Stellantis Delivers Record Net Revenues, Net Profit, Industrial Free Cash Flows
for Full Year 2023
Net revenues of €189.5 billion, up 6% compared to 2022, with consolidated shipment volumes increasing 7%
Net profit grew 11% to €18.6 billion. Adjusted operating income(1) rose 1% to €24.3 billion, with AOI margin of 12.8%
Industrial free cash flows(2) of €12.9 billion, an increase of 19% compared to 2022
Strong balance sheet, with Industrial available liquidity at €61.1 billion
LEV sales up 27% in 2023, with PHEVs at #1 in U.S. and #2 for LEVs in U.S.(3); 21% increase in global BEV sales in 2023
Returned €6.6 billion in cash to shareholders in 2023 through dividends and share buybacks, an increase of 53% compared to €4.3 billion in 2022
Dividend proposed of €1.55 per common share, increase of approximately 16% compared to prior year, pending shareholder approval
Announcing 2024 open market share buyback program of €3.0 billion
“As we just passed the three-year mark since Stellantis’ inception, I warmly thank our teams who are executing at the highest levels and contributing greatly to our growth story, even in the strongest of headwinds. Today’s record financial results are proof that we have become a new global leader in our industry and will remain rock solid as we look to a turbulent 2024. Thanks to our flexible technology and product roadmap, we are prepared to address the various scenarios that could arise and to continue delivering on our Dare Forward 2030 targets.”
Carlos Tavares, CEO
Citroën ë-C3
(€ million)
2023
2022
Change
FY 2024 GUIDANCE
Revenue backdrop: Supportive
AOI Margin(1): Double digit minimum commitment
Industrial Free Cash Flows(2): Positive
I
F
R
S
Net revenues
189,544
179,592
+6%
Net profit
18,625
16,779
+11%
Cash flows from operating activities
22,485
19,959
+13%
N
O
N
–
G
A
A
P
Adjusted operating income(1)
24,343
24,017
+1%
Adjusted operating income margin(1)
12.8%
13.4%
(60)
bps
Industrial free cash flows(2)
12,858
10,819
+19%
____________________________________________________________________________________________________________________________________
All reported data is unaudited. Reference should be made to the section “Safe Harbor Statement” included elsewhere within this document.
AMSTERDAM, February 15, 2024 – Stellantis N.V. today reported record full year 2023 results. Net revenues grew 6% y-o-y to €189.5 billion, Net profit rose 11% to €18.6 billion, and Industrial free cash flows increased 19% y-o-y to €12.9 billion. Global BEV sales are up 21% y-o-y and LEV sales up are 27% y-o-y, with PHEVs in the U.S. at #1(3) and #2 for LEVs in the U.S.(3) Results are in line with Dare Forward 2030 objectives and are supported by the following concrete actions:
CARE: Stellantis remains on track to achieve its carbon net zero emission target by 2038(4). Stellantis reduced its scope 1 and 2 absolute emissions tCO2 by 20% in 2023 vs Baseline 2021. A constant focus on the customer led to a reduction of vehicle defect rates three months after customer delivery by more than 40%, as compared to 2021. Embracing a circular consumption model, the Company opened its first Circular Economy Hub in Italy, creating a center of excellence aimed at industrializing the recovery and sustainable reuse of materials, and the business realized 18% year-over-year sales growth. The Company launched an employee share purchase plan – Shares to Win – in Italy and France and will extend it to other countries during 2024. As well, more than 600 collective agreements were signed covering approximately 90% of employee across the world. The Stellantis Student Awards celebrated more than 600 family members of employees for dedication to continuous learning and education, and the Stellantis Foundation partnered with CERN to inaugurate the Science Gateway in Geneva, its new outreach center for science education.
