Stellantis NV (STLA) 2025 Q2 法說會逐字稿

Hello, and welcome to Stellantis half year 2025 results. And I hand over to your host today, Mr. Ed Ditmire, Head of Investor Relations, to begin today's conference. Thank you.

您好，歡迎關注 Stellantis 2025 年上半年業績。現在我將今天的主持人、投資者關係主管 Ed Ditmire 先生交給您，開始今天的會議。謝謝。

Thank you, George. Hello, everyone, and thank you for joining us today as we review Stellamus' first half 2025 results. Earlier today, the presentation material for this call along with the related press release, were posted on the Investors section of the Stellantis Group website. Today, our call is hosted by Antonio Filosa, Chief Executive Officer; and Doug Ostermann, Chief Financial Officer. After their prepared remarks, Antonio and Doug will be available to answer questions from the analysts.

謝謝你，喬治。大家好，感謝您今天加入我們，一起回顧 Stellamus 2025 年上半年的業績。今天早些時候，本次電話會議的簡報資料以及相關新聞稿已發佈在 Stellantis Group 網站的投資者部分。今天，我們的電話會議由執行長 Antonio Filosa 和財務長 Doug Ostermann 主持。在發表準備好的演講後，安東尼奧和道格將回答分析師的問題。

Before we begin, I want to point out that any forward-looking statements we might make during today's call are subject to the risks and uncertainties and mentioned in the safe harbor statement included on page 2 of today's presentation. As customary, the call will be governed by that language. Now I'll hand over the call to Antonio Filosa, Chief Executive Officer, Stellantis.

在我們開始之前，我想指出，我們在今天的電話會議中可能做出的任何前瞻性陳述都受到風險和不確定性的影響，並在今天的簡報第 2 頁的安全港聲明中提到。按照慣例，通話將以該語言為準。現在我將電話交給 Stellantis 執行長 Antonio Filosa。

Thank you. Good afternoon, good morning to everyone, and thank you all for joining us today. Before we dive into the presentation, I just want to say that it's a great privilege for me to talk to you today for the first time as Talend's CEO. I want to thank you for your interest in our company and the time and effort you put into understanding our performance our perspectives and our plans. Just a few words about me before I start.

謝謝。大家下午好，早安，感謝大家今天的參加。在我們深入演講之前，我只想說，今天能夠作為 Talend 的執行長第一次與大家交談，我感到非常榮幸。我要感謝您對我們公司的關注以及您為了解我們的業績、觀點和計劃所投入的時間和精力。在開始之前我只想簡單介紹一下我自己。

I have spent over 25 years working at this company. I have learned a lot about what drives performance and what gets in the way of performance as well as the enduring value of our brands and the need to constantly ensure that they remain relevant. Most importantly, I've learned about the importance of our people and our culture. I believe in empowering our teams, encouraging them to be thoughtful open and decisive. I don't like blame.

我在這家公司工作了25年多。我學到了很多關於什麼可以推動業績、什麼會阻礙業績的知識，以及我們品牌的持久價值和不斷確保其保持相關性的必要性。最重要的是，我了解了我們的人民和文化的重要性。我相信賦予我們的團隊權力，鼓勵他們深思熟慮、開放且果斷。我不喜歡責備。

I like responsibility and accountability. And I like to be clear with our teams about the challenges we face and the opportunities we can unlock by acting with courage, with energy and yes, with Joy. These are simple observations I know, but they are not simplistic. They will be at the heart of the way we will work together. If we have lost some of these in recent times, we are here to put that right, rolling up our sleeves, running towards the difficult decisions and moving higher.

我喜歡責任和義務。我希望向我們的團隊清楚地說明，我們所面臨的挑戰，以及我們透過勇敢、充滿活力和快樂採取行動所能獲得的機會。我知道這些都是簡單的觀察，但它們並不簡單。它們將成為我們合作的核心。如果我們最近失去了一些，我們會彌補這些，捲起袖子，迎接艱難的決定，邁向更高的目標。

So let's begin with a summary overview of H1 and the outlook for H2. 2025 has been and will be a tough year, and these H1 results make that very clear. At the same time, we are making progress on our product wave and beginning to see early but encouraging improvement. Our new leadership team is in place and is committed to taking decisive actions. Our key commercial KPIs are much stronger now than they were 6 or 12 months ago.

因此，讓我們先對上半年的情況進行總結，並對下半年的情況進行展望。 2025 年是、並且仍將是艱難的一年，上半年的結果清楚地表明了這一點。同時，我們的產品浪潮正在取得進展，並開始看到早期但令人鼓舞的改進。我們的新領導團隊已經到位並致力於採取果斷行動。我們的主要商業 KPI 現在比 6 個月或 12 個月前要高得多。

And the second half has a range of new products that will catalyze growth. We are establishing our financial guidance. What we want to achieve for the rest of the year is a gradual, sequential acceleration. We do that by launching new products improving our execution and by taking all the tough decisions needed as we start doing in H1. Now I will ask Doug to walk us through the H1 financial review.

下半年將推出一系列新產品，以促進成長。我們正在製定財務指導。我們希望在今年剩餘時間內實現逐步、連續的加速。我們透過推出新產品、改進執行以及在上半年開始採取所有必要的艱難決策來實現這一目標。現在我請 Doug 向我們介紹一下上半年財務審查情況。

Thanks, Antonio. So let's walk through the numbers. Starting with the focused financial figures on page 7, which fully reflect what a tough period it was. Consolidated shipments of 2.7 million units fell 7% with declines in North America and in large Europe, slightly mitigated by growth in South America and Middle East and Africa. Net revenue of EUR74 billion saw a larger 13% decline as adverse regional mix and lower pricing added to the change in volumes.

謝謝，安東尼奧。讓我們來看看這些數字。從第 7 頁的重點財務數據開始，它充分反映了那段艱難的時期。合併出貨量為 270 萬台，下降 7%，其中北美和歐洲大部分地區出貨量下降，但南美、中東和非洲地區的成長略微緩解了這一下降趨勢。淨收入為 740 億歐元，下降幅度達 13%，原因是區域結構不利以及價格下跌加劇了銷售變化。

AOI margins were compressed as the early-stage of our recovery actions was negatively impacted by external factors like tariffs and foreign exchange headwinds. Our adjusted diluted earnings per share generally track our AOI development and our industrial free cash flow was an outflow of EUR3 billion in the first half. While nowhere near our potential, each of these five figures did, in fact, improve in H1 2025 compared to the second half of 2024 as we benefited from new products, improved inventory discipline and more stable production schedules compared to the prior six months. Now let's look at the factors that drove the net revenue decline. The 13% decline year-over-year was the combination of volume, mix, pricing and ForEx all presenting headwinds for the period, but some of these factors are evolving in positive ways.

由於我們復甦行動的早期階段受到關稅和外匯逆風等外部因素的負面影響，AOI 利潤率受到壓縮。我們的調整後每股攤薄收益基本上跟踪我們的 AOI 發展，並且我們的工業自由現金流在上半年流出 30 億歐元。雖然遠未達到我們的潛力，但事實上，與 2024 年下半年相比，2025 年上半年這五個數字均有所提高，因為與前六個月相比，我們受益於新產品、改進的庫存紀律和更穩定的生產計劃。現在我們來看看導致淨收入下降的因素。與去年同期相比下降 13% 是交易量、產品組合、定價和外匯等因素共同造成的，這些都為這一時期帶來了不利因素，但其中一些因素正在朝著積極的方向發展。

First, on volumes. Consolidated shipments were down 7%, as just mentioned, while materially negative, the first half year-over-year decline did represent a substantial improvement from the H2 2024 figure of minus 14%. And there's encouraging progression within this first half. As the second quarter of 2025 year-over-year decline reduced further to 6%. Next on pricing, which was down 2% in the first half of 2025.

首先，關於數量。正如剛才提到的，綜合出貨量下降了 7%，雖然是實質的負面數據，但上半年年減確實比 2024 年下半年的負 14% 有了顯著改善。上半年取得了令人鼓舞的進展。截至2025年第二季度，年減幅進一步縮小至6%。接下來是定價，2025 年上半年下降了 2%。

That negative 2% figure reflects first, a 3%-minus in the first quarter of 2025 and then a smaller headwind of negative 1% in the second quarter. Most of this improvement comes from North America. Let's look at the AOI bridge now from prior year. This is a particularly challenging walk considering the H1 2024 comparison period wherein the company ran at a 10% margin. AOI came in this year in the first half at EUR540 million with a 70 basis point margin, reflecting the aforementioned volume, mix, pricing and FX headwinds.

這個-2%的數字首先反映了2025年第一季的-3%，然後是第二季較小的-1%的逆風。大部分改善來自北美。讓我們看看去年的 AOI 橋。考慮到 2024 年上半年公司的利潤率為 10%，這是一個特別具有挑戰性的舉措。今年上半年，AOI 的利潤為 5.4 億歐元，利潤率為 70 個基點，反映了上述交易量、產品組合、定價和外匯不利因素。

These, combined with a EUR1.6 billion increase in industrial costs. Industrial costs were impacted by higher warranty expense and lower volumes that reduced the spread of our fixed overhead as well as a net EUR330 million of tariff expense. I think it's important to emphasize here that the prior year period that we're comparing to from H1 of 2024 was the last with pricing of the supply-constrained era and the last before a very significant reset in the second half of 2024 to address what at the time were outsized inventories and declining market share. With that in mind, we're now going to take a look at the sequential improvement in AOI comparing the first half of 2025 to the second half of 2024. In particular, volumes improved sequentially as new product launches help the European business and North America moved past successful inventory reduction initiatives.

