Exhibit 99.1

Semi-Annual Report

As of and for the six months ended June 30, 2024

TABLE OF CONTENTS

	Page
CERTAIN DEFINED TERMS	5
MANAGEMENT DISCUSSION AND ANALYSIS	6
Highlights	6
Non-GAAP financial measures	7
Company results	9
Results by segment	15
Liquidity and capital resources	24
Important events	30
Risks and uncertainties	32
Guidance and outlook	33
SEMI-ANNUAL CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES AS OF AND FOR THE SIX MONTHS ENDED JUNE 30, 2024	34
Semi-Annual Condensed Consolidated Income Statement	35
Semi-Annual Condensed Consolidated Statement of Comprehensive Income	36
Semi-Annual Condensed Consolidated Statement of Financial Position	37
Semi-Annual Condensed Consolidated Statement of Cash Flows	38
Semi-Annual Condensed Consolidated Statement of Changes in Equity	39
Notes to the Semi-Annual Condensed Consolidated Financial Statements	40
1. Basis of preparation	40
2. Scope of consolidation	42
3. Net revenues	44
4. Net financial expenses/(income)	45
5. Tax expense/(benefit)	45
6. Goodwill and intangible assets with indefinite useful lives	46
7. Other assets and prepaid expenses	46
8. Financial assets	47
9. Inventories	47
10. Working Capital	48
11. Share-based compensation	48
12. Employee benefits liabilities	48
13. Provisions	49
14. Debt	49
15. Other liabilities	51
16. Fair value measurement	52
17. Related party transactions	54
18. Guarantees granted, commitments and contingent liabilities	56
19. Equity	60
20. Earnings per share	61
21. Segment reporting	62
22. Subsequent events	64
RESPONSIBILITY STATEMENT	65

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 risks and uncertainties include, without limitation:

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

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

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

•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;

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

•our ability to successfully launch new businesses and integrate acquisitions;

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

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

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

•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;

•the level of governmental economic incentives available to support the adoption of battery electric vehicles;

•the impact of increasingly stringent regulations regarding fuel efficiency requirements and reduced greenhouse gas and tailpipe emissions;

•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 and new entrants;

•our ability to attract and retain experienced management and employees;

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

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

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

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

•disruptions arising from political, social and economic instability;

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

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

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

•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. Stellantis’ 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.”).

The Semi-Annual Report is filed with the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, the “AFM”) and is furnished to the U.S. Securities and Exchange Commission (“SEC”) on Form 6-K.

5

MANAGEMENT DISCUSSION AND ANALYSIS

Highlights

	Six months ended June 30,
(€ million, except shipments, which are in thousands of units, and per share amounts)	2024	2023
Combined shipments(1)	2,931	3,327
Consolidated shipments(2)	2,872	3,202
Net revenues	85,017	98,368
Net profit/(loss)	5,647	10,918
Adjusted operating income(3)	8,463	14,126
Earnings per share(4)
Basic earnings per share (€)	1.87	3.48
Diluted earnings per share (€)	1.86	3.45
Adjusted diluted earnings per share (€)(5)	2.36	3.61
Ordinary dividends, per share (€)	1.55	1.34

	Six months ended June 30,
(€ million)	2024		2023
Net cash from/(used in) operating activities	€	4,889	€	13,393
Industrial free cash flows	(392)		8,655

(€ million)	At June 30, 2024		At December 31, 2023
Available liquidity	€	55,654	€	62,610
Of which: Industrial Available liquidity	53,902		61,056
Industrial net financial position(6)	22,227		29,487

________________________________________________________________________________________________________________________________________________

(1) Combined shipments include shipments from Stellantis' consolidated subsidiaries and unconsolidated joint ventures. China shipments from Dongfeng Peugeot Citroën Automobiles (“DPCA”) are no longer included in combined shipments as of November 2023. Prior periods have not been restated

(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) Refer to sections — Non-GAAP Financial Measures and Company Results 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

6

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 and financial position. 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/(loss): Adjusted operating income/(loss) excludes from Net profit/(loss) adjustments comprising restructuring and other termination costs, 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) and Tax expense/(benefit).

