Exhibit 99.1

Semi-Annual Report

As of and for the six months ended June 30, 2022

TABLE OF CONTENTS

	Page
CERTAIN DEFINED TERMS	5
MANAGEMENT DISCUSSION AND ANALYSIS	5
Russia & Ukraine Crisis	5
FCA - PSA Merger	5
Unaudited Pro Forma Consolidated Financial Information	7
Highlights	13
Non-GAAP Financial Measures	15
Company Results	17
Results by Segment	25
Liquidity and Capital Resources	35
Important Events	40
Risks and Uncertainties	42
Guidance and Outlook	43
Dare Forward 2030 Strategic Plan	44
SEMI-ANNUAL CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES AS OF AND FOR THE SIX MONTHS ENDED JUNE 30, 2022	46
Semi-Annual Condensed Consolidated Income Statement	47
Semi-Annual Condensed Consolidated Statement of Comprehensive Income	48
Semi-Annual Condensed Consolidated Statement of Financial Position	49
Semi-Annual Condensed Consolidated Statement of Cash Flows	50
Semi-Annual Condensed Consolidated Statement of Changes in Equity	51
Notes to the Semi-Annual Condensed Consolidated Financial Statements	52
1. Basis of preparation	52
2. Scope of consolidation	54
3. Net revenues	56
4. Net financial expenses	57
5. Tax expense	57
6. Goodwill and intangible assets with indefinite useful lives	58
7. Other assets and prepaid expenses	58
8. Financial assets	59
9. Inventories	59
10. Working Capital	60
11. Share-based compensation	61
12. Employee benefits liabilities	62
13. Provisions	63
14. Debt	64
15. Other liabilities	65
16. Fair value measurement	65
17. Related party transactions	68
18. Guarantees granted, commitments and contingent liabilities	70
19. Equity	75
20. Earnings per share	77
21. Segment reporting	78
22. Subsequent events	82
RESPONSIBILITY STATEMENT	83

2

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 continued impact of unfilled semiconductor orders;

•our ability to realize the anticipated benefits of the merger;

•the continued impact of the COVID-19 pandemic;

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

•our ability to successfully manage the industry-wide transition from internal combustion engines to full electrification;

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

•our ability to produce or procure electric batteries with competitive performance, cost and at required volumes;

•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 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;

•our ability to access funding to execute our business plans;

•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;

3

•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;

•ability to maintain effective internal controls over financial reporting; 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; 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.

4

CERTAIN DEFINED TERMS

In this Semi-Annual Report, unless otherwise specified, the terms “we”, “our”, “us”, 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” and “FCA N.V.” 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 Company’s financial information is presented in Euro. All references to “U.S. Dollars”, “U.S. Dollar”, “USD” and “$” refer to the currency of the United States of America (“U.S.”).

MANAGEMENT DISCUSSION AND ANALYSIS

Russia & Ukraine Crisis

In response to the on-going Russia-Ukraine conflict, various governments around the world have applied economic, trade and financial sanctions against Russia.

In Russia, we have a joint venture assembly plant, accounted for as a joint operation, as well as, national sales companies. In March 2022, the import and export of vehicles to and from Russia were suspended by Stellantis. In April 2022, operations at the joint venture assembly plant were suspended. In Ukraine, we have a national sales company. Our activities in Russia and Ukraine are not material to our net assets, financial position or results of operations.

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 N.V.”).

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 did not have a material impact on the cash flows or

financial positions for the Company.

On January 17, 2021, the board of directors was appointed, the Stellantis articles of association became effective and the combined company was renamed Stellantis. 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.

5

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.

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 were 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. The Company lost control of Faurecia on January 11, 2021.

6

UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION

This Unaudited Pro Forma 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 Consolidated Financial Information includes the unaudited pro forma consolidated income statement for the six months ended June 30, 2021 and the related explanatory notes (the “Unaudited Pro Forma Consolidated Financial Information”). The Unaudited Pro Forma 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 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 Consolidated Statement of Financial Position of Stellantis as of December 31, 2021. Please refer to the Consolidated Statement of Financial Position as of December 31, 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.

The Unaudited Pro Forma 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 included elsewhere in this report and (ii) FCA’s accounting records for the period from January 1, 2021 to January 16, 2021. The Unaudited Pro Forma 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 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 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 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, 2022 and 2021 included elsewhere in this report.

The historical consolidated financial information has been adjusted in the accompanying Unaudited Pro Forma 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:

•The 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 the interest expense related to the fair value adjustment 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 period from January 1, 2021 to January 16, 2021.

The Unaudited Pro Forma 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.

7

UNAUDITED PRO FORMA SEMI-ANNUAL CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2021

	For the six months ended June 30, 2021
			Pro Forma adjustments
(€ million, except per share amounts)	Stellantis		January 1 - 16, 2021 results of FCA		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/(losses) on disposal of investments	2		—		—		—		2
Restructuring costs	371		—		—		—		371
Operating income/(loss)	7,344		77		96		—		7,517
Net financial expenses/(income)	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 Consolidated Financial Information.

8

NOTES TO UNAUDITED PRO FORMA 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, included elsewhere within this Semi-Annual Report.

Note 2 – FCA Historical

This column represents the FCA results for the period from January 1, 2021 to January 16, 2021, as derived from FCA’s accounting records.

Note 3 – Purchase Price Allocation

As noted in the introduction to this Unaudited Pro Forma 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 excess of the consideration transferred over the fair value of FCA’s assets acquired and liabilities assumed has been recorded as goodwill.

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

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

9

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

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. The fair value of reacquired rights has been valued based on the discounted cash flows expected from the related agreement.

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 for the period January 1 to January 16, 2021, which has been recorded within Research and development costs in relation to capitalized research and development costs and other intangible assets.

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 for the period January 1 to January 16, 2021, of which €45 million has been recorded within Cost of revenues and €2 million within Selling, general and other costs in the Unaudited Pro Forma Consolidated Financial Information.

C.Financial liabilities

Purchase price adjustments were recognized to step up to fair value the financial liabilities 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 for the period January 1 to January 16, 2021 and has been recorded within Net financial income (expense) in the Unaudited Pro Forma Consolidated Financial Information.

10

D.Other

Primarily reflects:

•the recognition of additional revenue of €2 million for the period January 1 to January 16, 2021, 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 for the period January 1 to January 16, 2021, due to the recognition of the fair value adjustments of the related liabilities.

•the reversal of the impact on cost of revenues of €7 million for the period January 1 to January 16, 2021 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 consolidated income statement, calculated based on statutory tax rates applicable in the relevant jurisdictions.

Note 4 – Other Adjustments

Other adjustments include the elimination of the intercompany transactions with Sevel in the Stellantis Consolidated Income Statement for the six months ended June 30, 2021 of €6 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.

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 20 - 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.

11

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, as adjusted	€	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

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, as adjusted	€	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 (thousand)	14,577		14,577		14,577
Equity warrants delivered to General Motors (thousand)	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

12

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,
2022	2021	(€ million, except shipments, which are in thousands of units, and per share amounts)		2021
3,033	3,181	Combined shipments(1)		3,274
2,934	3,080	Consolidated shipments(2)		3,171
87,999	72,610	Net revenues		75,310
7,960	5,800	Net profit from continuing operations		5,936
—	990	Profit from discontinued operations, net of tax		990
7,960	6,790	Net profit (including discontinued operations)		6,926
12,374	8,438	Adjusted operating income(3)		8,622
		Earnings per share - including discontinued operations(4)
2.54	2.17	Basic earnings per share (€)		2.21
2.47	2.11	Diluted earnings per share (€)		2.16
		Earnings per share from continuing operations(4)
2.54	1.85	Basic earnings per share (€)		1.90
2.47	1.81	Diluted earnings per share (€)		1.85
		Distribution paid, per share
1.04	—	Ordinary dividends, per share (€)		n.a.
—	0.32	Extraordinary distribution, per share (€)		n.a.

____________________________________________________________________________________________________

n.a. = not applicable

13

					Pro Forma
Six months ended June 30,					Six months ended June 30,
2022		2021		(€ million)	2021
€	9,843	€	5,615	Net cash from (used in) operating activities	n.a.
9,843		5,615		Of which: Net cash from (used in) operating activities of continuing operations	n.a.
—		—		Of which: Net cash from (used in) operating activities of discontinued operations	n.a.
5,319		n.a.		Industrial free cash flows(5)	(1,163)

______________________________________________________________________________________________________________________________

n.a. = not applicable

At June 30, 2022		(€ million)	At December 31, 2021
€	61,014	Available Liquidity	€	63,938
59,728		Of which: Industrial Available liquidity	62,706
22,054		Industrial net financial position(6)	19,090

________________________________________________________________________________________________________________________________________________

(1) Combined shipments include shipments from Stellantis' consolidated subsidiaries and unconsolidated joint ventures.

