Exhibit 99.1

Semi-Annual Report

As of and for the six months ended June 30, 2021

TABLE OF CONTENTS

	Page
CERTAIN DEFINED TERMS	3
MANAGEMENT DISCUSSION AND ANALYSIS	4
FCA - PSA Merger	5
Pro Forma Basis of preparation	6
Highlights	16
Non-GAAP Financial Measures	18
Group Results	20
Results by Segment	31
Liquidity and Capital Resources	43
Important Events	49
Risks and Uncertainties	50
Outlook	51
SEMI-ANNUAL CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES AS OF AND FOR THE SIX MONTHS ENDED JUNE 30, 2021	52
Semi-Annual Condensed Consolidated Income Statement	53
Semi-Annual Condensed Consolidated Statement of Comprehensive Income	54
Semi-Annual Condensed Consolidated Statement of Financial Position	55
Semi-Annual Condensed Consolidated Statement of Cash Flows	56
Semi-Annual Condensed Consolidated Statement of Changes in Equity	57
Notes to the Semi-Annual Condensed Consolidated Financial Statements	58
1. Basis of preparation	58
2. Scope of consolidation	61
3. Net revenues	73
4. Net financial expenses	74
5. Tax expense/(benefit)	74
6. Goodwill and intangible assets with indefinite useful lives	75
7. Other intangible assets	75
8. Property, plant and equipment	75
9. Other assets and prepaid expenses	76
10. Financial assets	77
11. Inventories	77
12. Working Capital	78
13. Share-based compensation	78
14. Employee benefits liabilities	80
15. Provisions	81
16. Debt	82
17. Other liabilities	87
18. Fair value measurement	87
19. Related party transactions	90
20. Guarantees granted, commitments and contingent liabilities	92
21. Equity	96
22. Earnings per share	99
23. Segment reporting	101
24. Subsequent events	105
RESPONSIBILITY STATEMENT	106

CERTAIN DEFINED TERMS

    In this Semi-Annual Report, unless otherwise specified, the terms “we”, “our”, “us”, the “Group”, the “Company” and “Stellantis” refer to Stellantis N.V., together with its consolidated subsidiaries, or any one or more of them, as the context may require. References to “FCA”, “FCA NV” and “FCA Group” mean Fiat Chrysler Automobiles N.V. or Fiat Chrysler Automobiles N.V. together with its consolidated subsidiaries, or any one or more of them, as the context may require. References to “PSA” and “Groupe PSA” mean Peugeot S.A. or Peugeot S.A. together with its consolidated subsidiaries, or any one or more of them, as the context may require. References to the “merger” refer to the merger between PSA and FCA completed on January 16, 2021 and resulting in the creation of Stellantis.

    All references in this Semi-Annual Report to “Euro” and “€” refer to the currency issued by the European Central Bank. The Group’s financial information is presented in Euro. All references to “U.S. Dollars”, “U.S. Dollar”, “U.S.$” and “$” refer to the currency of the United States of America (“U.S.”).

Cautionary Statements Concerning Forward Looking Statements

    Statements contained in this Semi-Annual Report, particularly those regarding possible or assumed future performance, competitive strengths, costs, dividends, reserves, our growth, industry growth and other trends and projections and estimated company earnings are “forward-looking statements” that contain risks and uncertainties. In some cases, words such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, or similar terms are used to identify forward-looking statements. These forward-looking statements reflect our current views with respect to future events and involve significant risks and uncertainties that could cause actual results to differ materially.

These factors include, without limitation:

•the impact of the COVID-19 pandemic;

•our ability to launch new products successfully and to maintain vehicle shipment volumes;

•changes in the global financial markets, general economic environment and changes in demand for automotive products, which is subject to cyclicality;

•changes in local economic and political conditions;

•changes in trade policy and the imposition of global and regional tariffs or tariffs targeted to the automotive industry, the enactment of tax reforms or other changes in tax laws and regulations;

•our ability to expand certain of our brands globally;

•our ability to offer innovative, attractive products, and to develop, manufacture and sell vehicles with advanced features, including enhanced electrification, connectivity and autonomous-driving characteristics;

•various types of claims, lawsuits, governmental investigations and other contingencies, including product liability and warranty claims and environmental claims, investigations and lawsuits;

•material operating expenditures in relation to compliance with environmental, health and safety regulations;

•the intense level of competition in the automotive industry, which may increase due to consolidation;

•exposure to shortfalls in the funding of our defined benefit pension plans;

•our ability to provide or arrange for access to adequate financing for dealers and retail customers and associated risks related to the establishment and operations of financial services companies;

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•our ability to access funding to execute our business plans and improve our businesses, financial condition and results of operations;

•a significant malfunction, disruption or security breach compromising information technology systems or the electronic control systems contained in our vehicles;

•our ability to realize anticipated benefits from joint venture arrangements;

•disruptions arising from political, social and economic instability;

•risks associated with our relationships with employees, dealers and suppliers;

•increases in costs, disruptions of supply or shortages of raw materials, parts, components and systems used in our vehicles;

•developments in labor and industrial relations and developments in applicable labor laws;

•exchange rate fluctuations, interest rate changes, credit risk and other market risks;

•political and civil unrest;

•earthquakes or other disasters;

•the risk that the operations of Peugeot S.A. and Fiat Chrysler Automobiles N.V. will not be integrated successfully and other risks and uncertainties; and

•other factors discussed elsewhere in this report.

Furthermore, in light of the inherent difficulty in forecasting future results, any estimates or forecasts of particular periods that are provided in this report are uncertain. We expressly disclaim and do not assume any liability in connection with any inaccuracies in any of the forward-looking statements in this report or in connection with any use by any third party of such forward-looking statements. Actual results could differ materially from those anticipated in such forward-looking statements. We do not undertake an obligation to update or revise publicly any forward-looking statements.

    Additional factors which could cause actual results and developments to differ from those expressed or implied by the forward-looking statements are included in the section — Risks and Uncertaintiesof this Semi-Annual Report.

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MANAGEMENT DISCUSSION AND ANALYSIS

FCA - PSA merger

On December 17, 2019, FCA and PSA entered into a combination agreement providing for the combination of FCA and PSA through a cross-border merger, with FCA as the surviving legal entity in the merger (“Stellantis”).

On September 14, 2020, FCA and PSA agreed to amend the combination agreement. According to the combination agreement amendment, the FCA Extraordinary Dividend, to be paid to former FCA shareholders was reduced to €2.9 billion, with PSA’s 46 percent stake in Faurecia S.E. (“Faurecia”) planned to be distributed to all Stellantis shareholders promptly after closing following approval of the Stellantis board and shareholders.

On January 4, 2021, PSA and FCA held their respective extraordinary general shareholder meetings in order to, among other matters, approve the merger transaction. The respective shareholder meetings approved the merger. Following the respective shareholder approvals and receipt of the final regulatory clearances, FCA and PSA completed the legal merger. The conditions agreed to as part of the regulatory clearance do not have a material impact on the cash flows or financial positions for the Group.

On January 17, 2021, the combined company was renamed Stellantis, the board of directors was appointed and the Stellantis articles of association became effective. On this date, the Stellantis management and board of directors collectively obtained the power and the ability to control the assets, liabilities and operations of both FCA and PSA. As such, under IFRS 3 - Business Combinations (“IFRS 3”), January 17, 2021 is the acquisition date for the business combination.

On January 29, 2021, the approximately €2.9 billion extraordinary distribution was paid to holders of FCA common shares of record as of the close of business on Friday, January 15, 2021.

Refer to Note 2, Scope of Consolidation, within the Semi-Annual Condensed Consolidated Financial Statements included elsewhere in this report for additional information.

Identification of the accounting acquirer

The merger was accounted for by Stellantis using the acquisition method of accounting in accordance with IFRS 3, which requires the identification of the acquirer and the acquiree for accounting purposes. Based on the assessment of the indicators under IFRS 3 and consideration of all pertinent facts and circumstances, management determined that PSA is the acquirer for accounting purposes and as such, the merger has been accounted for as a reverse acquisition. In identifying PSA as the acquiring entity, notwithstanding that the merger was effected through an issuance of FCA shares, the most significant indicators were (i) the composition of the combined group’s board, composed of eleven directors, six of whom were to be nominated by PSA, PSA shareholders or PSA employees, or were current PSA executives, (ii) the combined group’s first CEO, who is vested with the full authority to individually represent the combined group, and was the president of the PSA Managing Board prior to the merger, and (iii) the payment of a premium by pre-merger shareholders of PSA.

Refer to Note 2, Scope of Consolidation, within the Semi-Annual Condensed Consolidated Financial Statements included elsewhere in this report for additional information.

References to Stellantis and PSA annual reports for the year ended December 31, 2020

As a result of FCA being the surviving legal entity in the merger, the section “Risks and Uncertainties” within this Semi-Annual Report makes reference to the Stellantis Annual Report and Form 20-F for the year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission (“SEC”) and the Netherlands Authority for Financial Markets (Autoriteit Financiële Markten, the “AFM”) on March 4, 2021, which included disclosure of the main risks and uncertainties to which the Stellantis Group is exposed. As a result of PSA being the accounting acquirer in the merger, the Semi-Annual Condensed Consolidated Financial Statements included elsewhere in this report, in particular Note 1, Basis of preparation, make reference to the “Consolidated Financial Statements and Management’s Discussion and Analysis of Groupe PSA for the year ended December 31, 2020”, furnished to the SEC on March 4, 2021, which includes disclosure of the significant accounting policies of PSA, which have been applied by the Group following the merger.

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Faurecia Distribution

On January 25, 2021, an extraordinary general meeting of the shareholders was convened in order to approve the distribution by Stellantis to the holders of its common shares of up to 54,297,006 ordinary shares of Faurecia (an automotive equipment supplier) and up to €308 million, which are the proceeds received by Peugeot S.A. in November 2020 from the sale of certain ordinary shares of Faurecia. The distribution represented the legacy PSA ownership in Faurecia and approximately 39 percent of the share capital of Faurecia and became unconditional on March 10, 2021, with (i) ex-date on Monday, March 15, 2021; and (ii) record date on Tuesday, March 16, 2021. Holders of Stellantis common shares have been entitled to: (i) 0.017029 ordinary shares of Faurecia; and (ii) €0.096677 for each common share of Stellantis they hold on the record date for the Distribution. The distribution occurred on March 22, 2021, resulting in 53,130,574 ordinary shares of Faurecia and €302 million in cash distributed.

