Stellantis N.v (STLA) 2025 Q4 法說會逐字稿

Hello and welcome to the Stellantis full year results 2025 call. (Operator Instructions) I now give the floor to Mr. Ed Ditmire, Head of Investor Relations, to begin today's conference. Sir, the floor is yours.

您好，歡迎參加Stellantis 2025年全年業績電話會議。（操作員指示）現在我把發言權交給投資者關係主管艾德‧迪特邁爾先生，由他來開始今天的會議。先生，請您發言。

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

謝謝你，蒂博。大家好，感謝各位今天與我們一起回顧Stellantis 2025年全年業績。今天早些時候，本次電話會議的簡報資料以及相關的新聞稿已發佈在 Stellantis Group 網站的投資者關係版塊。今天，我們的電話會議由執行長 Antonio Filosa 和財務長 Joao Laranjo 主持。在發表事先準備好的演講後，安東尼奧和若昂將回答分析師們的提問。

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 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.

在開始之前，我想指出，我們在今天的電話會議中可能作出的任何前瞻性陳述都受到今天簡報第 2 頁所附安全港聲明中提到的風險和不確定性的影響。按照慣例，通話將使用該語言。現在我將把電話交給Stellantis執行長Antonio Filosa。

Thank you, Ed. Thank you very much. And thank you all for joining us today. What we will discuss today will be familiar to you from our preliminary results announcement of February 6.

謝謝你，埃德。非常感謝。感謝各位今天蒞臨現場。我們今天要討論的內容，大家應該已經從2月6日公佈的初步結果中了解了。

In summary, first, our return to top-line growth in H2 '25. Second, the decisive reset we announced on February 6, which by putting the customer back at the center of everything we do, will enable our return to profitable growth. And third, after this reset, '26 is our year of execution. What we are committed to deliver is progressive performance improvements on all of our business KPIs.

總而言之，首先，我們在 2025 年下半年恢復了營收成長。其次，我們在 2 月 6 日宣布了一項果斷的調整，即把客戶重新置於我們一切工作的中心，這將使我們能夠恢復盈利增長。第三，經過這次重置，2026 年是我們的執行之年。我們致力於在所有業務關鍵績效指標方面取得持續的進步。

As you can see, we have a very full agenda, so let's get started. First, just a quick summary of what we will talk about. '25 was a year of reset. With results that reflect the considerable cost of needed changes. But H2 '25 also showed encouraging first signs of the benefits of that reset.

如您所見，我們的議程非常滿，那麼讓我們開始吧。首先，簡單概括一下我們要討論的內容。 2025年是重置之年。結果反映出所需變革的巨大成本。但2025年下半年也顯示出了令人鼓舞的初步跡象，顯示這種調整帶來了好處。

We returned to top-line growth in H2 '25, and that momentum has carried over into early '26. For example, in January '26, our US market share was up year-over-year and European shares saw a sequential increase compared to H2 '25.

我們在 2025 年下半年恢復了營收成長，而這股勢頭延續到了 2026 年初。例如，2026 年 1 月，我們的美國市佔率年增，歐洲市佔率與 2025 年下半年相比較上季成長。

Our decisive reset around our customer preferences will drive profitable growth. And let me give you just two examples of what this means in practice. Number one, after the return to the EV muscle car segment, this week we have started production on three new Dodge Charger SIXPACK variants. Those will represent 90% of the expected volumes.

我們圍繞客戶偏好做出的果斷調整將推動獲利成長。讓我舉兩個例子來說明這在實務上意味著什麼。第一，在重返電動肌肉車領域之後，本週我們已經開始生產三款新的道奇Charger SIXPACK車型。這將佔預期銷量的90%。

Number two, our global offensive to improve quality started very strong with one month in service. Over 50% improved in North America, over 30% improved in Europe, and 20% improved in South America since 2025.

第二，我們為提升品質而發動的全球攻勢在一個月內就取得了強勁的開局。自 2025 年以來，北美改善了 50% 以上，歐洲改善了 30% 以上，南美洲改善了 20% 以上。

Let me ask now Joao to walk you through the numbers.

現在我請若昂為大家講解一下這些數字。

Thank you, Antony. Good afternoon and good morning, everyone. Let me start with the financial figures for full year 2025 on page 7 which will reflect a time of reset for the company.

謝謝你，安東尼。各位下午好/早安。首先，讓我們從第 7 頁的 2025 年全年財務數據開始，這將反映出公司的一個調整期。

Consolidated shipments of 5.5 million units were up 1%, with increases in South America, North America, and Middle Eastern Africa. Net revenues of EUR153 billion were 2% lower year-over-year.

綜合出貨量為 550 萬台，成長 1%，其中南美洲、北美洲和中東非洲地區的出貨量均有所成長。淨收入為1530億歐元，年減2%。

AOI margin was negative at 0.5%. This reflected the early stage of our recovery and substantial net tariff expenses, as well as a number of specific items. Our adjusted diluted earnings per share reflect our decline in AOI and our industrial-free cash flow saw outflows of EUR4.5 billion for the full week.

AOI 邊際為負 0.5%。這反映了我們復甦的早期階段和大量的淨關稅支出，以及一些具體項目。我們調整後的稀釋每股收益反映了 AOI 的下降，並且我們的工業自由現金流在整週內流出 45 億歐元。

For net revenues, overall, a challenging picture for the full year, with a negative 2% year-over-year comparison. But encouraging second half at plus 10%. Particularly where it comes down to two elements, most under our control, volume and pricing.

就淨收入而言，全年情勢嚴峻，年減 2%。但下半場表現令人鼓舞，漲幅達 10%。尤其是在數量和價格這兩個我們最能控制的因素上。

The H2 net price improvement is driven by increases in North America and Middle Eastern Africa, partially offset by negative net pricing in Europe. And as you can see here, FX's headwinds were even stronger in the second half, especially due to the Turkish lira.

H2 淨價改善主要得益於北美和中東非洲地區的成長，但部分被歐洲的負淨價所抵銷。正如你在這裡看到的，FX在下半年的逆風更大，尤其是由於土耳其里拉的貶值。

Keeping our focus on the second half. We look at the AOI walk. Here, we see the beginnings of improved results. First, in the form of top-line bridge factors like volume and net pricing. At the same time, on the cost side, H2 results were subject to a list of specific items which more than offset both the top-line positives of volume price, as well as improvement of other more foundational industrial costs which were moving in a positive direction.

我們將重點放在下半場。我們來看看AOI步行路線。在這裡，我們看到了結果改善的開端。首先，以銷售量和淨價等頂級橋樑因素的形式呈現。同時，在成本方面，H2 的業績受到一系列具體項目的影響，這些項目抵消了銷售價格帶來的整體利好，以及其他更基礎的工業成本朝著積極方向發展的改善。

Most of these items, called out in orange, are not expected to be repeated. Next, FX headwinds were nearly EUR1 billion negative to AOI. This was driven overwhelmingly by the Turkish lira devaluation, which was partially offset in the period by net price improvement in that region.

這些以橘色標註的項目大多不會重複出現。其次，外匯逆風為 AOI 帶來了近 10 億歐元的負面影響。這主要是由於土耳其里拉貶值造成的，但該地區同期淨價格上漲部分抵消了這種影響。

Turning to the industrial-free cash flow, both full year and H2 showed improvements. This was largely due to improved working capital and lower capital expenditures. 82 industrial-free cash flow of negative EUR1.5 billion represented a 50% sequential improvement compared to H1 2025 and 73% year-over-year improvement.

從工業自由現金流來看，全年和下半年均有所改善。這主要歸功於營運資本的改善和資本支出的減少。 82個工業企業的自由現金流為負15億歐元，較2025年上半年較上季改善50%，較上年同期改善73%。

Our cash flow is now moving the right direction. But of course, returning it to positive is the objective moving forward.

我們的現金流現在正朝著正確的方向發展。當然，接下來的目標就是使其轉正。

Now, a new vehicle inventory. 2025 was a year of strong inventory discipline in terms of the relationship between stocks and sales. The stock levels increase in absolute terms towards year end, aligned with sales growth. Plus, new whitespace products that began shipping to dealers.

現在，我們來看看新的車輛庫存。 2025 年，庫存管理和銷售關係都保持著嚴格的庫存控制。隨著銷售成長，庫存水準在年底時絕對值會增加。此外，新的空白產品也開始向經銷商出貨。

Lastly, I would mention here North American and European order books, both finishing 2025 at three months of sales.

最後，我想提一下北美和歐洲的訂單簿，到 2025 年末，銷售額都達到了三個月。

Now, turning to our original review where I will focus on the second half. In H2 2025, shipments saw increases in all regions year-over-year. North America posted the strongest contribution, a 39% increase in shipments and a 31% increase in revenues, reflecting the benefits of normalized inventory dynamics, as well as higher sales.

現在，讓我們回到最初的評論，我將重點放在後半部分。2025年下半年，所有地區的出貨量均較去年同期成長。北美地區的貢獻最為顯著，出貨量成長了 39%，營收成長了 31%，這反映了庫存動態正常化以及銷售額成長的好處。

North America, H2 AOI improvement versus prior year was driven by higher volumes and pricing, partially offset by higher industrial costs, mainly tariffs. Enlarged Europe, H2 AOI decrease the prior year was driven by higher LED mix and net pricing decline due to the strong competitive environment. The South American H2 AOI decline vest per year was due to some increasing costs.