(2) Consolidated shipments only include shipments from Stellantis' consolidated subsidiaries.

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

(4) Refer to Note 20 - Earnings per share, in the Semi-Annual Condensed Consolidated Financial Statements included in this Semi-Annual Report.

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

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

14

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, Industrial free cash flows and Industrial net financial position. 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 Company's ongoing operating performance, and also excludes Net financial expenses/(income), Tax expense/(benefit) and Share of the profit/(loss) 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 Company'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.

Adjusted operating income is used for internal reporting to assess performance and as part of the Company's forecasting, budgeting and decision making processes as it provides additional transparency to the Company's core operations. We believe this non-GAAP measure is useful because it excludes items that we do not believe are indicative of the Company’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 Company’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 Company and other eligible employees, including members of the Top Executive Team.

Refer to the sections Company 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.

15

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 and other 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 include 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 Company’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 Company 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 Company 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 Company’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.

16

Company Results

The following is a discussion of the Company's results of operations for the six months ended June 30, 2022 compared to the six months ended June 30, 2021, on both an IFRS and Pro forma basis (refer to Unaudited Pro Forma Consolidated Financial Information for additional information):

					Pro Forma
Six months ended June 30,					Six months ended June 30,
2022		2021		(€ million)	2021
€	87,999	€	72,610	Net revenues	€	75,310
69,865		58,301		Cost of revenues	60,565
4,460		4,550		Selling, general and other costs	4,740
2,547		2,046		Research and development costs	2,119
31		2		Gains/(losses) on disposal of investments	2
838		371		Restructuring costs	371
10,320		7,344		Operating income	7,517
431		217		Net financial expenses	229
9,889		7,127		Profit before taxes	7,288
1,985		1,729		Tax expense	1,757
56		402		Share of the profit of equity method investees	405
7,960		5,800		Net profit from continuing operations	5,936
—		990		Profit from discontinued operations, net of tax	990
€	7,960	€	6,790	Net profit	€	6,926
				Net profit attributable to:
€	7,960	€	6,780	Owners of the parent	€	6,916
€	—	€	10	Non-controlling interests	€	10
				Net profit from continuing operations attributable to:
€	7,960	€	5,790	Owners of the parent	€	5,926
€	—	€	10	Non-controlling interests	€	10
				Net profit from discontinued operations attributable to:
€	—	€	990	Owners of the parent	€	990
€	—	€	—	Non-controlling interests	€	—

Net revenues

							Pro Forma
Six months ended June 30,				Increase/(Decrease)			Six months ended June 30,		Increase/(Decrease)
2022		2021		2022 vs. 2021		(€ million)	2021		2022 vs. 2021 Pro Forma
€	87,999	€	72,610	21.2	%	Net revenues	€	75,310	16.8	%

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, Enlarged Europe, Middle East & Africa, South America, China and India & Asia Pacific, and Maserati).

17

Cost of revenues

									Pro Forma
Six months ended June 30,						Increase/(Decrease)			Six months ended June 30,			Increase/(Decrease)
2022			2021			2022 vs. 2021		(€ million)	2021			2022 vs. 2021 Pro Forma
€	69,865		€	58,301		19.8	%	Cost of revenues	€	60,565		15.4	%
79.4		%	80.3		%			Cost of revenues as % of Net revenues	80.4		%

The increase in Cost of revenues on an IFRS basis during the six months ended June 30, 2022 compared to the IFRS and Pro Forma basis for the corresponding period in 2021, primarily related to synergies for purchasing, manufacturing and supply chain activities more than offset by: (i) higher raw material costs (ii) higher volumes in North America (iii) higher energy and logistics costs (iv) foreign currency translation differences mainly due to the revaluation of the U.S. Dollar and Brazilian Real against the Euro and (v) amounts that have been excluded from Adjusted operating income primarily related to (1) an increase of €660 million in the provision related to Model Year 2019 - 2021 U.S. CAFE penalty rate adjustment and (2) €562 million for extension of the Takata airbags recall campaign in Enlarged Europe, Middle East & Africa and South America.

Selling, general and other costs

									Pro Forma
Six months ended June 30,						Increase/(Decrease)			Six months ended June 30,			Increase/(Decrease)
2022			2021			2022 vs. 2021		(€ million)	2021			2022 vs. 2021 Pro Forma
€	4,460		€	4,550		(2.0)	%	Selling, general and other costs	€	4,740		(5.9)	%
5.1		%	6.3		%			Selling, general and other costs as % of Net revenues	6.3		%

The decrease in Selling, general and other costs on an IFRS basis during six months ended June 30, 2022 compared to the IFRS and Pro Forma basis for the corresponding period in 2021, primarily related to synergies and cost containment actions partially offset by foreign currency translation differences.

Research and development costs

							Pro Forma
Six months ended June 30,				Increase/(Decrease)			Six months ended June 30,		Increase/(Decrease)
2022		2021		2022 vs. 2021		(€ million)	2021		2022 vs. 2021 Pro Forma
€	1,605	€	1,305	23.0	%	Research and development expenditures expensed	€	1,362	17.8	%
931		726		28.2	%	Amortization of capitalized development expenditures	742		25.5	%
11		15		(26.7)	%	Impairment and write-off of capitalized development expenditures	15		(26.7)	%
€	2,547	€	2,046	24.5	%	Total Research and development costs	€	2,119	20.2	%

					Pro Forma
Six months ended June 30,					Six months ended June 30,
2022		2021			2021
1.8	%	1.8	%	Research and development expenditures expensed as % of Net revenues	1.8	%
1.1	%	1.0	%	Amortization of capitalized development expenditures as % of Net revenues	1.0	%
—	%	—	%	Impairment and write-off of capitalized development expenditures as % of Net revenues	—	%
2.9	%	2.8	%	Total Research and development cost as % of Net revenues	2.8	%

18

The increase in Research and development expenditures expensed on an IFRS basis during six months ended June 30, 2022 compared to the IFRS and Pro Forma basis for the corresponding period in 2021, primarily related to increased non-project and early vehicle development spending as well as foreign currency translation.

The increase in Amortization of capitalized development expenditures on an IFRS basis during six months ended June 30, 2022 compared to the IFRS and Pro Forma basis for the corresponding period in 2021, is primarily related to the launch of the all-new Wagoneer/Grand Wagoneer and all-new Jeep Grand Cherokee and foreign currency translation.

Total Research and development expenditures during the six months ended June 30, 2022 and 2021 and total Pro Forma Research and development expenditures during the six months ended June 30, 2021 were as follows:

									Pro Forma
Six months ended June 30,						Increase/(Decrease)			Six months ended June 30,			Increase/(Decrease)
2022			2021			2022 vs. 2021		(€ million)	2021			2022 vs. 2021 Pro Forma
€	1,444		€	1,484		(2.7)	%	Capitalized development expenditures(1)	€	1,563		(7.6)	%
1,605			1,305			23.0	%	Research and development expenditures expensed	1,362			17.8	%
€	3,049		€	2,789		9.3	%	Total Research and development expenditures	€	2,925		4.2	%
47.4		%	53.2		%			Capitalized development expenditures as % of Total Research and development expenditures	53.4		%
3.5		%	3.8		%			Total Research and development expenditures as % of Net revenues	3.9		%

________________________________________________________________________________________________________________________________________________

(1) Does not include capitalized borrowing costs of €48 million and €103 million for the six months ended June 30, 2022 and 2021, respectively, and €110 million for the six months ended June 30, 2021, on a pro forma basis, in accordance with IAS 23 - Borrowing costs (Revised).

The increase in total Research and development expenditures on an IFRS basis during six months ended June 30, 2022 compared to the IFRS and Pro Forma basis for the corresponding period in 2021, primarily related to increased non-project and early vehicle development spending as well as foreign currency exchange rates partially offset by lower capitalized development costs for vehicle programs reflecting the realization of synergies on product development activities.