再加上工業成本增加16億歐元。工業成本受到保固費用增加和產量減少的影響，導致固定間接費用的分攤減少，以及 3.3 億歐元的淨關稅費用減少。我認為這裡需要強調的是，我們所比較的 2024 年上半年是供應受限時代定價的最後一個時期，也是 2024 年下半年進行非常重大的調整之前的最後一個時期，以解決當時庫存過剩和市場份額下降的問題。考慮到這一點，我們現在將比較 2025 年上半年和 2024 年下半年 AOI 的連續改善。尤其是隨著新產品的推出幫助歐洲業務和北美業務成功實現庫存削減，銷售量連續改善。

Pricing improved 1% sequentially and with North America being the big driver. And it's encouraging to see Industrial cross moving in the right direction as our production schedules became more steady in both North America and in large Europe in the first half of this year. Now let's turn to industrial free cash flow. Obviously, a very difficult result for the first half of 2025 with EUR3 billion in cash outflows. The main reason for this was AOI generation that was simply too low.

價格環比上漲 1%，其中北美是主要推動力。令人鼓舞的是，隨著今年上半年我們在北美和歐洲大部分地區的生產計畫變得更加穩定，工業交叉正朝著正確的方向發展。現在讓我們來談談工業自由現金流。顯然，2025 年上半年的現金流出量高達 30 億歐元，這對 2025 年上半年來說是一個非常困難的結果。造成這種情況的主要原因是 AOI 生成太低。

Even adding back the DNA, this figure was too low to cover our CapEx and R&D spending in the period. But we did manage to lower investment expenditures versus the prior year. There was also a headwind of EUR1.3 billion of working capital increase due in part to production disruptions related to our initial tariff response. Looking at inventories now. We can see that our corrective actions in 2024 have gotten us back to healthy levels.

即使加上 DNA，這個數字仍然太低，無法涵蓋我們當期的資本支出和研發支出。但與前一年相比，我們確實成功降低了投資支出。部分原因是由於我們最初的關稅響應導致生產中斷，營運資本也增加了 13 億歐元。現在正在查看庫存。我們可以看到，2024 年採取的糾正措施已使我們恢復到健康水準。

And as you can see, we're now maintaining that discipline through 2025. Globally, the trend for the following months should be flattish to perhaps a slight increase, including impacts of ramping the recently introduced B and C7 vehicles in Europe, but also the planned North American launches such as the new Cherokee. Now let's review a few of the specifics on each of our regional segments. North America and Europe remain in their turnaround phases but the other regions are delivering very consistent results in the meantime. In North America, performance was impacted by tariffs as well as from lower fleet performance and improved inventory discipline.

如您所見，我們將堅持這項紀律直至 2025 年。從全球來看，未來幾個月的趨勢應該是持平或略有成長，包括最近在歐洲推出的 B 和 C7 車型的影響，以及計劃在北美推出的新切諾基等車型的影響。現在讓我們回顧一下每個區域部分的一些具體情況。北美和歐洲仍處於轉型階段，但同時，其他地區也取得了非常一致的成果。在北美，業績受到關稅以及船隊性能下降和庫存紀律改善的影響。

In Europe, results reflect 13% lower industry volumes in LCVs, which is a stronghold for us in Europe, shrinking but still meaningful product transition gaps and a roughly EUR500 million provision for a campaign on a 1.5-liter diesel engine. Our results in South America reflect our continued market share leadership, coupled with industry growth in two of the key markets: Brazil and Argentina. And in Middle East and Africa, a couple of notable items. First, we experienced FX headwinds to AOI due to a decline in the Turkish lira that constituted around EUR600 million. The second, and importantly, we continue to have a lot of momentum on the business side, including continued share leadership in Turkey and ramping local production in Algeria.

在歐洲，業績反映出輕型商用車的行業銷量下降了 13%，而輕型商用車是我們在歐洲的強項，產品轉型差距雖然縮小但仍然很大，並且為 1.5 升柴油引擎的宣傳活動撥款約 5 億歐元。我們在南美的業績反映了我們繼續保持的市場份額領先地位，以及兩個主要市場（巴西和阿根廷）的行業增長。在中東和非洲，有幾件事情值得注意。首先，由於土耳其里拉下跌約 6 億歐元，AOI 遭遇了外匯逆風。第二，也是最重要的一點，我們在業務方面繼續保持強勁勢頭，包括在土耳其繼續保持領先地位以及擴大在阿爾及利亞的本地生產。

Moving to our summary financial figures table. Let's focus on the balance sheet for a minute. Industrial liquidity finished the first half at EUR47 billion, consisting of a positive EUR31 billion of cash and liquid securities. That EUR31 billion was bolstered by first half bond issuances of EUR3.6 billion. In addition, the liquidity figure includes EUR16 billion in undrawn committed credit facilities.

前往我們的財務資料摘要表。讓我們先來關註一下資產負債表。上半年工業流動性達 470 億歐元，其中包括 310 億歐元的現金和流動證券。這 310 億歐元的資金是由上半年發行的 36 億歐元債券支撐起來的。此外，流動性數據還包括160億歐元未提取的承諾信貸額度。

This puts our industrial liquidity to trailing 12-month revenues at 32%. That's a little above our targeted range of 25% to 30% and certainly in a very strong position. Now let's just talk a little bit about tariffs. Previously, we have provided a range of EUR1 billion to EUR1.5 billion as the expected net tariff expense for this year. With the increased production levels expected in the second half of the year, we believe that we'll be at the upper end of that range or approximately EUR1.5 billion.

這使得我們的工業流動性與過去 12 個月的收入比達到 32%。這略高於我們 25% 至 30% 的目標範圍，無疑處於非常強勁的地位。現在我們來談談關稅問題。此前，我們預計今年的淨關稅支出為10億歐元至15億歐元。隨著下半年產量水準的預期提高，我們相信我們的收入將達到該範圍的上限，約 15 億歐元。

The tariff dynamic, as you know, continues to evolve. We're, of course, engaged in discussions with various policymakers and we'll continue to provide updates as things evolve over time. As Antonio mentioned in his opening remarks, we are reestablishing financial guidance. With H1 in the books, we want to provide a clear view of how we see the rest of the year developing. And our second half 2025 guidance tells a story of continued improvement.

正如你們所知，關稅動態不斷演變。當然，我們正在與各位政策制定者進行討論，並且會隨著事態的發展繼續提供最新消息。正如安東尼奧在開場白中提到的，我們正在重新建立財務指導。隨著上半年業績的結束，我們希望能夠清楚地了解今年剩餘時間的市場發展。我們對 2025 年下半年的預測顯示我們將持續改善。

Net revenues are expected to increase half-over-half and AOI margin is expected to be in the low single digits. Lastly, we expect improvements in industrial free cash flow as compared to the first half of 2025. We're not, of course, anywhere near or close to the full potential of this company. But we're making the tough decisions and executing on fundamental issues to build on our first half progress in the second half and beyond.

預計淨收入將年增一半，AOI 利潤率預計將達到個位數。最後，我們預計工業自由現金流將比 2025 年上半年有所改善。當然，我們還遠遠未達到或接近這家公司的全部潛力。但我們正在做出艱難的決定並執行根本問題，以便在下半年及以後鞏固上半年的進展。

So I'll now hand it back to you, Antonio.

所以我現在把它交還給你，安東尼奧。

Thank you, Doug. Let's start with the renewal leadership team at Stellantis, and now we are operating. The Stellantis leaders team, I have appointed on my very first day as CEO, is made of proven performers. Several joining the top team for the first time and other taking on expanded responsibilities. These are leaders that know us, know our brands, know our people and teams, understand our customer and will bring the energy that this moment demands.

謝謝你，道格。讓我們從 Stellantis 的革新領導團隊開始，現在我們正在運作。我在擔任執行長的第一天就任命了 Stellantis 領導團隊，該團隊由經驗豐富的人才組成。其中有幾位是首次加入高階團隊，其他人則承擔了更大的職責。這些領導者了解我們、了解我們的品牌、了解我們的員工和團隊、了解我們的客戶，並將帶來此刻所需的能量。

As a team, we will also take together the tough decision to accelerate the business. Let me go through some of the actions we have taken already in H1 in detail to give a clear picture of how we are operating moving forward. We made the decision to end our fuel cell initiatives in Europe. Why? Because it was clear that in the absence of any reasonable prospect to develop a market for these products, there is no path to profitability.

作為一個團隊，我們也將共同做出艱難的決定來加速業務發展。讓我詳細介紹一下我們在上半年已經採取的一些行動，以便清楚地了解我們未來的運作情況。我們決定終止在歐洲的燃料電池計畫。為什麼？因為很明顯，如果這些產品缺乏合理的市場開發前景，那就不可能獲利。

We have also stopped product initiatives that we understood were poorly suited to customer needs. At the same time, we are already taking actions to develop and launch products that we know represent a clear opportunity for us. A small but a good example of this is the RAM 1500 express stream level, very affordable and very appealing to the customer. It will substitute the RAM DS Classic that we have discontinued the last year. It will help for sure regaining share in the entry-level light-duty truck segment.