北美地區下半年AOI較上年有所改善，主要得益於銷售量和價格上漲，但部分被工業成本（主要是關稅）上漲所抵銷。歐洲市場擴大後，去年同期 AOI 下降，原因是 LED 佔比提高以及由於激烈的競爭環境而導致的淨價格下降。南美洲 H2 AOI 逐年下降是由於一些成本增加所致。

Lastly, in Middle Eastern Africa, shipments had solid growth driven by increased Stellantis production in Algeria, as well as a strong Turkish market. However, margins declined primarily due to the very competitive market environment in Turkey, which prevented FX pressures from being fully offset by net price increase.

最後，在中東非洲地區，由於阿爾及利亞 Stellantis 產量增加以及土耳其市場的強勁表現，出貨量實現了穩健成長。然而，利潤率下降的主要原因是土耳其市場競爭非常激烈，導致外匯壓力無法完全被淨價格上漲所抵銷。

Moving to our summary financial figures table, there are a couple of things I want to point out. Our net loss of EUR22 billion primarily affects our strategic shift to adjust to customer preference and in response to change in the US regulatory framework.

接下來來看我們的財務數據總表，有幾點需要指出。我們淨虧損 220 億歐元，主要影響我們為適應客戶偏好和應對美國監管框架變化而進行的策略轉型。

The net loss was steep, but most of the impact was non-cash, and therefore, the company's balance sheet ended the period in a strong place. Our industrial liquidity finished at approximately EUR46 billion, 30% of revenues at the upper end of the company's target range.

淨虧損很大，但大部分影響是非現金方面的，因此，公司資產負債表在該期末狀況良好。我們的工業流動資金最終約為 460 億歐元，占公司目標範圍上限收入的 30%。

Looking ahead to 2026 now. As Antonio mentioned in his opening remarks, we are confirming our 2026 financial guidance laid out at February 6. As previously disclosed, we will start reporting full year earning results on a quarterly basis, something which I know many analysts and investors have been asking for.

現在展望2026年。正如安東尼奧在開場白中提到的那樣，我們確認我們在 2 月 6 日提出的 2026 年財務指導。正如之前披露的那樣，我們將開始按季度公佈全年盈利結果，我知道許多分析師和投資者都要求這樣做。

There are also some changes in our segment report. Most importantly, we will integrate the Maserati business into the regional segments in the way that is consistent with all of the other brands. To help analysts and investors prepare for how we will report in 2026 and beyond, we'll publish in March an updated financial reference sheet which shows the updated segments and quarterly earning results for 2025.

我們的分部報告也有一些變動。最重要的是，我們將以與其他所有品牌一致的方式，把瑪莎拉蒂業務整合到各個區域市場中。為了幫助分析師和投資者了解我們將如何報告 2026 年及以後的業績，我們將在 3 月發布一份更新的財務參考表，其中顯示了 2025 年更新後的業務部門和季度收益結果。

I will now hand you back to Antonio.

現在我將把你交還給安東尼奧。

Thank you to all. Let's talk more on our return to growth in H2 '25 and the actions we have taken to keep that momentum into '26. First, let's discuss how the company is returning to top-line growth in H2.

謝謝大家。讓我們進一步討論我們在 2025 年下半年恢復成長的情況，以及我們為保持這一成長勢頭到 2026 年所採取的措施。首先，讓我們來討論一下該公司是如何在下半年恢復營收成長的。

Let's start exactly where we began with our North American inventory management. The discipline we reestablished at the end of '24, when we cleared the accumulated inventory was carefully maintained in '25, and now we see rewards for that.

讓我們從北美庫存管理的起點開始。我們在 2024 年底清理了積壓庫存後重新建立的紀律，在 2025 年得到了精心維護，現在我們看到了回報。

US based supplies ended the year at 69 days, a very healthy number. At the same time, we made good progress with our net pricing. 'That was up 2% year-over-year in H225. With these healthier dynamics, we are seeing year-over-year improvements in both sales and net revenues.

美國本土的庫存週轉天數在年底達到 69 天，這是一個非常健康的數字。同時，我們的淨定價也取得了良好進展。“與去年同期相比，H225增長了2%。”在這些更健康的市場動態下，我們看到銷售額和淨收入都實現了同比增長。

Now let's move to the actions we said we would take in '25 to strengthen the business. On growth, we launched all 10 new products in '25. Among them, the return of the Jeep Cherokee in the mid-size SUV segment, the largest segment in the world.

現在讓我們來看看我們之前承諾在 2025 年採取哪些措施來加強業務。在成長方面，我們在 2025 年推出了全部 10 款新產品。其中，Jeep Cherokee 重返中型 SUV 市場，這是全球最大的細分市場。

We also progress in the rollout of our smart cars in Europe. And Ram Dakota launch in South America that addresses the mid-size truck segment, home of the region's largest profit pool. On execution, we launched a deep reset of our quality organization, hiring over 2,000 new engineers to drive improvement.

我們在歐洲推廣智慧汽車的進程也取得了進展。Ram Dakota 在南美洲上市，瞄準了中型卡車市場，而中型卡車市場則是該地區利潤最高的市場。在執行方面，我們對品質組織進行了徹底的重組，並招募了 2000 多名新工程師來推動改進。

And finally, on profitability. We will increase production of the HEMI V-8 engine by 100,000 units in '26. We already relaunched the SRT division in the US and in Europe. We will benefit mixed gains with the recent introduction of Fiat 500 hybrid. These are only a few actions among many that will lay down a strong foundation for '26 results.

最後，談談盈利能力。我們將於 2026 年將 HEMI V-8 引擎的產量增加 10 萬台。我們已經在美國和歐洲重新啟動了SRT部門。隨著菲亞特500混合動力車的推出，我們將獲得喜憂參半的收益。這些只是眾多舉措中的一小部分，這些舉措將為2026年取得成果奠定堅實的基礎。

So let's look at the early effects of those actions. Looking at the combination of Europe and North America, starting from the left, you see net revenues in Europe and North America up 13%. In the same period, all their portfolio in North America and Europe combined is up 46%. With North America up 150% and Europe up 18%.

那麼，讓我們來看看這些行動的早期影響。從左側開始，看歐洲和北美兩地的淨收入，可以看到歐洲和北美兩地的淨收入成長了 13%。同期，他們在北美和歐洲的所有投資組合合計成長了 46%。北美地區成長150%，歐洲地區成長18%。

And then looking at the rest of the world where performance was always and already strong, we see their commercial strength keeping momentum.

然後放眼世界其他地區，這些地區的業績一直都很強勁，我們看到它們的商業實力保持了強勁勢頭。

Now turning to industrial free cash flow. We are making progress from a very difficult place. Sequentially improving in each of the last duals. We expect that progress will continue in '26 and '27 when we expect industrial free cash flow to turn positive.

現在來看工業自由現金流。我們正在從非常困難的處境中取得進展。在最後每一場對決中都取得了進步。我們預計2026年和2027年將繼續取得進展，屆時我們預計工業自由現金流將轉正。

Okay, so now that we have covered now we started the journey in '25. Let's talk about the important changes we made to position the business for long-term profitability.

好的，既然我們已經回顧了這段旅程，那麼我們就從 2025 年開始了。讓我們來談談我們為實現公司長期獲利能力所做的重要改變。

Starting in the US. We are investing to dramatically improve our market coverage while improving the utilization of our US manufacturing footprint. This $13 billion investments over four years is a strategic long-term business decision designed to drive big growth.

從美國開始。我們正在加大投資，以大幅提升市場覆蓋率，同時提高美國製造基地的利用率。這項為期四年、總額達 130 億美元的投資是一項旨在推動大幅成長的策略性長期商業決策。

Under this plan, we will introduce five new vehicles and complete the renewal of our current line-up with 19 additional product actions. At the same time, we will deliver to our customers freedom of choice in powertrains with innovative new EV, BV, hybrids, and Ranger standard products.

根據該計劃，我們將推出五款新車型，並透過 19 項額外的產品措施完成現有產品陣容的更新。同時，我們將透過創新的新型電動車、混合動力車、混合動力車和 Ranger 標準產品，為我們的客戶提供動力系統方面的自由選擇。

And it is exactly that freedom of choice that takes us to the next light. And why on February 6 we announced that the profound reset that puts the customer back at the center of everything we do. We have reset our organization to empower the regional teams. Reset our stakeholder relationship so that we can address challenges together. Reset our product plan and Executive Vice President-- EV supply chain to reflect real world customer demand and.

正是這種選擇的自由，將我們帶向下一個光。2月6日，我們宣布了一項意義深遠的調整，將客戶重新置於我們一切工作的中心。我們已對組織架構進行調整，以賦予區域團隊更多權力。重塑我們與利害關係人的關係，以便我們能夠共同應對挑戰。調整我們的產品規劃和執行副總裁—電動車供應鏈，以反映現實世界的客戶需求。

We are resetting our manufacturing and quality processes to deliver to our customers the experience that they deserve.

我們正在調整生產和品質流程，以便為客戶提供他們應得的體驗。

Now let's turn to 2026, the year of the execution. First, let's look at our ongoing product wave, which is critical to enable growth.

現在讓我們把目光轉向 2026 年，也就是執行死刑的那一年。首先，讓我們來看看我們正在進行的產品迭代，這對於實現成長至關重要。

In '26, we will benefit strongly from a long list of new product launched in late '25 that address wide spaces of the market, with several more being introduced in early '26. Our product wave paves the way for us to grow in the right segments. For example, it includes our mid-size SUV offensive in the US, the largest segment of the world, with our all new 26 Jeep Cherokee.