Restructuring costs

							Pro Forma
Six months ended June 30,				Increase/(Decrease)			Six months ended June 30,		Increase/(Decrease)
2022		2021		2022 vs. 2021		(€ million)	2021		2022 vs. 2021 Pro Forma
€	838	€	371	125.9	%	Restructuring costs	€	371	125.9	%

The increase in Restructuring costs on an IFRS basis during six months ended June 30, 2022 compared to the IFRS and Pro Forma basis for the corresponding period in 2021, primarily related to workforce reductions in Enlarged Europe, North America, and South America.

19

Net financial expenses

							Pro Forma
Six months ended June 30,				Increase/(Decrease)			Six months ended June 30,		Increase/(Decrease)
2022		2021		2022 vs. 2021		(€ million)	2021		2022 vs. 2021 Pro Forma
€	431	€	217	98.6	%	Net financial expenses	€	229	88.2	%

The increase in Net financial expenses on an IFRS basis during six months ended June 30, 2022 compared to the IFRS and Pro Forma basis for the corresponding period in 2021, primarily reflects the cost of hedging and currency depreciation in Argentina and the increased interest levels in Brazil, as well as the application of hyperinflationary accounting for entities whose functional currency is the Turkish Lira.

Tax expense

									Pro Forma
Six months ended June 30,						Increase/(Decrease)			Six months ended June 30,			Increase/(Decrease)
2022			2021			2022 vs. 2021		(€ million)	2021			2022 vs. 2021 Pro Forma
€	1,985		€	1,729		14.8	%	Tax expense	€	1,757		13.0	%
20.1		%	24.3		%			Effective tax rate	24.1		%

The effective tax rate was 20.1 percent and 24.3 percent for the six months ended June 30, 2022, and 2021, respectively. The Pro Forma effective tax rate was 24.1 percent for the six months ended June 30, 2021.

The decrease in the effective tax rate on an IFRS basis during six months ended June 30, 2022, compared to the IFRS and Pro Forma basis for the corresponding period in 2021, is primarily related to the deferred tax asset adjustments in the UK and Germany as a result of the merger in 2021 along with increased tax benefits in the U.S. and Argentina in the six months ended June 30, 2022. This is partially offset by additional U.S. earnings taxed at approximately 24 percent blended U.S. corporate and state statutory tax rate.

As of December 31, 2021 deferred tax assets were recognized, mainly in France, Germany and Spain, based on forecasted profitability estimated according to the last available medium-term plan. We will continue to use this data to measure and assess Stellantis deferred tax asset recognition until there is sufficient evidence to support changes in our recognition position. During the second half of 2022, we expect 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.

Share of the profit of equity method investees

							Pro Forma
Six months ended June 30,				Increase/(Decrease)			Six months ended June 30,		Increase/(Decrease)
2022		2021		2022 vs. 2021		(€ million)	2021		2022 vs. 2021 Pro Forma
€	56	€	402	(86.1)	%	Share of the profit of equity method investees	€	405	(86.2)	%

The decrease in the Share of the profit of equity method investees on an IFRS basis during six months ended June 30, 2022, compared to the IFRS and Pro Forma basis for the corresponding period in 2021, was primarily due to the impairment related to GAC Fiat Chrysler Automobiles Co., Ltd (“GAC-Stellantis JV”) for an amount of €297 million (refer to Note 2 - Scope of consolidation within the Semi-Annual Condensed Consolidated Financial Statements included elsewhere in this report for additional information).

20

Net profit from continuing operations

							Pro Forma
Six months ended June 30,				Increase/(Decrease)			Six months ended June 30,		Increase/(Decrease)
2022		2021		2022 vs. 2021		(€ million)	2021		2022 vs. 2021 Pro Forma
€	7,960	€	5,800	37.2	%	Net profit from continuing operations	€	5,936	34.1	%

The increase in Net profit from continuing operations on an IFRS basis during six months ended June 30, 2022 compared to the IFRS and Pro Forma basis for the corresponding period in 2021, primarily due to higher operating performance particularly in North America and South America which is partially offset by higher net financial expenses and lower share of profit of equity method investees.

Profit from discontinued operations, net of tax

						Pro Forma
Six months ended June 30,				Increase/(Decrease)		Six months ended June 30,		Increase/(Decrease)
2022		2021		2022 vs. 2021	(€ million)	2021		2022 vs. 2021 Pro Forma
€	—	€	990	n.m.	Profit from discontinued operations, net of tax	€	990	n.m.

____________________________________________________________________________________________________

n.m. = not meaningful

For the six months ended June 30, 2021, following the loss of control of Faurecia at the beginning of January 2021, a gain of €990 million was 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.

21

Adjusted operating income

							Pro Forma			Increase/(Decrease)
Six months ended June 30,							Six months ended June 30,			2022 vs. 2021 Pro Forma
2022			2021			(€ million)	2021			% Actual
€	12,374		€	8,438		Adjusted operating income	€	8,622		43.5	%
14.1		%	11.6		%	Adjusted operating income margin (%)	11.4		%	+270 bps

The following chart presents the change in Adjusted operating income by segment for the six months ended June 30, 2022 compared to the corresponding period in 2021 Pro Forma.

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

22

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, 2022
Net profit from continuing operations	€	7,960
Tax expense	1,985
Net financial expenses	431
Share of the profit of equity method investees	(56)
Operating income	€	10,320
Adjustments:
Restructuring and other costs, net of reversals	€	838
CAFE penalty rate	660
Takata recall campaign	562
Patents litigation	134
Impairment expense and supplier obligations	67
Other	(207)
Total Adjustments	2,054
Adjusted operating income	€	12,374

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: FCA Operating income, January 1 - 16, 2021	77
Add: Pro Forma adjustments	96
Pro Forma Operating income	€	7,517
Adjustments:
Restructuring and other costs, net of reversals	€	541
Reversal of inventory fair value adjustment in purchase accounting	522
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

23

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:
Restructuring and other costs, net of reversals	€	541
Reversal of inventory fair value adjustment in purchase accounting	522
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

During the six months ended June 30, 2022, Adjusted operating income excluded adjustments primarily related to:

•€838 million of restructuring costs, primarily related to workforce reductions mainly in Enlarged Europe, North America and South America;

•€660 million, resulting from an increase in provision related to Model Year 2019 - 2021 CAFE penalty rate adjustment;

•€562 million for an extension of Takata airbags recall campaign in Enlarged Europe, Middle East & Africa and South America;

•€134 million of provision related to litigation by certain patent owners related to the use of certain technologies in prior periods; and

•€207 million of Other, mainly related to release of litigation provisions, changes in ownership of equity method investments, partially offset by net losses on disposals.

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

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

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

•€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; 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.

24

Results by Segment

The following are the results by segment for the six months ended June 30, 2022, 2021 and 2021 Pro Forma:

	Net revenues						Adjusted operating income						Consolidated Shipments
	Six months ended June 30,
(€ million, except shipments which are in thousands of units)	2022		2021		2021 Pro Forma		2022		2021		2021 Pro Forma		2022	2021	2021 Pro Forma
North America	€	42,443	€	30,426	€	32,447	€	7,683	€	4,983	€	5,236	959	817	873
Enlarged Europe	31,319		31,708		32,040		3,267		2,878		2,829		1,362	1,651	1,664
Middle East & Africa	3,039		2,511		2,547		472		256		247		138	137	138
South America	7,233		4,751		4,936		1,002		317		326		403	405	424
China and India & Asia Pacific	2,152		1,830		1,883		289		208		206		62	59	61
Maserati	941		867		885		62		42		29		10	11	11
Other activities	1,513		1,316		1,422		(225)		(298)		(335)		—	—	—
Unallocated items & eliminations(1)	(641)		(799)		(850)		(176)		52		84		—	—	—
Total	€	87,999	€	72,610	€	75,310	€	12,374	€	8,438	€	8,622	2,934	3,080	3,171

________________________________________________________________________________________________________________________________________________

(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, 2022 and 2021 and includes FCA information for the period January 1 - 16, 2021:

	Market share(1)
	Six months ended June 30,
	2022		2021
North America	11.3	%	10.9	%
Enlarged Europe	19.6	%	20.3	%
Middle East & Africa	11.9	%	11.7	%
South America	23.5	%	23.5	%
India & Asia Pacific	0.8	%	0.8	%
China	0.5	%	0.5	%
Maserati	2.1	%	2.1	%

________________________________________________________________________________________________________________________________________________

(1) Industry and market share information is derived from third party industry sources (e.g. Agence Nationale des Titres Sécurisés (ANTS), Associação Nacional dos Fabricantes de Veículos Automotores (ANFAVEA), Unione Nazionale Rappresentanti Autoveicoli Esteri (UNRAE), Ward’s Automotive) and internal information. Represents PC and LCVs, except as noted below:

•Middle East & Africa exclude Iran, Sudan and Syria

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

•China represents PC only

•Maserati reflects aggregate for 17 major markets where Maserati competes and is derived from S&P Global data, Maserati competitive segment and internal information

Figures may not add due to rounding. Prior period figures have been updated to reflect current information provided by third-party industry sources

Refer to Note 21 - Segment reporting in the Semi-Annual Condensed Consolidated Financial Statements included elsewhere in this report for additional detail on the Company’s reportable segments.