Refer to Note 2, Scope of consolidation, and to Note 21, Equity, within the Semi-Annual Condensed Consolidated Financial Statements included elsewhere in this report for additional information on Faurecia deconsolidation and distribution.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION

This Unaudited Pro Forma Condensed Consolidated Financial Information has been prepared to give effect to completion of the merger of PSA and FCA to create Stellantis, which was completed on January 17, 2021, as if it had been completed on January 1, 2020. The Unaudited Pro Forma Condensed Consolidated Financial Information includes the unaudited pro forma condensed consolidated income statement for the six months ended June 30, 2021 and 2020 and the related explanatory notes (the “Unaudited Pro Forma Condensed Consolidated Financial Information”). The Unaudited Pro Forma Condensed Consolidated Financial Information has been prepared for illustrative purposes only with the aim to provide comparative period income statement information, and does not necessarily represent what the actual results of operations would have been had the merger been completed on January 1, 2020. Additionally, the Unaudited Pro Forma Condensed Consolidated Financial Information does not attempt to represent, or be an indication of, the future results of operations or cash flows of Stellantis. No pro forma statement of financial position has been presented as the effects of the merger have been reflected in the Semi-Annual Condensed Consolidated Statement of Financial Position of Stellantis as of June 30, 2021. Please refer to the Semi-Annual Condensed Consolidated Statement of Financial Position as of June 30, 2021 included elsewhere within this Semi-Annual Report for additional information.

Refer to the section FCA - PSA merger included above for information on the reverse acquisition presentation of the financial statements and to Note 2, Scope of Consolidation in the Semi-Annual Condensed Consolidated Financial Statements included elsewhere within this Semi-Annual Report for additional information on the merger.

The Unaudited Pro Forma Condensed Consolidated Financial Information presented herein is derived from (i) the Semi-Annual Condensed Consolidated Income Statement of Stellantis for the six months ended June 30, 2021 and 2020 included elsewhere in this report, (ii) FCA’s Semi-Annual Condensed Consolidated Income Statement for the three and six months ended June 30, 2020, contained in FCA’s Semi-Annual Report on Form 6-K furnished to the SEC on July 31, 2020, and (iii) FCA’s accounting records for the period from January 1, 2021 to January 16, 2021. The Unaudited Pro Forma Condensed Consolidated Financial Information should be read in conjunction with the historical consolidated financial statements referenced above and the accompanying notes thereto, as well as the other information contained in this Semi-Annual Report.

The historical consolidated financial statements of Stellantis and FCA are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and in accordance with IFRS as adopted by the European Union. There is no effect on the historical consolidated financial statements resulting from differences between IFRS as issued by the IASB and IFRS as adopted by the European Union. The Unaudited Pro Forma Condensed Consolidated Financial Information is prepared on a basis that is consistent with the accounting policies used in the preparation of the Semi-Annual Condensed Consolidated Financial Statements of Stellantis as of and for the six months ended June 30, 2021 and 2020 included elsewhere in this report.

The historical consolidated financial information has been adjusted in the accompanying Unaudited Pro Forma Condensed Consolidated Financial Information to give effect to unaudited pro forma events that are directly attributable to the merger and factually supportable. Specifically, the pro forma adjustments relate to the following:

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•The preliminary purchase price allocation, primarily to reflect adjustments to depreciation and amortization associated with the acquired property, plant and equipment and intangible assets with a finite useful life, as well as a reduction in interest expense related to the fair value adjustments to financial liabilities.

•The alignment of accounting policies of FCA to those applied by Stellantis.

•The elimination of intercompany transactions between FCA and PSA.

The pro forma adjustments relate to the two periods from January 1, 2020 to June 30, 2020 and from January 1, 2021 to January 16, 2021.

The Unaudited Pro Forma Condensed Consolidated Financial Information does not reflect any anticipated synergies, operating efficiencies or cost savings that may be achieved, or any integration costs that may be incurred, following the completion of the merger.

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UNAUDITED PRO FORMA SEMI-ANNUAL CONDENSED CONSOLIDATED INCOME STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND 2020

	For the six months ended June 30, 2021
			Pro Forma adjustments
(€ million, except per share amounts)	Stellantis		January 1 - 16, 2021 results of FCA		Preliminary Purchase Price Allocation		Other adjustments		Stellantis Pro Forma Consolidated Income Statement
	Note 1		Note 2		Note 3		Note 4
Net revenues	€	72,610	€	2,704	€	2	€	(6)	€	75,310
Cost of revenues	58,301		2,322		(52)		(6)		60,565
Selling, general and other costs	4,550		192		(2)		—		4,740
Research and development costs	2,046		113		(40)		—		2,119
Gains on disposal of investments	2		—		—		—		2
Restructuring costs	371		—		—		—		371
Operating income/(loss)	7,344		77		96		—		7,517
Net financial expenses	217		29		(17)		—		229
Profit/(loss) before taxes	7,127		48		113		—		7,288
Tax expense	1,729		21		7		—		1,757
Share of the profit of equity method investees	402		3		—		—		405
Net profit/(loss) from continuing operations	5,800		30		106		—		5,936
Profit/(loss) from discontinued operations, net of tax	990		—		—				990
Net profit/(loss)	€	6,790	€	30	€	106	€	—	€	6,926
Net profit/(loss) attributable to:
Owners of the parent	€	6,780	€	30	€	106	€	—	€	6,916
Non-controlling interests	€	10	€	—	€	—	€	—	€	10
Net profit/(loss) from continuing operations
Owners of the parent	€	5,790	€	30	€	106	€	—	€	5,926
Non-controlling interests	€	10	€	—	€	—	€	—	€	10
Earnings per share:
Basic earnings per share	€	2.17							€	2.21
Diluted earnings per share	€	2.11							€	2.16
Earnings per share from continuing operations:
Basic earnings per share	€	1.85							€	1.90
Diluted earnings per share	€	1.81							€	1.85

The accompanying notes are an integral part of the Unaudited Pro Forma Condensed Consolidated Financial Information.

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	For the six months ended June 30, 2020
			Pro Forma adjustments
(€ million, except per share amounts)	PSA Consolidated Income Statement (as adjusted)(1)		FCA January 1 - June 30, 2020		Preliminary Purchase Price Allocation		Other adjustments		Stellantis Pro Forma Consolidated Income Statement
	Note 1		Note 2		Note 3		Note 4
Net revenues	€	19,614	€	32,274	€	59	€	(279)	€	51,668
Cost of revenues	16,108		29,921		(635)		(239)		45,155
Selling, general and other costs	1,873		2,480		(26)		15		4,342
Research and development costs	1,077		1,509		(480)		121		2,227
Gains on disposal of investments	203		4		—		—		207
Restructuring costs	43		43		—		—		86
Operating income/(loss)	716		(1,675)		1,200		(176)		65
Net financial (income)/expenses	(160)		450		(189)		(10)		91
Profit/(loss) before taxes	876		(2,125)		1,389		(166)		(26)
Tax expense/(benefit)	155		690		121		(30)		936
Share of the profit of equity method investees	76		73		—		—		149
Net profit/(loss) from continuing operations	797		(2,742)		1,268		(136)		(813)
Loss from discontinued operations, net of tax	(421)		—		—		—		(421)
Net profit/(loss)	€	376	€	(2,742)	€	1,268	€	(136)	€	(1,234)
Net profit/(loss) attributable to:
Owners of the parent	€	595	€	(2,734)	€	1,260	€	(136)	€	(1,015)
Non-controlling interests	€	(219)	€	(8)	€	8	€	—	€	(219)
Net profit/(loss) from continuing operations
Owners of the parent	€	800	€	(2,734)	€	1,260	€	(136)	€	(810)
Non-controlling interests	€	(3)	€	(8)	€	8	€	—	€	(3)
Earnings per share:
Basic earnings per share	€	0.66							€	(0.33)
Diluted earnings per share	€	0.63							€	(0.33)
Earnings per share from continuing operations:
Basic earnings per share	€	0.89							€	(0.26)
Diluted earnings per share	€	0.85							€	(0.26)

________________________________________________________________________________________________________________________________________________

(1) Refer to Note 2, Scope of consolidation in the Semi-Annual Condensed Consolidated Financial Statements included elsewhere in this Report.

The accompanying notes are an integral part of the Unaudited Pro Forma Condensed Consolidated Financial Information.

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NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION

Note 1 – Stellantis

This column is the Semi-Annual Condensed Consolidated Income Statement of Stellantis for the six months ended June 30, 2021 and 2020, included elsewhere within this Semi-Annual Report. In accordance with IFRS 3, PSA was determined to be the acquirer for accounting purposes, therefore, the six months ended June 30, 2020 represent the continuing operations of PSA and are not directly comparable to previously reported results of PSA, as the results reflect reporting classifications of the Group. Refer to Note 2, Scope of Consolidation, within the Semi-Annual Condensed Consolidated Financial Statements included elsewhere within this Semi-Annual Report for additional information.

Note 2 – FCA Historical

This column represents the FCA Semi-Annual Condensed Consolidated Income Statement for the six months ended June 30, 2020, included in the FCA Semi-Annual Report on Form 6-K furnished to the SEC on July 31, 2020, as well as FCA results for the period from January 1, 2021 to January 16, 2021, as derived from FCA’s accounting records. In order to conform to the presentation of Stellantis in its Semi-Annual Condensed Consolidated Income Statement for the six months ended June 30, 2021 and 2020 included elsewhere within this Semi-Annual Report, Results from investments related to equity method investments are reclassified to Share of the profit of equity method investees, and Results from Investments other than equity method investments are reclassified to Net financial expenses.

Note 3 – Preliminary Purchase Price Allocation

As noted in the introduction to this Unaudited Pro Forma Condensed Consolidated Financial Information, the merger has been accounted for using the acquisition method of accounting in accordance with IFRS 3, with PSA identified as the accounting acquirer (reverse acquisition accounting). The acquisition method of accounting under IFRS 3 applies the fair value concepts defined in IFRS 13 and requires, among other things, that the assets acquired and the liabilities assumed in a business combination be recognized by the acquirer at their fair values as of the merger date, which for accounting purposes was January 17, 2021. As a result, the acquisition method of accounting has been applied and the assets and liabilities of FCA have been recognized at the merger acquisition date at their respective fair values, with limited exceptions as permitted by IFRS 3. The fair values assigned to the assets acquired and liabilities assumed are preliminary and will be finalized during the one-year measurement period from the acquisition date, as provided for by IFRS 3. The excess of the consideration transferred over the fair value of FCA’s assets acquired and liabilities assumed has been recorded as goodwill. Refer to Note 2, Scope of Consolidation, within the Semi-Annual Condensed Consolidated Financial Statements included elsewhere within this Semi-Annual Report for additional information.

The Unaudited Pro Forma Condensed Consolidated Financial Information reflects the effects of the preliminary purchase accounting adjustments, where applicable, on the unaudited pro forma condensed consolidated income statement for the six months ended June 30, 2021 and 2020 as if the merger had occurred on January 1, 2020.

The following tables provide a summary of the pro forma effects of the preliminary purchase price allocation adjustments in the unaudited pro forma condensed consolidated income statement for the six months ended June 30, 2021 and 2020.