2026 年，我們將受益於 2025 年底推出的一系列新產品，這些產品涵蓋了廣泛的市場領域，此外，2026 年初還將推出更多產品。我們的產品浪潮為我們在正確的細分市場發展鋪平了道路。例如，這包括我們在美國（全球最大的細分市場）發起的中型 SUV 攻勢，其中包括我們全新的 26 款 Jeep Cherokee。

Also, our CSUV offensive in Europe, which is the largest profit pool there, now strengthened by the all new Jeep Compass and Citreon C5 Aircross.

此外，我們在歐洲的CSUV攻勢（這是那裡最大的利潤池）現在又因全新Jeep指南者和雪鐵龍C5 Aircross的推出而得到加強。

With this next slide, I just want to highlight two new models recently announced by Ram. These show the quick and decisive actions we have taken to connect again with buyers.

下一張投影片，我只想重點介紹Ram最近發布的兩款新車型。這展現了我們為重新與買家建立聯繫而採取的迅速而果斷的行動。

The return of the TRX with 777 horsepower from its supercharger HEMI V-8 and immensely capable power vegan. Those are examples of products that bring next level performance and next level appeal to some of our most demanding customers.

TRX強勢回歸，搭載增壓HEMI V-8發動機，擁有777馬力，動力強勁。這些產品為我們一些最挑剔的客戶帶來了更高水準的性能和吸引力。

Next, the Jeep Twelve4Twelve program represents an exciting reinvigoration of our Jeep Wrangler franchise with monthly drops of special editions.

接下來，Jeep Twelve4Twelve 計畫代表著我們 Jeep Wrangler 系列的激動人心的復興，每月都會推出特別版車型。

The latest, the Willys 392 has been exceptionally well received, combining the HEMI V-8 power with a more affordable price.

最新的 Willys 392 受到了熱烈歡迎，它將 HEMI V-8 引擎的動力與更實惠的價格相結合。

Now, a couple of important topics outside the US starting with Leapmotor. We had an incredible first full year of the partnership with around 50,000 units shipped in '25. And we are accelerating across multiple dimensions.

現在，我們來談談美國以外的幾個重要話題，首先是 Leapmotor。合作的第一年我們取得了令人難以置信的成績，2025 年出貨量約為 50,000 台。我們正在多個維度上加速發展。

We continue our commercial expansion in Europe not only with additional products. But with local production in our plant in Spain, planning to start in the second half of '26. This will be followed by South America, where we intend to start local production in our Pernambuco plant with big commercial expansion there too. So stay tuned.

我們不僅透過增加產品，還在繼續拓展在歐洲的商業版圖。但我們計劃在西班牙的工廠進行在地化生產，預計從 2026 年下半年開始。接下來我們將進軍南美洲，計劃在伯南布哥州的工廠開始在地化生產，並在那裡進行大規模的商業擴張。敬請期待。

Next, let's turn to the smart card platform. Those vehicles that are becoming a bigger part of what we do both in Europe and in the rest of the world. This platform was designed to produce affordable multi-energy vehicles. Those include Citroen C3, Citroen C3 Aircross, Fiat Grande Panda, and Opel Frontera all already in the market.

接下來，我們來看看智慧卡平台。這些車輛在我們歐洲和世界其他地區的業務中正扮演著越來越重要的角色。該平台旨在生產價格適中的多能源汽車。其中包括雪鐵龍 C3、雪鐵龍 C3 Aircross、Fiat Grande Panda 和歐寶 Frontera，這些車型目前都已上市。

These smart car vehicles go very well with 325,000 orders collected in '25, and an order book which is up 80% year-over-year.

這些智慧汽車銷量非常好，2025 年共收到 325,000 輛訂單，訂單量較去年同期成長 80%。

Now we'll walk through high-level regional updates, starting with North America. As we have touched on, the return to growth was strongest in North America in H2, and the product we will continue that momentum as we begin '26.

現在我們將逐一介紹各地區的最新情況，先從北美開始。正如我們之前提到的，下半年北美地區的成長最為強勁，我們將在 2026 年初繼續保持這一勢頭。

In H2 we achieved a 4% growth in sales. Improved our market share by 20 basis points and grew our order book by 150%. That continues to be a huge long-term opportunity for us. With more details to come at our investor day in May.

下半年我們的銷售額成長了4%。市佔率提高了 20 個基點，訂單量增加了 150%。這對我們來說仍然是一個巨大的長期機會。更多詳情將在五月的投資者日上公佈。

Now Europe. Here we continue to have strong positionings. Number two in overall share, number one in B segment, number one in light commercial vehicles. Building on this, we have product tailwinds that will help us in each of the A, B, and C segments in '26.

現在是歐洲。我們在此領域持續保持強大的市場地位。整體市佔率排名第二，B級車市佔率排名第一，輕型商用車市佔率排名第一。在此基礎上，我們擁有產品優勢，這將有助於我們在 2026 年在 A、B 和 C 三個細分市場取得成功。

At the same time, the regulatory dynamics present real headwinds for the industry and our customers, in particular in the light commercial vehicle business. The trajectory of electrification demanded by regulators for light commercial vehicles is nowhere near real market demand. And we continue urging practical solutions in our engagement with institutions and policymakers.

同時，監管動態為業界和我們的客戶帶來了真正的阻力，尤其是在輕型商用車產業。監管機構要求的輕型商用車電氣化發展路徑與實際市場需求相去甚遠。我們將繼續敦促各機構和政策制定者提出切實可行的解決方案。

Now for the rest of the world. South America continues to maintain its number one shared position. The Ram Dakota launched in Argentina in December and will launch in Brazil in March, entering into the very attractive mid-size truck market.

現在來說說世界其他地方。南美洲繼續保持其全球排名第一的地位。Ram Dakota 於去年 12 月在阿根廷上市，並將於今年 3 月在巴西上市，進軍極具吸引力的中型皮卡市場。

In the Middle East and Africa, we have improved our market share and have seen shipment up 9%. We are deepening the roots in the region by expanding local production. Lastly in China, in India, the Pacific, shipments growth up to 18% year-over-year.

在中東和非洲，我們的市場佔有率有所提高，出貨量增加了 9%。我們正透過擴大本地生產來加深在該地區的發展根基。最後，在中國、印度和太平洋地區，出貨量年增高達 18%。

Well, a quick reminder of our upcoming Investor Day on May 21, where we will communicate in detail our new strategic plan. The registration for this event is now open. You can register now online and we look forward to welcoming you in May to Auburn Hills or virtually on the webcast.

提醒一下，我們將於 5 月 21 日舉行投資者日活動，屆時我們將詳細介紹我們的新策略計畫。本次活動的報名現已開放。您現在可以在線註冊，我們期待五月在奧本山或透過網路直播歡迎您的到來。

Before opening to your questions, let me recap the key points from today's presentation. H2 '25 saw a return to top-line growth as we executed a deep reset of our business to put the customer back at the center of everything we do.

在回答各位問題之前，讓我先回顧一下今天演講的要點。2025 年下半年，我們實現了營收成長，因為我們對業務進行了徹底的調整，將客戶重新置於我們一切工作的中心。

As we move into '26, which will be the year of execution, we expect to see progressive performance across all our business KPIs.

隨著我們邁入 2026 年，也就是執行之年，我們期望在所有業務 KPI 方面都能看到穩定提升的表現。

Thank you. And now we'll ask our operator Tibo to open up the line for questions.

謝謝。現在我們請接線生蒂博開通提問專線。

(Operator Instructions)

（操作說明）

Jose Asumendi, JPMorgan.

Jose Asumendi，摩根大通。

Thank you very much. It's Jose Asumendi. Thank you, Antonio, Joao. One question, one related to follow-up. When it comes to Europe, it looks like you may need to take larger restructuring measures to turn the business profitable. We see that market share is rebounding thanks to the strong product lineup, but you could potentially argue that it's coming at the expense of incentives.

非常感謝。他是何塞·阿蘇門迪。謝謝你，安東尼奧，若昂。一個問題，一個與後續工作相關的問題。就歐洲市場而言，你可能需要採取更大規模的重組措施才能讓企業轉虧為盈。我們看到，由於強大的產品陣容，市佔率正在回升，但你可能會認為這是以犧牲激勵措施為代價的。

So can you talk a bit about Europe and whether we need larger restructuring measures to turn the business into profit making and the related follow-up, we already -- obviously, in the first quarter. Do you think the US business is starting to turn the corner and bring profits? If you could give us a call there, thank you.

那麼，您能否談談歐洲的情況，以及我們是否需要採取更大規模的重組措施來使業務扭虧為盈，以及相關的後續措施？顯然，我們已經在第一季採取了這些措施。你認為美國企業是否開始扭轉頹勢並獲利？如果您能給我們打個電話，那就太感謝了。

Okay. Thank you, Jose. Thank you very much for this very important question or the two main important and largest regions that we manage around the world, Europe and North America. So let's start with Europe. As you said, very encouraging rebound on market share and on volumes. In January, we see the same results coming for February as well. We see very strong demand for smart car products. And those will be one of the foundation for profit building in Europe in 2026. We have an older portfolio which is very large, up 80% year-over-year.

