Decisive Reset to Meet Customer Preferences Focus on Strong Execution in 2026
- Net revenues of €153.5 billion, down 2% compared to 2024, mainly due to FX headwinds and also from H1 2025 net pricing declines
- Net loss of €22.3 billion due to €25.4 billion of full year unusual charges, primarily reflects a strategic shift to put customer preferences and freedom-of-choice back at the heart of the Company's plans
- Adjusted operating loss(2) of €842 million with AOI margin(3) of (0.5)%, AOI negatively impacted by a number of specific items
- Industrial free cash flows(4) were negative €4.5 billion
- H2 2025, the first full 6 months of the renewed leadership team, saw improvements in revenue growth and IFCF(4). Top-line growth was reestablished with a 10% year-over-year increase in Net revenues. H2 2025 IFCF(4) of negative €1.5 billion represents approximately 50% improvement compared to H1 2025, and 73% improvement compared to H2 2024
- Industrial available liquidity(9) was €46 billion at the end of 2025. To preserve a strong balance sheet the Board authorized the suspension of
the 2026 dividend and the issuance of up to €5 billion of hybrid bonds - New product wave broadens market coverage with added white-space products and powertrain options across North America, Enlarged Europe, South America and Middle East & Africa targeting profitable growth opportunities
- 2026 Financial Guidance Affirmed. Company expects to progressively improve Net revenues, AOI margin(3) and Industrial free cash flows(4)
in 2026, and to see progressive improvements from H1 2026 to H2 2026
"Our 2025 full year results reflect the cost of over-estimating the pace of
the energy transition and of the need to reset our business around our
customers' freedom to choose from the full range of electric, hybrid and
internal combustion technologies."
"In the second half of the year we began to see initial, positive signs of
progress with the early results of our drive to improve quality, strong
execution of the launches of our new product wave and a return to top line
growth. In 2026 our focus will be on continuing to close the execution gaps
of the past, adding further momentum to our return to profitable growth."
Antonio Filosa, CEO
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