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For the period January 1 - 16, 2021

	January 1-16, 2021
(€ million)	Intangible assets		Property, plant and equipment		Financial liabilities		Other		Total
	(A)		(B)		(C)		(D)
Net revenues	€	—	€	—	€	—	€	2	€	2
Cost of revenues	—		45		—		7		52
Selling, general and other costs	—		2		—		—		2
Research and development costs	40		—		—		—		40
Net financial expenses/(income)	—		—		21		(4)		17
Tax expenses	(4)		—		(3)		—		(7)
Net profit	€	36	€	47	€	18	€	5	€	106

For the six months ended June 30, 2020

	For the six months ended June 30, 2020
(€ million)	Intangible assets		Property, plant and equipment		Financial liabilities		Other		Total
	(A)		(B)		(C)		(D)
Net revenues	€	—	€	—	€	—	€	59	€	59
Cost of revenues	(2)		546		—		91		635
Selling, general and other costs	4		22		—		—		26
Research and development costs	480		—		—		—		480
Net financial expenses/(income)	—		—		236		(47)		189
Tax expenses	(45)		(14)		(38)		(24)		(121)
Net profit	€	437	€	554	€	198	€	79	€	1,268

The pro forma adjustments are described in further detail below.

A.Intangible assets

The fair value of brands (Jeep, Ram, Dodge, Fiat, Maserati, Alfa Romeo and Mopar) was determined through an income approach based on the relief from royalty method, which requires an estimate of future expected cash flows. The useful life associated with the brands is determined to be indefinite. For capitalized development expenditures, the fair value has been assessed according to a multi-criteria approach based on relief from royalty method and an excess-earning method. The fair value for the Dealer network has been assessed using the replacement cost method.

Amortization of intangible assets has been calculated on the fair value taking into account the estimated remaining useful life of the acquired assets. The related change in amortization as a result of the fair value adjustment to intangible assets was a net decrease in amortization expense of €40 million and €482 million for the period January 1 to January 16, 2021, and for the six months ended June 30, 2020, respectively, of which €40 million and €480 million has been recorded within Research and development costs in relation to capitalized research and development costs and other intangible assets, respectively, and €4 million has been recorded within Selling, general and other costs in relation to the dealer network and €(2) million has been recorded within Cost of revenues in relation to reacquired rights for the six months ended June 30, 2020.

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B.Property, plant and equipment

The fair value of property, plant and equipment was determined primarily through the replacement cost method, which requires an estimation of the physical, functional and economic obsolescence of the related assets. A market approach, which requires the comparison of the subject assets to transactions involving comparable assets, was applied to determine the fair value of land. The fair value of certain assets was determined through an income approach.

Depreciation has been calculated on the fair value taking into account the estimated remaining useful life of the acquired assets. The related change in depreciation as a result of the fair value adjustment to property, plant and equipment was a decrease in depreciation expense of €47 million and €568 million for the period January 1 to January 16, 2021, and for the six months ended June 30, 2020, respectively, of which €45 million and €546 million has been recorded within Cost of revenues and €2 million and €22 million within Selling, general and other costs in the Unaudited Pro Forma Condensed Consolidated Financial Information.

C.Financial liabilities

Purchase price adjustments were recognized to step up to fair value the financial liabilities not measured at fair value based on quoted market prices for listed debt and based on discounted cash flow models for debt that is not listed. The fair value adjustments to financial liabilities resulted in a decrease in interest expense due to the decrease of the effective interest rate based on current market conditions, of €21 million and €236 million for the period January 1 to January 16, 2021 and for the six months ended June 30, 2020, respectively, and has been recorded within Net financial income (expense) in the Unaudited Pro Forma Condensed Consolidated Financial Information.

D.Other

Primarily reflects:

•the recognition of additional revenue of €2 million and €28 million for the period January 1 to January 16, 2021 and for the six months ended June 30, 2020, respectively, as a result of a step up to fair value of deferred revenue relating to extended warranty service contracts, as well as additional finance costs of €4 million and €52 million for the period January 1 to January 16, 2021 and for the six months ended June 30, 2020, respectively, due to the recognition of the fair value adjustments of the related liabilities.

•the reversal of the income statement impact of €7 million and €121 million for the period January 1 to January 16, 2021 and for the six months ended June 30, 2020, respectively, of certain prepaid assets that were written off as part of the purchase price allocation.

The step up in the value of inventories has not been recognized as a pro forma adjustment as this impact has been recognized in Stellantis results for the six months ended June 30, 2021.

E.Tax expense

Represents the tax effects on the pro forma adjustments reflected in the unaudited pro forma condensed consolidated income statement, calculated based on statutory tax rates applicable in the relevant jurisdictions.

Note 4 – Other Adjustments

Other adjustments mainly include the following:

•the elimination of the intercompany transactions with Sevel S.p.A. (“Sevel”) in the Stellantis Semi-Annual Condensed Consolidated Income Statement for the six months ended June 30, 2020 of €255 million. Sevel is a joint operation that was previously owned 50 percent each by both PSA and FCA. Upon completion of the merger, Stellantis holds 100 percent of Sevel, which is fully consolidated from that date;

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•The alignment of FCA’s accounting policies to Stellantis accounting policies resulting in a net decrease in Net profit of €136 million for the six months ended June 30, 2020, primarily relating to an increase in Research and development expenditures expensed.

•the alignment of the classification of certain items to align to Stellantis’ income statement presentation.

Note 5 - Pro Forma Earnings per Share

Pro forma basic earnings per share is calculated by dividing the Pro Forma Net profit from continuing operations attributable to the owners of the parent by the Pro Forma weighted average number of shares outstanding, as adjusted for the merger.

Pro forma diluted earnings per share is calculated by adjusting the historical diluted weighted average number of shares outstanding with the Pro Forma weighted average number of dilutive shares outstanding, as adjusted for the merger.

Refer to Note 22, Earnings per share, included within the Semi-Annual Condensed Consolidated Financial Statements included within this report for additional detail on the calculation of earnings per share.

Regarding the Pro Forma basic and diluted earnings per share from continuing operations for the six months ended June 30, 2020:

(i) Pro forma weighted average number of outstanding Stellantis common shares for the six months ended June 30, 2020 includes PSA weighted average number of outstanding common shares for the six months ended June 30, 2020 converted with the merger exchange ratio of 1.742 and Stellantis common shares issued at the merger date;

(ii) The number of the equity warrants on PSA ordinary shares delivered to General Motors, amounting to 39,727,324, have been included in the diluted number of shares and converted with the merger exchange ratio of 1.742;

(iii) Pro forma weighted average number of outstanding Stellantis common shares resulting from dilutive equity instruments performance share plans issued by PSA. and converted with the merger exchange ratio of 1.742; and

(iv) Pro forma weighted average number of outstanding Stellantis common shares resulting from the equity instruments issued under FCA’s equity incentive plan

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Pro Forma Basic earnings per share

	Six months ended June 30, 2021
(€ million except otherwise noted)	Stellantis		Continuing operations		Discontinued operations
Net profit attributable to owners of the parent	€	6,780	€	5,790	€	990
Add: FCA Net profit attributable to owners of the parent, January 1 - 16, 2021	30		30		—
Add: Pro forma adjustments	106		106		—
Pro Forma Net profit attributable to owners of the parent (A)	€	6,916	€	5,926	€	990
Weighted average number of shares outstanding for basic earnings per share (thousand), January 17 - June 30, 2021 (B)	3,123,533		3,123,533		3,123,533
Pro Forma Basic earnings per share (€ per share) (A/B)	€	2.21	€	1.90	€	0.32

	Six months ended June 30, 2020
(€ million except otherwise noted)	Stellantis		Continuing operations		Discontinued operations
Net profit/(loss) attributable to owners of the parent	€	595	€	800	€	(205)
Add: FCA Net loss attributable to owners of the parent, January 1 - June 30, 2020	(2,734)		(2,734)		—
Add: Pro forma adjustments	1,124		1,124		—
Pro Forma Net profit attributable to owners of the parent (A)	€	(1,015)	€	(810)	€	(205)
Pro Forma Weighted average number of shares outstanding for diluted earnings per share (thousand) (B)	3,119,935		3,119,935		3,119,935
Pro Forma Basic loss per share (€ per share) (A/B)	€	(0.33)	€	(0.26)	€	(0.07)

Pro Forma Diluted earnings per share

	Six months ended June 30, 2021
(€ million except otherwise noted)	Stellantis		Continuing operations		Discontinued operations
Net profit attributable to owners of the parent	€	6,780	€	5,790	€	990
Add: FCA Net profit attributable to owners of the parent, January 1 - 16, 2021	30		30		—
Add: Pro forma adjustments	106		106		—
Pro Forma Net profit attributable to owners of the parent (A)	€	6,916	€	5,926	€	990
Weighted average number of shares outstanding (thousand), January 17 - June 30, 2021	3,123,533		3,123,533		3,123,533
Number of shares deployable for share-based compensation, January 17 - June 30, 2021	14,577		14,577		14,577
Equity warrants delivered to General Motors	68,497		68,497		68,497
Pro Forma Weighted average number of shares outstanding for diluted earnings per share (thousand) (B)	3,206,607		3,206,607		3,206,607
Pro Forma Diluted earnings per share (€ per share) (A/B)	€	2.16	€	1.85	€	0.31

14

	Six months ended June 30, 2020
(€ million except otherwise noted)	Stellantis		Continuing operations		Discontinued operations
Net profit/(loss) attributable to owners of the parent	€	595	€	800	€	(205)
Add: FCA Net loss attributable to owners of the parent, January 1 - June 30, 2020	(2,734)		(2,734)		—
Add: Pro forma adjustments	1,124		1,124		—
Pro Forma Net loss attributable to owners of the parent (A)	€	(1,015)	€	(810)	€	(205)
Weighted average number of shares outstanding for diluted earnings per share (thousand) (B)(1)	3,119,935		3,119,935		3,119,935
Pro Forma Diluted loss per share (€ per share) (A/B)	€	(0.33)	€	(0.26)	€	(0.07)

________________________________________________________________________________________________________________________________________________

(1) Number of shares deployable for share-based compensation and equity warrants delivered to General Motors have not been taken into consideration in the calculation of Pro Forma diluted loss per share for the six months ended June 30, 2020 as this would have had an anti-dilutive effect

15

Highlights - from continuing operations

    Unless otherwise stated, all figures below exclude results from discontinued operations:

			Pro Forma
Six months ended June 30,			Six months ended June 30,
2021	2020	(€ million, except shipments, which are in thousands of units, and per share amounts)	2021	2020
3,181	1,032	Combined shipments(1)	3,274	2,274
3,080	1,010	Consolidated shipments(2)	3,171	2,198
72,610	19,614	Net revenues	75,310	51,668
5,800	797	Net profit/(loss) from continuing operations	5,936	(813)
990	(421)	Profit/(loss) from discontinued operations, net of tax(3)	990	(421)
6,790	376	Net profit/(loss) (including discontinued operations)	6,926	(1,234)
8,438		Adjusted operating income(4)	8,622	752
		Adjusted net profit(5)	6,895	361
		Earnings/(loss) per share - including discontinued operations(6)
2.17	0.66	Basic earnings/(loss) per share (€)	2.21	(0.33)
2.11	0.63	Diluted earnings/(loss)/(loss) per share (€)	2.16	(0.33)
		Earnings/(loss) per share from continuing operations(6)
1.85	0.89	Basic earnings/(loss) per share (€)	1.90	(0.26)
1.81	0.85	Diluted earnings/(loss) per share (€)	1.85	(0.26)
n.a.	n.a.	Adjusted diluted earnings per share(7) (€)	2.15	0.12
		Distribution paid, per share
—	—	Ordinary dividends, per share (€)	n.a.	n.a.
0.32	—	Extraordinary distribution, per share (€)	n.a.	n.a.

