IFRS 15 \u2013 Revenue from Contracts with Customers, as the term is used elsewhere in IFRS 9 and is not
necessarily consistent with the definition in IFRS 15; revised the wording in IFRS 10 - Consolidated Financial
Statements, to addresses a potential confusion arising from an inconsistency between two paragraphs related
to an investor determining whether another party is acting on its behalf by aligning the language in both
paragraphs; amended IAS 7 \u2013 Statement of Cash Flows, to remove a reference to the term \u201ccost method\u201d that
is no longer defined in IFRS. The amendments are effective for periods beginning on or after January 1, 2026,
with early adoption permitted. We are currently evaluating the impact of adoption;
\u2022 In March 2024, the IASB issued IFRS 18 - Presentation and Disclosure in Financial Statements, which is
intended to give investors more transparent and comparable information about companies\u2019 financial
performance. IFRS 18 replaces IAS 1 - Presentation of Financial Statements but carries forward many
requirements of IAS 1 unchanged. The standard introduces three defined categories for income and expenses
- operating, investing and financing - to improve the structure of the income statement, and requires all
companies to provide new defined subtotals, including operating profit. IFRS 18 also introduces additional
disclosure requirements in relation to management-defined performance measures. The standard is effective
for annual reporting periods beginning on or after January 1, 2027, with earlier adoption permitted. The
adoption will impact the classification of certain expenses within the Consolidated Income Statement and the
classification of certain amounts in the Consolidated Statement of Cash Flows, Additional disclosure will also
be included in the notes of our financial statements;
\u2022 In May 2024, the IASB issued IFRS 19 - Subsidiaries without Public Accountability: Disclosure, which permits
eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures. Subsidiaries using IFRS
Accounting Standards for their own financial statements provide disclosures that maybe disproportionate to
the information needs of their users, and this standard provides reduced disclosures which are better suited to
the needs of the users of their financial statements. Subsidiaries are eligible to apply IFRS 19 if they do not
have public accountability and their parent company applies IFRS Accounting Standards in their consolidated
financial statements. In August of 2025, the IASB issued amendments to IFRS 19 to reduce disclosure
requirements for standards and amendments issued between February 2021 and May 2024, as it originally
only covered those standards and amendments issued up to February 2021. The standard is effective for
annual reporting periods beginning on or after January 1, 2027, with earlier adoption permitted. We do not
expect the standard to have an impact on the consolidated financial statements; and
\u2022 In November 2025, the IASB issued an amendment to IAS 21 - The Effects of Changes in Foreign Exchange
Rates, which clarify how companies should translate financial statements from a non-hyperinflationary
currency into a hyperinflationary one. The narrow-scope amendments aim to improve the usefulness of the
resulting information in a cost-effective manner. The amendments are effective for annual periods beginning
on or after January 1, 2027, with earlier adoption permitted. We are currently evaluating the impact of
adoption.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-668": { "value": "
3.
Scope of consolidation
The following table sets forth a list of the principal subsidiaries of the Company, which are grouped by
reportable segments, as well as listing of companies within Other activities.
Name\u00a0
Country\u00a0
Percentage Interest\u00a0Held\u00a0
North America
FCA US LLC
USA
100.00
FCA Canada Inc.
Canada
100.00
Stellantis Mexico, S.A. de C.V.
Mexico
100.00
South America
Stellantis Automoveis Brasil Ltda.
Brazil
100.00
FCA Automobiles Argentina S.A.
Argentina
100.00
Peugeot Citro\u00ebn Argentina S.A.
Argentina
99.97
Enlarged Europe
Automobiles Peugeot
France
100.00
Stellantis Europe S.p.A.
Italy
100.00
Opel Automobile GmbH
Germany
100.00
Stellantis Auto S.A.S.
France
100.00
Automobiles Citro\u00ebn
France
100.00
Groupe PSA Italia S.p.A.
Italy
100.00
Stellantis & You France S.A.S.
France
100.00
Stellantis Espa\u00f1a, S.L.
Spain
99.99
Peugeot Motor Company PLC
United Kingdom
100.00
FCA Germany GmbH
Germany
100.00
Vauxhall Motors Limited
United Kingdom
100.00
Stellantis & You UK Limited
United Kingdom
100.00
Stellantis Belux S.A.
Belgium
100.00
Stellantis & You Italia S.p.A.
Italy
100.00
Peugeot Deutschland GmbH
Germany
100.00
FCA France S.A.S.
France
100.00
Citro\u00ebn Deutschland GmbH
Germany
100.00
Leapmotor International Business S.p.A.
Italy
51.00
FCA Poland S.p.z.o.o.
Poland
100.00
PCA Slovakia SRO
Slovakia
100.00
Middle East & Africa
Stellantis Production El Djazair S.p.A.
Algeria
51.00
Stellantis Middle East FZE
United Arab
Emirates
100.00
Stellantis Maroc S.A.
Morocco
100.00
China and India & Asia Pacific
Stellantis Japan Ltd.
Japan
100.00
Stellantis Asia Pacific Investment Co., Ltd.
People's Rep.of
China
100.00
Maserati
Maserati S.p.A.
Italy
100.00
Holdings & Other Companies
Stellantis Financial Services US Corp.
USA
100.00
Stellantis Financiamentos Sociedade de Cr\u00e9dito,
Financiamento e Investimento S.A.
Brazil
100.00
Banco Stellantis S.A.
Brazil
100.00
Stellantis Financial Services Europe
France
100.00
GIE PSA Tr\u00e9sorerie
France
100.00
Fiat Chrysler Finance North America, Inc.
USA
100.00
FCA US Insurance Company
USA
100.00
Stellantis International S.A.
Switzerland
100.00
FCA North America Holdings LLC
USA
100.00
Aramis Group
France
60.54
Local regulation allows for exemption from local statutory requirements according to sec. 264 (3) of the German
Commercial Code and the Company has applied such exemption for the following legal entities: Citro\u00ebn
Deutschland GmbH, Stellantis Germany GmbH, Peugeot Deutschland GmbH, Opel Group Warehousing GmbH,
FCA Germany GmbH, Stellantis & You Deutschland GmbH, Opel Eisenach GmbH and Free2Move Deutschland
GmbH.
Acquisitions
In April 2025, Stellantis acquired a 20.6 percent equity interest in STM Financial, SAPI de C.V., SOFOM, E.R.,
Grupo Financiero Inbursa (\u201cSTM Financial\u201d), a Mexican financial services company, for a total consideration of
\u20ac83\u00a0million. The investment supports Stellantis\u2019 strategy to strengthen its automotive financing capabilities in
Mexico and aligns with its global objective to expand direct financial services in key markets. The investment is
accounted for as an associate using the equity method and is reported in Other activities. STM Financial
operated with two share classes and, after a mid\u2011year redemption of Series A shares held by Inbursa, Stellantis\u2019
ownership increased from 20.6 percent to 23.4 percent of total share capital at December 31, 2025.
In August 2025, Stellantis obtained control of Free2Move eSolutions S.p.A. (\u201cF2MeS\u201d) through a unilateral share
subscription as part of a recapitalization, through which Stellantis subscribed to newly issued shares through the
conversion of a \u20ac31 million\u202fshareholder loan and a \u20ac29 million\u202fcash contribution, which diluted the other
shareholder and resulted in Stellantis gaining control. No consideration was transferred to the other shareholder,
and the transaction was accounted for as a step acquisition under IFRS\u202f3. F2MeS offers products and solutions
for electric vehicle customers such as residential, business and public charging infrastructures.
Prior to obtaining control, Stellantis held approximately 50 percent of F2MeS and accounted for its using the
equity method. Accordingly, Stellantis remeasured its previously held interest to fair value at the acquisition date,
resulting in no remeasurement gain or loss as the carrying amount was zero due to accumulated losses.
The identifiable assets and liabilities of F2MeS have been recognized on a provisional basis at fair value,
resulting in preliminary goodwill of \u20ac48 million. F2MeS is reported within the Enlarged Europe segment. The
amounts reported above are provisional and could be subject to further adjustment during the one-year
measurement period, in accordance with IFRS 3.
In September 2025, Stellantis completed a step acquisition of Auto Avaliar, a leading company specializing in
used\u2011vehicle intelligence using a software-as-a-service solutions for car dealerships operating as marketplace.
Auto Avaliar maintains the largest database of vehicle prices, demand, and market trends and is recognized as
a dominant player in its industry. The acquisition was executed to strengthen the Company\u2019s analytical
capabilities, expand data\u2011driven solutions, and support strategic growth objectives in the automotive sector.
Stellantis exercised a call option and paid \u20ac54\u00a0million to acquire an additional 51.7 percent interest, increasing
its ownership from 43.3 percent to 95 percent. Additionally, Stellantis retains a call option to purchase the
remaining 5 percent, while the founders have the right to sell.
As the acquisition resulted in control, the previously held equity\u2011method investment was remeasured to fair
value, giving rise to a gain of \u20ac35\u00a0million, which is reflected in the Consolidated Income Statement under Gains/
(losses) on disposal of investments.
Based on preliminary purchase accounting, the Company has recognized preliminary goodwill of \u20ac45\u00a0million,
intangibles of \u20ac54\u00a0million which is reported in the South America segment. The amounts reported above are
provisional and could be subject to further adjustment during the one-year measurement period, in accordance
with IFRS 3.
Disposals
In April 2025, Stellantis completed the sale of its 100 percent interest in Stellantis Otomotiv Pazarlama A.S.
(\u201cStellantis T\u00fcrkiye\u201d), a national sales company in T\u00fcrkiye, to the Company\u2019s joint venture Tofas for a total
consideration of \u20ac584\u00a0million, including variable consideration contingent on future performance. In 2025,
Stellantis recognized a loss on disposal of \u20ac246\u00a0million, subject to final determination, driven primarily by the
recycling of the cumulative translation reserve from Equity to the Consolidated Income Statement upon disposal,
which is reflected in the Consolidated Income Statement under Gains/(losses) on disposal of investments.
Stellantis T\u00fcrkiye was previously reported in the Middle East & Africa segment.
During the year ended December 31, 2025, the impact of minor business disposals was not material.
Held for sale
At December 31, 2025, there were various businesses which met the criteria under IFRS 5 to be classified as
held for sale with assets of \u20ac5\u00a0million and liabilities of nil (\u20ac917\u00a0million of assets and \u20ac458\u00a0million of liabilities at
December 31, 2024, of which \u20ac674\u00a0million of assets and \u20ac350\u00a0million of liabilities related to Stellantis T\u00fcrkiye,
which was sold in April 2025).
At December 31, 2025, our 49 percent interest in NextStar was reclassified as held for sale and remeasured to
fair value less costs to sell, resulting in a full write down of the investment. In addition, a liability was accrued in
respect of obligations arising from the exit of the joint venture. As a result, \u20ac1.6 billion was recognized within
Gains/losses on disposal of investments, and recognized within North America. Refer to Note 2,\u00a0Basis of
preparation - Strategic plan undergoing reassessment for additional information.
Following the Company\u2019s decision to discontinue its hydrogen fuel cell technology program, which resulted in a
full write\u2011down of its investment in Symbio, the Company entered into an agreement with its partners in the
Symbio joint venture. Upon entering into this agreement, management determined that Symbio met the criteria to
be classified as held for sale. Symbio was carried at nil as of December 31, 2025
12.
Investments accounted for using the equity method
The following table summarizes Investments accounted for using the equity method:
At December 31,
(\u20ac million)
2025
2024
Joint ventures
5,229
7,037
Associates
2,026
2,015
Other
21
48
Total Investments accounted for using the equity method
7,276
9,100
The Company's ownership percentages and the carrying value of investments in joint ventures and associates
accounted for under the equity method were as follows:
Ownership percentage
Investment balance
At December 31,
At December 31,
2025
2024
2025
2024
(Ownership percentage)
(\u20ac million)
Finance companies in partnership with Group Santander
Consumer Finance (\u201cSCF\u201d)
50.0%
50.0%
2,098
2,016
Finance companies in partnership with BNPP PF
50.0%
50.0%
1,084
1,086
Tofas-Turk Otomobil Fabrikasi A.S. (\u201cTofas\u201d)
37.9%
37.9%
1,042
1,101
NextStar Energy Inc(1,2)
49.0%
49.0%
\u2014
897
StarPlus Energy LLC (\u201cStarPlus\u201d)
49.0%
49.0%
703
763
ACC(2)
45.9%
45.0%
\u2014
429
Leasys SAS
50.0%
50.0%
207
424
Symbio(1)(2)
33.3%
33.3%
\u2014
197
Others
95
124
Total joint ventures
5,229
7,037
Zhejiang Leapmotor Technology Co., Ltd. (\u201cLeapmotor\u201d)
20.0%
21.3%
1,274
1,349
Archer Aviation Inc (\u201cArcher\u201d)
8.0%
16.0%
218
206
Nordex S.A.
49.9%
49.9%
137
148
360 Energy S.A.
49.5%
49.5%
103
113
Comau Group S.p.A.
49.9%
49.9%
109
124
STM Financial, S.A.P.I. de C.V.(1)
23.4%
\u2014%
86
\u2014
Others
99
75
Total associates
2,026
2,015
Total joint ventures and associates
7,255
9,052
(1) Refer to Note 3, Scope of consolidation for additional information
(2) Refer to Note 2, Basis of preparation for additional information
For the years ended December\u00a031, 2025 and 2024, there were no unrecognized losses relating to equity method
investments. For the year ended December 31, 2023 there were unrecognized losses of \u20ac27 million.
There are two partnerships with SCF, which cover the financing activities of all Stellantis brands in the following
countries: joint ventures in France, Italy, Spain, Belgium, Poland, the Netherlands and through a commercial
agreement with SCF in Portugal. The joint ventures with BNPP PF operate the financing activities in Germany,
Austria and in the UK.
The following tables provide summarized financial information relating to joint ventures with SCF which are
deemed to be material:
(\u20ac million)
At December 31,
2025
2024
Financial assets
37,882
35,788
Of which: Cash and cash equivalents
1,920
3,201
Other assets
1,632
1,554
Financial liabilities
32,217
30,235
Other liabilities
3,109
3,076
Total Equity
4,188
4,033
Carrying amount of interest
Company\u2019s share of net assets
2,098
2,016
Carrying amount of interest
2,098
2,016
Years ended December 31,
(\u20ac million)
2025
2024
2023
Interest and similar income
3,235
3,382
3,303
Interest and similar expenses
(1,972)
(2,234)
(2,084)
Income tax expense
(200)
(193)
(239)
Profit from continuing operations
456
457
628
Net profit
456
457
628
Net profit attributable to owners of the parent (A)
228
229
314
Other comprehensive income/(loss) attributable to owners of the parent (B)
2
27
3
Total Comprehensive income attributable to owners of the parent (A+B)
230
256
317
Company\u2019s share of net profit
228
229
314
Tofas, the Company\u2019s joint venture with Ko\u00e7 Holding, is registered with the Turkish Capital Market Board and
listed on the Istanbul Stock Exchange. At December\u00a031, 2025, the market value of the Company\u2019s interest in
Tofas was \u20ac929 million (\u20ac1,056 million at December\u00a031, 2024).
Leapmotor is listed on the Hong Kong Stock Exchange. At December\u00a031, 2025, the market value of the
Company\u2019s interest in Leapmotor was \u20ac1,511 million (\u20ac1,147 million at December\u00a031, 2024).
Archer is listed on the NYSE. At December\u00a031, 2025, the market value of the Company\u2019s interest in Archer was
\u20ac382 million (\u20ac533 million at December\u00a031, 2024). Management has determined that the Company continues to
have significant influence over Archer, due to (i) its representation on the Board of Directors, and (ii) its
involvement in key operational activities, including the provision of technology, engineering support and
manufacturing assistance. These factors give the Company the ability to participate in financial and operating
policy decisions, consistent with the definition of significant influence under IAS 28.
The Company's proportionate share of the earnings of its joint ventures, associates and interests in
unconsolidated subsidiaries accounted for using the equity method is included within Share of the profit/(loss) of
equity method investees in the Consolidated Income Statement, and is summarized below by type of equity
method investment.
Years ended December 31,
(\u20ac million)
2025
2024
2023
Joint ventures
(1,179)
118
547
Associates
(95)
(137)
(50)
Other
3
(14)
(6)
Total Share of the profit/(loss) of equity method investees
(1,271)
(33)
491
The share of the loss of equity method investments in the year ended December 31, 2025 was primarily
attributable to losses related to ACC and Symbio resulting from the strategic plan update. Refer to Note 2,\u00a0Basis
of preparation - Strategic plan undergoing reassessment.
Immaterial Joint Ventures and Associates
The aggregate amounts recognized for the Company\u2019s share in all individually immaterial joint ventures and
associates accounted for using the equity method were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Joint ventures:
Profit/(loss) from continuing operations
(1,407)
(111)
233
Net profit/(loss)
(1,407)
(111)
233
Other comprehensive income/(loss)
(278)
(177)
(265)
Total Other comprehensive income/(loss)
(1,685)
(288)
(32)
Associates:
Profit/(loss) from continuing operations
(95)
(137)
(50)
Net profit/(loss)
(95)
(137)
(50)
Other comprehensive income /(loss)
(37)
27
(11)
Total Other comprehensive income/(loss)
(132)
(110)
(61)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-667": { "value": "
3.
Scope of consolidation
The following table sets forth a list of the principal subsidiaries of the Company, which are grouped by
reportable segments, as well as listing of companies within Other activities.
Name\u00a0
Country\u00a0
Percentage Interest\u00a0Held\u00a0
North America
FCA US LLC
USA
100.00
FCA Canada Inc.
Canada
100.00
Stellantis Mexico, S.A. de C.V.
Mexico
100.00
South America
Stellantis Automoveis Brasil Ltda.
Brazil
100.00
FCA Automobiles Argentina S.A.
Argentina
100.00
Peugeot Citro\u00ebn Argentina S.A.
Argentina
99.97
Enlarged Europe
Automobiles Peugeot
France
100.00
Stellantis Europe S.p.A.
Italy
100.00
Opel Automobile GmbH
Germany
100.00
Stellantis Auto S.A.S.
France
100.00
Automobiles Citro\u00ebn
France
100.00
Groupe PSA Italia S.p.A.
Italy
100.00
Stellantis & You France S.A.S.
France
100.00
Stellantis Espa\u00f1a, S.L.
Spain
99.99
Peugeot Motor Company PLC
United Kingdom
100.00
FCA Germany GmbH
Germany
100.00
Vauxhall Motors Limited
United Kingdom
100.00
Stellantis & You UK Limited
United Kingdom
100.00
Stellantis Belux S.A.
Belgium
100.00
Stellantis & You Italia S.p.A.
Italy
100.00
Peugeot Deutschland GmbH
Germany
100.00
FCA France S.A.S.
France
100.00
Citro\u00ebn Deutschland GmbH
Germany
100.00
Leapmotor International Business S.p.A.
Italy
51.00
FCA Poland S.p.z.o.o.
Poland
100.00
PCA Slovakia SRO
Slovakia
100.00
Middle East & Africa
Stellantis Production El Djazair S.p.A.
Algeria
51.00
Stellantis Middle East FZE
United Arab
Emirates
100.00
Stellantis Maroc S.A.
Morocco
100.00
China and India & Asia Pacific
Stellantis Japan Ltd.
Japan
100.00
Stellantis Asia Pacific Investment Co., Ltd.
People's Rep.of
China
100.00
Maserati
Maserati S.p.A.
Italy
100.00
Holdings & Other Companies
Stellantis Financial Services US Corp.
USA
100.00
Stellantis Financiamentos Sociedade de Cr\u00e9dito,
Financiamento e Investimento S.A.
Brazil
100.00
Banco Stellantis S.A.
Brazil
100.00
Stellantis Financial Services Europe
France
100.00
GIE PSA Tr\u00e9sorerie
France
100.00
Fiat Chrysler Finance North America, Inc.
USA
100.00
FCA US Insurance Company
USA
100.00
Stellantis International S.A.
Switzerland
100.00
FCA North America Holdings LLC
USA
100.00
Aramis Group
France
60.54
Local regulation allows for exemption from local statutory requirements according to sec. 264 (3) of the German
Commercial Code and the Company has applied such exemption for the following legal entities: Citro\u00ebn
Deutschland GmbH, Stellantis Germany GmbH, Peugeot Deutschland GmbH, Opel Group Warehousing GmbH,
FCA Germany GmbH, Stellantis & You Deutschland GmbH, Opel Eisenach GmbH and Free2Move Deutschland
GmbH.
26.
Related party transactions
Related parties of the Company are entities and individuals capable of exercising control, joint control or
significant influence over the Company and its subsidiaries. Related parties also include associates, joint
ventures and unconsolidated subsidiaries of the Company, members of the Stellantis Board of Directors,
executives with strategic responsibilities and certain members of their families. Related parties include
companies belonging to Exor N.V. (\u201cExor\u201d), which include Ferrari N.V., CNH Industrial N.V. (\u201cCNHI\u201d) and Iveco
Group N.V. (\"Iveco\"). In July 2025, Tata Motor announced an offer to purchase the whole share capital of IVECO
which is expected to be completed in H1 2026. Exor has irrevocably committed to support the offer and tender
is shareholding, therefore upon the finalization of the offer, IVECO will cease to be a related party to Stellantis.
Transactions carried out by Stellantis with its related parties are on commercial terms that are normal in the
respective markets, considering the characteristics of the goods or services involved, and primarily relate to:
\u2022 the sale of LCV and spare parts to Iveco's owned dealer network;
\u2022 the sale of iron and aluminum engine components, plastic components and industrial equipment to Iveco;
\u2022 the sale of propulsion system and other components to the companies of CNHI;
\u2022 the purchase of engines and engine components for Maserati vehicles from Ferrari N.V. which terminated in
December 2023 with a limited extension to March 2024;
\u2022 the Jeep brand sponsorship of Juventus Football Club (a subsidiary of Exor);
\u2022 the sale of vehicles for rental activities to Leasys;
\u2022 the sale of vehicles for resale and leasing activities to the joint ventures with Santander and BNP Paribas;
\u2022 the sale of vehicles and spare parts to the associate company Stafim for distribution in Tunisia;
\u2022 the purchase of used vehicles from Leasys and the joint ventures with Santander and BNP Paribas under
repurchase agreements from leasing and rentals activities;
\u2022 the sale of vehicles for distribution in T\u00fcrkiye and of components as well as purchase of light commercial
vehicles and passenger cars from the joint venture Tofas;
\u2022 the purchase of Leapmotor vehicles from Zhejiang Leapmotor Technology Co., Ltd for distribution by
Leapmotor International outside of China;
\u2022 the purchase of batteries from StarPlus, NextStar and ACC joint ventures;
\u2022 the participation in a C02 regulatory credits open pool with Zhejiang Leapmotor Technology Co., Ltd to
contribute to the achievement of European emissions targets;
\u2022 the purchase of vehicles from, and the provision of services and the sale of goods to, the joint operation FIAPL;
\u2022 the manufacturing assistance services in both technology and personnel to manufacture an electric vertical
take-off and landing aircraft with Archer;
\u2022 the extension of subordinated loans to our Financial Services JVs with SCF and BNPP - Personal Finance; \u00a0
\u2022 the purchase of electric motors from the Nidec joint venture;
\u2022 the extension of loans to the joint ventures StarPlus and ACC; and
\u2022 the extension of a shareholders loan and entering into a lease agreement with Contemporary Star Energy, S.L.
joint venture.
In April 2025, Stellantis completed the sale of its 100 percent interest in Stellantis T\u00fcrkiye to Tofas. Refer to Note
3, Scope of consolidation for additional information.
As of December 31, 2025, NextStar was classified as held for sale. Refer to Note 2,\u00a0Basis of preparation -
Strategic plan undergoing reassessment for additional information.
The amounts for significant transactions with related parties recognized in the Consolidated Income Statements
were as follows:
Years ended December 31,
2025
2024
2023
(\u20ac million)
Net
Revenues
Cost of
revenues
Selling,
general\u00a0
and
other
costs, net
Net
Financial
expenses
/(income)
Net
Revenues
Cost of
revenues
Selling,
general\u00a0
and
other
costs, net
Net
Financial
expenses
/(income)
Net
Revenues
Cost of
revenues
Selling,
general\u00a0
and
other
costs, net
Net
Financial
expenses
Tofas(1)
4,414
736
36
1
1,155
461
37
\u2014
1,339
779
27
\u2014
Leasys
1,537
\u2014
(23)
1
813
20
(7)
1
960
12
6
\u2014
Finance companies
in partnership with
SCF and BNPP PF
7,070
726
(1)
56
7,248
738
(19)
35
8,973
471
(7)
14
StarPlus Energy
LLC(2)
\u2014
102
\u2014
(18)
\u2014
\u2014
\u2014
(21)
\u2014
\u2014
\u2014
\u2014
NextStar Energy
Inc(1,2)
\u2014
2
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Nidec
28
301
(11)
(4)
31
26
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other
1
14
(7)
1
1
\u2014
\u2014
(6)
76
178
(1)
(5)
Total joint
arrangements
13,050
1,881
(6)
37
9,248
1,245
11
9
11,348
1,440
25
9
Leapmotor
1
875
6
5
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other
121
6
2
(1)
204
12
(3)
(1)
23
196
2
(1)
Total associates
122
881
8
4
204
12
(3)
(1)
23
196
2
(1)
CNHI
6
\u2014
\u2014
\u2014
10
\u2014
\u2014
\u2014
28
\u2014
(3)
\u2014
Iveco
95
9
\u2014
\u2014
102
14
\u2014
\u2014
218
19
(5)
\u2014
Ferrari N.V.
3
1
\u2014
\u2014
3
6
(1)
\u2014
16
51
(1)
\u2014
Directors and Key
Management
\u2014
\u2014
51
\u2014
\u2014
\u2014
50
\u2014
\u2014
\u2014
87
\u2014
Other
\u2014
7
13
\u2014
\u2014
\u2014
32
\u2014
1
\u2014
43
\u2014
Total CNHI, Ferrari,
Directors and other
104
17
64
\u2014
115
20
81
\u2014
263
70
121
\u2014
Total
unconsolidated
subsidiaries
12
(1)
11
(1)
19
34
13
\u2014
95
24
\u2014
\u2014
Total transactions
with related parties
13,288
2,778
77
40
9,586
1,311
102
8
11,729
1,730
148
8
Total for the
Company
153,508
155,627
8,967
351
156,878
136,360
9,299
(345)
189,544
151,400
9,541
(42)
1) Refer to Note 3, Scope of consolidation for additional information
2) Purchases were \u20ac296 million for StarPlus Energy; \u20ac167 million for NextStar Energy and \u20ac41 million for ACC. Amounts reported in Cost of
revenues are net of change in inventories
Assets and liabilities from significant transactions with related parties were as follows:
At December 31,
2025
2024
(\u20ac million)
Trade and
other
receivables
Trade
payables and
other
liabilities
Asset-
backed
financing
Debt(1)
Trade
and other
receivables
Trade
payables and
other
liabilities
Asset-
backed
financing
Debt (1)
Tofas
523
228
\u2014
\u2014
57
147
\u2014
\u2014
Leasys
58
182
\u2014
89
97
143
\u2014
79
Finance companies in
partnership with SCF and
BNPP PF
1,412
522
6
14
1,082
648
31
41
StarPlus Energy LLC
257
\u2014
\u2014
\u2014
507
\u2014
\u2014
\u2014
NextStar Energy Inc(2)
\u2014
\u2014
\u2014
\u2014
74
\u2014
\u2014
74
Nidec
183
83
\u2014
\u2014
63
10
\u2014
\u2014
Other
229
65
\u2014
\u2014
160
33
\u2014
\u2014
Total joint arrangements
2,662
1,080
6
103
2,040
981
31
194
Leapmotor
\u2014
481
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other
131
7
\u2014
\u2014
142
20
\u2014
\u2014
Total associates
131
488
\u2014
\u2014
142
20
\u2014
\u2014
CNHI
3
\u2014
\u2014
\u2014
8
1
\u2014
\u2014
Iveco
34
34
\u2014
\u2014
25
8
\u2014
\u2014
Ferrari N.V.
8
\u2014
\u2014
\u2014
5
2
\u2014
\u2014
Other
2
22
\u2014
\u2014
6
78
\u2014
(1)
Total CNHI, Ferrari N.V. and
other
47
56
\u2014
\u2014
44
89
\u2014
(1)
Total unconsolidated
subsidiaries
43
16
\u2014
3
51
35
\u2014
2
Total originating from
related parties
2,883
1,640
6
106
2,277
1,125
31
195
Total for the Company
25,329
54,739
15,479
30,468
19,990
53,222
10,016
27,211
(1) Relating to Debt excluding Asset-backed financing, refer to Note, 22 Debt for additional information
(2) Refer to Note 3, Scope of consolidation for additional information
For guarantees and commitments details, refer to Note 27, Guarantees granted, commitments and contingent
liabilities for additional information.
Compensation to Directors and Key Management
The fees of the Directors of the Company for carrying out their respective functions were \u20ac21\u00a0million and
\u20ac27\u00a0million for the years ended December\u00a031, 2025 and 2024, respectively. The following amounts were
included in the fees paid:
\u2022 \u20ac13 million in 2025 (\u20ac22 million in 2024) for share-based compensation expense;
\u2022 nil in 2025 (nil in 2024) for short-term employee benefits; and
\u2022 \u20ac0.2 million in 2025 (\u20ac1 million in 2024) for pension and similar benefits.
The aggregate compensation expense for remaining executives with strategic responsibilities was
approximately \u20ac30 million for 2025 (\u20ac23 million for 2024), which in addition to base compensation, included:
\u2022 \u20ac6 million in 2025 (\u20ac7 million in 2024) for share-based compensation expense;
\u2022 \u20ac1 million in 2025 (nil in 2024) for short-term employee benefits; and
\u2022 \u20ac3 million in 2025 (\u20ac2 million in 2024) for pension and similar benefits.\u00a0
The key management expenses reported above reflect the cost of the management structure during the year
and as updated for the changes announced on June 23, 2025.
Refer to Note 19, Share-based compensation, for additional information related to the PSU and RSU awards
granted", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-666": { "value": "
3.
Scope of consolidation
The following table sets forth a list of the principal subsidiaries of the Company, which are grouped by
reportable segments, as well as listing of companies within Other activities.
Name\u00a0
Country\u00a0
Percentage Interest\u00a0Held\u00a0
North America
FCA US LLC
USA
100.00
FCA Canada Inc.
Canada
100.00
Stellantis Mexico, S.A. de C.V.
Mexico
100.00
South America
Stellantis Automoveis Brasil Ltda.
Brazil
100.00
FCA Automobiles Argentina S.A.
Argentina
100.00
Peugeot Citro\u00ebn Argentina S.A.
Argentina
99.97
Enlarged Europe
Automobiles Peugeot
France
100.00
Stellantis Europe S.p.A.
Italy
100.00
Opel Automobile GmbH
Germany
100.00
Stellantis Auto S.A.S.
France
100.00
Automobiles Citro\u00ebn
France
100.00
Groupe PSA Italia S.p.A.
Italy
100.00
Stellantis & You France S.A.S.
France
100.00
Stellantis Espa\u00f1a, S.L.
Spain
99.99
Peugeot Motor Company PLC
United Kingdom
100.00
FCA Germany GmbH
Germany
100.00
Vauxhall Motors Limited
United Kingdom
100.00
Stellantis & You UK Limited
United Kingdom
100.00
Stellantis Belux S.A.
Belgium
100.00
Stellantis & You Italia S.p.A.
Italy
100.00
Peugeot Deutschland GmbH
Germany
100.00
FCA France S.A.S.
France
100.00
Citro\u00ebn Deutschland GmbH
Germany
100.00
Leapmotor International Business S.p.A.
Italy
51.00
FCA Poland S.p.z.o.o.
Poland
100.00
PCA Slovakia SRO
Slovakia
100.00
Middle East & Africa
Stellantis Production El Djazair S.p.A.
Algeria
51.00
Stellantis Middle East FZE
United Arab
Emirates
100.00
Stellantis Maroc S.A.
Morocco
100.00
China and India & Asia Pacific
Stellantis Japan Ltd.
Japan
100.00
Stellantis Asia Pacific Investment Co., Ltd.
People's Rep.of
China
100.00
Maserati
Maserati S.p.A.
Italy
100.00
Holdings & Other Companies
Stellantis Financial Services US Corp.
USA
100.00
Stellantis Financiamentos Sociedade de Cr\u00e9dito,
Financiamento e Investimento S.A.
Brazil
100.00
Banco Stellantis S.A.
Brazil
100.00
Stellantis Financial Services Europe
France
100.00
GIE PSA Tr\u00e9sorerie
France
100.00
Fiat Chrysler Finance North America, Inc.
USA
100.00
FCA US Insurance Company
USA
100.00
Stellantis International S.A.
Switzerland
100.00
FCA North America Holdings LLC
USA
100.00
Aramis Group
France
60.54
Local regulation allows for exemption from local statutory requirements according to sec. 264 (3) of the German
Commercial Code and the Company has applied such exemption for the following legal entities: Citro\u00ebn
Deutschland GmbH, Stellantis Germany GmbH, Peugeot Deutschland GmbH, Opel Group Warehousing GmbH,
FCA Germany GmbH, Stellantis & You Deutschland GmbH, Opel Eisenach GmbH and Free2Move Deutschland
GmbH.
Disposals
In April 2025, Stellantis completed the sale of its 100 percent interest in Stellantis Otomotiv Pazarlama A.S.
(\u201cStellantis T\u00fcrkiye\u201d), a national sales company in T\u00fcrkiye, to the Company\u2019s joint venture Tofas for a total
consideration of \u20ac584\u00a0million, including variable consideration contingent on future performance. In 2025,
Stellantis recognized a loss on disposal of \u20ac246\u00a0million, subject to final determination, driven primarily by the
recycling of the cumulative translation reserve from Equity to the Consolidated Income Statement upon disposal,
which is reflected in the Consolidated Income Statement under Gains/(losses) on disposal of investments.
Stellantis T\u00fcrkiye was previously reported in the Middle East & Africa segment.
During the year ended December 31, 2025, the impact of minor business disposals was not material.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-670": { "value": "
Acquisitions
In April 2025, Stellantis acquired a 20.6 percent equity interest in STM Financial, SAPI de C.V., SOFOM, E.R.,
Grupo Financiero Inbursa (\u201cSTM Financial\u201d), a Mexican financial services company, for a total consideration of
\u20ac83\u00a0million. The investment supports Stellantis\u2019 strategy to strengthen its automotive financing capabilities in
Mexico and aligns with its global objective to expand direct financial services in key markets. The investment is
accounted for as an associate using the equity method and is reported in Other activities. STM Financial
operated with two share classes and, after a mid\u2011year redemption of Series A shares held by Inbursa, Stellantis\u2019
ownership increased from 20.6 percent to 23.4 percent of total share capital at December 31, 2025.
In August 2025, Stellantis obtained control of Free2Move eSolutions S.p.A. (\u201cF2MeS\u201d) through a unilateral share
subscription as part of a recapitalization, through which Stellantis subscribed to newly issued shares through the
conversion of a \u20ac31 million\u202fshareholder loan and a \u20ac29 million\u202fcash contribution, which diluted the other
shareholder and resulted in Stellantis gaining control. No consideration was transferred to the other shareholder,
and the transaction was accounted for as a step acquisition under IFRS\u202f3. F2MeS offers products and solutions
for electric vehicle customers such as residential, business and public charging infrastructures.
Prior to obtaining control, Stellantis held approximately 50 percent of F2MeS and accounted for its using the
equity method. Accordingly, Stellantis remeasured its previously held interest to fair value at the acquisition date,
resulting in no remeasurement gain or loss as the carrying amount was zero due to accumulated losses.
The identifiable assets and liabilities of F2MeS have been recognized on a provisional basis at fair value,
resulting in preliminary goodwill of \u20ac48 million. F2MeS is reported within the Enlarged Europe segment. The
amounts reported above are provisional and could be subject to further adjustment during the one-year
measurement period, in accordance with IFRS 3.
In September 2025, Stellantis completed a step acquisition of Auto Avaliar, a leading company specializing in
used\u2011vehicle intelligence using a software-as-a-service solutions for car dealerships operating as marketplace.
Auto Avaliar maintains the largest database of vehicle prices, demand, and market trends and is recognized as
a dominant player in its industry. The acquisition was executed to strengthen the Company\u2019s analytical
capabilities, expand data\u2011driven solutions, and support strategic growth objectives in the automotive sector.
Stellantis exercised a call option and paid \u20ac54\u00a0million to acquire an additional 51.7 percent interest, increasing
its ownership from 43.3 percent to 95 percent. Additionally, Stellantis retains a call option to purchase the
remaining 5 percent, while the founders have the right to sell.
As the acquisition resulted in control, the previously held equity\u2011method investment was remeasured to fair
value, giving rise to a gain of \u20ac35\u00a0million, which is reflected in the Consolidated Income Statement under Gains/
(losses) on disposal of investments.
Based on preliminary purchase accounting, the Company has recognized preliminary goodwill of \u20ac45\u00a0million,
intangibles of \u20ac54\u00a0million which is reported in the South America segment. The amounts reported above are
provisional and could be subject to further adjustment during the one-year measurement period, in accordance
with IFRS 3.
12.
Investments accounted for using the equity method
The following table summarizes Investments accounted for using the equity method:
At December 31,
(\u20ac million)
2025
2024
Joint ventures
5,229
7,037
Associates
2,026
2,015
Other
21
48
Total Investments accounted for using the equity method
7,276
9,100
The Company's ownership percentages and the carrying value of investments in joint ventures and associates
accounted for under the equity method were as follows:
Ownership percentage
Investment balance
At December 31,
At December 31,
2025
2024
2025
2024
(Ownership percentage)
(\u20ac million)
Finance companies in partnership with Group Santander
Consumer Finance (\u201cSCF\u201d)
50.0%
50.0%
2,098
2,016
Finance companies in partnership with BNPP PF
50.0%
50.0%
1,084
1,086
Tofas-Turk Otomobil Fabrikasi A.S. (\u201cTofas\u201d)
37.9%
37.9%
1,042
1,101
NextStar Energy Inc(1,2)
49.0%
49.0%
\u2014
897
StarPlus Energy LLC (\u201cStarPlus\u201d)
49.0%
49.0%
703
763
ACC(2)
45.9%
45.0%
\u2014
429
Leasys SAS
50.0%
50.0%
207
424
Symbio(1)(2)
33.3%
33.3%
\u2014
197
Others
95
124
Total joint ventures
5,229
7,037
Zhejiang Leapmotor Technology Co., Ltd. (\u201cLeapmotor\u201d)
20.0%
21.3%
1,274
1,349
Archer Aviation Inc (\u201cArcher\u201d)
8.0%
16.0%
218
206
Nordex S.A.
49.9%
49.9%
137
148
360 Energy S.A.
49.5%
49.5%
103
113
Comau Group S.p.A.
49.9%
49.9%
109
124
STM Financial, S.A.P.I. de C.V.(1)
23.4%
\u2014%
86
\u2014
Others
99
75
Total associates
2,026
2,015
Total joint ventures and associates
7,255
9,052
(1) Refer to Note 3, Scope of consolidation for additional information
(2) Refer to Note 2, Basis of preparation for additional information
Leapmotor is listed on the Hong Kong Stock Exchange. At December\u00a031, 2025, the market value of the
Company\u2019s interest in Leapmotor was \u20ac1,511 million (\u20ac1,147 million at December\u00a031, 2024).
Archer is listed on the NYSE. At December\u00a031, 2025, the market value of the Company\u2019s interest in Archer was
\u20ac382 million (\u20ac533 million at December\u00a031, 2024). Management has determined that the Company continues to
have significant influence over Archer, due to (i) its representation on the Board of Directors, and (ii) its
involvement in key operational activities, including the provision of technology, engineering support and
manufacturing assistance. These factors give the Company the ability to participate in financial and operating
policy decisions, consistent with the definition of significant influence under IAS 28.
The Company's proportionate share of the earnings of its joint ventures, associates and interests in
unconsolidated subsidiaries accounted for using the equity method is included within Share of the profit/(loss) of
equity method investees in the Consolidated Income Statement, and is summarized below by type of equity
method investment.
Years ended December 31,
(\u20ac million)
2025
2024
2023
Joint ventures
(1,179)
118
547
Associates
(95)
(137)
(50)
Other
3
(14)
(6)
Total Share of the profit/(loss) of equity method investees
(1,271)
(33)
491
The share of the loss of equity method investments in the year ended December 31, 2025 was primarily
attributable to losses related to ACC and Symbio resulting from the strategic plan update. Refer to Note 2,\u00a0Basis
of preparation - Strategic plan undergoing reassessment.
Immaterial Joint Ventures and Associates
The aggregate amounts recognized for the Company\u2019s share in all individually immaterial joint ventures and
associates accounted for using the equity method were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Joint ventures:
Profit/(loss) from continuing operations
(1,407)
(111)
233
Net profit/(loss)
(1,407)
(111)
233
Other comprehensive income/(loss)
(278)
(177)
(265)
Total Other comprehensive income/(loss)
(1,685)
(288)
(32)
Associates:
Profit/(loss) from continuing operations
(95)
(137)
(50)
Net profit/(loss)
(95)
(137)
(50)
Other comprehensive income /(loss)
(37)
27
(11)
Total Other comprehensive income/(loss)
(132)
(110)
(61)
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-669": { "value": "
Acquisitions
In April 2025, Stellantis acquired a 20.6 percent equity interest in STM Financial, SAPI de C.V., SOFOM, E.R.,
Grupo Financiero Inbursa (\u201cSTM Financial\u201d), a Mexican financial services company, for a total consideration of
\u20ac83\u00a0million. The investment supports Stellantis\u2019 strategy to strengthen its automotive financing capabilities in
Mexico and aligns with its global objective to expand direct financial services in key markets. The investment is
accounted for as an associate using the equity method and is reported in Other activities. STM Financial
operated with two share classes and, after a mid\u2011year redemption of Series A shares held by Inbursa, Stellantis\u2019
ownership increased from 20.6 percent to 23.4 percent of total share capital at December 31, 2025.
In August 2025, Stellantis obtained control of Free2Move eSolutions S.p.A. (\u201cF2MeS\u201d) through a unilateral share
subscription as part of a recapitalization, through which Stellantis subscribed to newly issued shares through the
conversion of a \u20ac31 million\u202fshareholder loan and a \u20ac29 million\u202fcash contribution, which diluted the other
shareholder and resulted in Stellantis gaining control. No consideration was transferred to the other shareholder,
and the transaction was accounted for as a step acquisition under IFRS\u202f3. F2MeS offers products and solutions
for electric vehicle customers such as residential, business and public charging infrastructures.
Prior to obtaining control, Stellantis held approximately 50 percent of F2MeS and accounted for its using the
equity method. Accordingly, Stellantis remeasured its previously held interest to fair value at the acquisition date,
resulting in no remeasurement gain or loss as the carrying amount was zero due to accumulated losses.
The identifiable assets and liabilities of F2MeS have been recognized on a provisional basis at fair value,
resulting in preliminary goodwill of \u20ac48 million. F2MeS is reported within the Enlarged Europe segment. The
amounts reported above are provisional and could be subject to further adjustment during the one-year
measurement period, in accordance with IFRS 3.
In September 2025, Stellantis completed a step acquisition of Auto Avaliar, a leading company specializing in
used\u2011vehicle intelligence using a software-as-a-service solutions for car dealerships operating as marketplace.
Auto Avaliar maintains the largest database of vehicle prices, demand, and market trends and is recognized as
a dominant player in its industry. The acquisition was executed to strengthen the Company\u2019s analytical
capabilities, expand data\u2011driven solutions, and support strategic growth objectives in the automotive sector.
Stellantis exercised a call option and paid \u20ac54\u00a0million to acquire an additional 51.7 percent interest, increasing
its ownership from 43.3 percent to 95 percent. Additionally, Stellantis retains a call option to purchase the
remaining 5 percent, while the founders have the right to sell.
As the acquisition resulted in control, the previously held equity\u2011method investment was remeasured to fair
value, giving rise to a gain of \u20ac35\u00a0million, which is reflected in the Consolidated Income Statement under Gains/
(losses) on disposal of investments.
Based on preliminary purchase accounting, the Company has recognized preliminary goodwill of \u20ac45\u00a0million,
intangibles of \u20ac54\u00a0million which is reported in the South America segment. The amounts reported above are
provisional and could be subject to further adjustment during the one-year measurement period, in accordance
with IFRS 3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-672": { "value": "
Held for sale
At December 31, 2025, there were various businesses which met the criteria under IFRS 5 to be classified as
held for sale with assets of \u20ac5\u00a0million and liabilities of nil (\u20ac917\u00a0million of assets and \u20ac458\u00a0million of liabilities at
December 31, 2024, of which \u20ac674\u00a0million of assets and \u20ac350\u00a0million of liabilities related to Stellantis T\u00fcrkiye,
which was sold in April 2025).
At December 31, 2025, our 49 percent interest in NextStar was reclassified as held for sale and remeasured to
fair value less costs to sell, resulting in a full write down of the investment. In addition, a liability was accrued in
respect of obligations arising from the exit of the joint venture. As a result, \u20ac1.6 billion was recognized within
Gains/losses on disposal of investments, and recognized within North America. Refer to Note 2,\u00a0Basis of
preparation - Strategic plan undergoing reassessment for additional information.
Following the Company\u2019s decision to discontinue its hydrogen fuel cell technology program, which resulted in a
full write\u2011down of its investment in Symbio, the Company entered into an agreement with its partners in the
Symbio joint venture. Upon entering into this agreement, management determined that Symbio met the criteria to
be classified as held for sale. Symbio was carried at nil as of December 31, 2025", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-671": { "value": "
Held for sale
At December 31, 2025, there were various businesses which met the criteria under IFRS 5 to be classified as
held for sale with assets of \u20ac5\u00a0million and liabilities of nil (\u20ac917\u00a0million of assets and \u20ac458\u00a0million of liabilities at
December 31, 2024, of which \u20ac674\u00a0million of assets and \u20ac350\u00a0million of liabilities related to Stellantis T\u00fcrkiye,
which was sold in April 2025).
At December 31, 2025, our 49 percent interest in NextStar was reclassified as held for sale and remeasured to
fair value less costs to sell, resulting in a full write down of the investment. In addition, a liability was accrued in
respect of obligations arising from the exit of the joint venture. As a result, \u20ac1.6 billion was recognized within
Gains/losses on disposal of investments, and recognized within North America. Refer to Note 2,\u00a0Basis of
preparation - Strategic plan undergoing reassessment for additional information.
Following the Company\u2019s decision to discontinue its hydrogen fuel cell technology program, which resulted in a
full write\u2011down of its investment in Symbio, the Company entered into an agreement with its partners in the
Symbio joint venture. Upon entering into this agreement, management determined that Symbio met the criteria to
be classified as held for sale. Symbio was carried at nil as of December 31, 2025", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-674": { "value": "
4.
Net revenues
Net revenues were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Revenues from:
Shipments of vehicles and sales of other goods
146,167
149,544
183,230
Other services provided(1)
4,765
4,422
4,018
Construction contract revenues
\u2014
747
709
Lease installments from assets sold with a buy-back commitment
674
1,046
896
Interest income of financial services activities
1,902
1,119
691
Total Net revenues
153,508
156,878
189,544
(1) Includes income from operating leases arising from our financial services activities of \u20ac1,585 million, \u20ac701 million, \u20ac116 million in 2025,
2024 and 2023, respectively. These are included within Other activities
Net revenues by geographical area were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Net revenues in:
North America(1)
63,888
65,309
88,466
France
15,746
16,363
18,079
Brazil
11,723
13,577
13,742
Italy
10,440
11,166
11,790
Germany
7,956
8,371
10,467
United Kingdom
7,740
8,108
8,380
T\u00fcrkiye
5,889
5,969
6,187
Spain
4,159
4,286
5,147
Argentina
3,652
1,413
1,524
Belgium
2,259
2,115
2,533
Austria
1,299
1,062
812
Netherlands
1,286
1,513
1,577
Portugal
1,284
1,252
1,335
Poland
1,247
1,166
1,204
Algeria
1,185
1,245
1,079
Morocco
783
609
464
Japan
738
894
1,377
China
382
638
1,141
Other countries
11,852
11,822
14,240
Total Net revenues
153,508
156,878
189,544
(1) Refers to the geographical area and not our North America reporting segment
Net revenues attributed by segment for the years ended December\u00a031, 2025, 2024 and 2023 were as follows:
2025
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China
and
India &
Asia
Pacific
Maserati
Other
activities
Total
(\u20ac million)
Revenues from:
Shipments of vehicles and sales of other
goods
59,674
55,536
9,670
15,732
1,815
676
3,064
146,167
Other services provided
1,288
1,392
38
299
52
50
1,646
4,765
Construction contract revenues
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Revenues from goods and services
60,962
56,928
9,708
16,031
1,867
726
4,710
150,932
Lease installments from assets sold with a
buy-back commitment
\u2014
674
\u2014
\u2014
\u2014
\u2014
\u2014
674
Interest income from financial services
activities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,902
1,902
Total Net revenues
60,962
57,602
9,708
16,031
1,867
726
6,612
153,508
2024
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China
and
India &
Asia
Pacific
Maserati
Other
activities
Total
(\u20ac million)
Revenues from:
Shipments of vehicles and sales of other
goods
62,111
56,282
10,022
15,544
1,930
984
2,671
149,544
Other services provided
1,338
1,516
87
339
61
54
1,027
4,422
Construction contract revenues
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
747
747
Revenues from goods and services
63,449
57,798
10,109
15,883
1,991
1,038
4,445
154,713
Lease installments from assets sold with a
buy-back commitment
\u2014
1,046
\u2014
\u2014
\u2014
\u2014
\u2014
1,046
Interest income from financial services
activities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,119
1,119
Total Net revenues
63,449
58,844
10,109
15,883
1,991
1,038
5,564
156,878
2023
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China
and
India &
Asia
Pacific
Maserati
Other
activities
Total
(\u20ac million)
Revenues from:
Shipments of vehicles and sales of other
goods
85,238
63,961
10,487
15,638
3,463
2,276
2,167
183,230
Other services provided
1,260
1,587
73
510
63
59
466
4,018
Construction contract revenues
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
709
709
Revenues from goods and services
86,498
65,548
10,560
16,148
3,526
2,335
3,342
187,957
Lease installments from assets sold with a
buy-back commitment
\u2014
896
\u2014
\u2014
\u2014
\u2014
\u2014
896
Interest income from financial services
activities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
691
691
Total Net revenues
86,498
66,444
10,560
16,148
3,526
2,335
4,033
189,544
The Company recognized a net decrease in Net revenues of \u20ac149 million during the year ended December 31,
2025 (net decrease of \u20ac141 million and \u20ac119 million during the years ended December 31, 2024 and 2023,
respectively) from performance obligations satisfied in the prior year. This was primarily due to changes in the
estimated cost of sales incentive programs occurring after the Company had transferred control of vehicles.
Prior to disposal in December 2024, Stellantis generated construction contract revenues through its holding of
Comau which operated in the design and production of industrial automation systems and related products.
Government grants of \u20ac1,205 million, \u20ac1,189 million and \u20ac1,235 million were recorded within Net revenues in
2025, 2024 and 2023, respectively. These incentives reduced sales taxes that otherwise would be deducted
from Net revenues.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-673": { "value": "
4.
Net revenues
Net revenues were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Revenues from:
Shipments of vehicles and sales of other goods
146,167
149,544
183,230
Other services provided(1)
4,765
4,422
4,018
Construction contract revenues
\u2014
747
709
Lease installments from assets sold with a buy-back commitment
674
1,046
896
Interest income of financial services activities
1,902
1,119
691
Total Net revenues
153,508
156,878
189,544
(1) Includes income from operating leases arising from our financial services activities of \u20ac1,585 million, \u20ac701 million, \u20ac116 million in 2025,
2024 and 2023, respectively. These are included within Other activities
Net revenues by geographical area were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Net revenues in:
North America(1)
63,888
65,309
88,466
France
15,746
16,363
18,079
Brazil
11,723
13,577
13,742
Italy
10,440
11,166
11,790
Germany
7,956
8,371
10,467
United Kingdom
7,740
8,108
8,380
T\u00fcrkiye
5,889
5,969
6,187
Spain
4,159
4,286
5,147
Argentina
3,652
1,413
1,524
Belgium
2,259
2,115
2,533
Austria
1,299
1,062
812
Netherlands
1,286
1,513
1,577
Portugal
1,284
1,252
1,335
Poland
1,247
1,166
1,204
Algeria
1,185
1,245
1,079
Morocco
783
609
464
Japan
738
894
1,377
China
382
638
1,141
Other countries
11,852
11,822
14,240
Total Net revenues
153,508
156,878
189,544
(1) Refers to the geographical area and not our North America reporting segment
Net revenues attributed by segment for the years ended December\u00a031, 2025, 2024 and 2023 were as follows:
2025
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China
and
India &
Asia
Pacific
Maserati
Other
activities
Total
(\u20ac million)
Revenues from:
Shipments of vehicles and sales of other
goods
59,674
55,536
9,670
15,732
1,815
676
3,064
146,167
Other services provided
1,288
1,392
38
299
52
50
1,646
4,765
Construction contract revenues
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Revenues from goods and services
60,962
56,928
9,708
16,031
1,867
726
4,710
150,932
Lease installments from assets sold with a
buy-back commitment
\u2014
674
\u2014
\u2014
\u2014
\u2014
\u2014
674
Interest income from financial services
activities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,902
1,902
Total Net revenues
60,962
57,602
9,708
16,031
1,867
726
6,612
153,508
2024
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China
and
India &
Asia
Pacific
Maserati
Other
activities
Total
(\u20ac million)
Revenues from:
Shipments of vehicles and sales of other
goods
62,111
56,282
10,022
15,544
1,930
984
2,671
149,544
Other services provided
1,338
1,516
87
339
61
54
1,027
4,422
Construction contract revenues
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
747
747
Revenues from goods and services
63,449
57,798
10,109
15,883
1,991
1,038
4,445
154,713
Lease installments from assets sold with a
buy-back commitment
\u2014
1,046
\u2014
\u2014
\u2014
\u2014
\u2014
1,046
Interest income from financial services
activities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,119
1,119
Total Net revenues
63,449
58,844
10,109
15,883
1,991
1,038
5,564
156,878
2023
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China
and
India &
Asia
Pacific
Maserati
Other
activities
Total
(\u20ac million)
Revenues from:
Shipments of vehicles and sales of other
goods
85,238
63,961
10,487
15,638
3,463
2,276
2,167
183,230
Other services provided
1,260
1,587
73
510
63
59
466
4,018
Construction contract revenues
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
709
709
Revenues from goods and services
86,498
65,548
10,560
16,148
3,526
2,335
3,342
187,957
Lease installments from assets sold with a
buy-back commitment
\u2014
896
\u2014
\u2014
\u2014
\u2014
\u2014
896
Interest income from financial services
activities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
691
691
Total Net revenues
86,498
66,444
10,560
16,148
3,526
2,335
4,033
189,544
The Company recognized a net decrease in Net revenues of \u20ac149 million during the year ended December 31,
2025 (net decrease of \u20ac141 million and \u20ac119 million during the years ended December 31, 2024 and 2023,
respectively) from performance obligations satisfied in the prior year. This was primarily due to changes in the
estimated cost of sales incentive programs occurring after the Company had transferred control of vehicles.
Prior to disposal in December 2024, Stellantis generated construction contract revenues through its holding of
Comau which operated in the design and production of industrial automation systems and related products.
24.
Other liabilities
Service contract liability
The service contract liability was mainly comprised of maintenance plans and extended warranties. Changes in
the Company's service contract liability for the year ended December\u00a031, 2025, were as follows:
(\u20ac million)
At January 1,
2025
Advances
received
from
customers
Amounts
recognized
within
revenue
Transfers to
Assets/
(Liabilities)
held for sale
Other
changes
At December
31, 2025
Service contract liability
2,730
801
(873)
\u2014
(470)
2,188
Of the total Service contract liability at December\u00a031, 2025, the Company expected to recognize approximately
\u20ac744\u00a0million in 2026, \u20ac528\u00a0million in 2027, \u20ac393\u00a0million in 2028 and \u20ac523\u00a0million thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-675": { "value": "
4.