25

The following is a discussion of IFRS Net revenues and shipments and Adjusted operating income for each of our six reportable segments for the six months ended June 30, 2022 as compared to IFRS and Pro Forma for the six months ended June 30, 2021. 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 shipments (fixed manufacturing costs absorption).

•Performance

◦Vehicle Net Price & Content: reflects changes in net prices, including discounts and incentives and related to new product content and 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.

26

North America

									Pro Forma
Six months ended June 30,						Increase/(Decrease)			Six months ended June 30,			Increase/(Decrease)
2022			2021			2022 vs. 2021			2021			2022 vs. 2021 Pro Forma
959			817			17.4	%	Shipments (thousands of units)	873			9.9	%
€	42,443		€	30,426		39.5	%	Net revenues (€ million)	€	32,447		30.8	%
€	7,683		€	4,983		54.2	%	Adjusted operating income (€ million)	€	5,236		46.7	%
18.1		%	16.4		%	+170 bps		Adjusted operating income margin (%)	16.1		%	+200 bps

The Company's market share(1) in North America of 11.3 percent for the six months ended June 30, 2022 reflected an increase of 40 bps from 10.9 percent in the same period in 2021. The U.S. market share(1) of 11.7 percent reflected an increase of 50 bps from 11.2 percent in the same period in 2021.

Shipments

The increase in North America shipments on an IFRS basis in the six months ended June 30, 2022 compared to the IFRS and Pro Forma basis for the corresponding period in 2021 was mainly due to strong demand for the all-new Wagoneer/Grand Wagoneer, mid-cycle refresh of Jeep Compass, all-new Jeep Grand Cherokee L and Chrysler Pacifica, partially offset by lower volumes of Ram pickups, Dodge Durango and discontinuation of the prior generation of Grand Cherokee.

Net revenues

The increase in North America Net revenues on an IFRS basis in the six months ended June 30, 2022 compared to the IFRS and Pro Forma basis for the corresponding period in 2021 is primarily due to higher volumes, strong net pricing, favorable vehicle mix and positive foreign exchange translation effects.

_______________________________________________________________________________________________________________________________________________

(1) Industry and market share information is derived from third-party industry sources (e.g. Agence Nationale des Titres Sécurisés (ANTS), Associação Nacional dos Fabricantes de Veículos Automotores (ANFAVEA), Unione Nazionale Rappresentanti Autoveicoli Esteri (UNRAE), Ward’s Automotive) and internal information

27

Adjusted operating income

The following chart reflects the change in North America Adjusted operating income by operational driver for the six months ended June 30, 2022compared to the same period in 2021 Pro Forma.

________________________________________________________________________________________________________________________________________________

*Change in dealer stock +€2.0 billion

The increase in North America Adjusted operating income in the six months ended June 30, 2022 compared to the same period in 2021 Pro Forma was driven by higher Net revenues, including non-repeat of reduction in dealer stock levels in the prior period, and favorable foreign exchange translation and transaction effects, partially offset by increased raw materials and logistics costs.

Enlarged Europe

									Pro Forma
Six months ended June 30,						Increase/(Decrease)			Six months ended June 30,			Increase/(Decrease)
2022			2021			2022 vs. 2021			2021			2022 vs. 2021 Pro Forma
1,362			1,651			(17.5)	%	Shipments (thousands of units)	1,664			(18.1)	%
€	31,319		€	31,708		(1.2)	%	Net revenues (€ million)	€	32,040		(2.3)	%
€	3,267		€	2,878		13.5	%	Adjusted operating income (€ million)	€	2,829		15.5	%
10.4		%	9.1		%	+130 bps		Adjusted operating income margin (%)	8.8		%	+160 bps

The Company's market share(1) in the EU30 for the six months ended June 30, 2022, decreased 190 bps to 21.2 percent from 23.1 percent in the same period in 2021.

Shipments

Shipments in Enlarged Europe decreased on an IFRS basis in the six months ended June 30, 2022 compared to the IFRS and Pro Forma basis for the corresponding period in 2021, despite demand for all-new Peugeot 308, Fiat Professional Scudo and DS4 which was more than offset by the impact of increased unfilled semiconductor orders in the six months ended June 30, 2022.

_______________________________________________________________________________________________________________________________________________

(1) EU30 = EU27 (excluding Malta) + Iceland + Norway+ Switzerland + UK. Industry and market share information is derived from third-party industry sources (e.g. Agence Nationale des Titres Sécurisés (ANTS), Associação Nacional dos Fabricantes de Veículos Automotores (ANFAVEA), Unione Nazionale Rappresentanti Autoveicoli Esteri (UNRAE), Ward’s Automotive) and internal information

28

Net revenues

Favorable net pricing, improved vehicle mix, primarily related to an increase in BEVs and PHEVs, and lower volumes with buyback commitments, was more than offset by reduced new vehicle volumes resulting in a decrease in Enlarged Europe Net revenues on an IFRS basis in the six months ended June 30, 2022 compared to the IFRS and Pro Forma basis for the corresponding period in 2021.

Adjusted operating income

The following chart reflects the change in Enlarged Europe Adjusted operating income by operational driver for the six months ended June 30, 2022 compared to the same period in 2021 Pro Forma.

________________________________________________________________________________________________________________________________________________

*Change in dealer stock +€0.3 billion

The increase in Enlarged Europe Adjusted operating income in the six months ended June 30, 2022 compared to the same period in 2021 Pro Forma was primarily due to positive net pricing, favorable vehicle mix, cost containment actions and lower buyback volumes, partially offset by higher raw material and energy costs.

29

Middle East & Africa

									Pro Forma
Six months ended June 30,						Increase/(Decrease)			Six months ended June 30,			Increase/(Decrease)
2022			2021			2022 vs. 2021			2021			2022 vs. 2021 Pro Forma
199			198			0.5	%	Combined shipments (thousands of units)	200			(0.5)	%
138			137			0.7	%	Consolidated shipments (thousands of units)	138			—	%
€	3,039		€	2,511		21.0	%	Net revenues (€ million)	€	2,547		19.3	%
€	472		€	256		84.4	%	Adjusted operating income (€ million)	€	247		91.1	%
15.5		%	10.2		%	+530 bps		Adjusted operating income margin (%)	9.7		%	+580 bps

The Company's market share(1) in the Middle East & Africa for the six months ended June 30, 2022, increased 20 bps to 11.9 percent from 11.7 percent in the same period in 2021.

Shipments

The consolidated shipments in Middle East & Africa on an IFRS basis were flat in the six months ended June 30, 2022 compared to the IFRS and Pro Forma basis for the corresponding period in 2021, with higher volumes of the all-new Jeep Grand Cherokee L and Citroën C4, as well as Opel Mokka and Peugeot 3008 and 208, offset by impact of increased unfilled semiconductor orders in the six months ended June 30, 2022.

Net revenues

The increase in Middle East & Africa Net revenues on an IFRS basis in the six months ended June 30, 2022 compared to the IFRS and Pro Forma basis for the corresponding period in 2021 was primarily due to higher net pricing, including pricing actions for Turkish lira devaluation and improved vehicle mix, partially offset by negative foreign exchange translation effects, mainly from Turkish lira.

_______________________________________________________________________________________________________________________________________________

(1) Industry and market share information is derived from third-party industry sources (e.g. Agence Nationale des Titres Sécurisés (ANTS), Associação Nacional dos Fabricantes de Veículos Automotores (ANFAVEA), Unione Nazionale Rappresentanti Autoveicoli Esteri (UNRAE), Ward’s Automotive) and internal information

30

Adjusted operating income

The following chart reflects the change in Middle East & Africa Adjusted operating income by operational driver for the six months ended June 30, 2022 compared to the same period in 2021 Pro Forma.

The increase in Middle East & Africa Adjusted operating income in the six months ended June 30, 2022 compared to the same period in 2021 Pro Forma was mainly due to increased Net revenues, partially offset by negative foreign exchange transaction and translation effects.