____________________________________________________________________________________________________

n.a. = not applicable

16

					Pro Forma
Six months ended June 30,					Six months ended June 30,
2021		2020		(€ million)	2021	2020
€	5,615	€	(2,739)	Net cash from (used in) operating activities	n.a.	n.a.
5,615		(2,452)		Of which: Net cash from (used in) operating activities of continuing operations	n.a.	n.a.
—		(287)		Of which: Net cash from (used in) operating activities of discontinued operations(8)	n.a.	n.a.
				Industrial free cash flows(9)	(1,163)	n.a.

______________________________________________________________________________________________________________________________

n.a. = not applicable

			Aggregated
At June 30, 2021		(€ million)		At December 31, 2020
€	52,396	Available Liquidity		€	58,253
51,445		Of which: Industrial Available liquidity		57,278
11,506		Industrial net financial position(10)		17,826

____________________________________________________________________________________________________________________________

(1) Combined shipments include shipments by the Stellantis Group's consolidated subsidiaries and unconsolidated joint ventures.

(2) Consolidated shipments only include shipments by the Stellantis Group's consolidated subsidiaries.

(3) Loss from discontinued operations, net of tax for the six months ended June 30, 2020 relates to Faurecia. Refer to Note 2, Scope of Consolidation in the Semi-Annual Condensed Consolidated Financial Statements included in this Semi-Annual Report.

(4) Refer to sections — Non-GAAP Financial Measures, Group Results and Results by Segment in this Semi-Annual Report for further discussion.

(5) Refer to sections — Non-GAAP Financial Measures and Group Results in this Semi-Annual Report for further discussion.

(6) Refer to Note 22, Earnings per share, in the Semi-Annual Condensed Consolidated Financial Statements included in this Semi-Annual Report.

(7) Refer to sections - Non-GAAP Financial Measures and Group Results in this Semi-Annual Report for further discussion.

(8) For the six months ended June 30, 2020, includes only cash flows relating to third parties and excluding intercompany..

(9) Amounts exclude discontinued operations. Refer to sections — Non-GAAP Financial Measures and Liquidity and Capital Resources in this Semi-Annual Report for further discussion.

(10) Refer to sections — Non-GAAP Financial Measures and Liquidity and Capital Resources in this Semi-Annual Report for further discussion.

17

Non-GAAP Financial Measures

    We monitor our operations through the use of several non-generally accepted accounting principles (“non-GAAP”) financial measures: Adjusted operating income, Adjusted net profit, Adjusted diluted earnings per share (“Adjusted diluted EPS”), and Industrial free cash flows. We believe that these non-GAAP financial measures provide useful and relevant information regarding our operating results and enhance the overall ability to assess our financial performance. They provide us with comparable measures which facilitate management’s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions. These and similar measures are widely used in the industry in which we operate, however, these financial measures may not be comparable to other similarly titled measures of other companies and are not intended to be substitutes for measures of financial performance as prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), as well as IFRS as adopted by the European Union.

Adjusted operating income: Adjusted operating income/(loss) excludes from Net profit/(loss) from continuing operations adjustments comprising restructuring, impairments, asset write-offs, disposals of investments and unusual operating income/(expense) that are considered rare or discrete events and are infrequent in nature, as inclusion of such items is not considered to be indicative of the Group's ongoing operating performance, and also excludes Net financial expenses/(income), Tax expense/(benefit) and Share of the profit of equity method investees.

Unusual operating income/(expense) are impacts from strategic decisions as well as events considered rare or discrete and infrequent in nature, as inclusion of such items is not considered to be indicative of the Group's ongoing operating performance. Unusual operating income/(expense) includes, but may not be limited to:

•Impacts from strategic decisions to rationalize Stellantis’ core operations,

•Facility-related costs stemming from Stellantis’ plans to match production capacity and cost structure to market demand, and

•Convergence and integration costs directly related to significant acquisitions or mergers.

For the six months ended June 30, 2021, Pro Forma Adjusted operating income includes the Adjusted operating income of FCA for the period January 1 - January 16, 2021. For the six months ended June 30, 2020, Pro Forma Adjusted operating income includes the Adjusted operating income result of FCA for the period January 1 - June 30, 2020.

Adjusted operating income is used for internal reporting to assess performance and as part of the Group's forecasting, budgeting and decision making processes as it provides additional transparency to the Group's core operations. We believe this non-GAAP measure is useful because it excludes items that we do not believe are indicative of the Group’s ongoing operating performance and allows management to view operating trends, perform analytical comparisons and benchmark performance between periods and among our segments. We also believe that Adjusted operating income is useful for analysts and investors to understand how management assesses the Group’s ongoing operating performance on a consistent basis. In addition, Adjusted operating income is one of the metrics used in the determination of the annual performance bonus for the Chief Executive Officer of the Group and other eligible employees, including members of the Top Executive Team.

    Refer to the sections Group Results and Results by Segment below for further discussion and for a reconciliation of this non-GAAP measure to Net profit from continuing operations, which is the most directly comparable measure included in our Semi-Annual Condensed Consolidated Income Statement. Adjusted operating income should not be considered as a substitute for Net profit from continuing operations, cash flow or other methods of analyzing our results as reported under IFRS.

    Adjusted net profit: is calculated as Net profit from continuing operations excluding post-tax impacts of the same items excluded from Adjusted operating income, as well as financial income/(expenses) and tax income/(expenses) considered rare or discrete events that are infrequent in nature. For the six months ended June 30, 2021, Pro Forma Adjusted net profit includes the Adjusted net profit of FCA for the period January 1 - January 16, 2021. For the six months ended June 30, 2020, Pro Forma Adjusted net profit includes the Adjusted net profit of FCA for the period January 1 - June 30, 2020.

18

    We believe this non-GAAP measure is useful because it also excludes items that we do not believe are indicative of the Group’s ongoing operating performance and provides investors with a more meaningful comparison of the Group's ongoing operating performance.

    Refer to the section Group Results below for further discussion and for a reconciliation of this non-GAAP measure to Net profit from continuing operations, which is the most directly comparable measure included in our Semi-Annual Condensed Consolidated Income Statement. Adjusted net profit should not be considered as a substitute for Net profit from continuing operations, cash flow or other methods of analyzing our results as reported under IFRS.

Adjusted diluted EPS: is calculated by adjusting Diluted earnings per share from continuing operations for the impact per share of the same items excluded from Adjusted net profit. For the six months ended June 30, 2021, the calculation of Pro Forma Adjusted diluted EPS includes the Net profit of FCA for the period January 1 - January 16, 2021. For the six months ended June 30, 2020, the calculation of Pro Forma Adjusted diluted EPS includes the Net profit of FCA for the period January 1 - June 30, 2020.

    We believe this non-GAAP measure is useful because it also excludes items that we do not believe are indicative of the Group’s ongoing operating performance and provides investors with a more meaningful comparison of the Group's ongoing quality of earnings.

    Refer to the section Group Results below for a reconciliation of this non-GAAP measure to Diluted earnings per share from continuing operations, which is the most directly comparable measure included in our Semi-Annual Condensed Consolidated Financial Statements. Adjusted diluted EPS should not be considered as a substitute for Basic earnings per share, Diluted earnings per share from continuing operations or other methods of analyzing our quality of earnings as reported under IFRS.

Industrial free cash flows: is our key cash flow metric and is calculated as Cash flows from operating activities less: cash flows from operating activities from discontinued operations; cash flows from operating activities related to financial services, net of eliminations; investments in property, plant and equipment and intangible assets for industrial activities, contributions of equity to joint ventures and minor acquisitions of consolidated subsidiaries and equity method investments; adjusted for: net intercompany payments between continuing operations and discontinued operations, proceeds from disposal of assets and contributions to defined benefit pension plans, net of tax. For the six months ended June 30, 2021, Pro Forma Industrial free cash flows includes the Industrial free cash flows of FCA for the period January 1 - January 16, 2021. The timing of Industrial free cash flows may be affected by the timing of monetization of receivables and the payment of accounts payables, as well as changes in other components of working capital, which can vary from period to period due to, among other things, cash management initiatives and other factors, some of which may be outside of the Group’s control. In addition, Industrial free cash flows is one of the metrics used in the determination of the annual performance bonus for the Chief Executive Officer of the Group and other eligible employees, including members of the Top Executive Team.

    Refer to Liquidity and Capital Resources —Industrial free cash flows for further information and the reconciliation of this non-GAAP measure to Cash flows from operating activities, which is the most directly comparable measure included in our Semi-Annual Condensed Consolidated Statement of Cash Flows. Industrial free cash flows should not be considered as a substitute for Net profit from continuing operations, cash flow or other methods of analyzing our results as reported under IFRS.

Industrial net financial position is calculated as: Debt plus derivative financial liabilities related to industrial activities less (i) cash and cash equivalents, (ii) financial securities that are considered liquid, (iii) current financial receivables from the Group or its jointly controlled financial services entities and (iv) derivative financial assets and collateral deposits; therefore, debt, cash and cash equivalents and other financial assets/liabilities pertaining to Stellantis’ financial services entities are excluded from the computation of the Industrial net financial position. Industrial net financial position includes the Industrial net financial position classified as held for sale. We believe Industrial net financial position is useful in providing a measure of the Group’s net cash, considering cash and cash equivalents and financial securities. Due to different sources of cash flows used for the repayment of the financial debt between industrial activities and financial services (by cash from operations for industrial activities and by collection of financial receivables for financial services) and the different business structure and leverage implications, we provide a separate analysis of Net financial position between industrial activities and financial services. Refer to Liquidity and Capital Resources —Industrial net financial position for further information.