好的。謝謝你，何塞。非常感謝您提出這個非常重要的問題，這個問題涉及了我們管理的全球兩大主要區域—歐洲和北美。那麼，我們就從歐洲開始吧。正如你所說，市場佔有率和銷售量都出現了非常令人鼓舞的反彈。1月的結果，我們預期2月也會出現同樣的結果。我們看到市場對智慧汽車產品的需求非常強勁。這些將成為2026年歐洲獲利成長的基礎之一。我們有一個規模非常大的老投資組合，比去年同期成長了 80%。

We also see our strong position, our immense strength in light commercial vehicles in Europe, where we have a dominating position in the market with a market share of around 30%. And obviously this is the second lever for a profit building in '26.

我們也看到了我們在歐洲輕型商用車領域的強大地位和巨大實力，我們在該市場佔據主導地位，市場份額約為 30%。顯然，這是 2026 年實現盈利的第二個槓桿。

Obviously, Europe stays a tough environment where regulation still is unclear, and we are engaging the policymaker to talk about regulation mainly on light commercial vehicles where we understand it is very urgent a change of rules.

顯然，歐洲仍然是一個充滿挑戰的環境，監管仍然不明朗，我們正在與政策制定者溝通，討論主要針對輕型商用車的監管問題，我們了解到，這方面的規則亟需改變。

In North America, what we are seeing in January is, again, market share up, I believe around 0.3% year-over-year. We see new products coming into the inventory of our dealers. Much expected Jeep Cherokee will be visible in March to our dealers. Charger SIXPACK, where we have already launched the high, higher trim, and we will complete the lineup of this important IC model with three additional trims.

在北美，我們看到1月份的市佔率再次上升，我認為年增約0.3%。我們看到經銷商的庫存中不斷湧入新產品。備受期待的Jeep Cherokee將於3月在我們的經銷商處亮相。Charger SIXPACK，我們已經推出了高配版，我們將透過三個額外的配置來完善這款重要的 IC 車型的產品線。

They will represent 90% of the total volume and obviously profit coming from additional production of trucks. Light duty and heavy duty and very strong demand of deviator engine Hemi.

它們將佔總產量的 90%，利潤顯然來自卡車的額外生產。輕型和重型引擎對偏轉式Hemi引擎的需求非常旺盛。

On the cost structure of Europe and North America, we are working a lot. Obviously, higher detail will be disclosed to you in the best of day. Thank you very much.

我們正在針對歐洲和北美的成本結構進行大量工作。顯然，更詳細的資訊將在最好的時候告知您。非常感謝。

Michael Tyndall from HSBC.

匯豐銀行的麥可‧廷德爾。

Yeah, hi, thanks, gents. I wonder if I could just ask one, well, a couple, as it were, just on operating leverage in North America, very strong shipment growth, circa 7 billion increase in revenues year on year, but the volume dropped through seemed to be quite low on that revenue.

嗨，謝謝各位。我想問一個，或者說幾個問題，關於北美地區的經營槓桿，出貨量增長非常強勁，收入同比增長約 70 億美元，但銷量下降幅度似乎與收入不成正比。

I wonder if this is part of the rebuilding relationships, whether that means that the business is perhaps going to take a bit longer to get to that cadence in terms of operating leverage and then sort of related South America just on the Brazilian real impact on industrial performance. Could you just unpack that a little bit for us? Is the cost base not in real or is there some other factor there that's driving that? Just trying to figure out, what happens going forward on the margins in South America. Thanks.

我想知道這是否是重建關係的一部分，這是否意味著企業可能需要更長的時間才能在營運槓桿方面達到那種節奏，然後南美洲的情況，特別是巴西對工業績效的實際影響。能稍微解釋一下嗎？成本基礎是否不真實，還是有其他因素導致了這種情況？我只是想弄清楚，南美洲邊緣地區未來會發生什麼。謝謝。

But well, thank you very much for this question. So what happened in the H2 '25 in North America is a very strong growth in volume, as you said, it is very encouraging. This is commercial momentum that we will strongly carry on into 2026.

不過，非常感謝你的提問。正如你所說，2025 年下半年北美地區的銷售量實現了非常強勁的成長，這非常令人鼓舞。我們將把這種商業勢頭強勁地延續到 2026 年。

We also had the pricing up, as you mentioned. And what we had is some mixed effect driven by light duty and heavy duty truck production, a little constrained by technical issues that we have in the ramp up of our plants that now we have -- basically entirely solve it. So what we see for 2026 is mixed improvement driven by light duty and heavy-duty additional production, mainly due to very high demand of the HEMI V-8 engine.

正如您所提到的，我們也已經公佈了價格。我們所經歷的是輕型和重型卡車生產帶來的一些混合影響，同時也受到我們工廠產能提升過程中遇到的技術問題的製約，而現在我們已經——基本上完全解決了這些問題。因此，我們看到 2026 年的情況是，輕型和重型車輛產量增加推動了混合改善，這主要是由於 HEMI V-8 引擎的需求非常高。

Also mixed with improving '26 because we will build and sell less PHEV. So those are the major driver of the growth of North America in profitability in '26, and this growth will be the largest contributor in the world for the Stellantis profitability.

同時，由於我們將減少插電式混合動力車的生產和銷售，因此也需要改進 '26 款車型。因此，這些是 2026 年北美獲利能力成長的主要驅動因素，而這一成長將成為 Stellantis 全球獲利能力的最大貢獻者。

Now let's move to South America, which is your second part of your important question. So in South America, in H2, we see two things.

現在讓我們轉到南美洲，這是你重要問題的第二個部分。所以在南美洲，在 H2 階段，我們看到了兩件事。

One, cost structure in Brazil impacted by FX headwinds, at 426 will be keen in doing two things, reducing cost technically and recovering price difference.

第一，巴西的成本結構受到外匯逆風的影響，426 將熱衷於做兩件事：從技術上降低成本和彌補價格差異。

Then we go to Argentina and to Argentina, what we see in H2 '25 is price not fully recovered, the strong devaluation of the Argentinian pesos, and that will be for sure the focus of '26 of the team.

然後我們來到阿根廷，在 2025 年下半年，我們看到的是價格尚未完全恢復，阿根廷比索大幅貶值，這肯定會是球隊 2026 年的重點。

Now South America is a big contributor to our profitability. South America enjoys a very large leadership position in the market. With us number one and number two, which is less than half of our market share. Based on that, we will build profitability for '26. Again, working on price and cost, both in Brazil and Argentina.

如今，南美洲對我們的獲利貢獻巨大。南美洲在市場上佔據著非常大的領先地位。我們排名第一和第二，市佔率不到我們總市佔率的一半。在此基礎上，我們將為 2026 年實現盈利。再次強調，我們正在研究巴西和阿根廷的價格和成本問題。

And Joao, if you want.

如果你願意的話，還有若昂。

Something just on South America, on the industrial cost, on the second half the prior year, there is also an impact of the one of the specific items that we, communicate on February 6 and we've repeated, at this call, it's a provision for a supplier, and part of that provision was recorded in South American industrial costs.

僅就南美洲而言，就工業成本而言，去年下半年，還有一項具體項目的影響，我們在 2 月 6 日宣布，並在本次電話會議上重申，這是一項供應商準備金，其中一部分已計入南美洲工業成本。

So there is a portion of the industrial costs, negative impact in the second half of 2025 that it's not going to carry over to '26.

因此，2025 年下半年的部分產業成本和負面影響不會延續到 2026 年。

Thank you got it, brilliant, thank you.

謝謝，明白了，太棒了，謝謝。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Great, thank you, everyone. Wanted to ask a question on the mid-single-digit, revenue growth outlook for 2026. I was hoping you could provide a bit more color on some of the market assumptions for the US and Europe as well as perhaps some of your market share assumptions. I asked because it seems like the outlook might be a little bit conservative just relative to some of the US retail sales targets, at least we've seen reported out there for the company. So hoping to get a little bit more detail on the assumptions behind that outlook. Thank you.

太好了，謝謝大家。我想問一下關於2026年中等個位數營收成長前景的問題。我希望您能更詳細地說明您對美國和歐洲市場的一些假設，以及您對市場份額的一些假設。我這麼問是因為，相對於一些美國零售銷售目標而言，這個前景似乎有點保守，至少我們看到的有關該公司的報導是這樣的。所以希望能更詳細地了解這種觀點背後的假設。謝謝。

Yes, first, on the market assumptions, we are forecasting, North America to be -- it's slightly down about 2% year-over-year in terms of total market in Europe about flat. And as we talked, before, and Antonio also explaining the growth that we expect to see it's on the back of the new vehicles.

是的，首先，根據市場假設，我們預測北美市場將年比略微下降約 2%，歐洲市場整體將基本持平。正如我們之前討論的那樣，安東尼奧也解釋了我們預期會看到的成長，這得益於新車型的推出。

In North America, the HEMI and the Ram Express, the Jeep Cherokee, the Dodge Charger and in Europe it's the finalization of the ramp up of the smart car so we are very excited about the demand that we are seeing on those products, and that's basically what's going to drive the revenue growth. So I'm sure Antonio you want to add something here.

在北美，HEMI、Ram Express、Jeep Cherokee、Dodge Charger 等車型備受青睞；在歐洲，smart 汽車的量產也即將完成，我們對這些產品的需求感到非常興奮，而這基本上也將推動營收成長。所以我相信安東尼奧，你肯定也想在這裡補充些什麼。

No, you said it all. We are seeing a big response of the market on what we are launching. A lot of expectation for the Jeep Cherokee, a lot of expectation for the Hemi, a lot of expectation for no charge IC. As I said, we are completing lineup with additional three [rims] that we are launching this week. So we see North America in a context of, let's call it stable industry, potential market growth available to us because of the new products are all launching in white spaces of the market for us. Thank you.