South America

									Pro Forma
Six months ended June 30,						Increase/(Decrease)			Six months ended June 30,			Increase/(Decrease)
2022			2021			2022 vs. 2021			2021			2022 vs. 2021 Pro Forma
403			405			(0.5)	%	Shipments (thousands of units)	424			(5.0)	%
€	7,233		€	4,751		52.2	%	Net revenues (€ million)	€	4,936		46.5	%
€	1,002		€	317		216.1	%	Adjusted operating income (€ million)	€	326		207.4	%
13.9		%	6.7		%	+720 bps		Adjusted operating income margin (%)	6.6		%	+730 bps

The Company's market share(1) in South America for the six months ended June 30, 2022 is in line with in the same period in 2021 at 23.5 percent. The Company's market share in Brazil and Argentina for the six months ended June 30, 2022 increased 200 bps to 33.6 percent from 31.6 percent and increased 600 bps to 33.7 percent from 27.7 percent, respectively, compared to the corresponding period in 2021.

Shipments

Shipments in South America decreased on an IFRS basis in the six months ended June 30, 2022 compared to the IFRS and Pro Forma basis for the corresponding period in 2021, with strong demand for the all-new Fiat Pulse, as well as Peugeot 208 and Jeep Compass more than offset by impact of increased unfilled semiconductor orders in the six months ended June 30, 2022.

_______________________________________________________________________________________________________________________________________________

(1) Industry and market share information is derived from third-party industry sources (e.g. Agence Nationale des Titres Sécurisés (ANTS), Associação Nacional dos Fabricantes de Veículos Automotores (ANFAVEA), Unione Nazionale Rappresentanti Autoveicoli Esteri (UNRAE), Ward’s Automotive) and internal information

31

Net revenues

The increase in South America Net revenues on an IFRS basis in the six months ended June 30, 2022 compared to the IFRS and Pro Forma basis for the corresponding period in 2021 was mainly due to very strong net pricing, favorable vehicle mix and positive foreign exchange translation effects, mainly Brazilian Real, partially offset by lower volumes.

Adjusted operating income

The following chart reflects the change in South America Adjusted operating income by operational driver for the six months ended June 30, 2022 compared to the same period in 2021 Pro Forma.

The increase in South America Adjusted operating income in the six months ended June 30, 2022 compared to the same period in 2021 Pro Forma was primarily due to higher Net revenues and favorable foreign exchange translation and transaction effects, more than offsetting higher raw materials and logistics costs.

32

China and India & Asia Pacific

									Pro Forma
Six months ended June 30,						Increase/(Decrease)			Six months ended June 30,			Increase/(Decrease)
2022			2021			2022 vs. 2021			2021			2022 vs. 2021 Pro Forma
100			99			1.0	%	Combined shipments (thousands of units)	102			(2.0)	%
62			59			5.1	%	Consolidated shipments (thousands of units)	61			1.6	%
€	2,152		€	1,830		17.6	%	Net revenues (€ million)	€	1,883		14.3	%
€	289		€	208		38.9	%	Adjusted operating income (€ million)	€	206		40.3	%
13.4		%	11.4		%	+200 bps		Adjusted operating income margin (%)	10.9		%	+250 bps

In China we manufactured and distributed various Jeep models through our 50 percent owned GAC-Stellantis JV. In January 2022, we announced a plan to increase our shareholding with GAC-Stellantis JV from 50 percent to 75 percent. Due to lack of progress in the previously announced plan for Stellantis to take a majority share in the GAC-Stellantis JV, Stellantis intends to cooperate with GAC Group in an orderly termination of the joint venture. Stellantis will focus on distributing imported vehicles for the Jeep brand in China through an asset-light approach. We also locally manufacture vehicles under the Dongfeng Peugeot and Dongfeng Citroën brands in China through the 50 percent owned DPCA JV, based in Wuhan. DPCS markets the vehicles produced by DPCA in China. Until June 2020, vehicles under the DS brand were manufactured and marketed in China through CAPSA, a 50 percent joint venture between PSA and the Changan group. After the sale of the 50 percent stake by PSA in June 2020, Shenzhen Baoneng Motor Co. Ltd continues to manufacture DS vehicles for the Company.

The results of these joint ventures are accounted for using the equity method, with recognition of our share of the net result of the joint venture in the line item “Share of the profit of equity method investees” within the Consolidated Income Statement. We fully impaired the equity method investment in GAC-Stellantis JV at June 30, 2022. Refer to Note 2 - Scope of consolidation in the Semi-Annual Condensed Consolidated Financial Statements included elsewhere in this report for additional information.

We also produce the Jeep Compass and Jeep Meridian in India through our joint operation with FIAPL and we recognize our related interest in the joint operation on a line by line basis.

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

Shipments

The increase in China and India & Asia Pacific consolidated shipments on an IFRS basis in the six months ended June 30, 2022 compared to the IFRS and Pro Forma basis for the corresponding period in 2021 was primarily due to the increased demand for Jeep Compass.

Net revenues

The increase in China and India & Asia Pacific Net revenues on an IFRS basis in the six months ended June 30, 2022 compared to the IFRS and Pro Forma basis for the corresponding period in 2021 was primarily due to favorable foreign exchange translation effects, positive net pricing and vehicle line mix.

Adjusted operating income

The increase in China and India & Asia Pacific Adjusted operating income in the six months ended June 30, 2022 compared to the same period in 2021 Pro Forma was mainly driven by favorable net pricing and vehicle mix, primarily related to Ram 1500 and Jeep brand vehicles, partially offset by unfavorable market mix.

33

Maserati

									Pro Forma
Six months ended June 30,						Increase/(Decrease)			Six months ended June 30,			Increase/(Decrease)
2022			2021			2022 vs. 2021			2021			2022 vs. 2021 Pro Forma
10.2			10.8			(5.6)	%	Shipments (thousands of units)	10.8			(5.6)	%
€	941		€	867		8.5	%	Net revenues (€ million)	€	885		6.3	%
€	62		€	42		47.6	%	Adjusted operating income (€ million)	€	29		113.8	%
6.6		%	4.8		%	+180 bps		Adjusted operating income margin (%)	3.3		%	+330 bps

Shipments

The decrease in Maserati shipments on an IFRS basis in the six months ended June 30, 2022 compared to the IFRS and Pro Forma basis for the corresponding period in 2021 was primarily due to reduced Ghibli volumes particularly in China, partially offset by demand for the all-new MC20.

Net revenues

The increase in Maserati Net revenues on an IFRS basis in the six months ended June 30, 2022 compared to the IFRS and Pro Forma basis for the corresponding period in 2021 was primarily due to positive model mix driven by all-new MC20 Model Year 2022 pricing actions and favorable foreign exchange both in U.S. Dollar and Chinese Renmimbi more than offsetting lower volumes, mainly in China.

Adjusted operating income

The increase in Maserati Adjusted operating income in the six months ended June 30, 2022 compared to the same period in 2021 Pro Forma was mainly due to higher net pricing, favorable vehicle mix, driven by all-new MC20, and positive foreign exchange transaction effects, partially offset by increased depreciation and amortization for new vehicle launches.

34

Liquidity and Capital Resources

Available Liquidity

The following table summarizes our total Available liquidity:

(€ million)	At June 30, 2022
Cash, cash equivalents and financial securities(1)	€	48,134
Undrawn committed credit lines	12,880
Cash, cash equivalents and financial securities - included within Assets held for sale	—
Total Available liquidity(2)	€	61,014
of which: Available liquidity of the Industrial Activities	€	59,728

(€ million)	At December 31, 2021
Cash, cash equivalents and financial securities(1)	€	51,128
Undrawn committed credit lines	12,810
Cash, cash equivalents and financial securities - included within Assets held for sale	—
Total Available liquidity (2)	€	63,938
of which: Available liquidity of the Industrial Activities	€	62,706

________________________________________________________________________________________________________________________________________________

(1) Financial 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 be subject to 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, (and in particular in Argentina, in which we have €856 million cash at the end of June 2022) we do not believe such transfer restrictions had an adverse impact on the Company’s ability to meet its liquidity requirements at the dates presented above

The Available liquidity of the Industrial Activities at June 30, 2022, decreased €3.0 billion from December 31, 2021 primarily due to the repayment of €6.3 billion Intesa San Paolo credit facility and the payment of €3.3 billion dividends, partially offset by the positive free cash flow of the period, a €1.0 billion note issuance in April and favorable currency translation effect.