我們也停止了那些我們認為不適合客戶需求的產品計劃。同時，我們已經採取行動開發和推出我們知道對我們來說代表著明顯機會的產品。一個小而好的例子是 RAM 1500 快速流級別，非常實惠且對客戶非常有吸引力。它將取代我們去年停產的 RAM DS Classic。這肯定有助於重新奪回入門級輕型卡車領域的份額。

I said H1 was tough, but I also said we made a meaningful progress. Let me give some details on that. We were able to decrease total inventory by 16% in Europe and North America combined that is over the last year maintaining discipline on inventories, as we have shown from December '24 to June '25. It's key to prepare the ground for the great new product launches that are coming very soon. On the combined order book for both regions, North America and Europe, we increased 14% in the last year and 34% in only the last six months, a very good dynamic with our dealers and with our customers.

我說 H1 很艱難，但我也說我們取得了有意義的進展。讓我詳細說明一下。正如我們在 2024 年 12 月至 2025 年 6 月所顯示的那樣，我們能夠將歐洲和北美的總庫存減少 16%，這與去年保持庫存紀律一致。為即將推出的重大新產品做好準備是關鍵。北美和歐洲兩個地區的合併訂單量在去年增長了 14%，僅在過去六個月就增長了 34%，這對我們的經銷商和客戶來說是一個非常好的動態。

And then in our other regions, in particular, South America, Middle East and Africa, we are delivering very well, showing a combined 6% improvement OOI from H2 '24 to H1 '25. At the beginning of the year, we set three priorities: growth, execution and profitability. Let's see how we are doing. First, growth, where we have an exciting lineup of new vehicles and new powertrains recently launched or on their way. Let's start with our new products.

在我們的其他地區，特別是南美、中東和非洲，我們的表現非常出色，從 2024 年下半年到 2025 年上半年，OOI 整體提高了 6%。年初，我們設定了三個優先事項：成長、執行和獲利能力。讓我們看看我們做得怎麼樣。首先是成長，我們最近推出了或即將推出一系列令人興奮的新車型和新動力系統。讓我們從我們的新產品開始。

We have 10 new products for this year, along with several important refreshes or relevant nameplates. In H1, we launched already four of the new products. including three very competitive B segment products in Europe, the Citroën C3 Aircross, the Opel Frontera and the Fiat Grande Panda. These have been very well received in terms of reviews and in terms of customer orders, and we have much more for the rest of the year. First, three old new stellar medium products in Europe.

我們今年有 10 款新產品，以及幾款重要的更新或相關銘牌。在上半年，我們已經推出了四款新產品，其中包括三款在歐洲極具競爭力的B級產品：雪鐵龍C3 Aircross、歐寶Frontera和菲亞特Grande Panda。這些產品在評論和客戶訂單方面都獲得了很好的反響，今年剩餘時間我們還將推出更多產品。一、歐洲三老新星中品。

Later in the year, we will welcome back some very iconic inputs with a variety of ICE, HEV and MHCV powertrains correcting decisions that removed those nameplates from our lineup for significant periods. Let me talk more about the three stellar medium products for Europe.

今年晚些時候，我們將迎來一些非常具有標誌性的車型，包括各種 ICE、HEV 和 MHCV 動力系統，以糾正那些在相當長的一段時間內將這些銘牌從我們的產品線中移除的決定。讓我詳細談談針對歐洲的三款恆星中等產品。

These vehicles are exciting midsized cars, each targeting a distinctive customer segment. Their launches also strengthen our platform consolidation strategy, since they are all on the Stella medium platform, which they share already with Psu3008, Pago5008 and Opel Grandland. As you know, historically, we have been strong in Europe on A, B and like commercial vehicle segments, but not as strong in mid-size.

這些車型都是令人興奮的中型車，每款車型都針對不同的客戶群。它們的發布也加強了我們的平台整合策略，因為它們都採用 Stella 中型平台，該平台已與 Psu3008、Pago5008 和 Opel Grandland 共享。如您所知，從歷史上看，我們在歐洲的 A、B 和商用車領域表現強勁，但在中型車領域表現不佳。

So here is a good example of Stellantis moving to introduce cutting-edge products that will boost our market coverage and will accelerate sales. Moving to North America. We will return with some truly iconic vehicles that have been absent for far too long. This is extremely exciting to us. Let me talk first about the old new Jeep Cherokee.

這是一個很好的例子，說明 Stellantis 正在推出尖端產品，這將提高我們的市場覆蓋率並加速銷售。移居北美。我們將帶著一些已經消失太久的真正標誌性車輛回歸。這對我們來說非常令人興奮。我先來說說老款新款吉普切諾基。

We will begin production in H2 after more than two years of absence. The all new Jeep Cherokee will mark our return into the mid-size SUV segment, the largest segment in the US industry and this will happen with a substantially upgraded product with our first-ever HEV powertrain and, of course, a full dose of distinctive jeep design and all-terrain capability. Moving to Dodge. We will begin production in late 2025.

經過兩年多的停產後，我們將在 H2 開始生產。全新吉普切諾基將標誌著我們重返中型SUV市場，這是美國汽車業最大的市場，而這一市場將透過大幅升級的產品實現，配備我們首款HEV動力系統，當然還有獨特的吉普設計和全地形能力。搬到道奇。我們將於 2025 年底開始生產。

That will be of the exciting ICE Dodge Charger six pack in both two and two door configurations after nearly two years of absence. This will be critical to remigrating our strong connection with the incredible community of Dodge enthusiasts in United States and much more is coming. To better illustrate what I mean by reconnecting with our customer base and our community, let me share with you this beautiful campaign.

這將是在停產近兩年後，令人興奮的 ICE Dodge Charger 六款車型之一，包括兩門和雙門配置。這對於重新建立我們與美國道奇愛好者社群的緊密聯繫至關重要，未來還會有更多。為了更好地說明我所說的與我們的客戶群和社區重新建立聯繫的意思，讓我與你們分享這個美麗的活動。

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Beautiful, isn't it? -- ability to take quick smart, impactful corrective actions. As you may know, up to 40% of full size truck buyers will not look at a truck brand unless this brand has a V8 offer. So this one was not a difficult decision. Actually, it was a very obvious one.

很美妙，不是嗎？ ——能夠採取快速、聰明、有影響力的糾正措施。您可能知道，多達 40% 的全尺寸卡車買家不會考慮某個卡車品牌，除非該品牌提供 V8 引擎。所以這不是一個困難的決定。事實上，這是一個非常明顯的例子。

By acting decisively and quickly, we are reactivating many buyers who have been screaming to have the AME back. What is remarkable here is the speed with which the team has been able to move in less than 10 months from getting the green light, they will have the AME back in H2 2025 and response to our announcement was very, very large and immediate with more than 10,000 orders placed in the very first 24 hours. Now let's move to industrial execution.

透過果斷而迅速的行動，我們重新激活了許多一直要求 AME 回歸的買家。值得注意的是，團隊在獲得批准後不到 10 個月就能夠迅速採取行動，他們將在 2025 年下半年重新啟用 AME，並且對我們公告的響應非常非常大且迅速，在最初的 24 小時內就收到了超過 10,000 份訂單。現在讓我們轉向工業執行。

First, let's talk about where things are in North America. Here, we are at a relatively early stage of commercial recovery as most of the new models will come later in the year, but we have set the stage for our next actions. In particular, as I said earlier, the inventory and ordering dynamics have completely changed in a positive way from the prior year.

首先，我們來談談北美的情況。目前，我們正處於商業復甦的相對早期階段，因為大多數新車型將在今年稍後推出，但我們已經為下一步做好了準備。特別是，正如我之前所說，庫存和訂購動態與前一年相比已經發生了完全積極的變化。

We now have leaner inventories and a healthier order book with a 90% year-over-year improvement. REM is showing a particularly encouraging early signs with retail sales up 25% in H1 including the benefits of a successful quarter one refresh of the light-duty and heavy-duty models. But let's be clear, we still have tons of work to do. In particular, we are focused on bringing products back to segments where we have been absent on improving industrial execution, starting with product quality, and reinvigorating fleet channels performance.

現在，我們的庫存更加精簡，訂單更加健康，年增 90%。REM 展現了特別令人鼓舞的早期跡象，上半年零售額成長了 25%，其中包括第一季成功更新輕型和重型車型的好處。但我們必須清楚，我們還有大量工作要做。具體來說，我們專注於將產品帶回我們先前缺席的領域，以提高工業執行力，從產品品質開始，重振車隊通路的表現。

Now let's move to enlarge Europe. The other key region for our commercial recovery. Here, we are beginning to benefit in terms of market share from a wave of recently launched products. H1 '25 market share at 17% is up 1.3-percentage-points from H2 2024. And I am also very pleased with our progress ramping BEVs and hybrid vehicle sales.

現在讓我們轉向擴大歐洲。我們商業復甦的另一個關鍵地區。在這裡，我們開始從最近推出的一波產品中獲益於市場份額。2025 年上半年的市佔率為 17%，比 2024 年下半年上升了 1.3 個百分點。我也對我們在純電動車和混合動力車銷量方面取得的進展感到非常高興。

We took the second spot in European BV volumes. And for the very first time, we are now number one in European hybrids. As we move forward, several things are priorities for Europe. First, we have to improve the customer experience through elevated product quality as in North America. Second, we have to improve our industrial execution, for example, we need to be quicker in ramping the very well-received new products such as the new Fiat Grande Panda.

