Stellantis Raises Nearly 5 Billion Euros Through Bond Issue
Stellantis has announced the pricing of its offering of perpetual subordinated hybrid bonds, carried out on March 10. This issuance, structured in three tranches, aims to strengthen the capital structure and liquidity position of the automotive group.
The offering of perpetual subordinated hybrid bonds is structured in three distinct tranches. The first tranche represents 2.2 billion euros of perpetual bonds with a revisable fixed rate, featuring a non-call period of 5.25 years and an annual coupon of 6.250% until June 16, 2031. The second tranche amounts to 1.8 billion euros, also with a revisable fixed rate, featuring a non-call period of 8 years and an annual coupon of 6.875% until March 16, 2034. The third tranche reaches 865 million British pounds, with a non-call period of 6.5 years and an annual coupon of 8.250% until September 16, 2032. All tranches have a perpetual maturity.
Utilization of the Board's Authorization
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The issuance fully utilizes the authorization granted by the Stellantis board of directors to issue up to 5 billion euros of perpetual subordinated hybrid bonds, as previously communicated. The settlement of the offer is scheduled for March 16, 2026. This financial operation is part of an effort to strengthen the capital structure and liquidity position of the group.
Nos résultats pour l’année 2025 reflètent le coût d’une surestimation du rythme de la transition énergétique et la nécessité d’entreprendre un « reset » pour replacer au cœur de notre activité la liberté de choix de nos clients.
Stellantis publie les résultats annuels 2025 avec un chiffre d’affaires net de 153,5 milliards d’euros et une perte nette de 22,3 milliards d’euros, principalement due à des charges exceptionnelles. Le deuxième semestre 2025 montre une reprise de la croissance et une amélioration du free cash flow industriel. Disponibilité de liquidités industrielles à 46 milliards d’euros; le dividende 2026 est suspendu et des obligations hybrides jusqu’à 5 milliards d’euros peuvent être émises. Perspectives 2026 affirmées avec une progression attendue du chiffre d’affaires net, de la marge AOI et du free cash flow industriel; accélération attendue entre H1 et H2 2026.
Outlook / guidance
Expected revenue: Prévision d’un chiffre d’affaires net en hausse de milieu à un chiffre pour 2026, avec une amélioration progressive entre le premier et le second semestre.
Expected EBITDA: Marge AOI à un chiffre dans la fourchette basse en 2026; amélioration de la génération du free cash-flow industriel attendue.
Expected net income: Perspectives 2026 axées sur une amélioration progressive du chiffre d’affaires, de la marge AOI et du free cash-flow industriel.
Management commentary: La société réaffirme ses perspectives pour 2026 et prévoit des améliorations progressives entre H1 et H2 2026.
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