Slide 1: First Half 2023 Results
FIRST HALF 2023 RESULTS Maserati GranTurismo Folgore
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This document, in particular references to “FY 2023 Guidance”, contains forward tariffs targeted to the automotive industry, the enactment of tax reforms or other looking statements. In particular, statements regarding future financial performance changes in tax laws and regula
Slide 3: H1 Delivers Record Net Revenues, AOI, Net Profit and Industrial FCF
H1 DELIVERS RECORD NET REVENUES, AOI, NET PROFIT AND INDUSTRIAL FCF H1 Positions Company for Accelerating Progress of Confidence in Strong FY 2023 Results Strategic Roadmap Dare Forward 2030 Success 2024 New Jeep Wrangler PHEV
Slide 4: Delivered Outstanding Financial Results Across Multiple Dimensions in First Half 2023
DELIVERED ACROSS MULTIPLE DIMENSIONS IN FIRST HALF 2023 Strong Growth in Net Revenues Robust Profitability and Outstanding and Adj. Operating Income(1) Cash Flows Financial Net Revenues grew 12% y-o-y to €98.4B AOI Margin of 14.4%, near record high Results AOI grew 11% y-o-y to €14.1B Industrial Fre
Slide 5: North America – Strong Operating Performance Drives Record Earnings
NORTH AMERICA – STRONG OPERATING PERFORMANCE DRIVES RECORD EARNINGS AOI Grew to Record €8.0B Market Share 10.0% First N.A. BEVs to Arrive H2 ‘23 AOI margin down 60 bps y-o-y Down 130 bps y-o-y, reflecting in part Ram ProMaster and New Fiat 500 to 17.5% very strong H1 ’22 Ram & Jeep results BEVs to a
Slide 6: Enlarged Europe – Record Margin Despite Logistics Challenges
ENLARGED EUROPE – RECORD MARGIN DESPITE LOGISTICS CHALLENGES AOI Increased to €3.7B EU30 H1 Market Share 19.0% Smart Car Platform Record AOI Margin of 10.7%, down 220 bps y-o-y, sales to begin in Europe in 2024 up 40 bps y-o-y due in part to delivery logistics constraints with Citroën Ë-C3; lowering
Slide 7: Third Engine Net Revenues Up 15% Y-O-Y
“THIRD ENGINE”(1) NET REVENUES UP 15% Y-O-Y; ON TRACK WITH STRATEGIC OBJECTIVES CHINA AND MIDDLE EAST & AFRICA SOUTH AMERICA INDIA & ASIA PACIFIC 25.9% AOI Margin 14.2% AOI Margin 14.8% AOI Margin up 850 bps y-o-y, up 30 bps y-o-y; up 230 bps y-o-y, AOI more than doubled y-o-y to €1.2B AOI up 7% y-o
Slide 8: Iconic Brands Driving Growth – Finding Success in New Segments
ICONIC BRANDS DRIVING GROWTH – FINDING SUCCESS IN NEW SEGMENTS Global Sales of 15k Units 60% Increase in Sales y-o-y up 42% y-o-y with growth in all major markets driven by successful launch of Alfa driven by success of Maserati Grecale Romeo Tonale, with 21k units in H1 Maserati Alfa Romeo Grecale
Slide 9: Iconic Brands Driving Growth – Maximizing Global Opportunities
ICONIC BRANDS DRIVING GROWTH – MAXIMIZING GLOBAL OPPORTUNITIES Global 4xe Expansion Successful Launch of Dodge Hornet with global LEV sales +53%; generating strong traction for entry launched two 4xe models in Europe into new segment and one in China Jeep Dodge Avenger Hornet GLOBAL SUV & AMERICAN B
Slide 10: Iconic Brands Driving Growth – Attractive and Affordable Electrification
ICONIC BRANDS DRIVING GROWTH – ATTRACTIVE AND AFFORDABLE ELECTRIFICATION All-New Citroën Ë-C3 New Fiat 600e and Priced Below €25k New Fiat Topolino Unveiled to launch in Europe early 2024 extending BEV offering to 3 models XXXXXX Citroën Ë-C3 Citroën XXXXXX Ë-C3 Fiat Topolino & 600e EUROPEAN BRANDS
Slide 11: Affiliates – Accelerating Operations in Focused Growth Areas
AFFILIATES – ACCELERATING OPERATIONS IN FOCUSED GROWTH AREAS FINANCIAL SERVICES CIRCULAR ECONOMY(1) U.S. Finco Operations Expanding Sales Growth of 25% y-o-y Receivables ~$4B at June 30th, driven by parts remanufacturing and $10B target by end of 2024 reuse Simplified Europe Financial Services First