我們在歐洲 BV 銷量中排名第二。現在，我們首次成為歐洲混合動力車的第一名。隨著我們不斷前進，有幾件事是歐洲優先考慮的。首先，我們必須像在北美一樣，透過提高產品品質來改善客戶體驗。第二，我們要提升產業執行力，例如新款菲亞特Grande Panda等非常受歡迎的新產品，我們要加快推出。

And then exactly in North America, we need to increase profitability. So let's talk about profitability. Here, you may appreciate six sections, among many others that we have taken or are taking and I would like to highlight maybe a few of them. We recently announced the return of the SRT division for the North American brands. To create the most distinctive high-performance products, our fans are most passion about.

然後正是在北美，我們需要提高獲利能力。那麼讓我們來談談獲利能力。在這裡，您可能會欣賞到六個部分，以及我們已經採取或正在採取的許多其他部分，我想強調其中的幾個。我們最近宣布 SRT 部門將重返北美品牌。打造最與眾不同的高性能產品，這是我們粉絲最熱衷的事。

And this will be accretive to the -- We are also in the process of launching model year 26 products in North America with evolved much improved TRIM lineups, in each case, expected to be margin accretive. Finally, in Europe, we will benefit from the full ramp-up of our smart card progress. That means higher volumes and higher profits. So before opening to your questions, I will just recap the key points I would like you to take away from this presentation.

這將會增加——我們還在北美推出 26 款車型，這些車型的 TRIM 陣容得到了很大的改進，預計每種產品都能夠增加利潤。最後，在歐洲，我們將受益於智慧卡全面進步。這意味著更高的產量和更高的利潤。因此，在回答你們的問題之前，我將先回顧我希望你們從本次演講中獲得的要點。

First, H1 was incredibly tough and nowhere near where we want and we need to be. But the sequential improvement on H2 2024 is indeed encouraging. It includes the impact of tough decisions, decisions that will continue in the second half of this year. Second, we are maintaining the discipline on inventories. We have healthier order books and the product launch cadence is in progress.

首先，H1 極其艱難，遠遠沒有達到我們想要和需要達到的水平。但 2024 年下半年的連續改善確實令人鼓舞。其中包括艱難決策的影響，這些決策將在今年下半年持續下去。第二，我們正在維持庫存紀律。我們的訂單更加健康，產品發布節奏正在進行中。

In Europe, ramping production of new smart car platform models will be a big lever. And in the US, we will begin welcoming back iconic products and powertrain, such as the Jeep Cherokee, the do charger ICE and the legendary MEV engine. Third, we expect gradual and sequential improvement in the second half. We have established H2 guidance that frames this clearly, and we are intent on delivering against it. One final note.

在歐洲，擴大新型智慧汽車平台模式的產量將發揮巨大作用。在美國，我們將開始歡迎標誌性產品和動力系統的回歸，例如吉普切諾基、do charger ICE 和傳奇的 MEV 引擎。第三，我們預計下半年情況將逐步、持續改善。我們已經制定了 H2 指導方針，對此進行了明確的闡述，並且我們決心按照該方針去實現這一目標。最後一點。

We are also in the process of updating our long-term strategic plan, which we will have the pleasure to present to you at a Capital Markets Day in early 2026. With that, thank you for your attention, and let's go to the Q&A.

我們也正在更新我們的長期策略計劃，我們將很高興在 2026 年初的資本市場日上向您介紹該計劃。謝謝大家的關注，我們進入問答環節。

(Operator Instructions) Jose Asumendi, JPMorgan.

（操作員指示）Jose Asumendi，摩根大通。

Thank you very much, Jose Asumendi from JPMorgan. Thank you, Antonio, for the comments and Doug as well. Just one question, please. I would like to focus a bit more on the US market. And I think you've provided, I think, compelling arguments with regards to how to get the company back to growth in the second half of the year. Can you talk a little bit more about the delivers to improve the profitability excluding growth levers, what are the actions you plan to take when it comes to maybe taking down capacity, any restructuring elements, actions you may take also in the US? Any actions excluding growth?

非常感謝摩根大通的 Jose Asumendi。謝謝安東尼奧 (Antonio) 的評論，也謝謝道格 (Doug)。請問我只有一個問題。我想更多地關注美國市場。我認為您已經就如何讓公司在下半年恢復成長提供了令人信服的論點。您能否再多談一下除了成長槓桿之外的提高獲利能力的措施，在降低產能、進行任何重組方面您計劃採取什麼行動，以及您在美國可能採取的行動？有任何排除成長的行動嗎？

Very well, and thank you for your question, Jose. So you said, priority number one for Stellantis growth of business will be grow in North America, which is a key market for us. And what are the key actions? Number one, obviously, it's volumes as well, but we are launching new products that will be all accredited in AOI margins. For instance, the V8 engine on versions such as the RAM 1500 TRX, will deliver to us additional volumes, as you said, but on crudes, but also accretive margin per unit.

非常好，謝謝你的提問，何塞。所以您說，Stellantis 業務成長的首要任務是在北美發展，這對我們來說是一個關鍵市場。關鍵行動是什麼？首先，顯然也是數量問題，但我們推出的所有新產品都將在 AOI 邊界內獲得認可。例如，正如您所說，RAM 1500 TRX 等版本上的 V8 引擎將為我們提供額外的產量，但對於原油而言，每單位的利潤也會增加。

Second, the recently signed by President Trump, big beautiful bill of July 4 give us more flexibility in choosing better margin optimized mix in between ICE version and electrified version of the models that we sell. And this will mean to us a lot of additional profit and also volumes that are much closer to the end customer demand. Third, we are launching now in US model year 26 products, and we are starting from a much healthier inventory situation. That means that we might -- we will enjoy net price opportunities by doing that.

其次，川普總統最近於 7 月 4 日簽署的一項重要法案，讓我們能夠更靈活地在我們銷售的 ICE 版和電動版車型之間選擇利潤率更優化的組合。這對我們來說意味著大量額外利潤，而且產量也更接近最終客戶的需求。第三，我們現在正在推出美國 26 款車型，而且我們的庫存狀況非常健康。這意味著我們可能會——透過這樣做，我們將享受淨價機會。

Finally, we are engaging our technical teams in several programs and projects of total production cost reduction. Those are technical changes in our cure and Life products, but also in the ones that are about to launch to maintain the value proposition decrease technical cost. So those are the four actions that we are, among other, very strong in pursuing, and this is my answer. Thank you very much.

最後，我們正在讓我們的技術團隊參與幾個降低總生產成本的計畫和專案。這些是我們的治療和生活產品的技術變化，也是即將推出的產品的技術變化，以保持價值主張並降低技術成本。以上就是我們大力推行的四項行動，這就是我的答案。非常感謝。

Patrick Hummel, UBS.

瑞銀集團的派崔克‧胡梅爾（Patrick Hummel）。

Yeah, thanks. Good afternoon, everybody. Antonio, my first question to you, is about the lack of commentary on cash flow and balance sheet strength in your strategic priorities. I get it that the better AOI improves also the cash generation, but it looks like there is a high likelihood of further cash burn in the second half. And I think it's fair to say that at least out of the Detroit three players, Stellantis' balance sheet is at least solid by now. You had a pretty high cash burn on group level of more than -- or about EUR9 billion in the first half. So I wonder in terms of the balance sheet priorities, what are you going to do about it?

是的，謝謝。大家下午好。安東尼奧，我要問您的第一個問題是，為什麼您的策略重點中缺乏對現金流和資產負債表實力的評論。我明白更好的 AOI 也會提高現金產生率，但看起來下半年很有可能會進一步燒錢。我認為可以公平地說，至少在底特律的三名球員中，斯特蘭蒂斯的資產負債表至少現在是穩健的。你們集團的現金消耗相當高，上半年大約是 90 億歐元。所以我想知道，就資產負債表優先事項而言，您打算怎麼做？

Can you still keep growing the Finco, which seems to be quite cash absorbing. How should we think about cash returns to shareholders short term and medium term in light of the, well, let's say, somewhat somewhat stretched balance sheet situation.

您是否還能繼續發展 Finco 呢？它似乎非常耗費現金。鑑於資產負債表狀況有些緊張，我們應該如何考慮短期和中期股東現金回報。

Thank you very much. And I will take the first part of the answer, and then I will leave to Doug the rest. So as we said, the first business priority is to grow that means volume through the expansion of our lineup with the addition of new products that are much closer to customer demands and that also healthier in terms of margin per unit. By growing volumes -- by growing profit, we will automatically grow the top line of cash generation, which is AI. Then on the rest, please, Doug, if you want to add something.

非常感謝。我將只回答第一部分，然後把剩餘部分留給 Doug。因此，正如我們所說，首要的業務重點是擴大產量，透過擴大我們的產品線，增加更貼近客戶需求的新產品，從而提高單位利潤率。透過增加產量、增加利潤，我們將自動增加現金產生的收入，也就是人工智慧。關於其餘部分，Doug，如果你想添加一些內容的話。

Yes. Just to address a couple of different items that you had in there. One, of course, we're encouraged by the fact that the cash burn rate is reducing, right? So we reduced it in about half from what we saw in second half last year to first half this year. We expect a significant decrease again in the second half of this year as we chart our path towards cash flow positive operations.