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 in Euro and 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, 2022, €20.3 billion, or 42 percent (€29.7 billion, or 58 percent at December 31, 2021), were denominated in Euro and €21.4 billion, or 44 percent (€15.5 billion, or 30 percent at December 31, 2021), were denominated in U.S. Dollar.

35

At June 30, 2022, undrawn committed credit lines of €12.9 billion include the syndicated revolving credit facility (“RCF”) of €12.0 billion, signed in 2021 with a group of relationship banks. The RCF is 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 extension options, each of 1-year. In June 2022, the first 1-year extension option has been exercised. Current maturities are July 6, 2025 and July 6, 2027 respectively for the two tranches.

Euro Medium Term Note Programme Notes

On April 1, 2022, the Company issued €1.0 billion principal amount of 2.750 percent notes due April 1, 2032, under the €30 billion Euro Medium Term Note Programme. All the notes were rated Baa3 by Moody’s Investors Service, BBB by Standard & Poor’s and BBB- by Fitch.

Refer to Note 14 - Debt within the Semi-Annual Condensed Consolidated Financial Statements included elsewhere in this report for additional information.

Intesa Sanpaolo Credit Facility

On January 28, 2022, Stellantis announced the early repayment of the €6.3 billion credit facility entered in June 2020 with Intesa Sanpaolo and maturity in March 2023. The facility was structured to support the restart and transformation of Italy’s automotive sector after the COVID-19 outbreak by providing liquidity to the Company’s business in Italy and to its Italian suppliers.

Ratings

On March 11, 2022, Moody’s affirmed Stellantis rating at “Baa3” and changed outlook to Positive.

On March 18, 2022, S&P upgraded the long-term Issuer rating and Senior Unsecured Debt rating of Stellantis N.V. from “BBB -” to “BBB”, with the outlook on all ratings stable. The short-term credit rating was upgraded from “A-3” to “A-2”.

Cash Flows

The following table summarizes the cash flows from operating, investing and financing activities for the six months ended June 30, 2022 and 2021. Refer to the Semi-Annual Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2022 and 2021 included elsewhere in this Semi-Annual Report for additional detail.

	Six months ended June 30,
(€ million)	2022		2021
Net cash from (used in) operating activities of continuing operations	€	9,843	€	5,615
Net cash from (used in) operating activities of discontinued operations	—		—
Net cash from (used in) investing activities of continuing operations	(4,666)		16,924
Net cash from (used in) investing activities of discontinued operations	—		(3,117)
Net cash from (used in) financing activities of continuing operations	(10,088)		(1,801)
Net cash from (used in) financing activities of discontinued operations	—		—
Effects of changes in exchange rates	1,637		298
Increase (decrease) in cash	(3,274)		17,919
Net cash and cash equivalents at beginning of period	49,629		22,893
NET CASH AND CASH EQUIVALENTS AT END OF PERIOD	€	46,355	€	40,812

36

Operating Activities

For the six months ended June 30, 2022, cash used in operating activities was the result of Net profit from continuing operations of €7,960 million primarily adjusted: (1) to add back €3,225 million for depreciation and amortization expense, (2) a €142 million change in deferred taxes (3) a €1,400 million net increase in provisions, primarily due to accruals for CAFE penalty rates and restructuring and (4) for the negative effect of the change in working capital of €2,801 million, which includes (i) an increase of €3,607 million in inventories reflecting seasonal trend and increases in raw materials and components costs and safety stock, as well as, an increase in new vehicle inventory levels, (ii) an increase of €1,348 million in trade receivables mainly due to seasonality and some reduction in level of factoring, (iii) changes in other receivables and payables with a net absorption of €874 million primarily related to changes in indirect tax positions in North America and Enlarged Europe and payment of prior years variable compensation to employees, partially offset by (iv) an increase of €3,028 million in trade payables primarily reflecting higher volumes and different mix of production in May-June 2022 as compared to November-December 2021 as well as increased costs of raw materials and components.

For the six months ended June 30, 2021, cash used in operating activities was the result of Net profit from continuing operations of €5,800 million primarily adjusted: (1) to add back €2,647 million for depreciation and amortization expense, (2) a €206 million change in deferred taxes (3) a €2,440 million net decrease in provisions, primarily due to a decrease in incentive accrual in North America, and (4) for the negative effect of the change in working capital of €765 million, which includes (i) a decrease of €2,736 million in trade payables across all regions, primarily due to lower level of production in May and June 2021 as compared to November and December 2020, (ii) a decrease of €1,055 million in inventories reflecting higher demand and containment actions, and (iii) other changes with an overall benefit of €920 million mainly due to increase in tax payables.

Investing Activities

For the six months ended June 30, 2022, cash used in investing activities was primarily the result of (1) €3,963 million of investment in properties, plant and equipment and intangible assets, including €1,444 million of capitalized development expenditures, (2) €446 million decrease in payables related to the investments in properties, plant and equipment and intangible assets, and (3) an increase in receivables from financing activities of €319 million, which was mainly attributable to increased retail financing of Stellantis Financial Services U.S. and dealer financing in Brazil.

For the six months ended June 30, 2021, cash used in investing activities was primarily the result of (1) €4,623 million of investment in properties, plant and equipment and intangible assets, including €1,484 million of capitalized development expenditures, (2) €368 million decrease in payables related to the investments in properties, plant and equipment and intangible assets, and (3) an increase in receivables from financing activities of €560 million, which was mainly attributable to higher volumes of dealer financing and factoring in Brazil. Investing activities reports the amount of cash and cash equivalents of FCA at the date of the merger of €22,514 million as well as the reduction of €3,117 million in cash and cash equivalents held by Faurecia at loss of control.

Financing Activities

For the six months ended June 30, 2022, cash flows from financing activities resulted primarily from (1) the repayment of €6,300 million Intesa San Paolo credit facility and (2) payment of dividends of €3,260 million, partially offset by (3) €1,000 million of proceeds from a Medium Term Note issuance.

For the six months ended June 30, 2021, cash flows from financing activities resulted primarily from the distribution to Shareholders of €4,199 million, including €2,897 million for an extraordinary distribution to FCA shareholders, €1,000 million ordinary dividend distribution to Stellantis shareholders and €302 million distributed in cash as part of the Faurecia distribution. These were partially offset by issuance of notes under the EMTN Program of €3.75 billion net of repayments.

37

Industrial free cash flows

The following table provides a reconciliation of Cash flows from operating activities, the most directly comparable measure included in our Semi-Annual Condensed Consolidated Statement of Cash Flows, to Industrial free cash flows for the six months ended June 30, 2022 and 2021 Pro Forma:

	Six months ended June 30,
(€ million)	2022		2021
Cash flows from operating activities	€	9,843	€	5,615
Less: Cash flows from operating activities - discontinued operations	—		—
Cash flows from operating activities - continuing operations	9,843		5,615
Less: Operating activities not attributable to industrial activities	129		(22)
Less: Capital Expenditures and capitalized research and development expenditures and change in amounts payable on property, plant and equipment and intangible assets for industrial activities	4,388		4,982
Add: Proceeds from disposal of assets other changes in investing activities	251		100
Less: Contributions of equity to joint ventures and minor acquisitions of consolidated subsidiaries and equity method and other investments	293		141
Add: Net intercompany payments between continuing operations and discontinued operations	—		—
Add: Defined benefit pension contributions, net of tax	35		36
Industrial free cash flows	€	5,319	650
Add: FCA Industrial free cash flows, January 1 - 16, 2021	n.a.		(1,813)
Pro Forma Industrial free cash flows	n.a.		€	(1,163)

____________________________________________________________________________________________________

n.a. = not applicable

38

Industrial net financial position

	At June 30, 2022						At December 31, 2021
(€ million)	Stellantis		Industrial activities		Financial services		Stellantis		Industrial activities		Financial services
Third parties debt (Principal)	€	(27,220)	€	(24,933)	€	(2,287)	€	(32,456)	€	(29,994)	€	(2,462)
Capital market(1)	(19,232)		(18,755)		(477)		(17,920)		(17,475)		(445)
Bank debt	(3,676)		(2,859)		(817)		(10,567)		(9,442)		(1,125)
Other debt(2)	(1,747)		(772)		(975)		(1,483)		(608)		(875)
Lease liabilities	(2,565)		(2,547)		(18)		(2,486)		(2,469)		(17)
Accrued interest and other adjustments(3)	(944)		(917)		(27)		(1,126)		(1,118)		(8)
Debt with third parties	(28,164)		(25,850)		(2,314)		(33,582)		(31,112)		(2,470)
Intercompany, net(4)	—		631		(631)		—		123		(123)
Current financial receivables from jointly-controlled financial services companies(5)	332		332		—		103		103		—
Debt, net of intercompany, and current financial receivables from jointly-controlled financial service companies	(27,832)		(24,887)		(2,945)		(33,479)		(30,886)		(2,593)
Derivative financial assets/(liabilities), net of collateral deposits(6)	14		3		11		(9)		(10)		1
Financial securities(7)	1,779		1,660		119		1,499		1,370		129
Cash and cash equivalents	46,355		45,278		1,077		49,629		48,616		1,013
Net financial position	€	20,316	€	22,054	€	(1,738)	€	17,640	€	19,090	€	(1,450)
Industrial net financial position			€	22,054					€	19,090