Slide 12: EV Supply Chain Increasingly Secured
EV SUPPLY CHAIN INCREASINGLY SECURED 2030 DARE FORWARD OBJECTIVES First ACC Gigafactory Inaugurated in France with initial production capacity of 13GWh, rising to 40GWh by 2030 Global ~400 Securing NextStar Energy JV with LGES in Canada ~250 GWh ~150 Terms finalized with Canadian federal and Ontario
Slide 13: Commercial Vehicles On Track to Achieve Dare Forward 2030 Ambition
COMMERCIAL VEHICLES(1) ON TRACK TO ACHIEVE DARE FORWARD 2030 AMBITION H1 2023 STRONG POSITION ONE UNIFIED STRATEGY DARE FORWARD 2030 CV AMBITION ✓ Reinforced Business Leadership 2x Revenue vs. 2021 ~33% ✓ Full Worldwide Offering in All Segments ✓ North America BEV Offensive 40% Zero Emission(2) Mix
Slide 14: Addressing Important Near-Term Challenges
ADDRESSING IMPORTANT NEAR-TERM CHALLENGES • Exciting near-term line-up of new and refreshed products, including Citroën Ë-C3, Peugeot e-208 & 3008, Jeep Wrangler and Ram Light-Duty 1500 Improving • Order book strong at ~2M orders; >4 months of production Market Share • Addressing outbound delivery c
Slide 15: Confidence in Ability to Achieve Dare Forward 2030 Objectives
CONFIDENCE IN ABILITY TO ACHIEVE DARE FORWARD 2030 OBJECTIVES ~€300B in Net Revenues by 2030 ✓ 14% revenue CAGR from H1 2021(1) through H1 2023 ✓ “Third Engine”(2) & Affiliate revenue and AOI optimization progressing ahead of schedule ✓ Commercial Vehicle ambition affirmed & executing on track >12%
Slide 16: Financial Results
FINANCIAL RESULTS JULY 26, 2023 H1 2023 RESULTS | 16
Slide 17: Disciplined Operating Performance Drives Profitable Growth
DISCIPLINED OPERATING PERFORMANCE DRIVES PROFITABLE GROWTH H1 2023 vs. € million, except as otherwise stated H1 2023 H1 2022 H1 2022 • Consolidated Shipments up 9% vs. H1 2022 due to easing supply constraints and Combined Shipments (1) (000 units) 3,327 3,033 + 10% normalization of inventory levels
Slide 18: Net Profit Rises by 37% to €10.9B
NET PROFIT RISES BY 37% TO €10.9B H1 2023 • Net Revenues up €10.4B; 12% y-o-y vs. € million, except as otherwise stated H1 2023 H1 2022 H1 2022 • Net Profit up 37% to €10.9B, driven by Net Revenues 98,368 87,999 + 12% improved operating performance and reduction in unusual charges from €2.4B to €0.6
Slide 19: Net Revenues
PROPELLING REVENUES HIGHER THROUGH VOLUME GROWTH AND UNWAVERING PRICING NET REVENUES € billion + 12% 4.8 98.4 6.9 88.0 (0.9) (0.4) H1 2022 Volume & Mix Vehicle Net Price FX Translation Other H1 2023 Figures may not add due to rounding JULY 26, 2023 H1 2023 RESULTS | 19
Slide 20: Adjusted Operating Income
STEADFAST PRICING DISCIPLINE MORE THAN OFFSETS HEADWINDS TO EXPAND AOI ADJUSTED OPERATING INCOME * € million % = Adjusted Operating Income Margin 4,752 45 14,126 12,727 (1,657) (161) (1,271) (309) 14.5% 14.4% H1 2022 (1) Volume & Mix Vehicle Net Price Industrial SG&A R&D FX & Other H1 2023 (1) (1) S
Slide 21: North America
ROBUST MARGIN FUELED BY SHIPMENT GROWTH AND CONSISTENT PRICING SHIPMENTS NET REVENUES ADJUSTED OPERATING INCOME & MARGIN (000 units) (€ billion) (€ million) 1,023 959 45.9 8,027 7,683 42.4 17.5% 18.1% H1 '23 H1 '22 H1 '23 H1 '22 H1 '23 H1 '22 • Up 7%, mainly on higher volumes of Chrysler • Up 8%, pr
Slide 22: Enlarged Europe
INCREASING REVENUES AND IMPROVING DOUBLE-DIGIT MARGIN SHIPMENTS NET REVENUES ADJUSTED OPERATING INCOME & MARGIN (000 units) (€ billion) (€ million) 1,478 34.9 1,362 31.3 3,725 3,230 10.7% 10.3% H1 '23 H1 '22 H1 '23 H1 '22 H1 '23 H1 '22 ENLARGED EUROPE • Up 9%, with increased shipments for Fiat Profe