是的。只是為了解決您在那裡遇到的幾個不同問題。首先，當然，現金消耗率正在下降，這讓我們感到鼓舞，對吧？因此，與去年下半年相比，今年上半年我們將其減少了約一半。隨著我們規劃現金流為正的營運之路，我們預計今年下半年將再次大幅下降。

I think that's a big focus for us in the near future. That being said, we will continue to invest in the business and invest in the product plan. The way to achieve the positive cash flow turnaround is really through a couple of different things. One, of course, increasing the AOI generation in the company and also stabilizing working capital. So if you look at the working capital trend as well, you see more stability in the working capital piece of our cash flows over time.

我認為這是我們近期關注的重點。話雖如此，我們仍將繼續投資於業務並投資於產品計劃。實現正向現金流扭轉的途徑其實是透過幾種不同的方法。首先，當然是增加公司的 AOI 生成量並穩定營運資金。因此，如果您也看一下營運資本趨勢，您會發現隨著時間的推移，我們的現金流中的營運資本部分會更加穩定。

And so I think we're making good progress on this front. In terms of your question about the FinCo. Of course, we're very excited about the Finco, particularly the growing piece that we have that's growing so rapidly in the United States and its ability to help us and our customers get into our vehicles, the potential to use it as a loyalty tool over time and, of course, help us connect more closely with our customers and also, of course, finance our dealers. When we talk about capital, though, we also have to recognize that we have inflows from that business, particularly in Europe, where we received dividends. We do, of course, have outflows as we build the balance sheet on the US Finco.

所以我認為我們在這方面取得了良好的進展。關於您關於 FinCo 的問題。當然，我們對 Finco 感到非常興奮，特別是我們在美國快速增長的部分，它能夠幫助我們和我們的客戶購買我們的汽車，有可能隨著時間的推移將其用作忠誠度工具，當然，它可以幫助我們與客戶建立更緊密的聯繫，當然，還可以為我們的經銷商提供融資。然而，當我們談論資本時，我們也必須認識到，我們有來自該業務的資金流入，特別是在歐洲，我們在那裡獲得了股息。當然，當我們建立美國金融公司的資產負債表時，我們確實有資金流出。

I think the net of those will be less than $0.5 billion of outflow. So this year will be an outflow. It's not a huge drag on the industrial free cash flow at this point. But I think that's a great business that we continue to see a lot of potential in. So hopefully, that answers the different pieces of your question.

我認為淨流出金額將少於 5 億美元。所以今年將會是資金流出年。目前，這不會對工業自由現金流造成巨大的拖累。但我認為這是一項偉大的事業，我們繼續看到它的巨大潛力。希望這能回答您問題的不同部分。

It does. And Antonio, if you allow me a follow-up in terms of your brand portfolio, with the CMD the event when we get your latest thoughts and your strategy regarding your brand portfolio, which probably many people would expect to see some streamlining. .

確實如此。安東尼奧，如果您允許我跟進您的品牌組合，那麼在與 CMD 的活動中，我們會了解您對品牌組合的最新想法和策略，可能很多人都希望看到一些精簡。。

No, very well. I thank you again for your second question. So we all realized and recognized within Stellantis is that our large portfolio of very iconic brands is one strength that we have against our competitors. For instance, the new Chinese entrants. And we want to work it better.

不，很好。再次感謝您的第二個問題。因此，我們在 Stellantis 內部都意識到並認可，我們龐大的標誌性品牌組合是我們相對於競爭對手的優勢之一。例如，新進入的中國企業。我們希望做得更好。

We want to be more effective and efficient in our brand portfolio management. That's why, for instance, you may have observed it as recruiting a lot of talents to take care of our brands from the market. So you see, for instance, on Citroen, the new head of Citroen on page of the new ad on Pelen -- then you see Tim Konik's as Head of all the North American brands.

我們希望我們的品牌組合管理更有效、更有效率。這就是為什麼，例如，你可能已經注意到，我們招募了大量人才來從市場上照顧我們的品牌。例如，在 Pelen 的新廣告頁面上，你可以看到雪鐵龍的新負責人——然後你會看到 Tim Konik 成為所有北美品牌的負責人。

You see Gelbalrecently recruited to take care of design for the European brands, the European design center. Plus David Miller, who is my top executive team that will help us in better managing our product portfolio, but also our brand portfolio. Yes, we are working intensively on that and all the answer will be provided in the Capital Markets Day of quarter one '26.

您會看到 Gelbal 最近被招募來負責歐洲品牌的設計，歐洲設計中心。另外還有我的高階管理團隊大衛米勒 (David Miller)，他將幫助我們更好地管理我們的產品組合以及品牌組合。是的，我們正在努力解決這個問題，所有答案將在 2026 年第一季的資本市場日中揭曉。

Michael Foundoukidis, ODDO.

邁克爾·方杜基迪斯（Michael Foundoukidis），ODDO。

Yes, hi, Michael from BHF. So one question on Europe. You mentioned in your presentation some price cuts on your side as well as a strong pricing pressure overall? Is it something that you think continues or deteriorates? And how would you position Stellantis in this environment, meaning that do you see yourself as a follower or maybe more an active player given your previous price position, which was too high?

是的，你好，我是 BHF 的 Michael。有一個關於歐洲的問題。您在演講中提到了你們方面採取了一些降價措施，而且總體上定價壓力很大？您認為這種情況會持續下去還是會惡化？在這種環境下，您如何定位 Stellantis？也就是說，考慮到您之前的價格定位過高，您認為自己是追隨者還是更積極參與其中？

Well, No, thank you for your question. So we all know that Europe is a large but complex market for all the automakers, right? But we understand with Stellantis that we have turned the corner. For instance, talking of market share now before pricing. You see that introduction of the new products that have been launched recently and are still ramp up.

嗯，不，謝謝你的提問。所以我們都知道，對於所有汽車製造商來說，歐洲是一個龐大而複雜的市場，對嗎？但我們明白，有了 Stellantis，我們已經渡過了難關。例如，現在先談論市場份額，然後再談論定價。您會看到，最近推出的新產品仍在不斷推出。

They already are growing the market share significantly from H2 2024 to H1 2025. We are now at 17% market share. That is 1.6 million-percentage-point better than H2 2025. So market share is coming, volume are coming. Second, as profit action but also volume action, we are now in the phase in the ramp up of the all new smart card products.

從 2024 年下半年到 2025 年上半年，他們的市佔率已經大幅成長。我們目前的市佔率為 17%。這比 2025 年下半年高出 160 萬個百分點。因此市場佔有率正在增加，銷量正在增加。其次，作為利潤行動和銷售行動，我們現在正處於全新智慧卡產品的上升階段。

They have already a very large bank of orders, and we are ramping up the two plants that are producing one in Slovakia, the Citroen C3 and the Opel Frontera the other one in Serbia, the Fiat Grande Panda. So what we expect for Europe is an H2 better than H1 in terms of volumes, market share, but also profit generation. on the industry itself, we are observing some deterioration, especially in space that are very important to us, such as light commercial vehicle.

他們已經擁有大量的訂單，我們正在擴大兩家工廠的產能，另一家在斯洛伐克生產雪鐵龍 C3 和歐寶 Frontera，另一家在塞爾維亞生產菲亞特 Grande Panda。因此，我們預計歐洲下半年的銷售、市佔率以及利潤都會比上半年更好。就產業本身而言，我們觀察到了一些惡化現象，特別是在對我們非常重要的領域，例如輕型商用車。

And on that, we understand that one key point is also regulation on CO2 emission. For that, we are in constant and productive dialogue with the institution and we believe that the important decision will be taken also to unlock the full potential of light commercial vehicle industry for Europe.

對此，我們了解到，其中一個關鍵點也是對二氧化碳排放的監管。為此，我們與該機構進行了持續而富有成效的對話，我們相信，這一重要決定也將釋放歐洲輕型商用車產業的全部潛力。

Mr. Stuart Pearson, BNP Paribas.

法國巴黎銀行的 Stuart Pearson 先生。

Yeah, thank you for taking my question. So I guess for Antonio, to start with, I mean, Stantec has obviously gone from being the benchmark for profitability in both Europe and North America, not so long ago, it's now pretty much loss-making in both and peers are adding reasonable returns.

是的，感謝您回答我的問題。因此，我想對於安東尼奧來說，首先，我的意思是，斯坦泰克顯然已經不再是歐洲和北美盈利能力的基準，不久前，它現在在這兩個領域都處於虧損狀態，而同行正在獲得合理的回報。

So I mean you've had a front row seat on all of this. I mean what's your diagnosis of what's gone wrong? And what kind of response do we expect from you? I know we've got to wait for the CMD, but I mean when we look at what you're saying today, it looks like more of the same that might be unfair, but more incremental actions.

所以我的意思是，你對這一切都有親身經歷。我的意思是您對出了什麼問題的診斷是什麼？我們希望您做出什麼樣的回應？我知道我們必須等待 CMD，但我的意思是，當我們看看你今天所說的話時，它看起來更多是相同的，可能不公平，但更多的是漸進的行動。

But I wonder, are you considering anything more radical that you think might be required to get the company back to benchmark levels. And maybe just linked to that possibly for Doug, just on the restructuring charges and the exceptional items, we had GBP3 billion on average now over the last five years, another $3 billion in H1 this year. I mean what can you say about H2 as things stand today?

但我想知道，您是否考慮採取更激進的措施，讓公司恢復到基準水準。可能與此相關的是，對道格來說，僅就重組費用和特殊項目而言，過去五年我們平均有 30 億英鎊，今年上半年又有 30 億美元。我的意思是，就目前的情況而言，您對 H2 有什麼看法？

Do we expect anything more there? And then when will those continue charges perhaps finally moderate. And then maybe to finish for Quest, perhaps now the financial services is becoming such a bigger part of the business, we could get some separate disclosure between industrial and the Finka I'm sure there'll be lots to look at and analyze there. .