不，你已經說得很清楚了。我們看到市場對我們推出的產品反應熱烈。人們對 Jeep Cherokee 寄予厚望，對 Hemi 引擎寄予厚望，對免充電 IC 也寄予厚望。正如我所說，我們將在本週推出另外三款輪轂，以完善我們的產品線。因此，我們把北美視為一個穩定的產業，由於新產品都在我們尚未開發的市場領域推出，因此存在著潛在的市場成長空間。謝謝。

Thomas Besson, Kepler Cheuvreux.

Thomas Besson，開普勒舍夫勒。

Thank you very much. I have a couple of questions as well. Maybe circling back to the earlier questions and asking that a bit more bluntly. Should we expect or can we hope to see your two main regions, North America and Europe, in positive territory, in 2026 in terms of AOI? This is the first question.

非常感謝。我也有幾個問題。或許應該回到之前的問題，更直接問。我們是否可以預期或希望看到貴公司在 2026 年北美和歐洲這兩個主要地區的 AOI 為正值？這是第一個問題。

And then the second, you've been building up your FS financial services operation quite dynamically over the last couple of years. Could you please talk about the equity addition and profit contribution in 2025, and what we could expect would be a driver to help you effectively move back to profits in the US? Thank you.

其次，在過去幾年裡，你們一直在積極發展 FS 金融服務業務。請您談談 2025 年的股權增加和利潤貢獻，以及我們可以期待哪些因素能有效地幫助您在美國恢復獲利？謝謝。

Oh, thank you very much. I will take the first part of your question. I'll leave the second part to Joao. First part of the question, the answer is very easy, is yes. Being North America, the largest engine and the largest contributor for our 26th profitable growth for Atlantis in the world. And Joao.

哦，非常感謝。我先回答你問題的第一部分。第二部分就交給若昂吧。問題的第一部分，答案很簡單，就是「是」。北美是亞特蘭提斯在全球實現第 26 次獲利成長的最大引擎和最大貢獻者。還有若昂。

Yeah, so, the first comment here is just to reinforce that we are fully committed with our financial sales and especially the financial sales in US we see that as a huge opportunity for growth to support the OEM sales, increase loyalty and obviously generate.

是的，首先我想強調的是，我們全力投入金融銷售，尤其是在美國的金融銷售，我們認為這是一個巨大的成長機會，可以支持OEM銷售，提高客戶忠誠度，並創造收益。

AOI and cash flow, we expect, to continue to grow in 2026. The act contribution that we are forecast for 2026, it's similar to what we have done net of dividends in 2025 for SFS, overall. SFS globally in the -- in 2025 had the impact of some of the specific items. Two of them it's the UK fines and, the -- we have residual. So definitely SFS will be a big contribution for the year of the year pro improvement portals globally.

我們預計，2026 年 AOI 和現金流將持續成長。我們預期 2026 年的貢獻金額與我們 2025 年 SFS 扣除股利後的淨貢獻金額大致相同。SFS在全球範圍內——到2025年，一些具體項目產生了影響。其中兩項是英國的罰款，還有──我們還有剩餘部分。因此，SFS 無疑將為全球年度最佳專業提升入口網站做出巨大貢獻。

Thank you.

謝謝。

Patrick Hummel, UBS.

Patrick Hummel，瑞銀集團。

Yeah, hi, it's Patrick from UBS. Thanks for taking my question. The first one is on your investments. They came down quite a bit in the second half of the year, and from a conversation I had earlier today with, and it seems like 2026 is not going to see any increases in investments.

你好，我是瑞銀集團的派崔克。謝謝您回答我的問題。第一個問題是關於你的投資。下半年投資額大幅下降，而且根據我今天早些時候與某人的談話，2026 年似乎不會出現投資成長。

Can you confirm that is correct? And if so, how does that square with the $13 billion you're planning to invest in North America? You're taking money off the table elsewhere, just to understand the context of, yeah, how you got to that low CapEx or overall investment level.

能確認一下是否正確嗎？如果是這樣，這又如何與您計劃在北美投資 130 億美元相符呢？你從其他地方挪用了資金，只是為了了解你是如何達到如此低的資本支出或整體投資水平的。

And my second question. Regarding Maserati, you said you're going to integrate it into the regional accounting. Should we read that as a strategic decision that Maserati is going to remain part of the Stellantis group even after the strategic review of your entire brand portfolio? Is that a decision now already taken?

我的第二個問題。關於瑪莎拉蒂，您說過要將其納入區域會計系統。我們是否應該將此解讀為一項策略決策，即即使在對整個品牌組合進行策略評估之後，瑪莎拉蒂仍將繼續留在Stellantis集團？這個決定現在已經做出了嗎？

Oh, thank you for your question. I will take the second part of your question, and I will leave Joao answering the first part. So the overall organizational strategy for Stellantis starting from half two 2025 has been to increase the level of regionalization.

哦，謝謝你的提問。我會回答你問題的第二部分，第一部分就交給若昂來回答吧。因此，從 2025 年 2 月開始，Stellantis 的整體組織策略是提高區域化水準。

Since we strongly believe we are a strong global company with even stronger regional roots. So putting Stellantis as individual segment into the regions where it is sold is a follow-up of this execution of having our organization much more regional than before.

我們堅信我們是一家實力雄厚的全球性公司，並且擁有更強大的區域根基。因此，將 Stellantis 作為單獨的細分市場分配到其銷售區域，是我們組織比以往更區域化策略的後續舉措。

Then for details on the Maseratis on all the brand portfolio, I will invite you to attend our Investor Day May 21. Now we'll leave the first part of your question to Joao.

至於瑪莎拉蒂旗下所有品牌組合的更多詳情，我將邀請您參加我們 5 月 21 日的投資者日活動。現在，我們把您問題的第一部分留給若昂來回答。

Yeah, so, I confirm, that, we are forecasting investments to be flattish year-over-year. It includes all the commitments that we have communicated, the $13 billion for over four years, period. So the investments that we have for 2026, it's consistent to that.

是的，我確認，我們預測投資額將與去年同期基本持平。它包含了我們已傳達的所有承諾，即四年多130億美元的投入，就這麼簡單。因此，我們為 2026 年所做的投資與此是一致的。

Again, at the Investors Day, they will give you more information about how we're thinking about investments going forward. But one thing that we can anticipate is that we're going to focus on investments where we have the highest opportunity for return on capital. Thank you.

同樣，在投資者日上，他們會向您提供更多關於我們未來投資思路的資訊。但我們可以預見的是，我們將專注於那些具有最高資本回報率機會的投資。謝謝。

Thank you very much.

非常感謝。

Philippe Houchois, Jeffreies.

Philippe Houchois，Jeffreies。

Yes, thank you very much. The first question is, can you make any comments on your recent quality developments? You've told us you've updated on the cost on the cash impact. Would you say industrially speaking right now is quality trending up, down, flat? That would be helpful.

是的，非常感謝。第一個問題是，您能否對近期的品質改進發表一些看法？您已經告訴我們，您已更新了現金影響方面的成本資訊。從工業角度來看，您認為目前品質趨勢是上升、下降還是持平？那會很有幫助。

And the follow-up question is, sorry to go back to this, but this issue of operating leverage, the volume dropped through. I mean, you mix volume and mix, so we cannot separate the two and like the GM for example, separates the two, but if it feels like if you have a normal volume leverage, then the mix looks like a drag and am I misreading this and would you give an indication maybe what this normal drop through should be in North America going forward? To me it should be around 20% at least. If you have any comment on this, that'd be very helpful.

後續問題是，很抱歉又回到這個問題，但關於經營槓桿的問題，成交量下降了。我的意思是，銷量和混合度是混在一起的，所以我們不能把兩者分開，就像總經理那樣把兩者分開，但如果感覺銷量槓桿作用正常，那麼混合度看起來就會很拖累，我是不是理解錯了？您能否指出一下，未來北美正常的銷售下降幅度應該是多少？我覺得至少應該在20%左右。如果您對此有任何意見，那將非常有幫助。

Okay, I will answer starting from the second part of this question. So as I said before, there has been a mixed effect by half two or '25 driven by production of light duty and heavy-duty trucks restrained by specific operational issues that we have solved. So I can tell you very clearly that mix will improve already in quarter one a lot.

好的，我將從問題的第二部分開始回答。正如我之前所說，到 2025 年 2 月下旬，輕型和重型卡車的生產受到一些具體營運問題的限制，而這些問題我們已經解決了，這導致了喜憂參半的影響。所以我可以非常明確地告訴你，第一季混合比例就會有很大的改善。

We will increase production of light duty. We'll increase the production heavy duty, and we will follow and reflect the higher demand that we see on HEMI V-8 engine. So this is the second part of your question.

我們將提高輕型設備的產量。我們將增加重型設備的產量，並順應市場對 HEMI V-8 引擎日益增長的需求。這是你問題的第二部分。

The first part of your question is about quality. So we have changed the organization. We have put the leadership of quality in our SLT team. So in the top tier of our organization. We have recruited 2,000 additional engineers, mainly dedicated to quality improvements, and quality is improving already and a lot.

你問題的第一部分是關於品質的。因此，我們對組織結構進行了調整。我們已將品質管理的領導權賦予了我們的高階領導團隊。所以，在我們組織的頂層。我們又招募了 2000 名工程師，主要致力於品質改進，品質已經得到了顯著提高。

So we see, for instance, in the one map for services indicator. In North America, improvements in about 50%. We're seeing the same indicator one month in service in Europe improvement over 30%, and we see 20% improvement of the same indicator in South America. Now it's execution. It's daily execution that will drive even more positive momentum in quality. Thank you very much.

