Stellantis lost more than 10% on the Milan Stock Exchange in the session following the release of its first-quarter 2026 results, with shares falling below €6 after opening down about 7% and being suspended in the early stages of trading. The market reaction effectively reversed the reading of the financial figures, which showed year-over-year improvement across almost all key indicators, from net revenue up 6% to €38.1 billion, to a return to positive net income at €0.4 billion, and adjusted operating income of €1.0 billion with a 2.5% margin.
Stellantis stock drops after Q1 results as investors question North America
Investor concerns reportedly focused above all on the quality of the North American result. The region’s margin benefited from a €400 million tariff-related reimbursement, without which the figure would have been negative by 0.8% instead of the positive 1.6% reported by the group.
For a market that sees North America as crucial to Stellantis’ profitability, especially through brands such as Jeep and Ram, the dependence on a non-recurring item fueled caution. The progress recorded in volumes and U.S. market share, which rose to 7.9% with an 80-basis-point increase, failed to offset those concerns. Several analysts also judged cash flow weaker than expected.
The macroeconomic context amplified the decline, with Brent crude at $125, uncertainty over interest rates between Europe and the United States and a geopolitical backdrop that continues to weigh on investor confidence in the auto sector. The drop also comes during an already difficult year for the stock, which has lost more than 29% in Milan since January.
CEO Antonio Filosa described the quarter as a first step toward more sustainable growth, citing industrial progress and a 2026 product plan that includes 10 new models and 6 updates. However, the market is now focusing above all on May 21, when Filosa will present the new industrial plan during the Investor Day in Auburn Hills. On that occasion, Stellantis will need to provide more detailed indications on how it plans to recover margins, strengthen cash generation and rebuild the confidence of investors who, so far, have reacted to signs of recovery with more caution than the quarterly figures alone might have suggested.