Net revenues
Net revenues by geographical area were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Net revenues in:
North America(1)
63,888
65,309
88,466
France
15,746
16,363
18,079
Brazil
11,723
13,577
13,742
Italy
10,440
11,166
11,790
Germany
7,956
8,371
10,467
United Kingdom
7,740
8,108
8,380
T\u00fcrkiye
5,889
5,969
6,187
Spain
4,159
4,286
5,147
Argentina
3,652
1,413
1,524
Belgium
2,259
2,115
2,533
Austria
1,299
1,062
812
Netherlands
1,286
1,513
1,577
Portugal
1,284
1,252
1,335
Poland
1,247
1,166
1,204
Algeria
1,185
1,245
1,079
Morocco
783
609
464
Japan
738
894
1,377
China
382
638
1,141
Other countries
11,852
11,822
14,240
Total Net revenues
153,508
156,878
189,544
(1) Refers to the geographical area and not our North America reporting segment
Net revenues attributed by segment for the years ended December\u00a031, 2025, 2024 and 2023 were as follows:
2025
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China
and
India &
Asia
Pacific
Maserati
Other
activities
Total
(\u20ac million)
Revenues from:
Shipments of vehicles and sales of other
goods
59,674
55,536
9,670
15,732
1,815
676
3,064
146,167
Other services provided
1,288
1,392
38
299
52
50
1,646
4,765
Construction contract revenues
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Revenues from goods and services
60,962
56,928
9,708
16,031
1,867
726
4,710
150,932
Lease installments from assets sold with a
buy-back commitment
\u2014
674
\u2014
\u2014
\u2014
\u2014
\u2014
674
Interest income from financial services
activities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,902
1,902
Total Net revenues
60,962
57,602
9,708
16,031
1,867
726
6,612
153,508
2024
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China
and
India &
Asia
Pacific
Maserati
Other
activities
Total
(\u20ac million)
Revenues from:
Shipments of vehicles and sales of other
goods
62,111
56,282
10,022
15,544
1,930
984
2,671
149,544
Other services provided
1,338
1,516
87
339
61
54
1,027
4,422
Construction contract revenues
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
747
747
Revenues from goods and services
63,449
57,798
10,109
15,883
1,991
1,038
4,445
154,713
Lease installments from assets sold with a
buy-back commitment
\u2014
1,046
\u2014
\u2014
\u2014
\u2014
\u2014
1,046
Interest income from financial services
activities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,119
1,119
Total Net revenues
63,449
58,844
10,109
15,883
1,991
1,038
5,564
156,878
2023
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China
and
India &
Asia
Pacific
Maserati
Other
activities
Total
(\u20ac million)
Revenues from:
Shipments of vehicles and sales of other
goods
85,238
63,961
10,487
15,638
3,463
2,276
2,167
183,230
Other services provided
1,260
1,587
73
510
63
59
466
4,018
Construction contract revenues
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
709
709
Revenues from goods and services
86,498
65,548
10,560
16,148
3,526
2,335
3,342
187,957
Lease installments from assets sold with a
buy-back commitment
\u2014
896
\u2014
\u2014
\u2014
\u2014
\u2014
896
Interest income from financial services
activities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
691
691
Total Net revenues
86,498
66,444
10,560
16,148
3,526
2,335
4,033
189,544
30.
Segment reporting
The Company\u2019s activities are carried out through six reportable segments: five regional vehicle segments (North
America, Enlarged Europe, Middle East & Africa, South America and China and India & Asia Pacific) and
Maserati, our global luxury brand segment. These reportable segments reflect the operating segments of the
Company that are regularly reviewed by the Chief Executive Officer, who is the \u201cchief operating decision maker\u201d,
for making strategic decisions, allocating resources and assessing performance, and that exceed the
quantitative threshold provided in IFRS 8 \u2013 Operating Segments (\u201cIFRS 8\u201d), or whose information is considered
useful for the users of the financial statements.
The Company\u2019s five regional vehicle reportable segments are responsible for the design, engineering,
development, manufacturing, distribution and sale of passenger cars, light commercial vehicles and related
parts and services in specific geographic areas: North America (U.S., Canada and Mexico), Enlarged Europe
(primarily the countries of the European Union and United Kingdom), Middle East & Africa (primarily T\u00fcrkiye,
Morocco, Egypt and Algeria), South America (including Central America and the Caribbean islands), and China
and India & Asia Pacific (Asia and Pacific countries). The Maserati segment, representing the Company's global
luxury brand, is responsible for the design, engineering, development, manufacturing, and global distribution
and sales of luxury vehicles under the Maserati brand.
Transactions among the vehicle segments generally are presented on a \u201cwhere-sold\u201d basis, which reflect the
profit/(loss) on the ultimate sale to third party customer within the segment. This presentation generally
eliminates the effect of the legal entity transfer price within the segments. Revenues of the other segments, aside
from the mass-market vehicle segments, are those directly generated by or attributable to the segment as the
result of its usual business activities and includes revenues from transactions with third parties as well as those
arising from transactions with segments, recognized at normal market prices.
Other activities includes the results of our industrial automation systems design and production business (up
until disposal in December 2024), our pre-owned car business, our mobility businesses, our software and data
businesses, and other investments, including Archer, our financial services activities, as well as the activities
and businesses that are not operating segments under IFRS 8. In addition, Unallocated items and eliminations
includes consolidation adjustments and eliminations. Financial income and expense and income taxes are not
attributable to the performance of the segments as they do not fall under the scope of their operational
responsibilities.
Adjusted operating income/(loss) is the measure used by the chief operating decision maker to assess
performance, allocate resources to the Company's operating segments and to view operating trends, perform
analytical comparisons and benchmark performance between periods and among the segments. Adjusted
operating income/(loss) excludes from Net profit/(loss) from continuing operations adjustments comprising
restructuring and other termination costs, impairments, asset write-offs, disposals of investments and unusual
operating income/(expense) that are considered rare or discrete events and are infrequent in nature, as
inclusion of such items is not considered to be indicative of the Company's ongoing operating performance, and
also excludes Net financial expenses/(income) and Tax expense/(benefit).
Unusual operating income/(expense) are impacts from strategic decisions as well as events considered rare or
discrete and infrequent in nature, as inclusion of such items is not considered to be indicative of the Company's
ongoing operating performance. Unusual operating income/(expense) includes, but may not be limited to:
\u2022 Impacts from strategic decisions to rationalize Stellantis\u2019 core operations;
\u2022 Facility-related costs stemming from Stellantis\u2019 plans to match production capacity and cost structure to
market demand; and
\u2022 Convergence and integration costs directly related to significant acquisitions or mergers.
See below for a reconciliation of Net profit from continuing operations, which is the most directly comparable
measure included in our Consolidated Income Statement, to Adjusted operating income. Operating assets are
not included in the data reviewed by the chief operating decision maker, and as a result and as permitted by
IFRS 8, the related information is not provided.
With effect from January 1, 2026, our Maserati reportable segment will be eliminated and Maserati shipments
and sales will be reported by geographic area consistently with our other brands in that transactions will be
treated on a \u201cwhere sold\u201d basis. This reflects the way that our chief operating decision maker will review and
assess performance. This note is presented on the basis of segments effective until December 31, 2025, and
therefore does not reflect the revised segments effective from January 1, 2026.
The following tables summarize selected financial information by segment for the years ended December 31,
2025, 2024 and 2023:
2025
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China and
India & Asia
Pacific
Maserati
Other
activities
Unallocated
items &
eliminations
Stellantis
(\u20ac million)
Net revenues from external
customers
60,962
57,602
9,708
16,031
1,867
726
6,612
\u2014
153,508
Net revenues from transactions
with other segments
\u2014
171
1
166
1
\u2014
258
(597)
\u2014
Net revenues
60,962
57,773
9,709
16,197
1,868
726
6,870
(597)
153,508
Net profit/(loss)
(22,332)
Tax expense/(benefit)
(4,273)
Net financial expenses/
(income)
351
Operating income/(loss)
(26,254)
Adjustments:
Restructuring and other costs,
net of reversals(1)
(17)
861
2
17
\u2014
4
46
\u2014
913
Takata airbags recall
campaign(2)
\u2014
590
27
5
\u2014
\u2014
\u2014
\u2014
622
Platform impairments(3)
5,700
270
\u2014
\u2014
\u2014
613
\u2014
\u2014
6,583
Costs related to product plan
realignments and program
cancellations(4)
6,528
2,211
8
321
1
3
\u2014
\u2014
9,072
Other Impairments(5)
\u2014
79
\u2014
\u2014
\u2014
\u2014
164
\u2014
243
Battery JVs(6)
1,571
483
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2,054
Hydrogen fuel cell program
discontinuation(7)
\u2014
1,094
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,094
CAFE penalty rate(8)
269
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
269
Stellantis T\u00fcrkiye disposal(9)
\u2014
\u2014
246
\u2014
\u2014
\u2014
\u2014
\u2014
246
Change in estimate for
contractual warranties(10)
3,252
878
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4,130
Other(11)
161
25
1
(35)
(9)
\u2014
52
(9)
186
Total adjustments
17,464
6,491
284
308
(8)
620
262
(9)
25,412
Adjusted operating income/
(loss)
(1,892)
(651)
1,429
1,963
74
(198)
(726)
(841)
(842)
Share of profit/(loss) of equity
method investees
37
(1,282)
60
(3)
3
\u2014
(86)
\u2014
(1,271)
(1) Primarily related to workforce reductions, mainly in Enlarged Europe
(2) Related to stop-drive campaign on certain vehicles in Enlarged Europe announced in June 2025
(3) Primarily as a result of reduced volumes and profitability expectations, platforms were impaired in North America for \u20ac5,700\u00a0million,
Maserati for \u20ac613\u00a0million and in Enlarged Europe for \u20ac270\u00a0million
(4) Primarily related to costs incurred as result of product plan realignments and program cancellations
(5) Impairment in Other activities is related the Free2Move business, the other impairments in Enlarged Europe relate to write downs of
assets on classification to held for sale as well as the impairment of a prepayment to a supplier, which is not expected to be recoverable
(6) Related to steps of rationalizing battery manufacturing capacity
(7) During the year ended December 31, 2025, Stellantis decided to discontinue its hydrogen fuel cell strategy. As a result, the following
items have been impaired: (i) investment in Symbio (\u20ac324\u00a0million), (ii) loans granted to Symbio (\u20ac146\u00a0million), (iii) capitalized development
expenditures and property, plant and equipment related to fuel cells (\u20ac341\u00a0million), (iv) in addition, provisions for risks were recognized
(\u20ac210\u00a0million) and (v) other expenses (\u20ac73\u00a0million)
(8) As a result of the elimination of CAFE fines with the enactment of OBBB, the Company recognized a net expense of \u20ac97\u00a0million,
comprised of net \u20ac172\u00a0million of CAFE credits recognized as a reduction of Cost of revenues, which remains included in Adjusted
operating income as these amounts reduced prior year CAFE fines, and a net expense of \u20ac269\u00a0million, which is excluded from AOI and
comprised of (i) elimination of the CAFE provision of \u20ac844\u00a0million, (ii) impairment of the regulatory credit assets of \u20ac609\u00a0million, and (iii)
onerous contracts related to contractual purchase commitments for CAFE credits of \u20ac504\u00a0million
(9) Sale of Stellantis T\u00fcrkiye to the Company\u2019s joint venture, Tofas, for which the Company recognized an estimated loss on disposal of
\u20ac246\u00a0million, driven primarily by the recycling of the cumulative translation reserve from Equity to the Consolidated Income Statement
upon disposal
(10) Related to the change in estimate for contractual warranty provisions, resulting from the reassessment of the estimation process,
taking into account recent increases in cost inflation and a deterioration in quality, as a result of operational choices, which did not deliver
the expected quality performance
(11) Comprised primarily of (i) adjustments to costs previously recognized to support the workforce during the transformation of certain
plants in North America, (ii) gains/(losses) recognized on the disposal of non-significant entities and on dilution of certain of our equity
method investees, including Archer
For a description of platform impairments, costs related to product plan realignments and program
cancellations, rationalization of our battery manufacturing capacity, the discontinuation of our hydrogen fuel cell
development program, refer to Note 2,\u00a0Basis of preparation - Strategic plan undergoing reassessment for
additional information. For details on change in estimate for contractual warranty provisions, refer to Note 21,
Provisions for additional information.
2024
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China and
India & Asia
Pacific
Maserati
Other
activities
Unallocated
items &
eliminations
Stellantis
(\u20ac million)
Net revenues from external
customers
63,449
58,844
10,109
15,883
1,991
1,038
5,324
240
156,878
Net revenues from transactions
with other segments
1
166
(12)
(20)
2
2
827
(966)
\u2014
Net revenues
63,450
59,010
10,097
15,863
1,993
1,040
6,151
(726)
156,878
Net profit/(loss)
5,520
Tax expense/(benefit)
(1,488)
Net financial expenses/
(income)
(345)
Operating income/(loss)
3,687
Adjustments:
Restructuring and other costs,
net of reversals(1)
510
1,027
1
20
6
22
31
\u2014
1,617
Impairment expense and
supplier obligations(2)
31
207
2
\u2014
16
1,526
25
\u2014
1,807
Takata recall campaign(3)
\u2014
711
21
36
\u2014
\u2014
\u2014
\u2014
768
Lifetime onerous contracts(4)
636
\u2014
\u2014
\u2014
1
\u2014
\u2014
\u2014
637
Other(5)
62
(6)
\u2014
32
(5)
\u2014
7
42
132
Total adjustments
1,239
1,939
24
88
18
1,548
63
42
4,961
Adjusted operating income
2,660
2,419
1,901
2,272
(58)
(260)
144
(430)
8,648
Share of profit/(loss) of equity
method investees
(8)
(310)
51
1
(72)
\u2014
305
\u2014
(33)
(1) Primarily related to workforce reductions, mainly in Enlarged Europe and North America
(2) Primarily related to (i) \u20ac1,063\u00a0million of impairments of certain platform assets in Maserati and Enlarged Europe, net of reversal, driven
by projected decreases in margins for certain models and the cancellation of certain projects prior to launch, (ii) \u20ac230\u00a0million of provisions
accrued for supplier obligations, relating to projects in development which were cancelled prior to launch (and for which the related
capitalized R&D was impaired under (i) above), and (iii) \u20ac514\u00a0million of goodwill impairments related to the Maserati segment
(3) Extension of Takata airbags recall campaign
(4) Provision primarily related to lifetime service contracts sold in North America prior to the merger determined to be onerous during 2024
(5) Consisting of other adjustments which are individually insignificant
2023
North
America
Enlarged
Europe
Middle East
& Africa
South
America
China and
India & Asia
Pacific
Maserati
Other
activities
Unallocated
items &
eliminations
Stellantis
(\u20ac million)
Net revenues from external
customers
86,498
66,444
10,560
16,148
3,526
2,335
4,207
(174)
189,544
Net revenues from transactions
with other segments
2
154
\u2014
(90)
2
\u2014
1,004
(1,072)
\u2014
Net revenues
86,500
66,598
10,560
16,058
3,528
2,335
5,211
(1,246)
189,544
Net profit/(loss)
18,625
Tax expense/(benefit)
3,793
Net financial expenses/(income)
(42)
Operating income/(loss)
22,376
Adjustments:
Restructuring and other costs,
net of reversals(1)
650
475
\u2014
14
1
1
20
\u2014
1,161
Collective agreements related
costs(2)
428
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
428
Argentina currency devaluation(3)
\u2014
\u2014
\u2014
302
\u2014
\u2014
\u2014
\u2014
302
Impairment expense and supplier
obligations(4)
\u2014
47
\u2014
\u2014
154
\u2014
\u2014
\u2014
201
Reorganization of financial
services(5)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
76
\u2014
76
Takata recall campaign
\u2014
(44)
30
\u2014
4
\u2014
\u2014
\u2014
(10)
Patents litigation(6)
(20)
(40)
\u2014
(1)
\u2014
\u2014
\u2014
\u2014
(61)
Gains on disposal of equity
investments and other assets(7)
(65)
(40)
\u2014
\u2014
(57)
\u2014
(39)
\u2014
(201)
Other(8)
40
99
1
(43)
(18)
\u2014
(15)
7
71
Total adjustments
1,033
497
31
272
84
1
42
7
1,967
Adjusted operating income
13,298
6,519
2,503
2,369
502
141
(322)
(667)
24,343
Share of profit/(loss) of equity
method investees
(6)
(139)
192
16
18
\u2014
410
\u2014
491
(1) Primarily related to workforce reductions and includes \u20ac243\u00a0million relating to the new collective bargaining agreements in North
America
(2) Primarily related to past service costs arising from employee benefit plan amendments related to the new collective bargaining
agreements in North America. Total cost of \u20ac671\u00a0million is comprised of \u20ac243\u00a0million in Restructuring and other costs, net of reversals and
\u20ac428\u00a0million in Collective bargaining agreements costs. Refer to Note 27, Guarantees granted, commitments and contingent liabilities for
additional information
(3) Impact of the December 2023 devaluation of the Argentine Peso from the new government's economic policies, comprised of
\u20ac(197)\u00a0million in Net revenues, \u20ac(147)\u00a0million in Cost of revenues, and \u20ac42\u00a0million in Selling, general and other costs
(4) Related to impairments, mainly impairment of research and development assets in China and India & Asia Pacific, and impairment of
certain platform assets in Enlarged Europe
(5) Net costs associated with the reorganization of our financial services activities in Europe
(6) Reversal of provisions related to litigation by certain patent owners related to the use of certain technologies in prior periods
(7) Mainly related to gains on disposals of investments and of fixed assets
(8) Consisting of other adjustments which are individually non-significant
Information about geographical area
The following table summarizes the non-current assets (other than financial instruments, deferred tax assets and
post-employment benefits assets) attributed to certain geographic areas:
At December 31,
(\u20ac million)
2025
2024
North America(1)
51,633
62,276
France
17,120
19,020
Italy
7,045
7,696
Germany
5,140
5,079
Brazil
3,780
3,414
Spain
1,583
1,709
United Kingdom
1,290
1,476
Poland
1,172
1,116
Slovakia
582
615
Serbia
286
257
Other countries(2)
6,011
6,505
Total Non-current assets (other than financial instruments, deferred tax assets and
post-employment benefits assets)
95,642
109,163
(1) Refers to the geographical area and not our North America reporting segment
(2) Includes the Netherlands, amounts here are individually immaterial
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-676": { "value": "
Government grants of \u20ac1,205 million, \u20ac1,189 million and \u20ac1,235 million were recorded within Net revenues in
2025, 2024 and 2023, respectively. These incentives reduced sales taxes that otherwise would be deducted
from Net revenues.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-684": { "value": "
6.
Net financial expenses/(income)
Net financial expenses/(income) were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Interest income and other financial income
1,218
1,995
2,678
Financial expenses:
Interest expense and other financial expenses:
1,188
1,248
1,064
Interest expense on notes
596
430
386
Interest expense on borrowings from bank
56
121
59
Other interest cost and financial expenses
536
697
619
Interest on lease liabilities
84
64
63
Write-down and reversals of write-downs of financial assets
27
(88)
128
Net interest expense/(income) on employee benefits provisions
204
211
203
Total Financial expenses
1,503
1,435
1,458
Net expenses from derivative financial instruments and exchange rate
differences
66
215
1,178
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
1,569
1,650
2,636
Net Financial expenses/(income)
351
(345)
(42)
Other interest cost and financial expenses include the effects of hyperinflation, discounting provisions and other
miscellaneous finance expenses.
Net financial expenses amounted to \u20ac351\u00a0million for the year ended December 31, 2025, compared to Net
financial income of \u20ac345\u00a0million for the year ended December 31, 2024. The variation is primarily driven by the
lower interest income from liquidity investments, reflecting both reduced liquidity levels and a decline in short-
term market rates, and expenses recognized during the period upon termination of commodity derivative
contracts. This is partially offset by lower losses on the net monetary position of hyperinflationary economies.
Net financial expenses/(income) for the year ended December 31, 2025, include \u20ac94\u00a0million losses (\u20ac382\u00a0million
and \u20ac215\u00a0million losses for the years ended December 31, 2024 and 2023, respectively) on the net monetary
position of entities whose functional currency is the currency of hyperinflationary economies, relating to
Argentine Peso and Turkish Lira. The decrease mainly reflects the reduced inflation rate in Argentina and the
disposal of Stellantis T\u00fcrkiye.
In 2021, Stellantis\u2019 investment in Credit Suisse Asset Management\u2019s supply chain finance funds was impacted
by the suspension of redemptions and the initiation of the fund liquidation. Approximately 67 percent of the
investment was recovered that year, with no material proceeds in 2022 or 2023. Due to increased uncertainty
regarding the recoverability of the investment, in 2023 Stellantis impaired the remaining \u20ac132\u00a0million, reported
within Net financial expenses/(income). Following UBS\u2019s acquisition of Credit Suisse Asset Management,
Stellantis accepted a \u20ac92\u00a0million offer in July 2024 (90 percent of the last determined value of its investment),
with payment received in August and recognized Net financial expenses/(income). This is reported as Write-
down and reversals of write-downs of financial assets in 2023 and 2024, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-683": { "value": "
6.
Net financial expenses/(income)
Net financial expenses/(income) were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Interest income and other financial income
1,218
1,995
2,678
Financial expenses:
Interest expense and other financial expenses:
1,188
1,248
1,064
Interest expense on notes
596
430
386
Interest expense on borrowings from bank
56
121
59
Other interest cost and financial expenses
536
697
619
Interest on lease liabilities
84
64
63
Write-down and reversals of write-downs of financial assets
27
(88)
128
Net interest expense/(income) on employee benefits provisions
204
211
203
Total Financial expenses
1,503
1,435
1,458
Net expenses from derivative financial instruments and exchange rate
differences
66
215
1,178
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
1,569
1,650
2,636
Net Financial expenses/(income)
351
(345)
(42)
Other interest cost and financial expenses include the effects of hyperinflation, discounting provisions and other
miscellaneous finance expenses.
Net financial expenses amounted to \u20ac351\u00a0million for the year ended December 31, 2025, compared to Net
financial income of \u20ac345\u00a0million for the year ended December 31, 2024. The variation is primarily driven by the
lower interest income from liquidity investments, reflecting both reduced liquidity levels and a decline in short-
term market rates, and expenses recognized during the period upon termination of commodity derivative
contracts. This is partially offset by lower losses on the net monetary position of hyperinflationary economies.
Net financial expenses/(income) for the year ended December 31, 2025, include \u20ac94\u00a0million losses (\u20ac382\u00a0million
and \u20ac215\u00a0million losses for the years ended December 31, 2024 and 2023, respectively) on the net monetary
position of entities whose functional currency is the currency of hyperinflationary economies, relating to
Argentine Peso and Turkish Lira. The decrease mainly reflects the reduced inflation rate in Argentina and the
disposal of Stellantis T\u00fcrkiye.
In 2021, Stellantis\u2019 investment in Credit Suisse Asset Management\u2019s supply chain finance funds was impacted
by the suspension of redemptions and the initiation of the fund liquidation. Approximately 67 percent of the
investment was recovered that year, with no material proceeds in 2022 or 2023. Due to increased uncertainty
regarding the recoverability of the investment, in 2023 Stellantis impaired the remaining \u20ac132\u00a0million, reported
within Net financial expenses/(income). Following UBS\u2019s acquisition of Credit Suisse Asset Management,
Stellantis accepted a \u20ac92\u00a0million offer in July 2024 (90 percent of the last determined value of its investment),
with payment received in August and recognized Net financial expenses/(income). This is reported as Write-
down and reversals of write-downs of financial assets in 2023 and 2024, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-682": { "value": "
6.
Net financial expenses/(income)
Net financial expenses/(income) were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Interest income and other financial income
1,218
1,995
2,678
Financial expenses:
Interest expense and other financial expenses:
1,188
1,248
1,064
Interest expense on notes
596
430
386
Interest expense on borrowings from bank
56
121
59
Other interest cost and financial expenses
536
697
619
Interest on lease liabilities
84
64
63
Write-down and reversals of write-downs of financial assets
27
(88)
128
Net interest expense/(income) on employee benefits provisions
204
211
203
Total Financial expenses
1,503
1,435
1,458
Net expenses from derivative financial instruments and exchange rate
differences
66
215
1,178
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
1,569
1,650
2,636
Net Financial expenses/(income)
351
(345)
(42)
Other interest cost and financial expenses include the effects of hyperinflation, discounting provisions and other
miscellaneous finance expenses.
Net financial expenses amounted to \u20ac351\u00a0million for the year ended December 31, 2025, compared to Net
financial income of \u20ac345\u00a0million for the year ended December 31, 2024. The variation is primarily driven by the
lower interest income from liquidity investments, reflecting both reduced liquidity levels and a decline in short-
term market rates, and expenses recognized during the period upon termination of commodity derivative
contracts. This is partially offset by lower losses on the net monetary position of hyperinflationary economies.
Net financial expenses/(income) for the year ended December 31, 2025, include \u20ac94\u00a0million losses (\u20ac382\u00a0million
and \u20ac215\u00a0million losses for the years ended December 31, 2024 and 2023, respectively) on the net monetary
position of entities whose functional currency is the currency of hyperinflationary economies, relating to
Argentine Peso and Turkish Lira. The decrease mainly reflects the reduced inflation rate in Argentina and the
disposal of Stellantis T\u00fcrkiye.
In 2021, Stellantis\u2019 investment in Credit Suisse Asset Management\u2019s supply chain finance funds was impacted
by the suspension of redemptions and the initiation of the fund liquidation. Approximately 67 percent of the
investment was recovered that year, with no material proceeds in 2022 or 2023. Due to increased uncertainty
regarding the recoverability of the investment, in 2023 Stellantis impaired the remaining \u20ac132\u00a0million, reported
within Net financial expenses/(income). Following UBS\u2019s acquisition of Credit Suisse Asset Management,
Stellantis accepted a \u20ac92\u00a0million offer in July 2024 (90 percent of the last determined value of its investment),
with payment received in August and recognized Net financial expenses/(income). This is reported as Write-
down and reversals of write-downs of financial assets in 2023 and 2024, respectively.
13.
Financial assets
Financial assets consisted of the following:
At December 31,
2025
2024
(\u20ac million)
Note
Current
Non-current
Total
Current
Non-current
Total
Derivative financial assets
17
45
259
304
70
310
380
Financial securities measured at fair value
through other comprehensive income
25
62
335
397
55
360
415
Financial securities measured at fair value
through profit or loss
25
562
903
1,465
538
1,322
1,860
Financial securities measured at amortized cost
553
134
687
2,390
1,106
3,496
Financial receivables (1)(2)
25
763
145
908
788
174
962
Collateral deposits measured at fair value
through profit or loss(3)
25
2
18
20
31
22
53
Total Financial assets
1,987
1,794
3,781
3,872
3,294
7,166
(1) Measured at amortized cost
(2) Included within current Financial receivables at December\u00a031, 2025 is \u20ac603\u00a0million (\u20ac524\u00a0million at December 31, 2024) related to
factored receivables which have been derecognized as Trade receivables and for which the cash has not yet been received due to timing
differences
(3) Collateral deposits are held in connection with derivative transactions and debt obligation
The decrease of \u20ac3,385\u00a0million in financial assets was mainly due to financial securities at amortized costs which
relate to reduction of investments held in government bonds in line with liquidity management strategy.
16.
Trade receivables, other assets, prepaid expenses and tax receivables
Trade receivables
Trade receivables are measured at amortized cost and net of an ECL allowance, calculated using the simplified
approach. Changes in the allowance for trade receivables were as follows:
(\u20ac million)
At January 1,
2025
Provision
Use\u00a0and
other
changes
Transferred
to Assets
held for sale
At December
31, 2025
ECL allowance - Trade receivables
608
48
(2)
\u2014
654
An immaterial amount of Trade receivables were written off during the year ended December\u00a031, 2025, and are
still subject to enforcement activities.
The following table provides information about the exposure to credit risk and ECLs for trade receivables:
At December 31,
2025
2024
(\u20ac million)
Current and
less than 90
days past due
90 days or
more past
due
Total
Current and
less than 90
days past due
90 days or
more past
due
Total
Gross amount
5,353
959
6,312
5,049
1,038
6,087
ECL allowance
(357)
(297)
(654)
(194)
(414)
(608)
Carrying amount
4,996
662
5,658
4,855
624
5,479
In addition to the amounts above, trade receivables measured at FVPL amounted to \u20ac4\u00a0million at December 31,
2025 (\u20ac27\u00a0million at December 31, 2024). Refer to Note 25, Fair value measurement for additional information.
Receivables from financing activities
Receivables from financing activities mainly relate to the business of financial services companies fully
consolidated by the Company and are summarized as follows:
At December 31,
(\u20ac million)
2025
2024
Dealer financing
3,087
2,330
Retail financing
10,703
8,494
Finance leases
540
299
Other
1,401
1,408
Total Receivables from financing activities
15,731
12,531
The \u20ac3.2\u00a0billion increase in Receivables from financing activities for the year ended December 31, 2025 is
mainly due to the increase in the loan portfolio activity in South America and North America.
Receivables from financing activities are shown net of an ECL allowance. Changes in the allowance for
receivables from financing activities were as follows:
(\u20ac million)
At January 1,
2025
Provision
Use\u00a0and
other
changes
Transferred
to Assets
held for sale
At December
31, 2025
ECL allowance - Receivables from
financing activities
226
413
(290)
\u2014
349
The following table provides information about the exposure to credit risk and ECLs for receivables from
financing activities:
At December 31,
2025
2024
(\u20ac million)
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Gross amount
15,634
160
283
16,077
12,451
168
138
12,757
ECL allowance
(199)
(24)
(126)
(349)
(174)
(33)
(19)
(226)
Carrying amount
15,435
136
157
15,728
12,277
135
119
12,531
Refer to Note 2, Basis of preparation for additional information on details of the stages.
Other assets and prepaid expenses
Other assets and prepaid expenses consisted of the following:
At December 31
2025
2024
(\u20ac million)
Current
Non-current
Total
Current
Non-current
Total
Receivables from financing activities at
amortized cost
7,867
7,864
15,731
5,693
6,838
12,531
Other receivables at amortized cost
3,052
884
3,936
1,391
562
1,953
Indirect tax receivables
3,266
958
4,224
3,728
865
4,593
Defined benefit plan assets (Note 20)
\u2014
967
967
39
924
963
Derivative operating assets
349
57
406
256
17
273
Prepaid expenses and other
1,236
395
1,631
1,866
455
2,321
Total other assets and prepaid expenses
15,770
11,125
26,895
12,973
9,661
22,634
The following table summarizes Receivables from financing activities, Other receivables at amortized cost,
Derivative operating assets and Tax receivables by due date:
At December 31,
2025
2024
(\u20ac million)
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
due after
one year
(non-
current)
Total
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
due after
one year
(non-
current)
Total
Receivables from
financing activities
7,867
6,493
1,371
7,864
15,731
5,693
5,861
977
6,838
12,531
Other receivables
at amortized cost
3,052
763
121
884
3,936
1,391
466
96
562
1,953
Indirect tax
receivables
3,266
930
28
958
4,224
3,728
865
\u2014
865
4,593
Derivative
operating assets
349
57
\u2014
57
406
256
17
\u2014
17
273
Total
14,534
8,243
1,520
9,763
24,297
11,068
7,209
1,073
8,282
19,350
Tax receivables
1,199
177
17
194
1,393
1,411
210
17
227
1,638
The \u20ac2.0\u00a0billion increase in Other receivables at amortized cost for the year ended December\u00a031, 2025 primarily
reflects tariff-related receivables in North America.
Transfer of financial assets
At December\u00a031, 2025, the Company had receivables due after that date, which had been transferred without
recourse and which were derecognized in accordance with IFRS 9 \u2013 Financial Instruments, amounting to
\u20ac16,074\u00a0million (\u20ac14,888\u00a0million at December\u00a031, 2024), of which 69 percent (74 percent at December\u00a031, 2024)
was mainly due from the sales network, transferred to financing companies in partnership with Santander, BNP
Paribas, Banco BBVA Argentina S.A. and Cr\u00e9dit Agricole.
At December\u00a031, 2025 and 2024, the carrying amount of transferred financial assets not derecognized and the
related liabilities were as follows:
At December 31,
2025
2024
(\u20ac million)
Trade
receivables
Receivables
from
financing
activities
Total
Trade
receivables
Receivables
from
financing
activities
Total
Carrying amount of assets transferred and not
derecognized
7
1
8
44
5
49
Carrying amount of the related liabilities (Note 22)
7
1
8
44
5
49
17.
Derivative financial and operating assets and liabilities
The following table summarizes the fair value of the Company's derivative financial instruments:
At December 31,
2025
2024
(\u20ac million)
Positive\u00a0fair
value
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
Fair value hedges:
Interest rate risk - interest rate swaps
163
\u2014
170
\u2014
Total Fair value hedges
163
\u2014
170
\u2014
Cash flow hedges:
Interest rate risk - interest rate swaps
11
(14)
21
(11)
Currency risks - forward contracts, currency swaps and
currency options
60
(83)
155
(182)
Commodity price risk \u2013 commodity swaps and
commodity options
278
(23)
46
(304)
Total Cash flow hedges
349
(120)
222
(497)
Total Net investment hedges
\u2014
\u2014
\u2014
\u2014
Derivatives for trading
198
(93)
261
(184)
Total Fair value of derivative financial assets/
(liabilities)
710
(213)
653
(681)
Financial derivative assets/(liabilities) - current
45
(29)
70
(9)
Financial derivative assets/(liabilities) - non-current
259
(7)
310
(15)
Derivative operating assets/(liabilities) - current
349
(150)
256
(600)
Derivative operating assets/(liabilities) - non-current
57
(27)
17
(57)
Derivatives used in financing activities are reported in the financial assets/liabilities, while derivatives used in
operating activities are reported in Other assets/liabilities.
The following table summarizes the outstanding notional amounts of the Company's derivative financial
instruments by due date:
At December 31,
2025
2024
(\u20ac million)
Due\u00a0within
one year
Due
between
one\u00a0and five
years
Total
Due\u00a0within
one year
Due
between
one\u00a0and five
years
Total
Currency risk management
16,057
1,738
17,795
19,279
1,125
20,404
Interest rate risk management
3,617
11,307
14,924
71
12,215
12,286
Interest rate and currency risk management
35
56
91
11
19
30
Commodity price risk management
1,253
320
1,573
2,079
818
2,897
Total Notional amount
20,962
13,421
34,383
21,440
14,177
35,617
Fair value hedges
The net gains and losses arising from the valuation of outstanding currency derivatives and interest rate
derivatives and the net gains and losses arising from the respective hedged items were recognized in
accordance with fair value hedge accounting.
Ineffectiveness portion is recognized in Net financial expenses.
At December 31, 2025, the Company has outstanding interest rate derivatives, with a notional value of
\u20ac8.5\u00a0billion, classified as fair value hedges and managing interest rate risk of certain bonds issued in Europe
and in North America. The accumulated amount of fair value hedge adjustment on the hedged item is negative
and equal to \u20ac49\u00a0million which offsets the equivalent positive effect related to the change in value of the hedging
derivatives.
Cash flow hedges
Amounts recognized in the Consolidated Income Statement mainly related to currency risk management,
commodity price risk management and cash flows that were exposed to interest rate risk.
The Company's policy for managing currency risk and commodity price risk requires hedging of projected future
flows from trading activities which will occur within the following two and three years respectively. In addition, the
Company\u2019s policy for managing interest rate risk requires limiting the impact of interest rate fluctuations, in
particular the financial services companies provide loans (mainly to customers and dealers), financing
themselves using various forms of direct debt or asset-backed financing (e.g. factoring of receivables or
securitizations). When the interest rate on loans differs from the rate on borrowed funds, the Company uses
interest rate derivatives as cash flow hedges to reduce the impact of these differences.
The hedging effect arising from cash flow hedges was recorded in the Cash flow hedge reserve within Other
comprehensive income/(loss) and will be subsequently recognized in the Consolidated Income Statement,
primarily during the following years, in particular, two years for currency risk and three years for commodity price
risk.
For the year ended December\u00a031, 2025, net losses of \u20ac142 million mainly related to discontinued hedges were
recognized in the Consolidated Income Statement (net losses of \u20ac48 million for the year ended December\u00a031,
2024 and net gains of \u20ac4 million for the year ended December\u00a031, 2023 ).
The Company reclassified gains/(losses) arising on Cash flow hedges, net of the tax effect, from Other
comprehensive income and Inventories to the Consolidated Income Statement as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Currency risk
(Increase)/decrease in Cost of revenues
(70)
222
(101)
Share of profit/(loss) of equity method investees
36
(42)
7
Interest rate risk
(Increase)/decrease in Cost of revenues
(1)
\u2014
\u2014
Share of profit/(loss) of equity method investees
\u2014
19
44
Net financial income/(expenses)
\u2014
(3)
\u2014
Commodity price risk
(Increase)/decrease in Cost of revenues
(170)
(616)
(435)
Ineffectiveness and discontinued hedges
(142)
(48)
4
Tax expenses/(benefit)
29
84
77
Total recognized in the Consolidated Income Statement
(318)
(384)
(404)
Net investment hedges
In order to manage the Company\u2019s foreign currency risk related to its investments, the Company enters into
hedges of a net investment in a foreign operation, in particular foreign currency swaps, forward contracts and
currency options. For the year ended December\u00a031, 2025, gains of \u20ac1\u00a0million (gains of \u20ac33\u00a0million for the year
ended December\u00a031, 2024 and losses of \u20ac12\u00a0million for the year ended December 31, 2023) related to the
hedges of a net investment in foreign operation were recognized in the Consolidated Statement of Other
Comprehensive Income within Exchange differences on translating foreign operations differences. There was no
ineffectiveness for the year ended December\u00a031, 2025.
Derivatives for trading
At December\u00a031, 2025, 2024 and 2023, Derivatives for trading primarily consisted of derivative contracts
entered into for hedging purposes which did not qualify for hedge accounting and warrants on Archer shares for
\u20ac114\u00a0million (\u20ac168\u00a0million for the year ended December\u00a031, 2024)
Information on the Company's risk management strategy and additional information on its hedging activities is
provided in Note 32, Qualitative and quantitative information on financial risks.
18.
Cash and cash equivalents
Cash and cash equivalents consisted of the following:
At December 31,
(\u20ac million)
2025
2024
Cash at banks
10,134
9,408
Money market securities measured at FVPL
13,191
19,127
Other cash equivalents
6,821
5,565
Total Cash and cash equivalents
30,146
34,100
Cash and cash equivalents held in certain foreign countries (primarily in Argentina, \u20ac111 million and \u20ac114\u00a0million
at December\u00a031, 2025 and 2024, respectively and in Algeria, \u20ac276\u00a0million and \u20ac276\u00a0million at December\u00a031,
2025 and 2024, respectively) were subject to local exchange control regulations with restrictions on the amount
of cash that can leave the country. Other cash equivalents primarily includes investments in commercial paper
and short-term deposits.
Cash and cash equivalents include \u20ac663\u00a0million at December\u00a031, 2025 (\u20ac451\u00a0million at December\u00a031, 2024)
held in bank deposits which are restricted to the operations related to securitization programs and warehouse
credit facilities of SFS U.S. These deposits are primarily used for the collection of the loan installments from
customers and the payment of debt and service costs and to the originator SFS U.S. itself, according to the
programs and facilities regulation. Refer to Note 22, Debt for additional information on securitization programs
and warehouse credit facilities.
22.
Debt
Debt classified within current liabilities included short-term borrowings from banks and other financing with an
original maturity date falling within twelve months, as well as the current portion of long-term debt. Debt
classified within non-current liabilities included borrowings from banks and other financing with maturity dates
greater than twelve months (long-term debt), net of the current portion.
The following table summarizes the Company's current and non-current Debt by maturity date (amounts include
accrued interest:
At December 31,
2025
2024
(\u20ac million)
Due
within
one\u00a0year
(current)
Due
between
one and
five\u00a0years
Due
beyond
five\u00a0years
Total
(non-
current)
Total
Debt
Due
within
one\u00a0year
(current)
Due
between
one and
five\u00a0years
Due
beyond
five
years
Total
(non-
current)
Total
Debt
Notes
2,945
11,048
9,208
20,256
23,201
949
9,114
9,054
18,168
19,117
Borrowings from
banks
1,311
609
40
649
1,960
3,119
371
82
453
3,572
Asset-backed
financing
7,247
7,434
798
8,232
15,479
5,645
3,681
690
4,371
10,016
Lease liabilities
818
967
669
1,636
2,454
858
883
815
1,698
2,556
Other debt
1,800
1,006
47
1,053
2,853
1,628
291
47
338
1,966
Total Debt
14,121
21,064
10,762
31,826
45,947
12,199
14,340
10,688
25,028
37,227
For additional information on the maturity analysis of financial liabilities, refer to Note 32, Qualitative and
quantitative information on financial risks.
Total debt as of December\u00a031, 2025 increased by approximately \u20ac8.7\u00a0billion as compared to December\u00a031,
2024. This was primarily driven by \u20ac5.1\u00a0billion of new bond issuances, and an increase in financial services
funding, partially offset by \u20ac0.8\u00a0billion of European Investment Bank (\u201cEIB\u201d) loans repaid at maturity, and
\u20ac0.7\u00a0billion of bond repayments at maturity.
Notes
The following table summarizes the notes outstanding at December\u00a031, 2025 and 2024:
At December 31,
(\u20ac million)
Currency
Face\u00a0value\u00a0of
outstanding
notes (million)
Coupon %
Maturity
2025
2024
Stellantis (Peugeot S.A. issuances):
STELLANTIS N.V. (Peugeot S.A.) 2018
EUR
650
2.000
Q1/2025
\u2014
660
STELLANTIS N.V. (Peugeot S.A.) 2019
EUR
600
1.125
Q3/2029
598
597
STELLANTIS N.V. (Peugeot S.A.) 2020
EUR
1,000
2.750
Q2/2026
1,022
1,024
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
60
1.600
Q2/2026
61
61
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
50
1.810
Q2/2027
50
50
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
204
Euribor 6M
+ 1.400
Q2/2026
206
206
Medium Term Note Program(1):
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,250
3.875
Q1/2026
1,299
1,347
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,000
4.500
Q3/2028
1,131
1,162
STELLANTIS N.V. 2021
EUR
1,250
0.625
Q1/2027
1,259
1,260
STELLANTIS N.V. 2021
EUR
1,250
0.750
Q1/2029
1,256
1,255
STELLANTIS N.V. 2021
EUR
1,250
1.250
Q2/2033
1,245
1,243
STELLANTIS N.V. 2022
EUR
1,000
2.750
Q2/2032
1,020
1,022
STELLANTIS N.V. 2023 - green bond
EUR
1,250
4.375
Q1/2030
1,294
1,296
STELLANTIS N.V. 2023
EUR
1,250
4.250
Q2/2031
1,271
1,270
STELLANTIS N.V. 2024
EUR
750
3.500
Q3/2030
754
753
STELLANTIS N.V. 2024 - green bond
EUR
500
3.750
Q1/2036
508
508
STELLANTIS N.V. 2024
EUR
750
3.375
Q4/2028
749
763
STELLANTIS N.V. 2024
EUR
750
4.000
Q1/2034
765
749
STELLANTIS N.V. 2025
EUR
700
3.875
Q2/2031
712
\u2014
STELLANTIS N.V. 2025
EUR
800
4.625
Q2/2035
816
\u2014
Other Notes:
STELLANTIS FINANCE U.S. 2021
U.S $
1,000
1.711
Q1/2027
857
968
STELLANTIS FINANCE U.S. 2021
U.S $
1,000
2.691
Q3/2031
855
967
STELLANTIS FINANCE U.S. 2022
U.S. $
550
5.625
Q1/2028
484
539
STELLANTIS FINANCE U.S. 2022
U.S. $
700
6.375
Q3/2032
606
682
STELLANTIS FINANCE US 2025
U.S. $
500
5.350
Q1/2028
434
\u2014
STELLANTIS FINANCE US 2025
U.S. $
750
5.750
Q1/2030
648
\u2014
STELLANTIS FINANCE US 2025
U.S. $
1,000
6.450
Q1/2035
862
\u2014
GIE PSA Tr\u00e9sorerie 2003
EUR
600
6.000
Q3/2033
721
735
STELLANTIS FINANCIAL SERVICES US
2025
U.S. $
300
SOFR +
1.690
Q3/2028
254
\u2014
STELLANTIS FINANCIAL SERVICES US
2025
U.S. $
1,000
4.950
Q3/2028
858
\u2014
STELLANTIS FINANCIAL SERVICES US
2025
U.S. $
700
5.400
Q3/2030
606
\u2014
Total Notes
23,201
19,117
(1) Listed on the Irish Stock Exchange
Notes Issued by Peugeot S.A
Bonds issued by Peugeot S.A. are governed by the terms and conditions of the Peugeot S.A. \u20ac5\u00a0billion Euro
Medium Term Note (\u201cEMTN\u201d) Program that was renewed on June 8, 2020 for the last time. Those bonds are
guaranteed by GIE PSA Tr\u00e9sorerie.
In April 2019, Peugeot S.A. raised funds using a private investment under German law through a
Schuldscheindarlehen. This transaction was structured in several tranches denominated in Euros, with maturities
up to Q2 2027.
In March 2025, the Company repaid, at maturity, a \u20ac650\u00a0million note issued by PSA in 2018.
Notes Issued Under the Medium Term Note Program
Certain notes issued by Stellantis were governed by the terms and conditions of the Medium-Term Note (\u201cMTN\u201d)
Program (previously known as the Global Medium Term Note Program, or \u201cGMTN\u201d Program) formerly available
to FCA N.V., the predecessor of Stellantis N.V. A maximum of \u20ac20\u00a0billion was allowed under this program, and
notes of \u20ac2.25\u00a0billion (principal amounts) were outstanding as at December\u00a031, 2025.
After the merger, Stellantis established a EMTN under which it may from time to time issue notes up to an
amount of \u20ac30\u00a0billion.
Under the \u20ac30\u00a0billion EMTN Program, the Company issued two bonds during the year ended December\u00a031,
2025:
\u2022 In June 2025, a EUR bond with principal amount of \u20ac800\u00a0million with an interest rate of 4.63 percent and which
matures in June 2035; and
\u2022 In June 2025, a EUR bond with principal amount of \u20ac700\u00a0million with an interest rate of 3.88 percent and which
matures in June 2031.
As at December\u00a031, 2025, the outstanding principal amount of the notes issued under the successive versions
of the program, after the merger, was \u20ac11.5\u00a0billion.
These notes impose covenants on the issuer, which include: (i) negative pledge clauses which require that in the
case that any security interest upon assets of Stellantis N.V. is granted in connection with other notes or debt
securities having the same ranking, such a security should be equally and ratably extended to the outstanding
notes; (ii) pari passu clauses, under which the notes rank and will rank pari passu with all other present and
future unsubordinated and unsecured obligations of Stellantis N.V.; (iii) periodic disclosure obligations; (iv)
cross-default clauses which require immediate repayment of the notes under certain events of default on other
financial instruments issued by Stellantis' main entities; and (v) other clauses that are generally applicable to
securities of a similar type. A breach of these covenants may require the early repayment of the notes. As of
December 31, 2025, Stellantis was in compliance with the covenants of the notes under the MTN Program.
From time to time, Stellantis may buy back notes in the market. Such buybacks, if made, depend upon market
conditions, the Company's financial situation and other factors which could affect such decisions.
Other Notes
In March 2025, Stellantis Finance U.S. Inc issued three bonds guaranteed by Stellantis N.V,:
\u2022 a USD bond with principal amount of $1,000\u00a0million with an interest rate of 6.45 percent and which matures in
March 2035;
\u2022 a USD bond with principal amount of $750\u00a0million with an interest rate of 5.75 percent and which matures in
March 2030; and
\u2022 a USD bond with principal amount of $500\u00a0million with an interest rate of 5.35 percent and which matures in
March 2028.
The Notes issued by Stellantis Finance U.S. Inc impose covenants on Stellantis N.V. including: (i)\u00a0negative
pledge clauses which require that in the case that any security interest upon assets of Stellantis N.V. is granted
in connection with other notes or debt securities having the same ranking, such a security should be equally and
ratably extended to the outstanding Notes; (ii)\u00a0pari passu clauses, under which the Notes rank and will rank pari
passu with all other present and future unsubordinated and unsecured obligations of Stellantis N.V.; (iii)\u00a0periodic
disclosure obligations; (iv)\u00a0cross-default clauses which require immediate repayment of the Notes under certain
events of default on other financial instruments issued by Stellantis\u2019 main entities; and (v)\u00a0other clauses that are
generally applicable to securities of a similar type. A breach of these covenants may require the early repayment
of the Notes. As of December\u00a031, 2025, Stellantis was in compliance with the covenants of the Notes.
In September 2025, SFS U.S. issued three bonds:
\u2022 a USD bond with principal amount of $700\u00a0million with an interest rate of 5.40 percent and which matures in
September 2030;
\u2022 a USD bond with principal amount of $1,000\u00a0million with an interest rate of 4.95 percent and which matures in
September 2028; and
\u2022 a USD bond with principal amount of $300\u00a0million with a floating interest rate and which matures in September
2028.
The notes issued by SFS U.S. are not guaranteed by Stellantis N.V. These notes impose covenants on the issuer,
which include : (i) negative pledge clauses which require that in the case that any security interest upon assets
of SFS U.S. is granted in connection with other notes or debt securities having the same ranking, such a security
should be equally and ratably extended to the outstanding notes; (ii) pari passu clauses, under which the notes
rank and will rank pari passu with all other present and future unsubordinated and unsecured obligations of SFS
U.S.; (iii) periodic disclosure obligations; (iv) cross-default clauses which require immediate repayment of the
notes under certain events of default on other financial instruments issued by SFS U.S.; and (v) other clauses
that are generally applicable to securities of a similar type. A breach of these covenants may require the early
repayment of the notes. As of December\u00a031, 2025, SFS U.S. was in compliance with the covenants of the notes.
As at December 31, 2025, all the outstanding notes of Stellantis were rated \u201cBaa2\u201d by Moody\u2019s Investors Service
and \u201cBBB\u201d by S&P Global Ratings. Refer to Note 33, Subsequent events for additional information.
Borrowings from banks
The following are a description of our most significant borrowings from banks as at December\u00a031, 2025:
European Investment Bank Borrowings
Stellantis has a financing agreement with the EIB for \u20ac0.1 billion outstanding at December\u00a031, 2025 (\u20ac0.9 billion
at December\u00a031, 2024). This funding supports the investment plan for advanced manufacturing technologies to
produce a new electric vehicle platform at the Kragujevac plant in Serbia.
In March 2025, Stellantis repaid, at maturity, a \u20ac300\u00a0million European Investment Bank loan.
In September 2025, Stellantis repaid, at maturity, a \u20ac484\u00a0million European Investment Bank loan.
Brazil
Stellantis\u2019 Brazilian subsidiaries have access to various local bank facilities in order to fund investments and
operations including financial services activities. Total debt outstanding under those facilities amounted to a
principal amount of \u20ac0.4 billion at December\u00a031, 2025 (\u20ac0.5 billion at December\u00a031, 2024).
Undrawn committed credit lines
Stellantis N.V. has a syndicated revolving credit facility (\u201cRCF\u201d) of \u20ac12\u00a0billion, originally signed in July 2021
amended and extended in July 2024. The syndicated credit facility includes a broad-based group of 29 banks
from Europe, U.S. and Asia. The RCF is structured in two tranches: \u20ac6\u00a0billion, with an original three-year tenor
(July 2027), and \u20ac6.0\u00a0billion, with an original five-year tenor (July 2029), each tranche benefiting from two further
extension options, each of one year exercisable on the first and second anniversary of the amendment signing
date. The first extension option was activated in June 2025, extending the maturities to July 2028 and July 2030,
respectively, for the two tranches. The amount utilized under this credit line was nil at December 31, 2025.
In December 2025, SFS U.S. established a \u20ac1.9\u00a0billion ($2.2 billion) privately placed Commercial Paper (\u201cCP\u201d)
program under Section 4(a)(2) of the Securities Act of 1933. Notes issued under this program may have
maturities up to 397 days from the date of issue and may be sold at a discount or bear interest at variable rates.
At December 31, 2025, no notes outstanding under the CP program.
Concurrent with the establishment of the CP program, to provide dedicated liquidity support for this program,
the committed credit line originally signed by SFS U.S. in March 2024, of \u20ac0.9\u00a0billion ($1\u00a0billion) has been
amended and refinanced in December 2025 (\u201cSFS RCF\u201d). The SFS RCF is structured in two tranches:
\u20ac0.8\u00a0billion ($1\u00a0billion), with a 364-days tenor, and \u20ac1.1 billion ($1.3 billion ), with a three-year tenor, with each
tranche benefiting from two further extension options, each of one-year exercisable on the first and second
anniversary of the amendment signing date. The amount utilized under this credit line was nil at December 31,
2025.
In January 2025, the Company entered a new committed credit line of \u20ac4.0\u00a0billion with a pool of relationship
banks. The facility line is available for general corporate and working capital purposes of the Company,
including without limitation the refinancing of existing indebtedness of the Company. The line originally had a
one year tenor with two extension options, at the Company\u2019s discretion, of six month each. The first extension
option was activated in December 2025, extending the maturity to July 2026 The amount utilized under this
credit line was nil at December\u00a031, 2025.
The covenants of the committed credit lines include negative pledge, pari passu, cross-default and change of
control clauses. Failure to comply with these covenants, and in certain cases if not suitably remedied, can lead
to the requirement of early repayment of any outstanding amounts. As of December 31, 2025, Stellantis was in
compliance with the covenants.
Asset-backed financing
Asset-backed financings, including warehouse credit facilities, asset-backed term notes and asset-backed
securities (\u201cABS\u201d) term loans, primarily represented the amount of financing received by SFS U.S. through
securitization programs of \u20ac14,759 million as of December\u00a031, 2025 (\u20ac9,866 million at December\u00a031, 2024), that
will be settled through the collection of a portfolio of receivables which originate from consumers.
The retail consumer contracts, lease and commercial loans to dealers are pledged to special purpose entities as
collateral.
The following table summarizes the asset-back financing amounts at December\u00a031, 2025 and 2024:
At December 31,
(\u20ac million)
Currency
Interest rate %
Maturity(1)
2025
2024
Warehouse Credit
Facilities:
SFS Funding I
USD
CP/SOFR+spread
Q4/2027
4,442
4,034
FIARC
USD
SOFR+spread
Q4/2027
28
60
SFMOT Floorplan
Facility
USD
CP/SOFR+spread
Q3/2027
945
565
Term Notes:
FIAOT 2021-1
USD
0.45%-5.37%
Q2/2028
\u2014
27
FIAOT 2021-2
USD
0.48%-3.14%
Q4/2028
30
63
FIAOT 2022-1
USD
2.03%-5.41%
Q2/2029
41
83
FIAOT 2022-2
USD
6.26%-8.71%
Q4/2029
44
95
FIAOT 2023-1
USD
6.44%-7.74%
Q1/2031
72
131
FIAOT 2025-1
USD
4.21%-5.22%
Q4/2033
533
\u2014
SFAST 2023-1
USD
5.47%-5.97%
Q1/2031
268
522
SFAST 2024-1
USD
4.94%-5.59%
Q1/2032
349
645
SFAST 2024-2
USD
5.26%-5.71%
Q1/2032
427
760
SFAST 2024-3
USD
4.55%-4.98%
Q4/2032
474
829
SFAST 2025-1
USD
4.49%-5.20%
Q4/2032
520
\u2014
SFAST 2025-2
USD
4.44%-5.05%
Q2/2033
632
\u2014
SFAST 2025-3
USD
4.09%-4.64%
Q4/2033
631
\u2014
SFUEL 2025-A
USD
4.47%-5.08%
Q3/2029
1,086
\u2014
SFUEL 2025-B
USD
4.27%-4.71%
Q1/2030
1,169
\u2014
SFUEL 2025-C
USD
3.88%-4.44%
Q3/2030
1,283
\u2014
Term Loans:
SFAF 2024-1
USD
4.82%
Q3/2032
839
555
SFAF 2024-2
USD
5.45%
Q3/2027
292
590
SFALV 2024-1
USD
4.80%
Q1/2030
654
907
Total
14,759
9,866
(1) Final maturity of the commitment for the warehouse credit facilities and the expected date of the last payment for the Term Notes
Warehouse Credit Facilities
There are three revolving warehouse credit facilities used to finance loan originations by SFS U.S. The Company
believes that the credit facilities will continue to be renewed or replaced, and that it will be able to secure
additional sources of financing on satisfactory terms; however, there can be no assurance that it will be able to
do so. In the event that the Company is unable to renew its facilities, the receivables pledged of \u20ac7.0 billion
($8.2\u00a0billion) as of December\u00a031, 2025 would amortize over time to pay down the warehouse credit facilities;
however, the Company would not be able to finance new receivables without alternative sources of funding.