TECH: To support overall market growth and the electrification push in North America, 18 additional BEVs will be launched in 2024, reaching a total of 48 models by end of 2024. The all-new Citroën ë-C3 starts at €23,300 and is the most competitively priced B-segment EV produced in Europe and the Jeep® Avenger, which was awarded European Car of the Year 2023, continues to earn top honors. Stellantis launched the first of four all-new BEV-centric platforms, STLA Medium, on the Peugeot E-3008 with best-in-class range of up to 700 kilometers (435 miles). The second platform, STLA Large, is launching in 2024 with 800 kilometers (500 miles) range and fitted to exceed customer expectations. STLA Large is a highly flexible, BEV-native platform that will serve as the foundation for upcoming global vehicles in the D and E segments, and able to take multiple propulsion systems, including hybrid and internal combustion. Stellantis secured raw materials sourcing through 2027, and signed an agreement with CATL for the supply of LFP battery cells and modules, further expanding its battery chemistries portfolio. Stellantis and Ample established a partnership in battery swapping technology to deliver fully charged EV batteries in less than five minutes. Stellantis joined Symbio and the other shareholders in inaugurating SymphonHy, the first gigafactory in France and Europe’s largest integrated site producing hydrogen fuel cells. Stellantis is implementing a multifaceted semiconductor strategy to ensure supply security and drive innovation. SiliconAuto, the 50/50 joint venture with Foxconn, will tailor chips aimed at a new generation of automotive industry vehicle platforms starting in 2026. In 2023, Stellantis Ventures invested in six new startups, and Stellantis signed 49 commercial contracts with new startups.
VALUE: Flexibility, execution, resilience and agility remain core tenants of the Stellantis mentality and with its several tech and new model announcements the Company is poised to profitably navigate customer demand, market fluctuations and political shifts. Stellantis delivered continued growth outside Enlarged Europe and North America with the “third engine”(5) delivering a 13% increase in Net revenues. In China, Stellantis invested €1.4 billion in Leapmotor, a pure play NEV OEM, and now holds approximately 21% equity, giving Stellantis a leading role in supporting their promising growth in China as well as global expansion opportunities through the new Leapmotor International joint venture managed by Stellantis. With it, Stellantis is addressing a white space in its business model and can now benefit from Leapmotor’s competitiveness both in China and abroad. The Stellantis Pro One commercial vehicles achieved market share leadership in EU30 and South America and is the undisputed leader in EU30 BEV sales with 38.8% BEV market share. The business is targeting to achieve global leadership by 2027 with its completely updated and expanded line-up including internal combustion, battery electric, fuel cell hydrogen and range extended variants. The Data-as-a-Service arm, Mobilisights, created innovative solutions and secured strategic agreements through its custom data packages and data streaming offer.
GUIDANCE AND OUTLOOK: Building on 2023 momentum, management notes a number of factors could create a supportive revenue backdrop in 2024, including reduced supply and logistical constraints, stabilizing and potentially reduced interest rates, and the benefits of the Company’s expected expansion of its product offering. The Company is reiterating a minimum commitment of double-digit adjusted operating income (AOI) margin in 2024, as well as positive industrial free cash flow, despite macroeconomic uncertainties.
Pending shareholder approval, Stellantis proposes to pay a dividend of €1.55 per common share, an increase of approximately 16% compared to the prior year, and an expected calendar for NYSE, Euronext Milan and Euronext Paris to be as follows: (i) ex-date April 22, 2024, (ii) record date April 23, 2024, and (iii) payment date May 3, 2024. Stellantis will also execute a 2024 open-market share buyback program of €3.0 billion, which includes €0.5 billion of shares repurchased to service share-based compensation and employee share purchase, in 2024.
On February 15, 2024 at 2:00 p.m. CET / 8:00 a.m. EST, a live webcast and conference call will be held to present Stellantis’ Full Year 2023 Results. The webcast and recorded replay will be accessible under the Investors section of the Stellantis corporate website at www.stellantis.com. The presentation material is expected to be posted under the Investors section of the Stellantis corporate website at approximately 7:30 a.m. CET / 1:30 a.m. EST on February 15, 2024.