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.

Adjusted operating income/(loss) 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/(loss) 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/(loss) 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/(loss), which is the most directly comparable measure included in our Semi-Annual Condensed Consolidated Income Statement. Adjusted operating income/(loss) should not be considered as a substitute for Net profit/(loss), cash flow or other methods of analyzing our results as reported under IFRS.

Adjusted operating income/(loss) margin: is calculated as Adjusted operating income/(loss) divided by Net revenues.

Adjusted diluted earnings per share (“EPS”): is calculated by adjusting Diluted earnings per share from operations for the post-tax impact per share of the same items excluded from Adjusted operating income as well as tax expense/(benefit) items that are considered rare or infrequent, or whose nature would distort the presentation of the ongoing tax charge of the Company. We believe this non-GAAP measure is useful because it also excludes items that we do not believe are indicative of the Company’s ongoing operating performance and provides investors with a more meaningful comparison of the Company’s ongoing quality of earnings. Refer to the section Company results below for a reconciliation of this non-GAAP measure to Diluted earnings per share from operations, which is the most directly comparable measure included in our Semi-Annual Condensed Consolidated Financial Statements. Adjusted diluted EPS should not be considered as a substitute for Basic earnings per share, Diluted earnings per share from operations or other methods of analyzing our quality of earnings as reported under IFRS.

7

Industrial free cash flows: is our key cash flow metric and is calculated as Cash flows from operating activities less: (i) cash flows from operating activities from discontinued operations; (ii) cash flows from operating activities related to financial services, net of eliminations; (iii) investments in property, plant and equipment and intangible assets for industrial activities and (iv) contributions of equity to joint ventures and minor acquisitions of consolidated subsidiaries and equity method and other investments; and adjusted for: (i) net intercompany payments between continuing operations and discontinued operations; (ii) proceeds from disposal of assets and (iii) contributions to defined benefit pension plans, net of tax. The timing of Industrial free cash flows may be affected by the substantive timing of monetization of receivables, factoring 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/(loss), 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.

8

Company results

The following is a discussion of the Company's results of operations for the six months ended June 30, 2024 compared to the six months ended June 30, 2023.

	Six months ended June 30,
(€ million)	2024		2023
Net revenues	€	85,017	€	98,368
Cost of revenues	69,818		76,934
Selling, general and other costs	4,564		4,921
Research and development costs	2,819		2,735
Gains/(losses) on disposal of investments	(46)		22
Restructuring costs	1,212		552
Share of the profit/(loss) of equity method investees	81		293
Operating income/(loss)	6,639		13,541
Net financial expenses/(income)	(350)		(69)
Profit/(loss) before taxes	6,989		13,610
Tax expense/(benefit)	1,342		2,692
Net profit/(loss)	€	5,647	€	10,918
Net profit/(loss) attributable to:
Owners of the parent	€	5,624	€	10,923
Non-controlling interests	€	23	€	(5)

Net revenues

	Six months ended June 30,				Increase/(Decrease)
(€ million)	2024		2023		2024 vs. 2023
Net revenues	€	85,017	€	98,368	(13.6)	%

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

Cost of revenues

	Six months ended June 30,						Increase/(Decrease)
(€ million)	2024			2023			2024 vs. 2023
Cost of revenues	€	69,818		€	76,934		(9.2)	%
Cost of revenues as % of Net revenues	82.1		%	78.2		%

The decrease in Cost of revenues during the six months ended June 30, 2024 compared to the corresponding period in 2023, was primarily related to lower shipment volumes in North America and Enlarged Europe partially offset by nameplate mix in North America.