SFS U.S. uses interest rate derivatives in order to reduce the interest rate risk of certain warehouse credit
facilities where the underlying receivables carry fixed rate of interest and borrowings are based on the floating
rate SOFR indices.
ABS Term Notes
ABS Term Notes are issued in various classes ranging from Class A to Class E Notes. These notes are
sequentially paid with Class A Notes paid first. The range in interest rates depends on the level of risk of loss
and is determined by investor interest in each class of the notes.
ABS Term Loans
ABS Term Loans are provided by various banks which advance term loan proceeds secured by a pool of either
retail loan receivables or consumer leases. Two ABS Term Loans outstanding as of December\u00a031, 2025, with an
aggregate balance of \u20ac1.1\u00a0billion ($1.3\u00a0billion) are secured by retail loan receivables with an aggregate balance
of \u20ac1.4 billion ($1.7\u00a0billion). The remaining ABS Term Loan facility with a balance of \u20ac654\u00a0million ($768\u00a0million) as
of December\u00a031, 2025, is secured by \u20ac833\u00a0million ($979\u00a0million) in consumer lease receivables.
The terms governing the warehouse credit facilities and ABS Term Loans contains numerous covenants relating
to the issuer\u2019s business, the observance of certain financial covenants, the avoidance of certain levels of
delinquency and credit loss experience and other matters. A breach of a covenant, if not cured within the time
limits specified, could precipitate events of default that might result in the acceleration of the ABS Term Loan or
warehouse credit facilities. The ABS Term Notes generally do not contain financial covenants or covenants
related to delinquency experience or credit losses. The Company was not in default with respect to any financial
and non-financial covenants governing these financing arrangements at December\u00a031, 2025.
Refer to Note 25, Fair value measurement for additional information on fair and carrying values of assigned
receivables and related liabilities.
Other
Additionally, there are:
\u2022 \u20ac712 million of debt relating to asset-backed financing in Brazil, at December 31, 2025 (\u20ac101\u00a0million at
December\u00a031, 2024). The increase compared to 2024 primarily reflects new credit facilities drawn during
2025; and
\u2022 \u20ac8 million of debt relating to factoring transactions which do not meet the IFRS 9 derecognition requirements
and are recognized within assets of the same amount as of December\u00a031, 2025 (\u20ac49 million at December\u00a031,
2024) in the Consolidated Statement of Financial Position, refer to Note 16, Trade receivables, other assets,
prepaid expenses and tax receivables for additional information.
Other debt
Other debt primarily includes funds raised from financial services companies through money market instruments
and deposits from dealers in South America, primarily in Brazil.
Lease liabilities
The following table summarizes the Company's current and non-current lease liabilities:
Lease liabilities included in the Statement of Financial Position
At December 31,
(\u20ac million)
2025
2024
Long-term debt (non-current)
1,636
1,698
Short-term debt and current portion of long-term debt (current)
818
858
Maturity analysis - contractual undiscounted cash flows
(\u20ac million)
At December 31, 2025
Due within one year
837
Due between one and five years
1,126
Due beyond five years
870
Total undiscounted lease liabilities
2,833
In addition, the Company entered into commitments relating to leases not yet commenced of \u20ac1,005 million, of
which the most significant relating to contracts are in North America and Enlarged Europe. In addition to the
above, the Company entered into non-cancellable short-term leases, which have not been classified as lease
liabilities, of \u20ac11 million which is expected to be settled within the next 12 months.
Debt secured by assets
At December\u00a031, 2025, debt secured by assets of the Company amounted to nil (\u20ac23 million at December\u00a031,
2024), excluding the Lease liabilities and Asset-backed financing as described above. The balance at
December\u00a031, 2024 related to subsidized financing arrangements in South America which was repaid in 2025.
The total carrying amount of assets acting as security for loans for the Company amounted to nil, excluding the
Right-of-use assets as described in Note 11, Property, plant and equipment, at December\u00a031, 2025 (\u20ac471 million
at December\u00a031, 2024). The decrease reflects the repayment of a loan in 2025.
24.
Other liabilities
Other liabilities consisted of the following:
At December 31,
2025
2024
(\u20ac million)
Current
Non-current
Total
Current
Non-current
Total
Payables for buy-back agreements
5,313
2,576
7,889
4,607
2,780
7,387
Accrued expenses and deferred income
6,323
789
7,112
5,015
882
5,897
Indirect tax payables
1,354
7
1,361
1,416
10
1,426
Payables to personnel
1,749
2
1,751
1,779
\u2014
1,779
Social security payables
472
2
474
563
6
569
Service contract liability
744
1,444
2,188
713
2,017
2,730
Derivatives operating liability
150
27
177
600
57
657
Other
3,160
628
3,788
2,865
228
3,093
Total Other liabilities
19,265
5,475
24,740
17,558
5,980
23,538
Other includes a liability of \u20ac0.7 billion in respect of the obligations arising from the exit of the NextStar joint
venture (refer to Note 2,\u00a0Basis of preparation - Strategic plan undergoing reassessment), \u20ac0.3 billion for spare
parts sales return liability and other individually immaterial miscellaneous liabilities.
Other liabilities (excluding Accrued expenses, Deferred income and Service contract liability) by due date were
as follows:
At December 31,
2025
2024
(\u20ac million)
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year (Non-
Current)
Total
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year (Non-
Current)
Total
Other liabilities (excluding
Accrued expenses, deferred
income and service contract
liability)
12,198
3,201
41
3,242
15,440
11,830
3,038
43
3,081
14,911
Payables for buy-back agreements
Payables for buy-back agreements include the price received for the product, recognized as an advance at the
date of the sale and, subsequently, the repurchase price and the remaining lease installments yet to be
recognized.
Service contract liability
The service contract liability was mainly comprised of maintenance plans and extended warranties. Changes in
the Company's service contract liability for the year ended December\u00a031, 2025, were as follows:
(\u20ac million)
At January 1,
2025
Advances
received
from
customers
Amounts
recognized
within
revenue
Transfers to
Assets/
(Liabilities)
held for sale
Other
changes
At December
31, 2025
Service contract liability
2,730
801
(873)
\u2014
(470)
2,188
Of the total Service contract liability at December\u00a031, 2025, the Company expected to recognize approximately
\u20ac744\u00a0million in 2026, \u20ac528\u00a0million in 2027, \u20ac393\u00a0million in 2028 and \u20ac523\u00a0million thereafter.
32.
Qualitative and quantitative information on financial risks
The Company is exposed to the following financial risks connected with its operations:
\u2022 credit risk, principally arising from its normal commercial relations with final customers and dealers, and its
financing activities;
\u2022 liquidity risk, with particular reference to the availability of funds and access to the credit market and to
financial instruments in general; and
\u2022 financial market risk (primarily relating to exchange rates, interest rates and commodity prices), since the
Company operates at an international level in different currencies, uses financial instruments which generate
interest and is exposed to the risk of changes in the price of certain commodities which are used in the
production processes.
These risks could significantly affect the Company\u2019s financial position and results and for this reason, the
Company systematically identifies and monitors these risks in order to detect potential negative effects in
advance and takes the necessary actions to mitigate them, primarily through its operating and financing
activities and if required, through the use of derivative financial instruments in accordance with established risk
management policies.
Financial instruments held by the funds that manage the Company\u2019s pension plan assets are not included in this
analysis (refer to Note 20, Employee benefits liabilities for additional information).
The following section provides qualitative and quantitative disclosures on the effect that these risks could have
upon the Company. The quantitative data reported in the following does not have any predictive value, in
particular the sensitivity analysis on finance market risks does not reflect the complexity of the market or the
reaction which may result from any changes that were assumed to take place.
Credit risk
Overall, the credit risk regarding the Company\u2019s trade receivables and receivables from financing activities is
concentrated mainly in North America, Enlarged Europe and South America.
The maximum credit risk to which the Company is potentially exposed at December 31, 2025 is represented by
the carrying amounts of financial assets in the financial statements discussed in Note 16, Trade receivables,
other assets, prepaid expenses and Tax receivables and the nominal value of the guarantees provided on
liabilities and commitments to third parties discussed in Note 27, Guarantees granted, commitments and
contingent liabilities.
In addition, the Company is exposed to credit risk in relation to the investment of cash and to transactions with
derivatives counterparties, as disclosed in Note 17, Derivative financial and operating assets and liabilities and
in Note 18, Cash and cash equivalents.
The Company\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each
counterparty. The Company monitors these exposures and established credit lines with single or homogeneous
categories of counterparties.
Dealers and final customers for which the Company provides financing are subject to specific assessments of
their creditworthiness under a detailed scoring system. To mitigate this risk, the Company could obtain financial
and non-financial guarantees. These guarantees are further strengthened where possible by reserve of title
clauses on financed vehicle sales to the sales network made by the Company financial service companies and
on vehicles assigned under finance and operating lease agreements.
For further information regarding the exposure to credit risk and ECLs of Trade receivables, other receivables
and financial receivables at December 31, 2025 and 2024, refer to Note 16, Trade receivables, other assets,
prepaid expenses and tax receivables.
The Company differentiates Cash investments with primary bank counterparties and high rated liquid financial
instruments. The investments are actively managed and constantly monitored, in compliance with policies that
establish limits of concentration and duration, taking into account the creditworthiness of the counterparties and
of the various countries in which the cash is invested. The policies also define limits in the operations with
Derivatives counterparties. Even though the Company\u2019s current securities and Cash and cash equivalents
consist of balances spread across various primary national and international banking institutions and money
market funds that were measured at fair value, there was no exposure to sovereign debt securities at December
31, 2025 and 2024 which could lead to significant risk of repayment.
Liquidity risk
Liquidity risk represents the risk the Company is unable to obtain the funds needed to carry out its operations
and meet its obligations. Any actual or perceived limitations on the Company\u2019s liquidity could affect the ability of
counterparties to do business with the Company or may require additional amounts of cash and cash
equivalents to be allocated as collateral for outstanding obligations.
The continuation of challenging economic conditions in the markets in which the Company operates and the
uncertainties that characterize the financial markets, necessitate special attention to the management of liquidity
risk. In that sense, measures taken to generate funds through operations and to maintain a conservative level of
available liquidity are important factors for ensuring operational flexibility and addressing strategic challenges
over the next few years.
The main factors that determined the Company\u2019s liquidity situation are the funds generated by or used in
operating and investing activities, the debt lending period and its renewal features or the liquidity of the funds
employed and market terms and conditions.
The Company adopted a series of policies and procedures whose purpose was to optimize the management of
funds and to reduce liquidity risk as follows:
\u2022 centralizing the management of receipts and payments where it may be economical in the context of the local
civil, currency and fiscal regulations of the countries in which the Company was present;
\u2022 maintaining a conservative level of available liquidity;
\u2022 diversifying the means by which funds were obtained and maintaining a continuous and active presence in the
capital markets;
\u2022 obtaining adequate credit lines; and
\u2022 monitoring future liquidity on the basis of business planning.
The Company manages liquidity risk by monitoring cash flows and keeping an adequate level of funds at its
disposal. The operating cash management and liquidity investment of the Company are centrally coordinated in
the Company\u2019s treasury function, with the objective of ensuring effective and efficient management of the
Company\u2019s funds. The Company\u2019s treasury companies obtain funds in the financial markets from various funding
sources.
Certain notes issued by the Company and its treasury subsidiaries include covenants which could be affected
by circumstances related to certain subsidiaries; in particular, there are cross-default clauses which could
accelerate repayments in the event that such subsidiaries fail to pay certain of their debt obligations.
Refer to Note 16, Trade receivables, other assets, prepaid expenses and Tax receivables, Note 24, Other
liabilities and Note 22, Debt for additional information on the repayment structure of the Company\u2019s financial
assets and liabilities. Refer to Note 17, Derivative financial and operating assets and liabilities for additional
information on the repayment structure of derivative financial instruments.
The following table summarizes payments due under Stellantis\u2019 significant contractual commitments as of
December\u00a031, 2025 and 2024 and excludes off balance sheet commitments which are disclosed in Note 27,
Guarantees granted, commitments and contingent liabilities:
At December 31, 2025
Payments due by period
(\u20ac million)
Total
Less\u00a0than
\u00a01\u00a0year
1-3\u00a0years
3-5\u00a0years
More\u00a0than
5\u00a0years
Debt(1)
Notes
22,647
2,514
5,901
5,084
9,148
Borrowings from banks
1,931
1,286
436
135
74
Asset-backed financing
15,479
7,247
4,766
2,668
798
Other debt
2,808
1,782
828
155
43
Interest on Debt(2)
5,786
1,610
2,098
1,152
926
Lease liabilities(3)
2,833
837
708
418
870
Trade payables
29,999
29,999
\u2014
\u2014
\u2014
Derivative (assets)/liabilities
(392)
(266)
(125)
(1)
\u2014
Total
81,091
45,009
14,612
9,611
11,859
At December 31, 2024
Payments due by period
(\u20ac million)
Total
Less\u00a0than
\u00a01\u00a0year
1-3\u00a0years
3-5\u00a0years
More\u00a0than
5\u00a0years
Debt(1)
Notes
18,542
650
4,777
4,129
8,986
Borrowings from banks
3,562
3,109
293
77
83
Asset-backed financing
10,016
5,645
2,053
1,628
690
Other debt
1,990
1,596
306
15
73
Interest on Debt(2)
4,313
1,188
1,410
730
985
Lease liabilities(3)
2,852
866
643
358
985
Trade payable
29,684
29,684
\u2014
\u2014
\u2014
Derivative (assets)/liabilities
200
315
(83)
(32)
\u2014
Total
71,159
43,053
9,399
6,905
11,802
(1) Amounts presented related to the principal amounts of debt exclude the related interest expense that would be paid when due, fair
value adjustments, discounts, premiums and loan origination fees. For additional information see Note 22, Debt, within the Consolidated
Financial Statements included elsewhere in this report
(2) Amounts include interest payments based on contractual terms and current interest rates on debt. Interest rates based on variable
rates included above were determined using the current interest rates in effect at December\u00a031, 2025 and 2024
(3) Lease liabilities consisted mainly of industrial buildings and plant, machinery and equipment used in Stellantis\u2019 business. The amounts
reported include all future cash outflows included in the undiscounted lease liabilities. See Note 22, Debt, within the Consolidated
Financial Statements included elsewhere in this report
Financial market risks
Due to the nature of the Company\u2019s business, the Company is exposed to a variety of market risks, primarily
foreign currency exchange rate risk, interest rate risk and commodity price risk.
The Company\u2019s exposure to foreign currency exchange rate risk arises both in connection with the geographical
distribution of the Company\u2019s industrial activities compared to the markets in which it sells its products, and in
relation to the use of external borrowing denominated in foreign currencies.
The Company\u2019s exposure to interest rate risk arises from the need to fund industrial and financial operating
activities and the necessity to invest surplus funds. Changes in market interest rates could have the effect of
either increasing or decreasing the Company\u2019s Net profit, thereby indirectly affecting the costs and returns of
financing and investing transactions.
The Company\u2019s exposure to commodity price risk arises from the risk of changes in the price of certain raw
materials (primarily base metals, commodities used in electric vehicles and Platinum Group Metals (\u201cPGMs\u201d),
which include platinum, palladium and rhodium) and energy used in production. Changes in the price of raw
materials could have a significant effect on the Company\u2019s results by indirectly affecting costs and product
margins.
These risks could significantly affect the Company\u2019s financial position and results and for this reason, these risks
were systematically identified and monitored, in order to detect potential negative effects in advance and take
the necessary actions to mitigate them, primarily through its operating and financing activities and if required,
through the use of derivative financial instruments in accordance with its established risk management policies.
The Company\u2019s policies permit derivatives to be used only for managing the exposure to fluctuations in foreign
currency exchange rates and interest rates as well as commodities prices connected with future cash flows and
assets and liabilities.
The Company utilizes derivative financial instruments designated as fair value hedges mainly to hedge:
\u2022 the foreign currency exchange rate risk on financial instruments denominated in foreign currency; and
\u2022 the interest rate risk on fixed rate loans, bonds and borrowings.
The instruments used for these hedges are mainly foreign currency forward contracts, interest rate swaps and
combined interest rate and foreign currency financial instruments.
The Company uses derivative financial instruments as cash flow hedges for the purpose of pre-determining:
\u2022 the exchange rate at which forecasted transactions denominated in foreign currencies would be accounted
for;
\u2022 the interest paid on borrowings, both to match the fixed interest received on loans (customer financing
activity), and to achieve a targeted mix of floating versus fixed rate funding structured loans; and
\u2022 the price of certain commodities and components.
The foreign currency exchange rate exposure on forecasted commercial flows is hedged by foreign currency
swaps, forward contracts and foreign currency options. Interest rate exposures are usually hedged by interest
rate swaps and, in limited cases, by forward rate agreements. Exposure to changes in the price of commodities
is generally hedged by using commodity swaps and commodity options. Counterparties to these agreements
are major financial institutions.
Refer to Note 17, Derivative financial and operating assets and liabilities for additional information on the fair
value of derivative financial instruments held at the balance sheet date.
Quantitative information on foreign currency exchange rate risk
The Company is exposed to risk resulting from changes in foreign currency exchange rates, which could affect
its earnings and equity. Where a Stellantis company incurred costs in a currency different from that of its
revenues, any change in exchange rates could affect the operating results of that company; the principal
exchange rates to which the Company is exposed are:
\u2022 EUR/GBP, relating to sales in the UK of vehicles produced in the Euro zone;
\u2022 CNY and JPY in relation to costs paid to Chinese and Japanese suppliers net of sales in China and Japan
respectively originating from European and North America entities;
\u2022 U.S.$/CAD and U.S.$/MXP, primarily relating to sales in Canada and Mexico of produced vehicles, net of local
cost and import in U.S. of Canadian produced vehicles;
\u2022 EUR/U.S.$, relating to sales and purchases (mainly linked to commodity) in U.S.$ made by European entities
and to sales and purchases in Euro made by U.S. entities;
\u2022 TRY in relation to sales in Turkish market;
\u2022 PLN, linked to sales in Poland market, net of manufacturing costs incurred in the country; and
\u2022 U.S.$/BRL and EUR/BRL, relating to Brazilian manufacturing operations and the related import and export
flows.
The Company\u2019s policy is to use derivative financial instruments to hedge a percentage of certain exposures
subject to foreign currency exchange rate risk for the upcoming twenty-four months (including such risk before
or beyond that date where it is deemed appropriate in relation to the characteristics of the business) and to
hedge the exposure resulting from firm commitments unless not deemed appropriate.
The Stellantis entities could have trade receivables or payables denominated in a currency different from their
respective functional currency. In addition, in a limited number of cases, it could be convenient from an
economic point of view, or it could be required under local market conditions, for the Stellantis entities to obtain
financing or invest funds in a currency different from their respective functional currency, e.g. Argentinian
industrial companies (with U.S.$ as functional currency) invest a significant amount of cash denominated in
Argentine Pesos. Changes in exchange rates could result in exchange gains or losses arising from these
situations. The Company\u2019s policy is to hedge, whenever deemed appropriate, the exposure resulting from
receivables, payables, cash and securities denominated in foreign currencies different from the respective
Stellantis entity\u2019s functional currency.
Certain of the Stellantis entities are located in countries which are outside of the Eurozone, primarily the U.S.,
Brazil, Canada, Poland, Serbia, Mexico, Argentina, India and China. As the Company's reporting currency is the
Euro, the income statements of those entities that have a reporting currency other than the Euro are translated
into Euro using the average exchange rate for the period, except for entities that operate in hyperinflationary
economies (Argentina) for which the income statements are translated into Euro using the spot rate at the end of
the period. In addition, the assets and liabilities of those consolidated entities are translated into Euro at the
period-end foreign exchange rate. The effects of these changes in foreign exchange rates are recognized
directly in the Cumulative translation adjustments reserve included in Other comprehensive income. Changes in
exchange rates could lead to effects on the translated balances of revenues, costs and assets and liabilities
reported in Euro, even when corresponding items are unchanged in the respective local currency of these
entities.
The Company monitors its principal exposure to conversion exchange risk and, in certain circumstances, enters
into derivatives for the purpose of hedging the specific risk.
The potential loss in fair value of derivative financial instruments held for foreign currency exchange rate risk
management (currency swaps/forwards) at December 31, 2025 resulting from a 10 percent change in the
exchange rates would have been approximately \u20ac633\u00a0million in the Other comprehensive income (mainly driven
by the foreign exchange hedges related to the sales in GBP and in CAD and related to costs in CNY) and
\u20ac369\u00a0million on Consolidated Income Statement.
This analysis assumes that a hypothetical, unfavorable 10 percent change in exchange rates as at year-end is
applied in the measurement of the fair value of derivative financial instruments.
Receivables, payables and future trade flows whose hedging transactions have been analyzed were not
included in this analysis. It is reasonable to assume that changes in market exchange rates would produce the
opposite effect, of an equal or greater amount, on the underlying transactions that have been hedged.
Quantitative information on interest rate risk
The Company makes use of external borrowings and invests in monetary and financial market instruments. In
addition, the Company sells receivables resulting from their trading activities on a continuing basis. Changes in
market interest rates could affect the cost of the various forms of financing, including the sale of receivables, or
the return on investments and the employment of funds, thus negatively impacting the net financial expenses
incurred by the Company.
In addition, the financial services companies provide loans (mainly to customers and dealers), financing
themselves using various forms of direct debt or asset-backed financing (e.g. factoring of receivables or
securitizations). Where the characteristics of the variability of the interest rate applied to loans granted differ from
those of the variability of the cost of the financing obtained, changes in the current level of interest rates could
affect the operating result of those entities and the Company as a whole.
In order to manage these risks, the Company uses interest rate derivative financial instruments, mainly interest
rate swaps and forward rate agreements, when available in the market, with the objective of mitigating, under
economically acceptable conditions, the potential variability of interest rates on the Company's Net profit.
In assessing the potential impact of changes in interest rates, the Company segregated fixed rate financial
instruments (for which the impact was assessed in terms of fair value) from floating rate and short term financial
instruments (for which the impact was assessed in terms of cash flows).
The fixed rate financial instruments used by the Company consisted principally of part of the portfolio of the
financial services companies (primarily customer financing and financial leases) and part of debt (including
subsidized loans and notes). These instruments are measured at amortized cost and changes in market interest
rates for these instruments do not affect Net profit or Equity.
Certain financial securities are accounted for at FVPL. The impact of an unfavorable 50 basis points change in
interest rate levels would result in increase in financial expenses of \u20ac9\u00a0million due to the change in fair values of
these securities.
The Company entered in certain derivatives in order to manage interest rate risk on underlying debt exposures.
An unfavorable 50 basis points change in interest rates level applied to the interest rate derivatives outstanding
at December 31, 2025 would have an impact of \u20ac30\u00a0million on financial expense. It is expected that this impact
will be offset by an equivalent gain on the underlying debt exposures.
In addition, financial services companies use derivatives in order to hedge the interest rate risk arising from the
mismatch between financial receivables and related funding. A 50 basis points change in interest rates level
applied to the interest rate derivatives outstanding at December 31, 2025 would have a negative impact of
\u20ac32\u00a0million in Other comprehensive income.
Floating rate financial instruments consisted principally of cash and cash equivalents, loans provided by the
financial services companies to the sales network and part of debt. The effect of the sale of receivables was also
considered in the sensitivity analysis.
A hypothetical 50 basis points change in short-term interest rates at December 31, 2025, applied to floating rate
or short term maturity financial assets and liabilities, operations for the sale of receivables and derivative
financial instruments, would result in increased net financial expenses, on an annual basis, of approximately
\u20ac78\u00a0million.
This analysis is based on the assumption that there is an unfavorable change of 50 basis points of interest rate
levels across homogeneous categories. A homogeneous category is defined on the basis of the currency in
which the financial assets and liabilities are denominated. In addition, the sensitivity analysis applied to floating
rate financial instruments assumes that cash and cash equivalents and other short-term financial assets and
liabilities which expire during the projected 12-month period will be renewed or reinvested in similar instruments,
that will reflect the hypothetical 50 basis points change in short-term interest rates.
Quantitative information on commodity price risk
The Company, in addition to supply agreements that provide protections to the price increases and supply
shortages, entered into derivative contracts for certain commodities to hedge its exposure to commodity price
risk associated with buying raw materials and energy used in its normal operations, primarily PGMs, which
include platinum, palladium and rhodium.
In connection with the commodity price derivative contracts outstanding at December 31, 2025, a hypothetical
10 percent change in the price of the commodities at that date would have caused a negative impact on the
Other comprehensive income of \u20ac136\u00a0million. Future trade flows whose hedging transactions have been
analyzed were not considered in this analysis. It is reasonable to assume that changes in commodity prices
would produce the opposite effect, of an equal or greater amount, on the underlying transactions that have been
hedged.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-681": { "value": "
6.
Net financial expenses/(income)
Net financial expenses/(income) were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Interest income and other financial income
1,218
1,995
2,678
Financial expenses:
Interest expense and other financial expenses:
1,188
1,248
1,064
Interest expense on notes
596
430
386
Interest expense on borrowings from bank
56
121
59
Other interest cost and financial expenses
536
697
619
Interest on lease liabilities
84
64
63
Write-down and reversals of write-downs of financial assets
27
(88)
128
Net interest expense/(income) on employee benefits provisions
204
211
203
Total Financial expenses
1,503
1,435
1,458
Net expenses from derivative financial instruments and exchange rate
differences
66
215
1,178
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
1,569
1,650
2,636
Net Financial expenses/(income)
351
(345)
(42)
Other interest cost and financial expenses include the effects of hyperinflation, discounting provisions and other
miscellaneous finance expenses.
Net financial expenses amounted to \u20ac351\u00a0million for the year ended December 31, 2025, compared to Net
financial income of \u20ac345\u00a0million for the year ended December 31, 2024. The variation is primarily driven by the
lower interest income from liquidity investments, reflecting both reduced liquidity levels and a decline in short-
term market rates, and expenses recognized during the period upon termination of commodity derivative
contracts. This is partially offset by lower losses on the net monetary position of hyperinflationary economies.
Net financial expenses/(income) for the year ended December 31, 2025, include \u20ac94\u00a0million losses (\u20ac382\u00a0million
and \u20ac215\u00a0million losses for the years ended December 31, 2024 and 2023, respectively) on the net monetary
position of entities whose functional currency is the currency of hyperinflationary economies, relating to
Argentine Peso and Turkish Lira. The decrease mainly reflects the reduced inflation rate in Argentina and the
disposal of Stellantis T\u00fcrkiye.
In 2021, Stellantis\u2019 investment in Credit Suisse Asset Management\u2019s supply chain finance funds was impacted
by the suspension of redemptions and the initiation of the fund liquidation. Approximately 67 percent of the
investment was recovered that year, with no material proceeds in 2022 or 2023. Due to increased uncertainty
regarding the recoverability of the investment, in 2023 Stellantis impaired the remaining \u20ac132\u00a0million, reported
within Net financial expenses/(income). Following UBS\u2019s acquisition of Credit Suisse Asset Management,
Stellantis accepted a \u20ac92\u00a0million offer in July 2024 (90 percent of the last determined value of its investment),
with payment received in August and recognized Net financial expenses/(income). This is reported as Write-
down and reversals of write-downs of financial assets in 2023 and 2024, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-680": { "value": "
6.
Net financial expenses/(income)
Net financial expenses/(income) were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Interest income and other financial income
1,218
1,995
2,678
Financial expenses:
Interest expense and other financial expenses:
1,188
1,248
1,064
Interest expense on notes
596
430
386
Interest expense on borrowings from bank
56
121
59
Other interest cost and financial expenses
536
697
619
Interest on lease liabilities
84
64
63
Write-down and reversals of write-downs of financial assets
27
(88)
128
Net interest expense/(income) on employee benefits provisions
204
211
203
Total Financial expenses
1,503
1,435
1,458
Net expenses from derivative financial instruments and exchange rate
differences
66
215
1,178
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
1,569
1,650
2,636
Net Financial expenses/(income)
351
(345)
(42)
Other interest cost and financial expenses include the effects of hyperinflation, discounting provisions and other
miscellaneous finance expenses.
Net financial expenses amounted to \u20ac351\u00a0million for the year ended December 31, 2025, compared to Net
financial income of \u20ac345\u00a0million for the year ended December 31, 2024. The variation is primarily driven by the
lower interest income from liquidity investments, reflecting both reduced liquidity levels and a decline in short-
term market rates, and expenses recognized during the period upon termination of commodity derivative
contracts. This is partially offset by lower losses on the net monetary position of hyperinflationary economies.
Net financial expenses/(income) for the year ended December 31, 2025, include \u20ac94\u00a0million losses (\u20ac382\u00a0million
and \u20ac215\u00a0million losses for the years ended December 31, 2024 and 2023, respectively) on the net monetary
position of entities whose functional currency is the currency of hyperinflationary economies, relating to
Argentine Peso and Turkish Lira. The decrease mainly reflects the reduced inflation rate in Argentina and the
disposal of Stellantis T\u00fcrkiye.
In 2021, Stellantis\u2019 investment in Credit Suisse Asset Management\u2019s supply chain finance funds was impacted
by the suspension of redemptions and the initiation of the fund liquidation. Approximately 67 percent of the
investment was recovered that year, with no material proceeds in 2022 or 2023. Due to increased uncertainty
regarding the recoverability of the investment, in 2023 Stellantis impaired the remaining \u20ac132\u00a0million, reported
within Net financial expenses/(income). Following UBS\u2019s acquisition of Credit Suisse Asset Management,
Stellantis accepted a \u20ac92\u00a0million offer in July 2024 (90 percent of the last determined value of its investment),
with payment received in August and recognized Net financial expenses/(income). This is reported as Write-
down and reversals of write-downs of financial assets in 2023 and 2024, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-679": { "value": "
6.
Net financial expenses/(income)
Net financial expenses/(income) were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Interest income and other financial income
1,218
1,995
2,678
Financial expenses:
Interest expense and other financial expenses:
1,188
1,248
1,064
Interest expense on notes
596
430
386
Interest expense on borrowings from bank
56
121
59
Other interest cost and financial expenses
536
697
619
Interest on lease liabilities
84
64
63
Write-down and reversals of write-downs of financial assets
27
(88)
128
Net interest expense/(income) on employee benefits provisions
204
211
203
Total Financial expenses
1,503
1,435
1,458
Net expenses from derivative financial instruments and exchange rate
differences
66
215
1,178
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
1,569
1,650
2,636
Net Financial expenses/(income)
351
(345)
(42)
Other interest cost and financial expenses include the effects of hyperinflation, discounting provisions and other
miscellaneous finance expenses.
Net financial expenses amounted to \u20ac351\u00a0million for the year ended December 31, 2025, compared to Net
financial income of \u20ac345\u00a0million for the year ended December 31, 2024. The variation is primarily driven by the
lower interest income from liquidity investments, reflecting both reduced liquidity levels and a decline in short-
term market rates, and expenses recognized during the period upon termination of commodity derivative
contracts. This is partially offset by lower losses on the net monetary position of hyperinflationary economies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-678": { "value": "
6.
Net financial expenses/(income)
Net financial expenses/(income) were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Interest income and other financial income
1,218
1,995
2,678
Financial expenses:
Interest expense and other financial expenses:
1,188
1,248
1,064
Interest expense on notes
596
430
386
Interest expense on borrowings from bank
56
121
59
Other interest cost and financial expenses
536
697
619
Interest on lease liabilities
84
64
63
Write-down and reversals of write-downs of financial assets
27
(88)
128
Net interest expense/(income) on employee benefits provisions
204
211
203
Total Financial expenses
1,503
1,435
1,458
Net expenses from derivative financial instruments and exchange rate
differences
66
215
1,178
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
1,569
1,650
2,636
Net Financial expenses/(income)
351
(345)
(42)
Other interest cost and financial expenses include the effects of hyperinflation, discounting provisions and other
miscellaneous finance expenses.
Net financial expenses amounted to \u20ac351\u00a0million for the year ended December 31, 2025, compared to Net
financial income of \u20ac345\u00a0million for the year ended December 31, 2024. The variation is primarily driven by the
lower interest income from liquidity investments, reflecting both reduced liquidity levels and a decline in short-
term market rates, and expenses recognized during the period upon termination of commodity derivative
contracts. This is partially offset by lower losses on the net monetary position of hyperinflationary economies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-677": { "value": "
6.
Net financial expenses/(income)
Net financial expenses/(income) were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Interest income and other financial income
1,218
1,995
2,678
Financial expenses:
Interest expense and other financial expenses:
1,188
1,248
1,064
Interest expense on notes
596
430
386
Interest expense on borrowings from bank
56
121
59
Other interest cost and financial expenses
536
697
619
Interest on lease liabilities
84
64
63
Write-down and reversals of write-downs of financial assets
27
(88)
128
Net interest expense/(income) on employee benefits provisions
204
211
203
Total Financial expenses
1,503
1,435
1,458
Net expenses from derivative financial instruments and exchange rate
differences
66
215
1,178
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
1,569
1,650
2,636
Net Financial expenses/(income)
351
(345)
(42)
Other interest cost and financial expenses include the effects of hyperinflation, discounting provisions and other
miscellaneous finance expenses.
Net financial expenses amounted to \u20ac351\u00a0million for the year ended December 31, 2025, compared to Net
financial income of \u20ac345\u00a0million for the year ended December 31, 2024. The variation is primarily driven by the
lower interest income from liquidity investments, reflecting both reduced liquidity levels and a decline in short-
term market rates, and expenses recognized during the period upon termination of commodity derivative
contracts. This is partially offset by lower losses on the net monetary position of hyperinflationary economies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-685": { "value": "
8.
Other information by nature
Personnel costs for the Company for the years ended December 31, 2025, 2024 and 2023 amounted to \u20ac16.8
billion, \u20ac17.1 billion and \u20ac19.1 billion, respectively, and included costs that were capitalized mainly in connection
with product development activities. Personnel costs include wages and salaries, social security contributions,
share-based compensation, pension and other post-employment benefits.
For the years ended December 31, 2025, 2024 and 2023, the average number of employees within the
Company\u2019s operations was 253,654, 259,118 and 271,292, respectively.
Amounts relating to IFRS 16 recognized in Profit before taxes
Amounts recognized within Profit before taxes were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Depreciation of right-of-use assets
702
677
607
Interest expense on lease liabilities
95
64
63
Variable lease payments not included in the
measurement of lease liabilities
2
3
3
Income from sub-leasing right-of-use assets
(158)
(138)
(109)
Expenses relating to short-term leases and to
leases of low-value assets
97
219
111
Gains arising from sale and leaseback
transactions
(209)
(248)
(155)
Total expense recognized in Net profit
529
577
520
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-686": { "value": "
8.
Other information by nature
Personnel costs for the Company for the years ended December 31, 2025, 2024 and 2023 amounted to \u20ac16.8
billion, \u20ac17.1 billion and \u20ac19.1 billion, respectively, and included costs that were capitalized mainly in connection
with product development activities. Personnel costs include wages and salaries, social security contributions,
share-based compensation, pension and other post-employment benefits.
20.
Employee benefits liabilities
Employee benefits liabilities consisted of the following:
At December 31,
2025
2024
(\u20ac million)
Current
Non-current
Total
Current
Non-current
Total
Pension benefits
36
2,164
2,200
34
2,362
2,396
Health care and life insurance plans
119
1,397
1,516
126
1,574
1,700
Other post-employment benefits
37
578
615
49
731
780
Other provisions for employees
325
656
981
374
774
1,148
Total Employee benefits liabilities
517
4,795
5,312
583
5,441
6,024
The Company recognized total expense of \u20ac2,061 million for defined contribution plans for the year ended
December\u00a031, 2025 ( \u20ac1,995 million in 2024 and \u20ac2,114 million in 2023).
The following table summarizes the fair value of defined benefit obligations and the fair value of related plan
assets:
At December 31,
(\u20ac million)
2025
2024
Present value of defined benefit obligations:
Pension benefits
21,132
23,750
Health care and life insurance plans
1,516
1,700
Other post-employment benefits
593
753
Total present value of defined benefit obligations (a)
23,241
26,203
Fair value of plan assets (b)
20,051
22,502
Asset ceiling (c)
174
212
Total net defined benefit plans (a - b + c)
3,364
3,913
of which:
Net defined benefit liability (d)
4,331
4,876
Defined benefit plan asset (Note 16)
(967)
(963)
Other provisions for employees (e)
981
1,148
Total Employee benefits liabilities (d + e)
5,312
6,024
Pension benefits
The Company\u2019s funding policy for defined benefit pension plans, to directly make benefit payments where
appropriate, is to contribute the minimum amounts required by applicable laws and regulations or to directly pay
benefit payments where appropriate. In the U.S., these excess amounts are tracked and the resulting credit
balance can be used to satisfy minimum funding requirements in future years. At December\u00a031, 2025, the
combined credit balances for the U.S. and Canada qualified pension plans were approximately \u20ac1.1 billion, with
the usage of the credit balances to satisfy minimum funding requirements subject to the plans maintaining
certain funding levels. During the year ended December\u00a031, 2025, the Company made pension contributions in
the U.S. and Canada totaling \u20ac27\u00a0million. Contributions to the pension plans of the Company for 2026 are
expected to be \u20ac96 million, including both contributions to pension funds and direct benefit payments to
employees. Of this amount, \u20ac51 million relates to the U.S. and Canada, with \u20ac42\u00a0million being mandatory
contributions and \u20ac9\u00a0million discretionary contributions, and \u20ac15 million relates to Germany.
The expected benefit payments for pension plans are as follows:
(\u20ac\u00a0million)
Expected\u00a0benefit
payments
2026
1,751
2027
1,738
2028
1,694
2029
1,684
2030
1,665
2031-2035
7,909
The following table summarizes changes in pension plans:
2025
2024
(\u20ac million)
U.S. and
Canada
UK
France
and
Germany
Other
Total
U.S. and
Canada
UK
France
and
Germany
Other
Total
Projected benefit
obligation
At beginning of period:
Present value
(18,965)
(1,526)
(3,004)
(255)
(23,750)
(18,964)
(1,456)
(2,809)
(239)
(23,468)
Effect of changes in scope of
consolidation and other
\u2014
(54)
\u2014
\u2014
(54)
114
1
\u2014
1
116
Service cost
(80)
\u2014
(33)
(10)
(123)
(98)
\u2014
(36)
(9)
(143)
Interest cost
(924)
(75)
(100)
(16)
(1,115)
(973)
(77)
(110)
(17)
(1,177)
Benefit payments for the
year
1,522
95
132
21
1,770
1,558
88
127
19
1,792
Participant contributions
(1)
\u2014
\u2014
\u2014
(1)
(1)
\u2014
\u2014
\u2014
(1)
Actuarial gains and (losses)
(228)
56
254
(45)
37
339
(10)
(176)
(27)
126
Demographic assumptions
and experience
41
(53)
(43)
(51)
(106)
(10)
(4)
26
2
14
Financial assumptions
(269)
109
297
6
143
349
(6)
(202)
(29)
112
Effect of changes in
exchange rates
2,041
77
\u2014
(2)
2,116
(924)
(70)
\u2014
18
(976)
Past service cost
\u2014
(14)
\u2014
2
(12)
(16)
(2)
\u2014
(1)
(19)
Effect of curtailments and
settlements/Other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At period-end: Present
value
(16,635)
(1,441)
(2,751)
(305)
(21,132)
(18,965)
(1,526)
(3,004)
(255)
(23,750)
Plan Assets
At beginning of period:
Fair value
17,758
1,890
2,680
174
22,502
18,262
1,800
2,408
172
22,642
Effect of changes in scope of
consolidation and other
\u2014
68
\u2014
\u2014
68
(121)
\u2014
\u2014
(1)
(122)
Expected return on assets
857
94
90
5
1,046
932
96
95
7
1,130
Participant contributions
1
\u2014
\u2014
\u2014
1
1
\u2014
\u2014
\u2014
1
Administrative Expenses
(84)
(2)
\u2014
\u2014
(86)
(58)
(4)
\u2014
(1)
(63)
Actuarial gains and (losses)
410
(101)
(140)
(4)
165
(558)
(13)
293
9
(269)
Effect of changes in
exchange rates
(1,864)
(95)
\u2014
\u2014
(1,959)
820
87
\u2014
\u2014
907
Employer contributions
20
6
40
\u2014
66
27
12
5
(1)
43
Benefit payments for the
year
(1,521)
(95)
(126)
(10)
(1,752)
(1,547)
(88)
(121)
(11)
(1,767)
At period-end: Fair value
15,577
1,765
2,544
165
20,051
17,758
1,890
2,680
174
22,502
2025
2024
(\u20ac million)
U.S. and
Canada
UK
France
and
Germany
Other
Total
U.S. and
Canada
UK
France
and
Germany
Other
Total
Present value of projected
benefit obligation
(16,635)
(1,441)
(2,751)
(305)
(21,132)
(18,965)
(1,526)
(3,004)
(255)
(23,750)
Fair value of plan assets
15,577
1,765
2,544
165
20,051
17,758
1,890
2,680
174
22,502
Net (liability) asset
recognized in the balance
sheet before minimum
funding requirement (IFRIC
14)
(1,058)
324
(207)
(140)
(1,081)
(1,207)
364
(324)
(81)
(1,248)
Minimum funding requirement
liability (IFRIC 14)
(174)
\u2014
\u2014
\u2014
(174)
(212)
\u2014
\u2014
\u2014
(212)
Net (liability) asset
recognized in the balance
sheet
(1,232)
324
(207)
(140)
(1,255)
(1,419)
364
(324)
(81)
(1,460)
Of which, liability
(1,805)
(16)
(258)
(121)
(2,200)
(1,951)
(8)
(363)
(74)
(2,396)
Of which, asset
573
340
51
(19)
945
532
372
39
(7)
936
Amounts recognized in the Consolidated Income Statement were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Current service cost
123
143
140
Interest expense
1,115
1,177
1,160
Interest income
(1,046)
(1,130)
(1,108)
Other administration costs
86
63
87
Past service costs/(credits) and (gains)/losses arising from settlements/
curtailments
12
19
666
Interest expense on asset ceiling
6
12
\u2014
Total recognized in the Consolidated Income Statement
296
284
945
During the year ended December 31, 2023, U.S. and Canada pension plans were amended for benefit changes
made under collective bargaining agreements negotiated with the United Automobile, Aerospace and
Agricultural Implement Workers of America (\u201cUAW\u201d) and Unifor and the associated prior service costs were
recognized in the Consolidated Income Statement in the amount of \u20ac396\u00a0million. In addition, voluntary separation
packages offered during 2024 and 2023 resulted in pension plan curtailment charges of \u20ac16\u00a0million and
\u20ac268\u00a0million, respectively, recognized within Restructuring costs. A prior service cost of \u20ac14 million was
recognized in 2025 in connection with the closure of the Luton plant in the UK, as early\u2011retiring employees were
granted the same retirement benefits they would have received had they remained in service until normal
retirement age.
The fair value of plan assets by class was as follows:
At December 31,
2025
2024
(\u20ac million)
Amount\u00a0
of\u00a0which\u00a0have\u00a0a
quoted\u00a0market
price\u00a0in\u00a0an\u00a0active
market
Amount\u00a0
of\u00a0which\u00a0have\u00a0a
quoted\u00a0market
price\u00a0in\u00a0an\u00a0active
market\u00a0
Cash and cash equivalents
846
836
884
881
U.S. equity securities
529
529
656
655
Non-U.S. equity securities
108
107
540
540
Equity commingled funds
2,041
1,126
1,194
734
Equity instruments
2,678
1,762
2,390
1,929
Government securities
3,307
1,808
3,197
1,700
Corporate bonds (including convertible and high yield bonds)
3,698
51
4,572
35
Other fixed income
3,467
\u2014
4,861
1
Fixed income securities
10,472
1,859
12,630
1,736
Private equity funds
2,608
\u2014
2,943
\u2014
Diversified Commingled funds
73
\u2014
82
\u2014
Real estate funds
1,280
\u2014
1,316
\u2014
Hedge funds
1,917
\u2014
2,306
\u2014
Investment funds
5,878
\u2014
6,647
\u2014
Insurance contracts and other
177
13
(49)
(17)
Total fair value of plan assets
20,051
4,470
22,502
4,529
Non-U.S. equity securities were invested broadly in developed international and emerging markets. Fixed
income securities were debt instruments primarily comprised of long-term U.S. Treasury and global government
bonds, as well as U.S., developed international and emerging market companies\u2019 debt securities diversified by
sector, geography and through a wide range of market capitalizations. Private equity funds included those in
limited partnerships that invest primarily in the equity of companies that are not publicly traded on a stock
exchange. Private debt funds included those in limited partnerships that invest primarily in the debt of
companies and real estate developers. Commingled funds included common collective trust funds, mutual
funds and other investment entities. Real estate fund investments included those in limited partnerships that
invest in various commercial and residential real estate projects around the world. Hedge fund investments
included those seeking to maximize absolute return using a broad range of strategies to enhance returns and
provide additional diversification.
The investment strategies and objectives for pension assets primarily in the U.S., Canada, France, Germany and
UK reflected a balance of liability-hedging and return-seeking investment considerations. The investment
objectives were to minimize the volatility of the value of pension assets relative to pension liabilities and to
ensure that assets were sufficient to pay plan obligations. The objective of minimizing the volatility of assets
relative to liabilities was addressed primarily through asset diversification, partial asset-liability matching and
hedging. Assets were broadly diversified across many asset classes to achieve risk-adjusted returns that, in
total, lower asset volatility relative to the liabilities. Additionally, in order to minimize pension asset volatility
relative to the pension liabilities, a portion of the pension plan assets were allocated to fixed income securities.
The Company policy for these plans ensured actual allocations were in line with target allocations as
appropriate.
Assets were actively monitored and managed primarily by external investment managers. Investment managers
were not permitted to invest outside of the asset class or strategy for which they had been appointed. The
Company used investment guidelines to ensure investment managers invested solely within the mandated
investment strategy. Certain investment managers used derivative financial instruments to mitigate the risk of
changes in interest rates and foreign currencies impacting the fair values of certain investments. Derivative
financial instruments could also be used in place of physical securities when it was more cost-effective and/or
efficient to do so. Plan assets did not include the Company shares or properties occupied by Stellantis
companies, with the possible exception of commingled investment vehicles where the Company did not control
the investment guidelines.
Sources of potential risk in pension plan assets were related to market risk, interest rate risk and operating risk.
Market risk was mitigated by diversification strategies and as a result, there were no significant concentrations of
risk in terms of sector, industry, geography, market capitalization, manager or counterparty. Interest rate risk was
mitigated by partial asset-liability matching. The fixed income target asset allocation partially matched the bond-
like and long-dated nature of the pension liabilities. Interest rate increases generally will result in a decline in the
fair value of the investments in fixed income securities and the present value of the obligations. Conversely,
interest rate decreases will generally increase the fair value of the investments in fixed income securities and the
present value of the obligations. Operating risks were mitigated through engagement with and oversight of
external service providers, including custodians, data providers and investment managers.
The weighted average assumptions used to determine defined benefit obligations were as follows:
At December 31,
2025
2024
U.S.
Canada
UK
France
Germany
U.S.
Canada
UK
France
Germany
Discount rate
5.43%
4.79%
5.69%
3.81%
4.16%
5.70%
4.61%
5.23%
3.39%
3.42%
Future salary
increase rate
\u2014%
3.50%
2.40%
2.75%
2.60%
\u2014%
3.50%
2.65%
2.85%
2.70%
The average duration of U.S., Canada, UK, France and Germany liabilities was approximately 9, 11, 12, 7 and
14, respectively. Refer to Note 2, Basis of preparation, for additional information on the Company\u2019s sensitivity
analysis.
The average longevity at retirement age for current pensioners (male/female) were as follows:
2025
U.S.
Canada
UK
France
Germany
Life Expectancy at Age 65
Male retiring in 25 years (Aged 40)
20.69
21.88
23.12
N/A
24.26
Female retiring in 25 years (Aged 40)
22.16
24.11
25.62
N/A
27
Male retiring today (Aged 65)
19.19
20.63
21.38
11.19
20.90
Female retiring today (Aged 65)
20.79
22.94
23.81
10.72
24.27
Health care and life insurance plans
Liabilities arising from these unfunded plans comprised obligations for retiree health care and life insurance
granted to employees and to retirees in the U.S. and Canada. Upon retirement from the Company, these
employees may become eligible for continuation of certain benefits. Benefits and eligibility rules may be
modified periodically. The expected benefit payments for unfunded health care and life insurance plans are as
follows:
(\u20ac million)
Expected\u00a0benefit
\u00a0payments
2026
119
2027
118
2028
117
2029
115
2030
114
2031-2035
553
Changes in net defined benefit obligations for healthcare and life insurance plans were as follows:
(\u20ac million)
2025
2024
Present value of obligations at January\u00a01
1,700
1,697
Included in the Consolidated Income Statement
94
105
Included in Other comprehensive income:
Actuarial (gains)/losses from:
- Demographic and other assumptions
19
(2)
- Financial assumptions
14
(51)
Effect of movements in exchange rates
(182)
81
Other:
Benefits paid
(129)
(130)
December 31
1,516
1,700
Amounts recognized in the Consolidated Income Statement were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Current service cost
8
10
11
Interest expense
86
90
89
Past service costs/(credits) and losses/(gains) arising from settlements
\u2014
5
43
Total recognized in the Consolidated Income Statement
94
105
143
During the year ended December 31, 2023, the U.S. plans were amended for benefit changes made under
collective bargaining agreements negotiated with the UAW and the associated prior service costs were
recognized in the Consolidated Income Statement in the amount of \u20ac32\u00a0million. In addition, voluntary separation
packages offered during 2024 and 2023 resulted in OPEB plan curtailment charges of \u20ac5\u00a0million and \u20ac11\u00a0million,
respectively, recognized within Restructuring costs.
Health care and life insurance plans were accounted for on an actuarial basis, which required the selection of
various assumptions. In particular, it required the use of estimates of the present value of the projected future
payments to all participants, taking into consideration the likelihood of potential future events such as health care
cost increases and demographic experience.
The weighted average assumptions used to determine the defined benefit obligations were as follows:
At December 31,
2025
2024
U.S.
Canada
U.S.
Canada
Discount rate
5.60%
5.01%
5.76%
4.72%
Salary growth
2.50%
2.00%
2.50%
2.00%
Weighted average ultimate healthcare cost trend rate
3.95%
4.00%
3.95%
4.00%
The average duration of the U.S. and Canadian liabilities was approximately 10 and 14 years, respectively. Refer
to Note 2, Basis of preparation, for additional information on the Company\u2019s sensitivity analysis.
The annual rate of increase in the per capita cost of covered U.S. health care benefits assumed for the next year
and used in the 2025 plan valuation was 8.2 percent. The annual rate was assumed to decrease gradually to 3.9
percent through 2050 and remain at that level thereafter. The annual rate of increase in the per capita cost of
covered Canadian health care benefits assumed for next year and used in the 2025 plan valuation was 4.3
percent. The annual rate was assumed to decrease gradually to 4.0 percent through 2040 and remain at that
level thereafter.
Other post-employment benefits
Other post-employment benefits comprised other employee benefits granted to Company employees primarily in
Europe.
Changes in defined benefit obligations for other post-employment benefits were as follows:
(\u20ac million)
2025
2024
Present value of obligations at January\u00a01
753
767
Included in the Consolidated Income Statement
1
(14)
Included in Other comprehensive income:
Actuarial (gains)/losses from:
- Demographic and other assumptions
(18)
(21)
- Financial assumptions
(37)
123
Effect of movements in exchange rates
(2)
(4)
Other:
Benefits paid
(71)
(66)
Other changes
(33)
(32)
Present value of obligations at December\u00a031
593
753
As at December 31, 2025, the above Other post-employment benefit liability is net of plan assets of \u20ac321\u00a0million.
Amounts recognized in the Consolidated Income Statement were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Current service cost
31
28
31
Interest expense
25
34
34
Past service costs/(credits) and losses/(gains) arising from settlements
(55)
(76)
(5)
Total recognized in the Consolidated Income Statement
1
(14)
60
Past service credits are primarily due to the impact on French plans of voluntary departures.
Other provisions for employees
Other provisions for employees primarily included long-term disability benefits, supplemental unemployment
benefits, variable and other deferred compensation, as well as bonuses granted for tenure at the Company.
Employee-share purchase plan
During September 2025, the Company offered eligible employees the opportunity to become shareholders
through a specific employee-share purchase plan. Under the plan eligible employees could subscribe to
Stellantis shares, at a subscription price corresponding to the average of the Company\u2019s closing share price on
the 20 trading days preceding the date of the decision setting the terms of the plan, less a 20 percent discount.
Additionally, the Company provided a matching contribution of 200 percent of the personal amount invested, up
to \u20ac200 and a 100 percent matching contribution between \u20ac201 and \u20ac800 invested by the employee. The shares
are locked up for a specified period. Employees bear the risk of fluctuations in the share price relative to the
subscription price.
In the September 2025 plan, a total of 7.6\u00a0million shares were subscribed. There was an increase in equity of
\u20ac61\u00a0million and the total cost of the plan was \u20ac32\u00a0million.
The details for the plan were as follows:\u00a0
Dates right subscribed
From September 3 to
September 29, 2025
Employee subscription price
\u20ac6.52
Lock-up period
3 to 5 years
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-687": { "value": "
For the years ended December 31, 2025, 2024 and 2023, the average number of employees within the
Company\u2019s operations was 253,654, 259,118 and 271,292, respectively.
The average longevity at retirement age for current pensioners (male/female) were as follows:
2025
U.S.
Canada
UK
France
Germany
Life Expectancy at Age 65
Male retiring in 25 years (Aged 40)
20.69
21.88
23.12
N/A
24.26
Female retiring in 25 years (Aged 40)
22.16
24.11
25.62
N/A
27
Male retiring today (Aged 65)
19.19
20.63
21.38
11.19
20.90
Female retiring today (Aged 65)
20.79
22.94
23.81
10.72
24.27
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-688": { "value": "
Amounts relating to IFRS 16 recognized in Profit before taxes
Amounts recognized within Profit before taxes were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Depreciation of right-of-use assets
702
677
607
Interest expense on lease liabilities
95
64
63
Variable lease payments not included in the
measurement of lease liabilities
2
3
3
Income from sub-leasing right-of-use assets
(158)
(138)
(109)
Expenses relating to short-term leases and to
leases of low-value assets
97
219
111
Gains arising from sale and leaseback
transactions
(209)
(248)
(155)
Total expense recognized in Net profit
529
577
520
11.
Property, plant and equipment
Changes in Right-of-use assets are as follows:
(\u20ac million)
Land
Buildings
Plant,
machinery and
equipment
Other assets
Total
Balance at January 1, 2024
33
1,309
153
289
1,784
Depreciation
(3)
(275)
(84)
(315)
(677)
Additions
6
460
42
406
914
Divestitures
(4)
(59)
(33)
(8)
(104)
Change in the scope of
consolidation
2
54
1
62
119
Translation differences
1
46
2
16
65
Other
(11)
(25)
(2)
(2)
(40)
Balance at December 31, 2024
24
1,510
79
448
2,061
Depreciation
(3)
(271)
(52)
(376)
(702)
Additions
1
309
65
442
817
Divestitures
\u2014
(14)
(6)
(4)
(24)
Translation differences
(2)
(103)
(2)
(41)
(148)
Other
(1)
\u2014
5
(35)
(31)
Balance at December 31, 2025
19
1,431
89
434
1,973
Lease liabilities
The following table summarizes the Company's current and non-current lease liabilities:
Lease liabilities included in the Statement of Financial Position
At December 31,
(\u20ac million)
2025
2024
Long-term debt (non-current)
1,636
1,698
Short-term debt and current portion of long-term debt (current)
818
858
Maturity analysis - contractual undiscounted cash flows
(\u20ac million)
At December 31, 2025
Due within one year
837
Due between one and five years
1,126
Due beyond five years
870
Total undiscounted lease liabilities
2,833
In addition, the Company entered into commitments relating to leases not yet commenced of \u20ac1,005 million, of
which the most significant relating to contracts are in North America and Enlarged Europe. In addition to the
above, the Company entered into non-cancellable short-term leases, which have not been classified as lease
liabilities, of \u20ac11 million which is expected to be settled within the next 12 months.