我們對此還有什麼期望嗎？那麼這些持續的指控何時才會最終緩和呢？然後也許為了完成 Quest，也許現在金融服務正在成為業務中更重要的一部分，我們可以在工業和 Finka 之間進行一些單獨的披露，我相信那裡有很多值得研究和分析的東西。。

Well, thank you for your question. I will take the first part, and then I will hand to Doug for the second part. So the first part, the Dinos, both in Europe and North America. Well, diagnosis itself is large and complex -- but for sure, one important root cause of our market share deterioration both in North America, especially, but also in Europe, is the fact that in the past, we decided to phase out many important, relevant and successful nameplates. For instance, in North America, US, specifically, we phased out seven successful nameplates, Jeep Cherokee, Jeep Renegade, Chrysler 300, Ram DS Classic, Ramromaster City, do charger, the muscle car of the past, no challenger, same family.

嗯，謝謝你的提問。我將負責第一部分，然後我會將第二部分交給 Doug。第一部分是歐洲和北美的恐龍。嗯，診斷本身是一個龐大而複雜的問題——但可以肯定的是，我們的市場份額下降的一個重要根本原因是，尤其是在北美，在歐洲，我們過去決定逐步淘汰許多重要、相關和成功的品牌。例如，在北美，具體來說，我們淘汰了七個成功的品牌，即吉普切諾基、吉普叛徒、克萊斯勒 300、Ram DS Classic、Rammaster City、充電器、過去的肌肉車、沒有挑戰者，同一系列。

Those seven nameplates we are granting to us. 300,000 units per year sold and several billions of gross commercial result per year. So now we are restoring that lineup. Jeep Cherokee is coming much improved than the previous one with two years of absent, but coming strong. The power trend that we have discontinued in the past, they are coming back starting with the legendary MEDA engine has been shared before.

我們授予我們的這七個銘牌每年銷售 30 萬台，每年的商業總值達數十億美元。所以現在我們正在恢復該陣容。與缺席兩年的上一代車款相比，吉普切諾基有了很大的改進，而且勢頭強勁。我們過去停止的動力趨勢，將從之前分享過的傳奇 MEDA 引擎開始回歸。

This means volumes, and this means margin per unit. And also in Europe, we are correcting some initial all in BD powertrain decisions into multi-energy offers to our customers because we believe that both in North America and Europe, to be multi-energy means to be closer to the real customer demand. Then on the rest of the question, I will leave Doug answering.

這意味著數量，這意味著每單位的利潤。而且在歐洲，我們正在將 BD 動力系統的一些初步決策修正為向客戶提供多能源產品，因為我們相信，無論是在北美還是歐洲，多能源意味著更接近真正的客戶需求。那麼關於剩下的問題，我將讓 Doug 來回答。

Thanks, Antonio. So just to address the other pieces of the question, when you talked about onetime charges, when we look at the $3.3 million billion of onetime charges that we saw in the first half. As I've mentioned in my comments on the 21st, roughly $2 billion of that, I think, represents some tough decisions and changes in strategy that have been made by this new management team.

謝謝，安東尼奧。因此，為了回答問題的其他部分，當您談到一次性費用時，讓我們來看看上半年看到的 330 億美元的一次性費用。正如我在 21 日的評論中提到的那樣，其中大約 20 億美元，我認為代表了新管理團隊做出的一些艱難決定和策略變化。

Antonio certainly mentioned one significant one, which was our decision to stop our investment -- continued investment in fuel cell programs in Europe. But there are other shifts in strategy that are all a part of that number, including some restructuring, as you mentioned in your in your question itself.

安東尼奧當然提到了一個重要的事情，那就是我們決定停止投資——繼續投資歐洲的燃料電池計畫。但還有其他策略轉變都是這個數字的一部分，包括一些重組，正如您在問題中提到的那樣。

In terms of -- now there are other factors built in there, changes in our environment. For instance, there's some recognition of the changes of the one big beautiful bill passed in the United States that impacted cafe fines and the like. So there's some -- certainly, I think the majority of it represents us getting after those tough decisions. and changes in strategy, but there are also some pieces related to changes in our environment. In terms of -- we don't typically forecast kind of onetime items for the future.

就目前而言——還有其他因素存在，我們的環境也發生了變化。例如，人們認識到美國通過的一項重大法案對咖啡館罰款等的影響。所以有一些——當然，我認為其中大部分代表我們在做出那些艱難的決定和改變策略之後，但也有一些與我們環境的變化有關。就……而言，我們通常不會預測未來的一次性項目。

But looking forward, given that I think the new management team still has a fair amount of work to do in looking at our strategies and preparing for all the announcements that will come forward on the Capital Markets Day, we could see other strategic shifts that could lead to onetime charges in the second half. And then on -- there is a lot of disclosure on the financial services piece of the business as opposed to the industrial piece in the 6-K.

但展望未來，鑑於我認為新管理團隊在審視我們的策略和準備資本市場日發布的所有公告方面仍有大量工作要做，我們可能會看到其他策略轉變，這可能會導致下半年產生一次性費用。然後——6-K 中對金融服務業務部分進行了大量的披露，而不是對工業業務部分進行了披露。

But I think you raise a good issue, which is something we're always looking at is at what point will that piece of the business be so large that we need to maybe break it out as a separate segment, et cetera. But that's something that we look at kind of every quarter and think about. But I would say there is a lot of disclosure in the 6-K and off-line, obviously, be happy to to have a session with you to walk through some of that.

但我認為你提出了一個很好的問題，這也是我們一直在關注的問題，即在什麼時候這部分業務會變得如此之大，以至於我們需要將其拆分成一個單獨的部分，等等。但這是我們每季都會關注和思考的事情。但我想說的是，6-K 和線下有很多披露內容，顯然，很高興與您進行一次會議來討論其中的一些內容。

Mr. Stephen Reitman, Bernstein.

伯恩斯坦的史蒂芬‧雷特曼先生。

Yes, good morning. So you talk about your relationship with the US dealers. Obviously, that was a significant issue feeding up to the whole lower 24%. Can you comment on kind of any metrics you have in terms of how their confidence and trust of the brand has been changing since the management changes very well.

是的，早安。那麼您談談您與美國經銷商的關係。顯然，這對整個下層 24% 的人來說是一個重大問題。您能否評論一下自從管理層發生很大變化以來，他們對品牌的信心和信任發生了怎樣的變化？

Thank you for your question. Well, since January, myself and my team committed in a much better dialogue with our dealer network, especially US but not only. And good things are starting to come. For instance, the new versions of RAM that I mentioned in my presentation around 1,500 express.

感謝您的提問。嗯，自一月以來，我和我的團隊致力於與我們的經銷商網路進行更好的對話，特別是美國，但不僅限於美國。美好的事情開始到來。例如，我在演示中提到的新版本的 RAM 大約為 1,500 express。

It's basically an idea that came out of our team that deal with the brand talking to the dealers. We have decided to discontinue more than one year ago, Ramdas Classic that was attractive the entry level or of a light-duty segment in US.

這基本上是我們負責品牌與經銷商對話的團隊提出的想法。我們決定在一年多前停產 Ramdas Classic，這款車在美國的入門或輕型車市場中相當吸引人。

And now this version that again came out from a constructive dialogue of the network with the brand team is now restoring our presence there, and we see good orders coming in. And when you ask what is a quantitative indicator of these restored confidence, I must say that the order inflow is one of those. So our order book mainly driven by retail orders, thus our dealer network grew more than 90% year-over-year.

現在，這個版本再次透過網路與品牌團隊的建設性對話而誕生，正在恢復我們在那裡的存在，我們看到了良好的訂單。當你問到這些恢復信心的量化指標是什麼時，我必須說訂單流入就是其中之一。因此，我們的訂單主要由零售訂單驅動，因此我們的經銷商網路年增了 90％ 以上。

And this is a clear demonstration that confidence, which is an enduring process to build day by day through relationship and also through good, mutual business, while it's coming back.

這清楚地表明了信心的恢復，而信心的建立是一個持久的過程，需要透過建立關係以及良好的、相互的業務來日復一日地進行。

Mr. Philippe Houchois, Jefferies.

傑富瑞集團的 Philippe Houchois 先生。

Oh, thank you and good afternoon. My question is on the guidance you gave us on free cash flow in the second half. improvements, yes, that's fine. It doesn't give us a sense whether the H2 might compensate to what happened in the first half. And what struck me is maybe a certain reluctance to you guide on working capital I would expect there's an improvement in volume coming in the second half that usually does wonders to -- for working capital or cash inflow generation. So is that just reluctance on your part or lack of visibility?

哦，謝謝你，下午好。我的問題是關於您對下半年自由現金流改善的指導。是的，很好。它並沒有讓我們知道下半年是否能彌補上半年發生的情況。令我印象深刻的是，也許人們對營運資本的指導有些不情願，我預計下半年的交易量會有所改善，這通常會對營運資本或現金流入產生奇蹟。那麼這只是你們不願意還是缺乏洞察力呢？

Or is there an obstacle reason why there wouldn't be a meaningful inflow? And I appreciate it may not be the same as earnings in terms of quality, but meaningful inflow of cash from working capital. And then kind of supporting that, wondering, we know about the Express. We know about the heme coming back on the Ram, but when do we actually see those numbers meaningfully?