例如，我們在一張服務指標圖中可以看到這一點。在北美，改善幅度約為 50%。我們看到，在歐洲，一個月內同一指標的改善幅度超過 30%，而在南美洲，同一指標的改善幅度為 20%。現在是執行階段。日復一日的執行力才能帶來品質方面更大的正面動能。非常感謝。

Michael Foundoukidis from ODDO BHF.

來自 ODDO BHF 的 Michael Foundoukidis。

Yes, hi, Michael from [Oddo BHF]. Thanks for taking my questions. Two questions on my side. First, in the US, including recently you talked a lot about upcoming launches, great products, high mix, but what could you tell us about your answers and plan for more affordable options, meaning well below $40,000 to provide consumers in the current economic context in the US? That's the first question. And second one, very quick one.

是的，你好，我是來自邁克爾[Oddo BHF]。謝謝您回答我的問題。我有兩個問題。首先，在美國，包括最近您都談到了很多即將推出的產品、優秀的產品和豐富的產品組合，但是您能否告訴我們，在當前美國經濟環境下，您計劃如何為消費者提供價格遠低於 4 萬美元的更實惠的選擇？這是第一個問題。第二個問題，很快的那個。

More for Joao in terms of one-off adjustment for 2026, of course it will hopefully not be comparable to what we had last year, but even excluding last year, the average since tenancy's birth is around $3 billion per year. So could you confirm that we should assume a much lower figure than that at this point? Thank you.

對 Joao 而言，2026 年的一次性調整當然會更多，希望不會與去年的情況相提並論，但即使不包括去年，自租賃制度誕生以來的平均水平也約為每年 30 億美元。那麼，您能否確認一下，我們目前是否應該假設一個比這低得多的數字？謝謝。

Okay, I will start. So when we look at US and when we look at the sub $40,000 US dollar market for sure, this is a portion of the market where our current penetration is low, and we are investing within the $13 billion investment over the next four years also in that part of the segment. We will deliver products to be credible players.

好的，我先開始。所以，當我們審視美國市場，尤其是4萬美元以下的市場時，我們目前的滲透率確實很低，而且在未來四年內，我們還將在該細分市場投資130億美元。我們將提供產品，成為值得信賴的行業參與者。

Also in the below USD40,000 portion of market, which is very large. I will give you an example that we already announced, around additional affordability on our lineup. Well, Ram, we launch a mid-size pickup truck that we will develop now and we will launch to the market by quarter quarter four '27.

此外，在 4 萬美元以下的市場部分，也是非常龐大的市場。我將舉一個我們已經宣布過的、關於我們產品線進一步降低成本的例子。Ram，我們將推出一款中型皮卡，我們現在正在研發這款皮卡，並將於 2027 年第四季推向市場。

Now for the other part of the question, I will leave you out to answer.

至於問題的另一部分，我就留給你們來回答吧。

Thank you, Antonio. The --as we have communicated, on February 6. We have taken the vast majority of the charge in H2 2025. We do not forecast, unusual items, but if your question is specific to restructuring expense, although we don't forecast that either, I could confirm that any restructuring expense would be well below 3 billion for 2026.

謝謝你，安東尼奧。正如我們2月6日所溝通的。我們已經承擔了2025年下半年的大部分任務。我們不預測特殊項目，但如果您的問題具體是指重組費用，雖然我們也不預測這部分費用，但我可以確認，2026 年的任何重組費用都將遠低於 30 億美元。

Henning Cosman, Barclays.

亨寧·科斯曼，巴克萊銀行。

Yeah, hi Tim. Good afternoon. Good morning. Thanks for taking the question. There seems to be a huge amount of focus on this operational leverage in North America. So I was just hoping you could maybe be a little bit more precise, Antonio, with respect to the mixed drag from the inefficiencies, and at the end of 2025, which you're hoping to not repeat in the first quarter and from there in 2026.

嗨，提姆。午安.早安.感謝您回答這個問題。北美地區似乎非常重視這種營運槓桿作用。所以，安東尼奧，我只是希望你能更精確一些，關於效率低下造成的混合拖累，以及你希望在 2025 年底不會在第一季度以及 2026 年再次出現的情況。

So, that we could perhaps ourselves calculate a more sustainable operating leverage for North America. And then outside of that, if you could help us with some of the other important buckets for the North America EBIT bridge. For example, the cafe savings that you hope to have, I believe on the preliminary call we talked about some relief on DNA, attributable to some of the impairments, you were able to have, of course, non-repeated one-offs.

這樣，我們或許就能自行計算出北美更永續的經營槓桿。除此之外，如果您還能幫助我們解決北美 EBIT 橋樑的其他一些重要問題，那就太好了。例如，您希望節省的咖啡館開支，我相信在之前的電話會議上，我們討論過 DNA 的一些減值，這歸因於一些減值，當然，您能夠獲得一些非重複的一次性收益。

Anything at all that you could help us to substantiate a little bit, the positive AOI in North America that you had kindly confirmed before.

如果您能幫我們稍微證實一下您之前好心確認的北美地區的積極AOI，那就太好了。

And then the second piece, if you don't mind, in terms of others, so the other segments separate to the regions. At least, compared to my expectations, it was a little bit more negative than I had expected. So, perhaps you could tell us, what we should expect as a sustainable level for the other segment, or specifically what you think that could be in 2026. Thank you very much.

然後，如果你不介意的話，第二部分是關於其他人的，所以其他部分是按區域劃分的。至少，與我的預期相比，情況比我想像的要糟糕一些。那麼，您能否告訴我們，對於其他部分而言，我們應該期待怎樣的可持續水平？或者俱體來說，您認為到 2026 年，這個水準可能會達到什麼程度？非常感謝。

Okay. Thank you. Thank you for your question. So, on H2 '25 in North America, what we saw was volume up, as we all said, very high up, net price up. And mix offsetting a little bit. The volumes affects and the net pies affects because we produce less pickup trucks, light duty and heavy duty.

好的。謝謝。謝謝你的提問。所以，在 2025 年下半年，北美市場出現了成交量上漲的情況，正如我們所說，成交量非常高，淨價也上漲了。稍微混合一下，以抵消某些成分。銷售和淨利潤都會受到影響，因為我們減少了皮卡、輕型皮卡和重型皮卡的產量。

We had a set of operational issues in the plant that we have solved, so what we see now already in January. Is higher production or light duty, higher production heavy duty, a better mix driven by those volumes plus all the volumes of V-8 engine that is very profitable to us. So this is one of the major levers of growth for 2026. On the others I will ask Joao to answer.

我們工廠之前存在一些營運問題，現在已經解決了，所以我們在1月就看到了現在的景象。是高產量還是輕型，高產量還是重型，更好的組合是由這些產量驅動的，再加上所有V-8引擎的產量，這對我們來說非常有利可圖。所以這是2026年經濟成長的主要驅動力之一。其他問題我會請若昂回答。

Yes, okay, thank you, Antonio. So, for 2026, we expect to see, as Antonio mentioned, a volume growth on the back of the new products. We expect to see better mix, both because of the increase on, mainly light duty. But also, the reduction of BEV and especially PF volumes in 2026.

好的，謝謝你，安東尼奧。因此，正如 Antonio 所提到的，我們預計 2026 年銷售將因新產品的推出而成長。我們預計會看到更好的產品組合，這主要是因為輕型車輛的銷售增加。但同時，預計到 2026 年，純電動車（BEV）和尤其是私家車（PF）的銷量將會下降。

And we expect an improvement on the operation efficiencies both because of the non-repeat of specific items that we had in 2025, but also because of the more stable operational environment that we have plus the additional volumes.

我們預計營運效率將有所提高，這不僅是因為 2025 年某些特定項目不再重複，也是因為我們擁有更穩定的營運環境以及額外的業務量。

So, net of the headwinds that, as we know tariffs. And raw materials, we expect to be headwinds in 2026. We expect that net of those headwinds we're still going to see a positive industrial cost of operational efficiencies.

因此，扣除我們所知的關稅等不利因素後。原料方面，我們預計2026年將成為不利因素。我們預計，即使克服了這些不利因素，我們仍然會看到工業運作效率成本的正面變化。

So, the improvements in North America are primarily driven in 2026 by volume mix and operational efficiency. Those will be the key drivers. And in relation to the other segment, the biggest driver for the deterioration in 2025 was on financial sales due to the charges that we have taken there.

因此，2026 年北美地區的改善主要由銷售結構和營運效率推動。這些將是關鍵驅動因素。至於其他部分，2025 年業績惡化的最大驅動因素是金融銷售，因為我們在那裡提列了費用。

So for 2026, we expect a large improvement year-over-year because of no repeat of the charge and we continue the improvement on the financial services business. Thank you.

因此，我們預計 2026 年將出現年比大幅改善，因為不會再次發生此類費用，而且我們將繼續改善金融服務業務。謝謝。

Thank you very much.

非常感謝。

Harald Hendrikse, Citi.

哈拉爾德·亨德里克塞，花旗集團。

Yeah, thank you so much for taking my question. Just wanted to ask a little bit more about your assumptions regarding the market and specifically market pricing in 2026. You have lots of new products. I know they're white space for you, but they're obviously not white space for the market. And you have some really strong competitors, Toyota, specifically Hyundai, maybe GM in a lot of the white spaces you're looking at.