Amounts relating to IFRS 16 recognized in the Consolidated Statement of Cash Flows
During the years ended December 31, 2025, 2024 and 2023, the total cash outflow for leases recognized in
accordance with IFRS 16 was \u20ac951 million, \u20ac938\u00a0million and \u20ac757\u00a0million, respectively, of which \u20ac867 million,
\u20ac874 million and \u20ac693\u00a0million, respectively, related to cash payments for the principal portion of lease liabilities
(recognized within Cash flows from financing activities in the Consolidated Statement of cash flows) and \u20ac84
million, \u20ac64 million and \u20ac64 million, respectively, related to cash payments for interest expense related to lease
liabilities (recognized within Cash flows from operating activities in the Consolidated Statement of cash flows).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-689": { "value": "
12.
Investments accounted for using the equity method
The following table summarizes Investments accounted for using the equity method:
At December 31,
(\u20ac million)
2025
2024
Joint ventures
5,229
7,037
Associates
2,026
2,015
Other
21
48
Total Investments accounted for using the equity method
7,276
9,100
The Company's ownership percentages and the carrying value of investments in joint ventures and associates
accounted for under the equity method were as follows:
Ownership percentage
Investment balance
At December 31,
At December 31,
2025
2024
2025
2024
(Ownership percentage)
(\u20ac million)
Finance companies in partnership with Group Santander
Consumer Finance (\u201cSCF\u201d)
50.0%
50.0%
2,098
2,016
Finance companies in partnership with BNPP PF
50.0%
50.0%
1,084
1,086
Tofas-Turk Otomobil Fabrikasi A.S. (\u201cTofas\u201d)
37.9%
37.9%
1,042
1,101
NextStar Energy Inc(1,2)
49.0%
49.0%
\u2014
897
StarPlus Energy LLC (\u201cStarPlus\u201d)
49.0%
49.0%
703
763
ACC(2)
45.9%
45.0%
\u2014
429
Leasys SAS
50.0%
50.0%
207
424
Symbio(1)(2)
33.3%
33.3%
\u2014
197
Others
95
124
Total joint ventures
5,229
7,037
Zhejiang Leapmotor Technology Co., Ltd. (\u201cLeapmotor\u201d)
20.0%
21.3%
1,274
1,349
Archer Aviation Inc (\u201cArcher\u201d)
8.0%
16.0%
218
206
Nordex S.A.
49.9%
49.9%
137
148
360 Energy S.A.
49.5%
49.5%
103
113
Comau Group S.p.A.
49.9%
49.9%
109
124
STM Financial, S.A.P.I. de C.V.(1)
23.4%
\u2014%
86
\u2014
Others
99
75
Total associates
2,026
2,015
Total joint ventures and associates
7,255
9,052
(1) Refer to Note 3, Scope of consolidation for additional information
(2) Refer to Note 2, Basis of preparation for additional information
For the years ended December\u00a031, 2025 and 2024, there were no unrecognized losses relating to equity method
investments. For the year ended December 31, 2023 there were unrecognized losses of \u20ac27 million.
There are two partnerships with SCF, which cover the financing activities of all Stellantis brands in the following
countries: joint ventures in France, Italy, Spain, Belgium, Poland, the Netherlands and through a commercial
agreement with SCF in Portugal. The joint ventures with BNPP PF operate the financing activities in Germany,
Austria and in the UK.
The following tables provide summarized financial information relating to joint ventures with SCF which are
deemed to be material:
(\u20ac million)
At December 31,
2025
2024
Financial assets
37,882
35,788
Of which: Cash and cash equivalents
1,920
3,201
Other assets
1,632
1,554
Financial liabilities
32,217
30,235
Other liabilities
3,109
3,076
Total Equity
4,188
4,033
Carrying amount of interest
Company\u2019s share of net assets
2,098
2,016
Carrying amount of interest
2,098
2,016
Years ended December 31,
(\u20ac million)
2025
2024
2023
Interest and similar income
3,235
3,382
3,303
Interest and similar expenses
(1,972)
(2,234)
(2,084)
Income tax expense
(200)
(193)
(239)
Profit from continuing operations
456
457
628
Net profit
456
457
628
Net profit attributable to owners of the parent (A)
228
229
314
Other comprehensive income/(loss) attributable to owners of the parent (B)
2
27
3
Total Comprehensive income attributable to owners of the parent (A+B)
230
256
317
Company\u2019s share of net profit
228
229
314
Tofas, the Company\u2019s joint venture with Ko\u00e7 Holding, is registered with the Turkish Capital Market Board and
listed on the Istanbul Stock Exchange. At December\u00a031, 2025, the market value of the Company\u2019s interest in
Tofas was \u20ac929 million (\u20ac1,056 million at December\u00a031, 2024).
The Company's proportionate share of the earnings of its joint ventures, associates and interests in
unconsolidated subsidiaries accounted for using the equity method is included within Share of the profit/(loss) of
equity method investees in the Consolidated Income Statement, and is summarized below by type of equity
method investment.
Years ended December 31,
(\u20ac million)
2025
2024
2023
Joint ventures
(1,179)
118
547
Associates
(95)
(137)
(50)
Other
3
(14)
(6)
Total Share of the profit/(loss) of equity method investees
(1,271)
(33)
491
The share of the loss of equity method investments in the year ended December 31, 2025 was primarily
attributable to losses related to ACC and Symbio resulting from the strategic plan update. Refer to Note 2,\u00a0Basis
of preparation - Strategic plan undergoing reassessment.
Immaterial Joint Ventures and Associates
The aggregate amounts recognized for the Company\u2019s share in all individually immaterial joint ventures and
associates accounted for using the equity method were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Joint ventures:
Profit/(loss) from continuing operations
(1,407)
(111)
233
Net profit/(loss)
(1,407)
(111)
233
Other comprehensive income/(loss)
(278)
(177)
(265)
Total Other comprehensive income/(loss)
(1,685)
(288)
(32)
Associates:
Profit/(loss) from continuing operations
(95)
(137)
(50)
Net profit/(loss)
(95)
(137)
(50)
Other comprehensive income /(loss)
(37)
27
(11)
Total Other comprehensive income/(loss)
(132)
(110)
(61)
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-691": { "value": "
13.
Financial assets
Financial assets consisted of the following:
At December 31,
2025
2024
(\u20ac million)
Note
Current
Non-current
Total
Current
Non-current
Total
Derivative financial assets
17
45
259
304
70
310
380
Financial securities measured at fair value
through other comprehensive income
25
62
335
397
55
360
415
Financial securities measured at fair value
through profit or loss
25
562
903
1,465
538
1,322
1,860
Financial securities measured at amortized cost
553
134
687
2,390
1,106
3,496
Financial receivables (1)(2)
25
763
145
908
788
174
962
Collateral deposits measured at fair value
through profit or loss(3)
25
2
18
20
31
22
53
Total Financial assets
1,987
1,794
3,781
3,872
3,294
7,166
(1) Measured at amortized cost
(2) Included within current Financial receivables at December\u00a031, 2025 is \u20ac603\u00a0million (\u20ac524\u00a0million at December 31, 2024) related to
factored receivables which have been derecognized as Trade receivables and for which the cash has not yet been received due to timing
differences
(3) Collateral deposits are held in connection with derivative transactions and debt obligation
Asset-backed financing
Asset-backed financings, including warehouse credit facilities, asset-backed term notes and asset-backed
securities (\u201cABS\u201d) term loans, primarily represented the amount of financing received by SFS U.S. through
securitization programs of \u20ac14,759 million as of December\u00a031, 2025 (\u20ac9,866 million at December\u00a031, 2024), that
will be settled through the collection of a portfolio of receivables which originate from consumers.
The retail consumer contracts, lease and commercial loans to dealers are pledged to special purpose entities as
collateral.
The following table summarizes the asset-back financing amounts at December\u00a031, 2025 and 2024:
At December 31,
(\u20ac million)
Currency
Interest rate %
Maturity(1)
2025
2024
Warehouse Credit
Facilities:
SFS Funding I
USD
CP/SOFR+spread
Q4/2027
4,442
4,034
FIARC
USD
SOFR+spread
Q4/2027
28
60
SFMOT Floorplan
Facility
USD
CP/SOFR+spread
Q3/2027
945
565
Term Notes:
FIAOT 2021-1
USD
0.45%-5.37%
Q2/2028
\u2014
27
FIAOT 2021-2
USD
0.48%-3.14%
Q4/2028
30
63
FIAOT 2022-1
USD
2.03%-5.41%
Q2/2029
41
83
FIAOT 2022-2
USD
6.26%-8.71%
Q4/2029
44
95
FIAOT 2023-1
USD
6.44%-7.74%
Q1/2031
72
131
FIAOT 2025-1
USD
4.21%-5.22%
Q4/2033
533
\u2014
SFAST 2023-1
USD
5.47%-5.97%
Q1/2031
268
522
SFAST 2024-1
USD
4.94%-5.59%
Q1/2032
349
645
SFAST 2024-2
USD
5.26%-5.71%
Q1/2032
427
760
SFAST 2024-3
USD
4.55%-4.98%
Q4/2032
474
829
SFAST 2025-1
USD
4.49%-5.20%
Q4/2032
520
\u2014
SFAST 2025-2
USD
4.44%-5.05%
Q2/2033
632
\u2014
SFAST 2025-3
USD
4.09%-4.64%
Q4/2033
631
\u2014
SFUEL 2025-A
USD
4.47%-5.08%
Q3/2029
1,086
\u2014
SFUEL 2025-B
USD
4.27%-4.71%
Q1/2030
1,169
\u2014
SFUEL 2025-C
USD
3.88%-4.44%
Q3/2030
1,283
\u2014
Term Loans:
SFAF 2024-1
USD
4.82%
Q3/2032
839
555
SFAF 2024-2
USD
5.45%
Q3/2027
292
590
SFALV 2024-1
USD
4.80%
Q1/2030
654
907
Total
14,759
9,866
(1) Final maturity of the commitment for the warehouse credit facilities and the expected date of the last payment for the Term Notes
Warehouse Credit Facilities
There are three revolving warehouse credit facilities used to finance loan originations by SFS U.S. The Company
believes that the credit facilities will continue to be renewed or replaced, and that it will be able to secure
additional sources of financing on satisfactory terms; however, there can be no assurance that it will be able to
do so. In the event that the Company is unable to renew its facilities, the receivables pledged of \u20ac7.0 billion
($8.2\u00a0billion) as of December\u00a031, 2025 would amortize over time to pay down the warehouse credit facilities;
however, the Company would not be able to finance new receivables without alternative sources of funding.
SFS U.S. uses interest rate derivatives in order to reduce the interest rate risk of certain warehouse credit
facilities where the underlying receivables carry fixed rate of interest and borrowings are based on the floating
rate SOFR indices.
ABS Term Notes
ABS Term Notes are issued in various classes ranging from Class A to Class E Notes. These notes are
sequentially paid with Class A Notes paid first. The range in interest rates depends on the level of risk of loss
and is determined by investor interest in each class of the notes.
ABS Term Loans
ABS Term Loans are provided by various banks which advance term loan proceeds secured by a pool of either
retail loan receivables or consumer leases. Two ABS Term Loans outstanding as of December\u00a031, 2025, with an
aggregate balance of \u20ac1.1\u00a0billion ($1.3\u00a0billion) are secured by retail loan receivables with an aggregate balance
of \u20ac1.4 billion ($1.7\u00a0billion). The remaining ABS Term Loan facility with a balance of \u20ac654\u00a0million ($768\u00a0million) as
of December\u00a031, 2025, is secured by \u20ac833\u00a0million ($979\u00a0million) in consumer lease receivables.
The terms governing the warehouse credit facilities and ABS Term Loans contains numerous covenants relating
to the issuer\u2019s business, the observance of certain financial covenants, the avoidance of certain levels of
delinquency and credit loss experience and other matters. A breach of a covenant, if not cured within the time
limits specified, could precipitate events of default that might result in the acceleration of the ABS Term Loan or
warehouse credit facilities. The ABS Term Notes generally do not contain financial covenants or covenants
related to delinquency experience or credit losses. The Company was not in default with respect to any financial
and non-financial covenants governing these financing arrangements at December\u00a031, 2025.
Refer to Note 25, Fair value measurement for additional information on fair and carrying values of assigned
receivables and related liabilities.
Other
Additionally, there are:
\u2022 \u20ac712 million of debt relating to asset-backed financing in Brazil, at December 31, 2025 (\u20ac101\u00a0million at
December\u00a031, 2024). The increase compared to 2024 primarily reflects new credit facilities drawn during
2025; and
\u2022 \u20ac8 million of debt relating to factoring transactions which do not meet the IFRS 9 derecognition requirements
and are recognized within assets of the same amount as of December\u00a031, 2025 (\u20ac49 million at December\u00a031,
2024) in the Consolidated Statement of Financial Position, refer to Note 16, Trade receivables, other assets,
prepaid expenses and tax receivables for additional information.
Debt secured by assets
At December\u00a031, 2025, debt secured by assets of the Company amounted to nil (\u20ac23 million at December\u00a031,
2024), excluding the Lease liabilities and Asset-backed financing as described above. The balance at
December\u00a031, 2024 related to subsidized financing arrangements in South America which was repaid in 2025.
The total carrying amount of assets acting as security for loans for the Company amounted to nil, excluding the
Right-of-use assets as described in Note 11, Property, plant and equipment, at December\u00a031, 2025 (\u20ac471 million
at December\u00a031, 2024). The decrease reflects the repayment of a loan in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-690": { "value": "
13.
Financial assets
Financial assets consisted of the following:
At December 31,
2025
2024
(\u20ac million)
Note
Current
Non-current
Total
Current
Non-current
Total
Derivative financial assets
17
45
259
304
70
310
380
Financial securities measured at fair value
through other comprehensive income
25
62
335
397
55
360
415
Financial securities measured at fair value
through profit or loss
25
562
903
1,465
538
1,322
1,860
Financial securities measured at amortized cost
553
134
687
2,390
1,106
3,496
Financial receivables (1)(2)
25
763
145
908
788
174
962
Collateral deposits measured at fair value
through profit or loss(3)
25
2
18
20
31
22
53
Total Financial assets
1,987
1,794
3,781
3,872
3,294
7,166
(1) Measured at amortized cost
(2) Included within current Financial receivables at December\u00a031, 2025 is \u20ac603\u00a0million (\u20ac524\u00a0million at December 31, 2024) related to
factored receivables which have been derecognized as Trade receivables and for which the cash has not yet been received due to timing
differences
(3) Collateral deposits are held in connection with derivative transactions and debt obligation
Trade receivables
Trade receivables are measured at amortized cost and net of an ECL allowance, calculated using the simplified
approach. Changes in the allowance for trade receivables were as follows:
(\u20ac million)
At January 1,
2025
Provision
Use\u00a0and
other
changes
Transferred
to Assets
held for sale
At December
31, 2025
ECL allowance - Trade receivables
608
48
(2)
\u2014
654
An immaterial amount of Trade receivables were written off during the year ended December\u00a031, 2025, and are
still subject to enforcement activities.
The following table provides information about the exposure to credit risk and ECLs for trade receivables:
At December 31,
2025
2024
(\u20ac million)
Current and
less than 90
days past due
90 days or
more past
due
Total
Current and
less than 90
days past due
90 days or
more past
due
Total
Gross amount
5,353
959
6,312
5,049
1,038
6,087
ECL allowance
(357)
(297)
(654)
(194)
(414)
(608)
Carrying amount
4,996
662
5,658
4,855
624
5,479
In addition to the amounts above, trade receivables measured at FVPL amounted to \u20ac4\u00a0million at December 31,
2025 (\u20ac27\u00a0million at December 31, 2024). Refer to Note 25, Fair value measurement for additional information.
Receivables from financing activities
Receivables from financing activities mainly relate to the business of financial services companies fully
consolidated by the Company and are summarized as follows:
At December 31,
(\u20ac million)
2025
2024
Dealer financing
3,087
2,330
Retail financing
10,703
8,494
Finance leases
540
299
Other
1,401
1,408
Total Receivables from financing activities
15,731
12,531
The \u20ac3.2\u00a0billion increase in Receivables from financing activities for the year ended December 31, 2025 is
mainly due to the increase in the loan portfolio activity in South America and North America.
Receivables from financing activities are shown net of an ECL allowance. Changes in the allowance for
receivables from financing activities were as follows:
(\u20ac million)
At January 1,
2025
Provision
Use\u00a0and
other
changes
Transferred
to Assets
held for sale
At December
31, 2025
ECL allowance - Receivables from
financing activities
226
413
(290)
\u2014
349
The following table provides information about the exposure to credit risk and ECLs for receivables from
financing activities:
At December 31,
2025
2024
(\u20ac million)
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Gross amount
15,634
160
283
16,077
12,451
168
138
12,757
ECL allowance
(199)
(24)
(126)
(349)
(174)
(33)
(19)
(226)
Carrying amount
15,435
136
157
15,728
12,277
135
119
12,531
Refer to Note 2, Basis of preparation for additional information on details of the stages.
Other assets and prepaid expenses
Other assets and prepaid expenses consisted of the following:
At December 31
2025
2024
(\u20ac million)
Current
Non-current
Total
Current
Non-current
Total
Receivables from financing activities at
amortized cost
7,867
7,864
15,731
5,693
6,838
12,531
Other receivables at amortized cost
3,052
884
3,936
1,391
562
1,953
Indirect tax receivables
3,266
958
4,224
3,728
865
4,593
Defined benefit plan assets (Note 20)
\u2014
967
967
39
924
963
Derivative operating assets
349
57
406
256
17
273
Prepaid expenses and other
1,236
395
1,631
1,866
455
2,321
Total other assets and prepaid expenses
15,770
11,125
26,895
12,973
9,661
22,634
The following table summarizes Receivables from financing activities, Other receivables at amortized cost,
Derivative operating assets and Tax receivables by due date:
At December 31,
2025
2024
(\u20ac million)
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
due after
one year
(non-
current)
Total
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
due after
one year
(non-
current)
Total
Receivables from
financing activities
7,867
6,493
1,371
7,864
15,731
5,693
5,861
977
6,838
12,531
Other receivables
at amortized cost
3,052
763
121
884
3,936
1,391
466
96
562
1,953
Indirect tax
receivables
3,266
930
28
958
4,224
3,728
865
\u2014
865
4,593
Derivative
operating assets
349
57
\u2014
57
406
256
17
\u2014
17
273
Total
14,534
8,243
1,520
9,763
24,297
11,068
7,209
1,073
8,282
19,350
Tax receivables
1,199
177
17
194
1,393
1,411
210
17
227
1,638
The \u20ac2.0\u00a0billion increase in Other receivables at amortized cost for the year ended December\u00a031, 2025 primarily
reflects tariff-related receivables in North America.
Transfer of financial assets
At December\u00a031, 2025, the Company had receivables due after that date, which had been transferred without
recourse and which were derecognized in accordance with IFRS 9 \u2013 Financial Instruments, amounting to
\u20ac16,074\u00a0million (\u20ac14,888\u00a0million at December\u00a031, 2024), of which 69 percent (74 percent at December\u00a031, 2024)
was mainly due from the sales network, transferred to financing companies in partnership with Santander, BNP
Paribas, Banco BBVA Argentina S.A. and Cr\u00e9dit Agricole.
At December\u00a031, 2025 and 2024, the carrying amount of transferred financial assets not derecognized and the
related liabilities were as follows:
At December 31,
2025
2024
(\u20ac million)
Trade
receivables
Receivables
from
financing
activities
Total
Trade
receivables
Receivables
from
financing
activities
Total
Carrying amount of assets transferred and not
derecognized
7
1
8
44
5
49
Carrying amount of the related liabilities (Note 22)
7
1
8
44
5
49
17.
Derivative financial and operating assets and liabilities
The following table summarizes the fair value of the Company's derivative financial instruments:
At December 31,
2025
2024
(\u20ac million)
Positive\u00a0fair
value
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
Fair value hedges:
Interest rate risk - interest rate swaps
163
\u2014
170
\u2014
Total Fair value hedges
163
\u2014
170
\u2014
Cash flow hedges:
Interest rate risk - interest rate swaps
11
(14)
21
(11)
Currency risks - forward contracts, currency swaps and
currency options
60
(83)
155
(182)
Commodity price risk \u2013 commodity swaps and
commodity options
278
(23)
46
(304)
Total Cash flow hedges
349
(120)
222
(497)
Total Net investment hedges
\u2014
\u2014
\u2014
\u2014
Derivatives for trading
198
(93)
261
(184)
Total Fair value of derivative financial assets/
(liabilities)
710
(213)
653
(681)
Financial derivative assets/(liabilities) - current
45
(29)
70
(9)
Financial derivative assets/(liabilities) - non-current
259
(7)
310
(15)
Derivative operating assets/(liabilities) - current
349
(150)
256
(600)
Derivative operating assets/(liabilities) - non-current
57
(27)
17
(57)
Derivatives used in financing activities are reported in the financial assets/liabilities, while derivatives used in
operating activities are reported in Other assets/liabilities.
The following table summarizes the outstanding notional amounts of the Company's derivative financial
instruments by due date:
At December 31,
2025
2024
(\u20ac million)
Due\u00a0within
one year
Due
between
one\u00a0and five
years
Total
Due\u00a0within
one year
Due
between
one\u00a0and five
years
Total
Currency risk management
16,057
1,738
17,795
19,279
1,125
20,404
Interest rate risk management
3,617
11,307
14,924
71
12,215
12,286
Interest rate and currency risk management
35
56
91
11
19
30
Commodity price risk management
1,253
320
1,573
2,079
818
2,897
Total Notional amount
20,962
13,421
34,383
21,440
14,177
35,617
Fair value hedges
The net gains and losses arising from the valuation of outstanding currency derivatives and interest rate
derivatives and the net gains and losses arising from the respective hedged items were recognized in
accordance with fair value hedge accounting.
Ineffectiveness portion is recognized in Net financial expenses.
At December 31, 2025, the Company has outstanding interest rate derivatives, with a notional value of
\u20ac8.5\u00a0billion, classified as fair value hedges and managing interest rate risk of certain bonds issued in Europe
and in North America. The accumulated amount of fair value hedge adjustment on the hedged item is negative
and equal to \u20ac49\u00a0million which offsets the equivalent positive effect related to the change in value of the hedging
derivatives.
Cash flow hedges
Amounts recognized in the Consolidated Income Statement mainly related to currency risk management,
commodity price risk management and cash flows that were exposed to interest rate risk.
The Company's policy for managing currency risk and commodity price risk requires hedging of projected future
flows from trading activities which will occur within the following two and three years respectively. In addition, the
Company\u2019s policy for managing interest rate risk requires limiting the impact of interest rate fluctuations, in
particular the financial services companies provide loans (mainly to customers and dealers), financing
themselves using various forms of direct debt or asset-backed financing (e.g. factoring of receivables or
securitizations). When the interest rate on loans differs from the rate on borrowed funds, the Company uses
interest rate derivatives as cash flow hedges to reduce the impact of these differences.
The hedging effect arising from cash flow hedges was recorded in the Cash flow hedge reserve within Other
comprehensive income/(loss) and will be subsequently recognized in the Consolidated Income Statement,
primarily during the following years, in particular, two years for currency risk and three years for commodity price
risk.
For the year ended December\u00a031, 2025, net losses of \u20ac142 million mainly related to discontinued hedges were
recognized in the Consolidated Income Statement (net losses of \u20ac48 million for the year ended December\u00a031,
2024 and net gains of \u20ac4 million for the year ended December\u00a031, 2023 ).
The Company reclassified gains/(losses) arising on Cash flow hedges, net of the tax effect, from Other
comprehensive income and Inventories to the Consolidated Income Statement as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Currency risk
(Increase)/decrease in Cost of revenues
(70)
222
(101)
Share of profit/(loss) of equity method investees
36
(42)
7
Interest rate risk
(Increase)/decrease in Cost of revenues
(1)
\u2014
\u2014
Share of profit/(loss) of equity method investees
\u2014
19
44
Net financial income/(expenses)
\u2014
(3)
\u2014
Commodity price risk
(Increase)/decrease in Cost of revenues
(170)
(616)
(435)
Ineffectiveness and discontinued hedges
(142)
(48)
4
Tax expenses/(benefit)
29
84
77
Total recognized in the Consolidated Income Statement
(318)
(384)
(404)
Net investment hedges
In order to manage the Company\u2019s foreign currency risk related to its investments, the Company enters into
hedges of a net investment in a foreign operation, in particular foreign currency swaps, forward contracts and
currency options. For the year ended December\u00a031, 2025, gains of \u20ac1\u00a0million (gains of \u20ac33\u00a0million for the year
ended December\u00a031, 2024 and losses of \u20ac12\u00a0million for the year ended December 31, 2023) related to the
hedges of a net investment in foreign operation were recognized in the Consolidated Statement of Other
Comprehensive Income within Exchange differences on translating foreign operations differences. There was no
ineffectiveness for the year ended December\u00a031, 2025.
Derivatives for trading
At December\u00a031, 2025, 2024 and 2023, Derivatives for trading primarily consisted of derivative contracts
entered into for hedging purposes which did not qualify for hedge accounting and warrants on Archer shares for
\u20ac114\u00a0million (\u20ac168\u00a0million for the year ended December\u00a031, 2024)
Information on the Company's risk management strategy and additional information on its hedging activities is
provided in Note 32, Qualitative and quantitative information on financial risks.
18.
Cash and cash equivalents
Cash and cash equivalents consisted of the following:
At December 31,
(\u20ac million)
2025
2024
Cash at banks
10,134
9,408
Money market securities measured at FVPL
13,191
19,127
Other cash equivalents
6,821
5,565
Total Cash and cash equivalents
30,146
34,100
25.
Fair value measurement
Assets and liabilities that are measured at fair value on a recurring basis
The following table shows the fair value hierarchy, based on observable and unobservable inputs, for financial
assets and liabilities measured at fair value on a recurring basis:
At December 31,
2025
2024
(\u20ac million)
Note
Level 1
Level\u00a02
Level\u00a03
Total
Level 1
Level\u00a02
Level\u00a03
Total
Financial securities and equity
instruments measured at
FVOCI
13
108
\u2014
289
397
119
29
267
415
Financial securities and equity
instruments measured at FVPL
13
1,110
4
351
1,465
1,205
\u2014
655
1,860
Derivative financial assets
17
\u2014
303
1
304
\u2014
380
\u2014
380
Derivative operating assets
17
\u2014
397
9
406
\u2014
273
\u2014
273
Collateral deposits
13
20
\u2014
\u2014
20
53
\u2014
\u2014
53
Receivables from financing
activities
16
\u2014
\u2014
3
3
\u2014
\u2014
\u2014
\u2014
Trade receivables
16
\u2014
4
\u2014
4
\u2014
27
\u2014
27
Other receivables
16
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
66
66
Money market securities
18
13,191
\u2014
\u2014
13,191
19,127
\u2014
\u2014
19,127
Total Assets
14,429
708
653
15,790
20,504
709
988
22,201
Derivative financial liabilities
17
\u2014
36
\u2014
36
\u2014
24
\u2014
24
Derivative operating liabilities
17
\u2014
177
\u2014
177
\u2014
656
1
657
Total Liabilities
\u2014
213
\u2014
213
\u2014
680
1
681
The fair value of derivative financial assets and liabilities was measured by taking into consideration market
parameters at the balance sheet date and using valuation techniques widely accepted in the financial business
environment, as described below:
\u2022 the fair value of forward contracts, swaps and options hedging currency risk was determined by using
valuation techniques common in the financial markets and taking market parameters at the balance sheet date
(in particular, exchange rates, interest rates and volatility rates);
\u2022 the fair value of interest rate swaps and forward rate agreements was determined by taking the prevailing
interest rates at the balance sheet date and using the discounted expected cash flow method;
\u2022 the fair value of combined interest rate and currency swaps was determined using the exchange and interest
rates prevailing at the balance sheet date and the discounted expected cash flow method; and
\u2022 the fair value of swaps and options hedging commodity price risk was determined by using valuation
techniques common in the financial markets and taking market parameters at the balance sheet date (in
particular, underlying prices, interest rates and volatility rates).
The fair value of money market securities was also based on available market quotations.
The fair value of Receivables from financing activities, which are classified in Level 3 of the fair value hierarchy,
was estimated using discounted cash flow models. The most significant inputs used in this measurement were
market discount rates that reflected conditions applied in various reference markets on receivables with similar
characteristics, adjusted in order to take into account the credit risk of each counterparty.
The fair value of Other receivables is classified in Level 3 of the fair value hierarchy and was estimated using
discounted cash flow models. The most significant inputs used in this measurement were market discount rates.
For assets and liabilities recognized in the financial statements at fair value on a recurring basis, the Company
determined whether transfers occurred between levels in the hierarchy by re-assessing categorization at the end
of each reporting period.
The following table provides a reconciliation of the changes in items measured at fair value and categorized
within Level 3:
(\u20ac million)
Receivables
from
financing
activities
Financial
securities
Derivative\u00a0
financial
assets/
(liabilities)
Other
receivables
At January 1, 2025
\u2014
922
(1)
66
Gains/(Losses) recognized in Consolidated Income Statement
\u2014
(97)
\u2014
\u2014
Gains/(Losses) recognized in Other comprehensive income
\u2014
(31)
10
\u2014
Issues/Settlements
3
\u2014
\u2014
(66)
Purchases/Sales
\u2014
(145)
\u2014
\u2014
Transfers (to)/from other levels
\u2014
(9)
1
\u2014
At December 31, 2025
3
640
10
\u2014
(\u20ac million)
Receivables
from
financing
activities
Financial
securities
Derivative\u00a0
financial
assets/
(liabilities)
Other
receivables
At January 1, 2024
117
1,165
(40)
76
Change in scope of consolidation
\u2014
(7)
\u2014
\u2014
Gains/(Losses) recognized in Consolidated Income Statement
\u2014
(34)
\u2014
(10)
Gains/(Losses) recognized in Other comprehensive income
\u2014
(26)
39
\u2014
Issues/Settlements
(117)
\u2014
\u2014
\u2014
Purchases/Sales
\u2014
(176)
\u2014
\u2014
At December 31, 2024
\u2014
922
(1)
66
The gains/(losses) included in the Consolidated Income Statements were recognized within Net financial
expenses/(income). Of the total gains/(losses) recognized in Other comprehensive income, \u20ac10\u00a0million were
recognized within Cash flow reserves (\u20ac39\u00a0million at December 31, 2024),\u00a0\u20ac74\u00a0million were recognized within
Currency translation differences (\u20ac(11)\u00a0million at December 31, 2024) and \u20ac43\u00a0million were recognized within
Gains and losses from remeasurement of financial assets (\u20ac(15)\u00a0million at December 31, 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-699": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
Trade receivables
Trade receivables are measured at amortized cost and net of an ECL allowance, calculated using the simplified
approach. Changes in the allowance for trade receivables were as follows:
(\u20ac million)
At January 1,
2025
Provision
Use\u00a0and
other
changes
Transferred
to Assets
held for sale
At December
31, 2025
ECL allowance - Trade receivables
608
48
(2)
\u2014
654
An immaterial amount of Trade receivables were written off during the year ended December\u00a031, 2025, and are
still subject to enforcement activities.
The following table provides information about the exposure to credit risk and ECLs for trade receivables:
At December 31,
2025
2024
(\u20ac million)
Current and
less than 90
days past due
90 days or
more past
due
Total
Current and
less than 90
days past due
90 days or
more past
due
Total
Gross amount
5,353
959
6,312
5,049
1,038
6,087
ECL allowance
(357)
(297)
(654)
(194)
(414)
(608)
Carrying amount
4,996
662
5,658
4,855
624
5,479
In addition to the amounts above, trade receivables measured at FVPL amounted to \u20ac4\u00a0million at December 31,
2025 (\u20ac27\u00a0million at December 31, 2024). Refer to Note 25, Fair value measurement for additional information.
Receivables from financing activities
Receivables from financing activities mainly relate to the business of financial services companies fully
consolidated by the Company and are summarized as follows:
At December 31,
(\u20ac million)
2025
2024
Dealer financing
3,087
2,330
Retail financing
10,703
8,494
Finance leases
540
299
Other
1,401
1,408
Total Receivables from financing activities
15,731
12,531
The \u20ac3.2\u00a0billion increase in Receivables from financing activities for the year ended December 31, 2025 is
mainly due to the increase in the loan portfolio activity in South America and North America.
Receivables from financing activities are shown net of an ECL allowance. Changes in the allowance for
receivables from financing activities were as follows:
(\u20ac million)
At January 1,
2025
Provision
Use\u00a0and
other
changes
Transferred
to Assets
held for sale
At December
31, 2025
ECL allowance - Receivables from
financing activities
226
413
(290)
\u2014
349
The following table provides information about the exposure to credit risk and ECLs for receivables from
financing activities:
At December 31,
2025
2024
(\u20ac million)
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Gross amount
15,634
160
283
16,077
12,451
168
138
12,757
ECL allowance
(199)
(24)
(126)
(349)
(174)
(33)
(19)
(226)
Carrying amount
15,435
136
157
15,728
12,277
135
119
12,531
Refer to Note 2, Basis of preparation for additional information on details of the stages.
Other assets and prepaid expenses
Other assets and prepaid expenses consisted of the following:
At December 31
2025
2024
(\u20ac million)
Current
Non-current
Total
Current
Non-current
Total
Receivables from financing activities at
amortized cost
7,867
7,864
15,731
5,693
6,838
12,531
Other receivables at amortized cost
3,052
884
3,936
1,391
562
1,953
Indirect tax receivables
3,266
958
4,224
3,728
865
4,593
Defined benefit plan assets (Note 20)
\u2014
967
967
39
924
963
Derivative operating assets
349
57
406
256
17
273
Prepaid expenses and other
1,236
395
1,631
1,866
455
2,321
Total other assets and prepaid expenses
15,770
11,125
26,895
12,973
9,661
22,634
The following table summarizes Receivables from financing activities, Other receivables at amortized cost,
Derivative operating assets and Tax receivables by due date:
At December 31,
2025
2024
(\u20ac million)
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
due after
one year
(non-
current)
Total
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
due after
one year
(non-
current)
Total
Receivables from
financing activities
7,867
6,493
1,371
7,864
15,731
5,693
5,861
977
6,838
12,531
Other receivables
at amortized cost
3,052
763
121
884
3,936
1,391
466
96
562
1,953
Indirect tax
receivables
3,266
930
28
958
4,224
3,728
865
\u2014
865
4,593
Derivative
operating assets
349
57
\u2014
57
406
256
17
\u2014
17
273
Total
14,534
8,243
1,520
9,763
24,297
11,068
7,209
1,073
8,282
19,350
Tax receivables
1,199
177
17
194
1,393
1,411
210
17
227
1,638
The \u20ac2.0\u00a0billion increase in Other receivables at amortized cost for the year ended December\u00a031, 2025 primarily
reflects tariff-related receivables in North America.
Transfer of financial assets
At December\u00a031, 2025, the Company had receivables due after that date, which had been transferred without
recourse and which were derecognized in accordance with IFRS 9 \u2013 Financial Instruments, amounting to
\u20ac16,074\u00a0million (\u20ac14,888\u00a0million at December\u00a031, 2024), of which 69 percent (74 percent at December\u00a031, 2024)
was mainly due from the sales network, transferred to financing companies in partnership with Santander, BNP
Paribas, Banco BBVA Argentina S.A. and Cr\u00e9dit Agricole.
At December\u00a031, 2025 and 2024, the carrying amount of transferred financial assets not derecognized and the
related liabilities were as follows:
At December 31,
2025
2024
(\u20ac million)
Trade
receivables
Receivables
from
financing
activities
Total
Trade
receivables
Receivables
from
financing
activities
Total
Carrying amount of assets transferred and not
derecognized
7
1
8
44
5
49
Carrying amount of the related liabilities (Note 22)
7
1
8
44
5
49
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-701": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
The following table summarizes Receivables from financing activities, Other receivables at amortized cost,
Derivative operating assets and Tax receivables by due date:
At December 31,
2025
2024
(\u20ac million)
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
due after
one year
(non-
current)
Total
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
due after
one year
(non-
current)
Total
Receivables from
financing activities
7,867
6,493
1,371
7,864
15,731
5,693
5,861
977
6,838
12,531
Other receivables
at amortized cost
3,052
763
121
884
3,936
1,391
466
96
562
1,953
Indirect tax
receivables
3,266
930
28
958
4,224
3,728
865
\u2014
865
4,593
Derivative
operating assets
349
57
\u2014
57
406
256
17
\u2014
17
273
Total
14,534
8,243
1,520
9,763
24,297
11,068
7,209
1,073
8,282
19,350
Tax receivables
1,199
177
17
194
1,393
1,411
210
17
227
1,638
The \u20ac2.0\u00a0billion increase in Other receivables at amortized cost for the year ended December\u00a031, 2025 primarily
reflects tariff-related receivables in North America.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-700": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
Other assets and prepaid expenses
Other assets and prepaid expenses consisted of the following:
At December 31
2025
2024
(\u20ac million)
Current
Non-current
Total
Current
Non-current
Total
Receivables from financing activities at
amortized cost
7,867
7,864
15,731
5,693
6,838
12,531
Other receivables at amortized cost
3,052
884
3,936
1,391
562
1,953
Indirect tax receivables
3,266
958
4,224
3,728
865
4,593
Defined benefit plan assets (Note 20)
\u2014
967
967
39
924
963
Derivative operating assets
349
57
406
256
17
273
Prepaid expenses and other
1,236
395
1,631
1,866
455
2,321
Total other assets and prepaid expenses
15,770
11,125
26,895
12,973
9,661
22,634
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-698": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
The following table summarizes Receivables from financing activities, Other receivables at amortized cost,
Derivative operating assets and Tax receivables by due date:
At December 31,
2025
2024
(\u20ac million)
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
due after
one year
(non-
current)
Total
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
due after
one year
(non-
current)
Total
Receivables from
financing activities
7,867
6,493
1,371
7,864
15,731
5,693
5,861
977
6,838
12,531
Other receivables
at amortized cost
3,052
763
121
884
3,936
1,391
466
96
562
1,953
Indirect tax
receivables
3,266
930
28
958
4,224
3,728
865
\u2014
865
4,593
Derivative
operating assets
349
57
\u2014
57
406
256
17
\u2014
17
273
Total
14,534
8,243
1,520
9,763
24,297
11,068
7,209
1,073
8,282
19,350
Tax receivables
1,199
177
17
194
1,393
1,411
210
17
227
1,638
The \u20ac2.0\u00a0billion increase in Other receivables at amortized cost for the year ended December\u00a031, 2025 primarily
reflects tariff-related receivables in North America.
17.
Derivative financial and operating assets and liabilities
The following table summarizes the outstanding notional amounts of the Company's derivative financial
instruments by due date:
At December 31,
2025
2024
(\u20ac million)
Due\u00a0within
one year
Due
between
one\u00a0and five
years
Total
Due\u00a0within
one year
Due
between
one\u00a0and five
years
Total
Currency risk management
16,057
1,738
17,795
19,279
1,125
20,404
Interest rate risk management
3,617
11,307
14,924
71
12,215
12,286
Interest rate and currency risk management
35
56
91
11
19
30
Commodity price risk management
1,253
320
1,573
2,079
818
2,897
Total Notional amount
20,962
13,421
34,383
21,440
14,177
35,617
22.
Debt
The following table summarizes the Company's current and non-current Debt by maturity date (amounts include
accrued interest:
At December 31,
2025
2024
(\u20ac million)
Due
within
one\u00a0year
(current)
Due
between
one and
five\u00a0years
Due
beyond
five\u00a0years
Total
(non-
current)
Total
Debt
Due
within
one\u00a0year
(current)
Due
between
one and
five\u00a0years
Due
beyond
five
years
Total
(non-
current)
Total
Debt
Notes
2,945
11,048
9,208
20,256
23,201
949
9,114
9,054
18,168
19,117
Borrowings from
banks
1,311
609
40
649
1,960
3,119
371
82
453
3,572
Asset-backed
financing
7,247
7,434
798
8,232
15,479
5,645
3,681
690
4,371
10,016
Lease liabilities
818
967
669
1,636
2,454
858
883
815
1,698
2,556
Other debt
1,800
1,006
47
1,053
2,853
1,628
291
47
338
1,966
Total Debt
14,121
21,064
10,762
31,826
45,947
12,199
14,340
10,688
25,028
37,227
For additional information on the maturity analysis of financial liabilities, refer to Note 32, Qualitative and
quantitative information on financial risks.
24.
Other liabilities
Other liabilities (excluding Accrued expenses, Deferred income and Service contract liability) by due date were
as follows:
At December 31,
2025
2024
(\u20ac million)
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year (Non-
Current)
Total
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year (Non-
Current)
Total
Other liabilities (excluding
Accrued expenses, deferred
income and service contract
liability)
12,198
3,201
41
3,242
15,440
11,830
3,038
43
3,081
14,911
Liquidity risk
Liquidity risk represents the risk the Company is unable to obtain the funds needed to carry out its operations
and meet its obligations. Any actual or perceived limitations on the Company\u2019s liquidity could affect the ability of
counterparties to do business with the Company or may require additional amounts of cash and cash
equivalents to be allocated as collateral for outstanding obligations.
The continuation of challenging economic conditions in the markets in which the Company operates and the
uncertainties that characterize the financial markets, necessitate special attention to the management of liquidity
risk. In that sense, measures taken to generate funds through operations and to maintain a conservative level of
available liquidity are important factors for ensuring operational flexibility and addressing strategic challenges
over the next few years.
The main factors that determined the Company\u2019s liquidity situation are the funds generated by or used in
operating and investing activities, the debt lending period and its renewal features or the liquidity of the funds
employed and market terms and conditions.
The Company adopted a series of policies and procedures whose purpose was to optimize the management of
funds and to reduce liquidity risk as follows:
\u2022 centralizing the management of receipts and payments where it may be economical in the context of the local
civil, currency and fiscal regulations of the countries in which the Company was present;
\u2022 maintaining a conservative level of available liquidity;
\u2022 diversifying the means by which funds were obtained and maintaining a continuous and active presence in the
capital markets;
\u2022 obtaining adequate credit lines; and
\u2022 monitoring future liquidity on the basis of business planning.
The Company manages liquidity risk by monitoring cash flows and keeping an adequate level of funds at its
disposal. The operating cash management and liquidity investment of the Company are centrally coordinated in
the Company\u2019s treasury function, with the objective of ensuring effective and efficient management of the
Company\u2019s funds. The Company\u2019s treasury companies obtain funds in the financial markets from various funding
sources.
Certain notes issued by the Company and its treasury subsidiaries include covenants which could be affected
by circumstances related to certain subsidiaries; in particular, there are cross-default clauses which could
accelerate repayments in the event that such subsidiaries fail to pay certain of their debt obligations.
Refer to Note 16, Trade receivables, other assets, prepaid expenses and Tax receivables, Note 24, Other
liabilities and Note 22, Debt for additional information on the repayment structure of the Company\u2019s financial
assets and liabilities. Refer to Note 17, Derivative financial and operating assets and liabilities for additional
information on the repayment structure of derivative financial instruments.
The following table summarizes payments due under Stellantis\u2019 significant contractual commitments as of
December\u00a031, 2025 and 2024 and excludes off balance sheet commitments which are disclosed in Note 27,
Guarantees granted, commitments and contingent liabilities:
At December 31, 2025
Payments due by period
(\u20ac million)
Total
Less\u00a0than
\u00a01\u00a0year
1-3\u00a0years
3-5\u00a0years
More\u00a0than
5\u00a0years
Debt(1)
Notes
22,647
2,514
5,901
5,084
9,148
Borrowings from banks
1,931
1,286
436
135
74
Asset-backed financing
15,479
7,247
4,766
2,668
798
Other debt
2,808
1,782
828
155
43
Interest on Debt(2)
5,786
1,610
2,098
1,152
926
Lease liabilities(3)
2,833
837
708
418
870
Trade payables
29,999
29,999
\u2014
\u2014
\u2014
Derivative (assets)/liabilities
(392)
(266)
(125)
(1)
\u2014
Total
81,091
45,009
14,612
9,611
11,859
At December 31, 2024
Payments due by period
(\u20ac million)
Total
Less\u00a0than
\u00a01\u00a0year
1-3\u00a0years
3-5\u00a0years
More\u00a0than
5\u00a0years
Debt(1)
Notes
18,542
650
4,777
4,129
8,986
Borrowings from banks
3,562
3,109
293
77
83
Asset-backed financing
10,016
5,645
2,053
1,628
690
Other debt
1,990
1,596
306
15
73
Interest on Debt(2)
4,313
1,188
1,410
730
985
Lease liabilities(3)
2,852
866
643
358
985
Trade payable
29,684
29,684
\u2014
\u2014
\u2014
Derivative (assets)/liabilities
200
315
(83)
(32)
\u2014
Total
71,159
43,053
9,399
6,905
11,802
(1) Amounts presented related to the principal amounts of debt exclude the related interest expense that would be paid when due, fair
value adjustments, discounts, premiums and loan origination fees. For additional information see Note 22, Debt, within the Consolidated
Financial Statements included elsewhere in this report
(2) Amounts include interest payments based on contractual terms and current interest rates on debt. Interest rates based on variable
rates included above were determined using the current interest rates in effect at December\u00a031, 2025 and 2024
(3) Lease liabilities consisted mainly of industrial buildings and plant, machinery and equipment used in Stellantis\u2019 business. The amounts
reported include all future cash outflows included in the undiscounted lease liabilities. See Note 22, Debt, within the Consolidated
Financial Statements included elsewhere in this report
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-697": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
The following table summarizes Receivables from financing activities, Other receivables at amortized cost,
Derivative operating assets and Tax receivables by due date:
At December 31,
2025
2024
(\u20ac million)
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
due after
one year
(non-
current)
Total
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
due after
one year
(non-
current)
Total
Receivables from
financing activities
7,867
6,493
1,371
7,864
15,731
5,693
5,861
977
6,838
12,531
Other receivables
at amortized cost
3,052
763
121
884
3,936
1,391
466
96
562
1,953
Indirect tax
receivables
3,266
930
28
958
4,224
3,728
865
\u2014
865
4,593
Derivative
operating assets
349
57
\u2014
57
406
256
17
\u2014
17
273
Total
14,534
8,243
1,520
9,763
24,297
11,068
7,209
1,073
8,282
19,350
Tax receivables
1,199
177
17
194
1,393
1,411
210
17
227
1,638
The \u20ac2.0\u00a0billion increase in Other receivables at amortized cost for the year ended December\u00a031, 2025 primarily
reflects tariff-related receivables in North America.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-696": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
Other assets and prepaid expenses
Other assets and prepaid expenses consisted of the following:
At December 31
2025
2024
(\u20ac million)
Current
Non-current
Total
Current
Non-current
Total
Receivables from financing activities at
amortized cost
7,867
7,864
15,731
5,693
6,838
12,531
Other receivables at amortized cost
3,052
884
3,936
1,391
562
1,953
Indirect tax receivables
3,266
958
4,224
3,728
865
4,593
Defined benefit plan assets (Note 20)
\u2014
967
967
39
924
963
Derivative operating assets
349
57
406
256
17
273
Prepaid expenses and other
1,236
395
1,631
1,866
455
2,321
Total other assets and prepaid expenses
15,770
11,125
26,895
12,973
9,661
22,634
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-695": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
The following table summarizes Receivables from financing activities, Other receivables at amortized cost,
Derivative operating assets and Tax receivables by due date:
At December 31,
2025
2024
(\u20ac million)
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
due after
one year
(non-
current)
Total
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
due after
one year
(non-
current)
Total
Receivables from
financing activities
7,867
6,493
1,371
7,864
15,731
5,693
5,861
977
6,838
12,531
Other receivables
at amortized cost
3,052
763
121
884
3,936
1,391
466
96
562
1,953
Indirect tax
receivables
3,266
930
28
958
4,224
3,728
865
\u2014
865
4,593
Derivative
operating assets
349
57
\u2014
57
406
256
17
\u2014
17
273
Total
14,534
8,243
1,520
9,763
24,297
11,068
7,209
1,073
8,282
19,350
Tax receivables
1,199
177
17
194
1,393
1,411
210
17
227
1,638
The \u20ac2.0\u00a0billion increase in Other receivables at amortized cost for the year ended December\u00a031, 2025 primarily
reflects tariff-related receivables in North America.
Credit risk
Overall, the credit risk regarding the Company\u2019s trade receivables and receivables from financing activities is
concentrated mainly in North America, Enlarged Europe and South America.
The maximum credit risk to which the Company is potentially exposed at December 31, 2025 is represented by
the carrying amounts of financial assets in the financial statements discussed in Note 16, Trade receivables,
other assets, prepaid expenses and Tax receivables and the nominal value of the guarantees provided on
liabilities and commitments to third parties discussed in Note 27, Guarantees granted, commitments and
contingent liabilities.
In addition, the Company is exposed to credit risk in relation to the investment of cash and to transactions with
derivatives counterparties, as disclosed in Note 17, Derivative financial and operating assets and liabilities and
in Note 18, Cash and cash equivalents.
The Company\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each
counterparty. The Company monitors these exposures and established credit lines with single or homogeneous
categories of counterparties.
Dealers and final customers for which the Company provides financing are subject to specific assessments of
their creditworthiness under a detailed scoring system. To mitigate this risk, the Company could obtain financial
and non-financial guarantees. These guarantees are further strengthened where possible by reserve of title
clauses on financed vehicle sales to the sales network made by the Company financial service companies and
on vehicles assigned under finance and operating lease agreements.
For further information regarding the exposure to credit risk and ECLs of Trade receivables, other receivables
and financial receivables at December 31, 2025 and 2024, refer to Note 16, Trade receivables, other assets,
prepaid expenses and tax receivables.
The Company differentiates Cash investments with primary bank counterparties and high rated liquid financial
instruments. The investments are actively managed and constantly monitored, in compliance with policies that
establish limits of concentration and duration, taking into account the creditworthiness of the counterparties and
of the various countries in which the cash is invested. The policies also define limits in the operations with
Derivatives counterparties. Even though the Company\u2019s current securities and Cash and cash equivalents
consist of balances spread across various primary national and international banking institutions and money
market funds that were measured at fair value, there was no exposure to sovereign debt securities at December
31, 2025 and 2024 which could lead to significant risk of repayment.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-694": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
Other assets and prepaid expenses
Other assets and prepaid expenses consisted of the following:
At December 31
2025
2024
(\u20ac million)
Current
Non-current
Total
Current
Non-current
Total
Receivables from financing activities at
amortized cost
7,867
7,864
15,731
5,693
6,838
12,531
Other receivables at amortized cost
3,052
884
3,936
1,391
562
1,953
Indirect tax receivables
3,266
958
4,224
3,728
865
4,593
Defined benefit plan assets (Note 20)
\u2014
967
967
39
924
963
Derivative operating assets
349
57
406
256
17
273
Prepaid expenses and other
1,236
395
1,631
1,866
455
2,321
Total other assets and prepaid expenses
15,770
11,125
26,895
12,973
9,661
22,634
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-693": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
The following table summarizes Receivables from financing activities, Other receivables at amortized cost,
Derivative operating assets and Tax receivables by due date:
At December 31,
2025
2024
(\u20ac million)
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
due after
one year
(non-
current)
Total
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
due after
one year
(non-
current)
Total
Receivables from
financing activities
7,867
6,493
1,371
7,864
15,731
5,693
5,861
977
6,838
12,531
Other receivables
at amortized cost
3,052
763
121
884
3,936
1,391
466
96
562
1,953
Indirect tax
receivables
3,266
930
28
958
4,224
3,728
865
\u2014
865
4,593
Derivative
operating assets
349
57
\u2014
57
406
256
17
\u2014
17
273
Total
14,534
8,243
1,520
9,763
24,297
11,068
7,209
1,073
8,282
19,350
Tax receivables
1,199
177
17
194
1,393
1,411
210
17
227
1,638
The \u20ac2.0\u00a0billion increase in Other receivables at amortized cost for the year ended December\u00a031, 2025 primarily
reflects tariff-related receivables in North America.
17.
Derivative financial and operating assets and liabilities
The following table summarizes the outstanding notional amounts of the Company's derivative financial
instruments by due date:
At December 31,
2025
2024
(\u20ac million)
Due\u00a0within
one year
Due
between
one\u00a0and five
years
Total
Due\u00a0within
one year
Due
between
one\u00a0and five
years
Total
Currency risk management
16,057
1,738
17,795
19,279
1,125
20,404
Interest rate risk management
3,617
11,307
14,924
71
12,215
12,286
Interest rate and currency risk management
35
56
91
11
19
30
Commodity price risk management
1,253
320
1,573
2,079
818
2,897
Total Notional amount
20,962
13,421
34,383
21,440
14,177
35,617
22.
Debt
The following table summarizes the Company's current and non-current Debt by maturity date (amounts include
accrued interest:
At December 31,
2025
2024
(\u20ac million)
Due
within
one\u00a0year
(current)
Due
between
one and
five\u00a0years
Due
beyond
five\u00a0years
Total
(non-
current)
Total
Debt
Due
within
one\u00a0year
(current)
Due
between
one and
five\u00a0years
Due
beyond
five
years
Total
(non-
current)
Total
Debt
Notes
2,945
11,048
9,208
20,256
23,201
949
9,114
9,054
18,168
19,117
Borrowings from
banks
1,311
609
40
649
1,960
3,119
371
82
453
3,572
Asset-backed
financing
7,247
7,434
798
8,232
15,479
5,645
3,681
690
4,371
10,016
Lease liabilities
818
967
669
1,636
2,454
858
883
815
1,698
2,556
Other debt
1,800
1,006
47
1,053
2,853
1,628
291
47
338
1,966
Total Debt
14,121
21,064
10,762
31,826
45,947
12,199
14,340
10,688
25,028
37,227
For additional information on the maturity analysis of financial liabilities, refer to Note 32, Qualitative and
quantitative information on financial risks.
24.
Other liabilities
Other liabilities (excluding Accrued expenses, Deferred income and Service contract liability) by due date were
as follows:
At December 31,
2025
2024
(\u20ac million)
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year (Non-
Current)
Total
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year (Non-
Current)
Total
Other liabilities (excluding
Accrued expenses, deferred
income and service contract
liability)
12,198
3,201
41
3,242
15,440
11,830
3,038
43
3,081
14,911
32.
Qualitative and quantitative information on financial risks
The Company is exposed to the following financial risks connected with its operations:
\u2022 credit risk, principally arising from its normal commercial relations with final customers and dealers, and its
financing activities;
\u2022 liquidity risk, with particular reference to the availability of funds and access to the credit market and to
financial instruments in general; and
\u2022 financial market risk (primarily relating to exchange rates, interest rates and commodity prices), since the
Company operates at an international level in different currencies, uses financial instruments which generate
interest and is exposed to the risk of changes in the price of certain commodities which are used in the
production processes.
These risks could significantly affect the Company\u2019s financial position and results and for this reason, the
Company systematically identifies and monitors these risks in order to detect potential negative effects in
advance and takes the necessary actions to mitigate them, primarily through its operating and financing
activities and if required, through the use of derivative financial instruments in accordance with established risk
management policies.
Financial instruments held by the funds that manage the Company\u2019s pension plan assets are not included in this
analysis (refer to Note 20, Employee benefits liabilities for additional information).
The following section provides qualitative and quantitative disclosures on the effect that these risks could have
upon the Company. The quantitative data reported in the following does not have any predictive value, in
particular the sensitivity analysis on finance market risks does not reflect the complexity of the market or the
reaction which may result from any changes that were assumed to take place.
Credit risk
Overall, the credit risk regarding the Company\u2019s trade receivables and receivables from financing activities is
concentrated mainly in North America, Enlarged Europe and South America.
The maximum credit risk to which the Company is potentially exposed at December 31, 2025 is represented by
the carrying amounts of financial assets in the financial statements discussed in Note 16, Trade receivables,
other assets, prepaid expenses and Tax receivables and the nominal value of the guarantees provided on
liabilities and commitments to third parties discussed in Note 27, Guarantees granted, commitments and
contingent liabilities.
In addition, the Company is exposed to credit risk in relation to the investment of cash and to transactions with
derivatives counterparties, as disclosed in Note 17, Derivative financial and operating assets and liabilities and
in Note 18, Cash and cash equivalents.