或者是否存在導致無法實現有意義的流入的障礙原因？我知道它在質量上可能與收益不同，但它是來自營運資本的有意義的現金流入。然後有點支持這一點，想知道我們是否了解快車。我們知道血紅素會在 Ram 上回歸，但我們什麼時候才能真正看到這些有意義的數字？

I mean, can I see RAM V8 in the dealership in the US right now have been in a few months? Or is that coming later? Where are we in the restock or the supply chain? Are we in production? Are we delivering to customers with just to dealers. If you can give us a sense, that would be helpful.

我的意思是，我現在能在美國的經銷店看到幾個月前的 RAM V8 嗎？或稍後再說？我們在補貨或供應鏈中處於什麼位置？我們在生產嗎？我們是否僅透過經銷商向客戶提供產品？如果您能給我們一個了解，那將會很有幫助。

Well thank you for your question. I will take the first part, and then I will give the technical answer to that. So let's start. First of all, of industrial cash flow, but generally speaking, on the progression of results that we are committing to in our guidance. We need to understand and to remind ourselves that we closed H1 nearly breakeven, right, in AOI, for instance, and with the free cash flow, the outflow that you saw.

非常感謝您的提問。我將討論第一部分，然後給出技術答案。那麼我們就開始吧。首先是工業現金流，但總體而言，我們在指導中承諾的結果進展。我們需要理解並提醒自己，我們在上半年幾乎實現了收支平衡，例如在 AOI 方面，以及自由現金流，即您看到的流出。

And in H2, we will have the highest portion of impact of tariffs in the United States, which I believe in H2 only will be around EUR1.2 billion. That means that through the additional volumes driven by the launches through the accretive profit per unit, that those launches, but also the cost action will deliver to us.

而在下半年，美國關稅對我們影響最大，我相信下半年的損失將達到 12 億歐元左右。這意味著，透過產品發布帶來的額外銷售量，透過單位利潤的增加，這些產品發布以及成本行動都將為我們帶來收益。

We need to offset those impacts, and we are committed to accelerate. So it's not reluctance actually is considering that Alpha one was in the numbers that you saw. And after the way it has been expressing a guidance we present a very relevant acceleration, which we intend and commit to do, but also to go forward in the next years.

我們需要抵消這些影響，並且我們致力於加快步伐。因此，實際上這並不是不情願，而是考慮到 Alpha 一號就在你所看到的數字之中。在表達了指導意見之後，我們提出了非常相關的加速措施，我們打算並致力於這樣做，而且還將在未來幾年繼續前進。

On the RAM launches that you mentioned. So on V8, for instance, after a green light, -- the team was unbelievably quick and fast in delivering the full development and the manufacturing adjustments in less than 10 months. So we will have very soon start of production thus you will see both the V8 versions, but also the express version by quarter four mainly in the dealers of this year. Doug, the rest?

關於您提到的 RAM 啟動。以 V8 為例，在獲得批准後，團隊以令人難以置信的速度在不到 10 個月的時間內完成了完整的開發和製造調整。因此，我們很快就會開始生產，您將在今年第四季在經銷商處看到 V8 版本和快速版本。道格，剩下的呢？

Yes. On your question on cash flow and working capital, I agree with some of your comments. It's a tough period in which to forecast the business, I'm sure as auto analysts, all of you on the call, can relate. As I mentioned, there are some significant external headwinds. We saw in the first half about EUR1 billion impact to our AOI just from changes in FX, right, with the value of the euro changing against currencies like the Turkish lira, the Brazilian real, Argentinian peso, et cetera.

是的。關於現金流和營運資金的問題，我同意您的一些評論。我相信，作為汽車分析師，以及電話會議中的所有嘉賓，你們都能夠體會到，這是一個預測業務的艱難時期。正如我所提到的，存在一些重大的外部阻力。我們看到，上半年僅外匯變化就對我們的 AOI 產生了約 10 億歐元的影響，歐元兌土耳其里拉、巴西雷亞爾、阿根廷比索等貨幣的價值發生了變化。

So those things are very tough to forecast as well as tariffs. The tariff impact has moved substantially, and we're still getting more updates on tariff negotiations that could impact those numbers. And they're big, right? We talked about the full tariff impact for the year. Right now, our estimate is $1.5 billion.

因此，這些事情以及關稅都很難預測。關稅的影響已經發生了很大變化，我們仍在獲取有關可能影響這些數字的關稅談判的更多最新消息。而且它們很大，對吧？我們討論了今年關稅的整體影響。目前，我們的估計是 15 億美元。

So it's difficult to be too definitive on a lot of these figures. In terms of working capital, you're right, of course, with increased volumes in the second half we would expect that to be positive for working capital. But one thing to keep in mind, of course, is that what really has a big impact from production and working capital is because of the payment terms that we have in this business is really your production kind of in the last six to eight weeks of the period.

因此，很難對這些數字做出太明確的判斷。就營運資本而言，您是對的，當然，隨著下半年交易量的增加，我們預計這對營運資本是有利的。但當然要記住的一點是，生產和營運資本真正產生重大影響的原因是，我們在這個業務中的付款條件實際上是您在該期間的最後六到八週內進行的生產。

And so when we look at that dynamic from mid-year where we run in the last two months of the first half versus year-end because of the year-end holidays around Christmas, et cetera, we oftentimes have some downtime. It's tough to see significant improvement from the end of where -- kind of how we run end of first half versus end of second half.

因此，當我們從年中觀察這種動態時，我們會發現上半年最後兩個月與年底相比，由於聖誕節等年終假期，我們常常會有一些停工期。很難看到從哪裡開始出現顯著的改善——有點像我們如何運行上半場結束時與下半場結束時的情況。

But in general, you're correct. In general, with increased volumes, we should see working capital, at least mitigate and balance out, if not potentially be a positive.

但總的來說，你是對的。整體而言，隨著交易量的增加，我們應該看到營運資本至少會得到緩解和平衡，即使不是潛在的正面因素。

Thomas Besson, Kepler Cheuvreux.

湯瑪斯貝松、開普勒舍夫勒。

Thank you. I'd like to come back to your guidance, please. Is it fair to say that you're trying to be conservative for the second half as you should be able to produce normally for the first time in a long time without on time for tariffs or without having to substantially cut your inventories? Or is that a lot related to the USMCA uncertainty or the willingness not to have to one again. And to follow up on Philipe's question on free cash flow. Is it fair to assume that H2 CapEx has a little reason to rise sequentially.

謝謝。我想再次聽取您的指導。是否可以說，你們在下半年試圖採取保守態度，因為你們應該能夠在很長一段時間內首次實現正常生產，而無需按時繳納關稅或大幅削減庫存？或者這很大程度上與 USMCA 的不確定性或不願再次簽署 USMCA 的意願有關。並跟進菲利普關於自由現金流的問題。是否可以公平地假設下半年資本支出有理由連續上升？

Okay. Thank you for your question. And as I mentioned a little bit before in my previous answer. Yes, we need to consider that H1 was basically breakeven for our business. and we are committed to drive the business into a gradual sequential improvement that needs to be evident quarter-by-quarter in all our business KPI.

好的。感謝您的提問。正如我之前在回答中提到的。是的，我們需要考慮到上半年我們的業務基本上實現了損益平衡。我們致力於推動業務逐步實現連續改善，這需要在我們所有的業務 KPI 中逐季度體現。

That means AOI, industrial free cash flow generation. volumes, shipments, et cetera. So this is our commitment. And considering that as Doug said, around $1.2 billion, $1.3 billion of the overall EUR1.5 billion of initially estimated tariffs if things don't change, will be paid in the second half. This is commitment I would not call conservative, but we are very committed to do that as we are committed to transition in acceleration into the next year, keep growing.

這意味著 AOI、工業自由現金流產生、產量、出貨量等等。這是我們的承諾。正如道格所說，如果情況沒有變化，最初估計的 15 億歐元關稅總額中的約 12 億美元、13 億美元將在下半年支付。我不會稱這個承諾為保守的，但我們非常致力於做到這一點，因為我們致力於在明年加速過渡，並繼續成長。

Doud, if you want to take the technical part of the answer.

杜德，如果你想回答技術部分的問題。

Yes. No, I think that's exactly right, Antonio. When we think through the dynamics first half versus the second half, we think about where we can guide the business and where we see the business performing I think we can step up production. I think we can make progress on volumes. I think we can make progress on pricing, particularly in the United States.

是的。不，我認為完全正確，安東尼奧。當我們思考上半年和下半年的動態時，我們會思考如何引導業務，以及我們看到業務表現如何，我認為我們可以提高產量。我認為我們可以在數量上取得進展。我認為我們可以在定價方面取得進展，特別是在美國。

I think a lot of the pre-tariff vehicles that we're on dealer lots are running out. I think we'll see industry dynamic that should be supportive of pricing. When we look at industrial, of course, our fixed cost will spread a bit better with the higher volumes. But there's significant headwinds as well, right? Because we only paid as Antonio outlined EUR330 million of the expected EUR1.5 billion was impact in the first half.