19

Group Results

    The following is a discussion of the Group's results of operations for the six months ended June 30, 2021 compared to the six months ended June 30, 2020, on both the IFRS and pro forma basis (refer to Pro Forma Basis of Preparation for additional information):

					Pro Forma
Six months ended June 30,					Six months ended June 30,
2021		2020		(€ million)	2021		2020
€	72,610	€	19,614	Net revenues	€	75,310	€	51,668
58,301		16,108		Cost of revenues	60,565		45,155
4,550		1,873		Selling, general and other costs	4,740		4,342
2,046		1,077		Research and development costs	2,119		2,227
2		203		Gains/(losses) on disposal of investments	2		207
371		43		Restructuring costs	371		86
7,344		716		Operating income/(loss)	7,517		65
217		(160)		Net financial expenses/(income)	229		91
7,127		876		Profit/(loss) before taxes	7,288		(26)
1,729		155		Tax expense	1,757		936
402		76		Share of the profit of equity method investees	405		149
5,800		797		Net profit/(loss) from continuing operations	5,936		(813)
990		(421)		Profit/(loss) from discontinued operations, net of tax	990		(421)
€	6,790	€	376	Net profit/(loss)	€	6,926	€	(1,234)
				Net profit/(loss) attributable to:
€	6,780	€	595	Owners of the parent	€	6,916	€	(1,015)
€	10	€	(219)	Non-controlling interests	€	10	€	(219)
				Net profit from continuing operations attributable to:
€	5,790	€	800	Owners of the parent	€	5,926	€	(810)
€	10	€	(3)	Non-controlling interests	€	10	€	(3)
				Net profit from discontinued operations attributable to:
€	990	€	(205)	Owners of the parent	€	990	€	(205)
€	—	€	(216)	Non-controlling interests	€	—	€	(216)

Net revenues

							Pro Forma
Six months ended June 30,				Increase/(Decrease)			Six months ended June 30,				Increase/(Decrease)
2021		2020		2021 vs. 2020		(€ million)	2021		2020		2021 vs. 2020
€	72,610	€	19,614	270.2	%	Net revenues	€	75,310	€	51,668	45.8	%

See — Results by Segment below for a discussion of Net revenues on an IFRS and pro forma basis for each of our six reportable segments (North America, South America, Enlarged Europe, Middle East and Africa, China and India & Asia Pacific, and Maserati).

20

Cost of revenues

									Pro Forma
Six months ended June 30,						Increase/(Decrease)			Six months ended June 30,						Increase/(Decrease)
2021			2020			2021 vs. 2020		(€ million)	2021			2020			2021 vs. 2020
€	58,301		€	16,108		261.9	%	Cost of revenues	€	60,565		€	45,155		34.1	%
80.3		%	82.1		%			Cost of revenues as % of Net revenues	80.4		%	87.4		%

The increase in Cost of revenues during the six months ended June 30, 2021 compared to the corresponding period in 2020, primarily related to the impact of the merger, with Cost of revenues of approximately €40 billion relating to the operations of the former FCA.

The increase in Pro Forma Cost of revenues during six months ended June 30, 2021, compared to the corresponding period in 2020, was primarily related to volume growth, improved vehicle line mix and cost inflation, partially offset by translation exchange impact.

Selling, general and other costs

									Pro Forma
Six months ended June 30,						Increase/(Decrease)			Six months ended June 30,						Increase/(Decrease)
2021			2020			2021 vs. 2020		(€ million)	2021			2020			2021 vs. 2020
€	4,550		€	1,873		142.9	%	Selling, general and other costs	€	4,740		€	4,342		9.2	%
6.3		%	9.5		%			Selling, general and other costs as % of Net revenues	6.3		%	8.4		%

The increase in Selling, general and other costs during six months ended June 30, 2021 compared to the corresponding period in 2020, primarily related to the impact of the merger, with Selling, general and other costs of approximately €2,400 million relating to the operations of the former FCA.

The increase in Pro Forma Selling, general and other costs during six months ended June 30, 2021, compared to the corresponding period in 2020, was primarily related to higher volumes and higher marketing spending as compared to the lower expense in 2020 from cancellations and retiming of advertising expense, as well as, cost-cutting initiatives in response to COVID-19.

21

Research and development costs

							Pro Forma
Six months ended June 30,				Increase/(Decrease)			Six months ended June 30,				Increase/(Decrease)
2021		2020		2021 vs. 2020		(€ million)	2021		2020		2021 vs. 2020
€	1,305	580		125.0	%	Research and development expenditures expensed	€	1,362	1,299		4.8	%
726		416		74.5	%	Amortization of capitalized development expenditures	742		552		34.4	%
15		81		(81.5)	%	Impairment and write-off of capitalized development expenditures	15		376		(96.0)	%
€	2,046	€	1,077	90.0	%	Total Research and development costs	€	2,119	€	2,227	(4.8)	%

					Pro Forma
Six months ended June 30,					Six months ended June 30,
2021		2020			2021		2020
1.8	%	3.0	%	Research and development expenditures expensed as % of Net revenues	1.8	%	2.5	%
1.0	%	2.1	%	Amortization of capitalized development expenditures as % of Net revenues	1.0	%	1.1	%
—	%	0.4	%	Impairment and write-off of capitalized development expenditures as % of Net revenues	—	%	0.7	%
2.8	%	5.5	%	Total Research and development cost as % of Net revenues	2.8	%	4.3	%

The increase in Research and development expenditures expensed during six months ended June 30, 2021 compared to the corresponding period in 2020, primarily related to the impact of the Merger, with Research and development expenditures expensed of approximately €800 million relating to the operations of the former FCA.

The increase in Pro Forma Research and development expenditures expensed during the six months ended June 30 2021, compared to the corresponding period in 2020, was primarily due to temporary cost cutting measures implemented in 2020 in response to the COVID-19 pandemic and increased research and development activity in connection with the acceleration of electrification and other initiatives in 2021 partially offset by the realization of synergies.

The increase in Amortization of capitalized development expenditures during six months ended June 30, 2021 compared to the corresponding period in 2020, is primarily related to the impact of the merger, with Amortization of capitalized development expenditures of approximately €270 million relating to the operations of the former FCA.

The increase in Pro Forma Amortization of capitalized development expenditures during six months ended June 30, 2021, compared to the corresponding period in 2020, was primarily related to new model launches primarily in North America.

22

    Total research and development expenditures during the six months ended June 30, 2021 and 2020 and total Pro Forma Research and development expenditures during the six months ended June 30, 2021 and 2020 were as follows:

									Pro Forma
Six months ended June 30,						Increase/(Decrease)			Six months ended June 30,						Increase/(Decrease)
2021			2020			2021 vs. 2020		(€ million)	2021			2020			2021 vs. 2020
1,484			538			175.8	%	Capitalized development expenditures(1)	1,563			1,590			(1.7)	%
1,305			580			125.0	%	Research and development expenditures expensed	1,362			1,299			4.8	%
€	2,789		€	1,118		149.5	%	Total Research and development expenditures	€	2,925		€	2,889		1.2	%
53.2		%	48.1		%			Capitalized development expenditures as % of Total Research and development expenditures	53.4		%	55.0		%
3.8		%	5.7		%			Total Research and development expenditures as % of Net revenues	3.9		%	5.6		%

________________________________________________________________________________________________________________________________________________

(1) Does not include capitalized borrowing costs of €103 million and €18 million for the six months ended June 30, 2021 and 2020, respectively, and €110 million and €106 million for the six months ended June 30, 2021 and 2020, on a pro forma basis, respectively, in accordance with IAS 23 - Borrowing costs (Revised).

The increase in total Research and development expenditures during six months ended June 30, 2021 compared to the corresponding period in 2020, primarily related to the impact of the merger, with total Research and development expenditures of approximately €1,650 million relating to the operations of the former FCA.

Total Pro Forma Research and development expenditures during six months ended June 30, 2021, were substantially in line compared to the corresponding period in 2020 with temporary cost cutting measures implemented in 2020 in response to the COVID-19 pandemic and increased research and development activity in connection with the acceleration of electrification and other initiatives in 2021 being offset by the realization of synergies.

Net financial expenses/(income)

							Pro Forma
Six months ended June 30,				Increase/(Decrease)			Six months ended June 30,				Increase/(Decrease)
2021		2020		2021 vs. 2020		(€ million)	2021		2020		2021 vs. 2020
€	217	€	(160)	(235.6)	%	Net financial expenses/(income)	€	229	€	91	151.6	%

The increase in Net financial expenses during six months ended June 30, 2021 compared to the corresponding period in 2020, primarily related to the impact of the merger, with Net financial expenses of approximately €100 million relating to the operations of the former FCA. In the six months ended June 30, 2020, Interest income and other financial income for the six months ended June 30, 2020 include a benefit of €216 million resulting from the remeasurement of the financial liability recognized upon the commitment to repurchase 30.7 million Groupe PSA shares from Dongfeng Group in the context of the merger with FCA. Refer to Note 21 - Equity and to Note 4 - Net financial expenses within the Semi-Annual Condensed Consolidated Financial Statements included elsewhere in this report for additional information.

The increase in Pro Forma Net financial expenses during the six months ended June 30, 2021, compared to the corresponding period in 2020 is primarily due to the financial income of €216 million recognized in 2020 as explained above. Excluding this gain, Net financial expenses decreased by €78 million, compared to the corresponding period in 2020, primarily reflecting one-off gains on unwinding of hedges.

23

Tax (benefit)/expense

								Pro Forma
Six months ended June 30,						Increase/(Decrease)		Six months ended June 30,						Increase/(Decrease)
2021			2020			2021 vs. 2020	(€ million)	2021			2020			2021 vs. 2020
€	1,729		€	155		n.m.	Tax (benefit)/expense	€	1,757		€	936		87.7	%
24.3		%	17.7		%		Effective tax rate	24.1		%	(3,600.0)		%

The effective tax rate was 24.3 percent and 17.7 percent for six months ended June 30, 2021, and 2020, respectively. The Pro Forma effective tax rate was 24.1 percent and (3,600.0) percent for six months ended June 30, 2021, and 2020, respectively.

The increase in the effective tax rate during six months ended June 30, 2021, compared to the corresponding period in 2020, was primarily related to the merger, including additional U.S. earnings taxed at the approximately 24 percent blended U.S. corporate and state statutory tax rate, in conjunction with losses in Italy and Brazil on which deferred tax assets are not recognized, as well as deferred tax asset adjustments in Germany and the UK related to the merger.

During the six months ended June 30, 2021 a portion of available deferred tax assets have been recognized, mainly in France, Germany and Spain, based on forecasted profitability which was separately established prior to the merger. The Group will continue to use this data to measure and assess our deferred tax asset recognition until there is sufficient evidence to support changes in our recognition position. During the second half of 2021 or early 2022, the Group expects to have additional information and there is a possibility that this may represent sufficient positive evidence to allow us to conclude that a significant portion of additional deferred tax assets may be recognized. Further deferred tax asset recognition would result in a tax benefit during the period in which the recognition is recorded. However, the exact timing and amount of the deferred tax asset recognition is subject to change on the basis of the level of profitability we are able to achieve and forecast, and are not known at this time.

The change in the Pro Forma effective tax rate during six months ended June 30, 2021, compared to the corresponding period in 2020, was primarily related to the non-repeat of deferred tax asset write-downs in Italy and Brazil of €549 million during the six months ended June 30, 2020, by FCA, offset by deferred tax asset adjustments in Germany and the UK during the six months ended June 30, 2021, along with the combination of increased profitability and tax expense primarily in the US and France, in conjunction with the favorable effective tax rate impact of lower current year losses on which deferred tax assets are not recognized, primarily in Italy and Brazil.