The Company\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each
counterparty. The Company monitors these exposures and established credit lines with single or homogeneous
categories of counterparties.
Dealers and final customers for which the Company provides financing are subject to specific assessments of
their creditworthiness under a detailed scoring system. To mitigate this risk, the Company could obtain financial
and non-financial guarantees. These guarantees are further strengthened where possible by reserve of title
clauses on financed vehicle sales to the sales network made by the Company financial service companies and
on vehicles assigned under finance and operating lease agreements.
For further information regarding the exposure to credit risk and ECLs of Trade receivables, other receivables
and financial receivables at December 31, 2025 and 2024, refer to Note 16, Trade receivables, other assets,
prepaid expenses and tax receivables.
The Company differentiates Cash investments with primary bank counterparties and high rated liquid financial
instruments. The investments are actively managed and constantly monitored, in compliance with policies that
establish limits of concentration and duration, taking into account the creditworthiness of the counterparties and
of the various countries in which the cash is invested. The policies also define limits in the operations with
Derivatives counterparties. Even though the Company\u2019s current securities and Cash and cash equivalents
consist of balances spread across various primary national and international banking institutions and money
market funds that were measured at fair value, there was no exposure to sovereign debt securities at December
31, 2025 and 2024 which could lead to significant risk of repayment.
Liquidity risk
Liquidity risk represents the risk the Company is unable to obtain the funds needed to carry out its operations
and meet its obligations. Any actual or perceived limitations on the Company\u2019s liquidity could affect the ability of
counterparties to do business with the Company or may require additional amounts of cash and cash
equivalents to be allocated as collateral for outstanding obligations.
The continuation of challenging economic conditions in the markets in which the Company operates and the
uncertainties that characterize the financial markets, necessitate special attention to the management of liquidity
risk. In that sense, measures taken to generate funds through operations and to maintain a conservative level of
available liquidity are important factors for ensuring operational flexibility and addressing strategic challenges
over the next few years.
The main factors that determined the Company\u2019s liquidity situation are the funds generated by or used in
operating and investing activities, the debt lending period and its renewal features or the liquidity of the funds
employed and market terms and conditions.
The Company adopted a series of policies and procedures whose purpose was to optimize the management of
funds and to reduce liquidity risk as follows:
\u2022 centralizing the management of receipts and payments where it may be economical in the context of the local
civil, currency and fiscal regulations of the countries in which the Company was present;
\u2022 maintaining a conservative level of available liquidity;
\u2022 diversifying the means by which funds were obtained and maintaining a continuous and active presence in the
capital markets;
\u2022 obtaining adequate credit lines; and
\u2022 monitoring future liquidity on the basis of business planning.
The Company manages liquidity risk by monitoring cash flows and keeping an adequate level of funds at its
disposal. The operating cash management and liquidity investment of the Company are centrally coordinated in
the Company\u2019s treasury function, with the objective of ensuring effective and efficient management of the
Company\u2019s funds. The Company\u2019s treasury companies obtain funds in the financial markets from various funding
sources.
Certain notes issued by the Company and its treasury subsidiaries include covenants which could be affected
by circumstances related to certain subsidiaries; in particular, there are cross-default clauses which could
accelerate repayments in the event that such subsidiaries fail to pay certain of their debt obligations.
Refer to Note 16, Trade receivables, other assets, prepaid expenses and Tax receivables, Note 24, Other
liabilities and Note 22, Debt for additional information on the repayment structure of the Company\u2019s financial
assets and liabilities. Refer to Note 17, Derivative financial and operating assets and liabilities for additional
information on the repayment structure of derivative financial instruments.
The following table summarizes payments due under Stellantis\u2019 significant contractual commitments as of
December\u00a031, 2025 and 2024 and excludes off balance sheet commitments which are disclosed in Note 27,
Guarantees granted, commitments and contingent liabilities:
At December 31, 2025
Payments due by period
(\u20ac million)
Total
Less\u00a0than
\u00a01\u00a0year
1-3\u00a0years
3-5\u00a0years
More\u00a0than
5\u00a0years
Debt(1)
Notes
22,647
2,514
5,901
5,084
9,148
Borrowings from banks
1,931
1,286
436
135
74
Asset-backed financing
15,479
7,247
4,766
2,668
798
Other debt
2,808
1,782
828
155
43
Interest on Debt(2)
5,786
1,610
2,098
1,152
926
Lease liabilities(3)
2,833
837
708
418
870
Trade payables
29,999
29,999
\u2014
\u2014
\u2014
Derivative (assets)/liabilities
(392)
(266)
(125)
(1)
\u2014
Total
81,091
45,009
14,612
9,611
11,859
At December 31, 2024
Payments due by period
(\u20ac million)
Total
Less\u00a0than
\u00a01\u00a0year
1-3\u00a0years
3-5\u00a0years
More\u00a0than
5\u00a0years
Debt(1)
Notes
18,542
650
4,777
4,129
8,986
Borrowings from banks
3,562
3,109
293
77
83
Asset-backed financing
10,016
5,645
2,053
1,628
690
Other debt
1,990
1,596
306
15
73
Interest on Debt(2)
4,313
1,188
1,410
730
985
Lease liabilities(3)
2,852
866
643
358
985
Trade payable
29,684
29,684
\u2014
\u2014
\u2014
Derivative (assets)/liabilities
200
315
(83)
(32)
\u2014
Total
71,159
43,053
9,399
6,905
11,802
(1) Amounts presented related to the principal amounts of debt exclude the related interest expense that would be paid when due, fair
value adjustments, discounts, premiums and loan origination fees. For additional information see Note 22, Debt, within the Consolidated
Financial Statements included elsewhere in this report
(2) Amounts include interest payments based on contractual terms and current interest rates on debt. Interest rates based on variable
rates included above were determined using the current interest rates in effect at December\u00a031, 2025 and 2024
(3) Lease liabilities consisted mainly of industrial buildings and plant, machinery and equipment used in Stellantis\u2019 business. The amounts
reported include all future cash outflows included in the undiscounted lease liabilities. See Note 22, Debt, within the Consolidated
Financial Statements included elsewhere in this report
Financial market risks
Due to the nature of the Company\u2019s business, the Company is exposed to a variety of market risks, primarily
foreign currency exchange rate risk, interest rate risk and commodity price risk.
The Company\u2019s exposure to foreign currency exchange rate risk arises both in connection with the geographical
distribution of the Company\u2019s industrial activities compared to the markets in which it sells its products, and in
relation to the use of external borrowing denominated in foreign currencies.
The Company\u2019s exposure to interest rate risk arises from the need to fund industrial and financial operating
activities and the necessity to invest surplus funds. Changes in market interest rates could have the effect of
either increasing or decreasing the Company\u2019s Net profit, thereby indirectly affecting the costs and returns of
financing and investing transactions.
The Company\u2019s exposure to commodity price risk arises from the risk of changes in the price of certain raw
materials (primarily base metals, commodities used in electric vehicles and Platinum Group Metals (\u201cPGMs\u201d),
which include platinum, palladium and rhodium) and energy used in production. Changes in the price of raw
materials could have a significant effect on the Company\u2019s results by indirectly affecting costs and product
margins.
These risks could significantly affect the Company\u2019s financial position and results and for this reason, these risks
were systematically identified and monitored, in order to detect potential negative effects in advance and take
the necessary actions to mitigate them, primarily through its operating and financing activities and if required,
through the use of derivative financial instruments in accordance with its established risk management policies.
The Company\u2019s policies permit derivatives to be used only for managing the exposure to fluctuations in foreign
currency exchange rates and interest rates as well as commodities prices connected with future cash flows and
assets and liabilities.
The Company utilizes derivative financial instruments designated as fair value hedges mainly to hedge:
\u2022 the foreign currency exchange rate risk on financial instruments denominated in foreign currency; and
\u2022 the interest rate risk on fixed rate loans, bonds and borrowings.
The instruments used for these hedges are mainly foreign currency forward contracts, interest rate swaps and
combined interest rate and foreign currency financial instruments.
The Company uses derivative financial instruments as cash flow hedges for the purpose of pre-determining:
\u2022 the exchange rate at which forecasted transactions denominated in foreign currencies would be accounted
for;
\u2022 the interest paid on borrowings, both to match the fixed interest received on loans (customer financing
activity), and to achieve a targeted mix of floating versus fixed rate funding structured loans; and
\u2022 the price of certain commodities and components.
The foreign currency exchange rate exposure on forecasted commercial flows is hedged by foreign currency
swaps, forward contracts and foreign currency options. Interest rate exposures are usually hedged by interest
rate swaps and, in limited cases, by forward rate agreements. Exposure to changes in the price of commodities
is generally hedged by using commodity swaps and commodity options. Counterparties to these agreements
are major financial institutions.
Refer to Note 17, Derivative financial and operating assets and liabilities for additional information on the fair
value of derivative financial instruments held at the balance sheet date.
Quantitative information on foreign currency exchange rate risk
The Company is exposed to risk resulting from changes in foreign currency exchange rates, which could affect
its earnings and equity. Where a Stellantis company incurred costs in a currency different from that of its
revenues, any change in exchange rates could affect the operating results of that company; the principal
exchange rates to which the Company is exposed are:
\u2022 EUR/GBP, relating to sales in the UK of vehicles produced in the Euro zone;
\u2022 CNY and JPY in relation to costs paid to Chinese and Japanese suppliers net of sales in China and Japan
respectively originating from European and North America entities;
\u2022 U.S.$/CAD and U.S.$/MXP, primarily relating to sales in Canada and Mexico of produced vehicles, net of local
cost and import in U.S. of Canadian produced vehicles;
\u2022 EUR/U.S.$, relating to sales and purchases (mainly linked to commodity) in U.S.$ made by European entities
and to sales and purchases in Euro made by U.S. entities;
\u2022 TRY in relation to sales in Turkish market;
\u2022 PLN, linked to sales in Poland market, net of manufacturing costs incurred in the country; and
\u2022 U.S.$/BRL and EUR/BRL, relating to Brazilian manufacturing operations and the related import and export
flows.
The Company\u2019s policy is to use derivative financial instruments to hedge a percentage of certain exposures
subject to foreign currency exchange rate risk for the upcoming twenty-four months (including such risk before
or beyond that date where it is deemed appropriate in relation to the characteristics of the business) and to
hedge the exposure resulting from firm commitments unless not deemed appropriate.
The Stellantis entities could have trade receivables or payables denominated in a currency different from their
respective functional currency. In addition, in a limited number of cases, it could be convenient from an
economic point of view, or it could be required under local market conditions, for the Stellantis entities to obtain
financing or invest funds in a currency different from their respective functional currency, e.g. Argentinian
industrial companies (with U.S.$ as functional currency) invest a significant amount of cash denominated in
Argentine Pesos. Changes in exchange rates could result in exchange gains or losses arising from these
situations. The Company\u2019s policy is to hedge, whenever deemed appropriate, the exposure resulting from
receivables, payables, cash and securities denominated in foreign currencies different from the respective
Stellantis entity\u2019s functional currency.
Certain of the Stellantis entities are located in countries which are outside of the Eurozone, primarily the U.S.,
Brazil, Canada, Poland, Serbia, Mexico, Argentina, India and China. As the Company's reporting currency is the
Euro, the income statements of those entities that have a reporting currency other than the Euro are translated
into Euro using the average exchange rate for the period, except for entities that operate in hyperinflationary
economies (Argentina) for which the income statements are translated into Euro using the spot rate at the end of
the period. In addition, the assets and liabilities of those consolidated entities are translated into Euro at the
period-end foreign exchange rate. The effects of these changes in foreign exchange rates are recognized
directly in the Cumulative translation adjustments reserve included in Other comprehensive income. Changes in
exchange rates could lead to effects on the translated balances of revenues, costs and assets and liabilities
reported in Euro, even when corresponding items are unchanged in the respective local currency of these
entities.
The Company monitors its principal exposure to conversion exchange risk and, in certain circumstances, enters
into derivatives for the purpose of hedging the specific risk.
The potential loss in fair value of derivative financial instruments held for foreign currency exchange rate risk
management (currency swaps/forwards) at December 31, 2025 resulting from a 10 percent change in the
exchange rates would have been approximately \u20ac633\u00a0million in the Other comprehensive income (mainly driven
by the foreign exchange hedges related to the sales in GBP and in CAD and related to costs in CNY) and
\u20ac369\u00a0million on Consolidated Income Statement.
This analysis assumes that a hypothetical, unfavorable 10 percent change in exchange rates as at year-end is
applied in the measurement of the fair value of derivative financial instruments.
Receivables, payables and future trade flows whose hedging transactions have been analyzed were not
included in this analysis. It is reasonable to assume that changes in market exchange rates would produce the
opposite effect, of an equal or greater amount, on the underlying transactions that have been hedged.
Quantitative information on interest rate risk
The Company makes use of external borrowings and invests in monetary and financial market instruments. In
addition, the Company sells receivables resulting from their trading activities on a continuing basis. Changes in
market interest rates could affect the cost of the various forms of financing, including the sale of receivables, or
the return on investments and the employment of funds, thus negatively impacting the net financial expenses
incurred by the Company.
In addition, the financial services companies provide loans (mainly to customers and dealers), financing
themselves using various forms of direct debt or asset-backed financing (e.g. factoring of receivables or
securitizations). Where the characteristics of the variability of the interest rate applied to loans granted differ from
those of the variability of the cost of the financing obtained, changes in the current level of interest rates could
affect the operating result of those entities and the Company as a whole.
In order to manage these risks, the Company uses interest rate derivative financial instruments, mainly interest
rate swaps and forward rate agreements, when available in the market, with the objective of mitigating, under
economically acceptable conditions, the potential variability of interest rates on the Company's Net profit.
In assessing the potential impact of changes in interest rates, the Company segregated fixed rate financial
instruments (for which the impact was assessed in terms of fair value) from floating rate and short term financial
instruments (for which the impact was assessed in terms of cash flows).
The fixed rate financial instruments used by the Company consisted principally of part of the portfolio of the
financial services companies (primarily customer financing and financial leases) and part of debt (including
subsidized loans and notes). These instruments are measured at amortized cost and changes in market interest
rates for these instruments do not affect Net profit or Equity.
Certain financial securities are accounted for at FVPL. The impact of an unfavorable 50 basis points change in
interest rate levels would result in increase in financial expenses of \u20ac9\u00a0million due to the change in fair values of
these securities.
The Company entered in certain derivatives in order to manage interest rate risk on underlying debt exposures.
An unfavorable 50 basis points change in interest rates level applied to the interest rate derivatives outstanding
at December 31, 2025 would have an impact of \u20ac30\u00a0million on financial expense. It is expected that this impact
will be offset by an equivalent gain on the underlying debt exposures.
In addition, financial services companies use derivatives in order to hedge the interest rate risk arising from the
mismatch between financial receivables and related funding. A 50 basis points change in interest rates level
applied to the interest rate derivatives outstanding at December 31, 2025 would have a negative impact of
\u20ac32\u00a0million in Other comprehensive income.
Floating rate financial instruments consisted principally of cash and cash equivalents, loans provided by the
financial services companies to the sales network and part of debt. The effect of the sale of receivables was also
considered in the sensitivity analysis.
A hypothetical 50 basis points change in short-term interest rates at December 31, 2025, applied to floating rate
or short term maturity financial assets and liabilities, operations for the sale of receivables and derivative
financial instruments, would result in increased net financial expenses, on an annual basis, of approximately
\u20ac78\u00a0million.
This analysis is based on the assumption that there is an unfavorable change of 50 basis points of interest rate
levels across homogeneous categories. A homogeneous category is defined on the basis of the currency in
which the financial assets and liabilities are denominated. In addition, the sensitivity analysis applied to floating
rate financial instruments assumes that cash and cash equivalents and other short-term financial assets and
liabilities which expire during the projected 12-month period will be renewed or reinvested in similar instruments,
that will reflect the hypothetical 50 basis points change in short-term interest rates.
Quantitative information on commodity price risk
The Company, in addition to supply agreements that provide protections to the price increases and supply
shortages, entered into derivative contracts for certain commodities to hedge its exposure to commodity price
risk associated with buying raw materials and energy used in its normal operations, primarily PGMs, which
include platinum, palladium and rhodium.
In connection with the commodity price derivative contracts outstanding at December 31, 2025, a hypothetical
10 percent change in the price of the commodities at that date would have caused a negative impact on the
Other comprehensive income of \u20ac136\u00a0million. Future trade flows whose hedging transactions have been
analyzed were not considered in this analysis. It is reasonable to assume that changes in commodity prices
would produce the opposite effect, of an equal or greater amount, on the underlying transactions that have been
hedged.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-692": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
Other assets and prepaid expenses
Other assets and prepaid expenses consisted of the following:
At December 31
2025
2024
(\u20ac million)
Current
Non-current
Total
Current
Non-current
Total
Receivables from financing activities at
amortized cost
7,867
7,864
15,731
5,693
6,838
12,531
Other receivables at amortized cost
3,052
884
3,936
1,391
562
1,953
Indirect tax receivables
3,266
958
4,224
3,728
865
4,593
Defined benefit plan assets (Note 20)
\u2014
967
967
39
924
963
Derivative operating assets
349
57
406
256
17
273
Prepaid expenses and other
1,236
395
1,631
1,866
455
2,321
Total other assets and prepaid expenses
15,770
11,125
26,895
12,973
9,661
22,634
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-705": { "value": "
17.
Derivative financial and operating assets and liabilities
The following table summarizes the fair value of the Company's derivative financial instruments:
At December 31,
2025
2024
(\u20ac million)
Positive\u00a0fair
value
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
Fair value hedges:
Interest rate risk - interest rate swaps
163
\u2014
170
\u2014
Total Fair value hedges
163
\u2014
170
\u2014
Cash flow hedges:
Interest rate risk - interest rate swaps
11
(14)
21
(11)
Currency risks - forward contracts, currency swaps and
currency options
60
(83)
155
(182)
Commodity price risk \u2013 commodity swaps and
commodity options
278
(23)
46
(304)
Total Cash flow hedges
349
(120)
222
(497)
Total Net investment hedges
\u2014
\u2014
\u2014
\u2014
Derivatives for trading
198
(93)
261
(184)
Total Fair value of derivative financial assets/
(liabilities)
710
(213)
653
(681)
Financial derivative assets/(liabilities) - current
45
(29)
70
(9)
Financial derivative assets/(liabilities) - non-current
259
(7)
310
(15)
Derivative operating assets/(liabilities) - current
349
(150)
256
(600)
Derivative operating assets/(liabilities) - non-current
57
(27)
17
(57)
Derivatives used in financing activities are reported in the financial assets/liabilities, while derivatives used in
operating activities are reported in Other assets/liabilities.
The following table summarizes the outstanding notional amounts of the Company's derivative financial
instruments by due date:
At December 31,
2025
2024
(\u20ac million)
Due\u00a0within
one year
Due
between
one\u00a0and five
years
Total
Due\u00a0within
one year
Due
between
one\u00a0and five
years
Total
Currency risk management
16,057
1,738
17,795
19,279
1,125
20,404
Interest rate risk management
3,617
11,307
14,924
71
12,215
12,286
Interest rate and currency risk management
35
56
91
11
19
30
Commodity price risk management
1,253
320
1,573
2,079
818
2,897
Total Notional amount
20,962
13,421
34,383
21,440
14,177
35,617
Fair value hedges
The net gains and losses arising from the valuation of outstanding currency derivatives and interest rate
derivatives and the net gains and losses arising from the respective hedged items were recognized in
accordance with fair value hedge accounting.
Ineffectiveness portion is recognized in Net financial expenses.
At December 31, 2025, the Company has outstanding interest rate derivatives, with a notional value of
\u20ac8.5\u00a0billion, classified as fair value hedges and managing interest rate risk of certain bonds issued in Europe
and in North America. The accumulated amount of fair value hedge adjustment on the hedged item is negative
and equal to \u20ac49\u00a0million which offsets the equivalent positive effect related to the change in value of the hedging
derivatives.
Cash flow hedges
Amounts recognized in the Consolidated Income Statement mainly related to currency risk management,
commodity price risk management and cash flows that were exposed to interest rate risk.
The Company's policy for managing currency risk and commodity price risk requires hedging of projected future
flows from trading activities which will occur within the following two and three years respectively. In addition, the
Company\u2019s policy for managing interest rate risk requires limiting the impact of interest rate fluctuations, in
particular the financial services companies provide loans (mainly to customers and dealers), financing
themselves using various forms of direct debt or asset-backed financing (e.g. factoring of receivables or
securitizations). When the interest rate on loans differs from the rate on borrowed funds, the Company uses
interest rate derivatives as cash flow hedges to reduce the impact of these differences.
The hedging effect arising from cash flow hedges was recorded in the Cash flow hedge reserve within Other
comprehensive income/(loss) and will be subsequently recognized in the Consolidated Income Statement,
primarily during the following years, in particular, two years for currency risk and three years for commodity price
risk.
For the year ended December\u00a031, 2025, net losses of \u20ac142 million mainly related to discontinued hedges were
recognized in the Consolidated Income Statement (net losses of \u20ac48 million for the year ended December\u00a031,
2024 and net gains of \u20ac4 million for the year ended December\u00a031, 2023 ).
The Company reclassified gains/(losses) arising on Cash flow hedges, net of the tax effect, from Other
comprehensive income and Inventories to the Consolidated Income Statement as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Currency risk
(Increase)/decrease in Cost of revenues
(70)
222
(101)
Share of profit/(loss) of equity method investees
36
(42)
7
Interest rate risk
(Increase)/decrease in Cost of revenues
(1)
\u2014
\u2014
Share of profit/(loss) of equity method investees
\u2014
19
44
Net financial income/(expenses)
\u2014
(3)
\u2014
Commodity price risk
(Increase)/decrease in Cost of revenues
(170)
(616)
(435)
Ineffectiveness and discontinued hedges
(142)
(48)
4
Tax expenses/(benefit)
29
84
77
Total recognized in the Consolidated Income Statement
(318)
(384)
(404)
Net investment hedges
In order to manage the Company\u2019s foreign currency risk related to its investments, the Company enters into
hedges of a net investment in a foreign operation, in particular foreign currency swaps, forward contracts and
currency options. For the year ended December\u00a031, 2025, gains of \u20ac1\u00a0million (gains of \u20ac33\u00a0million for the year
ended December\u00a031, 2024 and losses of \u20ac12\u00a0million for the year ended December 31, 2023) related to the
hedges of a net investment in foreign operation were recognized in the Consolidated Statement of Other
Comprehensive Income within Exchange differences on translating foreign operations differences. There was no
ineffectiveness for the year ended December\u00a031, 2025.
Derivatives for trading
At December\u00a031, 2025, 2024 and 2023, Derivatives for trading primarily consisted of derivative contracts
entered into for hedging purposes which did not qualify for hedge accounting and warrants on Archer shares for
\u20ac114\u00a0million (\u20ac168\u00a0million for the year ended December\u00a031, 2024)
Information on the Company's risk management strategy and additional information on its hedging activities is
provided in Note 32, Qualitative and quantitative information on financial risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-704": { "value": "
17.
Derivative financial and operating assets and liabilities
The following table summarizes the fair value of the Company's derivative financial instruments:
At December 31,
2025
2024
(\u20ac million)
Positive\u00a0fair
value
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
Fair value hedges:
Interest rate risk - interest rate swaps
163
\u2014
170
\u2014
Total Fair value hedges
163
\u2014
170
\u2014
Cash flow hedges:
Interest rate risk - interest rate swaps
11
(14)
21
(11)
Currency risks - forward contracts, currency swaps and
currency options
60
(83)
155
(182)
Commodity price risk \u2013 commodity swaps and
commodity options
278
(23)
46
(304)
Total Cash flow hedges
349
(120)
222
(497)
Total Net investment hedges
\u2014
\u2014
\u2014
\u2014
Derivatives for trading
198
(93)
261
(184)
Total Fair value of derivative financial assets/
(liabilities)
710
(213)
653
(681)
Financial derivative assets/(liabilities) - current
45
(29)
70
(9)
Financial derivative assets/(liabilities) - non-current
259
(7)
310
(15)
Derivative operating assets/(liabilities) - current
349
(150)
256
(600)
Derivative operating assets/(liabilities) - non-current
57
(27)
17
(57)
Derivatives for trading
At December\u00a031, 2025, 2024 and 2023, Derivatives for trading primarily consisted of derivative contracts
entered into for hedging purposes which did not qualify for hedge accounting and warrants on Archer shares for
\u20ac114\u00a0million (\u20ac168\u00a0million for the year ended December\u00a031, 2024)
Information on the Company's risk management strategy and additional information on its hedging activities is
provided in Note 32, Qualitative and quantitative information on financial risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-703": { "value": "
17.
Derivative financial and operating assets and liabilities
The following table summarizes the fair value of the Company's derivative financial instruments:
At December 31,
2025
2024
(\u20ac million)
Positive\u00a0fair
value
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
Fair value hedges:
Interest rate risk - interest rate swaps
163
\u2014
170
\u2014
Total Fair value hedges
163
\u2014
170
\u2014
Cash flow hedges:
Interest rate risk - interest rate swaps
11
(14)
21
(11)
Currency risks - forward contracts, currency swaps and
currency options
60
(83)
155
(182)
Commodity price risk \u2013 commodity swaps and
commodity options
278
(23)
46
(304)
Total Cash flow hedges
349
(120)
222
(497)
Total Net investment hedges
\u2014
\u2014
\u2014
\u2014
Derivatives for trading
198
(93)
261
(184)
Total Fair value of derivative financial assets/
(liabilities)
710
(213)
653
(681)
Financial derivative assets/(liabilities) - current
45
(29)
70
(9)
Financial derivative assets/(liabilities) - non-current
259
(7)
310
(15)
Derivative operating assets/(liabilities) - current
349
(150)
256
(600)
Derivative operating assets/(liabilities) - non-current
57
(27)
17
(57)
Derivatives for trading
At December\u00a031, 2025, 2024 and 2023, Derivatives for trading primarily consisted of derivative contracts
entered into for hedging purposes which did not qualify for hedge accounting and warrants on Archer shares for
\u20ac114\u00a0million (\u20ac168\u00a0million for the year ended December\u00a031, 2024)
Information on the Company's risk management strategy and additional information on its hedging activities is
provided in Note 32, Qualitative and quantitative information on financial risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-702": { "value": "
17.
Derivative financial and operating assets and liabilities
The following table summarizes the fair value of the Company's derivative financial instruments:
At December 31,
2025
2024
(\u20ac million)
Positive\u00a0fair
value
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
Fair value hedges:
Interest rate risk - interest rate swaps
163
\u2014
170
\u2014
Total Fair value hedges
163
\u2014
170
\u2014
Cash flow hedges:
Interest rate risk - interest rate swaps
11
(14)
21
(11)
Currency risks - forward contracts, currency swaps and
currency options
60
(83)
155
(182)
Commodity price risk \u2013 commodity swaps and
commodity options
278
(23)
46
(304)
Total Cash flow hedges
349
(120)
222
(497)
Total Net investment hedges
\u2014
\u2014
\u2014
\u2014
Derivatives for trading
198
(93)
261
(184)
Total Fair value of derivative financial assets/
(liabilities)
710
(213)
653
(681)
Financial derivative assets/(liabilities) - current
45
(29)
70
(9)
Financial derivative assets/(liabilities) - non-current
259
(7)
310
(15)
Derivative operating assets/(liabilities) - current
349
(150)
256
(600)
Derivative operating assets/(liabilities) - non-current
57
(27)
17
(57)
Derivatives for trading
At December\u00a031, 2025, 2024 and 2023, Derivatives for trading primarily consisted of derivative contracts
entered into for hedging purposes which did not qualify for hedge accounting and warrants on Archer shares for
\u20ac114\u00a0million (\u20ac168\u00a0million for the year ended December\u00a031, 2024)
Information on the Company's risk management strategy and additional information on its hedging activities is
provided in Note 32, Qualitative and quantitative information on financial risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-708": { "value": "
18.
Cash and cash equivalents
Cash and cash equivalents consisted of the following:
At December 31,
(\u20ac million)
2025
2024
Cash at banks
10,134
9,408
Money market securities measured at FVPL
13,191
19,127
Other cash equivalents
6,821
5,565
Total Cash and cash equivalents
30,146
34,100
25.
Fair value measurement
Assets and liabilities that are measured at fair value on a recurring basis
The following table shows the fair value hierarchy, based on observable and unobservable inputs, for financial
assets and liabilities measured at fair value on a recurring basis:
At December 31,
2025
2024
(\u20ac million)
Note
Level 1
Level\u00a02
Level\u00a03
Total
Level 1
Level\u00a02
Level\u00a03
Total
Financial securities and equity
instruments measured at
FVOCI
13
108
\u2014
289
397
119
29
267
415
Financial securities and equity
instruments measured at FVPL
13
1,110
4
351
1,465
1,205
\u2014
655
1,860
Derivative financial assets
17
\u2014
303
1
304
\u2014
380
\u2014
380
Derivative operating assets
17
\u2014
397
9
406
\u2014
273
\u2014
273
Collateral deposits
13
20
\u2014
\u2014
20
53
\u2014
\u2014
53
Receivables from financing
activities
16
\u2014
\u2014
3
3
\u2014
\u2014
\u2014
\u2014
Trade receivables
16
\u2014
4
\u2014
4
\u2014
27
\u2014
27
Other receivables
16
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
66
66
Money market securities
18
13,191
\u2014
\u2014
13,191
19,127
\u2014
\u2014
19,127
Total Assets
14,429
708
653
15,790
20,504
709
988
22,201
Derivative financial liabilities
17
\u2014
36
\u2014
36
\u2014
24
\u2014
24
Derivative operating liabilities
17
\u2014
177
\u2014
177
\u2014
656
1
657
Total Liabilities
\u2014
213
\u2014
213
\u2014
680
1
681
The fair value of derivative financial assets and liabilities was measured by taking into consideration market
parameters at the balance sheet date and using valuation techniques widely accepted in the financial business
environment, as described below:
\u2022 the fair value of forward contracts, swaps and options hedging currency risk was determined by using
valuation techniques common in the financial markets and taking market parameters at the balance sheet date
(in particular, exchange rates, interest rates and volatility rates);
\u2022 the fair value of interest rate swaps and forward rate agreements was determined by taking the prevailing
interest rates at the balance sheet date and using the discounted expected cash flow method;
\u2022 the fair value of combined interest rate and currency swaps was determined using the exchange and interest
rates prevailing at the balance sheet date and the discounted expected cash flow method; and
\u2022 the fair value of swaps and options hedging commodity price risk was determined by using valuation
techniques common in the financial markets and taking market parameters at the balance sheet date (in
particular, underlying prices, interest rates and volatility rates).
The fair value of money market securities was also based on available market quotations.
The fair value of Receivables from financing activities, which are classified in Level 3 of the fair value hierarchy,
was estimated using discounted cash flow models. The most significant inputs used in this measurement were
market discount rates that reflected conditions applied in various reference markets on receivables with similar
characteristics, adjusted in order to take into account the credit risk of each counterparty.
The fair value of Other receivables is classified in Level 3 of the fair value hierarchy and was estimated using
discounted cash flow models. The most significant inputs used in this measurement were market discount rates.
For assets and liabilities recognized in the financial statements at fair value on a recurring basis, the Company
determined whether transfers occurred between levels in the hierarchy by re-assessing categorization at the end
of each reporting period.
The following table provides a reconciliation of the changes in items measured at fair value and categorized
within Level 3:
(\u20ac million)
Receivables
from
financing
activities
Financial
securities
Derivative\u00a0
financial
assets/
(liabilities)
Other
receivables
At January 1, 2025
\u2014
922
(1)
66
Gains/(Losses) recognized in Consolidated Income Statement
\u2014
(97)
\u2014
\u2014
Gains/(Losses) recognized in Other comprehensive income
\u2014
(31)
10
\u2014
Issues/Settlements
3
\u2014
\u2014
(66)
Purchases/Sales
\u2014
(145)
\u2014
\u2014
Transfers (to)/from other levels
\u2014
(9)
1
\u2014
At December 31, 2025
3
640
10
\u2014
(\u20ac million)
Receivables
from
financing
activities
Financial
securities
Derivative\u00a0
financial
assets/
(liabilities)
Other
receivables
At January 1, 2024
117
1,165
(40)
76
Change in scope of consolidation
\u2014
(7)
\u2014
\u2014
Gains/(Losses) recognized in Consolidated Income Statement
\u2014
(34)
\u2014
(10)
Gains/(Losses) recognized in Other comprehensive income
\u2014
(26)
39
\u2014
Issues/Settlements
(117)
\u2014
\u2014
\u2014
Purchases/Sales
\u2014
(176)
\u2014
\u2014
At December 31, 2024
\u2014
922
(1)
66
The gains/(losses) included in the Consolidated Income Statements were recognized within Net financial
expenses/(income). Of the total gains/(losses) recognized in Other comprehensive income, \u20ac10\u00a0million were
recognized within Cash flow reserves (\u20ac39\u00a0million at December 31, 2024),\u00a0\u20ac74\u00a0million were recognized within
Currency translation differences (\u20ac(11)\u00a0million at December 31, 2024) and \u20ac43\u00a0million were recognized within
Gains and losses from remeasurement of financial assets (\u20ac(15)\u00a0million at December 31, 2024).
Assets and liabilities not measured at fair value on recurring basis
The carrying value of debt securities measured at amortized cost, current receivables and payables was a
reasonable approximation of fair value as the present value of future cash flows did not differ significantly from
the carrying amount.
The carrying value of Cash at banks and Other cash equivalents usually approximated fair value due to the short
maturity of these instruments (refer to Note 18, Cash and cash equivalents for additional information).
The following table provides the carrying amount and fair value of financial assets and liabilities not measured at
fair value on a recurring basis:
At December 31,
2025
2024
(\u20ac million)
Note
Carrying
amount
Fair
Value
Carrying
amount
Fair
Value
Dealer financing
3,084
3,095
2,330
2,329
Retail financing
10,703
10,096
8,494
7,855
Finance lease
540
522
299
325
Other receivables from financing activities
1,401
1,360
1,408
1,499
Total Receivables from financing activities(1)
16
15,728
15,073
12,531
12,008
Asset-backed financing
15,479
15,331
10,016
10,037
Notes
23,201
22,698
19,117
18,302
Borrowings from banks & Other debt
4,813
4,823
5,538
5,539
Total Debt, excluding Lease liabilities
22
43,493
42,852
34,671
33,878
(1) Amount excludes receivables measured at FVPL
The carrying values of financial securities and financial receivables measured at amortized cost were
considered to be reasonable approximations of their fair values, as the present values of future cash flows did
not differ materially from the respective carrying amounts. Refer to Note 13, Financial assets for additional
information.
Notes that were traded in active markets for which close or last trade pricing was available are classified within
Level 1 of the fair value hierarchy. Notes for which such prices were not available were valued at the last
available price or based on quotes received from independent pricing services or from dealers who trade in
such securities and are categorized as Level 2. At December\u00a031, 2025, \u20ac22,381 million and \u20ac317 million of notes
were classified within Level\u00a01 and Level 2, respectively. At December\u00a031, 2024 , \u20ac17,985 million of notes were
classified within Level\u00a01 and \u20ac317 million of notes were classified within Level\u00a02.
The fair value of Borrowings from banks and Other debt included in Level 2 of the fair value hierarchy was
estimated using discounted cash flow models. The main inputs used were year-end market interest rates,
adjusted for market expectations of the Company\u2019s non-performance risk implied in quoted prices of traded
securities issued by the Company and existing credit derivatives on Company liabilities. The fair value of
Borrowings from banks and Other debt that requires significant adjustment using unobservable inputs is
categorized within Level 3. At December\u00a031, 2025, \u20ac4,465 million and \u20ac358 million of Borrowings from banks
and Other Debt was classified within Level\u00a02 and Level\u00a03, respectively. At December\u00a031, 2024, \u20ac5,209 million
and \u20ac330 million of Borrowings from banks and Other Debt were classified within Level\u00a02 and Level\u00a03,
respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-707": { "value": "
18.
Cash and cash equivalents
Cash and cash equivalents consisted of the following:
At December 31,
(\u20ac million)
2025
2024
Cash at banks
10,134
9,408
Money market securities measured at FVPL
13,191
19,127
Other cash equivalents
6,821
5,565
Total Cash and cash equivalents
30,146
34,100
Cash and cash equivalents held in certain foreign countries (primarily in Argentina, \u20ac111 million and \u20ac114\u00a0million
at December\u00a031, 2025 and 2024, respectively and in Algeria, \u20ac276\u00a0million and \u20ac276\u00a0million at December\u00a031,
2025 and 2024, respectively) were subject to local exchange control regulations with restrictions on the amount
of cash that can leave the country. Other cash equivalents primarily includes investments in commercial paper
and short-term deposits.
Cash and cash equivalents include \u20ac663\u00a0million at December\u00a031, 2025 (\u20ac451\u00a0million at December\u00a031, 2024)
held in bank deposits which are restricted to the operations related to securitization programs and warehouse
credit facilities of SFS U.S. These deposits are primarily used for the collection of the loan installments from
customers and the payment of debt and service costs and to the originator SFS U.S. itself, according to the
programs and facilities regulation. Refer to Note 22, Debt for additional information on securitization programs
and warehouse credit facilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-706": { "value": "
18.
Cash and cash equivalents
Cash and cash equivalents consisted of the following:
At December 31,
(\u20ac million)
2025
2024
Cash at banks
10,134
9,408
Money market securities measured at FVPL
13,191
19,127
Other cash equivalents
6,821
5,565
Total Cash and cash equivalents
30,146
34,100
Cash and cash equivalents held in certain foreign countries (primarily in Argentina, \u20ac111 million and \u20ac114\u00a0million
at December\u00a031, 2025 and 2024, respectively and in Algeria, \u20ac276\u00a0million and \u20ac276\u00a0million at December\u00a031,
2025 and 2024, respectively) were subject to local exchange control regulations with restrictions on the amount
of cash that can leave the country. Other cash equivalents primarily includes investments in commercial paper
and short-term deposits.
Cash and cash equivalents include \u20ac663\u00a0million at December\u00a031, 2025 (\u20ac451\u00a0million at December\u00a031, 2024)
held in bank deposits which are restricted to the operations related to securitization programs and warehouse
credit facilities of SFS U.S. These deposits are primarily used for the collection of the loan installments from
customers and the payment of debt and service costs and to the originator SFS U.S. itself, according to the
programs and facilities regulation. Refer to Note 22, Debt for additional information on securitization programs
and warehouse credit facilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-709": { "value": "
Cash and cash equivalents include \u20ac663\u00a0million at December\u00a031, 2025 (\u20ac451\u00a0million at December\u00a031, 2024)
held in bank deposits which are restricted to the operations related to securitization programs and warehouse
credit facilities of SFS U.S. These deposits are primarily used for the collection of the loan installments from
customers and the payment of debt and service costs and to the originator SFS U.S. itself, according to the
programs and facilities regulation. Refer to Note 22, Debt for additional information on securitization programs
and warehouse credit facilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-710": { "value": "
19.
Share-based compensation
Long-Term Incentive Plans
The Company operates annual Long-Term Incentive Plans (\u201cLTIPs\u201d) approved by shareholders, granting
Performance Share Units (\u201cPSUs\u201d), Restricted Share Units (\u201cRSUs\u201d), and Performance Restricted Share Units
(\u201cPRSUs\u201d) to eligible employees. PSU awards are typically split across three performance metrics: Total
Shareholder Return (TSR), Adjusted Operating Income (\u201cAOI\u201d), and either Electrification, Quality, or Compliance,
each with independent payout scales. PSU, RSU and PRSUs have different vesting periods as summarized in
the table below. Additionally, PRSUs vest subject to specific KPIs or multipliers. Fair values are determined
using Monte Carlo simulations for TSR-based awards and for all other types of award the fair values are
determined using the Stellantis share price on the grant date, adjusted for expected dividends at a constant
yield as these awards do not have the right to receive ordinary dividends prior to vesting.
A summary of grants and terms is provided below.\u00a0
PSUs
RSUs
PRSUs
LTIP Period
PSUs
Granted
(millions)
Performance Metrics
Metric
Payout
Range
Vesting period
Vesting Date
RSUs
Granted
(millions)
Vesting period
Vesting Date
PRSUs
Granted
(millions)
Metric
Payout
Range
Vesting period
Vesting Date
2025-2027
14.3
TSR (30%)
AOI (40%)
Quality (30%)
0-200%
2025-2027
Dec 2027
9.3
2025-2028
May 2028
1.0
0-150%
2025-2027
Q2 2028
2024-2026
6.5
TSR (30%)
AOI (40%)
EV Roadmap (30%)
0-200%
0-200%
0-100%
2024-2026
Dec 2026
2.9
2024-2027
May 2027
0.04
0-150%
2024-2027
1/3 Q4 2025
1/3 Q4 2026
1/3 Q4 2027
2023-2025
8.8
TSR (30%)
AOI (40%)
EV Roadmap (30%)
0-200%
0-200%
0-100%
2023-2025
Dec 2025
2.7
2023-2026
May 2027
0.4
0-150%
2023-2026
1/3 Q4 2024
1/3 Q4 2025
1/3 Q4 2026
2022-2024
0.1
TSR (40%)
Synergies (40%)
EV Roadmap (10%)
CAFE Compliance (10%)
0-200%
0-100%
0-100%
0 or100%
2022-2024
Dec 2024
0.3
2022-2025
May 2027
\u2014
N/A
N/A
PSU Awards
Changes during 2025, 2024 and 2023 for the PSU awards under the 2025-2027, 2024-2026, 2023-2025 and
2022-2024 LTIPs were as follows:
2025
PSU TSR
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
PSU
Synergies
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
PSU
Compliance
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
Outstanding shares unvested
at January 1
7,058,827
9.76
3,166,622
11.32
2,254,113
11.71
Granted
4,276,298
3.33
\u2014
\u2014
31,923
10.66
Vested
\u2014
\u2014
(3,134,004)
11.34
(783,510)
11.34
Cancelled
(3,142,765)
10.38
\u2014
\u2014
\u2014
\u2014
Forfeited
(736,500)
6.83
(6,720)
16.48
(218,808)
12.04
Outstanding shares unvested
at December 31
7,455,860
6.14
25,898
10.94
1,283,718
11.87
2025
PSU
Electrification
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
PSU AOI
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
PSU Quality
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
Outstanding shares unvested
at January 1
3,221,414
12.35
5,189,541
12.48
\u2014
\u2014
Granted
\u2014
\u2014
5,701,710
7.19
4,244,375
7.16
Vested
(698,240)
11.34
\u2014
\u2014
\u2014
\u2014
Cancelled
(85,281)
11.34
(11,678)
7.12
(8,759)
7.12
Forfeited
(225,611)
13.10
(973,092)
10.46
(288,746)
7.12
Outstanding shares unvested
at December 31
2,212,282
12.99
9,906,481
9.66
3,946,870
7.16
2025
PRSU
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
Outstanding shares unvested at January 1
288,814
14.39
Granted
1,035,510
9.56
Vested
(204,637)
13.60
Cancelled
(153,214)
13.77
Forfeited
(421,917)
8.07
Outstanding shares unvested at December 31
544,556
11.53
2024
PSU TSR
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
PSU
Synergies
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
PSU
Compliance
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
Outstanding shares unvested
at January 1
8,579,529
12.79
5,970,230
12.64
1,255,057
12.76
Granted
1,936,088
5.72
\u2014
\u2014
1,908,977
11.94
Vested
(2,426,156)
17.07
(2,426,155)
14.55
(606,651)
14.55
Cancelled
(242)
5.65
\u2014
\u2014
(242)
12.15
Forfeited
(1,030,392)
10.22
(377,453)
11.39
(303,028)
11.84
Outstanding shares unvested
at December 31
7,058,827
9.76
3,166,622
11.32
2,254,113
11.71
2024
PSU
Electrification
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
PSU AOI
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
PRSU
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
Outstanding shares unvested
at January 1
4,339,381
12.64
3,479,043
12.83
417,386
15.82
Granted
27,111
20.99
2,581,419
12.07
43,271
14.80
Vested
(485,154)
14.55
\u2014
\u2014
(137,746)
18.14
Cancelled
(121,287)
14.55
(323)
12.15
(692)
15.82
Forfeited
(538,637)
12.63
(870,598)
12.64
(33,405)
17.26
Outstanding shares unvested
at December 31
3,221,414
12.35
5,189,541
12.48
288,814
14.39
2023
PSU TSR
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
PSU
Synergies
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
PSU
Compliance
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
Outstanding shares unvested
at January 1
6,352,440
13.09
6,352,440
12.61
1,588,222
12.61
Granted
2,903,808
12.02
56,890
16.14
14,225
14.05
Vested
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Cancelled
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Forfeited
(676,719)
12.43
(439,100)
12.43
(347,390)
12.59
Outstanding shares unvested
at December 31
8,579,529
12.79
5,970,230
12.64
1,255,057
12.76
2023
PSU
Electrification
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
PSU AOI
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
PRSU
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
Outstanding shares unvested
at January 1
1,587,998
12.61
\u2014
\u2014
\u2014
\u2014
Granted
2,861,143
12.83
3,795,870
12.88
417,386
15.82
Vested
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Cancelled
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Forfeited
(109,760)
12.43
(316,827)
12.83
Outstanding shares unvested
at December 31
4,339,381
12.64
3,479,043
12.83
417,386
15.82
The key assumptions utilized to calculate the grant-date fair values for the PSU TSR awards are summarized
below:
2025
2024
2023
Key assumptions
PSU TSR Awards Range
Grant date stock price
\u20ac8.54 - \u20ac12.82
\u20ac12.40 - \u20ac15.49
\u20ac15.37 - \u20ac15.64
Expected volatility
35%
37%
34%
Risk-free rate
1.95%
2.51%
2.94%
Expected dividend yields
8%
10%
9%
The expected volatility was based on the observed historical volatility for common shares of Stellantis. The risk-
free rate was derived from the yield on Euro Area Yield Curves of appropriate term.
The weighted average fair values of the PSU Synergies, PSU Compliance, PSU Electrification, PSU AOI, PSU
Quality and PRSU awards that were granted during years ended December 31, 2025, 2024 and 2023 were
measured using the Stellantis stock price on the grant date, adjusted for expected dividends at a constant yield
as these PSU awards do not have the right to receive ordinary dividends prior to vesting.
RSU awards
Changes during 2025, 2024 and 2023 for the RSU awards under the 2024-2026, 2023-2025 and 2022-2024
LTIPs were as follows:
2025
2024
2023
RSUs
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
RSUs
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
RSUs
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
Outstanding shares unvested
at January 1
9,370,789
11.67
11,062,707
12.67
8,824,943
12.77
Granted
9,284,098
7.40
2,944,677
11.62
3,419,898
12.41
Vested
(4,501,831)
11.77
(3,432,046)
14.68
(365,601)
15.26
Cancelled
(19,464)
6.91
(539)
11.71
\u2014
Forfeited
(1,187,544)
9.38
(1,204,010)
12.20
(816,533)
12.51
Outstanding shares unvested
at December 31
12,946,048
8.78
9,370,789
11.67
11,062,707
12.67
The weighted average fair values of the RSU awards that were granted at December 31, 2025, 2024 and 2023,
were measured using the Stellantis stock price on the grant date, adjusted for expected dividends at a constant
yield as these RSU awards do not have the right to receive ordinary dividends prior to vesting.
Replacement Stellantis RSU awards
Changes during 2025, 2024 and 2023 for the Replacement Stellantis RSU awards from share-based payment
plans issued by the former FCA Group were as follows:
2025
2024
2023
Replacement
Stellantis
RSU awards
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
Replacement
Stellantis
RSU awards
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
Replacement
Stellantis
RSU awards
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
Outstanding shares unvested
at January 1
\u2014
\u2014
\u2014
\u2014
9,722,133
9.95
Anti-dilution adjustment
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Granted
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Vested
\u2014
\u2014
\u2014
\u2014
(9,597,921)
9.95
Cancelled
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Forfeited
\u2014
\u2014
\u2014
\u2014
(124,212)
\u2014
Outstanding shares unvested
at December 31
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
The weighted average fair values of the RSU awards were measured using the Stellantis stock price on the grant
date, adjusted for expected dividends at a constant yield as these PSU and RSU awards do not have the right to
receive ordinary dividends prior to vesting.
Changes during 2025, 2024 and 2023 for the Replacement Stellantis RSU awards from share-based payment
plans issued by former PSA were as follows:
2025
2024
2023
Replacement
Stellantis
RSU awards
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
Replacement
Stellantis
RSU awards
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
Replacement
Stellantis
RSU awards
Weighted
average\u00a0fair
value at the
grant date (\u20ac)
Outstanding shares unvested
at January 1
\u2014
\u2014
\u2014
\u2014
6,422,078
6.71
Anti-dilution adjustment
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Granted
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Vested
\u2014
\u2014
\u2014
\u2014
(6,422,078)
6.71
Cancelled
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Forfeited
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Outstanding shares unvested
at December 31
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
The weighted average fair values of the RSU awards that were granted at December 31, 2025, 2024 and 2023
were measured using the Stellantis stock price on the grant date, adjusted for expected dividends at a constant
yield as these PSU and RSU awards do not have the right to receive ordinary dividends prior to vesting.
Share-based Compensation Expense
Total expense for the PSU awards and RSU awards of approximately \u20ac73 million, \u20ac45 million and \u20ac189 million
was recorded for the years ended December\u00a031, 2025, 2024 and 2023, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-711": { "value": "
20.
Employee benefits liabilities
Employee benefits liabilities consisted of the following:
At December 31,
2025
2024
(\u20ac million)
Current
Non-current
Total
Current
Non-current
Total
Pension benefits
36
2,164
2,200
34
2,362
2,396
Health care and life insurance plans
119
1,397
1,516
126
1,574
1,700
Other post-employment benefits
37
578
615
49
731
780
Other provisions for employees
325
656
981
374
774
1,148
Total Employee benefits liabilities
517
4,795
5,312
583
5,441
6,024
The Company recognized total expense of \u20ac2,061 million for defined contribution plans for the year ended
December\u00a031, 2025 ( \u20ac1,995 million in 2024 and \u20ac2,114 million in 2023).
The following table summarizes the fair value of defined benefit obligations and the fair value of related plan
assets:
At December 31,
(\u20ac million)
2025
2024
Present value of defined benefit obligations:
Pension benefits
21,132
23,750
Health care and life insurance plans
1,516
1,700
Other post-employment benefits
593
753
Total present value of defined benefit obligations (a)
23,241
26,203
Fair value of plan assets (b)
20,051
22,502
Asset ceiling (c)
174
212
Total net defined benefit plans (a - b + c)
3,364
3,913
of which:
Net defined benefit liability (d)
4,331
4,876
Defined benefit plan asset (Note 16)
(967)
(963)
Other provisions for employees (e)
981
1,148
Total Employee benefits liabilities (d + e)
5,312
6,024
Pension benefits
The Company\u2019s funding policy for defined benefit pension plans, to directly make benefit payments where
appropriate, is to contribute the minimum amounts required by applicable laws and regulations or to directly pay
benefit payments where appropriate. In the U.S., these excess amounts are tracked and the resulting credit
balance can be used to satisfy minimum funding requirements in future years. At December\u00a031, 2025, the
combined credit balances for the U.S. and Canada qualified pension plans were approximately \u20ac1.1 billion, with
the usage of the credit balances to satisfy minimum funding requirements subject to the plans maintaining
certain funding levels. During the year ended December\u00a031, 2025, the Company made pension contributions in
the U.S. and Canada totaling \u20ac27\u00a0million. Contributions to the pension plans of the Company for 2026 are
expected to be \u20ac96 million, including both contributions to pension funds and direct benefit payments to
employees. Of this amount, \u20ac51 million relates to the U.S. and Canada, with \u20ac42\u00a0million being mandatory
contributions and \u20ac9\u00a0million discretionary contributions, and \u20ac15 million relates to Germany.
The expected benefit payments for pension plans are as follows:
(\u20ac\u00a0million)
Expected\u00a0benefit
payments
2026
1,751
2027
1,738
2028
1,694
2029
1,684
2030
1,665
2031-2035
7,909
The following table summarizes changes in pension plans:
2025
2024
(\u20ac million)
U.S. and
Canada
UK
France
and
Germany
Other
Total
U.S. and
Canada
UK
France
and
Germany
Other
Total
Projected benefit
obligation
At beginning of period:
Present value
(18,965)
(1,526)
(3,004)
(255)
(23,750)
(18,964)
(1,456)
(2,809)
(239)
(23,468)
Effect of changes in scope of
consolidation and other
\u2014
(54)
\u2014
\u2014
(54)
114
1
\u2014
1
116
Service cost
(80)
\u2014
(33)
(10)
(123)
(98)
\u2014
(36)
(9)
(143)
Interest cost
(924)
(75)
(100)
(16)
(1,115)
(973)
(77)
(110)
(17)
(1,177)
Benefit payments for the
year
1,522
95
132
21
1,770
1,558
88
127
19
1,792
Participant contributions
(1)
\u2014
\u2014
\u2014
(1)
(1)
\u2014
\u2014
\u2014
(1)
Actuarial gains and (losses)
(228)
56
254
(45)
37
339
(10)
(176)
(27)
126
Demographic assumptions
and experience
41
(53)
(43)
(51)
(106)
(10)
(4)
26
2
14
Financial assumptions
(269)
109
297
6
143
349
(6)
(202)
(29)
112
Effect of changes in
exchange rates
2,041
77
\u2014
(2)
2,116
(924)
(70)
\u2014
18
(976)
Past service cost
\u2014
(14)
\u2014
2
(12)
(16)
(2)
\u2014
(1)
(19)
Effect of curtailments and
settlements/Other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At period-end: Present
value
(16,635)
(1,441)
(2,751)
(305)
(21,132)
(18,965)
(1,526)
(3,004)
(255)
(23,750)
Plan Assets
At beginning of period:
Fair value
17,758
1,890
2,680
174
22,502
18,262
1,800
2,408
172
22,642
Effect of changes in scope of
consolidation and other
\u2014
68
\u2014
\u2014
68
(121)
\u2014
\u2014
(1)
(122)
Expected return on assets
857
94
90
5
1,046
932
96
95
7
1,130
Participant contributions
1
\u2014
\u2014
\u2014
1
1
\u2014
\u2014
\u2014
1
Administrative Expenses
(84)
(2)
\u2014
\u2014
(86)
(58)
(4)
\u2014
(1)
(63)
Actuarial gains and (losses)
410
(101)
(140)
(4)
165
(558)
(13)
293
9
(269)
Effect of changes in
exchange rates
(1,864)
(95)
\u2014
\u2014
(1,959)
820
87
\u2014
\u2014
907
Employer contributions
20
6
40
\u2014
66
27
12
5
(1)
43
Benefit payments for the
year
(1,521)
(95)
(126)
(10)
(1,752)
(1,547)
(88)
(121)
(11)
(1,767)
At period-end: Fair value
15,577
1,765
2,544
165
20,051
17,758
1,890
2,680
174
22,502
2025
2024
(\u20ac million)
U.S. and
Canada
UK
France
and
Germany
Other
Total
U.S. and
Canada
UK
France
and
Germany
Other
Total
Present value of projected
benefit obligation
(16,635)
(1,441)
(2,751)
(305)
(21,132)
(18,965)
(1,526)
(3,004)
(255)
(23,750)
Fair value of plan assets
15,577
1,765
2,544
165
20,051
17,758
1,890
2,680
174
22,502
Net (liability) asset
recognized in the balance
sheet before minimum
funding requirement (IFRIC
14)
(1,058)
324
(207)
(140)
(1,081)
(1,207)
364
(324)
(81)
(1,248)
Minimum funding requirement
liability (IFRIC 14)
(174)
\u2014
\u2014
\u2014
(174)
(212)
\u2014
\u2014
\u2014
(212)
Net (liability) asset
recognized in the balance
sheet
(1,232)
324
(207)
(140)
(1,255)
(1,419)
364
(324)
(81)
(1,460)
Of which, liability
(1,805)
(16)
(258)
(121)
(2,200)
(1,951)
(8)
(363)
(74)
(2,396)
Of which, asset
573
340
51
(19)
945
532
372
39
(7)
936
Amounts recognized in the Consolidated Income Statement were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Current service cost
123
143
140
Interest expense
1,115
1,177
1,160
Interest income
(1,046)
(1,130)
(1,108)
Other administration costs
86
63
87
Past service costs/(credits) and (gains)/losses arising from settlements/
curtailments
12
19
666
Interest expense on asset ceiling
6
12
\u2014
Total recognized in the Consolidated Income Statement
296
284
945
During the year ended December 31, 2023, U.S. and Canada pension plans were amended for benefit changes
made under collective bargaining agreements negotiated with the United Automobile, Aerospace and
Agricultural Implement Workers of America (\u201cUAW\u201d) and Unifor and the associated prior service costs were
recognized in the Consolidated Income Statement in the amount of \u20ac396\u00a0million. In addition, voluntary separation
packages offered during 2024 and 2023 resulted in pension plan curtailment charges of \u20ac16\u00a0million and
\u20ac268\u00a0million, respectively, recognized within Restructuring costs. A prior service cost of \u20ac14 million was
recognized in 2025 in connection with the closure of the Luton plant in the UK, as early\u2011retiring employees were
granted the same retirement benefits they would have received had they remained in service until normal
retirement age.