我認為我們經銷商處的許多關稅前車輛都已經售罄了。我認為我們將看到支持定價的行業動態。當然，當我們考慮工業時，隨著產量的增加，我們的固定成本將會更好地分攤。但也存在重大阻力，對嗎？因為正如安東尼奧所述，我們只支付了上半年預計的 15 億歐元中的 3.3 億歐元。

part of that is just because of the timing of when the tariffs came in, right? But yes, we're looking at a step up in that expense from $330 million to more like $1 billion plus in the second half. So that's a significant headwind for us. Now offsetting that, we also should be able to run a richer mix that probably more aligns much better with customer demand that we see in the United States with Cafe fines going to zero. That's going to be a positive.

部分原因只是因為關稅實施的時機，對嗎？但是，是的，我們預計下半年該支出將從 3.3 億美元增加到 10 億美元以上。所以這對我們來說是一個重大的阻力。現在，為了抵消這一點，我們還應該能夠運行更豐富的組合，這可能更符合我們在美國看到的客戶需求，咖啡館罰款將降至零。這將是一件正面的事情。

But there is certainly a lot of headwinds still to be handled in the second half. I think our guidance is reasonable and achievable. But certainly, there are challenges in meeting it.

但下半年肯定仍有許多阻力需要克服。我認為我們的指導是合理且可實現的。但毫無疑問，實現這一目標仍面臨挑戰。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Great, thanks. Good afternoon, everybody. I was hoping we could dig in back to North America on fleet sales and maybe if you can quantify the impact in H1 and give us a bit more detail about some of the action plans you have to improve fleet sales, how would you think about timing and potential impact to both top line as well as bottom line. .

太好了，謝謝。大家下午好。我希望我們可以深入了解北美的車隊銷售情況，也許您可以量化上半年的影響，並向我們詳細介紹一些改善車隊銷售的行動計劃，您如何看待時間和對營收和利潤的潛在影響。。

No, very well. And thank you for your question. I believe that we can quantify the overall impact of lower fleet sales that has been a decision driven by profit optimization of logic in around 0.5 point of market share -- overall market share in North America. And what we are doing is, number one, we have recruited from the market, a very strong leader to handle the team, to manage the team. He comes from the field.

不，很好。感謝您的提問。我相信，我們可以量化車隊銷售下降的整體影響，這是由利潤優化邏輯驅動的決策，市佔率約 0.5 個百分點——北美整體市佔率。我們正在做的是，首先，我們從市場上招募了一位非常強大的領導者來領導和管理團隊。他來自田野。

His name is Michael Ferreira, an immediate took action and decisions on changing our strategy in fleet sales. for instance, as you know, very well, fleet sales is divided into three, I would call them subchannel, the rent a car, the commercial, that means small and midsized business and the governmental.

他的名字是邁克爾費雷拉 (Michael Ferreira)，他立即採取行動並決定改變我們的車隊銷售策略。例如，如您所知，車隊銷售分為三個子管道，我稱之為租車、商業（即中小型企業）和政府。

We were too much focused on rent a car, also because the constrainer semiconductor was delivering high volumes and very decent margin. Now with the new leadership and the new team, we are diversifying our offensive in fleet into the three channels, also putting a lot of effort in governmental and putting a lot of effort in commercial that are both higher margin than rental car.

我們過於關注汽車租賃，也因為限制器半導體的產量很大，利潤也相當可觀。現在，在新的領導層和新團隊的帶領下，我們正在將車隊攻勢多元化，進入三個管道，同時在政府和商業領域投入大量精力，這兩個領域的利潤率都高於租車。

We sped up to read initial growth and a partial recovery of what we lost and obviously, we expect to accelerate as we transition in the next year. Thank you for your question.

我們加快了步伐，實現了初步成長，並部分恢復了損失，顯然，我們預計明年轉型期間這一速度將會加快。感謝您的提問。

Mike Tyndall, HSBC.

匯豐銀行的麥克·廷德爾。

Yeah, thanks. It's Mike Tunde from HSBC. I wonder if we could just talk a bit about tariffs and about Mexico? And what are you hearing? Obviously, we've seen trade deals around the rest of the world, but we haven't heard much on that front. And then within that question, -- what does it mean to the economics of the new Cherokee? Because if I'm not wrong, that's going to be built in Mexico, does that product work under the new tariff structure? And if not, is there -- what can you do to kind of compensate for that? .

是的，謝謝。我是匯豐銀行的麥克·通德。我想知道我們是否可以談談關稅和墨西哥的問題？你聽到了什麼？顯然，我們已經看到世界其他地區達成了貿易協議，但我們在這方面聽到的卻不多。那麼在這個問題中——它對新切諾基的經濟意味著什麼？因為如果我沒記錯的話，那將在墨西哥生產，那麼該產品能在新的關稅結構下生產嗎？如果沒有，您可以做些什麼來彌補呢？。

Very well. Thank you for your question. So tariffs. It's a little bit long answer, but I will try to be short. So number one, since day one, we understand and we support the general strategy of President Trump's administration to boost job creation and US

很好。感謝您的提問。所以關稅。答案有點長，但我會盡量簡短。因此，第一，從第一天起，我們就理解並支持川普總統政府促進就業創造和美國經濟的整體策略。

production, both in the automotive OEM, but also in the automotive suppliers using also tariff as a tool, and we want to support this strategy. Second, we are in a very constructive dialogue with American institution and policymakers as well as with the Mexican and Canadian institutions and policymakers.

生產，無論是在汽車原始設備製造商，還是在汽車供應商，都使用關稅作為工具，我們希望支持這項策略。其次，我們正在與美國機構和政策制定者以及墨西哥和加拿大的機構和政策制定者進行非常建設性的對話。

Now we are observing a phase when tariffs have been negotiated US with individual countries or group of countries, right? And what we understand is that we need to request, we would like to request to properly recognize the high American US content in some vehicles. Just to make numbers, US industry is around 16 million units of cars sold per year. 8 million of those 16 million units are built in US plants.

現在我們正在觀察美國與個別國家或國家集團就關稅進行談判的階段，對嗎？我們的理解是，我們需要請求，我們希望請求正確地認識到某些車輛中含有大量美國成分。舉個數字，美國汽車工業每年銷售約 1,600 萬輛汽車，其中 800 萬輛是在美國工廠生產的。

So obviously, they carry a very high US content. 4 million are built in the Mexican and Canadian plants but they use a lot of components coming from US suppliers. So also those units carry a lot of US content. Finally, 4 million, they come from Europe. They come from Asia and they have virtually zero US content.

因此，很明顯，它們的美國成分非常高。其中 400 萬輛是在墨西哥和加拿大工廠生產的，但它們使用了許多來自美國供應商的零件。因此這些單位也承載著大量美國內容。最後，400萬人來自歐洲。它們來自亞洲，幾乎不含任何美國成分。

So what I believe should be done is to recognize also using the tariff set up that the American builds, but also the US and the Mexican and Canadian builds, they carry a lot of US content. And by the way, we salute to the flexibility that has been recently introduced by the US government institution into the tariffs of Mexico and Canada.

因此，我認為應該要做的是，不僅要認識到美國建造的關稅，還要認識到美國、墨西哥和加拿大建造的關稅，它們都包含大量美國內容。順便說一句，我們對美國政府機構最近在墨西哥和加拿大關稅方面的靈活性表示敬意。

The expanded US content, for instance, or other tax offset credits. On the Cherokee, you are right. The Cherokee has been -- has been developed and will be built in Mexico to start. And we are working a lot in transformation costs and also on total production cost with technical studies and projects to decrease the cost of the platform, the components and the overall top at and vehicle in order to boost profitability.

例如，擴大美國內容或其他稅收抵免。關於切諾基，你是對的。切諾基已經開發完成，並將首先在墨西哥生產。我們在轉型成本和總生產成本方面投入了大量精力，透過技術研究和專案來降低平台、零件和整車的成本，從而提高獲利能力。

It will come with large volumes because we understand that it is a key move of returning into the largest US segment in the industry, 3.6 million units sold in the midsize SUV segment, which is the equivalent of the entire Germany industry, just to make an example, and we need to work on costs that we are doing that to increase profit so we can totally offset the tariff effect. That is my answer. Thank you very much.

它將伴隨大批量生產，因為我們知道這是重返行業最大市場美國的關鍵舉措，中型 SUV 市場的銷量為 360 萬輛，相當於整個德國行業的銷量，僅舉一個例子，我們需要努力降低成本，以增加利潤，這樣我們才能完全抵消關稅的影響。這就是我的答案。非常感謝。

Ladies and gentlemen, due to time constraints, that was our last question for today's conference. I'd like to hand the call over to Mr. Antonio Filos to conclude this call -- thank you.

女士們、先生們，由於時間限制，這是我們今天會議的最後一個問題。我想將通話交給安東尼奧·菲洛斯先生來結束本次通話——謝謝。

Thank you. Thank you very much, George, for your help today. Thank you very much, and thank everybody for your time and focus on the Stellantis story. I look forward to updating you on our progress in the coming months and the Capital Market Day that we will have in quarter one, 2026. Thank you. We'll see you later. Bye-bye.

謝謝。喬治，非常感謝您今天的幫忙。非常感謝，也感謝大家花時間關注 Stellantis 的故事。我期待在未來幾個月以及 2026 年第一季的資本市場日向您通報我們的進展。謝謝。我們待會兒見。再見。

Thank you very much. Ladies and gentlemen, that will conclude today's conference. Thank you for most of your attendance. You may disconnect. Have a good day and goodbye.

非常感謝。女士們、先生們，今天的會議到此結束。非常感謝大家的出席。您可以斷開連線。祝您有美好的一天，再見。