Antonio Filosa used Stellantis’ annual meeting to argue that the group is moving out of its most critical phase and that the first signs of a reversal are already starting to appear. He described 2025 as a transition year marked by economic headwinds, supply-chain problems, regulatory uncertainty, and new commercial pressure tied to tariffs.
Antonio Filosa says painful moves were needed to put Stellantis back on track
That difficult phase led to roughly €22 billion in charges announced in February 2026, with major effects on the previous year’s financial results. Filosa described those measures as painful but necessary steps to correct the course and strengthen the group’s industrial structure. He pointed to the second half of 2025 as the moment when the first improvements began to emerge in revenue, industrial cash flow, order intake, and product quality. During that same year, Stellantis launched 10 new models across combustion, electric, mild-hybrid, full-hybrid, plug-in hybrid, and extended-range electric powertrains. Management believes that product offensive should help restore volume growth over the coming quarters.
For 2026, Stellantis expects improvement across its main financial indicators, starting with revenue, margins, and industrial cash flow. Filosa tied those expectations to what management sees as a solid liquidity position and to an operating model that should prove more resilient against turbulence in the global environment. Even so, these remain projections the market has not yet had the chance to test against quarterly results.
The next major moment when Stellantis will need to give substance to these statements will come at the Investor Day on May 21 in Auburn Hills, Michigan. There, the group will present the next phase of its strategy with more clearly defined priorities and a roadmap designed to make execution easier to read. That event will give investors and analysts the chance to judge whether the path described by Filosa rests on solid enough foundations or whether the gap between management’s stated intentions and the company’s operational reality still remains too wide to justify a real shift in sentiment around the stock.