是的，非常感謝您回答我的問題。我想再問一下您對 2026 年市場，特別是市場定價的一些假設。你們有很多新產品。我知道它們對你來說是空白市場，但對市場來說顯然不是。而且你還有一些非常強大的競爭對手，像是豐田，特別是現代，還有通用汽車，在你關注的許多空白領域都是如此。

So, can you talk a little bit about what you're expecting for the pricing environment in the market and how you expect your competitors, to react to your new product? I doubt that they will do nothing. And then in the rest of the world, European pricing obviously was dramatically negative in the second half of 2025.

那麼，您能否談談您對市場定價環境的預期，以及您預期您的競爭對手會對您的新產品作何反應？我懷疑他們不會什麼都不做。而在世界其他地區，歐洲的定價在 2025 年下半年顯然出現了大幅下滑。

I think your competitors are kind of saying the same thing. Chinese competition is obvious, not just in Europe, but also in EBITDA and South America. Should we expect that to continue and remain as negative? And again, how can you deal with that, environment? It seems like a very difficult environment to improve profitability strongly. Thank you.

我認為你的競爭對手也表達了類似的觀點。中國的競爭顯而易見，不僅在歐洲，而且在 EBITDA 和南美也是如此。我們是否應該預期這種情況會持續下去，並保持負面狀態？那麼，環境問題該如何解決呢？在當前環境下，大幅提升獲利能力似乎非常困難。謝謝。

Yeah. So, first on the US. We expect the market, and also ourselves to be -- to stay stable to a slightly positive price environment. As the tariff impact continues to have an effect and the market has not priced for the tariffs yet.

是的。首先，我們來看美國的情況。我們預期市場以及我們本身都將保持穩定，處於略微上漲的價格環境。由於關稅的影響仍在持續，而市場尚未將關稅因素納入定價。

For Europe, we expect to just to continue a strong competitive environment so we continue to expect a price pressure in Europe globally for instance that we expect the price should be basically flat with some positives in North America of setting price pressure in Europe.

對於歐洲，我們預計競爭環境將繼續保持強勁，因此我們預計歐洲全球價格將繼續承壓，例如，我們預計價格將基本保持平穩，北美的一些利好因素將對歐洲的價格構成壓力。

Emmanuel Rosner, Wolfe Research.

Emmanuel Rosner，Wolfe Research。

Great, thank you so much. My first question is to follow-up on CapEx. Obviously your CapEx was down by about 3 billion, last year. You're maintaining it at this lower level in 2026. I wasn't super clear on the, go forward basis. Are you constraining it in the near term because obviously, there's some free cash flow consideration.

太好了，非常感謝。我的第一個問題是關於資本支出的後續情況。顯然，你們去年的資本支出減少了約30億美元。你們在 2026 年將其維持在這個較低水準。我不太清楚下一步該怎麼做。您是否因為考慮到自由現金流問題而在短期內對其進行限制？

Is this the new sustainable level, or do you anticipate having to spend more in '27, '28 in order to achieve some of, the projects and investments and if so, how do we get comfortable with the 2027 positive free cash flow, and then I have a follow-up.

這是新的永續發展水準嗎？還是您預計在 2027 年、2028 年需要投入更多資金來實現一些專案和投資？如果是這樣，我們如何確保 2027 年的自由現金流為正？接下來我還有一個問題。

So, we expect to see cutbacks increasing, in the coming years, and we will talk more about that on the Investors Day.

因此，我們預計未來幾年裁員將會加劇，我們將在投資者日上對此進行更詳細的討論。

And the cash flow policy for 2027 will be on the back of the continuous volume increase as we continue to launch new products and ramp up the ones that we have launched right now and continue the operational efficiencies that we are driving will continue to drive. Tony just mentioned early improvements in quality, so we believe we have a lot of opportunities on the industrial cost that we're going to pursue this year and next year.

2027 年的現金流政策將以持續的銷售成長為基礎，因為我們將繼續推出新產品，擴大目前已推出產品的規模，並繼續推動我們正在推動的營運效率提升。Tony 剛才提到了品質方面的早期改進，因此我們相信，我們在今年和明年將努力降低工業成本，並有很多機會來實現這一目標。

The next question.

下一個問題。

My follow-up question if I could. Yes, please, just wanted to, I think, you made some announcement today around this, Leapmotor. I'm just curious if you could just articulate for us how does this help, European profitability.

如果可以的話，我想問一個後續問題。是的，謝謝。我想說的是，Leapmotor，你們今天好像就此事發布了一些公告。我只是好奇您能否具體說明一下，這對於提高歐洲的獲利能力有何幫助。

Yeah, so obviously we will have time May 21 to talk about that -- about Europe, about Leapmotor in Europe and in the world, but this is a partnership that is very strong for us commercially since we are accelerating our market reach in Europe, in South America, and in Middle East Africa.

是的，顯然我們會在 5 月 21 日抽出時間來談談這件事——關於歐洲，關於 Leapmotor 在歐洲和世界範圍內的發展，但從商業角度來看，這是一個非常強大的合作夥伴關係，因為我們正在加速拓展我們在歐洲、南美和中東非洲的市場。

But also it's a technical partnership that will help us in getting to higher level of competitiveness, especially with electric cars, and this is very important for Europe. And a partnership that will improve our collaboration also on the new tax development.

但這也是一項技術合作，它將幫助我們提升競爭力，尤其是在電動車領域，這對歐洲來說非常重要。並且，這種夥伴關係也將改善我們在新稅收發展方面的合作。

That is all for now. I invite you to join our May 21 Investor Day.

今天就到這裡。我誠摯邀請您參加我們5月21日的投資者日活動。

Horst Schneider, Bank of America.

霍斯特·施耐德，美國銀行。

Yes, thank you. My first question is on Middle East and South America. So in a way, the third engine region. You have been clear on your expectations for North America and Europe. Could you maybe also outline your expectations specifically for these two regions?

是的，謝謝。我的第一個問題是關於中東和南美洲的。所以從某種意義上來說，這是第三個引擎區域。您已經明確表達了對北美和歐洲市場的期望。您能否具體談談您對這兩個地區的期望？

My perception is what I see for January, for example, is that your sales were more or less, down, in some cases down a lot in Middle East and South America.

例如，就我觀察，1月份你們的銷售額或多或少有所下降，在中東和南美的一些地區，下降幅度甚至很大。

So what should we expect here in terms of trade-off, volume and price, given that the Chinese competition is increasing in these regions a lot.

鑑於中國企業在這些地區的競爭日益激烈，我們應該對權衡取捨、銷售和價格抱持怎樣的預期？

And that takes me also to the follow-up question with regard to volume and price. You have been clear that you expect this volume increase and you expect flattish price. Just in case, what has got for you priority from here? Let's assume that the competitive pressure increases by the Chinese globally. Would you have a higher emphasis on volume or on price? Thank you.

這也引出了關於銷售和價格的後續問題。您已明確表示預期銷售量將成長，並預期價格將保持穩定。以防萬一，你現在最優先考慮的是什麼？假設中國在全球範圍內的競爭壓力不斷增加。你會更注重銷量還是價格？謝謝。

Okay. No, thank you for your question. So for both South America and Middle Eastern Africa, we see increasing volumes in 2026. Generally specific month for South America and also for Middle Eastern Africa, but our vision is higher business and higher volumes for '26.

好的。不，謝謝你的提問。因此，我們預計到 2026 年，南美洲和中東非洲的銷量都會增加。通常來說，南美洲和中東非洲地區會在某個特定月份進行銷售，但我們的願景是 2026 年實現更高的業務量和更大的銷售量。

What we will force it globally in '26 is profitability, and we know we have a large volume opportunity because we are launching especially in North America where obviously Chinese competition is not there. Many new products, but what we are pursuing is to grow with profitability. Thank you.

我們將在 2026 年在全球範圍內實現盈利，我們知道我們有很大的銷售機會，因為我們尤其是在北美推出產品，而北美顯然沒有中國競爭對手。我們推出了許多新產品，但我們追求的是實現獲利成長。謝謝。

Stuart Pearson, Oxcap Analytics.

Stuart Pearson，Oxcap Analytics。

Yeah, good afternoon, thank you for taking my question. So, quickly on working capital, can you just give us some indication what your expectations there and especially excluding any impact in that line item from obviously the cash cost of restructuring going to suppliers. So, is that a tailwind? That this year and with that in mind when we think about free cash flow this year, X, those cash restructuring costs, given what you're saying on all the KPI line items improving, is it possible that that's positive X, the restructuring this year.

是的，下午好，謝謝您回答我的問題。那麼，關於營運資金，您能否簡要說明一下您的預期，特別是排除重組現金成本（支付給供應商）對該項的影響。所以，這是順風嗎？今年，考慮到這一點，當我們考慮今年的自由現金流時，X，即現金重組成本，鑑於您所說的所有 KPI 項目都在改善，今年的重組是否有可能產生積極影響？ X，即今年的重組。

And then the follow-up is more just a bigger picture on the strategy, Antonio, I guess, ahead of the capital markets day. I mean, I know you're going to tell us to wait a lot for that, fair enough, but just so we know what to expect, is this more of a -- I guess, an operational plan, or is it a bigger strategic? Or is it, by which I mean, is it more of just execution improving on quality, improving efficiency, a lot of the things that you've mentioned, or could we see some more radical decisions, that you're preparing as well as you've been working on this plan, for some time. Thank you.

