Stellantis Flags Big Profit Miss, 2026 Outlook Looks Weak

Stellantis NV (NYSE:STLA) preannounced group adjusted operating income (AOI) for the back half of 2025 significantly below expectations and its 2026 guidance suggests downside risk to consensus estimates, according to Goldman Sachs.

The Stellantis Analyst: Christian Frenes reiterated a Neutral rating and a $10 price target.

The Stellantis Thesis: Given that net revenues came broadly in line with consensus, the preliminary AOI range implies an AOI margin of -1.9% to -1.5%, well below expectations of around 2.8%, Frenes said in the note.

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Stellantis also announced around €22.2 billion ($26.24 billion) of charges in the back half of 2025, of which €6.5 billion are cash payments to be paid over four years with around €2 billion ($2.4 billion) in 2026, he added.

The company guided to 2026 net revenues to grow by mid-single digit, while AOI margin is expected to be low-single digit, the analyst stated.

"If we were to theoretically assume c.1-3% AOI margin as a sensitivity, it would imply 2026 AOI of c.€3.2bn at midpoint (range of €1.6bn-€4.8bn) which would be significantly below current consensus of €6.2bn," he further wrote.

STLA Price Action: Shares of Stellantis had declined by 25.94% to $7.06 at the time of publication on Friday.

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