The fair value of plan assets by class was as follows:
At December 31,
2025
2024
(\u20ac million)
Amount\u00a0
of\u00a0which\u00a0have\u00a0a
quoted\u00a0market
price\u00a0in\u00a0an\u00a0active
market
Amount\u00a0
of\u00a0which\u00a0have\u00a0a
quoted\u00a0market
price\u00a0in\u00a0an\u00a0active
market\u00a0
Cash and cash equivalents
846
836
884
881
U.S. equity securities
529
529
656
655
Non-U.S. equity securities
108
107
540
540
Equity commingled funds
2,041
1,126
1,194
734
Equity instruments
2,678
1,762
2,390
1,929
Government securities
3,307
1,808
3,197
1,700
Corporate bonds (including convertible and high yield bonds)
3,698
51
4,572
35
Other fixed income
3,467
\u2014
4,861
1
Fixed income securities
10,472
1,859
12,630
1,736
Private equity funds
2,608
\u2014
2,943
\u2014
Diversified Commingled funds
73
\u2014
82
\u2014
Real estate funds
1,280
\u2014
1,316
\u2014
Hedge funds
1,917
\u2014
2,306
\u2014
Investment funds
5,878
\u2014
6,647
\u2014
Insurance contracts and other
177
13
(49)
(17)
Total fair value of plan assets
20,051
4,470
22,502
4,529
Non-U.S. equity securities were invested broadly in developed international and emerging markets. Fixed
income securities were debt instruments primarily comprised of long-term U.S. Treasury and global government
bonds, as well as U.S., developed international and emerging market companies\u2019 debt securities diversified by
sector, geography and through a wide range of market capitalizations. Private equity funds included those in
limited partnerships that invest primarily in the equity of companies that are not publicly traded on a stock
exchange. Private debt funds included those in limited partnerships that invest primarily in the debt of
companies and real estate developers. Commingled funds included common collective trust funds, mutual
funds and other investment entities. Real estate fund investments included those in limited partnerships that
invest in various commercial and residential real estate projects around the world. Hedge fund investments
included those seeking to maximize absolute return using a broad range of strategies to enhance returns and
provide additional diversification.
The investment strategies and objectives for pension assets primarily in the U.S., Canada, France, Germany and
UK reflected a balance of liability-hedging and return-seeking investment considerations. The investment
objectives were to minimize the volatility of the value of pension assets relative to pension liabilities and to
ensure that assets were sufficient to pay plan obligations. The objective of minimizing the volatility of assets
relative to liabilities was addressed primarily through asset diversification, partial asset-liability matching and
hedging. Assets were broadly diversified across many asset classes to achieve risk-adjusted returns that, in
total, lower asset volatility relative to the liabilities. Additionally, in order to minimize pension asset volatility
relative to the pension liabilities, a portion of the pension plan assets were allocated to fixed income securities.
The Company policy for these plans ensured actual allocations were in line with target allocations as
appropriate.
Assets were actively monitored and managed primarily by external investment managers. Investment managers
were not permitted to invest outside of the asset class or strategy for which they had been appointed. The
Company used investment guidelines to ensure investment managers invested solely within the mandated
investment strategy. Certain investment managers used derivative financial instruments to mitigate the risk of
changes in interest rates and foreign currencies impacting the fair values of certain investments. Derivative
financial instruments could also be used in place of physical securities when it was more cost-effective and/or
efficient to do so. Plan assets did not include the Company shares or properties occupied by Stellantis
companies, with the possible exception of commingled investment vehicles where the Company did not control
the investment guidelines.
Sources of potential risk in pension plan assets were related to market risk, interest rate risk and operating risk.
Market risk was mitigated by diversification strategies and as a result, there were no significant concentrations of
risk in terms of sector, industry, geography, market capitalization, manager or counterparty. Interest rate risk was
mitigated by partial asset-liability matching. The fixed income target asset allocation partially matched the bond-
like and long-dated nature of the pension liabilities. Interest rate increases generally will result in a decline in the
fair value of the investments in fixed income securities and the present value of the obligations. Conversely,
interest rate decreases will generally increase the fair value of the investments in fixed income securities and the
present value of the obligations. Operating risks were mitigated through engagement with and oversight of
external service providers, including custodians, data providers and investment managers.
The weighted average assumptions used to determine defined benefit obligations were as follows:
At December 31,
2025
2024
U.S.
Canada
UK
France
Germany
U.S.
Canada
UK
France
Germany
Discount rate
5.43%
4.79%
5.69%
3.81%
4.16%
5.70%
4.61%
5.23%
3.39%
3.42%
Future salary
increase rate
\u2014%
3.50%
2.40%
2.75%
2.60%
\u2014%
3.50%
2.65%
2.85%
2.70%
The average duration of U.S., Canada, UK, France and Germany liabilities was approximately 9, 11, 12, 7 and
14, respectively. Refer to Note 2, Basis of preparation, for additional information on the Company\u2019s sensitivity
analysis.
The average longevity at retirement age for current pensioners (male/female) were as follows:
2025
U.S.
Canada
UK
France
Germany
Life Expectancy at Age 65
Male retiring in 25 years (Aged 40)
20.69
21.88
23.12
N/A
24.26
Female retiring in 25 years (Aged 40)
22.16
24.11
25.62
N/A
27
Male retiring today (Aged 65)
19.19
20.63
21.38
11.19
20.90
Female retiring today (Aged 65)
20.79
22.94
23.81
10.72
24.27
Health care and life insurance plans
Liabilities arising from these unfunded plans comprised obligations for retiree health care and life insurance
granted to employees and to retirees in the U.S. and Canada. Upon retirement from the Company, these
employees may become eligible for continuation of certain benefits. Benefits and eligibility rules may be
modified periodically. The expected benefit payments for unfunded health care and life insurance plans are as
follows:
(\u20ac million)
Expected\u00a0benefit
\u00a0payments
2026
119
2027
118
2028
117
2029
115
2030
114
2031-2035
553
Changes in net defined benefit obligations for healthcare and life insurance plans were as follows:
(\u20ac million)
2025
2024
Present value of obligations at January\u00a01
1,700
1,697
Included in the Consolidated Income Statement
94
105
Included in Other comprehensive income:
Actuarial (gains)/losses from:
- Demographic and other assumptions
19
(2)
- Financial assumptions
14
(51)
Effect of movements in exchange rates
(182)
81
Other:
Benefits paid
(129)
(130)
December 31
1,516
1,700
Amounts recognized in the Consolidated Income Statement were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Current service cost
8
10
11
Interest expense
86
90
89
Past service costs/(credits) and losses/(gains) arising from settlements
\u2014
5
43
Total recognized in the Consolidated Income Statement
94
105
143
During the year ended December 31, 2023, the U.S. plans were amended for benefit changes made under
collective bargaining agreements negotiated with the UAW and the associated prior service costs were
recognized in the Consolidated Income Statement in the amount of \u20ac32\u00a0million. In addition, voluntary separation
packages offered during 2024 and 2023 resulted in OPEB plan curtailment charges of \u20ac5\u00a0million and \u20ac11\u00a0million,
respectively, recognized within Restructuring costs.
Health care and life insurance plans were accounted for on an actuarial basis, which required the selection of
various assumptions. In particular, it required the use of estimates of the present value of the projected future
payments to all participants, taking into consideration the likelihood of potential future events such as health care
cost increases and demographic experience.
The weighted average assumptions used to determine the defined benefit obligations were as follows:
At December 31,
2025
2024
U.S.
Canada
U.S.
Canada
Discount rate
5.60%
5.01%
5.76%
4.72%
Salary growth
2.50%
2.00%
2.50%
2.00%
Weighted average ultimate healthcare cost trend rate
3.95%
4.00%
3.95%
4.00%
The average duration of the U.S. and Canadian liabilities was approximately 10 and 14 years, respectively. Refer
to Note 2, Basis of preparation, for additional information on the Company\u2019s sensitivity analysis.
The annual rate of increase in the per capita cost of covered U.S. health care benefits assumed for the next year
and used in the 2025 plan valuation was 8.2 percent. The annual rate was assumed to decrease gradually to 3.9
percent through 2050 and remain at that level thereafter. The annual rate of increase in the per capita cost of
covered Canadian health care benefits assumed for next year and used in the 2025 plan valuation was 4.3
percent. The annual rate was assumed to decrease gradually to 4.0 percent through 2040 and remain at that
level thereafter.
Other post-employment benefits
Other post-employment benefits comprised other employee benefits granted to Company employees primarily in
Europe.
Changes in defined benefit obligations for other post-employment benefits were as follows:
(\u20ac million)
2025
2024
Present value of obligations at January\u00a01
753
767
Included in the Consolidated Income Statement
1
(14)
Included in Other comprehensive income:
Actuarial (gains)/losses from:
- Demographic and other assumptions
(18)
(21)
- Financial assumptions
(37)
123
Effect of movements in exchange rates
(2)
(4)
Other:
Benefits paid
(71)
(66)
Other changes
(33)
(32)
Present value of obligations at December\u00a031
593
753
As at December 31, 2025, the above Other post-employment benefit liability is net of plan assets of \u20ac321\u00a0million.
Amounts recognized in the Consolidated Income Statement were as follows:
Years ended December 31,
(\u20ac million)
2025
2024
2023
Current service cost
31
28
31
Interest expense
25
34
34
Past service costs/(credits) and losses/(gains) arising from settlements
(55)
(76)
(5)
Total recognized in the Consolidated Income Statement
1
(14)
60
Past service credits are primarily due to the impact on French plans of voluntary departures.
Other provisions for employees
Other provisions for employees primarily included long-term disability benefits, supplemental unemployment
benefits, variable and other deferred compensation, as well as bonuses granted for tenure at the Company.
21.
Provisions
Provisions consisted of the following:
At December 31,
2025
2024
(\u20ac million)
Current
Non-current
Total
Current
Non-current
Total
Product warranty and recall campaigns
4,562
9,562
14,124
3,737
5,571
9,308
Sales incentives
5,321
\u2014
5,321
6,343
\u2014
6,343
Restructuring
637
405
1,042
1,035
544
1,579
Legal proceedings and disputes
379
601
980
457
618
1,075
Commercial risks
2,779
6,002
8,781
1,910
1,208
3,118
Other risks
639
2,026
2,665
738
919
1,657
Total Provisions
14,317
18,596
32,913
14,220
8,860
23,080
Changes in Provisions were as follows:
(\u20ac million)
At January
1, 2025
Additional
provisions
Settlements
Unused
amounts
Translation
differences
Transfer to
Liabilities
held for
sale
Change in
scope
Other
At
December
31, 2025
Product warranty
and recall
campaigns
9,308
11,645
(6,264)
\u2014
(717)
\u2014
1
151
14,124
Sales incentives
6,343
10,362
(10,954)
(23)
(411)
\u2014
(34)
38
5,321
Restructuring costs
1,579
1,115
(1,381)
(261)
(38)
\u2014
(4)
32
1,042
Legal proceedings
and disputes
1,075
242
(252)
(59)
(33)
\u2014
\u2014
7
980
Commercial risks
3,118
8,674
(2,255)
(733)
(348)
\u2014
\u2014
325
8,781
Other risks
1,657
1,946
(412)
(231)
(54)
\u2014
3
(244)
2,665
Total Provisions
23,080
33,984
(21,518)
(1,307)
(1,601)
\u2014
(34)
309
32,913
(\u20ac million)
At January
1, 2024
Additional
provisions
Settlements
Unused
amounts
Translation
differences
Transfer to
Liabilities
held for
sale
Change in
scope
Other
At
December
31, 2024
Product warranty
and recall
campaigns
8,984
6,332
(6,209)
(133)
265
(38)
(21)
128
9,308
Sales incentives
6,031
10,229
(10,110)
(4)
214
(21)
\u2014
4
6,343
Restructuring costs
1,300
1,706
(1,284)
(172)
25
\u2014
(2)
6
1,579
Legal proceedings
and disputes
1,090
368
(252)
(71)
(65)
\u2014
(6)
11
1,075
Commercial risks
2,723
1,964
(1,680)
(41)
155
\u2014
(3)
\u2014
3,118
Other risks
1,340
833
(427)
(161)
21
\u2014
4
47
1,657
Total Provisions
21,468
21,432
(19,962)
(582)
615
(59)
(28)
196
23,080
Product warranty and recall campaigns\u00a0
The estimated future costs of actions are principally based on assumptions regarding the lifetime warranty costs
of each vehicle line and each model year of that vehicle line, as well as historical claims experience for the
vehicles. In addition, the number and magnitude of additional service actions expected to be approved and
policies related to additional service actions are taken into consideration.
The cash outflow for the non-current portion of the Product warranty and recall campaigns provision is primarily
expected within a period through 2029.
During the year ended December 31, 2025, the Company experienced increased volatility in warranty
expenditures, particularly in North America and Enlarged Europe, driven by factors including cost inflation,
quality issues associated with new powertrains and platforms, and the impact of prior operational decisions.
The previously applied model for estimating future warranty expenditures was assessed to be insufficiently
responsive to rapid changes in experience. Accordingly, during 2025 the Company implemented an updated
actuarial model incorporating refined trend development, inflation assumptions and correlations, resulting in
greater responsiveness to recent warranty experience. This change represents a change in accounting
estimate.
As a result of this change in estimate, the Company recognized charges of \u20ac5.4\u00a0billion, (of which \u20ac4.1 billion was
excluded from AOI and related to shipments prior to 2025) within Cost of revenues, comprising \u20ac4.2 billion (of
which \u20ac3.3 billion was excluded from AOI) in North America and \u20ac1.2 billion (of which \u20ac0.9 billion was excluded
from AOI) in Enlarged Europe.
Sales incentives
As described within Note 2, Basis of preparation - Critical judgments and use of estimates, the Company
recorded the estimated cost of sales incentive programs offered to dealers and consumers as a reduction to
revenue at the time of sale of the vehicle to the dealer.
Restructuring costs
During the years ended December\u00a031, 2025 and 2024, the Company recognized total net provisions of
\u20ac913\u00a0million and \u20ac1,617\u00a0million, respectively, primarily related to workforce reductions in Enlarged Europe and
for 2024, also in North America (refer to Note 30, Segment reporting for additional information). \u00a0
Legal proceedings and disputes
As described within Note 2, Basis of preparation - Critical judgments and use of estimates, a provision for legal
proceedings was recognized when it was deemed probable that the proceedings would result in an outflow of
resources and when the amount could be reasonably estimated. As the ultimate outcome of pending litigation
was uncertain, the timing of cash outflows for the legal proceedings and disputes provision was also uncertain.
Commercial risks
Commercial risks arose in connection with the sale of products and services, such as onerous maintenance
contracts, and as a result of certain regulatory emission requirements. For items such as onerous maintenance
contracts, a provision was recognized when the expected costs to complete the services under these contracts
exceeded the revenues expected to be realized. A provision for costs related to regulatory emission
requirements was recognized at the time vehicles were sold based on the estimated cost to settle the obligation,
measured as the sum of the cost of regulatory credits previously purchased plus the amount, if any, of the fine
expected to be paid in cash. Commercial risks also include provisions for disputes with suppliers related to
supply contract or other matters that were not subject to legal proceedings. Effective 2025, these balances were
reclassified from other risks to commercial risks. The cash outflow for the non-current portion of the Commercial
risks provision was primarily expected within a period through 2029.
The increase of \u20ac5,663 million in commercial risks is mainly related to: (i) provisions recognized for disputes with
suppliers resulting from the product plan realignments and program cancellations (refer to Note 2,\u00a0Basis of
preparation - Strategic plan undergoing reassessment) offset by (ii) a decrease in the net amount of \u20ac844\u00a0million
related to the provision for CAFE, refer to Note 10, Other intangible assets for additional information.
Other risks
Other risks include, among other items: provisions for product liabilities arising from personal injuries including
wrongful death and potential exemplary or punitive damages alleged to be the result of product defects,
disputes with other parties relating to contracts or other matters not subject to legal proceedings and
management's best estimate of the Company\u2019s probable environmental obligations, which also included costs
related to claims on environmental matters. The cash outflow for the non-current portion of the Other risks
provision is primarily expected within a period through 2029.
Corporate Average Fuel Economy (\u201cCAFE\u201d) standards
In August 2020, the U.S. Court of Appeals for the Second Circuit vacated a final rule published by NHTSA in July
2019 that had reversed NHTSA\u2019s 2016 increase to the base rate of the CAFE penalty from $5.50 to $14.00. The
base rate applies to each tenth of a mile per gallon that a manufacturer\u2019s fleet-wide average fuel efficiency is
below the CAFE standard, and is multiplied by the number of vehicles in the manufacturer\u2019s fleet to arrive at an
aggregate penalty. In January 2021, NHTSA published an interim final rule with immediate effect, the result of
which was to apply the increased fine rate that resulted from the Second Circuit\u2019s ruling to future model years. In
particular, NHTSA\u2019s interim rule imposed a CAFE penalty base rate of $5.50 through 2021 Model Year and
increased the CAFE penalty base rate to $14.00 prospectively from the 2022 Model Year. FCA accrued
estimated amounts for any probable CAFE penalty based on the $5.50 rate for Model Years 2021 and earlier.
In April 2022, NHTSA published a final rule repealing the interim final rule issued in January 2021 and reverting
to the December 2016 final rule which increased the CAFE civil penalty rate from $5.00 to $14.00, beginning with
2019 Model Year. Applying the annual inflation adjustment procedures did not result in an increase in the $14.00
rate through 2021 Model Year.
On July 4, 2025, the OBBB was signed into law, which revised the civil penalty rate to $0.00 beginning with
Model Year 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-712": { "value": "
21.
Provisions
Provisions consisted of the following:
At December 31,
2025
2024
(\u20ac million)
Current
Non-current
Total
Current
Non-current
Total
Product warranty and recall campaigns
4,562
9,562
14,124
3,737
5,571
9,308
Sales incentives
5,321
\u2014
5,321
6,343
\u2014
6,343
Restructuring
637
405
1,042
1,035
544
1,579
Legal proceedings and disputes
379
601
980
457
618
1,075
Commercial risks
2,779
6,002
8,781
1,910
1,208
3,118
Other risks
639
2,026
2,665
738
919
1,657
Total Provisions
14,317
18,596
32,913
14,220
8,860
23,080
Changes in Provisions were as follows:
(\u20ac million)
At January
1, 2025
Additional
provisions
Settlements
Unused
amounts
Translation
differences
Transfer to
Liabilities
held for
sale
Change in
scope
Other
At
December
31, 2025
Product warranty
and recall
campaigns
9,308
11,645
(6,264)
\u2014
(717)
\u2014
1
151
14,124
Sales incentives
6,343
10,362
(10,954)
(23)
(411)
\u2014
(34)
38
5,321
Restructuring costs
1,579
1,115
(1,381)
(261)
(38)
\u2014
(4)
32
1,042
Legal proceedings
and disputes
1,075
242
(252)
(59)
(33)
\u2014
\u2014
7
980
Commercial risks
3,118
8,674
(2,255)
(733)
(348)
\u2014
\u2014
325
8,781
Other risks
1,657
1,946
(412)
(231)
(54)
\u2014
3
(244)
2,665
Total Provisions
23,080
33,984
(21,518)
(1,307)
(1,601)
\u2014
(34)
309
32,913
(\u20ac million)
At January
1, 2024
Additional
provisions
Settlements
Unused
amounts
Translation
differences
Transfer to
Liabilities
held for
sale
Change in
scope
Other
At
December
31, 2024
Product warranty
and recall
campaigns
8,984
6,332
(6,209)
(133)
265
(38)
(21)
128
9,308
Sales incentives
6,031
10,229
(10,110)
(4)
214
(21)
\u2014
4
6,343
Restructuring costs
1,300
1,706
(1,284)
(172)
25
\u2014
(2)
6
1,579
Legal proceedings
and disputes
1,090
368
(252)
(71)
(65)
\u2014
(6)
11
1,075
Commercial risks
2,723
1,964
(1,680)
(41)
155
\u2014
(3)
\u2014
3,118
Other risks
1,340
833
(427)
(161)
21
\u2014
4
47
1,657
Total Provisions
21,468
21,432
(19,962)
(582)
615
(59)
(28)
196
23,080
Product warranty and recall campaigns\u00a0
The estimated future costs of actions are principally based on assumptions regarding the lifetime warranty costs
of each vehicle line and each model year of that vehicle line, as well as historical claims experience for the
vehicles. In addition, the number and magnitude of additional service actions expected to be approved and
policies related to additional service actions are taken into consideration.
The cash outflow for the non-current portion of the Product warranty and recall campaigns provision is primarily
expected within a period through 2029.
During the year ended December 31, 2025, the Company experienced increased volatility in warranty
expenditures, particularly in North America and Enlarged Europe, driven by factors including cost inflation,
quality issues associated with new powertrains and platforms, and the impact of prior operational decisions.
The previously applied model for estimating future warranty expenditures was assessed to be insufficiently
responsive to rapid changes in experience. Accordingly, during 2025 the Company implemented an updated
actuarial model incorporating refined trend development, inflation assumptions and correlations, resulting in
greater responsiveness to recent warranty experience. This change represents a change in accounting
estimate.
As a result of this change in estimate, the Company recognized charges of \u20ac5.4\u00a0billion, (of which \u20ac4.1 billion was
excluded from AOI and related to shipments prior to 2025) within Cost of revenues, comprising \u20ac4.2 billion (of
which \u20ac3.3 billion was excluded from AOI) in North America and \u20ac1.2 billion (of which \u20ac0.9 billion was excluded
from AOI) in Enlarged Europe.
Sales incentives
As described within Note 2, Basis of preparation - Critical judgments and use of estimates, the Company
recorded the estimated cost of sales incentive programs offered to dealers and consumers as a reduction to
revenue at the time of sale of the vehicle to the dealer.
Restructuring costs
During the years ended December\u00a031, 2025 and 2024, the Company recognized total net provisions of
\u20ac913\u00a0million and \u20ac1,617\u00a0million, respectively, primarily related to workforce reductions in Enlarged Europe and
for 2024, also in North America (refer to Note 30, Segment reporting for additional information). \u00a0
Legal proceedings and disputes
As described within Note 2, Basis of preparation - Critical judgments and use of estimates, a provision for legal
proceedings was recognized when it was deemed probable that the proceedings would result in an outflow of
resources and when the amount could be reasonably estimated. As the ultimate outcome of pending litigation
was uncertain, the timing of cash outflows for the legal proceedings and disputes provision was also uncertain.
Commercial risks
Commercial risks arose in connection with the sale of products and services, such as onerous maintenance
contracts, and as a result of certain regulatory emission requirements. For items such as onerous maintenance
contracts, a provision was recognized when the expected costs to complete the services under these contracts
exceeded the revenues expected to be realized. A provision for costs related to regulatory emission
requirements was recognized at the time vehicles were sold based on the estimated cost to settle the obligation,
measured as the sum of the cost of regulatory credits previously purchased plus the amount, if any, of the fine
expected to be paid in cash. Commercial risks also include provisions for disputes with suppliers related to
supply contract or other matters that were not subject to legal proceedings. Effective 2025, these balances were
reclassified from other risks to commercial risks. The cash outflow for the non-current portion of the Commercial
risks provision was primarily expected within a period through 2029.
The increase of \u20ac5,663 million in commercial risks is mainly related to: (i) provisions recognized for disputes with
suppliers resulting from the product plan realignments and program cancellations (refer to Note 2,\u00a0Basis of
preparation - Strategic plan undergoing reassessment) offset by (ii) a decrease in the net amount of \u20ac844\u00a0million
related to the provision for CAFE, refer to Note 10, Other intangible assets for additional information.
Other risks
Other risks include, among other items: provisions for product liabilities arising from personal injuries including
wrongful death and potential exemplary or punitive damages alleged to be the result of product defects,
disputes with other parties relating to contracts or other matters not subject to legal proceedings and
management's best estimate of the Company\u2019s probable environmental obligations, which also included costs
related to claims on environmental matters. The cash outflow for the non-current portion of the Other risks
provision is primarily expected within a period through 2029.
27.
Guarantees granted, commitments and contingent liabilities
Contingent liabilities
In connection with significant asset divestitures carried out in prior years, the Company provided indemnities to
purchasers. Potential liabilities may arise from possible breaches of representations and warranties provided in
the contracts and, in certain instances, environmental or tax matters, generally for a limited period of time. Some
of these indemnifications do not limit potential payment and as such, it was not possible to estimate the
maximum amount of potential future payments that could result from claims made under these indemnities.
Litigation
Takata Airbag Inflators
Putative class action lawsuits were filed in March 2018 against FCA US LLC (\u201cFCA US\u201d), a 100 percent owned
subsidiary of Stellantis, in the U.S. District Courts for the Southern District of Florida and the Eastern District of
Michigan, asserting claims under federal and state laws alleging economic loss due to Takata airbag inflators
installed in certain of our vehicles. The cases were subsequently consolidated in the Southern District of Florida.
In November 2022, the Court granted summary judgment in FCA US\u2019s favor against all claimants except those in
Georgia and North Carolina. Plaintiffs were granted leave to file an amended complaint to add additional states
to the pending action. Plaintiffs\u2019 appeal of the grant of summary judgment was dismissed by the Court for lack of
jurisdiction. In May 2024, the Court entered an order to allow FCA US\u2019s renewed motions for summary judgment
to address the remaining amended claims.
In June 2023, the Court entered an order preliminarily granting class certification for the amended complaint. In
July 2023, the Court revisited its class certification order and further narrowed the classes based on a recent
Court of Appeals decision. FCA US\u2019 appeal of the Court\u2019s preliminary order was denied.
At this stage of the proceedings, we are unable to reliably evaluate the likelihood that a loss will be incurred or
estimate a range of possible loss.
Emissions
We face class actions and individual claims alleging emissions non-compliance in several countries. Several
former FCA and PSA companies and Dutch dealers have been served with class actions in the Netherlands by
Dutch foundations seeking monetary damages and vehicle buybacks in connection with alleged emissions non-
compliance of certain vehicles equipped with diesel engines. We have also been notified of a potential class
action on behalf of Dutch consumers alleging emissions non-compliance of certain former FCA vehicles sold as
recreational vehicles, and are subject to a securities class action in the Netherlands, alleging misrepresentations
by FCA. Class actions alleging emissions non-compliance has also been filed and are on-going in Portugal
regarding former FCA vehicles, in the UK regarding former FCA and PSA vehicles, and in Israel regarding
former PSA vehicles. We are also defending approximately 1,500 pending individual consumer claims alleging
emissions non-compliance in Germany and approximately 70 individual consumer cases in Austria relating to
former FCA vehicles.
The results of the private litigation matters described above cannot be predicted at this time and may lead to
damage awards which may have a material adverse effect on our business, financial condition and results of
operations. It is also possible that these matters and their ultimate resolution may adversely affect our reputation
with consumers, which may negatively impact demand for our vehicles and consequently could have a material
adverse effect on our business, financial condition and results of operations. At this stage, we are unable to
evaluate the likelihood that a material loss will be incurred with regard to these private litigations or estimate a
range of possible loss.
General Motors
In November 2019, General Motors LLC and General Motors Company (collectively, \u201cGM\u201d) filed a lawsuit in the
U.S. District Court for the Eastern District of Michigan against FCA US, FCA N.V., now Stellantis N.V., and certain
individuals, claiming violations of the Racketeer Influenced and Corrupt Organizations (\u201cRICO\u201d) Act, unfair
competition and civil conspiracy in connection with allegations that FCA US made payments to The International
Union, United Automobile, Aerospace and Agricultural Implement Workers of America (\u201cUAW\u201d) officials that
corrupted the bargaining process with the UAW and as a result FCA US enjoyed unfair labor costs and
operational advantages that caused harm to GM. GM also claimed that FCA US had made concessions to the
UAW in collective bargaining that the UAW was then able to extract from GM through pattern bargaining which
increased costs to GM and that this was done by FCA US in an effort to force a merger between GM and FCA
N.V. The court dismissed GM\u2019s lawsuit with prejudice and the U.S. Court of Appeals for the Sixth Circuit
subsequently affirmed the dismissal of GM\u2019s complaint. In April 2023, the U.S. Supreme Court declined to grant
review of the Sixth Circuit\u2019s decision, which finally resolved the federal court case.
Following dismissal of its Federal court case, GM filed an action against FCA US and FCA N.V., now Stellantis
N.V., in Michigan state court, making substantially the same claims as it made in the federal litigation. In October
2021, the court granted Stellantis N.V. and FCA US\u2019s motion for summary disposition. GM filed a motion for
reconsideration and in December 2021, the court granted GM\u2019s motion, permitting GM to amend its complaint.
GM filed a second amended complaint in December 2021. In May 2022, the court denied FCA US\u2019s motion for
summary disposition and permitted discovery to proceed against FCA US. In July 2022, the court granted
Stellantis N.V.\u2019s motion for summary disposition, but in November 2022 the court granted GM\u2019s motion for
reconsideration and permitted jurisdictional discovery to proceed against Stellantis N.V. The case is currently
stayed while the Michigan Court of Appeals considers certain trial court rulings regarding privilege. At this stage,
we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss.
2024 Financial Guidance
In August 2024, a putative securities class action complaint was filed in the U.S. District Court of the Southern
District of New York against Stellantis N.V. and certain of its former officers, alleging that the defendants made
material misstatements relating to the Company\u2019s 2024 financial guidance. Plaintiffs filed an amended complaint
in March 2025 and a motion to dismiss was filed by Stellantis N.V. and the individual defendants in June 2025.
At this stage of the proceedings, we are unable to reliably evaluate the likelihood that a loss will be incurred or
estimate a range of possible loss.
Government Inquiries
Emissions
We are subject to criminal and civil governmental investigations alleging emissions non-compliance in certain
European jurisdictions and we continue to cooperate with these investigations.
As part of the judicial investigation of several automakers in France, commencing in 2016 and 2017,
Automobiles Peugeot and Automobiles Citro\u00ebn were placed under examination by the Judicial Court of Paris in
June 2021 on allegations of consumer fraud in connection with the sale of Euro 5 diesel vehicles in France
between 2009 and 2015. In July 2021, FCA Italy (now known as Stellantis Europe) was placed under
examination by the same court for possible consumer fraud in connection with the sale of Euro 6 diesel vehicles
in France between 2014 and 2017. As is typical in a French criminal inquiry, each of the companies were
required to pay bail for the potential payment of damages and fines and to ensure representation in court, and to
provide a guarantee for the potential compensation of losses. None of these amounts were, individually or in
aggregate, material to the Company. Civil parties have joined the case and may seek further compensation. The
Public Prosecutor has requested that the companies involved be referred to criminal court on consumer fraud
charges and a decision on whether to proceed is before the Investigating Judge.
In May 2023, the German authority, Kraftfahrt-Bundesamt (\u201cKBA\u201d) notified Stellantis of its investigation of certain
Opel Euro 5, Fiat Euro 5 and Euro 6 vehicles and its intent to require remedial measures based on the alleged
non-compliance of the diesel engines in certain of those vehicles. The KBA subsequently expanded its inquiry to
include Euro 5 and Euro 6 engines used in certain Alfa Romeo, FIAT and Jeep vehicles, as well as Suzuki
vehicles equipped with diesel engines supplied by FCA Italy and requested information relating to all Stellantis
vehicles that may make use of strategies similar to those allegedly used by the identified vehicles. Stellantis
Europe is cooperating with the KBA and the relevant homologation authority. In January 2024, the KBA advised
that the Opel vehicles, equipped with Euro 5 engines, are non-compliant. At the KBA\u2019s request, during the first
half of 2024, Opel submitted a plan to bring the vehicles into compliance. In July 2024, Opel received a formal
decision of non-compliance from the KBA regarding its vehicles equipped with Euro 5 diesel engines. Although
we objected to this formal decision, we continue to cooperate with the KBA inquiries and, at this stage, we are
unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss. Given
the number of vehicles potentially involved, however, the cost of any recall, and the impact that any recall could
have on related private litigation, may be significant.
In December 2019, the Italian Ministry of Transport (\u201cMIT\u201d) notified FCA Italy of communications with the Dutch
Ministry of Infrastructure and Water Management (\u201cI&W\u201d) regarding certain irregularities allegedly found by the
RDW and the Dutch Center of Research TNO in the emission levels of certain Jeep Grand Cherokee Euro 5
models and a vehicle model of another OEM containing a Euro 6 diesel engine supplied by FCA Italy. In January
2020, the Dutch Parliament published a letter from the I&W summarizing the conclusions of the RDW regarding
those vehicles and engines and indicating an intention to order a recall and report their findings to the Public
Prosecutor, the European Commission (\u201cEC\u201d) and other member states. FCA engaged with the RDW to present
our positions and cooperate to reach an appropriate resolution of this matter. FCA Italy proposed certain
updates to the relevant vehicles that have been tested and approved by the RDW and are now being
implemented without further concerns being raised by RDW.
In July 2020, unannounced inspections took place at several of FCA\u2019s sites in Germany, Italy and the UK at the
initiative of the Public Prosecutors of Frankfurt am Main and of Turin, as part of their investigations of potential
violations of diesel emissions regulations and consumer protection laws. In April 2022, former FCA companies
received an order to produce documents to the Public Prosecutors. In October 2022, inspections took place at
the Italian offices of FCA Italy and Maserati and at the German office of Maserati Deutschland. At the Public
Prosecutor of Turin\u2019s request, the Italian proceedings were dismissed in September 2023 and October 2023. In
March 2025, the Public Prosecutor of Frankfurt am Main determined that Stellantis Europe and certain affiliated
subsidiaries had negligently breached supervisory duties and imposed a fine in an amount that is not material to
the Company. The decision did not involve a finding of intent or fraud and is now final.
In January 2024, the EC notified the MIT of the alleged non-compliance of Fiat Ducato Euro 5 and Euro 6
vehicles based on tests performed at the EC\u2019s request. We have cooperated with the MIT in its substantive
responses to EC.
Stellantis entities, among other OEMs, have received questions from the Driver and Vehicle Standards Agency in
the UK (\u201cDVSA\u201d) regarding a market surveillance activity to assess vehicle emissions for compliance with
regulations and Court of Justice of the European Union rulings. Correspondence with DVSA has progressed
during 2025 and the timing of any final DVSA decision is uncertain at present. In October 2025 the French
Market Surveillance Authority (\u201cSSMVM\u201d) requested information about certain Stellantis diesel vehicles regarding
alleged possible NOx over-emissions and exhaustive technical explanations have been provided to the
authority.
The results of the unresolved governmental investigations described above cannot be predicted at this time and
may lead to further enforcement actions or penalties, any of which may have a material adverse effect on our
business, financial condition and results of operations. It is also possible that these matters and their ultimate
resolution may adversely affect our reputation with consumers, which may negatively impact demand for our
vehicles and consequently could have a material adverse effect on our business, financial condition and results
of operations. At this stage, we are unable to evaluate the likelihood that a material loss will be incurred with
regard to these unresolved inquiries or estimate a range of possible loss.
End of Life Vehicles
In March 2022, the EC and the UK Competition and Markets Authority (the \u201cCMA\u201d) conducted unannounced
inspections at the premises of Opel and several other companies and associations active in the European
automotive sector. These inspections, as well as contemporaneous and subsequent information requests
received from the EC and CMA, relate to potential collusion in the collection, treatment, and recovery of end-of-
life vehicles and whether such activity may have violated relevant competition laws. We recognized a provision
relating to these matters in an amount that is not material to the Company during the year ended December 31,
2024. During the six-month period ending June 30, 2025, the EC and CMA published their decisions and
imposed fines against the Company in amounts that did not exceed the previously recognized provision.
Takata Airbag Recalls
We are subject to, and are cooperating with, criminal investigations and regulatory proceedings in several
European jurisdictions relating to the recall of Stellantis vehicles equipped with Takata airbags. At this stage, we
are unable to evaluate the likelihood that a material loss will be incurred with regard to these investigations and
proceedings or estimate a range of possible loss.
Other matters
Corporate Average Fuel Economy (\u201cCAFE\u201d) standards
In August 2020, the U.S. Court of Appeals for the Second Circuit vacated a final rule published by NHTSA in July
2019 that had reversed NHTSA\u2019s 2016 increase to the base rate of the CAFE penalty from $5.50 to $14.00. The
base rate applies to each tenth of a mile per gallon that a manufacturer\u2019s fleet-wide average fuel efficiency is
below the CAFE standard, and is multiplied by the number of vehicles in the manufacturer\u2019s fleet to arrive at an
aggregate penalty. In January 2021, NHTSA published an interim final rule with immediate effect, the result of
which was to apply the increased fine rate that resulted from the Second Circuit\u2019s ruling to future model years. In
particular, NHTSA\u2019s interim rule imposed a CAFE penalty base rate of $5.50 through 2021 Model Year and
increased the CAFE penalty base rate to $14.00 prospectively from the 2022 Model Year. FCA accrued
estimated amounts for any probable CAFE penalty based on the $5.50 rate for Model Years 2021 and earlier.
In April 2022, NHTSA published a final rule repealing the interim final rule issued in January 2021 and reverting
to the December 2016 final rule which increased the CAFE civil penalty rate from $5.00 to $14.00, beginning with
2019 Model Year. Applying the annual inflation adjustment procedures did not result in an increase in the $14.00
rate through 2021 Model Year.
On July 4, 2025, the OBBB was signed into law, which revised the civil penalty rate to $0.00 beginning with
Model Year 2022.
Greenhouse Gas Standards
In March 2022, the U.S. Environmental Protection Agency (\u201cEPA\u201d) reinstated California\u2019s authority\u202funder the
Clean Air Act\u202fto enforce its own, more stringent, greenhouse gas (\u201cGHG\u201d) emission standards for passenger
vehicles and light-duty trucks (the \u201cCalifornia Waiver\u201d). California emission standards covered by the California
Waiver were also adopted by certain other states.
Prior to the EPA\u2019s withdrawal of the California Waiver, automotive\u202fOEMs were deemed to be compliant with
California\u2019s GHG emissions standards if they were compliant with the EPA\u2019s GHG standards.\u202fThis \u201cdeemed to
comply\u201d mechanism was removed from the California regulation prior to the reinstatement of the California
Waiver.\u202fAs interpreted by the California Air Resources Board (\u201cCARB\u201d), the EPA\u2019s reinstatement of the California
Waiver together with the removal of the \u201cdeemed to comply\u201d mechanism means that automotive OEMs
are\u202fretroactively\u202fsubject to the separate California GHG standards beginning with the model year
2021\u202ffleet.\u202fOEMs\u202fmay achieve\u202fcompliance with the California GHG emission standards in several ways, including
through the sale of emission-compliant vehicles within\u202ftheir\u202ffleet for a given model year, through the carryforward
or carryback of excess credits generated by a compliant fleet in past or future years,\u202fby the purchase of
California-specific regulatory credits from third parties\u202for by a combination of the foregoing.
\u202fWe\u202fdid not meet\u202fthe California GHG targets for model years 2021,\u202f2022 and 2023, as\u202fin planning these\u202fmodel
years prior to reinstatement of the California Waiver we assumed the ability to utilize existing credits based on
regulations in force at the time. We previously intended to cover such deficits with excess credits generated
through our compliance in model years within the applicable five-year carryback period. However, in March
2024, we entered into an agreement with CARB to settle and resolve claims and disputes regarding CARB\u2019s
regulation of automotive GHG emissions. The agreement imposes alternative GHG emissions requirements for
model year 2021 through 2026 passenger cars and light-duty trucks and commitments related to zero-emission
technology. In exchange, CARB agreed not to enforce the GHG emission standards in its regulations that would
otherwise be applicable to model year 2021 through 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-714": { "value": "
22.
Debt
Debt classified within current liabilities included short-term borrowings from banks and other financing with an
original maturity date falling within twelve months, as well as the current portion of long-term debt. Debt
classified within non-current liabilities included borrowings from banks and other financing with maturity dates
greater than twelve months (long-term debt), net of the current portion.
The following table summarizes the Company's current and non-current Debt by maturity date (amounts include
accrued interest:
At December 31,
2025
2024
(\u20ac million)
Due
within
one\u00a0year
(current)
Due
between
one and
five\u00a0years
Due
beyond
five\u00a0years
Total
(non-
current)
Total
Debt
Due
within
one\u00a0year
(current)
Due
between
one and
five\u00a0years
Due
beyond
five
years
Total
(non-
current)
Total
Debt
Notes
2,945
11,048
9,208
20,256
23,201
949
9,114
9,054
18,168
19,117
Borrowings from
banks
1,311
609
40
649
1,960
3,119
371
82
453
3,572
Asset-backed
financing
7,247
7,434
798
8,232
15,479
5,645
3,681
690
4,371
10,016
Lease liabilities
818
967
669
1,636
2,454
858
883
815
1,698
2,556
Other debt
1,800
1,006
47
1,053
2,853
1,628
291
47
338
1,966
Total Debt
14,121
21,064
10,762
31,826
45,947
12,199
14,340
10,688
25,028
37,227
For additional information on the maturity analysis of financial liabilities, refer to Note 32, Qualitative and
quantitative information on financial risks.
Total debt as of December\u00a031, 2025 increased by approximately \u20ac8.7\u00a0billion as compared to December\u00a031,
2024. This was primarily driven by \u20ac5.1\u00a0billion of new bond issuances, and an increase in financial services
funding, partially offset by \u20ac0.8\u00a0billion of European Investment Bank (\u201cEIB\u201d) loans repaid at maturity, and
\u20ac0.7\u00a0billion of bond repayments at maturity.
Notes
The following table summarizes the notes outstanding at December\u00a031, 2025 and 2024:
At December 31,
(\u20ac million)
Currency
Face\u00a0value\u00a0of
outstanding
notes (million)
Coupon %
Maturity
2025
2024
Stellantis (Peugeot S.A. issuances):
STELLANTIS N.V. (Peugeot S.A.) 2018
EUR
650
2.000
Q1/2025
\u2014
660
STELLANTIS N.V. (Peugeot S.A.) 2019
EUR
600
1.125
Q3/2029
598
597
STELLANTIS N.V. (Peugeot S.A.) 2020
EUR
1,000
2.750
Q2/2026
1,022
1,024
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
60
1.600
Q2/2026
61
61
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
50
1.810
Q2/2027
50
50
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
204
Euribor 6M
+ 1.400
Q2/2026
206
206
Medium Term Note Program(1):
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,250
3.875
Q1/2026
1,299
1,347
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,000
4.500
Q3/2028
1,131
1,162
STELLANTIS N.V. 2021
EUR
1,250
0.625
Q1/2027
1,259
1,260
STELLANTIS N.V. 2021
EUR
1,250
0.750
Q1/2029
1,256
1,255
STELLANTIS N.V. 2021
EUR
1,250
1.250
Q2/2033
1,245
1,243
STELLANTIS N.V. 2022
EUR
1,000
2.750
Q2/2032
1,020
1,022
STELLANTIS N.V. 2023 - green bond
EUR
1,250
4.375
Q1/2030
1,294
1,296
STELLANTIS N.V. 2023
EUR
1,250
4.250
Q2/2031
1,271
1,270
STELLANTIS N.V. 2024
EUR
750
3.500
Q3/2030
754
753
STELLANTIS N.V. 2024 - green bond
EUR
500
3.750
Q1/2036
508
508
STELLANTIS N.V. 2024
EUR
750
3.375
Q4/2028
749
763
STELLANTIS N.V. 2024
EUR
750
4.000
Q1/2034
765
749
STELLANTIS N.V. 2025
EUR
700
3.875
Q2/2031
712
\u2014
STELLANTIS N.V. 2025
EUR
800
4.625
Q2/2035
816
\u2014
Other Notes:
STELLANTIS FINANCE U.S. 2021
U.S $
1,000
1.711
Q1/2027
857
968
STELLANTIS FINANCE U.S. 2021
U.S $
1,000
2.691
Q3/2031
855
967
STELLANTIS FINANCE U.S. 2022
U.S. $
550
5.625
Q1/2028
484
539
STELLANTIS FINANCE U.S. 2022
U.S. $
700
6.375
Q3/2032
606
682
STELLANTIS FINANCE US 2025
U.S. $
500
5.350
Q1/2028
434
\u2014
STELLANTIS FINANCE US 2025
U.S. $
750
5.750
Q1/2030
648
\u2014
STELLANTIS FINANCE US 2025
U.S. $
1,000
6.450
Q1/2035
862
\u2014
GIE PSA Tr\u00e9sorerie 2003
EUR
600
6.000
Q3/2033
721
735
STELLANTIS FINANCIAL SERVICES US
2025
U.S. $
300
SOFR +
1.690
Q3/2028
254
\u2014
STELLANTIS FINANCIAL SERVICES US
2025
U.S. $
1,000
4.950
Q3/2028
858
\u2014
STELLANTIS FINANCIAL SERVICES US
2025
U.S. $
700
5.400
Q3/2030
606
\u2014
Total Notes
23,201
19,117
(1) Listed on the Irish Stock Exchange
Notes Issued by Peugeot S.A
Bonds issued by Peugeot S.A. are governed by the terms and conditions of the Peugeot S.A. \u20ac5\u00a0billion Euro
Medium Term Note (\u201cEMTN\u201d) Program that was renewed on June 8, 2020 for the last time. Those bonds are
guaranteed by GIE PSA Tr\u00e9sorerie.
In April 2019, Peugeot S.A. raised funds using a private investment under German law through a
Schuldscheindarlehen. This transaction was structured in several tranches denominated in Euros, with maturities
up to Q2 2027.
In March 2025, the Company repaid, at maturity, a \u20ac650\u00a0million note issued by PSA in 2018.
Notes Issued Under the Medium Term Note Program
Certain notes issued by Stellantis were governed by the terms and conditions of the Medium-Term Note (\u201cMTN\u201d)
Program (previously known as the Global Medium Term Note Program, or \u201cGMTN\u201d Program) formerly available
to FCA N.V., the predecessor of Stellantis N.V. A maximum of \u20ac20\u00a0billion was allowed under this program, and
notes of \u20ac2.25\u00a0billion (principal amounts) were outstanding as at December\u00a031, 2025.
After the merger, Stellantis established a EMTN under which it may from time to time issue notes up to an
amount of \u20ac30\u00a0billion.
Under the \u20ac30\u00a0billion EMTN Program, the Company issued two bonds during the year ended December\u00a031,
2025:
\u2022 In June 2025, a EUR bond with principal amount of \u20ac800\u00a0million with an interest rate of 4.63 percent and which
matures in June 2035; and
\u2022 In June 2025, a EUR bond with principal amount of \u20ac700\u00a0million with an interest rate of 3.88 percent and which
matures in June 2031.
As at December\u00a031, 2025, the outstanding principal amount of the notes issued under the successive versions
of the program, after the merger, was \u20ac11.5\u00a0billion.
These notes impose covenants on the issuer, which include: (i) negative pledge clauses which require that in the
case that any security interest upon assets of Stellantis N.V. is granted in connection with other notes or debt
securities having the same ranking, such a security should be equally and ratably extended to the outstanding
notes; (ii) pari passu clauses, under which the notes rank and will rank pari passu with all other present and
future unsubordinated and unsecured obligations of Stellantis N.V.; (iii) periodic disclosure obligations; (iv)
cross-default clauses which require immediate repayment of the notes under certain events of default on other
financial instruments issued by Stellantis' main entities; and (v) other clauses that are generally applicable to
securities of a similar type. A breach of these covenants may require the early repayment of the notes. As of
December 31, 2025, Stellantis was in compliance with the covenants of the notes under the MTN Program.
From time to time, Stellantis may buy back notes in the market. Such buybacks, if made, depend upon market
conditions, the Company's financial situation and other factors which could affect such decisions.
Other Notes
In March 2025, Stellantis Finance U.S. Inc issued three bonds guaranteed by Stellantis N.V,:
\u2022 a USD bond with principal amount of $1,000\u00a0million with an interest rate of 6.45 percent and which matures in
March 2035;
\u2022 a USD bond with principal amount of $750\u00a0million with an interest rate of 5.75 percent and which matures in
March 2030; and
\u2022 a USD bond with principal amount of $500\u00a0million with an interest rate of 5.35 percent and which matures in
March 2028.
The Notes issued by Stellantis Finance U.S. Inc impose covenants on Stellantis N.V. including: (i)\u00a0negative
pledge clauses which require that in the case that any security interest upon assets of Stellantis N.V. is granted
in connection with other notes or debt securities having the same ranking, such a security should be equally and
ratably extended to the outstanding Notes; (ii)\u00a0pari passu clauses, under which the Notes rank and will rank pari
passu with all other present and future unsubordinated and unsecured obligations of Stellantis N.V.; (iii)\u00a0periodic
disclosure obligations; (iv)\u00a0cross-default clauses which require immediate repayment of the Notes under certain
events of default on other financial instruments issued by Stellantis\u2019 main entities; and (v)\u00a0other clauses that are
generally applicable to securities of a similar type. A breach of these covenants may require the early repayment
of the Notes. As of December\u00a031, 2025, Stellantis was in compliance with the covenants of the Notes.
In September 2025, SFS U.S. issued three bonds:
\u2022 a USD bond with principal amount of $700\u00a0million with an interest rate of 5.40 percent and which matures in
September 2030;
\u2022 a USD bond with principal amount of $1,000\u00a0million with an interest rate of 4.95 percent and which matures in
September 2028; and
\u2022 a USD bond with principal amount of $300\u00a0million with a floating interest rate and which matures in September
2028.
The notes issued by SFS U.S. are not guaranteed by Stellantis N.V. These notes impose covenants on the issuer,
which include : (i) negative pledge clauses which require that in the case that any security interest upon assets
of SFS U.S. is granted in connection with other notes or debt securities having the same ranking, such a security
should be equally and ratably extended to the outstanding notes; (ii) pari passu clauses, under which the notes
rank and will rank pari passu with all other present and future unsubordinated and unsecured obligations of SFS
U.S.; (iii) periodic disclosure obligations; (iv) cross-default clauses which require immediate repayment of the
notes under certain events of default on other financial instruments issued by SFS U.S.; and (v) other clauses
that are generally applicable to securities of a similar type. A breach of these covenants may require the early
repayment of the notes. As of December\u00a031, 2025, SFS U.S. was in compliance with the covenants of the notes.
As at December 31, 2025, all the outstanding notes of Stellantis were rated \u201cBaa2\u201d by Moody\u2019s Investors Service
and \u201cBBB\u201d by S&P Global Ratings. Refer to Note 33, Subsequent events for additional information.
Borrowings from banks
The following are a description of our most significant borrowings from banks as at December\u00a031, 2025:
European Investment Bank Borrowings
Stellantis has a financing agreement with the EIB for \u20ac0.1 billion outstanding at December\u00a031, 2025 (\u20ac0.9 billion
at December\u00a031, 2024). This funding supports the investment plan for advanced manufacturing technologies to
produce a new electric vehicle platform at the Kragujevac plant in Serbia.
In March 2025, Stellantis repaid, at maturity, a \u20ac300\u00a0million European Investment Bank loan.
In September 2025, Stellantis repaid, at maturity, a \u20ac484\u00a0million European Investment Bank loan.
Brazil
Stellantis\u2019 Brazilian subsidiaries have access to various local bank facilities in order to fund investments and
operations including financial services activities. Total debt outstanding under those facilities amounted to a
principal amount of \u20ac0.4 billion at December\u00a031, 2025 (\u20ac0.5 billion at December\u00a031, 2024).
Undrawn committed credit lines
Stellantis N.V. has a syndicated revolving credit facility (\u201cRCF\u201d) of \u20ac12\u00a0billion, originally signed in July 2021
amended and extended in July 2024. The syndicated credit facility includes a broad-based group of 29 banks
from Europe, U.S. and Asia. The RCF is structured in two tranches: \u20ac6\u00a0billion, with an original three-year tenor
(July 2027), and \u20ac6.0\u00a0billion, with an original five-year tenor (July 2029), each tranche benefiting from two further
extension options, each of one year exercisable on the first and second anniversary of the amendment signing
date. The first extension option was activated in June 2025, extending the maturities to July 2028 and July 2030,
respectively, for the two tranches. The amount utilized under this credit line was nil at December 31, 2025.
In December 2025, SFS U.S. established a \u20ac1.9\u00a0billion ($2.2 billion) privately placed Commercial Paper (\u201cCP\u201d)
program under Section 4(a)(2) of the Securities Act of 1933. Notes issued under this program may have
maturities up to 397 days from the date of issue and may be sold at a discount or bear interest at variable rates.
At December 31, 2025, no notes outstanding under the CP program.
Concurrent with the establishment of the CP program, to provide dedicated liquidity support for this program,
the committed credit line originally signed by SFS U.S. in March 2024, of \u20ac0.9\u00a0billion ($1\u00a0billion) has been
amended and refinanced in December 2025 (\u201cSFS RCF\u201d). The SFS RCF is structured in two tranches:
\u20ac0.8\u00a0billion ($1\u00a0billion), with a 364-days tenor, and \u20ac1.1 billion ($1.3 billion ), with a three-year tenor, with each
tranche benefiting from two further extension options, each of one-year exercisable on the first and second
anniversary of the amendment signing date. The amount utilized under this credit line was nil at December 31,
2025.
In January 2025, the Company entered a new committed credit line of \u20ac4.0\u00a0billion with a pool of relationship
banks. The facility line is available for general corporate and working capital purposes of the Company,
including without limitation the refinancing of existing indebtedness of the Company. The line originally had a
one year tenor with two extension options, at the Company\u2019s discretion, of six month each. The first extension
option was activated in December 2025, extending the maturity to July 2026 The amount utilized under this
credit line was nil at December\u00a031, 2025.
The covenants of the committed credit lines include negative pledge, pari passu, cross-default and change of
control clauses. Failure to comply with these covenants, and in certain cases if not suitably remedied, can lead
to the requirement of early repayment of any outstanding amounts. As of December 31, 2025, Stellantis was in
compliance with the covenants.
Asset-backed financing
Asset-backed financings, including warehouse credit facilities, asset-backed term notes and asset-backed
securities (\u201cABS\u201d) term loans, primarily represented the amount of financing received by SFS U.S. through
securitization programs of \u20ac14,759 million as of December\u00a031, 2025 (\u20ac9,866 million at December\u00a031, 2024), that
will be settled through the collection of a portfolio of receivables which originate from consumers.
The retail consumer contracts, lease and commercial loans to dealers are pledged to special purpose entities as
collateral.