UPCOMING EVENTS: Annual General Meeting – April 16, 2024; Q1 Shipments & Revenues – April 30, 2024; Investor Day 2024 – June 13, 2024
About Stellantis
Stellantis N.V. (NYSE:STLA, PARIS:STLAP) is one of the world’s leading automakers aiming to provide clean, safe and affordable freedom of mobility to all. It’s best known for its unique portfolio of iconic and innovative brands including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. Stellantis is executing its Dare Forward 2030, a bold strategic plan that paves the way to achieve the ambitious target of becoming a carbon net zero mobility tech company by 2038, with single-digit percentage compensation of the remaining emissions, while creating added value for all stakeholders. For more information, visit www.stellantis.com. Contacts: communications@stellantis.com or investor.relations@stellantis.com
FULL YEAR 2023 SEGMENT PERFORMANCE*
NORTH AMERICA
ENLARGED EUROPE
€ million, except as otherwise stated
2023
2022
Change
€ million, except as otherwise stated
2023
2022
Change
Shipments (000s)
1,903
1,861
+42
Shipments (000s)
2,814
2,626
+188
Net revenues
86,500
85,475
+1,025
Net revenues
66,598
63,311
+3,287
AOI
13,298
13,987
(689)
AOI
6,519
6,218
+301
AOI margin
15.4%
16.4%
(100)
bps
AOI margin
9.8%
9.8%
—
bps
Shipments up 2%, mainly due to higher volumes of Jeep Grand Cherokee, Dodge Hornet and Charger, and Ram ProMaster
Net revenues up 1%, primarily due to higher volumes and strong net pricing, largely offset by unfavorable FX translation and mix effects
Adjusted operating income down 5%, primarily due to unfavorable mix, FX and production disruptions and costs related to labor agreements, partially offset by higher net pricing and volumes
Shipments up 7%, driven by Fiat Ducato, all-new Jeep Avenger, Opel Astra, Peugeot 2008 and Alfa Romeo Tonale
Net revenues up 5%, mainly due to increased volume, positive net pricing and favorable mix, partially offset by higher volume with buyback commitments and FX translation impacts
Adjusted operating income up 5%, primarily due to higher net pricing, offset by increased logistic and purchasing costs, as well as higher warranty and R&D costs
MIDDLE EAST & AFRICA
SOUTH AMERICA
€ million, except as otherwise stated
2023
2022
Change
€ million, except as otherwise stated
2023
2022
Change
Combined shipments(6) (000s)
616
426
+190
Shipments (000s)
879
859
+20
Consolidated shipments(6) (000s)
443
283
+160
Net revenues
16,058
15,620
+438
Net revenues
10,560
6,453
+4,107
AOI
2,369
2,048
+321
AOI
2,503
1,188
+1,315
AOI margin
14.8%
13.1%
+170
bps
AOI margin
23.7%
18.4%
+530
bps
Consolidated shipments up 57%, led by higher volumes of Fiat Doblo Cargo, Fiat Tipo, Citroën C4 X, Peugeot 408 and Fiat Ducato
Net revenues up 64%, primarily due to volume growth, strong net pricing, including pricing actions to offset Turkish lira devaluation, and improved mix, partially offset by negative FX translation effects, mainly from Turkish lira
Adjusted operating income up 111%, mainly due to higher net pricing, volume & mix, partially offset by negative FX transaction and translation effects primarily related to the Turkish lira
Shipments up 2%, led by higher volumes of Fiat Fastback, Citroën C3, Fiat Cronos, Ram Rampage, and Peugeot 208
Net revenues up 3%, due to volume growth and positive net pricing, partially offset by negative FX translation impacts from Argentine Peso, as well as mix
Adjusted operating income up 16%, primarily due to increased vehicle net pricing and volume, more than offsetting negative mix and FX impacts. This excludes the impact of €302 million related to the devaluation of the Argentine Peso resulting from the new government’s economic policies
CHINA AND INDIA & ASIA PACIFIC
MASERATI
€ million, except as otherwise stated
2023
2022
Change
€ million, except as otherwise stated