9

Selling, general and other costs

	Six months ended June 30,						Increase/(Decrease)
(€ million)	2024			2023			2024 vs. 2023
Selling, general and other costs	€	4,564		€	4,921		(7.3)	%
Selling, general and other costs as % of Net revenues	5.4		%	5.0		%

The decrease in Selling, general and other costs during the six months ended June 30, 2024 compared to the corresponding period in 2023, was primarily related to cost savings from restructuring initiatives in Enlarged Europe and other cost containment actions worldwide, in addition to the non-repeat of expenses incurred during the first six months of 2023 related to the reorganization of financial services activities in Europe.

Research and development costs

	Six months ended June 30,				Increase/(Decrease)
(€ million)	2024		2023		2024 vs. 2023
Research and development expenditures expensed	€	1,542	€	1,631	(5.5)	%
Amortization of capitalized development expenditures	1,076		1,088		(1.1)	%
Impairment and write-off of capitalized development expenditures	201		16		n.m.
Total Research and development costs	€	2,819	€	2,735	3.1	%

________________________________________________________________________________________________________________________________________________

n.m. = not meaningful

	Six months ended June 30,
	2024		2023
Research and development expenditures expensed as % of Net revenues	1.8	%	1.7	%
Amortization of capitalized development expenditures as % of Net revenues	1.3	%	1.1	%
Impairment and write-off of capitalized development expenditures as % of Net revenues	0.2	%	—	%
Total Research and development cost as % of Net revenues	3.3	%	2.8	%

Research and development expenditures expensed during the six months ended June 30, 2024 decreased by 5.5 percent as compared to the corresponding period in 2023 was primarily due to cost optimization.

Amortization of capitalized development expenditures during the six months ended June 30, 2024 were substantially unchanged as compared to the corresponding period in 2023.

Impairments recognized in the six months ended June 30, 2024 was mainly attributable to the impairment of certain platform assets in Maserati.

Total Research and development expenditures during the six months ended June 30, 2024 and 2023 were as follows:

	Six months ended June 30,						Increase/(Decrease)
(€ million)	2024			2023			2024 vs. 2023
Capitalized development expenditures(1)	€	2,078		€	2,014		3.2	%
Research and development expenditures expensed	1,542			1,631			(5.5)	%
Total Research and development expenditures	€	3,620		€	3,645		(0.7)	%
Capitalized development expenditures as % of Total Research and development expenditures	57.4		%	55.3		%
Total Research and development expenditures as % of Net revenues	4.3		%	3.7		%

________________________________________________________________________________________________________________________________________________

(1) Does not include capitalized borrowing costs of €97 million and €68 million for the six months ended June 30, 2024 and 2023, respectively, in accordance with IAS 23 - Borrowing costs (Revised)

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Total Research and development expenditures during the six months ended June 30, 2024 were substantially unchanged compared to the corresponding period in 2023. Research and development expenditures expensed decreased by 5.5 percent as mentioned above, and Capitalized development expenditures were 3.2 percent higher was primarily due to increased capital development expenditures for development of vehicles and products.

Restructuring costs

	Six months ended June 30,				Increase/(Decrease)
(€ million)	2024		2023		2024 vs. 2023
Restructuring costs	€	1,212	€	552	119.6	%

The increase in Restructuring costs during the six months ended June 30, 2024 compared to the corresponding period in 2023 was primarily due to workforce reduction plans in Enlarged Europe.

Share of the profit/(loss) of equity method investees

	Six months ended June 30,				Increase/(Decrease)
(€ million)	2024		2023		2024 vs. 2023
Share of the profit/(loss) of equity method investees	€	81	€	293	(72.4)	%

The decrease in the Share of the profit of equity method investees during the six months ended June 30, 2024, compared to the corresponding period in 2023, was primarily due to losses related to the start-up phase of battery joint ventures, Zhejiang Leapmotor Co. Ltd (“Leapmotor”) and Archer Aviation Inc (“Archer”) as well as lower net profit from our financial services joint ventures in Europe.

