2Q26: North America still struggling

Research evidence excerpt

2Q26: North America still struggling

1951%-72% 3126%119%

Conference Call Details: Thursday, July 30 Webcast English 02:00 PM (CET)

the key support to earnings 01:00 PM (UKT)

Source: Company data, Morgan Stanley Research estimates

Another tough quarter. Stellantis delivered revenues of €43.5bn in 2Q26, c. -1% vs

consensus expectations of €43.8bn. Adjusted operating income came in at €773m, a Exhibit 5 : Adj. EBIT (EUR mn)

1.8% AOI margin - up c. 122bps y/y but 27% below street estimates. The majority of 2,000Є mn

the miss can be attributed to continued weakness in North America, where 1,5001,000 GroupConsensusAdj. EBIT

expectations on operating leverage appear to be too high, despite the division seeing 5000

meaningful tailwinds from volume & mix, as well as industrial improvement. -500

-1,000

Industrial FCF of €1.0 billion was well ahead of expectations of -€53m, driven by -1,500

-2,000

stronger AOI, lower capex, and favourable working capital dynamics. US dealer -2,500

inventories were +43% YoY, thus at 92 days supply in June – a key concern for bears. -3,000 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26e 4Q26e

Stellantis shipments 1.6 mn units (+10% YoY) in 2Q26. Deliveries keep expanding Source: Company data, Visible Alpha consensus, Morgan Stanley Research

in all regions, with a jump in North America (+38%, once again product driven: Ram

1500, HEMI V8, refreshed Jeep Grand Wagoneer and Grand Cherokee and the

Morgan Stanley does and seeks to do business with

refreshed Chrysler Pacifica), but also reflecting the anticipation for the summer companies covered in Morgan Stanley Research. As a result,

plants shutdown. Deceleration in Europe, +5% YoY, sales driven by EVs, including investors should be aware that the firm may have a conflict of