2023
2022
Change
Combined shipments(6) (000s)
154
205
(51)
Shipments (000s)
26.6
25.9
+0.7
Consolidated shipments(6) (000s)
102
127
(25)
Net revenues
2,335
2,320
+15
Net revenues
3,528
4,505
(977)
AOI
141
201
(60)
AOI
502
641
(139)
AOI margin
6.0%
8.7%
(270)
bps
AOI margin
14.2%
14.2%
—
bps
Maintained AOI margin despite lower volumes and FX headwinds through disciplined pricing, favorable mix of higher Ram shipments in IAP, higher Jeep Grand Cherokee shipments in both China and IAP, and cost efficiencies in SG&A and R&D
Top-line growth on improved volumes, led by Grecale and GranTurismo; lower AOI mainly due to increased amortization of R&D costs from recent launches, higher industrial costs and unfavorable country mix, partially offset by positive nameplate mix and favorable net pricing
(*) Share of the profit of equity method investees is included in our Operating income and Adjusted operating income effective January 1, 2023. Comparatives for 2022 have been adjusted accordingly. Refer to page 13 and 14 for additional information
H2 2023 SEGMENT PERFORMANCE
(€ million)
H2 2023
H2 2022*
Change
I
F
R
S
Net revenues
91,176
91,593
—%
Net profit
7,707
8,819
(13)%
Cash flows from operating activities
9,092
10,116
(10)%
N
O
N
–
G
A
A
P
Adjusted operating income(1)
10,217
11,290
(10)%
Adjusted operating income margin(1)
11.2%
12.3%
(110)
bps
Industrial free cash flows(2)
4,203
5,500
(24)%
NORTH AMERICA
ENLARGED EUROPE
€ million, except as otherwise stated
H2 2023
H2 2022
Change
€ million, except as otherwise stated
H2 2023
H2 2022
Change
Shipments (000s)
880
902
(22)
Shipments (000s)
1,336
1,264
+72
Net revenues
40,584
43,032
(2,448)
Net revenues
31,737
31,992
(255)
AOI
5,271
6,304
(1,033)
AOI
2,794
2,988
(194)
AOI margin
13.0%
14.6%
(160)
bps
AOI margin
8.8%
9.3%
(50)
bps
MIDDLE EAST & AFRICA
SOUTH AMERICA
€ million, except as otherwise stated
H2 2023
H2 2022
Change
€ million, except as otherwise stated
H2 2023
H2 2022
Change
Combined shipments(6) (000s)
315
227
+88
Shipments (000s)
459
456
+3
Consolidated shipments(6) (000s)
235
145
+90
Net revenues
5,862
3,414
+2,448
Net revenues
8,495
8,387
+108
AOI
1,285
659
+626
AOI
1,294
1,046
+248
AOI margin
21.9%
19.3%
+260
bps
AOI margin
15.2%
12.5%
+270
bps
CHINA AND INDIA & PACIFIC
MASERATI
€ million, except as otherwise stated
H2 2023
H2 2022
Change
€ million, except as otherwise stated
H2 2023
H2 2022
Change
Combined shipments(6) (000s)
64
105
(41)
Shipments (000s)
11.3
15.7
(4.4)
Consolidated shipments(6) (000s)
44
65
(21)
Net revenues
1,026
1,379
(353)
Net revenues
1,542
2,353
(811)
AOI
20
139
(119)
AOI
208
372
(164)
AOI margin
1.9%
10.1%
(820)
bps
AOI margin
13.5%
15.8%
(230)
bps
(*) Share of the profit of equity method investees is included in our Operating income and Adjusted operating income effective January 1, 2023. Comparatives for H2 2022 have been adjusted accordingly. Refer to page 13 and 14 for additional information
Reconciliations – Full Year
Net revenues from external customers to Net revenues and Net profit to Adjusted operating income
2023
(€ million)
NORTH AMERICA
ENLARGED EUROPE
MIDDLE EAST & AFRICA
SOUTH AMERICA
CHINA AND INDIA & ASIA PACIFIC
MASERATI
OTHER(*)
STELLANTIS
Net revenues from external customers
86,498
66,444
10,560
16,148
3,526
2,335
4,033
189,544
Net revenues from transactions with other segments
2
154
—
(90)
2
—
(68)
—
Net revenues
86,500
66,598
10,560
16,058
3,528
2,335
3,965
189,544
Net profit/(loss)
18,625
Tax expense/(benefit)
3,793
Net financial expenses/(income)
(42)
Operating income/(loss)(A)
22,376
Adjustments:
Restructuring and other costs, net of reversals(B)
650
475
—
14
1
1
20
1,161
Collective bargaining agreements costs(C)
428
—
—
—
—
—
—
428
Argentina currency devaluation(D)
—
—
—
302
—
—
—
302
Impairment expense and supplier obligations(E)
—
47
—