Share of the profit of equity method investees

							Pro Forma
Six months ended June 30,				Increase/(Decrease)			Six months ended June 30,				Increase/(Decrease)
2021		2020		2021 vs. 2020		(€ million)	2021		2020		2021 vs. 2020
€	402	€	76	428.9	%	Share of the profit of equity method investees	€	405	€	149	171.8	%

The increase in the Share of the profit of equity method investees during six months ended June 30, 2021 compared to the corresponding period in 2020, primarily related to the impact of the merger, with the Share of the profit of equity method investees of approximately €190 million relating to the operations of the former FCA.

The increase in the Pro Forma Share of the profit of equity method investees during six months ended June 30, 2021, compared to the corresponding period in 2020, was primarily due to losses from the joint ventures in China recognized during the six months ended June 30, 2020 as well as, purchase accounting adjustments to write down certain investment balances to zero. In addition, the profits from the financial services joint ventures have improved.

24

Net profit/(loss) from continuing operations

							Pro Forma
Six months ended June 30,				Increase/(Decrease)			Six months ended June 30,				Increase/(Decrease)
2021		2020		2021 vs. 2020		(€ million)	2021		2020		2021 vs. 2020
€	5,800	€	797	627.7	%	Net profit/(loss) from continuing operations	€	5,936	€	(813)	830.1	%

The increase in Net profit from continuing operations during six months ended June 30, 2021 compared to the corresponding period in 2020, primarily related to the impact of the merger, with Net profit from continuing operations of approximately €4.1 billion relating to the operations of the former FCA.

The increase in Pro Forma Net profit from continuing operations during the six months ended June 30, 2021, compared to the corresponding period in 2020, was primarily related to the improved operating performance and higher Share of the profit of equity method investees partially offset by increased net financial and tax expense.

Profit/(loss) from discontinued operations, net of tax

							Pro Forma
Six months ended June 30,				Increase/(Decrease)			Six months ended June 30,				Increase/(Decrease)
2021		2020		2021 vs. 2020		(€ million)	2021		2020		2021 vs. 2020
€	990	€	(421)	335.2	%	Profit/(loss) from discontinued operations, net of tax	€	990	€	(421)	335.2	%

For the six months ended June 30, 2020, loss from discontinued operations related to the results of Faurecia. Following the loss of control of Faurecia at the beginning of January 2021, a gain of €990 million has been recognized consisting of a gain of €515 million upon the classification of the investment in Faurecia as a financial asset and the subsequent remeasurement at fair value through profit and loss of €475 million. Refer to Note 2, Scope of consolidation, within the Semi-Annual Condensed Consolidated Financial Statements included elsewhere in this report for additional information.

25

Adjusted operating income

							Increase/(Decrease)
	Six months ended June 30,						2021 vs. 2020
(€ million)	2021			2020			% Actual
Pro Forma Adjusted operating income	€	8,622		€	752		n.m.
Pro Forma Adjusted operating income margin (%)	11.4		%	1.5		%	+990 bps

The following chart presents the change in Pro Forma Adjusted operating income by segment for the six months ended June 30, 2021 compared to the corresponding period in 2020.

    Refer to — Results by Segment below for a discussion of Pro Forma Adjusted operating income for each of our six reportable segments (North America, South America, Enlarged Europe, Middle East and Africa, China and India & Asia Pacific, and Maserati).

26

The following table is the reconciliation of Net profit from continuing operations, which is the most directly comparable measure included in the Semi-Annual Condensed Consolidated Income Statement, to Pro Forma Adjusted operating income:

(€ million)	Six months ended June 30, 2021
Net profit from continuing operations	€	5,800
Tax expense	1,729
Net financial expenses	217
Share of the profit of equity method investees	(402)
Operating income	€	7,344
Add: Operating income of FCA, January 1 - 16, 2021	77
Add: Pro Forma adjustments	96
Pro Forma Operating income	€	7,517
Adjustments:
Reversal of inventory fair value adjustment in purchase accounting	€	522
Restructuring and other costs, net of reversals	541
Impairment expense and supplier obligations	21
Brazilian indirect tax - reversal of liability/ recognition of credits	(222)
Other	243
Total Adjustments	1,105
Pro Forma Adjusted operating income	€	8,622

The following table is the reconciliation of Net profit from continuing operations, which is the most directly comparable measure included in the Semi-Annual Condensed Consolidated Income Statement, to Adjusted operating income:

(€ million)	Six months ended June 30, 2021
Net profit from continuing operations	€	5,800
Tax expense	1,729
Net financial expenses	217
Share of the profit of equity method investees	(402)
Operating income	€	7,344
Adjustments:
Reversal of inventory fair value adjustment in purchase accounting	€	522
Restructuring and other costs, net of reversals	541
Impairment expense and supplier obligations	21
Brazilian indirect tax - reversal of liability/ recognition of credits	(222)
Other	243
Total adjustments January 1 - June 30, 2021	€	1,105
Less: adjustments January 1- 16, 2021	11
Adjusted operating income	€	8,438

27

The following table is the reconciliation of Net profit from continuing operations, which is the most directly comparable measure included in the Semi-Annual Condensed Consolidated Income Statement, to Pro Forma Adjusted operating income:

(€ million)	Six months ended June 30, 2020
Net profit from continuing operations	€	797
Tax expense	155
Net financial income	(160)
Share of the profit of equity method investees	(76)
Add: Operating loss of FCA, January 1 - June 30, 2020	(1,675)
Add: Pro Forma adjustments	1,024
Pro Forma Operating income	€	65
Adjustments:
Impairment expense and supplier obligations	€	771
Restructuring costs, net of reversals	87
Gains on disposal of investments	(241)
Other	70
Total Adjustments	687
Pro Forma Adjusted operating income	€	752

During the six months ended June 30, 2021, Pro Forma Adjusted operating income excluded adjustments primarily related to:

•€522 million of reversal of fair value adjustment recognized in purchase accounting on FCA inventories;

•€541 million of restructuring and other costs related to the reorganization of operations and the dealer network primarily in Enlarged Europe;

•€222 million benefit related to final decision of Brazilian Supreme Court on calculation of state value added tax, resulting in the recognition of €73 million in Net revenues and €149 million in Selling, general and other costs. Refer to Note 9, Other assets and prepaid expenses, within the Semi-Annual Condensed Consolidated Financial Statements included elsewhere in this report for additional information; and

•€243 million of other costs primarily related to the completion of merger and integration activities.

During the six months ended June 30, 2021, Adjusted operating income excluded the same adjustments excluded for Pro Forma Adjusted operating income, as well as, adjustments for the period January 1 - 16, 2021, which were primarily costs related to the merger.

During the six months ended June 30, 2020, Pro Forma Adjusted operating income excluded adjustments primarily related to:

• €87 million of restructuring costs, primarily related to South America, Enlarged Europe and North America;

•€771 million primarily relating to impairment expense in North America, South America, Enlarged Europe, China and India & Asia Pacific and Maserati due to reduced volume expectations primarily as a result of the estimated impacts of COVID, as well as, for certain assets in Maserati;

28

•€241 million relating to the gain on disposal of investment, primarily related to the disposal of Changan PSA Auto Company Ltd (“CAPSA”), which was a joint venture in China; and

•€70 million of other costs primarily related to the merger.

Adjusted net profit

	Six months ended June 30,				Increase/(Decrease)
(€ million)	2021		2020		2021 vs. 2020
Pro Forma Adjusted net profit	€	6,895	€	361	n.m.

The following table summarizes the reconciliation of Net profit from continuing operations, which is the most directly comparable measure included in the Semi-Annual Condensed Consolidated Income Statement, to Pro Forma Adjusted net profit:

(€ million)	Six months ended June 30, 2021
Net profit from continuing operations	€	5,800
Add: Net profit from continuing operations of FCA, January 1 - 16, 2021	30
Add: Pro Forma adjustments	106
Adjustments (as above)	1,105
Tax impact on adjustments	(241)
Derecognition of deferred tax assets	95
Total adjustments, net of taxes	959
Pro Forma Adjusted net profit	€	6,895

(€ million)	Six months ended June 30, 2020
Net profit from continuing operations	€	797
Add: Net loss from continuing operations of FCA, January 1 - June 30, 2020	(2,742)
Add: Pro Forma adjustments	1,132
Adjustments (as above)	687
Tax impact on adjustments	(62)
Net derecognition of deferred tax assets and other tax adjustments	549
Total adjustments, net of taxes	1,174
Pro Forma Adjusted net profit	€	361

During the six months ended June 30, 2021, Pro Forma Adjusted net profit excluded adjustments related to:

•€241 million reflecting the tax impact on the items excluded from Adjusted operating income above; and

•€95 million due to the derecognition of deferred tax assets

    During the six months ended June 30, 2020 Pro Forma Adjusted net profit excluded adjustments related to:

•€62 million reflecting the tax impact on the items excluded from Adjusted operating income above; and

•€549 million loss from write-down of deferred tax assets in Italy and Brazil related to the former FCA as it reviewed its business and operations to take into consideration the potential impacts and effects of the COVID-19 pandemic, including the estimated impact on economic and market outlook.

29

Adjusted diluted earnings per share

	Six months ended June 30,				Increase/(Decrease)
(€ per share)	2021		2020		2021 vs. 2020
Pro Forma Adjusted diluted earnings per share	€	2.15	€	0.12	n.m.

    The following table summarizes the reconciliation of Pro Forma Diluted earnings per share from continuing operations to Pro Forma Adjusted diluted earnings per share.

Refer to the section Pro Forma Earnings per share abovefor additional information for the reconciliation of Diluted earnings per share from continuing operations, which is the most directly comparable measure included in the Semi-Annual Condensed Consolidated Financial Statements, to Pro Forma Diluted earnings per share:

(€ per share except otherwise noted)	Six months ended June 30, 2021
Pro Forma Diluted earnings per share from continuing operations ("Diluted EPS")	€	1.85
Impact of adjustments above, net of taxes, on Diluted earnings per share from continuing operations	0.30
Pro Forma Adjusted diluted EPS	€	2.15

(€ per share except otherwise noted)	Six months ended June 30, 2020
Pro Forma Diluted earnings per share from continuing operations ("Diluted EPS")	€	(0.26)
Impact of adjustments above, net of taxes, on Diluted earnings per share from continuing operations	0.38
Pro Forma Adjusted diluted EPS	€	0.12

30

Results by Segment

The following are the results by segment Pro Forma for the six months ended June 30, 2021 and 2020:

	Pro Forma
	Net revenues				Adjusted operating income				Consolidated Shipments
	Six months ended June 30,
(€ million, except shipments which are in thousands of units)	2021		2020		2021		2020		2021	2020
North America	€	32,447	€	22,841	€	5,236	€	876	873	697
South America	4,936		2,192		326		(63)		424	186
Enlarged Europe	32,040		22,683		2,829		194		1,664	1,181
Middle East and Africa	2,547		1,757		247		43		138	93
China and India & Asia Pacific	1,883		1,200		206		67		61	36
Maserati	885		445		29		(104)		11	5
Other activities	1,422		1,099		(335)		(262)		—	—
Unallocated items & eliminations(1)	(850)		(549)		84		1		—	—
Total	€	75,310	€	51,668	€	8,622	€	752	3,171	2,198

________________________________________________________________________________________________________________________________________________

(1) Primarily includes intercompany transactions which are eliminated on consolidation

The following are the market shares by segment for the six months ended June 30, 2021 and 2020. The market share information below includes both FCA and PSA for the six months ended June 30, 2020.