然後，後續內容更多的是關於策略的宏觀展望，安東尼奧，我想，這是為了迎接資本市場日。我知道你們會讓我們等很久，這沒問題，但為了讓我們知道該期待什麼，這更像是一個——我猜，一個運營計劃，還是一個更大的戰略計劃？或者，我的意思是，這更多的是在執行層面提高品質、提高效率，以及你提到的許多其他方面，還是我們會看到一些更激進的決策，因為你已經為此計劃準備了一段時間了？謝謝。

Oh, thank you very much. I will answer to the second part of your question, and I -- we leave Joao to answer to the first part of your question.

哦，非常感謝。我會回答你問題的第二部分，至於你問題的第一部分，就交給若昂來回答吧。

So obviously I invite you May 21, but I can anticipate to you that we will see both things, right? We will see a very strong focus on operational execution and operational efficiency improvement. This is quality. This is time to market. This is obviously industrial productivity.

所以我誠摯地邀請您參加 5 月 21 日的活動，但我可以預見到我們將會看到這兩件事，對吧？我們將重點放在營運執行和營運效率的提升。這是品質。現在正是上市的好時機。這顯然是工業生產力。

But also we will see, I must say a lot of answers to all the other strategic items that we have all in our minds. So stay tuned and again I invite you to join us in Auburn Hills May 21, Joao.

但同時，我也必須說，我們將看到我們心中所有其他戰略問題的許多答案。敬請期待，Joao，我再次邀請你於5月21日與我們相聚奧本山。

Okay, on the working capital just to remind what we said on February 6 is that of the charge that we have announced the cash out will be 6.5 billion of which 2 billion in 2026 and of that 2 billion, 1 billion it's in Q1. But if we exclude this 2 billion, payments in 2026 working cap would be a tailwind primarily due to the volume growth that we are forecasting for this.

好的，關於營運資金，提醒一下我們在 2 月 6 日說過的話，我們宣布的支出將為 65 億，其中 20 億將在 2026 年支出，而這 20 億中，10 億將在第一季支出。但如果我們排除這 20 億，2026 年的支付額將主要得益於我們預測的銷售成長，帶來利多。

So excluding payments, working capital will be at the tailwind. On the cash flow positive excluding payments, we have no other comments, as to what we have already communicated in our guidance.

因此，撇開支付款項不談，營運資金將處於有利地位。對於不計入付款的現金流為正的情況，我們沒有其他評論，這與我們在我們的指導方針中已經傳達的內容一致。

Thank you.

謝謝。

Christian Fisch, Goldman Sachs.

克里斯蒂安·費什，高盛。

Yes, hello, thanks for taking my question. Can you hear me? Hello?

是的，你好，謝謝你回答我的問題。你聽得到我嗎？你好？

Yes, I can hear you.

是的，我聽得到你說話。

Great, thank you very much. So you took an exceptional significant warranty charge in H2 2025. Could you help me understand how your warranty run rate in North America and Europe will change as we move from 2025 into 2026? That's my first question.

太好了，非常感謝。所以您在 2025 年下半年支付了一筆數額龐大的保固費用。能否請您幫我了解一下，從 2025 年到 2026 年，貴公司在北美和歐洲的保固運作率將如何變化？這是我的第一個問題。

And my second question, has to do with the CAFE, opportunity, the elimination of some of the penalties. And from Kathy, what sort of opportunity that presents. I heard Henning's question earlier on, and you don't seem to be willing to answer the question. And I'm just wondering, could you help me understand why, you would be unwilling to answer? Is it because it's not such a significant opportunity in 2026 and it's a longer-term story, or just as you could, or is it just conservatism or what have you, if you could just help clarify sort of your stance on that.

我的第二個問題與 CAFE 計劃、機會以及取消一些處罰有關。而凱西認為這會帶來怎樣的機會呢？我之前聽到了亨寧的問題，但你似乎不願意回答這個問題。我只是想知道，您能否幫我理解一下，為什麼您不願意回答這個問題？是因為2026年這不是一個重要的機遇，而是一個更長遠的故事，還是僅僅因為您可以這樣做，或者只是出於保守主義或其他原因？如果您能幫忙澄清一下您在這方面的立場，那就太好了。

And then the third one is -- just the detailed sort of housekeeping question. I can also follow-up with Ed after the call, but I'll ask it now. You appear to have restated the components of the profit bridge in the H1 '25. So for North America and Europe, when I look at the profit bridge. So for example, for North America, H1 '25, your net price was reported at the time to be negative 1.2 billion, but the stated number appears to be negative 1.5 billion. I'm just trying to understand what's behind that. I can also follow-up with that.

第三個問題是──一些比較具體的家務問題。通話結束後我也可以再跟 Ed 確認一下，但我現在就問。您似乎在 H1 '25 中重新闡述了利潤橋的組成部分。所以對於北美和歐洲來說，當我審視利潤橋樑時。例如，對於北美地區，2025 年上半年，當時報告的淨價為負 12 億美元，但公佈的數字似乎是負 15 億美元。我只是想弄清楚背後的原因。我也可以跟進此事。

Thank you.

謝謝。

Okay, I guess you asked what level of opportunities new CAFE regulation are providing to us, if this is your question. The major opportunity that we will -- yeah, please go ahead.

好的，我猜你是想問新的 CAFE 法規能帶給我們哪些機遇，如果這是你的問題的話。我們將迎來一個重大機會——好的，請繼續。

No, that is my question, yeah, sorry.

不，這是我的問題，抱歉。

Yes. So I didn't understand that before and I apologize for that, but the main opportunity that this new regulation will provide to us and we will absolutely pursue it is to improve our mix of production and sales, profit optimizing in North America. That means basically US.

是的。我之前沒理解這一點，對此我深表歉意。但這項新規將為我們帶來的主要機遇，也是我們一定會抓住的機遇，是改善我們在北美的生產和銷售組合，以實現利潤最大化。基本上是指我們。

We will sell less PHEV and more IC. And on the IC side, we have the advantage to launch now HEMI V-8 engine and we are setting up our production to produce 100,000 units more in '26 than in '25.

我們將減少插電式混合動力車的銷量，增加內燃機汽車的銷售量。在內燃機方面，我們現在有優勢推出HEMI V-8發動機，我們正在調整生產計劃，爭取在2026年比2025年多生產10萬台。

Of overall V-8 engine which is obviously very positive in this and I hope that this is the answer that we are expecting. Now we leave you out to to answer to the rest of your questions.

就整體而言，V-8 引擎顯然是一個非常積極的方面，我希望這就是我們所期望的答案。現在剩下的問題就留給你們自己回答吧。

On the third question on the walk, we didn't restate anything, but there is. The way that we do the walks for each one, we use the H1 '24 average margins and then for the H2 we use H2 average margins and then for the full year average margins and the same thing for FX and that's why it stacking the walks that did not work on the warranty we have provided it.

在散步過程中，關於第三個問題，我們沒有重申任何事情，但確實有。我們進行每項交易的計算方法是：首先使用 2024 年上半年的平均利潤率，然後使用 2024 年下半年的平均利潤率，最後使用全年的平均利潤率。外匯交易也是如此。這就是為什麼我們把那些不符合我們提供的保證的計算方法疊加起來的原因。

Yeah, and then on warranty we have provided a detailed schedule on February 6 and we can take offline, but the way that you should think about that is what we have booked on the P&L which we have detail on H2 that we have classified as AOI which were related to the shipments in 2026 -- 2025. The only thing that you should exclude there is the EUR500 million that were relate to the H1, and that will give you a good run rate going forward.

是的，關於保修，我們在 2 月 6 日提供了詳細的時間表，我們可以離線查看，但你應該考慮的是我們在損益表中記錄的內容，我們在下半年有詳細信息，我們將其歸類為 AOI，這些內容與 2025 年至 2026 年的出貨有關。唯一需要排除的是與上半年相關的 5 億歐元，這將使你未來獲得良好的運行率。

Okay, thank you very much.

好的，非常感謝。

Thank you.

謝謝。

Ladies and gentlemen. This was the last question. Let me now hand the call back to Mr. Antonio Filosa for the conclusion.

女士們，先生們。這是最後一個問題。現在我把電話交還給安東尼奧·菲洛薩先生，請他做最後的總結。

Very well and thank you again for joining us today. As we close today's call, I will like just to let you know this is the last call of our Head of Investor Relationship, Ed. Ed will be leaving us in the coming weeks and before that, we'll be supporting a handover to his successor, Charlie Christman, that have been with us for the last eight years working closely to our CFO Joao Laranjo.

很好，再次感謝您今天參加我們的節目。在今天的電話會議即將結束之際，我想告訴大家，這是我們投資者關係主管 Ed 的最後一次電話會議。 Ed 將在未來幾週內離開我們，在此之前，我們將協助他與繼任者 Charlie Christman 進行工作交接。 Charlie Christman 在過去的八年中一直與我們密切合作，與我們的財務長 Joao Laranjo 緊密合作。

All of us at Stellantis would like to extend our thanks to Ed and for his years of services and wish him the best for his future.

Stellantis 的所有員工都想對 Ed 表示感謝，感謝他多年來的服務，並祝福他未來一切順利。

Thank you everyone for the time and focus you have put into reviewing our results and listening to our business updates, and we look forward to talking to you regularly throughout that what we expect to be a very productive 2026. Thank you again. See you next time.

感謝各位抽出寶貴時間認真審查我們的業績報告並聆聽我們的業務更新，我們期待在2026年與各位保持定期溝通，我們預計這將是碩果累累的一年。再次感謝。下次見。