________________________________________________________________________________________________________________________________________________

(1) Includes notes issued under the Medium Term Programme, or MTN Programme, and other notes for €18,270 million at June 30, 2022 (€16,990 million at December 31, 2021), Schuldschein for €485 million (€485 million at December 31, 2021) and other financial instruments issued in financial markets, mainly from South America financial services companies for €477 million (€445 million at December 31, 2021)

(2) Includes asset-backed financing, i.e. sales of receivables for which de-recognition is not allowed under IFRS, and debt for securitizations programs, for €1,158 million at June 30, 2022 (€993 million at December 31, 2021)

(3) Includes adjustments for purchase accounting and net (accrued)/deferred interest and other amortizing cost adjustments

(4) Net amount between industrial activities entities' financial receivables due from financial services entities (€686 million at June 30, 2022 and €550 million at December 31, 2021) and industrial activities entities' financial payables due to financial services entities (€55 million at June 30, 2022 and €427 million at December 31, 2021)

(5) Financial receivables due from FCA Bank and from the BPF JVs with Group Santander Consumer Finance and with BNP Paribas Personal Finance

(6) Fair value of derivative financial instruments (net negative €23 million at June 30, 2022 and net negative €42 million at December 31, 2021) and collateral deposits (€37 million at June 30, 2022 and €32 million at December 31, 2021)

(7) Excludes certain financial securities held pursuant to applicable regulations (€332 million at June 30, 2022 and €354 million at December 31, 2021) and non-liquid equity investments (€224 million at June 30, 2022 and €191 million at December 31, 2021) and other non-liquid securities (€180 million at June 30, 2022 and €173 million at December 31, 2021)

The €3.0 billion difference in Industrial net financial position at June 30, 2022, as compared to the amount at December 30, 2021, primarily reflect the €5.3 billion free cash flow of the period and a positive translation effect of €1.0 billion, partially offset by a €3.3 billion dividend distribution.

39

Important events during the six months ended June 30, 2022

In January 2022, we announced a plan to increase our shareholding with GAC-Stellantis JV from 50 percent to 75 percent. Due to lack of progress in the previously announced plan for Stellantis to take a majority share in GAC-Stellantis JV, Stellantis intends to cooperate with GAC Group in an orderly termination of the joint venture. Stellantis will focus on distributing imported vehicles for the Jeep brand in China through an asset-light approach. As a result, Stellantis has fully impaired the equity method investment in GAC-Stellantis JV of €126 million. In addition, impairments were recognized for the loans granted to GAC-Stellantis JV of €106 million, €48 million related to trade receivables, as well as, €16 million primarily related to capitalized development expenditures. These amounts are recognized in Results from equity method investments.

On January 28, 2022, Stellantis announced the early repayment of its €6.3 billion credit facility entered in June 2020 with Intesa Sanpaolo. The facility was structured to support the restart and transformation of Italy’s automotive sector after the COVID-19 outbreak by providing liquidity to the Company’s business in Italy and to its Italian suppliers.

On February 25, 2022, Stellantis announced an ordinary dividend distribution of €1.04 per common share corresponding to a total distribution of approximately €3.3 billion, approved by the Annual General Meeting of Shareholders (AGM) on April 13, 2022 and paid on April 29, 2022.

On March 1, 2022, Stellantis presented its long-term strategic plan, Dare Forward 2030. Refer to Dare Forward 2030 Strategic Plan section for further details.

On March 16, 2022, Stellantis announced the launch of its first venture capital fund with the creation of Stellantis Ventures. The fund will initially invest €300 million in early and later-stage startup companies developing innovative, customer-centric technologies that could be deployed within the automotive and mobility sector.

On March 23, 2022, Stellantis announced that it will support Automotive Cells Company’s (“ACC”) growth plans as it intends to build a third production site transforming Stellantis’ existing Termoli (Italy) plant into a new electric vehicle battery facility and finalized the agreement to add Mercedes-Benz AG as a new, equal partner with TotalEnergies/Saft and Stellantis. The partners have also committed to increase ACC’s total industrial capacity to at least 120 gigawatt hours (GWh) by 2030 and to scale up development and production of next-generation high-performance battery cells and modules.

To further strengthen our battery supplies we have entered into new agreements, on March 23, 2022, Stellantis and LG Energy Solution announced their plan to invest over $5 billion CAD (€3.7 billion) in a joint venture for Canada’s first large scale lithium-ion battery production plant, which will be built in Windsor, Canada. Furthermore, on May 24, 2022, Stellantis announced its plan to invest over $2.5 billion (€2.4 billion) together with Samsung SDI Co., LTD in a joint venture for a lithium-ion battery production plant in Kokomo, Indiana, U.S. These agreements are subject to customary closing conditions, including regulatory approvals.

On April 1, 2022, Stellantis announced the signing of binding agreements with BNP Paribas Personal Finance (“BNPP PF”), Crédit Agricole Consumer Finance (“CACF”) and Santander Consumer Finance (“SCF”) aimed at better organizing its current financial services platform in Europe. These agreements support the financial services commitment which is part of Dare Forward 2030, and aim at creating a multi-brand operational leasing company in which Stellantis and CACF each hold a 50 percent interest, resulting from the combination of the Leasys and Free2move lease businesses, in order to become a European leader, with a fleet target of around 1 million vehicles in 2026. In addition, these agreements aim to reorganize the financing activities through joint ventures set up with BNPP PF or SCF in each country to manage financing activities for all Stellantis brands. Furthermore, on April 13, 2022, Stellantis announced PSA Finance Nederland (PFN), a fully owned financing subsidiary of BPF (Banque PSA Finance), and DPCA have entered into an equity transfer agreement with Dongfeng Group, on the basis of which their respective shares in the JV Dongfeng Peugeot Citroën Auto Finance Company (DPCAFC) will be sold to Dongfeng Group. The transactions are expected to be completed by the first half of 2023 subject to regulatory approvals including from relevant authorities and market regulators.

On April 19, 2022, Stellantis suspended its manufacturing operations in the joint venture assembly plant in Kaluga (Russia) to ensure full compliance with all cross sanctions and to protect its employees.

40

On May 3, 2022, Stellantis announced Free2move signed an agreement to acquire car sharing company Share Now, a joint venture formed by Mercedes-Benz Mobility Group and BMW Group in 2019. Refer to Note 22 - Subsequent events in the Semi-Annual Condensed Consolidated Financial Statements included elsewhere in this report.

Stellantis announced an additional partnership and expanded an existing partnership for strengthening supplies of low-carbon lithium hydroxide. On June 2, 2022, Stellantis announced the signing of a binding offtake agreement with Controlled Thermal Resources Ltd. (CTR) for CTR to supply battery grade lithium hydroxide for use in Stellantis’ North American electrified vehicle production. On June 24, 2022, Stellantis announced a €50 million (A$76 million) equity investment in Vulcan Energy Resources Ltd. and an extension of the original binding offtake agreement signed in November 2021 for supply in Europe from 5 years to 10 years. The equity investment will go towards Vulcan’s planned production expansion drilling in its producing Upper Rhine Valley Brine Field (URVBF). These are subject to customary closing conditions, including regulatory approvals.

41

Risks and Uncertainties

Except as noted below, the Company believes that the risks and uncertainties identified for the six months ended June 30, 2022 are in line with the main risks and uncertainties to which the Company is exposed and that were identified and discussed in the section Risk Management-Risk Factors in the Company's Annual Report and Form 20-F for the year ended December 31, 2021 filed with the SEC and AFM on February 25, 2022, (the “Annual Report”). Those risks and uncertainties should be read in conjunction with this Semi-Annual Report.