The following table summarizes the asset-back financing amounts at December\u00a031, 2025 and 2024:
At December 31,
(\u20ac million)
Currency
Interest rate %
Maturity(1)
2025
2024
Warehouse Credit
Facilities:
SFS Funding I
USD
CP/SOFR+spread
Q4/2027
4,442
4,034
FIARC
USD
SOFR+spread
Q4/2027
28
60
SFMOT Floorplan
Facility
USD
CP/SOFR+spread
Q3/2027
945
565
Term Notes:
FIAOT 2021-1
USD
0.45%-5.37%
Q2/2028
\u2014
27
FIAOT 2021-2
USD
0.48%-3.14%
Q4/2028
30
63
FIAOT 2022-1
USD
2.03%-5.41%
Q2/2029
41
83
FIAOT 2022-2
USD
6.26%-8.71%
Q4/2029
44
95
FIAOT 2023-1
USD
6.44%-7.74%
Q1/2031
72
131
FIAOT 2025-1
USD
4.21%-5.22%
Q4/2033
533
\u2014
SFAST 2023-1
USD
5.47%-5.97%
Q1/2031
268
522
SFAST 2024-1
USD
4.94%-5.59%
Q1/2032
349
645
SFAST 2024-2
USD
5.26%-5.71%
Q1/2032
427
760
SFAST 2024-3
USD
4.55%-4.98%
Q4/2032
474
829
SFAST 2025-1
USD
4.49%-5.20%
Q4/2032
520
\u2014
SFAST 2025-2
USD
4.44%-5.05%
Q2/2033
632
\u2014
SFAST 2025-3
USD
4.09%-4.64%
Q4/2033
631
\u2014
SFUEL 2025-A
USD
4.47%-5.08%
Q3/2029
1,086
\u2014
SFUEL 2025-B
USD
4.27%-4.71%
Q1/2030
1,169
\u2014
SFUEL 2025-C
USD
3.88%-4.44%
Q3/2030
1,283
\u2014
Term Loans:
SFAF 2024-1
USD
4.82%
Q3/2032
839
555
SFAF 2024-2
USD
5.45%
Q3/2027
292
590
SFALV 2024-1
USD
4.80%
Q1/2030
654
907
Total
14,759
9,866
(1) Final maturity of the commitment for the warehouse credit facilities and the expected date of the last payment for the Term Notes
Warehouse Credit Facilities
There are three revolving warehouse credit facilities used to finance loan originations by SFS U.S. The Company
believes that the credit facilities will continue to be renewed or replaced, and that it will be able to secure
additional sources of financing on satisfactory terms; however, there can be no assurance that it will be able to
do so. In the event that the Company is unable to renew its facilities, the receivables pledged of \u20ac7.0 billion
($8.2\u00a0billion) as of December\u00a031, 2025 would amortize over time to pay down the warehouse credit facilities;
however, the Company would not be able to finance new receivables without alternative sources of funding.
SFS U.S. uses interest rate derivatives in order to reduce the interest rate risk of certain warehouse credit
facilities where the underlying receivables carry fixed rate of interest and borrowings are based on the floating
rate SOFR indices.
ABS Term Notes
ABS Term Notes are issued in various classes ranging from Class A to Class E Notes. These notes are
sequentially paid with Class A Notes paid first. The range in interest rates depends on the level of risk of loss
and is determined by investor interest in each class of the notes.
ABS Term Loans
ABS Term Loans are provided by various banks which advance term loan proceeds secured by a pool of either
retail loan receivables or consumer leases. Two ABS Term Loans outstanding as of December\u00a031, 2025, with an
aggregate balance of \u20ac1.1\u00a0billion ($1.3\u00a0billion) are secured by retail loan receivables with an aggregate balance
of \u20ac1.4 billion ($1.7\u00a0billion). The remaining ABS Term Loan facility with a balance of \u20ac654\u00a0million ($768\u00a0million) as
of December\u00a031, 2025, is secured by \u20ac833\u00a0million ($979\u00a0million) in consumer lease receivables.
The terms governing the warehouse credit facilities and ABS Term Loans contains numerous covenants relating
to the issuer\u2019s business, the observance of certain financial covenants, the avoidance of certain levels of
delinquency and credit loss experience and other matters. A breach of a covenant, if not cured within the time
limits specified, could precipitate events of default that might result in the acceleration of the ABS Term Loan or
warehouse credit facilities. The ABS Term Notes generally do not contain financial covenants or covenants
related to delinquency experience or credit losses. The Company was not in default with respect to any financial
and non-financial covenants governing these financing arrangements at December\u00a031, 2025.
Refer to Note 25, Fair value measurement for additional information on fair and carrying values of assigned
receivables and related liabilities.
Other
Additionally, there are:
\u2022 \u20ac712 million of debt relating to asset-backed financing in Brazil, at December 31, 2025 (\u20ac101\u00a0million at
December\u00a031, 2024). The increase compared to 2024 primarily reflects new credit facilities drawn during
2025; and
\u2022 \u20ac8 million of debt relating to factoring transactions which do not meet the IFRS 9 derecognition requirements
and are recognized within assets of the same amount as of December\u00a031, 2025 (\u20ac49 million at December\u00a031,
2024) in the Consolidated Statement of Financial Position, refer to Note 16, Trade receivables, other assets,
prepaid expenses and tax receivables for additional information.
Other debt
Other debt primarily includes funds raised from financial services companies through money market instruments
and deposits from dealers in South America, primarily in Brazil.
Lease liabilities
The following table summarizes the Company's current and non-current lease liabilities:
Lease liabilities included in the Statement of Financial Position
At December 31,
(\u20ac million)
2025
2024
Long-term debt (non-current)
1,636
1,698
Short-term debt and current portion of long-term debt (current)
818
858
Maturity analysis - contractual undiscounted cash flows
(\u20ac million)
At December 31, 2025
Due within one year
837
Due between one and five years
1,126
Due beyond five years
870
Total undiscounted lease liabilities
2,833
In addition, the Company entered into commitments relating to leases not yet commenced of \u20ac1,005 million, of
which the most significant relating to contracts are in North America and Enlarged Europe. In addition to the
above, the Company entered into non-cancellable short-term leases, which have not been classified as lease
liabilities, of \u20ac11 million which is expected to be settled within the next 12 months.
Debt secured by assets
At December\u00a031, 2025, debt secured by assets of the Company amounted to nil (\u20ac23 million at December\u00a031,
2024), excluding the Lease liabilities and Asset-backed financing as described above. The balance at
December\u00a031, 2024 related to subsidized financing arrangements in South America which was repaid in 2025.
The total carrying amount of assets acting as security for loans for the Company amounted to nil, excluding the
Right-of-use assets as described in Note 11, Property, plant and equipment, at December\u00a031, 2025 (\u20ac471 million
at December\u00a031, 2024). The decrease reflects the repayment of a loan in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-713": { "value": "
22.
Debt
Debt classified within current liabilities included short-term borrowings from banks and other financing with an
original maturity date falling within twelve months, as well as the current portion of long-term debt. Debt
classified within non-current liabilities included borrowings from banks and other financing with maturity dates
greater than twelve months (long-term debt), net of the current portion.
The following table summarizes the Company's current and non-current Debt by maturity date (amounts include
accrued interest:
At December 31,
2025
2024
(\u20ac million)
Due
within
one\u00a0year
(current)
Due
between
one and
five\u00a0years
Due
beyond
five\u00a0years
Total
(non-
current)
Total
Debt
Due
within
one\u00a0year
(current)
Due
between
one and
five\u00a0years
Due
beyond
five
years
Total
(non-
current)
Total
Debt
Notes
2,945
11,048
9,208
20,256
23,201
949
9,114
9,054
18,168
19,117
Borrowings from
banks
1,311
609
40
649
1,960
3,119
371
82
453
3,572
Asset-backed
financing
7,247
7,434
798
8,232
15,479
5,645
3,681
690
4,371
10,016
Lease liabilities
818
967
669
1,636
2,454
858
883
815
1,698
2,556
Other debt
1,800
1,006
47
1,053
2,853
1,628
291
47
338
1,966
Total Debt
14,121
21,064
10,762
31,826
45,947
12,199
14,340
10,688
25,028
37,227
For additional information on the maturity analysis of financial liabilities, refer to Note 32, Qualitative and
quantitative information on financial risks.
Total debt as of December\u00a031, 2025 increased by approximately \u20ac8.7\u00a0billion as compared to December\u00a031,
2024. This was primarily driven by \u20ac5.1\u00a0billion of new bond issuances, and an increase in financial services
funding, partially offset by \u20ac0.8\u00a0billion of European Investment Bank (\u201cEIB\u201d) loans repaid at maturity, and
\u20ac0.7\u00a0billion of bond repayments at maturity.
Notes
The following table summarizes the notes outstanding at December\u00a031, 2025 and 2024:
At December 31,
(\u20ac million)
Currency
Face\u00a0value\u00a0of
outstanding
notes (million)
Coupon %
Maturity
2025
2024
Stellantis (Peugeot S.A. issuances):
STELLANTIS N.V. (Peugeot S.A.) 2018
EUR
650
2.000
Q1/2025
\u2014
660
STELLANTIS N.V. (Peugeot S.A.) 2019
EUR
600
1.125
Q3/2029
598
597
STELLANTIS N.V. (Peugeot S.A.) 2020
EUR
1,000
2.750
Q2/2026
1,022
1,024
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
60
1.600
Q2/2026
61
61
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
50
1.810
Q2/2027
50
50
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
204
Euribor 6M
+ 1.400
Q2/2026
206
206
Medium Term Note Program(1):
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,250
3.875
Q1/2026
1,299
1,347
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,000
4.500
Q3/2028
1,131
1,162
STELLANTIS N.V. 2021
EUR
1,250
0.625
Q1/2027
1,259
1,260
STELLANTIS N.V. 2021
EUR
1,250
0.750
Q1/2029
1,256
1,255
STELLANTIS N.V. 2021
EUR
1,250
1.250
Q2/2033
1,245
1,243
STELLANTIS N.V. 2022
EUR
1,000
2.750
Q2/2032
1,020
1,022
STELLANTIS N.V. 2023 - green bond
EUR
1,250
4.375
Q1/2030
1,294
1,296
STELLANTIS N.V. 2023
EUR
1,250
4.250
Q2/2031
1,271
1,270
STELLANTIS N.V. 2024
EUR
750
3.500
Q3/2030
754
753
STELLANTIS N.V. 2024 - green bond
EUR
500
3.750
Q1/2036
508
508
STELLANTIS N.V. 2024
EUR
750
3.375
Q4/2028
749
763
STELLANTIS N.V. 2024
EUR
750
4.000
Q1/2034
765
749
STELLANTIS N.V. 2025
EUR
700
3.875
Q2/2031
712
\u2014
STELLANTIS N.V. 2025
EUR
800
4.625
Q2/2035
816
\u2014
Other Notes:
STELLANTIS FINANCE U.S. 2021
U.S $
1,000
1.711
Q1/2027
857
968
STELLANTIS FINANCE U.S. 2021
U.S $
1,000
2.691
Q3/2031
855
967
STELLANTIS FINANCE U.S. 2022
U.S. $
550
5.625
Q1/2028
484
539
STELLANTIS FINANCE U.S. 2022
U.S. $
700
6.375
Q3/2032
606
682
STELLANTIS FINANCE US 2025
U.S. $
500
5.350
Q1/2028
434
\u2014
STELLANTIS FINANCE US 2025
U.S. $
750
5.750
Q1/2030
648
\u2014
STELLANTIS FINANCE US 2025
U.S. $
1,000
6.450
Q1/2035
862
\u2014
GIE PSA Tr\u00e9sorerie 2003
EUR
600
6.000
Q3/2033
721
735
STELLANTIS FINANCIAL SERVICES US
2025
U.S. $
300
SOFR +
1.690
Q3/2028
254
\u2014
STELLANTIS FINANCIAL SERVICES US
2025
U.S. $
1,000
4.950
Q3/2028
858
\u2014
STELLANTIS FINANCIAL SERVICES US
2025
U.S. $
700
5.400
Q3/2030
606
\u2014
Total Notes
23,201
19,117
(1) Listed on the Irish Stock Exchange
Notes Issued by Peugeot S.A
Bonds issued by Peugeot S.A. are governed by the terms and conditions of the Peugeot S.A. \u20ac5\u00a0billion Euro
Medium Term Note (\u201cEMTN\u201d) Program that was renewed on June 8, 2020 for the last time. Those bonds are
guaranteed by GIE PSA Tr\u00e9sorerie.
In April 2019, Peugeot S.A. raised funds using a private investment under German law through a
Schuldscheindarlehen. This transaction was structured in several tranches denominated in Euros, with maturities
up to Q2 2027.
In March 2025, the Company repaid, at maturity, a \u20ac650\u00a0million note issued by PSA in 2018.
Notes Issued Under the Medium Term Note Program
Certain notes issued by Stellantis were governed by the terms and conditions of the Medium-Term Note (\u201cMTN\u201d)
Program (previously known as the Global Medium Term Note Program, or \u201cGMTN\u201d Program) formerly available
to FCA N.V., the predecessor of Stellantis N.V. A maximum of \u20ac20\u00a0billion was allowed under this program, and
notes of \u20ac2.25\u00a0billion (principal amounts) were outstanding as at December\u00a031, 2025.
After the merger, Stellantis established a EMTN under which it may from time to time issue notes up to an
amount of \u20ac30\u00a0billion.
Under the \u20ac30\u00a0billion EMTN Program, the Company issued two bonds during the year ended December\u00a031,
2025:
\u2022 In June 2025, a EUR bond with principal amount of \u20ac800\u00a0million with an interest rate of 4.63 percent and which
matures in June 2035; and
\u2022 In June 2025, a EUR bond with principal amount of \u20ac700\u00a0million with an interest rate of 3.88 percent and which
matures in June 2031.
As at December\u00a031, 2025, the outstanding principal amount of the notes issued under the successive versions
of the program, after the merger, was \u20ac11.5\u00a0billion.
These notes impose covenants on the issuer, which include: (i) negative pledge clauses which require that in the
case that any security interest upon assets of Stellantis N.V. is granted in connection with other notes or debt
securities having the same ranking, such a security should be equally and ratably extended to the outstanding
notes; (ii) pari passu clauses, under which the notes rank and will rank pari passu with all other present and
future unsubordinated and unsecured obligations of Stellantis N.V.; (iii) periodic disclosure obligations; (iv)
cross-default clauses which require immediate repayment of the notes under certain events of default on other
financial instruments issued by Stellantis' main entities; and (v) other clauses that are generally applicable to
securities of a similar type. A breach of these covenants may require the early repayment of the notes. As of
December 31, 2025, Stellantis was in compliance with the covenants of the notes under the MTN Program.
From time to time, Stellantis may buy back notes in the market. Such buybacks, if made, depend upon market
conditions, the Company's financial situation and other factors which could affect such decisions.
Other Notes
In March 2025, Stellantis Finance U.S. Inc issued three bonds guaranteed by Stellantis N.V,:
\u2022 a USD bond with principal amount of $1,000\u00a0million with an interest rate of 6.45 percent and which matures in
March 2035;
\u2022 a USD bond with principal amount of $750\u00a0million with an interest rate of 5.75 percent and which matures in
March 2030; and
\u2022 a USD bond with principal amount of $500\u00a0million with an interest rate of 5.35 percent and which matures in
March 2028.
The Notes issued by Stellantis Finance U.S. Inc impose covenants on Stellantis N.V. including: (i)\u00a0negative
pledge clauses which require that in the case that any security interest upon assets of Stellantis N.V. is granted
in connection with other notes or debt securities having the same ranking, such a security should be equally and
ratably extended to the outstanding Notes; (ii)\u00a0pari passu clauses, under which the Notes rank and will rank pari
passu with all other present and future unsubordinated and unsecured obligations of Stellantis N.V.; (iii)\u00a0periodic
disclosure obligations; (iv)\u00a0cross-default clauses which require immediate repayment of the Notes under certain
events of default on other financial instruments issued by Stellantis\u2019 main entities; and (v)\u00a0other clauses that are
generally applicable to securities of a similar type. A breach of these covenants may require the early repayment
of the Notes. As of December\u00a031, 2025, Stellantis was in compliance with the covenants of the Notes.
In September 2025, SFS U.S. issued three bonds:
\u2022 a USD bond with principal amount of $700\u00a0million with an interest rate of 5.40 percent and which matures in
September 2030;
\u2022 a USD bond with principal amount of $1,000\u00a0million with an interest rate of 4.95 percent and which matures in
September 2028; and
\u2022 a USD bond with principal amount of $300\u00a0million with a floating interest rate and which matures in September
2028.
The notes issued by SFS U.S. are not guaranteed by Stellantis N.V. These notes impose covenants on the issuer,
which include : (i) negative pledge clauses which require that in the case that any security interest upon assets
of SFS U.S. is granted in connection with other notes or debt securities having the same ranking, such a security
should be equally and ratably extended to the outstanding notes; (ii) pari passu clauses, under which the notes
rank and will rank pari passu with all other present and future unsubordinated and unsecured obligations of SFS
U.S.; (iii) periodic disclosure obligations; (iv) cross-default clauses which require immediate repayment of the
notes under certain events of default on other financial instruments issued by SFS U.S.; and (v) other clauses
that are generally applicable to securities of a similar type. A breach of these covenants may require the early
repayment of the notes. As of December\u00a031, 2025, SFS U.S. was in compliance with the covenants of the notes.
As at December 31, 2025, all the outstanding notes of Stellantis were rated \u201cBaa2\u201d by Moody\u2019s Investors Service
and \u201cBBB\u201d by S&P Global Ratings. Refer to Note 33, Subsequent events for additional information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-715": { "value": "
23.
Trade Payables
The Company has entered into supplier finance arrangements with its third party suppliers and third party
banks. As a result of these arrangements, the supplier:
\u2022 transfers the credit risk;
\u2022 can obtain payment at an earlier date than original terms; and
\u2022 can gain attractive funding based on Stellantis\u2019 credit worthiness.
Participation in the arrangement is at the suppliers\u2019 discretion. Terms of the original contracts between Stellantis
and the supplier do not change as a result of these transactions, and there is no agreement with the debtor to
extend payment terms.
The following table summarizes the carrying amount of liabilities that are part of supplier finance arrangements
at December\u00a031, 2025 and 2024:
(\u20ac million)
At December 31, 2025
At December 31, 2024
Presented within trade payables
1,066
873
Of which suppliers have received payment
964
817
The following table summarizes the range of payment due dates at December\u00a031, 2025 and 2024:
(days)
At December 31, 2025
At December 31, 2024
Liabilities that are part of the arrangement
30-90
45-90
Comparable trade payables that are not part of an arrangement(1)
30-60
30-60
(1) Except for Enlarged Europe, Middle East and Africa which has 60-90 days payment terms
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-720": { "value": "
24.
Other liabilities
Other liabilities consisted of the following:
At December 31,
2025
2024
(\u20ac million)
Current
Non-current
Total
Current
Non-current
Total
Payables for buy-back agreements
5,313
2,576
7,889
4,607
2,780
7,387
Accrued expenses and deferred income
6,323
789
7,112
5,015
882
5,897
Indirect tax payables
1,354
7
1,361
1,416
10
1,426
Payables to personnel
1,749
2
1,751
1,779
\u2014
1,779
Social security payables
472
2
474
563
6
569
Service contract liability
744
1,444
2,188
713
2,017
2,730
Derivatives operating liability
150
27
177
600
57
657
Other
3,160
628
3,788
2,865
228
3,093
Total Other liabilities
19,265
5,475
24,740
17,558
5,980
23,538
Other includes a liability of \u20ac0.7 billion in respect of the obligations arising from the exit of the NextStar joint
venture (refer to Note 2,\u00a0Basis of preparation - Strategic plan undergoing reassessment), \u20ac0.3 billion for spare
parts sales return liability and other individually immaterial miscellaneous liabilities.
Other liabilities (excluding Accrued expenses, Deferred income and Service contract liability) by due date were
as follows:
At December 31,
2025
2024
(\u20ac million)
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year (Non-
Current)
Total
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year (Non-
Current)
Total
Other liabilities (excluding
Accrued expenses, deferred
income and service contract
liability)
12,198
3,201
41
3,242
15,440
11,830
3,038
43
3,081
14,911
Payables for buy-back agreements
Payables for buy-back agreements include the price received for the product, recognized as an advance at the
date of the sale and, subsequently, the repurchase price and the remaining lease installments yet to be
recognized.
Service contract liability
The service contract liability was mainly comprised of maintenance plans and extended warranties. Changes in
the Company's service contract liability for the year ended December\u00a031, 2025, were as follows:
(\u20ac million)
At January 1,
2025
Advances
received
from
customers
Amounts
recognized
within
revenue
Transfers to
Assets/
(Liabilities)
held for sale
Other
changes
At December
31, 2025
Service contract liability
2,730
801
(873)
\u2014
(470)
2,188
Of the total Service contract liability at December\u00a031, 2025, the Company expected to recognize approximately
\u20ac744\u00a0million in 2026, \u20ac528\u00a0million in 2027, \u20ac393\u00a0million in 2028 and \u20ac523\u00a0million thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-719": { "value": "
24.
Other liabilities
Other liabilities consisted of the following:
At December 31,
2025
2024
(\u20ac million)
Current
Non-current
Total
Current
Non-current
Total
Payables for buy-back agreements
5,313
2,576
7,889
4,607
2,780
7,387
Accrued expenses and deferred income
6,323
789
7,112
5,015
882
5,897
Indirect tax payables
1,354
7
1,361
1,416
10
1,426
Payables to personnel
1,749
2
1,751
1,779
\u2014
1,779
Social security payables
472
2
474
563
6
569
Service contract liability
744
1,444
2,188
713
2,017
2,730
Derivatives operating liability
150
27
177
600
57
657
Other
3,160
628
3,788
2,865
228
3,093
Total Other liabilities
19,265
5,475
24,740
17,558
5,980
23,538
Other includes a liability of \u20ac0.7 billion in respect of the obligations arising from the exit of the NextStar joint
venture (refer to Note 2,\u00a0Basis of preparation - Strategic plan undergoing reassessment), \u20ac0.3 billion for spare
parts sales return liability and other individually immaterial miscellaneous liabilities.
Other liabilities (excluding Accrued expenses, Deferred income and Service contract liability) by due date were
as follows:
At December 31,
2025
2024
(\u20ac million)
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year (Non-
Current)
Total
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year (Non-
Current)
Total
Other liabilities (excluding
Accrued expenses, deferred
income and service contract
liability)
12,198
3,201
41
3,242
15,440
11,830
3,038
43
3,081
14,911
Payables for buy-back agreements
Payables for buy-back agreements include the price received for the product, recognized as an advance at the
date of the sale and, subsequently, the repurchase price and the remaining lease installments yet to be
recognized.
Service contract liability
The service contract liability was mainly comprised of maintenance plans and extended warranties. Changes in
the Company's service contract liability for the year ended December\u00a031, 2025, were as follows:
(\u20ac million)
At January 1,
2025
Advances
received
from
customers
Amounts
recognized
within
revenue
Transfers to
Assets/
(Liabilities)
held for sale
Other
changes
At December
31, 2025
Service contract liability
2,730
801
(873)
\u2014
(470)
2,188
Of the total Service contract liability at December\u00a031, 2025, the Company expected to recognize approximately
\u20ac744\u00a0million in 2026, \u20ac528\u00a0million in 2027, \u20ac393\u00a0million in 2028 and \u20ac523\u00a0million thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-718": { "value": "
24.
Other liabilities
Other liabilities consisted of the following:
At December 31,
2025
2024
(\u20ac million)
Current
Non-current
Total
Current
Non-current
Total
Payables for buy-back agreements
5,313
2,576
7,889
4,607
2,780
7,387
Accrued expenses and deferred income
6,323
789
7,112
5,015
882
5,897
Indirect tax payables
1,354
7
1,361
1,416
10
1,426
Payables to personnel
1,749
2
1,751
1,779
\u2014
1,779
Social security payables
472
2
474
563
6
569
Service contract liability
744
1,444
2,188
713
2,017
2,730
Derivatives operating liability
150
27
177
600
57
657
Other
3,160
628
3,788
2,865
228
3,093
Total Other liabilities
19,265
5,475
24,740
17,558
5,980
23,538
Other includes a liability of \u20ac0.7 billion in respect of the obligations arising from the exit of the NextStar joint
venture (refer to Note 2,\u00a0Basis of preparation - Strategic plan undergoing reassessment), \u20ac0.3 billion for spare
parts sales return liability and other individually immaterial miscellaneous liabilities.
Other liabilities (excluding Accrued expenses, Deferred income and Service contract liability) by due date were
as follows:
At December 31,
2025
2024
(\u20ac million)
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year (Non-
Current)
Total
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year (Non-
Current)
Total
Other liabilities (excluding
Accrued expenses, deferred
income and service contract
liability)
12,198
3,201
41
3,242
15,440
11,830
3,038
43
3,081
14,911
Payables for buy-back agreements
Payables for buy-back agreements include the price received for the product, recognized as an advance at the
date of the sale and, subsequently, the repurchase price and the remaining lease installments yet to be
recognized.
Service contract liability
The service contract liability was mainly comprised of maintenance plans and extended warranties. Changes in
the Company's service contract liability for the year ended December\u00a031, 2025, were as follows:
(\u20ac million)
At January 1,
2025
Advances
received
from
customers
Amounts
recognized
within
revenue
Transfers to
Assets/
(Liabilities)
held for sale
Other
changes
At December
31, 2025
Service contract liability
2,730
801
(873)
\u2014
(470)
2,188
Of the total Service contract liability at December\u00a031, 2025, the Company expected to recognize approximately
\u20ac744\u00a0million in 2026, \u20ac528\u00a0million in 2027, \u20ac393\u00a0million in 2028 and \u20ac523\u00a0million thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-717": { "value": "
24.
Other liabilities
Other liabilities consisted of the following:
At December 31,
2025
2024
(\u20ac million)
Current
Non-current
Total
Current
Non-current
Total
Payables for buy-back agreements
5,313
2,576
7,889
4,607
2,780
7,387
Accrued expenses and deferred income
6,323
789
7,112
5,015
882
5,897
Indirect tax payables
1,354
7
1,361
1,416
10
1,426
Payables to personnel
1,749
2
1,751
1,779
\u2014
1,779
Social security payables
472
2
474
563
6
569
Service contract liability
744
1,444
2,188
713
2,017
2,730
Derivatives operating liability
150
27
177
600
57
657
Other
3,160
628
3,788
2,865
228
3,093
Total Other liabilities
19,265
5,475
24,740
17,558
5,980
23,538
Other includes a liability of \u20ac0.7 billion in respect of the obligations arising from the exit of the NextStar joint
venture (refer to Note 2,\u00a0Basis of preparation - Strategic plan undergoing reassessment), \u20ac0.3 billion for spare
parts sales return liability and other individually immaterial miscellaneous liabilities.
Other liabilities (excluding Accrued expenses, Deferred income and Service contract liability) by due date were
as follows:
At December 31,
2025
2024
(\u20ac million)
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year (Non-
Current)
Total
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year (Non-
Current)
Total
Other liabilities (excluding
Accrued expenses, deferred
income and service contract
liability)
12,198
3,201
41
3,242
15,440
11,830
3,038
43
3,081
14,911
Payables for buy-back agreements
Payables for buy-back agreements include the price received for the product, recognized as an advance at the
date of the sale and, subsequently, the repurchase price and the remaining lease installments yet to be
recognized.
Service contract liability
The service contract liability was mainly comprised of maintenance plans and extended warranties. Changes in
the Company's service contract liability for the year ended December\u00a031, 2025, were as follows:
(\u20ac million)
At January 1,
2025
Advances
received
from
customers
Amounts
recognized
within
revenue
Transfers to
Assets/
(Liabilities)
held for sale
Other
changes
At December
31, 2025
Service contract liability
2,730
801
(873)
\u2014
(470)
2,188
Of the total Service contract liability at December\u00a031, 2025, the Company expected to recognize approximately
\u20ac744\u00a0million in 2026, \u20ac528\u00a0million in 2027, \u20ac393\u00a0million in 2028 and \u20ac523\u00a0million thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-716": { "value": "
24.
Other liabilities
Other liabilities consisted of the following:
At December 31,
2025
2024
(\u20ac million)
Current
Non-current
Total
Current
Non-current
Total
Payables for buy-back agreements
5,313
2,576
7,889
4,607
2,780
7,387
Accrued expenses and deferred income
6,323
789
7,112
5,015
882
5,897
Indirect tax payables
1,354
7
1,361
1,416
10
1,426
Payables to personnel
1,749
2
1,751
1,779
\u2014
1,779
Social security payables
472
2
474
563
6
569
Service contract liability
744
1,444
2,188
713
2,017
2,730
Derivatives operating liability
150
27
177
600
57
657
Other
3,160
628
3,788
2,865
228
3,093
Total Other liabilities
19,265
5,475
24,740
17,558
5,980
23,538
Other includes a liability of \u20ac0.7 billion in respect of the obligations arising from the exit of the NextStar joint
venture (refer to Note 2,\u00a0Basis of preparation - Strategic plan undergoing reassessment), \u20ac0.3 billion for spare
parts sales return liability and other individually immaterial miscellaneous liabilities.
Service contract liability
The service contract liability was mainly comprised of maintenance plans and extended warranties. Changes in
the Company's service contract liability for the year ended December\u00a031, 2025, were as follows:
(\u20ac million)
At January 1,
2025
Advances
received
from
customers
Amounts
recognized
within
revenue
Transfers to
Assets/
(Liabilities)
held for sale
Other
changes
At December
31, 2025
Service contract liability
2,730
801
(873)
\u2014
(470)
2,188
Of the total Service contract liability at December\u00a031, 2025, the Company expected to recognize approximately
\u20ac744\u00a0million in 2026, \u20ac528\u00a0million in 2027, \u20ac393\u00a0million in 2028 and \u20ac523\u00a0million thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-721": { "value": "17558000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentLiabilities", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-722": { "value": "
25.
Fair value measurement
Assets and liabilities that are measured at fair value on a recurring basis
The following table shows the fair value hierarchy, based on observable and unobservable inputs, for financial
assets and liabilities measured at fair value on a recurring basis:
At December 31,
2025
2024
(\u20ac million)
Note
Level 1
Level\u00a02
Level\u00a03
Total
Level 1
Level\u00a02
Level\u00a03
Total
Financial securities and equity
instruments measured at
FVOCI
13
108
\u2014
289
397
119
29
267
415
Financial securities and equity
instruments measured at FVPL
13
1,110
4
351
1,465
1,205
\u2014
655
1,860
Derivative financial assets
17
\u2014
303
1
304
\u2014
380
\u2014
380
Derivative operating assets
17
\u2014
397
9
406
\u2014
273
\u2014
273
Collateral deposits
13
20
\u2014
\u2014
20
53
\u2014
\u2014
53
Receivables from financing
activities
16
\u2014
\u2014
3
3
\u2014
\u2014
\u2014
\u2014
Trade receivables
16
\u2014
4
\u2014
4
\u2014
27
\u2014
27
Other receivables
16
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
66
66
Money market securities
18
13,191
\u2014
\u2014
13,191
19,127
\u2014
\u2014
19,127
Total Assets
14,429
708
653
15,790
20,504
709
988
22,201
Derivative financial liabilities
17
\u2014
36
\u2014
36
\u2014
24
\u2014
24
Derivative operating liabilities
17
\u2014
177
\u2014
177
\u2014
656
1
657
Total Liabilities
\u2014
213
\u2014
213
\u2014
680
1
681
The fair value of derivative financial assets and liabilities was measured by taking into consideration market
parameters at the balance sheet date and using valuation techniques widely accepted in the financial business
environment, as described below:
\u2022 the fair value of forward contracts, swaps and options hedging currency risk was determined by using
valuation techniques common in the financial markets and taking market parameters at the balance sheet date
(in particular, exchange rates, interest rates and volatility rates);
\u2022 the fair value of interest rate swaps and forward rate agreements was determined by taking the prevailing
interest rates at the balance sheet date and using the discounted expected cash flow method;
\u2022 the fair value of combined interest rate and currency swaps was determined using the exchange and interest
rates prevailing at the balance sheet date and the discounted expected cash flow method; and
\u2022 the fair value of swaps and options hedging commodity price risk was determined by using valuation
techniques common in the financial markets and taking market parameters at the balance sheet date (in
particular, underlying prices, interest rates and volatility rates).
The fair value of money market securities was also based on available market quotations.
The fair value of Receivables from financing activities, which are classified in Level 3 of the fair value hierarchy,
was estimated using discounted cash flow models. The most significant inputs used in this measurement were
market discount rates that reflected conditions applied in various reference markets on receivables with similar
characteristics, adjusted in order to take into account the credit risk of each counterparty.
The fair value of Other receivables is classified in Level 3 of the fair value hierarchy and was estimated using
discounted cash flow models. The most significant inputs used in this measurement were market discount rates.
For assets and liabilities recognized in the financial statements at fair value on a recurring basis, the Company
determined whether transfers occurred between levels in the hierarchy by re-assessing categorization at the end
of each reporting period.
The following table provides a reconciliation of the changes in items measured at fair value and categorized
within Level 3:
(\u20ac million)
Receivables
from
financing
activities
Financial
securities
Derivative\u00a0
financial
assets/
(liabilities)
Other
receivables
At January 1, 2025
\u2014
922
(1)
66
Gains/(Losses) recognized in Consolidated Income Statement
\u2014
(97)
\u2014
\u2014
Gains/(Losses) recognized in Other comprehensive income
\u2014
(31)
10
\u2014
Issues/Settlements
3
\u2014
\u2014
(66)
Purchases/Sales
\u2014
(145)
\u2014
\u2014
Transfers (to)/from other levels
\u2014
(9)
1
\u2014
At December 31, 2025
3
640
10
\u2014
(\u20ac million)
Receivables
from
financing
activities
Financial
securities
Derivative\u00a0
financial
assets/
(liabilities)
Other
receivables
At January 1, 2024
117
1,165
(40)
76
Change in scope of consolidation
\u2014
(7)
\u2014
\u2014
Gains/(Losses) recognized in Consolidated Income Statement
\u2014
(34)
\u2014
(10)
Gains/(Losses) recognized in Other comprehensive income
\u2014
(26)
39
\u2014
Issues/Settlements
(117)
\u2014
\u2014
\u2014
Purchases/Sales
\u2014
(176)
\u2014
\u2014
At December 31, 2024
\u2014
922
(1)
66
The gains/(losses) included in the Consolidated Income Statements were recognized within Net financial
expenses/(income). Of the total gains/(losses) recognized in Other comprehensive income, \u20ac10\u00a0million were
recognized within Cash flow reserves (\u20ac39\u00a0million at December 31, 2024),\u00a0\u20ac74\u00a0million were recognized within
Currency translation differences (\u20ac(11)\u00a0million at December 31, 2024) and \u20ac43\u00a0million were recognized within
Gains and losses from remeasurement of financial assets (\u20ac(15)\u00a0million at December 31, 2024).
Assets and liabilities not measured at fair value on recurring basis
The carrying value of debt securities measured at amortized cost, current receivables and payables was a
reasonable approximation of fair value as the present value of future cash flows did not differ significantly from
the carrying amount.
The carrying value of Cash at banks and Other cash equivalents usually approximated fair value due to the short
maturity of these instruments (refer to Note 18, Cash and cash equivalents for additional information).
The following table provides the carrying amount and fair value of financial assets and liabilities not measured at
fair value on a recurring basis:
At December 31,
2025
2024
(\u20ac million)
Note
Carrying
amount
Fair
Value
Carrying
amount
Fair
Value
Dealer financing
3,084
3,095
2,330
2,329
Retail financing
10,703
10,096
8,494
7,855
Finance lease
540
522
299
325
Other receivables from financing activities
1,401
1,360
1,408
1,499
Total Receivables from financing activities(1)
16
15,728
15,073
12,531
12,008
Asset-backed financing
15,479
15,331
10,016
10,037
Notes
23,201
22,698
19,117
18,302
Borrowings from banks & Other debt
4,813
4,823
5,538
5,539
Total Debt, excluding Lease liabilities
22
43,493
42,852
34,671
33,878
(1) Amount excludes receivables measured at FVPL
The carrying values of financial securities and financial receivables measured at amortized cost were
considered to be reasonable approximations of their fair values, as the present values of future cash flows did
not differ materially from the respective carrying amounts. Refer to Note 13, Financial assets for additional
information.
Notes that were traded in active markets for which close or last trade pricing was available are classified within
Level 1 of the fair value hierarchy. Notes for which such prices were not available were valued at the last
available price or based on quotes received from independent pricing services or from dealers who trade in
such securities and are categorized as Level 2. At December\u00a031, 2025, \u20ac22,381 million and \u20ac317 million of notes
were classified within Level\u00a01 and Level 2, respectively. At December\u00a031, 2024 , \u20ac17,985 million of notes were
classified within Level\u00a01 and \u20ac317 million of notes were classified within Level\u00a02.
The fair value of Borrowings from banks and Other debt included in Level 2 of the fair value hierarchy was
estimated using discounted cash flow models. The main inputs used were year-end market interest rates,
adjusted for market expectations of the Company\u2019s non-performance risk implied in quoted prices of traded
securities issued by the Company and existing credit derivatives on Company liabilities. The fair value of
Borrowings from banks and Other debt that requires significant adjustment using unobservable inputs is
categorized within Level 3. At December\u00a031, 2025, \u20ac4,465 million and \u20ac358 million of Borrowings from banks
and Other Debt was classified within Level\u00a02 and Level\u00a03, respectively. At December\u00a031, 2024, \u20ac5,209 million
and \u20ac330 million of Borrowings from banks and Other Debt were classified within Level\u00a02 and Level\u00a03,
respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-723": { "value": "
Compensation to Directors and Key Management
The fees of the Directors of the Company for carrying out their respective functions were \u20ac21\u00a0million and
\u20ac27\u00a0million for the years ended December\u00a031, 2025 and 2024, respectively. The following amounts were
included in the fees paid:
\u2022 \u20ac13 million in 2025 (\u20ac22 million in 2024) for share-based compensation expense;
\u2022 nil in 2025 (nil in 2024) for short-term employee benefits; and
\u2022 \u20ac0.2 million in 2025 (\u20ac1 million in 2024) for pension and similar benefits.
The aggregate compensation expense for remaining executives with strategic responsibilities was
approximately \u20ac30 million for 2025 (\u20ac23 million for 2024), which in addition to base compensation, included:
\u2022 \u20ac6 million in 2025 (\u20ac7 million in 2024) for share-based compensation expense;
\u2022 \u20ac1 million in 2025 (nil in 2024) for short-term employee benefits; and
\u2022 \u20ac3 million in 2025 (\u20ac2 million in 2024) for pension and similar benefits.\u00a0
The key management expenses reported above reflect the cost of the management structure during the year
and as updated for the changes announced on June 23, 2025.
Refer to Note 19, Share-based compensation, for additional information related to the PSU and RSU awards
granted", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-726": { "value": "
27.
Guarantees granted, commitments and contingent liabilities
Guarantees granted and commitments
At December\u00a031, 2025, the Company had guarantees on related party debt, commitments and activities, which
is mainly comprised of:
(i) one unfunded guarantee granted to our joint venture with SCF for \u20ac250\u00a0million, (\u20ac500\u00a0million at December\u00a031,
2024) which expired in January 2026;
(ii) two guarantees granted to third parties on the total outstanding debt of ACC for \u20ac635\u00a0million (\u20ac423\u00a0million at
December\u00a031, 2024);
(iii) a guarantee granted to third parties on commitments of ACC for \u20ac224\u00a0million (\u20ac270\u00a0million at December\u00a031,
2024);
(iv) a guarantee granted to third parties on the outstanding debt of StarPlus for \u20ac2,373\u00a0million ($2,788\u00a0million)
(\u20ac888\u00a0million at December\u00a031, 2024), drawn from a \u20ac6,383\u00a0million ($7,500\u00a0million) (\u20ac7,218\u00a0million at
December\u00a031, 2024) loan facility of which 49 percent of the drawn down amount is guaranteed by Stellantis N.V.
Under the terms of these debt agreements, there are restrictions on dividend distribution and repayment of
shareholder loans; and
(v) a guarantee granted to third parties on the outstanding debt of Nidec Emotors for \u20ac126\u00a0million (\u20ac115\u00a0million
at December\u00a031, 2024).
In 2024, NextStar entered into a loan facility with third-party financial institutions for a notional \u20ac1,144\u00a0million
($1,344\u00a0million) at December 31, 2025 ((\u20ac1,294\u00a0million) ($1,344\u00a0million) at December\u00a031, 2024) which is 49
percent guaranteed by Stellantis N.V. The facility was fully drawn at December 31, 2025 (undrawn at
December\u00a031, 2024). Under the terms of these loan agreements, dividend distribution is restricted until the
applicable covenants are satisfied.
In addition, Stellantis is guaranteeing other commitments of NextStar for a total of \u20ac387\u00a0million (\u20ac363\u00a0million at
December\u00a031, 2024). On February 6, 2026, Stellantis announced that LG Energy Solution would acquire full
ownership of NextStar Energy Inc, with Stellantis selling its 49 percent equity to LG Energy Solution. Completion
of the transaction is subject to regulatory approvals and closing conditions. As at December 31 2025, the
guarantee remained in place.
The restrictions on dividend distributions and on repayment of shareholder loans referenced above are not
expected to have a material impact on the Company\u2019s financial position or cash flows.
Other repurchase obligations
In accordance with the terms of other wholesale financing arrangements in Mexico, Stellantis Mexico was
required to repurchase dealer inventory financed under these arrangements, upon certain triggering events and
with certain exceptions, including in the event of an actual or constructive termination of a dealer\u2019s franchise
agreement. These obligations exclude certain vehicles including, but not limited to, vehicles that have been
damaged or altered, that are missing equipment or that have excessive mileage or an original invoice date that
is more than one year prior to the repurchase date. In December 2015, Stellantis Mexico entered into a ten-year
private label financing agreement (automatically renewable for one-year terms thereafter unless termination
notice provided) with STM Financial, a subsidiary of Banco Inbursa, under which STM Financial provides a wide
range of financial wholesale and retail financial services to Stellantis Mexico's dealers and retail customers
under the Stellantis Financial Mexico brand name. The wholesale repurchase obligation under the new
agreement will be limited to wholesale purchases in case of actual or constructive termination of a dealer's
franchise agreement.
At December\u00a031, 2025, the maximum potential amount of future payments required to be made in accordance
with these wholesale financing arrangements was approximately \u20ac242\u00a0million ($284\u00a0million) and was based on
the aggregate repurchase value of eligible vehicles financed through such arrangements in the respective
dealer's stock. If vehicles are required to be repurchased through such arrangements, the total exposure would
be reduced to the extent the vehicles can be resold to another dealer. The fair value of the guarantee was nil at
December\u00a031, 2025 .
Arrangements with key suppliers
From time to time and in the ordinary course of business, the Company entered into various arrangements with
key suppliers in order to establish strategic and technological advantages. A limited number of these
arrangements contained unconditional purchase obligations to purchase a fixed or minimum quantity of goods
and/or services with fixed and determinable price provisions. Future minimum purchase obligations under these
arrangements at December\u00a031, 2025 were as follows:
(\u20ac\u00a0million)
2026
3,098
2027
3,095
2028
2,967
2029
812
2030
482
2031 and thereafter
1,550
At December\u00a031, 2025, there were related party commitments relating to the purchase of batteries:
(i) StarPlus: commitment over a 9-year period starting from 2025. The commitment amounted to \u20ac2,885\u00a0million;
and
(ii) ACC: commitment over a 5-year period starting from 2024. The residual commitment amounted to
\u20ac2,879\u00a0million.
These amounts are included in the table above.
Other commitments, arrangements and contractual rights \u00a0
At December\u00a031, 2025, total joint venture and associate capital commitments were \u20ac1.7\u00a0billion, covering the
period up to 2029
For contractual commitments relating to purchase of intangible assets, refer to Note 10, Other intangible assets
for additional information. For contractual commitments relating to purchase of tangible assets, refer to Note 11,
Property, plant and equipment for additional information.
UAW Collective Bargaining Agreement
In November 2023, the UAW-represented workforce ratified a new collective bargaining agreement that expires
in April 2028. The provisions of the agreement contain opportunities for incremental compensation upon meeting
agreed metrics related to absenteeism and attendance. The agreement includes wage increases, the
reinstatement of the Cost of Living Allowance (\u201cCOLA\u201d), a reduction in the time of progression to the top wage
tier from eight years to three years, supplemental unemployment benefits eligibility after 90 days of continuous
service, annual lump sum payments to retirees and surviving spouses, and retirement packages in 2024 and
2026. In addition, the agreement includes an increase in the defined benefit and defined contribution pension
plan rates; along with a commitment to provide \u20ac925\u00a0million ($1,000\u00a0million) in funding to the defined pension
plan, which was made in 2023. The agreement, which covers approximately 43 thousand employees, includes a
ratification bonus for all employees totaling approximately \u20ac201\u00a0million ($219\u00a0million), which was paid in
December 2023.\u00a0
Unifor Collective Bargaining Agreement
Stellantis entered into a three-year labor agreement with Unifor in Canada that was ratified in November 2023,
covering approximately 7,500 employees. The terms of this agreement provide employee wage and benefit
increases, including improvements to base wage rates, reduced time for employees to progress to top wage,
COLA protection and retirement incentive opportunities for long-service employees choosing to retire. Also
included are increases to the defined benefit pension plan benefit for active employees and quarterly lump sum
payments to retired employees. In addition, Unifor members hired on or after September 19, 2016 that were
participating in the defined contribution plan have been enrolled in a College of Applied Arts and Technology
pension plan effective January 2025. The agreement also includes, lump sum payments to both full and part-
time employees, totaling approximately \u20ac49\u00a0million (CAD$72\u00a0million), which were paid in December 2023. The
agreement expires in September 2026.
Under the UAW and Unifor agreements, the lump sum payments to retirees and ratification bonuses, which are
not dependent upon future services, were primarily recognized in Cost of revenues upon ratification of the
contracts. Retirement packages were recognized in Restructuring costs in December 2023 as the offers have
been communicated and approved by management. Wage increases, COLA, increases to defined contribution
pension rates, and other benefit costs are recognized as incurred. During the year ended December 31, 2023,
there were \u20ac671\u00a0million of costs related to the North America collective bargaining agreements, including
restructuring costs and employee benefits past service cost which were excluded from Adjusted operating
income. Refer to Note 30, Segment reporting for additional information.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-724": { "value": "
27.
Guarantees granted, commitments and contingent liabilities
Guarantees granted and commitments
At December\u00a031, 2025, the Company had guarantees on related party debt, commitments and activities, which
is mainly comprised of:
(i) one unfunded guarantee granted to our joint venture with SCF for \u20ac250\u00a0million, (\u20ac500\u00a0million at December\u00a031,
2024) which expired in January 2026;
(ii) two guarantees granted to third parties on the total outstanding debt of ACC for \u20ac635\u00a0million (\u20ac423\u00a0million at
December\u00a031, 2024);
(iii) a guarantee granted to third parties on commitments of ACC for \u20ac224\u00a0million (\u20ac270\u00a0million at December\u00a031,
2024);
(iv) a guarantee granted to third parties on the outstanding debt of StarPlus for \u20ac2,373\u00a0million ($2,788\u00a0million)
(\u20ac888\u00a0million at December\u00a031, 2024), drawn from a \u20ac6,383\u00a0million ($7,500\u00a0million) (\u20ac7,218\u00a0million at
December\u00a031, 2024) loan facility of which 49 percent of the drawn down amount is guaranteed by Stellantis N.V.
Under the terms of these debt agreements, there are restrictions on dividend distribution and repayment of
shareholder loans; and
(v) a guarantee granted to third parties on the outstanding debt of Nidec Emotors for \u20ac126\u00a0million (\u20ac115\u00a0million
at December\u00a031, 2024).
In 2024, NextStar entered into a loan facility with third-party financial institutions for a notional \u20ac1,144\u00a0million
($1,344\u00a0million) at December 31, 2025 ((\u20ac1,294\u00a0million) ($1,344\u00a0million) at December\u00a031, 2024) which is 49
percent guaranteed by Stellantis N.V. The facility was fully drawn at December 31, 2025 (undrawn at
December\u00a031, 2024). Under the terms of these loan agreements, dividend distribution is restricted until the
applicable covenants are satisfied.
In addition, Stellantis is guaranteeing other commitments of NextStar for a total of \u20ac387\u00a0million (\u20ac363\u00a0million at
December\u00a031, 2024). On February 6, 2026, Stellantis announced that LG Energy Solution would acquire full
ownership of NextStar Energy Inc, with Stellantis selling its 49 percent equity to LG Energy Solution. Completion
of the transaction is subject to regulatory approvals and closing conditions. As at December 31 2025, the
guarantee remained in place.
The restrictions on dividend distributions and on repayment of shareholder loans referenced above are not
expected to have a material impact on the Company\u2019s financial position or cash flows.
Other repurchase obligations
In accordance with the terms of other wholesale financing arrangements in Mexico, Stellantis Mexico was
required to repurchase dealer inventory financed under these arrangements, upon certain triggering events and
with certain exceptions, including in the event of an actual or constructive termination of a dealer\u2019s franchise
agreement. These obligations exclude certain vehicles including, but not limited to, vehicles that have been
damaged or altered, that are missing equipment or that have excessive mileage or an original invoice date that
is more than one year prior to the repurchase date. In December 2015, Stellantis Mexico entered into a ten-year
private label financing agreement (automatically renewable for one-year terms thereafter unless termination
notice provided) with STM Financial, a subsidiary of Banco Inbursa, under which STM Financial provides a wide
range of financial wholesale and retail financial services to Stellantis Mexico's dealers and retail customers
under the Stellantis Financial Mexico brand name. The wholesale repurchase obligation under the new
agreement will be limited to wholesale purchases in case of actual or constructive termination of a dealer's
franchise agreement.
At December\u00a031, 2025, the maximum potential amount of future payments required to be made in accordance
with these wholesale financing arrangements was approximately \u20ac242\u00a0million ($284\u00a0million) and was based on
the aggregate repurchase value of eligible vehicles financed through such arrangements in the respective
dealer's stock. If vehicles are required to be repurchased through such arrangements, the total exposure would
be reduced to the extent the vehicles can be resold to another dealer. The fair value of the guarantee was nil at
December\u00a031, 2025 .
Arrangements with key suppliers
From time to time and in the ordinary course of business, the Company entered into various arrangements with
key suppliers in order to establish strategic and technological advantages. A limited number of these
arrangements contained unconditional purchase obligations to purchase a fixed or minimum quantity of goods
and/or services with fixed and determinable price provisions. Future minimum purchase obligations under these
arrangements at December\u00a031, 2025 were as follows:
(\u20ac\u00a0million)
2026
3,098
2027
3,095
2028
2,967
2029
812
2030
482
2031 and thereafter
1,550
At December\u00a031, 2025, there were related party commitments relating to the purchase of batteries:
(i) StarPlus: commitment over a 9-year period starting from 2025. The commitment amounted to \u20ac2,885\u00a0million;
and
(ii) ACC: commitment over a 5-year period starting from 2024. The residual commitment amounted to
\u20ac2,879\u00a0million.
These amounts are included in the table above.
Other commitments, arrangements and contractual rights \u00a0
At December\u00a031, 2025, total joint venture and associate capital commitments were \u20ac1.7\u00a0billion, covering the
period up to 2029
For contractual commitments relating to purchase of intangible assets, refer to Note 10, Other intangible assets
for additional information. For contractual commitments relating to purchase of tangible assets, refer to Note 11,
Property, plant and equipment for additional information.
UAW Collective Bargaining Agreement
In November 2023, the UAW-represented workforce ratified a new collective bargaining agreement that expires
in April 2028. The provisions of the agreement contain opportunities for incremental compensation upon meeting
agreed metrics related to absenteeism and attendance. The agreement includes wage increases, the
reinstatement of the Cost of Living Allowance (\u201cCOLA\u201d), a reduction in the time of progression to the top wage
tier from eight years to three years, supplemental unemployment benefits eligibility after 90 days of continuous
service, annual lump sum payments to retirees and surviving spouses, and retirement packages in 2024 and
2026. In addition, the agreement includes an increase in the defined benefit and defined contribution pension
plan rates; along with a commitment to provide \u20ac925\u00a0million ($1,000\u00a0million) in funding to the defined pension
plan, which was made in 2023. The agreement, which covers approximately 43 thousand employees, includes a
ratification bonus for all employees totaling approximately \u20ac201\u00a0million ($219\u00a0million), which was paid in
December 2023.\u00a0
Unifor Collective Bargaining Agreement
Stellantis entered into a three-year labor agreement with Unifor in Canada that was ratified in November 2023,
covering approximately 7,500 employees. The terms of this agreement provide employee wage and benefit
increases, including improvements to base wage rates, reduced time for employees to progress to top wage,
COLA protection and retirement incentive opportunities for long-service employees choosing to retire. Also
included are increases to the defined benefit pension plan benefit for active employees and quarterly lump sum
payments to retired employees. In addition, Unifor members hired on or after September 19, 2016 that were
participating in the defined contribution plan have been enrolled in a College of Applied Arts and Technology
pension plan effective January 2025. The agreement also includes, lump sum payments to both full and part-
time employees, totaling approximately \u20ac49\u00a0million (CAD$72\u00a0million), which were paid in December 2023. The
agreement expires in September 2026.
Under the UAW and Unifor agreements, the lump sum payments to retirees and ratification bonuses, which are
not dependent upon future services, were primarily recognized in Cost of revenues upon ratification of the
contracts. Retirement packages were recognized in Restructuring costs in December 2023 as the offers have
been communicated and approved by management. Wage increases, COLA, increases to defined contribution
pension rates, and other benefit costs are recognized as incurred. During the year ended December 31, 2023,
there were \u20ac671\u00a0million of costs related to the North America collective bargaining agreements, including
restructuring costs and employee benefits past service cost which were excluded from Adjusted operating
income. Refer to Note 30, Segment reporting for additional information.
Contingent liabilities
In connection with significant asset divestitures carried out in prior years, the Company provided indemnities to
purchasers. Potential liabilities may arise from possible breaches of representations and warranties provided in
the contracts and, in certain instances, environmental or tax matters, generally for a limited period of time. Some
of these indemnifications do not limit potential payment and as such, it was not possible to estimate the
maximum amount of potential future payments that could result from claims made under these indemnities.
Litigation
Takata Airbag Inflators
Putative class action lawsuits were filed in March 2018 against FCA US LLC (\u201cFCA US\u201d), a 100 percent owned
subsidiary of Stellantis, in the U.S. District Courts for the Southern District of Florida and the Eastern District of
Michigan, asserting claims under federal and state laws alleging economic loss due to Takata airbag inflators
installed in certain of our vehicles. The cases were subsequently consolidated in the Southern District of Florida.
In November 2022, the Court granted summary judgment in FCA US\u2019s favor against all claimants except those in
Georgia and North Carolina. Plaintiffs were granted leave to file an amended complaint to add additional states
to the pending action. Plaintiffs\u2019 appeal of the grant of summary judgment was dismissed by the Court for lack of
jurisdiction. In May 2024, the Court entered an order to allow FCA US\u2019s renewed motions for summary judgment
to address the remaining amended claims.
In June 2023, the Court entered an order preliminarily granting class certification for the amended complaint. In
July 2023, the Court revisited its class certification order and further narrowed the classes based on a recent
Court of Appeals decision. FCA US\u2019 appeal of the Court\u2019s preliminary order was denied.
At this stage of the proceedings, we are unable to reliably evaluate the likelihood that a loss will be incurred or
estimate a range of possible loss.
Emissions
We face class actions and individual claims alleging emissions non-compliance in several countries. Several
former FCA and PSA companies and Dutch dealers have been served with class actions in the Netherlands by
Dutch foundations seeking monetary damages and vehicle buybacks in connection with alleged emissions non-
compliance of certain vehicles equipped with diesel engines. We have also been notified of a potential class
action on behalf of Dutch consumers alleging emissions non-compliance of certain former FCA vehicles sold as
recreational vehicles, and are subject to a securities class action in the Netherlands, alleging misrepresentations
by FCA. Class actions alleging emissions non-compliance has also been filed and are on-going in Portugal
regarding former FCA vehicles, in the UK regarding former FCA and PSA vehicles, and in Israel regarding
former PSA vehicles. We are also defending approximately 1,500 pending individual consumer claims alleging
emissions non-compliance in Germany and approximately 70 individual consumer cases in Austria relating to
former FCA vehicles.
The results of the private litigation matters described above cannot be predicted at this time and may lead to
damage awards which may have a material adverse effect on our business, financial condition and results of
operations. It is also possible that these matters and their ultimate resolution may adversely affect our reputation
with consumers, which may negatively impact demand for our vehicles and consequently could have a material
adverse effect on our business, financial condition and results of operations. At this stage, we are unable to
evaluate the likelihood that a material loss will be incurred with regard to these private litigations or estimate a
range of possible loss.
General Motors
In November 2019, General Motors LLC and General Motors Company (collectively, \u201cGM\u201d) filed a lawsuit in the
U.S. District Court for the Eastern District of Michigan against FCA US, FCA N.V., now Stellantis N.V., and certain
individuals, claiming violations of the Racketeer Influenced and Corrupt Organizations (\u201cRICO\u201d) Act, unfair
competition and civil conspiracy in connection with allegations that FCA US made payments to The International
Union, United Automobile, Aerospace and Agricultural Implement Workers of America (\u201cUAW\u201d) officials that
corrupted the bargaining process with the UAW and as a result FCA US enjoyed unfair labor costs and
operational advantages that caused harm to GM. GM also claimed that FCA US had made concessions to the
UAW in collective bargaining that the UAW was then able to extract from GM through pattern bargaining which
increased costs to GM and that this was done by FCA US in an effort to force a merger between GM and FCA
N.V. The court dismissed GM\u2019s lawsuit with prejudice and the U.S. Court of Appeals for the Sixth Circuit
subsequently affirmed the dismissal of GM\u2019s complaint. In April 2023, the U.S. Supreme Court declined to grant
review of the Sixth Circuit\u2019s decision, which finally resolved the federal court case.