Slide 23: Middle East & Africa
AOI MORE THAN DOUBLING ON 55% TOP-LINE GROWTH, MARGIN EXPANSION COMBINED SHIPMENTS NET REVENUES ADJUSTED OPERATING INCOME & MARGIN (000 units) (€ billion) (€ million) JV Consolidated 4.7 1,218 301 3.0 93 199 529 61 25.9% 208 17.4% 138 MIDDLE EAST & AFRICA H1 '23 H1 '22 H1 '23 H1 '22 H1 '23 H1 '22 •
Slide 24: South America
CAPITALIZING ON INDUSTRY LEADERSHIP TO EXPAND TOP AND BOTTOM-LINE RESULTS SHIPMENTS NET REVENUES ADJUSTED OPERATING INCOME & MARGIN (000 units) (€ billion) (€ million) 1,075 1,002 420 403 7.6 7.2 14.2% 13.9% H1 '23 H1 '22 H1 '23 H1 '22 H1 '23 H1 '22 • Up 4%, with higher volumes of Citroën C3, Fiat •
Slide 25: China and India & Asia Pacific; Maserati
LEAN OPERATIONS AND KEY NEW PRODUCTS DRIVE MARGIN IMPROVEMENTS CHINA AND INDIA & ASIA PACIFIC MASERATI China and India & Asia Pacific • Improved results mainly driven € million, except as otherwise stated H1 2023 H1 2022 H1 2023 H1 2022 by favorable net pricing and lower SG&A, partially offset by Co
Slide 26: Industrial Free Cash Flows
ROBUST CASH FLOW BOLSTERED BY AOI INDUSTRIAL FREE CASH FLOWS * +€3.3B 1,679 120 39 8,655 € million 2,060 5,319 (562) H1 2022 H1 2023 Industrial Capex, Working Industrial Financial Provisions Industrial Adj Operating Income Capitalized R&D & Capital & Sales Free Cash Charges & Taxes & Other Free Cash
Slide 27: New Vehicle Inventory Levels Hold Steady at Healthy Levels
NEW VEHICLE INVENTORY LEVELS HOLD STEADY AT HEALTHY LEVELS Company 12-Month Comparisons 3-Month Comparisons 000 units Independent dealers 000 units 1,374 1,374 1,320 1,302 320 232 320 1,074 384 926 845 882 230 141 110 275 1,054 1,088 1,054 772 918 844 704 651 Jun 30 '23 Jun 30 '22 Jun 30 '21 Jun 30
Slide 28: 2023 Outlook, Guidance and Key Near-Term Factors
2023 OUTLOOK, GUIDANCE AND KEY NEAR-TERM FACTORS FY 2023 INDUSTRY OUTLOOK – BUILDING MOMENTUM GETTING H2 2023 RIGHT (Comparisons to H2 2022) Shipment Growth Mix Normalization NORTH AMERICA ENLARGED EUROPE CHINA Synergy Realization Cost Inflation + 5% + 7% + 2% Unchanged Raised from +5% Unchanged Log
Slide 29: CEO Summary
CEO SUMMARY H1 Positions Company for Accelerating Progress of Confidence in Strong FY 2023 Results Strategic Roadmap Dare Forward 2030 Success 2024 New Jeep Wrangler PHEV
Slide 30: Appendix
APPENDIX JULY 26, 2023 H1 2023 RESULTS | 30
Slide 31: Definitions and Notes to Presentation
DEFINITIONS AND NOTES TO PRESENTATION For purposes of this presentation, and unless otherwise stated: • Rankings, market share and other industry information are derived from third-party industry sources (e.g. Agence Nationale des Titres Sécurisés (ANTS), Associação Nacional dos Fabricantes de Veícu
Slide 32: Non-GAAP Financial Measures (1 of 2)
NON-GAAP FINANCIAL MEASURES (1 OF 2) Stellantis monitors its operations through the use of several non-generally accepted accounting principles (non-GAAP) financial measures. Company management believes that these non-GAAP financial measures provide useful and relevant information regarding our oper
Slide 33: Non-GAAP Financial Measures (2 of 2)
NON-GAAP FINANCIAL MEASURES (2 OF 2) • Adjusted operating income/(loss) excludes from Net profit/(loss) adjustments comprising restructuring, impairments, asset write-offs, disposals of investments and unusual operating income/(expense) that are considered rare or discrete events and are infrequent
Slide 34: H1 Key Commercial Metrics