The third sentence of the third paragraph of the risk factor titled “Our business may be adversely affected by global financial markets, general economic conditions, enforcement of government incentive programs, and geopolitical volatility as well as other macro developments over which we have little or no control.” is hereby deleted and replaced in its entirety with the following:

“For example, although we have not experienced a direct material impact on our business, financial condition or results of operations from the ongoing Russia-Ukraine military conflict, we have been significantly impacted by the global economic conditions that have followed, including substantially increased energy and commodity prices and other costs. The long term impacts of the conflict remain uncertain.”

42

GUIDANCE AND OUTLOOK

2022 STELLANTIS GUIDANCE

Adjusted Operating Income Margin	Double-Digit
Industrial Free Cash Flows	Positive

Assumes economic and COVID-19 conditions remain substantially unchanged

2022 Industry Outlook*

•North America: -8 percent, reduced from Stable y-o-y, primarily due to slowdown in U.S.;

•Enlarged Europe: -12 percent, reduced from -2 percent y-o-y, mainly due to slowdown in EU30(1);

•Middle East & Africa: Stable, unchanged;

•South America: Stable, reduced from +3 percent y-o-y, mainly due to slowdown in Brazil;

•India & Asia Pacific: +5 percent, unchanged; and

•China: Stable, unchanged.

Source: China State Information Center (SIC), S&P Global, Ward's Automotive and Company estimates

(1) EU27 (excluding Malta), Iceland, Norway, Switzerland and UK

*2022 Industry Outlook changed for NA, EE and SA compared to outlook provided on May 5, 2022

43

DARE FORWARD 2030 STRATEGIC PLAN

On March 1, 2022, Stellantis’ Chief Executive Officer Carlos Tavares presented the Company’s Dare Forward 2030 Strategic Plan, which included the following four core targets to be achieved by 2030:

1.Reducing our carbon emissions footprint by half versus 2021 metrics on the path to achieving carbon net zero emissions in 2038

2.Reaching 100 percent of passenger car battery electric vehicles (BEV) sales mix in Europe and 50 percent passenger car and light-duty truck BEV sales mix in the United States

3.Achieving the number one position in customer satisfaction for our products and services in every market

4.Double Net revenues (versus 2021) while transforming our business models and sustaining double-digit Adjusted operating income (AOI) margins throughout the entire plan period

The following are the key elements of Dare Forward 2030:

Foundation

Diversity, operational excellence, house of iconic brands, and a thoughtful product portfolio are Stellantis’‘second to none’ differentiators propelling the Company forward.

•Achieve 100 percent of the €5 billion annual cash merger synergies target by the end of 2024

•Maintain break-even point at less than 50 percent of 2021 consolidated shipments

•Global BEV sales of five million units in 2030

•Lead industry with more than 75 BEVs, including the Jeep brand’s first-ever 100 percent battery-electric SUV launching in early 2023, followed by the Ram Promaster BEV later in 2023 and the Ram 1500 BEV pickup truck in 2024

•Specific U.S. product offensive of more than 25 all-new BEVs

•New car revenues from premium and luxury vehicle segments to increase fourfold from 2021

Tech

Stellantis’ ambition is to embrace breakthrough ideas to offer innovative, clean, safe and affordable mobility.

•Confirmed EV Day (July 2021) and Software Day (Dec 2021) commitments

•Increase planned battery capacity by 140 gigawatt-hours (GWh) to approximately 400 GWh

•Expand hydrogen fuel cell technology to large vans in2024; first U.S. offering in 2025; further expands to heavy-duty trucks

•With Waymo, pave the way for sustainable “Delivery as a Service”

44

Care

Ethical responsibility is at the core of Stellantis to ensure a sustainable future of mobility for our customers, our employees, and our planet.

•50 percent carbon emissions reduction by 2030, compared with 2021 metrics, on the way to carbon net zero by 2038

•Target top rankings for customer satisfaction across products and services

•Women to hold at least 35 percent of leadership roles

•Double the number of leaders with profit and loss responsibility

•Roll out Software and Data and Electric academies to support transformation

Value

Stellantis’ ambition is to be ‘second to none’ in value creation for all stakeholders while unleashing an entrepreneurial mindset.

•Reach one-third of global sales online in 2030; launch a global digital marketplace offering customers a seamless journey through the entire Stellantis galaxy of products and services

•More autonomy to seven accretive businesses: mobility, financial services, pre-owned cars, aftermarket, data as-a-service, circular economy, commercial vehicles

•Leadership in commercial vehicle market powered by 26 new vehicle launches and electric offerings in all segments, including the Ram 1500 BEV pickup truck to be launched in 2024

•More than 25 percent of global Net revenues coming from regions outside Enlarged Europe and North America

•China: Plan for asset-light business model to reduce fixed costs and limit exposure to geopolitical risk.

Financials

Stellantis will manage the transition period toward electrification while delivering double-digit AOI margins and maximizing shareholder value.

•Net revenues to double to €300 billion by 2030 while sustaining double-digit AOI margins through the entire plan period

•Generate more than €20 billion in Industrial free cash flows in 2030

•Target a 25-30 percent dividend payout ratio through 2025 and the repurchase of up to 5 percent of outstanding common shares

45

SEMI-ANNUAL CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES AS OF AND FOR THE SIX MONTHS ENDED JUNE 30, 2022

46

STELLANTIS N.V. AND SUBSIDIARIES

SEMI-ANNUAL CONDENSED CONSOLIDATED INCOME STATEMENT

(in € million, except per share amounts)

(Unaudited)

		Six months ended June 30,
	Note	2022		2021
Net revenues	3	€	87,999	€	72,610
Cost of revenues		69,865		58,301
Selling, general and other costs		4,460		4,550
Research and development costs		2,547		2,046
Gains/(losses) on disposal of investments		31		2
Restructuring costs	13	838		371
Operating income		10,320		7,344
Net financial expenses	4	431		217
Profit before taxes		9,889		7,127
Tax expense	5	1,985		1,729
Share of the profit of equity method investees		56		402
Net profit from continuing operations		7,960		5,800
Profit from discontinued operations, net of tax	2	—		990
Net profit		€	7,960	€	6,790
Net profit attributable to:
Owners of the parent		€	7,960	€	6,780
Non-controlling interests		—		10
		€	7,960	€	6,790
Net profit from continuing operations attributable to:
Owners of the parent		€	7,960	€	5,790
Non-controlling interests		—		10
		€	7,960	€	5,800
Earnings per share:	20
Basic earnings per share		€	2.54	€	2.17
Diluted earnings per share		€	2.47	€	2.11
Earnings per share from continuing operations:	20
Basic earnings per share		€	2.54	€	1.85
Diluted earnings per share		€	2.47	€	1.81

The accompanying notes are an integral part of the Semi-Annual Condensed Consolidated Financial Statements.

47

STELLANTIS N.V. AND SUBSIDIARIES

SEMI-ANNUAL CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(in € million)

(Unaudited) 

		Six months ended June 30,
	Note	2022		2021
Consolidated profit for the period		€	7,960	€	6,790
Fair value remeasurement of cash flow hedges		(490)		410
of which, reclassified to the income statement		(206)		16
of which, recognized in equity during the period		(284)		394
Gains and losses from remeasurement of financial assets		(9)		—
of which, reclassified to the income statement		—		—
of which, recognized in equity during the period		(9)		—
Exchange differences on translating foreign operations		3,677		450
Income tax (expense) benefit		88		(108)
Share of Other comprehensive income of equity method investments		(6)		(9)
Items related to discontinued operations		—		—
Amounts to be potentially reclassified to profit or loss	19	3,260		743
Actuarial gains and losses on defined benefit pension obligations		1,507		1,533
Income tax (expense) benefit		(375)		(373)
Share of Other comprehensive income for equity method investees		(2)		6
Items related to discontinued operations		—		—
Amounts not to be reclassified to profit or loss	19	1,130		1,166
TOTAL CONSOLIDATED COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD		€	12,350	€	8,699
of which, attributable to equity holders of the parent		12,346		8,687
of which, attributable to non-controlling interests		4		12

The accompanying notes are an integral part of the Semi-Annual Condensed Consolidated Financial Statements.

48

STELLANTIS N.V. AND SUBSIDIARIES

SEMI-ANNUAL CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(in € million)

(Unaudited)

	Note	At June 30, 2022		At December 31, 2021
Assets
Goodwill and intangible assets with indefinite useful lives	6	€	32,115	€	29,921
Other intangible assets		18,223		16,635
Property, plant and equipment		37,192		35,488
Equity method investments		6,129		6,022