Following dismissal of its Federal court case, GM filed an action against FCA US and FCA N.V., now Stellantis
N.V., in Michigan state court, making substantially the same claims as it made in the federal litigation. In October
2021, the court granted Stellantis N.V. and FCA US\u2019s motion for summary disposition. GM filed a motion for
reconsideration and in December 2021, the court granted GM\u2019s motion, permitting GM to amend its complaint.
GM filed a second amended complaint in December 2021. In May 2022, the court denied FCA US\u2019s motion for
summary disposition and permitted discovery to proceed against FCA US. In July 2022, the court granted
Stellantis N.V.\u2019s motion for summary disposition, but in November 2022 the court granted GM\u2019s motion for
reconsideration and permitted jurisdictional discovery to proceed against Stellantis N.V. The case is currently
stayed while the Michigan Court of Appeals considers certain trial court rulings regarding privilege. At this stage,
we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss.
2024 Financial Guidance
In August 2024, a putative securities class action complaint was filed in the U.S. District Court of the Southern
District of New York against Stellantis N.V. and certain of its former officers, alleging that the defendants made
material misstatements relating to the Company\u2019s 2024 financial guidance. Plaintiffs filed an amended complaint
in March 2025 and a motion to dismiss was filed by Stellantis N.V. and the individual defendants in June 2025.
At this stage of the proceedings, we are unable to reliably evaluate the likelihood that a loss will be incurred or
estimate a range of possible loss.
Government Inquiries
Emissions
We are subject to criminal and civil governmental investigations alleging emissions non-compliance in certain
European jurisdictions and we continue to cooperate with these investigations.
As part of the judicial investigation of several automakers in France, commencing in 2016 and 2017,
Automobiles Peugeot and Automobiles Citro\u00ebn were placed under examination by the Judicial Court of Paris in
June 2021 on allegations of consumer fraud in connection with the sale of Euro 5 diesel vehicles in France
between 2009 and 2015. In July 2021, FCA Italy (now known as Stellantis Europe) was placed under
examination by the same court for possible consumer fraud in connection with the sale of Euro 6 diesel vehicles
in France between 2014 and 2017. As is typical in a French criminal inquiry, each of the companies were
required to pay bail for the potential payment of damages and fines and to ensure representation in court, and to
provide a guarantee for the potential compensation of losses. None of these amounts were, individually or in
aggregate, material to the Company. Civil parties have joined the case and may seek further compensation. The
Public Prosecutor has requested that the companies involved be referred to criminal court on consumer fraud
charges and a decision on whether to proceed is before the Investigating Judge.
In May 2023, the German authority, Kraftfahrt-Bundesamt (\u201cKBA\u201d) notified Stellantis of its investigation of certain
Opel Euro 5, Fiat Euro 5 and Euro 6 vehicles and its intent to require remedial measures based on the alleged
non-compliance of the diesel engines in certain of those vehicles. The KBA subsequently expanded its inquiry to
include Euro 5 and Euro 6 engines used in certain Alfa Romeo, FIAT and Jeep vehicles, as well as Suzuki
vehicles equipped with diesel engines supplied by FCA Italy and requested information relating to all Stellantis
vehicles that may make use of strategies similar to those allegedly used by the identified vehicles. Stellantis
Europe is cooperating with the KBA and the relevant homologation authority. In January 2024, the KBA advised
that the Opel vehicles, equipped with Euro 5 engines, are non-compliant. At the KBA\u2019s request, during the first
half of 2024, Opel submitted a plan to bring the vehicles into compliance. In July 2024, Opel received a formal
decision of non-compliance from the KBA regarding its vehicles equipped with Euro 5 diesel engines. Although
we objected to this formal decision, we continue to cooperate with the KBA inquiries and, at this stage, we are
unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss. Given
the number of vehicles potentially involved, however, the cost of any recall, and the impact that any recall could
have on related private litigation, may be significant.
In December 2019, the Italian Ministry of Transport (\u201cMIT\u201d) notified FCA Italy of communications with the Dutch
Ministry of Infrastructure and Water Management (\u201cI&W\u201d) regarding certain irregularities allegedly found by the
RDW and the Dutch Center of Research TNO in the emission levels of certain Jeep Grand Cherokee Euro 5
models and a vehicle model of another OEM containing a Euro 6 diesel engine supplied by FCA Italy. In January
2020, the Dutch Parliament published a letter from the I&W summarizing the conclusions of the RDW regarding
those vehicles and engines and indicating an intention to order a recall and report their findings to the Public
Prosecutor, the European Commission (\u201cEC\u201d) and other member states. FCA engaged with the RDW to present
our positions and cooperate to reach an appropriate resolution of this matter. FCA Italy proposed certain
updates to the relevant vehicles that have been tested and approved by the RDW and are now being
implemented without further concerns being raised by RDW.
In July 2020, unannounced inspections took place at several of FCA\u2019s sites in Germany, Italy and the UK at the
initiative of the Public Prosecutors of Frankfurt am Main and of Turin, as part of their investigations of potential
violations of diesel emissions regulations and consumer protection laws. In April 2022, former FCA companies
received an order to produce documents to the Public Prosecutors. In October 2022, inspections took place at
the Italian offices of FCA Italy and Maserati and at the German office of Maserati Deutschland. At the Public
Prosecutor of Turin\u2019s request, the Italian proceedings were dismissed in September 2023 and October 2023. In
March 2025, the Public Prosecutor of Frankfurt am Main determined that Stellantis Europe and certain affiliated
subsidiaries had negligently breached supervisory duties and imposed a fine in an amount that is not material to
the Company. The decision did not involve a finding of intent or fraud and is now final.
In January 2024, the EC notified the MIT of the alleged non-compliance of Fiat Ducato Euro 5 and Euro 6
vehicles based on tests performed at the EC\u2019s request. We have cooperated with the MIT in its substantive
responses to EC.
Stellantis entities, among other OEMs, have received questions from the Driver and Vehicle Standards Agency in
the UK (\u201cDVSA\u201d) regarding a market surveillance activity to assess vehicle emissions for compliance with
regulations and Court of Justice of the European Union rulings. Correspondence with DVSA has progressed
during 2025 and the timing of any final DVSA decision is uncertain at present. In October 2025 the French
Market Surveillance Authority (\u201cSSMVM\u201d) requested information about certain Stellantis diesel vehicles regarding
alleged possible NOx over-emissions and exhaustive technical explanations have been provided to the
authority.
The results of the unresolved governmental investigations described above cannot be predicted at this time and
may lead to further enforcement actions or penalties, any of which may have a material adverse effect on our
business, financial condition and results of operations. It is also possible that these matters and their ultimate
resolution may adversely affect our reputation with consumers, which may negatively impact demand for our
vehicles and consequently could have a material adverse effect on our business, financial condition and results
of operations. At this stage, we are unable to evaluate the likelihood that a material loss will be incurred with
regard to these unresolved inquiries or estimate a range of possible loss.
End of Life Vehicles
In March 2022, the EC and the UK Competition and Markets Authority (the \u201cCMA\u201d) conducted unannounced
inspections at the premises of Opel and several other companies and associations active in the European
automotive sector. These inspections, as well as contemporaneous and subsequent information requests
received from the EC and CMA, relate to potential collusion in the collection, treatment, and recovery of end-of-
life vehicles and whether such activity may have violated relevant competition laws. We recognized a provision
relating to these matters in an amount that is not material to the Company during the year ended December 31,
2024. During the six-month period ending June 30, 2025, the EC and CMA published their decisions and
imposed fines against the Company in amounts that did not exceed the previously recognized provision.
Takata Airbag Recalls
We are subject to, and are cooperating with, criminal investigations and regulatory proceedings in several
European jurisdictions relating to the recall of Stellantis vehicles equipped with Takata airbags. At this stage, we
are unable to evaluate the likelihood that a material loss will be incurred with regard to these investigations and
proceedings or estimate a range of possible loss.
Other matters
Corporate Average Fuel Economy (\u201cCAFE\u201d) standards
In August 2020, the U.S. Court of Appeals for the Second Circuit vacated a final rule published by NHTSA in July
2019 that had reversed NHTSA\u2019s 2016 increase to the base rate of the CAFE penalty from $5.50 to $14.00. The
base rate applies to each tenth of a mile per gallon that a manufacturer\u2019s fleet-wide average fuel efficiency is
below the CAFE standard, and is multiplied by the number of vehicles in the manufacturer\u2019s fleet to arrive at an
aggregate penalty. In January 2021, NHTSA published an interim final rule with immediate effect, the result of
which was to apply the increased fine rate that resulted from the Second Circuit\u2019s ruling to future model years. In
particular, NHTSA\u2019s interim rule imposed a CAFE penalty base rate of $5.50 through 2021 Model Year and
increased the CAFE penalty base rate to $14.00 prospectively from the 2022 Model Year. FCA accrued
estimated amounts for any probable CAFE penalty based on the $5.50 rate for Model Years 2021 and earlier.
In April 2022, NHTSA published a final rule repealing the interim final rule issued in January 2021 and reverting
to the December 2016 final rule which increased the CAFE civil penalty rate from $5.00 to $14.00, beginning with
2019 Model Year. Applying the annual inflation adjustment procedures did not result in an increase in the $14.00
rate through 2021 Model Year.
On July 4, 2025, the OBBB was signed into law, which revised the civil penalty rate to $0.00 beginning with
Model Year 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-725": { "value": "
27.
Guarantees granted, commitments and contingent liabilities
Contingent liabilities
In connection with significant asset divestitures carried out in prior years, the Company provided indemnities to
purchasers. Potential liabilities may arise from possible breaches of representations and warranties provided in
the contracts and, in certain instances, environmental or tax matters, generally for a limited period of time. Some
of these indemnifications do not limit potential payment and as such, it was not possible to estimate the
maximum amount of potential future payments that could result from claims made under these indemnities.
Litigation
Takata Airbag Inflators
Putative class action lawsuits were filed in March 2018 against FCA US LLC (\u201cFCA US\u201d), a 100 percent owned
subsidiary of Stellantis, in the U.S. District Courts for the Southern District of Florida and the Eastern District of
Michigan, asserting claims under federal and state laws alleging economic loss due to Takata airbag inflators
installed in certain of our vehicles. The cases were subsequently consolidated in the Southern District of Florida.
In November 2022, the Court granted summary judgment in FCA US\u2019s favor against all claimants except those in
Georgia and North Carolina. Plaintiffs were granted leave to file an amended complaint to add additional states
to the pending action. Plaintiffs\u2019 appeal of the grant of summary judgment was dismissed by the Court for lack of
jurisdiction. In May 2024, the Court entered an order to allow FCA US\u2019s renewed motions for summary judgment
to address the remaining amended claims.
In June 2023, the Court entered an order preliminarily granting class certification for the amended complaint. In
July 2023, the Court revisited its class certification order and further narrowed the classes based on a recent
Court of Appeals decision. FCA US\u2019 appeal of the Court\u2019s preliminary order was denied.
At this stage of the proceedings, we are unable to reliably evaluate the likelihood that a loss will be incurred or
estimate a range of possible loss.
Emissions
We face class actions and individual claims alleging emissions non-compliance in several countries. Several
former FCA and PSA companies and Dutch dealers have been served with class actions in the Netherlands by
Dutch foundations seeking monetary damages and vehicle buybacks in connection with alleged emissions non-
compliance of certain vehicles equipped with diesel engines. We have also been notified of a potential class
action on behalf of Dutch consumers alleging emissions non-compliance of certain former FCA vehicles sold as
recreational vehicles, and are subject to a securities class action in the Netherlands, alleging misrepresentations
by FCA. Class actions alleging emissions non-compliance has also been filed and are on-going in Portugal
regarding former FCA vehicles, in the UK regarding former FCA and PSA vehicles, and in Israel regarding
former PSA vehicles. We are also defending approximately 1,500 pending individual consumer claims alleging
emissions non-compliance in Germany and approximately 70 individual consumer cases in Austria relating to
former FCA vehicles.
The results of the private litigation matters described above cannot be predicted at this time and may lead to
damage awards which may have a material adverse effect on our business, financial condition and results of
operations. It is also possible that these matters and their ultimate resolution may adversely affect our reputation
with consumers, which may negatively impact demand for our vehicles and consequently could have a material
adverse effect on our business, financial condition and results of operations. At this stage, we are unable to
evaluate the likelihood that a material loss will be incurred with regard to these private litigations or estimate a
range of possible loss.
General Motors
In November 2019, General Motors LLC and General Motors Company (collectively, \u201cGM\u201d) filed a lawsuit in the
U.S. District Court for the Eastern District of Michigan against FCA US, FCA N.V., now Stellantis N.V., and certain
individuals, claiming violations of the Racketeer Influenced and Corrupt Organizations (\u201cRICO\u201d) Act, unfair
competition and civil conspiracy in connection with allegations that FCA US made payments to The International
Union, United Automobile, Aerospace and Agricultural Implement Workers of America (\u201cUAW\u201d) officials that
corrupted the bargaining process with the UAW and as a result FCA US enjoyed unfair labor costs and
operational advantages that caused harm to GM. GM also claimed that FCA US had made concessions to the
UAW in collective bargaining that the UAW was then able to extract from GM through pattern bargaining which
increased costs to GM and that this was done by FCA US in an effort to force a merger between GM and FCA
N.V. The court dismissed GM\u2019s lawsuit with prejudice and the U.S. Court of Appeals for the Sixth Circuit
subsequently affirmed the dismissal of GM\u2019s complaint. In April 2023, the U.S. Supreme Court declined to grant
review of the Sixth Circuit\u2019s decision, which finally resolved the federal court case.
Following dismissal of its Federal court case, GM filed an action against FCA US and FCA N.V., now Stellantis
N.V., in Michigan state court, making substantially the same claims as it made in the federal litigation. In October
2021, the court granted Stellantis N.V. and FCA US\u2019s motion for summary disposition. GM filed a motion for
reconsideration and in December 2021, the court granted GM\u2019s motion, permitting GM to amend its complaint.
GM filed a second amended complaint in December 2021. In May 2022, the court denied FCA US\u2019s motion for
summary disposition and permitted discovery to proceed against FCA US. In July 2022, the court granted
Stellantis N.V.\u2019s motion for summary disposition, but in November 2022 the court granted GM\u2019s motion for
reconsideration and permitted jurisdictional discovery to proceed against Stellantis N.V. The case is currently
stayed while the Michigan Court of Appeals considers certain trial court rulings regarding privilege. At this stage,
we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss.
2024 Financial Guidance
In August 2024, a putative securities class action complaint was filed in the U.S. District Court of the Southern
District of New York against Stellantis N.V. and certain of its former officers, alleging that the defendants made
material misstatements relating to the Company\u2019s 2024 financial guidance. Plaintiffs filed an amended complaint
in March 2025 and a motion to dismiss was filed by Stellantis N.V. and the individual defendants in June 2025.
At this stage of the proceedings, we are unable to reliably evaluate the likelihood that a loss will be incurred or
estimate a range of possible loss.
Government Inquiries
Emissions
We are subject to criminal and civil governmental investigations alleging emissions non-compliance in certain
European jurisdictions and we continue to cooperate with these investigations.
As part of the judicial investigation of several automakers in France, commencing in 2016 and 2017,
Automobiles Peugeot and Automobiles Citro\u00ebn were placed under examination by the Judicial Court of Paris in
June 2021 on allegations of consumer fraud in connection with the sale of Euro 5 diesel vehicles in France
between 2009 and 2015. In July 2021, FCA Italy (now known as Stellantis Europe) was placed under
examination by the same court for possible consumer fraud in connection with the sale of Euro 6 diesel vehicles
in France between 2014 and 2017. As is typical in a French criminal inquiry, each of the companies were
required to pay bail for the potential payment of damages and fines and to ensure representation in court, and to
provide a guarantee for the potential compensation of losses. None of these amounts were, individually or in
aggregate, material to the Company. Civil parties have joined the case and may seek further compensation. The
Public Prosecutor has requested that the companies involved be referred to criminal court on consumer fraud
charges and a decision on whether to proceed is before the Investigating Judge.
In May 2023, the German authority, Kraftfahrt-Bundesamt (\u201cKBA\u201d) notified Stellantis of its investigation of certain
Opel Euro 5, Fiat Euro 5 and Euro 6 vehicles and its intent to require remedial measures based on the alleged
non-compliance of the diesel engines in certain of those vehicles. The KBA subsequently expanded its inquiry to
include Euro 5 and Euro 6 engines used in certain Alfa Romeo, FIAT and Jeep vehicles, as well as Suzuki
vehicles equipped with diesel engines supplied by FCA Italy and requested information relating to all Stellantis
vehicles that may make use of strategies similar to those allegedly used by the identified vehicles. Stellantis
Europe is cooperating with the KBA and the relevant homologation authority. In January 2024, the KBA advised
that the Opel vehicles, equipped with Euro 5 engines, are non-compliant. At the KBA\u2019s request, during the first
half of 2024, Opel submitted a plan to bring the vehicles into compliance. In July 2024, Opel received a formal
decision of non-compliance from the KBA regarding its vehicles equipped with Euro 5 diesel engines. Although
we objected to this formal decision, we continue to cooperate with the KBA inquiries and, at this stage, we are
unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss. Given
the number of vehicles potentially involved, however, the cost of any recall, and the impact that any recall could
have on related private litigation, may be significant.
In December 2019, the Italian Ministry of Transport (\u201cMIT\u201d) notified FCA Italy of communications with the Dutch
Ministry of Infrastructure and Water Management (\u201cI&W\u201d) regarding certain irregularities allegedly found by the
RDW and the Dutch Center of Research TNO in the emission levels of certain Jeep Grand Cherokee Euro 5
models and a vehicle model of another OEM containing a Euro 6 diesel engine supplied by FCA Italy. In January
2020, the Dutch Parliament published a letter from the I&W summarizing the conclusions of the RDW regarding
those vehicles and engines and indicating an intention to order a recall and report their findings to the Public
Prosecutor, the European Commission (\u201cEC\u201d) and other member states. FCA engaged with the RDW to present
our positions and cooperate to reach an appropriate resolution of this matter. FCA Italy proposed certain
updates to the relevant vehicles that have been tested and approved by the RDW and are now being
implemented without further concerns being raised by RDW.
In July 2020, unannounced inspections took place at several of FCA\u2019s sites in Germany, Italy and the UK at the
initiative of the Public Prosecutors of Frankfurt am Main and of Turin, as part of their investigations of potential
violations of diesel emissions regulations and consumer protection laws. In April 2022, former FCA companies
received an order to produce documents to the Public Prosecutors. In October 2022, inspections took place at
the Italian offices of FCA Italy and Maserati and at the German office of Maserati Deutschland. At the Public
Prosecutor of Turin\u2019s request, the Italian proceedings were dismissed in September 2023 and October 2023. In
March 2025, the Public Prosecutor of Frankfurt am Main determined that Stellantis Europe and certain affiliated
subsidiaries had negligently breached supervisory duties and imposed a fine in an amount that is not material to
the Company. The decision did not involve a finding of intent or fraud and is now final.
In January 2024, the EC notified the MIT of the alleged non-compliance of Fiat Ducato Euro 5 and Euro 6
vehicles based on tests performed at the EC\u2019s request. We have cooperated with the MIT in its substantive
responses to EC.
Stellantis entities, among other OEMs, have received questions from the Driver and Vehicle Standards Agency in
the UK (\u201cDVSA\u201d) regarding a market surveillance activity to assess vehicle emissions for compliance with
regulations and Court of Justice of the European Union rulings. Correspondence with DVSA has progressed
during 2025 and the timing of any final DVSA decision is uncertain at present. In October 2025 the French
Market Surveillance Authority (\u201cSSMVM\u201d) requested information about certain Stellantis diesel vehicles regarding
alleged possible NOx over-emissions and exhaustive technical explanations have been provided to the
authority.
The results of the unresolved governmental investigations described above cannot be predicted at this time and
may lead to further enforcement actions or penalties, any of which may have a material adverse effect on our
business, financial condition and results of operations. It is also possible that these matters and their ultimate
resolution may adversely affect our reputation with consumers, which may negatively impact demand for our
vehicles and consequently could have a material adverse effect on our business, financial condition and results
of operations. At this stage, we are unable to evaluate the likelihood that a material loss will be incurred with
regard to these unresolved inquiries or estimate a range of possible loss.
End of Life Vehicles
In March 2022, the EC and the UK Competition and Markets Authority (the \u201cCMA\u201d) conducted unannounced
inspections at the premises of Opel and several other companies and associations active in the European
automotive sector. These inspections, as well as contemporaneous and subsequent information requests
received from the EC and CMA, relate to potential collusion in the collection, treatment, and recovery of end-of-
life vehicles and whether such activity may have violated relevant competition laws. We recognized a provision
relating to these matters in an amount that is not material to the Company during the year ended December 31,
2024. During the six-month period ending June 30, 2025, the EC and CMA published their decisions and
imposed fines against the Company in amounts that did not exceed the previously recognized provision.
Takata Airbag Recalls
We are subject to, and are cooperating with, criminal investigations and regulatory proceedings in several
European jurisdictions relating to the recall of Stellantis vehicles equipped with Takata airbags. At this stage, we
are unable to evaluate the likelihood that a material loss will be incurred with regard to these investigations and
proceedings or estimate a range of possible loss.
Other matters
Corporate Average Fuel Economy (\u201cCAFE\u201d) standards
In August 2020, the U.S. Court of Appeals for the Second Circuit vacated a final rule published by NHTSA in July
2019 that had reversed NHTSA\u2019s 2016 increase to the base rate of the CAFE penalty from $5.50 to $14.00. The
base rate applies to each tenth of a mile per gallon that a manufacturer\u2019s fleet-wide average fuel efficiency is
below the CAFE standard, and is multiplied by the number of vehicles in the manufacturer\u2019s fleet to arrive at an
aggregate penalty. In January 2021, NHTSA published an interim final rule with immediate effect, the result of
which was to apply the increased fine rate that resulted from the Second Circuit\u2019s ruling to future model years. In
particular, NHTSA\u2019s interim rule imposed a CAFE penalty base rate of $5.50 through 2021 Model Year and
increased the CAFE penalty base rate to $14.00 prospectively from the 2022 Model Year. FCA accrued
estimated amounts for any probable CAFE penalty based on the $5.50 rate for Model Years 2021 and earlier.
In April 2022, NHTSA published a final rule repealing the interim final rule issued in January 2021 and reverting
to the December 2016 final rule which increased the CAFE civil penalty rate from $5.00 to $14.00, beginning with
2019 Model Year. Applying the annual inflation adjustment procedures did not result in an increase in the $14.00
rate through 2021 Model Year.
On July 4, 2025, the OBBB was signed into law, which revised the civil penalty rate to $0.00 beginning with
Model Year 2022.
Greenhouse Gas Standards
In March 2022, the U.S. Environmental Protection Agency (\u201cEPA\u201d) reinstated California\u2019s authority\u202funder the
Clean Air Act\u202fto enforce its own, more stringent, greenhouse gas (\u201cGHG\u201d) emission standards for passenger
vehicles and light-duty trucks (the \u201cCalifornia Waiver\u201d). California emission standards covered by the California
Waiver were also adopted by certain other states.
Prior to the EPA\u2019s withdrawal of the California Waiver, automotive\u202fOEMs were deemed to be compliant with
California\u2019s GHG emissions standards if they were compliant with the EPA\u2019s GHG standards.\u202fThis \u201cdeemed to
comply\u201d mechanism was removed from the California regulation prior to the reinstatement of the California
Waiver.\u202fAs interpreted by the California Air Resources Board (\u201cCARB\u201d), the EPA\u2019s reinstatement of the California
Waiver together with the removal of the \u201cdeemed to comply\u201d mechanism means that automotive OEMs
are\u202fretroactively\u202fsubject to the separate California GHG standards beginning with the model year
2021\u202ffleet.\u202fOEMs\u202fmay achieve\u202fcompliance with the California GHG emission standards in several ways, including
through the sale of emission-compliant vehicles within\u202ftheir\u202ffleet for a given model year, through the carryforward
or carryback of excess credits generated by a compliant fleet in past or future years,\u202fby the purchase of
California-specific regulatory credits from third parties\u202for by a combination of the foregoing.
\u202fWe\u202fdid not meet\u202fthe California GHG targets for model years 2021,\u202f2022 and 2023, as\u202fin planning these\u202fmodel
years prior to reinstatement of the California Waiver we assumed the ability to utilize existing credits based on
regulations in force at the time. We previously intended to cover such deficits with excess credits generated
through our compliance in model years within the applicable five-year carryback period. However, in March
2024, we entered into an agreement with CARB to settle and resolve claims and disputes regarding CARB\u2019s
regulation of automotive GHG emissions. The agreement imposes alternative GHG emissions requirements for
model year 2021 through 2026 passenger cars and light-duty trucks and commitments related to zero-emission
technology. In exchange, CARB agreed not to enforce the GHG emission standards in its regulations that would
otherwise be applicable to model year 2021 through 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-728": { "value": "
28.
Equity
Share capital
At December\u00a031, 2025 , the authorized share capital of Stellantis was ninety million Euro (\u20ac90,000,000), divided
into 4.5\u00a0billion (4,500,000,000) Stellantis common shares, nominal value of one Euro cent (\u20ac0.01 ) per share and
4.5\u00a0billion (4,499,750,000) class A special voting shares, nominal value of one Euro cent ( \u20ac0.01) per share each
and two hundred and fifty thousand (250,000) class B special voting shares with a nominal value of one Euro
cent ( \u20ac0.01) each.
At December\u00a031, 2025, the fully paid-up share capital of Stellantis amounted to \u20ac37 million (\u20ac37 million at
December\u00a031, 2024) and consisted of 2,903,716,295 common shares (2,896,073,567 at December\u00a031, 2024), of
which 6,233,099 held in treasury (15,581,288 at December\u00a031, 2024), 866,522,224 issued special voting shares
A (866,522,224 at December\u00a031, 2024, refer to Corporate Governance - Articles of Association and Information
on Stellantis Shares included elsewhere in this report for additional information), of which 113,162 held in
treasury (111,508 at December 31, 2024). All shares have a nominal value of \u20ac0.01 each.\u00a0
At December\u00a031, 2025, there were 2,897,483,196 outstanding common shares (2,880,492,279 December\u00a031,
2024). During the year ended December\u00a031, 2025, 9,348,189 common shares were delivered in execution of the
Share-based compensation plans.
The following table summarizes the changes in the number of outstanding common shares and special voting
shares of Stellantis during the year ended December\u00a031, 2025:
Common Shares
Special Voting
Shares A
Total
Balance at January 1, 2025
2,880,492,279
866,410,716
3,746,902,995
Issuance of special voting shares
\u2014
\u2014
\u2014
Purchase of treasury shares
\u2014
(1,654)
(1,654)
Treasury shares assigned to long-term incentive plans
participants
9,348,189
\u2014
9,348,189
Shares issued for long-term incentive plans and employee-
share purchase plan
7,642,728
\u2014
7,642,728
Balance at December 31, 2025
2,897,483,196
866,409,062
3,763,892,258
Pursuant to the Articles of Association, the Board of Directors is irrevocably authorized to issue shares (common
and special voting shares) and to grant rights to subscribe for shares in the capital of the Company. This
authorization is up to a maximum aggregate amount of shares as set out in the Articles of Association, as
amended from time to time, and limits or excludes the right of pre-emption with respect to common shares.
Share buyback program
At the AGM on April 13, 2023, the Board of Directors was authorized to acquire common shares in the capital of
the Company, either through purchase on a stock exchange, through a public tender offer, an offer for exchange
or otherwise, up to a maximum number of shares equal to 10 percent of the Company\u2019s issued common shares.
The authorization was for a period of 18 months from the date of the 2023 AGM. The authorization was renewed
on the same terms at the AGMs on April 16, 2024 and April 15, 2025.
Employee-share purchase plan
During September 2025, the Company offered eligible employees the opportunity to become shareholders
through a specific employee-share purchase plan. Under the plan eligible employees could subscribe to
Stellantis shares, at a subscription price corresponding to the average of the Company\u2019s closing share price on
the 20 trading days preceding the date of the decision setting the terms of the plan, less a 20 percent discount.
Additionally, the Company provided a matching contribution of 200 percent of the personal amount invested, up
to \u20ac200 and a 100 percent matching contribution between \u20ac201 and \u20ac800 invested by the employee. The shares
are locked up for a specified period. Employees bear the risk of fluctuations in the share price relative to the
subscription price.
In the September 2025 plan, a total of 7.6\u00a0million shares were subscribed. There was an increase in equity of
\u20ac61\u00a0million and the total cost of the plan was \u20ac32\u00a0million.
The details for the plan were as follows:\u00a0
Dates right subscribed
From September 3 to
September 29, 2025
Employee subscription price
\u20ac6.52
Lock-up period
3 to 5 years
Equity Incentive Plans
On April 15, 2025, the AGM resolved to authorize, under certain conditions, the Board of Directors to issue
common shares, to grant rights to subscribe for shares under the LTIP and its sub-plans, up to maximum of
60\u00a0million common shares, and to exclude pre-emptive rights of shareholders in that regard, both for a period of
five years.
Other reserves:
Other reserves comprised the following:
\u2022 legal reserves of \u20ac22,287 million at December\u00a031, 2025 (\u20ac24,051 million at December\u00a031, 2024) determined in
accordance with Dutch law and primarily relating to development expenditures capitalized by subsidiaries and
their earnings, subject to certain restrictions on distributions to Stellantis shareholders;
\u2022 capital reserves of \u20ac15,266 million at December\u00a031, 2025 (\u20ac15,133 million at December\u00a031, 2024);
\u2022 retained earnings, after the separation of the legal reserve, of positive \u20ac37,799 million (positive \u20ac34,424 million
at December\u00a031, 2024); and
\u2022 profit/(loss) attributable to owners of the parent of \u20ac(22,368) million for the year ended December\u00a031, 2025
(\u20ac5,473 million for the year ended December\u00a031, 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-727": { "value": "
28.
Equity
At December\u00a031, 2025, the fully paid-up share capital of Stellantis amounted to \u20ac37 million (\u20ac37 million at
December\u00a031, 2024) and consisted of 2,903,716,295 common shares (2,896,073,567 at December\u00a031, 2024), of
which 6,233,099 held in treasury (15,581,288 at December\u00a031, 2024), 866,522,224 issued special voting shares
A (866,522,224 at December\u00a031, 2024, refer to Corporate Governance - Articles of Association and Information
on Stellantis Shares included elsewhere in this report for additional information), of which 113,162 held in
treasury (111,508 at December 31, 2024). All shares have a nominal value of \u20ac0.01 each.\u00a0
At December\u00a031, 2025, there were 2,897,483,196 outstanding common shares (2,880,492,279 December\u00a031,
2024). During the year ended December\u00a031, 2025, 9,348,189 common shares were delivered in execution of the
Share-based compensation plans.
The following table summarizes the changes in the number of outstanding common shares and special voting
shares of Stellantis during the year ended December\u00a031, 2025:
Common Shares
Special Voting
Shares A
Total
Balance at January 1, 2025
2,880,492,279
866,410,716
3,746,902,995
Issuance of special voting shares
\u2014
\u2014
\u2014
Purchase of treasury shares
\u2014
(1,654)
(1,654)
Treasury shares assigned to long-term incentive plans
participants
9,348,189
\u2014
9,348,189
Shares issued for long-term incentive plans and employee-
share purchase plan
7,642,728
\u2014
7,642,728
Balance at December 31, 2025
2,897,483,196
866,409,062
3,763,892,258
Pursuant to the Articles of Association, the Board of Directors is irrevocably authorized to issue shares (common
and special voting shares) and to grant rights to subscribe for shares in the capital of the Company. This
authorization is up to a maximum aggregate amount of shares as set out in the Articles of Association, as
amended from time to time, and limits or excludes the right of pre-emption with respect to common shares.
Share buyback program
At the AGM on April 13, 2023, the Board of Directors was authorized to acquire common shares in the capital of
the Company, either through purchase on a stock exchange, through a public tender offer, an offer for exchange
or otherwise, up to a maximum number of shares equal to 10 percent of the Company\u2019s issued common shares.
The authorization was for a period of 18 months from the date of the 2023 AGM. The authorization was renewed
on the same terms at the AGMs on April 16, 2024 and April 15, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-729": { "value": "
Other reserves:
Other reserves comprised the following:
\u2022 legal reserves of \u20ac22,287 million at December\u00a031, 2025 (\u20ac24,051 million at December\u00a031, 2024) determined in
accordance with Dutch law and primarily relating to development expenditures capitalized by subsidiaries and
their earnings, subject to certain restrictions on distributions to Stellantis shareholders;
\u2022 capital reserves of \u20ac15,266 million at December\u00a031, 2025 (\u20ac15,133 million at December\u00a031, 2024);
\u2022 retained earnings, after the separation of the legal reserve, of positive \u20ac37,799 million (positive \u20ac34,424 million
at December\u00a031, 2024); and
\u2022 profit/(loss) attributable to owners of the parent of \u20ac(22,368) million for the year ended December\u00a031, 2025
(\u20ac5,473 million for the year ended December\u00a031, 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-730": { "value": "
Policies and processes for managing capital
The objectives identified by the Company for managing capital were to create value for shareholders as a whole,
safeguard business continuity and support the growth of the Company. As a result, the Company endeavored to
maintain an adequate level of capital that, at the same time, enables it to obtain a satisfactory economic return
for its shareholders and guarantee economic access to external sources of funds, including by means of
achieving an adequate credit rating.
To support these objectives, the Company constantly monitors its net financial position in relation to net equity
and the cash generated from its industrial activities. The Company also continues to focus on improving the
profitability of its operations. Furthermore, the Board of Directors may make proposals to Stellantis shareholders
at a general meeting to reduce or increase share capital or, where permitted by law, to distribute reserves. The
Company may also make purchases of treasury shares, without exceeding the limits authorized at a general
meeting of Stellantis shareholders, under the same logic of creating value, compatible with the objectives of
achieving financial equilibrium and an improvement in the Company's rating.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-731": { "value": "
Dividends proposed, declared and paid
On April 15, 2025, the AGM approved an ordinary dividend distribution of \u20ac0.68 per common share
corresponding to a total distribution of \u20ac2.0\u00a0billion, that was paid on May 5, 2025.
In recognition of the Company\u2019s Net loss for the full-year 2025, the Company will not pay an annual dividend in
2026.
Dividend policy
Common shares
The Company\u2019s dividend policy contemplates an annual ordinary dividend to the holders of common shares
targeting a payout ratio of 25 percent to 30 percent of the Company\u2019s Net profit for the relevant prior financial
year.
The actual level of dividend to be distributed by the Company will be determined by the Board of Directors in its
sole discretion and will be subject to earnings, cash balances, commitments, strategic plans and any other
factors that the Board of Directors may deem relevant at the time of a dividend distribution, including
adjustments for income or costs that are significant in nature but expected to occur infrequently.
Special voting shares
Stellantis adopted a loyalty voting structure on January 17, 2021 whereby certain registered shares that were
held for an uninterrupted period of three years in the name of the same shareholder qualify to receive one class
A special voting for each common shares registered. During the year ended December 31, 2024, issuance of
these special voting shares has taken place. Refer to \"Corporate Governance - Loyalty Voting Structure\"
included elsewhere in this report for additional information.
The holders of special voting shares are not entitled to any distributions. However, pursuant to article 29.4 of the
Company's articles of association, from any amount of profits not reserved by the Board of Directors, first an
amount shall be allocated and added to a separate special voting shares dividend reserve for the benefit of the
holders of special voting shares (the \"Special Voting Shares Dividend Reserve\"). The Company has no intention
to propose any distribution from the Special Voting Shares Dividend Reserve.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-732": { "value": "0.68", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-733": { "value": "
29.
Earnings/(loss) per share
Basic (loss)/earnings per share
Basic (loss)/earnings per share for the years ended December 31, 2025, 2024 and 2023 was determined by
dividing the Net profit/(loss) attributable to the equity holders of the parent by the weighted average number of
shares outstanding during each period.
The following tables provide the amounts used in the calculation of basic earnings/(loss) per share:
Years ended December 31,
2025
2024
2023
Net profit/(loss) attributable to owners of the parent
\u20ac million
(22,368)
5,473
18,596
Weighted average number of shares outstanding
(thousand)
2,886,684
2,949,652
3,107,725
Basic (loss)/earnings per share
(\u20ac)
(7.75)
1.86
5.98
Diluted (loss)/earnings per share
In order to calculate the diluted (loss)/earnings per share, the weighted average number of shares outstanding
was increased to take into consideration the theoretical effect of potential common shares that would be issued
for the restricted and performance share units outstanding and unvested at December 31, 2025, 2024 and 2023
(Note 19, Share-based compensation), as determined using the treasury stock method.
For the year ended December 31, 2025, as a result of the loss attributable to owners of the parent, the
theoretical effect that would arise if the share-based payment plans were exercised was not taken into
consideration in the calculation of diluted earnings/(loss) per share as this would have had an anti-dilutive effect.
There were no instruments excluded from the calculation of diluted (loss)/earnings per share because of an anti-
dilutive impact for the years ended December 31, 2024 and 2023 .
The following tables provide the amounts used in the calculation of diluted (loss)/earnings per share:
Years ended December 31,
2025
2024
2023
Net profit/(loss) attributable to owners of the parent
\u20ac million
(22,368)
5,473
18,596
Weighted average number of shares outstanding
(thousand)
2,886,684
2,949,652
3,107,725
Number of shares deployable for share-based compensation
(thousand)
\u2014
26,168
24,733
Weighted average number of shares outstanding for diluted
earnings per share
(thousand)
2,886,684
2,975,820
3,132,458
Diluted (loss)/earnings per share
(\u20ac)
(7.75)
1.84
5.94
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-734": { "value": "
30.
Segment reporting
The Company\u2019s activities are carried out through six reportable segments: five regional vehicle segments (North
America, Enlarged Europe, Middle East & Africa, South America and China and India & Asia Pacific) and
Maserati, our global luxury brand segment. These reportable segments reflect the operating segments of the
Company that are regularly reviewed by the Chief Executive Officer, who is the \u201cchief operating decision maker\u201d,
for making strategic decisions, allocating resources and assessing performance, and that exceed the
quantitative threshold provided in IFRS 8 \u2013 Operating Segments (\u201cIFRS 8\u201d), or whose information is considered
useful for the users of the financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-735": { "value": "1959000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-736": { "value": "
32.
Qualitative and quantitative information on financial risks
Quantitative information on foreign currency exchange rate risk
The Company is exposed to risk resulting from changes in foreign currency exchange rates, which could affect
its earnings and equity. Where a Stellantis company incurred costs in a currency different from that of its
revenues, any change in exchange rates could affect the operating results of that company; the principal
exchange rates to which the Company is exposed are:
\u2022 EUR/GBP, relating to sales in the UK of vehicles produced in the Euro zone;
\u2022 CNY and JPY in relation to costs paid to Chinese and Japanese suppliers net of sales in China and Japan
respectively originating from European and North America entities;
\u2022 U.S.$/CAD and U.S.$/MXP, primarily relating to sales in Canada and Mexico of produced vehicles, net of local
cost and import in U.S. of Canadian produced vehicles;
\u2022 EUR/U.S.$, relating to sales and purchases (mainly linked to commodity) in U.S.$ made by European entities
and to sales and purchases in Euro made by U.S. entities;
\u2022 TRY in relation to sales in Turkish market;
\u2022 PLN, linked to sales in Poland market, net of manufacturing costs incurred in the country; and
\u2022 U.S.$/BRL and EUR/BRL, relating to Brazilian manufacturing operations and the related import and export
flows.
The Company\u2019s policy is to use derivative financial instruments to hedge a percentage of certain exposures
subject to foreign currency exchange rate risk for the upcoming twenty-four months (including such risk before
or beyond that date where it is deemed appropriate in relation to the characteristics of the business) and to
hedge the exposure resulting from firm commitments unless not deemed appropriate.
The Stellantis entities could have trade receivables or payables denominated in a currency different from their
respective functional currency. In addition, in a limited number of cases, it could be convenient from an
economic point of view, or it could be required under local market conditions, for the Stellantis entities to obtain
financing or invest funds in a currency different from their respective functional currency, e.g. Argentinian
industrial companies (with U.S.$ as functional currency) invest a significant amount of cash denominated in
Argentine Pesos. Changes in exchange rates could result in exchange gains or losses arising from these
situations. The Company\u2019s policy is to hedge, whenever deemed appropriate, the exposure resulting from
receivables, payables, cash and securities denominated in foreign currencies different from the respective
Stellantis entity\u2019s functional currency.
Certain of the Stellantis entities are located in countries which are outside of the Eurozone, primarily the U.S.,
Brazil, Canada, Poland, Serbia, Mexico, Argentina, India and China. As the Company's reporting currency is the
Euro, the income statements of those entities that have a reporting currency other than the Euro are translated
into Euro using the average exchange rate for the period, except for entities that operate in hyperinflationary
economies (Argentina) for which the income statements are translated into Euro using the spot rate at the end of
the period. In addition, the assets and liabilities of those consolidated entities are translated into Euro at the
period-end foreign exchange rate. The effects of these changes in foreign exchange rates are recognized
directly in the Cumulative translation adjustments reserve included in Other comprehensive income. Changes in
exchange rates could lead to effects on the translated balances of revenues, costs and assets and liabilities
reported in Euro, even when corresponding items are unchanged in the respective local currency of these
entities.
The Company monitors its principal exposure to conversion exchange risk and, in certain circumstances, enters
into derivatives for the purpose of hedging the specific risk.
The potential loss in fair value of derivative financial instruments held for foreign currency exchange rate risk
management (currency swaps/forwards) at December 31, 2025 resulting from a 10 percent change in the
exchange rates would have been approximately \u20ac633\u00a0million in the Other comprehensive income (mainly driven
by the foreign exchange hedges related to the sales in GBP and in CAD and related to costs in CNY) and
\u20ac369\u00a0million on Consolidated Income Statement.
This analysis assumes that a hypothetical, unfavorable 10 percent change in exchange rates as at year-end is
applied in the measurement of the fair value of derivative financial instruments.
Receivables, payables and future trade flows whose hedging transactions have been analyzed were not
included in this analysis. It is reasonable to assume that changes in market exchange rates would produce the
opposite effect, of an equal or greater amount, on the underlying transactions that have been hedged.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-737": { "value": "
Financial market risks
Due to the nature of the Company\u2019s business, the Company is exposed to a variety of market risks, primarily
foreign currency exchange rate risk, interest rate risk and commodity price risk.
The Company\u2019s exposure to foreign currency exchange rate risk arises both in connection with the geographical
distribution of the Company\u2019s industrial activities compared to the markets in which it sells its products, and in
relation to the use of external borrowing denominated in foreign currencies.
The Company\u2019s exposure to interest rate risk arises from the need to fund industrial and financial operating
activities and the necessity to invest surplus funds. Changes in market interest rates could have the effect of
either increasing or decreasing the Company\u2019s Net profit, thereby indirectly affecting the costs and returns of
financing and investing transactions.
The Company\u2019s exposure to commodity price risk arises from the risk of changes in the price of certain raw
materials (primarily base metals, commodities used in electric vehicles and Platinum Group Metals (\u201cPGMs\u201d),
which include platinum, palladium and rhodium) and energy used in production. Changes in the price of raw
materials could have a significant effect on the Company\u2019s results by indirectly affecting costs and product
margins.
These risks could significantly affect the Company\u2019s financial position and results and for this reason, these risks
were systematically identified and monitored, in order to detect potential negative effects in advance and take
the necessary actions to mitigate them, primarily through its operating and financing activities and if required,
through the use of derivative financial instruments in accordance with its established risk management policies.
The Company\u2019s policies permit derivatives to be used only for managing the exposure to fluctuations in foreign
currency exchange rates and interest rates as well as commodities prices connected with future cash flows and
assets and liabilities.
The Company utilizes derivative financial instruments designated as fair value hedges mainly to hedge:
\u2022 the foreign currency exchange rate risk on financial instruments denominated in foreign currency; and
\u2022 the interest rate risk on fixed rate loans, bonds and borrowings.
The instruments used for these hedges are mainly foreign currency forward contracts, interest rate swaps and
combined interest rate and foreign currency financial instruments.
The Company uses derivative financial instruments as cash flow hedges for the purpose of pre-determining:
\u2022 the exchange rate at which forecasted transactions denominated in foreign currencies would be accounted
for;
\u2022 the interest paid on borrowings, both to match the fixed interest received on loans (customer financing
activity), and to achieve a targeted mix of floating versus fixed rate funding structured loans; and
\u2022 the price of certain commodities and components.
The foreign currency exchange rate exposure on forecasted commercial flows is hedged by foreign currency
swaps, forward contracts and foreign currency options. Interest rate exposures are usually hedged by interest
rate swaps and, in limited cases, by forward rate agreements. Exposure to changes in the price of commodities
is generally hedged by using commodity swaps and commodity options. Counterparties to these agreements
are major financial institutions.
Refer to Note 17, Derivative financial and operating assets and liabilities for additional information on the fair
value of derivative financial instruments held at the balance sheet date.
Quantitative information on foreign currency exchange rate risk
The Company is exposed to risk resulting from changes in foreign currency exchange rates, which could affect
its earnings and equity. Where a Stellantis company incurred costs in a currency different from that of its
revenues, any change in exchange rates could affect the operating results of that company; the principal
exchange rates to which the Company is exposed are:
\u2022 EUR/GBP, relating to sales in the UK of vehicles produced in the Euro zone;
\u2022 CNY and JPY in relation to costs paid to Chinese and Japanese suppliers net of sales in China and Japan
respectively originating from European and North America entities;
\u2022 U.S.$/CAD and U.S.$/MXP, primarily relating to sales in Canada and Mexico of produced vehicles, net of local
cost and import in U.S. of Canadian produced vehicles;
\u2022 EUR/U.S.$, relating to sales and purchases (mainly linked to commodity) in U.S.$ made by European entities
and to sales and purchases in Euro made by U.S. entities;
\u2022 TRY in relation to sales in Turkish market;
\u2022 PLN, linked to sales in Poland market, net of manufacturing costs incurred in the country; and
\u2022 U.S.$/BRL and EUR/BRL, relating to Brazilian manufacturing operations and the related import and export
flows.
The Company\u2019s policy is to use derivative financial instruments to hedge a percentage of certain exposures
subject to foreign currency exchange rate risk for the upcoming twenty-four months (including such risk before
or beyond that date where it is deemed appropriate in relation to the characteristics of the business) and to
hedge the exposure resulting from firm commitments unless not deemed appropriate.
The Stellantis entities could have trade receivables or payables denominated in a currency different from their
respective functional currency. In addition, in a limited number of cases, it could be convenient from an
economic point of view, or it could be required under local market conditions, for the Stellantis entities to obtain
financing or invest funds in a currency different from their respective functional currency, e.g. Argentinian
industrial companies (with U.S.$ as functional currency) invest a significant amount of cash denominated in
Argentine Pesos. Changes in exchange rates could result in exchange gains or losses arising from these
situations. The Company\u2019s policy is to hedge, whenever deemed appropriate, the exposure resulting from
receivables, payables, cash and securities denominated in foreign currencies different from the respective
Stellantis entity\u2019s functional currency.
Certain of the Stellantis entities are located in countries which are outside of the Eurozone, primarily the U.S.,
Brazil, Canada, Poland, Serbia, Mexico, Argentina, India and China. As the Company's reporting currency is the
Euro, the income statements of those entities that have a reporting currency other than the Euro are translated
into Euro using the average exchange rate for the period, except for entities that operate in hyperinflationary
economies (Argentina) for which the income statements are translated into Euro using the spot rate at the end of
the period. In addition, the assets and liabilities of those consolidated entities are translated into Euro at the
period-end foreign exchange rate. The effects of these changes in foreign exchange rates are recognized
directly in the Cumulative translation adjustments reserve included in Other comprehensive income. Changes in
exchange rates could lead to effects on the translated balances of revenues, costs and assets and liabilities
reported in Euro, even when corresponding items are unchanged in the respective local currency of these
entities.
The Company monitors its principal exposure to conversion exchange risk and, in certain circumstances, enters
into derivatives for the purpose of hedging the specific risk.
The potential loss in fair value of derivative financial instruments held for foreign currency exchange rate risk
management (currency swaps/forwards) at December 31, 2025 resulting from a 10 percent change in the
exchange rates would have been approximately \u20ac633\u00a0million in the Other comprehensive income (mainly driven
by the foreign exchange hedges related to the sales in GBP and in CAD and related to costs in CNY) and
\u20ac369\u00a0million on Consolidated Income Statement.
This analysis assumes that a hypothetical, unfavorable 10 percent change in exchange rates as at year-end is
applied in the measurement of the fair value of derivative financial instruments.
Receivables, payables and future trade flows whose hedging transactions have been analyzed were not
included in this analysis. It is reasonable to assume that changes in market exchange rates would produce the
opposite effect, of an equal or greater amount, on the underlying transactions that have been hedged.
Quantitative information on interest rate risk
The Company makes use of external borrowings and invests in monetary and financial market instruments. In
addition, the Company sells receivables resulting from their trading activities on a continuing basis. Changes in
market interest rates could affect the cost of the various forms of financing, including the sale of receivables, or
the return on investments and the employment of funds, thus negatively impacting the net financial expenses
incurred by the Company.
In addition, the financial services companies provide loans (mainly to customers and dealers), financing
themselves using various forms of direct debt or asset-backed financing (e.g. factoring of receivables or
securitizations). Where the characteristics of the variability of the interest rate applied to loans granted differ from
those of the variability of the cost of the financing obtained, changes in the current level of interest rates could
affect the operating result of those entities and the Company as a whole.
In order to manage these risks, the Company uses interest rate derivative financial instruments, mainly interest
rate swaps and forward rate agreements, when available in the market, with the objective of mitigating, under
economically acceptable conditions, the potential variability of interest rates on the Company's Net profit.
In assessing the potential impact of changes in interest rates, the Company segregated fixed rate financial
instruments (for which the impact was assessed in terms of fair value) from floating rate and short term financial
instruments (for which the impact was assessed in terms of cash flows).
The fixed rate financial instruments used by the Company consisted principally of part of the portfolio of the
financial services companies (primarily customer financing and financial leases) and part of debt (including
subsidized loans and notes). These instruments are measured at amortized cost and changes in market interest
rates for these instruments do not affect Net profit or Equity.
Certain financial securities are accounted for at FVPL. The impact of an unfavorable 50 basis points change in
interest rate levels would result in increase in financial expenses of \u20ac9\u00a0million due to the change in fair values of
these securities.
The Company entered in certain derivatives in order to manage interest rate risk on underlying debt exposures.
An unfavorable 50 basis points change in interest rates level applied to the interest rate derivatives outstanding
at December 31, 2025 would have an impact of \u20ac30\u00a0million on financial expense. It is expected that this impact
will be offset by an equivalent gain on the underlying debt exposures.
In addition, financial services companies use derivatives in order to hedge the interest rate risk arising from the
mismatch between financial receivables and related funding. A 50 basis points change in interest rates level
applied to the interest rate derivatives outstanding at December 31, 2025 would have a negative impact of
\u20ac32\u00a0million in Other comprehensive income.
Floating rate financial instruments consisted principally of cash and cash equivalents, loans provided by the
financial services companies to the sales network and part of debt. The effect of the sale of receivables was also
considered in the sensitivity analysis.
A hypothetical 50 basis points change in short-term interest rates at December 31, 2025, applied to floating rate
or short term maturity financial assets and liabilities, operations for the sale of receivables and derivative
financial instruments, would result in increased net financial expenses, on an annual basis, of approximately
\u20ac78\u00a0million.
This analysis is based on the assumption that there is an unfavorable change of 50 basis points of interest rate
levels across homogeneous categories. A homogeneous category is defined on the basis of the currency in
which the financial assets and liabilities are denominated. In addition, the sensitivity analysis applied to floating
rate financial instruments assumes that cash and cash equivalents and other short-term financial assets and
liabilities which expire during the projected 12-month period will be renewed or reinvested in similar instruments,
that will reflect the hypothetical 50 basis points change in short-term interest rates.
Quantitative information on commodity price risk
The Company, in addition to supply agreements that provide protections to the price increases and supply
shortages, entered into derivative contracts for certain commodities to hedge its exposure to commodity price
risk associated with buying raw materials and energy used in its normal operations, primarily PGMs, which
include platinum, palladium and rhodium.
In connection with the commodity price derivative contracts outstanding at December 31, 2025, a hypothetical
10 percent change in the price of the commodities at that date would have caused a negative impact on the
Other comprehensive income of \u20ac136\u00a0million. Future trade flows whose hedging transactions have been
analyzed were not considered in this analysis. It is reasonable to assume that changes in commodity prices
would produce the opposite effect, of an equal or greater amount, on the underlying transactions that have been
hedged.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-738": { "value": "
33.
Subsequent events
The Company has evaluated subsequent events through February\u00a026, 2026, which is the date the financial
statements were authorized for issuance.
On February 6, 2025, Stellantis announced that LG Energy Solution would acquire full ownership of NextStar
Energy Inc, with Stellantis selling its 49 percent equity to LG Energy Solution. The closing of this transaction is
subject to approvals and other conditions.
On February 10, 2026, Standard & Poor Global Ratings revised Stellantis\u2019 issuer credit rating and senior
unsecured debt rating from \u201cBBB\u201d to \u201cBBB-\u201d and maintained a negative outlook.
On February 10, 2026, Moody\u2019s Investors Service revised Stellantis\u2019 long-term issuer rating and senior
unsecured debt rating from \u201cBaa2\u201d to \u201cBaa3\u201d and changed the outlook from negative to stable.
On February 19, 2026, the Company priced an issuance of asset\u2011backed notes through its indirect wholly owned
subsidiary, SFS Auto Receivables Securitization Trust 2026\u20111. The notes, totaling $1.5\u00a0billion, were delivered on
February 26, 2026, at which time the Company received the related proceeds. The notes are supported by a
pool of automobile receivables and include customary structural credit enhancement feature.
In February 2026, the U.S. EPA finalized actions to rescind the 2009 Greenhouse Gas Endangerment Finding
under the Clean Air Act. The Endangerment Finding had provided the legal basis for federal regulation of
greenhouse gas emissions from motor vehicles. As of December 31, 2025, we have recognized GHG Provisions
of \u20ac345\u00a0million, and GHG-related Other intangible assets of \u20ac279\u00a0million in our Consolidated Statement of
Financial Position. We are monitoring the developments related to this ruling.
In February 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency
Economic Powers Act (\u201cIEEPA\u201d) were invalid. The U.S. Administration subsequently introduced new 10 percent
global tariffs beginning on February 24, 2026. Refunds of previously paid IEEPA tariffs will depend on a court-
driven process leaving the time of any recovery uncertain.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fn-2": { "value": "
(2) The change in the carrying amount of leased vehicles includes cash flows related to Assets sold with a buy-back commitment, assets
subject to operating leases recognized under Property, plant and equipment and Payables for buy-back agreements recognized under
Other liabilities. This includes depreciation, impairment losses, and write-offs of leased vehicles
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-2", "language": "en" } }, "fn-3": { "value": "Includes:
\u2022 deferred hedging gains/(losses) transferred to inventory, net of tax of \u20ac(10) million (\u20ac(47)\u00a0million at December 31, 2024 and \u20ac1\u00a0million at
December 31, 2023); and
\u2022 the effect of hyperinflation for entities whose functional currency is the Turkish Lira, beginning from January 1, 2022, and the Argentine
Peso, from July 1, 2018 of \u20ac196\u00a0million at December 31, 2025, \u20ac454\u00a0million at December 31, 2024 and \u20ac323\u00a0million at December 31,
2023.
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-3", "language": "en" } }, "fn-1": { "value": "
(1) Certain line items in prior periods have been reclassified to enhance the consistency and comparability of the financial disclosures.
Refer to Note 1, Basis of presentation for additional information
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-1", "language": "en" } } } }