This report does not constitute a rating action. FRANKFURT (S&P Global Ratings) Oct. 28, 2026--Maintaining ratings stability will depend on Stellantis N.V. (BBB-/Negative/A-3) significantly cutting costs after the global carmaker reported third-quarter results that we think illustrate the challenges in restoring structurally higher profitability in current market conditions. We have revised down our projections for the company’s adjusted EBITDA margin and free operating cash flow for 2026–2027. Stellantis reported a 1% decline in consolidated shipments in the third quarter of 2026, after 11% growth in the first half of 2026, resulting in a 7% increase in consolidated wholesales for the first nine months of the year. While this was in line with our expectations, the company’s adjusted operating income margin