H1 KEY COMMERCIAL METRICS COMBINED SALES 000 units 3,179 3,017 1,443 1,376 H1 2023 939 936 H1 2022 411 394 294 202 48 52 31 47 14.5 10.3 NORTH ENLARGED MIDDLE EAST SOUTH INDIA & TOTAL CHINA AMERICA EUROPE & AFRICA AMERICA ASIA PACIFIC MARKET SHARE (1) 10.0% 11.3% 17.8% 19.6% 15.1% 11.9% 23.7% 23.3%
Slide 35: Q2 Key Commercial Metrics
Q2 KEY COMMERCIAL METRICS COMBINED SALES 000 units 1,658 1,547 726 701 Q2 2023 507 474 Q2 2022 168 210 210 109 24 27 16 22 7.3 5.1 NORTH ENLARGED MIDDLE EAST SOUTH INDIA & TOTAL CHINA AMERICA EUROPE & AFRICA AMERICA ASIA PACIFIC MARKET SHARE (1) 10.1% 11.1% 17.4% 20.3% 16.2% 12.7% 23.9% 23.3% 0.7% 0
Slide 36: Reconciliation of Net Revenues from External Customers to Net Revenues (H1 2023)
RECONCILIATION OF NET REVENUES FROM EXTERNAL CUSTOMERS TO NET REVENUES H1 2023 China and North Enlarged Middle East South India & € million America Europe & Africa America Asia Pacific Maserati Other (1) Stellantis Net Revenues from External Customers 45,916 34,811 4,698 7,609 1,985 1,310 2,039 98,3
Slide 37: Reconciliation of Net Revenues from External Customers to Net Revenues (H1 2022)
RECONCILIATION OF NET REVENUES FROM EXTERNAL CUSTOMERS TO NET REVENUES H1 2022 China and North Enlarged Middle East South India & € million America Europe & Africa America Asia Pacific Maserati Other (1) Stellantis Net Revenues from External Customers 42,442 31,275 3,039 7,233 2,150 943 917 87,999 N
Slide 38: Reconciliation of Net Profit to Adjusted Operating Income (H1 2023)
RECONCILIATION OF NET PROFIT TO ADJUSTED OPERATING INCOME H1 2023 China and North Enlarged Middle East South India & € million America Europe & Africa America Asia Pacific Maserati Other (1) Stellantis Net Profit 10,918 Tax Expense 2,692 Net Financial (Income) (69) Operating Income (2) 13,541 Adjust
Slide 39: Reconciliation of Net Profit to Adjusted Operating Income (H1 2022)
RECONCILIATION OF NET PROFIT TO ADJUSTED OPERATING INCOME H1 2022 China and North Enlarged Middle East South India & € million America Europe & Africa America Asia Pacific Maserati Other (1) Stellantis Net Profit 7,960 Tax Expense 1,985 Net Financial Expenses 431 Operating Income 10,376 Adjustments:
Slide 40: Reconciliation of Cash Flows from Operating Activities to Industrial Free Cash Flows
RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO INDUSTRIAL FREE CASH FLOWS € million H1 2023 H1 2022 Cash Flows from Operating Activities 13,393 9,843 Less: Operating Activities not Attributable to Industrial Activities (211) 129 Less: Capital Expenditures and Capitalized R&D Expenditures
Slide 41: Reconciliation of Debt to Industrial Net Financial Position
RECONCILIATION OF DEBT TO INDUSTRIAL NET FINANCIAL POSITION € million Jun 30 2023 Dec 31 2022 Debt (29,467) (27,153) Current Financial Receivables from Jointly-Controlled Financial Services Companies 985 321 Derivative Financial Assets/(Liabilities), Net and Collateral Deposits 14 52 Financial Secur
Slide 42: Debt Maturity Schedule – Industrial Activities
DEBT MATURITY SCHEDULE – INDUSTRIAL ACTIVITIES € billion Outstanding Jun 30 2023 6M 2023 2024 2025 2026 2027 Beyond 19.0 Capital Markets Debt 1.4 2.0 0.7 2.5 2.2 10.3 2.5 Bank Debt 1.0 0.5 0.9 0.0 0.0 0.0 0.5 Other Debt 0.4 0.1 0.0 0.0 0.0 0.0 2.2 Lease Liabilities 0.4 0.5 0.3 0.2 0.1 0.7 24.2 Total
Slide 43: Research and Development Costs and Expenditures
RESEARCH AND DEVELOPMENT COSTS AND EXPENDITURES € million H1 2023 H1 2022 Research and Development Expenditures Expensed 1,631 1,605 Amortization of Capitalized Development Expenditures 1,088 931 Impairment and Write-off of Capitalized Development Expenditures 16 11 Total Research and Development Co
Slide 44: STELEANTIS
STELEANTIS