Stellantis sales. Analysts see weak and below-expected data.

(Il Sole 24 Ore Radiocor) - Stellantis shares continued to sell off on the Milan Stock Exchange following the publication of preliminary results for the first half of 2025 and a decline in global sales in the second quarter of the year.

Specifically, Stellantis reported first-half revenues of €74.3 billion and a net loss of €2.3 billion. The company also reported adjusted operating profit of €0.5 billion, negative cash flow from industrial activities of €2.3 billion, and negative industrial free cash flow of €3 billion. Stellantis emphasizes the initial phase of actions undertaken to improve performance and profitability, "with new products expected to deliver greater benefits in the second half of 2025."

These results are " weak and below expectations ," Intermonte analysts note, penalized by "a disappointing commercial performance and a series of adverse factors," including initiatives launched to improve profitability, the negative impact of industrial costs, the unfavorable geographic mix, exchange rates, and tariffs. These factors had a "significant impact" on the first-half results, the company explained, with an impact of -0.3 billion euros. According to experts at Jefferies , who maintain a Buy recommendation on the stock, although the numbers are "weak and worse than consensus," they were nevertheless "predictable."

As the automaker itself emphasizes, "in the absence of financial guidance, which the company suspended on April 30, financial analysts' forecasts are currently the primary indicator of market expectations," therefore the purpose of disclosing preliminary financial data is to " bridge the gap between analysts' forecasts and the company's performance for the period ." Intermonte notes that, "although there were no one-off price maneuvers, as occurred in the second half of 2024 in North America, results did not show a significant sequential improvement": sales and margins stood at €74 billion and 0.7%, respectively, compared to €72 billion and 0.3% in the second half of 2024. In light of the lower results in the first half of 2025, Intermonte explains, the impact on full-year estimates, in terms of earnings per share, is estimated at around -30%.

Added to this is the decline in Stellantis' consolidated deliveries in the second quarter globally, estimated at 1.4 million units. The reduction is 6% compared to the previous year, "due to production pauses related to the imposition of North American tariffs at the beginning of the quarter, as well as a limited but negative impact from product transitions in the broader Europe, where several key models are either ramping up after recent launches or awaiting production starts scheduled for the second half of 2025."