Stellantis entered 2026 with a clear goal: to regain financial stability and return to sustainable growth. The results from the first quarter show that this process has already begun — but they also make it clear that the road is still far from complete.
A positive quarter… but still fragile
In the first three months of the year, Stellantis recorded revenues of 38.1 billion euros, a growth of 6% compared to the same period in 2025. The increase was driven mainly by performance in North America, but also by improvements in Europe and the Middle East.
Even more relevant was the return to profitability: the group moved from a loss in the previous year to a positive net result of 0.4 billion euros.
The adjusted operating result reached 1.0 billion euros, with a margin of 2.5%, a still modest figure, but significantly higher than the levels recorded at the beginning of 2025.
The problem continues with cash flow
Despite the improvement in key metrics, there is one indicator that continues to be concerning: cash flow.
The industrial free cash flow remained negative, at around -1.9 billion euros, although it improved by 37% compared to the previous year.
This result reflects not only the typical seasonality of the first quarter but also financial impacts inherited from decisions made in 2025.
North America leads recovery
The analysis by regions shows an uneven landscape, but with some encouraging signs.
In North America, Stellantis managed to reverse the negative trend and returned to positive territory in operational terms. Sales grew, and brands like Ram and Jeep performed particularly well, contributing to the increase in market share.
This market continues to be the group's main financial engine — and, at the same time, one of its biggest dependencies.
Europe grows… but with margin under pressure
In Europe, the scenario is more complex.
Although sales increased, the operating margin fell, pressured by lower prices, unfavorable mix, and higher commercial costs.
Growth was supported by a diverse range, including electric vehicles, hybrids, and combustion models, as well as new launches such as the Fiat Grande Panda and several C-segment SUVs.
South America and Africa maintain stability
In South America, Stellantis maintained regional leadership, despite slight declines in profitability. In the Middle East and Africa, the group managed to increase its market share, even in a less favorable global context.
These are less media-covered regions, but they continue to play an important role in diversifying the business.
Asia remains the weak point
The biggest challenge continues to be in the Asia-Pacific region.
Despite an increase in deliveries, revenues fell, and the operating result remained negative, reflecting a difficult competitive environment and the group's still fragile position in this region.
At a time when Chinese manufacturers are gaining global strength, this fragility becomes even more strategically relevant.
Liquidity remains solid
Despite the difficulties, Stellantis maintains a robust financial position.
The available industrial liquidity reached 44.1 billion euros, remaining within the targets set by the group.
The issuance of 5 billion euros in hybrid bonds further strengthened this base, ensuring flexibility for the next strategic steps.
A recovery that still depends on execution
CEO Antonio Filosa was clear in reading the results: this is just the beginning of the recovery process.
The group is focusing on improving industrial execution, correcting quality failures, and better aligning production with demand. At the same time, it is counting on the impact of new launches — 10 new models and 6 updates are expected in 2026 — to support growth.
The challenge continues
Stellantis enters 2026 with positive signs, but still far from a comfortable position.
Profitability has returned, but it is fragile.
Growth exists, but it is uneven.
Liquidity is strong, but cash flow remains under pressure.
Conclusion
The results of the first quarter show a Stellantis in transition.
The worst may be over, but balance has not yet been achieved.
The group is recovering — but still needs to prove that this recovery is sustainable.
In an increasingly competitive and rapidly transforming sector, this will be the true test.