	Market share(1)
	Six months ended June 30,
	2021		2020
North America	10.9	%	11.9	%
South America	23.6	%	17.4	%
Enlarged Europe	20.4	%	19.6	%
Middle East and Africa	11.9	%	11.6	%
India & Asia Pacific	0.8	%	0.7	%
China	0.5	%	0.6	%
Maserati	2.1	%	1.8	%

________________________________________________________________________________________________________________________________________________

(1) Industry and market share information is derived from third-party industry sources (e.g. European Automobile Manufacturers Association (ACEA), Ward’s Automotive, Associação Nacional dos Fabricantes de Veículos Automotores (ANFAVEA)) and internal information.

• Represents PC and LCVs, except as noted below

• India & Asia Pacific reflects aggregate for major markets where Group competes (Japan (PC), India(PC), South Korea (PC + Pickups), Australia and South East Asia)

• Middle East and Africa exclude Iran, Sudan and Syria

• Maserati market share and industry information is derived from IHS data, Maserati competitive segment and internal information.

Refer to Note 23, Segment reporting included elsewhere in this Semi-Annual report for additional detail on the Group’s reportable segments.

The following is a discussion of IFRS and Pro Forma Net revenues and shipments and Pro Forma Adjusted operating income for each of our six reportable segments for the six months ended June 30, 2021 as compared to the six months ended June 30, 2020. We review changes in our results of operations with the following operational drivers:

•Operating environment

◦Industry & Market Mix: reflects changes in volumes of products sold to customers driven by industry volumes and market mix. Reflects also the gap between production and shipment (fixed manufacturing costs absorption).

31

•Performance

◦Vehicle Net Price & Content: reflects changes in net prices including discounts and incentives and related to new product content, option take rates. Includes also channel and trim mix;

◦Vehicle Line Mix: reflects the changes in nameplate mix;

◦Market Share & Market Mix: reflects changes of market share and market mix on new vehicle business;

◦Industrial: reflects manufacturing, logistics and purchasing efficiencies and inefficiencies, as well as changes to costs of raw materials. Warranty and compliance costs are also included here;

◦SG&A: primarily includes costs for advertising and promotional activities, purchased services, information technology and administrative costs and other costs not directly related to the development and manufacturing of Stellantis products;

◦R&D: includes research and development costs;

◦FX and Other: includes other items not mentioned above, such as used cars, parts & services, sales to other partners, owned dealer network, royalties, the difference between shipments and sales, as well as foreign currency exchange translation, transaction and hedging.

32

North America

						Pro Forma
Six months ended June 30,				Increase/(Decrease)		Six months ended June 30,						Increase/(Decrease)
2021		2020		2021 vs. 2020		2021			2020			2021 vs. 2020
817		3		n.m.	Shipments (thousands of units)	873			697			25.3	%
€	30,426	€	45	n.m.	Net revenues (€ million)	€	32,447		€	22,841		42.1	%
€	4,983	n.a.		n.a.	Adjusted operating income (€ million)	€	5,236		€	876		497.7	%
					Adjusted operating income margin (%)	16.1		%	3.8		%	+1230 bps

____________________________________________________________________________________________________________________________

n.m. = not meaningful

n.a. = not applicable

Six Months Ended June 30, 2021

The Group's market share(1) in North America of 10.9 percent for the six months ended June 30, 2021 reflected a decrease of 100 bps from 11.9 percent in the same period in 2020. The U.S. market share(1) of 11.2 percent reflected a decrease of 110 bps from 12.3 percent in the same period in 2020.

Shipments

The increase in North America Pro Forma shipments in the six months ended June 30, 2021 compared to the same period in 2020 was primarily due to COVID interrupted six months ended June 30, 2020 and discontinuation of Dodge Grand Caravan and Journey in the last six months of 2020.

Net revenues

The increase in North America Net revenues in the six months ended June 30, 2021 compared to the same period in 2020 was almost entirely due to the contribution of FCA operations following the merger.

The increase in North America Pro Forma Net revenues in the six months ended June 30, 2021 compared to the same period in 2020 was primarily due to increased volumes, favorable vehicle and market mix, as well as strong net pricing, partially offset by unfavorable foreign translation effects.

________________________________________________________________________________________________________________________________________________

(1) Our estimated market share data presented are based on management’s estimates of industry sales data, which use certain data provided by third-party sources, including European Automobile Manufacturers Association (ACEA), Ward’s Automotive, Associação Nacional dos Fabricantes de Veículos Automotores

33

Adjusted operating income

    The following chart reflects the change in North America Pro Forma Adjusted operating income by operational driver for the six months ended June 30, 2021compared to the same period in 2020.

The increase in North America Pro Forma Adjusted operating income in the six months ended June 30, 2021 compared to the same period in 2020 was primarily due to higher Net revenues, partially offset by increased costs as business normalized compared to COVID interrupted six months ended June 30, 2020.

34

South America

							Pro Forma
Six months ended June 30,				Increase/(Decrease)			Six months ended June 30,						Increase/(Decrease)
2021		2020		2021 vs. 2020			2021			2020			2021 vs. 2020
405		33		n.m.		Shipments (thousands of units)	424			186			128.0	%
€	4,751	€	479	891.9	%	Net revenues (€ million)	€	4,936		€	2,192		125.2	%
€	317	n.a.		n.a.		Adjusted operating income (€ million)	€	326		€	(63)		617.5	%
						Adjusted operating income margin (%)	6.6		%	(2.9)		%	+950 bps

________________________________________________________________________________________________________________________________________________

n.a. = not applicable

Six Months Ended June 30, 2021

The Group's market share(1) in South America increased 620 bps to 23.6 percent for the six months ended June 30, 2021 from 17.4 percent in the same period in 2020. The Group's market share in Brazil and Argentina for the six months ended June 30, 2021 increased 1,070 bps to 31.6 percent from 20.9 percent and increased 260 bps to 27.7 percent from 25.1 percent, respectively, compared to the corresponding period in 2020.

Shipments

    The increase in South America Pro Forma shipments in the six months ended June 30, 2021 compared to the same period in 2020 was primarily due to reduced COVID interruptions and success of all-new Fiat Strada, as well as mid-cycle refreshes of Fiat Toro and Jeep Compass.

Net revenues

The increase in South America Net revenues in the six months ended June 30, 2021 compared to the same period in 2020 was primarily due to the contribution of FCA operations following the merger.

The increase in South America Pro Forma Net revenues in the six months ended June 30, 2021 compared to the same period in 2020 was primarily due to increased volumes, higher net pricing and improved vehicle mix, partially offset by negative foreign exchange translation effects, mainly from Brazilian real.

_______________________________________________________________________________________________________________________________________________

(1) Our estimated market share data presented are based on management’s estimates of industry sales data, which use certain data provided by third-party sources, including European Automobile Manufacturers Association (ACEA), Ward’s Automotive, Associação Nacional dos Fabricantes de Veículos Automotores (ANFAVEA)

35

Adjusted operating income

    The following chart reflects the change in South America Pro Forma Adjusted operating income by operational driver for the six months ended June 30, 2021 compared to the same period in 2020.

The increase in South America Pro Forma Adjusted operating income in the six months ended June 30, 2021 compared to the same period in 2020 was primarily due to higher Net revenues, partially offset by product cost inflation and unfavorable foreign exchange translation and transaction effects.

36

Enlarged Europe

							Pro Forma
Six months ended June 30,				Increase/(Decrease)			Six months ended June 30,						Increase/(Decrease)
2021		2020		2021 vs. 2020			2021			2020			2021 vs. 2020
1,651		891		85.3	%	Shipments (thousands of units)	1,664			1,181			40.9	%
€	31,708	€	17,623	79.9	%	Net revenues (€ million)	€	32,040		€	22,683		41.3	%
€	2,878	n.a.		n.a.		Adjusted operating income (€ million)	€	2,829		€	194		n.m.
						Adjusted operating income margin (%)	8.8		%	0.9		%	+790 bps

________________________________________________________________________________________________________________________________________________

n.m. = not meaningful

n.a. = not applicable

Six Months Ended June 30, 2021

The Group's market share(1) in the Enlarged Europe for the six months ended June 30, 2021, increased 80 bps to 23.1 percent from 22.3 percent in the same period in 2020.

Shipments

    The increase in Enlarged Europe Pro Forma shipments in the six months ended June 30, 2021 compared to the same period in 2020 was primarily due to COVID interrupted six months ended June 30, 2020 and increased volumes of Peugeot 2008, all-new Citroën C4, all-new Opel Mokka and all-new Fiat 500e.

Net revenues

The increase in Enlarged Europe Net revenues in the six months ended June 30, 2021 compared to the same period in 2020 was primarily due to the contribution of FCA operations following the merger.

The increase in Enlarged Europe Pro Forma Net revenues in the six months ended June 30, 2021 compared to the same period in 2020 was primarily due to higher volumes, improved vehicle mix, positive net pricing, and increased parts and services business, as well as used car business.

_______________________________________________________________________________________________________________________________________________

(1) EU30 = EU27 (excluding Malta) + Iceland + Norway+ Switzerland + UK. Our estimated market share data presented are based on management’s estimates of industry sales data, which use certain data provided by third-party sources, including European Automobile Manufacturers Association (ACEA), Ward’s Automotive, Associação Nacional dos Fabricantes de Veículos Automotores (ANFAVEA)

37

Adjusted operating income

    The following chart reflects the change in Enlarged Europe Pro Forma Adjusted operating income by operational driver for the six months ended June 30, 2021 compared to the same period in 2020.

The increase in Enlarged Europe Pro Forma Adjusted operating income in the six months ended June 30, 2021 compared to the same period in 2020 was primarily due to higher Net Revenues, purchasing and manufacturing efficiencies, as well as reduced compliance costs, partially offset by increased advertising costs and labor due to prior period COVID measures as compared to 2021.

38

Middle East and Africa

							Pro Forma
Six months ended June 30,				Increase/(Decrease)			Six months ended June 30,						Increase/(Decrease)
2021		2020		2021 vs. 2020			2021			2020			2021 vs. 2020
198		71		178.9	%	Combined shipments (thousands of units)	200			130			53.8	%
137		71		93.0	%	Consolidated shipments (thousands of units)	138			93			48.4	%
€	2,511	€	1,096	129.1	%	Net revenues (€ million)	€	2,547		€	1,757		45.0	%
€	256	n.a.		n.a.		Adjusted operating income (€ million)	€	247		€	43		474.4	%
						Adjusted operating income margin (%)	9.7		%	2.4		%	+730 bps

________________________________________________________________________________________________________________________________________________

n.a. = not applicable

Six Months Ended June 30, 2021

The Group's market share(1) in the Middle East and Africa for the six months ended June 30, 2021, increased 30 bps to 11.9 percent from 11.6 percent in the same period in 2020.

Shipments

The increase in Middle East and Africa Pro Forma consolidated shipments in the six months ended June 30, 2021 compared to the same period in 2020 was primarily driven by COVID interrupted six months ended June 30, 2020 and higher volumes of Peugeot 208 and 3008, Opel Corsa and Jeep Wrangler.

Net revenues

The increase in Middle East and Africa Net revenues in the six months ended June 30, 2021 compared to the same period in 2020 was primarily due to the contribution of FCA operations following the merger.

The increase in Middle East and Africa Pro Forma Net revenues in the six months ended June 30, 2021 compared to the same period in 2020 was primarily due to increased volumes, higher net pricing, including pricing actions for the Turkish lira devaluation, and improved market mix, partially offset by negative foreign exchange translation effects, mainly from Turkish lira.

39

Adjusted operating income

    The following chart reflects the change in Middle East and Africa Pro Forma Adjusted operating income by operational driver for the six months ended June 30, 2021 compared to the same period in 2020.

The increase in Middle East and Africa Pro Forma Adjusted operating income in the six months ended June 30, 2021 compared to the same period in 2020 was primarily due to improved Net revenues, partially offset by negative foreign exchange translation effects, primarily from the Turkish lira.

_______________________________________________________________________________________________________________________________________________

(1) Our estimated market share data presented are based on management’s estimates of industry sales data, which use certain data provided by third-party sources, including European Automobile Manufacturers Association (ACEA), Ward’s Automotive, Associação Nacional dos Fabricantes de Veículos Automotores.

40

China and India & Asia Pacific

							Pro Forma
Six months ended June 30,				Increase/(Decrease)			Six months ended June 30,						Increase/(Decrease)
2021		2020		2021 vs. 2020			2021			2020			2021 vs. 2020
99		34		191.2	%	Combined shipments (thousands of units)	102			75			36.0	%
59		12		391.7	%	Consolidated shipments (thousands of units)	61			36			69.4	%
€	1,830	€	334	447.9	%	Net revenues (€ million)	€	1,883		€	1,200		56.9	%
€	208	n.a.		n.a.		Adjusted operating income (€ million)	€	206		€	67		207.5	%
						Adjusted operating income margin (%)	10.9		%	5.6		%	+530 bps

________________________________________________________________________________________________________________________________________________

n.m. = not meaningful

n.a. = not applicable

We locally produce and distribute the Jeep Cherokee, Renegade, Compass, Grand Commander and Commander PHEV through the 50% owned GAC Fiat Chrysler Automobiles Co (“GAC FCA JV”). We also locally manufacture vehicles under the Dongfeng Peugeot and Dongfeng Citroën brands in China through the 50% owned Dongfeng Peugeot Citroën Automobile joint venture (“DPCA JV”), based in Wuhan, China. The Dongfeng Peugeot Citroën Automobile Sales Co (“DPCS”), markets the vehicles produced by DPCA in China. The results of these joint ventures are accounted for using the equity method, with recognition of our share of the net income of the joint venture in the line item “Share of the profit of equity method investees” within the Consolidated Income Statement. We also produce the Jeep Compass through our joint operation with Fiat India Automobiles Private Limited (“FIAPL”) and we recognize our related interest in the joint operation on a line by line basis. Until June 2020, vehicles under the DS brand have been manufactured and marketed in China through CAPSA a 50% joint venture between PSA and the Changan group. Upon the sale of the 50 percent stake by PSA in June 2020, CAPSA will continue to manufacture DS vehicles for the Group.

Shipments distributed by our consolidated subsidiaries, which include vehicles produced by FIAPL, are reported in both consolidated and combined shipments. Shipments of the GAC FCA JV and DPCA JV are not included in consolidated shipments and are only in combined shipments.

Six Months Ended June 30, 2021

Shipments

The increase in China and India & Asia Pacific Pro Forma combined and consolidated shipments in the six months ended June 30, 2021 compared to the same period in 2020 was primarily due to the industry recovery.

Net revenues

The increase in China and India & Asia Pacific Net revenues in the six months ended June 30, 2021 compared to the same period in 2020 was primarily due to the contribution of FCA operations following the merger.

The increase in China and India & Asia Pacific Pro Forma Net revenues in the six months ended June 30, 2021 compared to the same period in 2020 was primarily due to overall higher volumes and favorable market mix and net pricing.

Adjusted operating income

The increase in China and India & Asia Pacific Pro Forma Adjusted operating income in the six months ended June 30, 2021 compared to the same period in 2020 was primarily due to higher Net revenues, partially offset by increased advertising costs that were impacted by cost containment measures in 2020 due to COVID-19.

41

Maserati

						Pro Forma
Six months ended June 30,				Increase/(Decrease)		Six months ended June 30,						Increase/(Decrease)
2021		2020		2021 vs. 2020		2021			2020			2021 vs. 2020
10.8		—		n.m.	Shipments (thousands of units)	10.8			5.1			111.8	%
€	867	€	—	n.m.	Net revenues (€ million)	€	885		€	445		98.9	%
€	42	n.a.		n.a.	Adjusted operating income (€ million)	€	29		€	(104)		127.9	%
					Adjusted operating income margin (%)	3.3		%	(23.4)		%	+2,670 bps

________________________________________________________________________________________________________________________________________________

n.m. = not meaningful

n.a. = not applicable

Six Months Ended June 30, 2021

Shipments

The increase in Maserati Pro Forma shipments in the six months ended June 30, 2021 compared to the same period in 2020 was primarily due to the improved demand and increased market share.

Net revenues

The increase in Maserati Pro Forma Net revenues in the six months ended June 30, 2021 compared to the same period in 2020 was primarily due to higher volumes, improved net pricing and favorable market mix, mainly in China.

Adjusted operating income

The increase in Maserati Pro Forma Adjusted operating income in the six months ended June 30, 2021 compared to the same period in 2020 was primarily due to improved Net revenues, partially offset by higher advertising costs to support mid-cycle refreshes.

42

Liquidity and Capital Resources

Available Liquidity

    The following table summarizes our total Available liquidity and Pro Forma Availability liquidity:

(€ million)	At June 30, 2021
Cash, cash equivalents and financial securities(1)	€	41,749
Undrawn committed credit lines	10,628
Cash, cash equivalents and financial securities - included within Assets held for sale	19
Available liquidity(2)	€	52,396
of which: Available liquidity of the Industrial Activities	€	51,445

	Aggregated (3)
(€ million)	At December 31, 2020
Cash, cash equivalents and financial securities(1)	€	44,748
Undrawn committed credit lines	13,478
Cash, cash equivalents and financial securities - included within Assets held for sale	27
Available liquidity (2)	€	58,253
of which: Available liquidity of the Industrial Activities	€	57,278

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(1) Current securities are comprised of short term or marketable securities which represent temporary investments but do not satisfy all the requirements to be classified as cash equivalents as they may not be able to readily converted into cash, or they are subject to significant risk of change in value (even if they are short-term in nature or marketable).

(2) The majority of our liquidity is available to our treasury operations in Europe and U.S.; however, liquidity is also available to certain subsidiaries which operate in other countries. Cash held in such countries may be subject to restrictions on transfer depending on the foreign jurisdictions in which these subsidiaries operate. Based on our review of such transfer restrictions in the countries in which we operate and maintain material cash balances, we do not believe such transfer restrictions had an adverse impact on the Group’s ability to meet its liquidity requirements at the dates presented above.

(3) The aggregated Available Liquidity as of December 31, 2020, is the simple aggregation of FCA and PSA (excluding Faurecia) and does not reflect purchase accounting adjustments required by IFRS.

    The Available liquidity of the Industrial Activities at June 30, 2021 decreased €5.8 billion from December 31, 2020 (aggregated) primarily as a result of the €4.2 billion distributions to Shareholders, the maturity of the €3.0 billion PSA COVID line and the €1.2 billion negative Industrial Free Cash Flow (on a Pro Forma basis). These effects have been partially offset by the positive net financing flows (excluding dividends), driven by the €3.75 billion notes issued in the period under the EMTN Program and the repayment of a €1.0 billion note at maturity.

     Our available liquidity is subject to intra-month and seasonal fluctuations resulting from business and collection-payment cycles as well as to changes in foreign exchange conversion rates. Moreover, we tend to operate with negative working capital as we generally receive payment for vehicles within a few days of shipment, whereas there is a lag between the time when parts and materials are received from suppliers and when we pay for such parts and materials; therefore, in periods in which our vehicle shipments decline materially we will suffer a significant negative impact on cash flow and liquidity as we continue to pay suppliers for components purchased in a high volume environment during a period in which we receive lower proceeds from vehicle shipments. Plant shutdowns, whether associated with model year changeovers, or other factors such as temporary supplier interruptions or government-imposed restrictions, such as we have experienced in response to the COVID-19 pandemic, can have a significant negative impact on our revenues and working capital as we continue to pay suppliers while we do not receive proceeds from vehicle sales. Refer to the section — Cash Flows below for additional information regarding the change in cash and cash equivalents.

    Our liquidity is principally denominated Euro and in U.S. Dollar, with the remainder being distributed in various countries and denominated in the relevant local currencies. Out of the total cash, cash equivalents and financial securities available at June 30, 2021, €25.9 billion, or 62.0 percent, were denominated in Euro and €10.1 billion, or 24.0 percent, were denominated in U.S. Dollar.

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    In April 2021, €3.0 billion syndicated credit line expired. The syndicated credit line was signed by PSA in April 2020 in response to the COVID-19 pandemic.

At June 30, 2021, undrawn committed credit lines of €10.6 billion consisted of the €6.25 billion Revolving Credit Facilities (RCF) from the FCA Group, the €3.0 billion syndicated credit line of Peugeot S.A. and the GIE PSA Trésorerie and other revolving facilities for a total of €1.4 billion.

As of June 30, 2021, the RCF was available for general corporate purposes and for the working capital needs and is structured in two tranches: €3.125 billion, with a 37-month tenor and two extension options of 1-year and of 11-months exercisable on the first and second anniversary of the amendment signing date, respectively, and €3.125 billion, with a 60-month tenor. On March 26, 2020, the tenor of the three-year Tranche A of FCA’s €6.25 billion for €3.125 billion, was extended by one year to April 27, 2023, with the Tranche B maturity unchanged at March 2024.

On July 23, 2021, Stellantis announced that it had signed a new syndicated revolving credit facility (“RCF”) of €12.0 billion, with a group of 29 relationship banks. This new RCF replaces the existing syndicated RCF’s from the PSA Group (€3.0 billion) and FCA Group (€6.25 billion). This new RCF, available for use in general corporate purposes, is structured in two tranches: €6.0 billion, with a 3 year tenor, and €6.0 billion, with a 5 year tenor, each tranche benefiting from two further extensi