Net financial expenses/(income)

	Six months ended June 30,				Increase/(Decrease)
(€ million)	2024		2023		2024 vs. 2023
Net financial expenses/(income)	€	(350)	€	(69)	407.2	%

During the six months ended June 30, 2024 there was €350 million net financial income as compared to €69 million net financial income in the same period in 2023, the improvement primarily reflects the reduction in foreign exchange losses due to lower exposure to the Argentine Peso and lower devaluation of the Argentine Peso versus the U.S Dollar and the partial reversal of the write-down of an investment in supply chain finance funds reported in the first half of 2023. Refer to Note 8, Financial assets, within the Semi-Annual Condensed Consolidated Financial Statements for additional information. This is partially offset by higher hyperinflation effects in Argentina.

Tax expense/(benefit)

	Six months ended June 30,						Increase/(Decrease)
(€ million)	2024			2023			2024 vs. 2023
Tax expense/(benefit)	€	1,342		€	2,692		(50.1)	%
Effective tax rate	19.2		%	19.8		%

The effective tax rate of 19.2 percent for the six months ended June 30, 2024, is marginally lower compared to the effective tax rate of 19.8 percent for the six months ended June 30, 2023. The decrease in tax expense was primarily driven by decreased results, mainly in Enlarged Europe and North America, and corresponding decrease in tax expense.

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As of December 31, 2023 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 2024, we will evaluate whether there is sufficient positive evidence to allow us to conclude that a portion of additional deferred tax assets may be recognized in Brazil and Italy. Such evidence may include cumulative historical results and forecasted profitability based on the mid-term plan. 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 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.

Net profit/(loss)

	Six months ended June 30,				Increase/(Decrease)
(€ million)	2024		2023		2024 vs. 2023
Net profit/(loss)	€	5,647	€	10,918	(48.3)	%

The decrease in Net profit during the six months ended June 30, 2024 compared to the corresponding period in 2023, was primarily due to lower operating performance, higher restructuring costs, and other costs which are excluded from Adjusted operating income. This is partially offset by an increase in net financial income and lower tax expense due primarily to lower profit before taxes.

Adjusted operating income

	Six months ended June 30,						Increase/(Decrease)
(€ million)	2024			2023			2024 vs. 2023
Adjusted operating income	€	8,463		€	14,126		(40.1)	%
Adjusted operating income margin (%)	10.0		%	14.4		%	-440 bps

The following chart presents the change in Adjusted operating income by segment for the six months ended June 30, 2024 compared to the corresponding period in 2023.

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).

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The following table is the reconciliation of Net profit/(loss), 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, 2024
Net profit/(loss)	€	5,647
Tax expense/(benefit)	1,342
Net financial expenses/(income)	(350)
Operating income/(loss)	€	6,639
Adjustments:
Restructuring and other costs, net of reversals	€	1,212
Impairment expense and supplier obligations, net of reversals	388
Takata airbags recall campaign, net of recoveries	79
Other	145
Total Adjustments	1,824
Adjusted operating income	€	8,463

(€ million)	Six Months Ended June 30, 2023
Net profit/(loss)	€	10,918
Tax expense/(benefit)	2,692
Net financial expenses/(income)	(69)
Operating income/(loss)	€	13,541
Adjustments:
Restructuring and other costs, net of reversals	€	594
Reorganization of financial services	140
Impairment expense and supplier obligations	14
Takata airbags recall campaign, net of recoveries	(55)
Other	(108)
Total Adjustments	585
Adjusted operating income	€	14,126

During the six months ended June 30, 2024, Adjusted operating income excluded adjustments primarily related to:

•€1,212 million of restructuring and other costs, primarily related to workforce reductions;

•€388 million of impairments, primarily related to certain platform assets in Maserati and Enlarged Europe, net of reversal; and

•€145 million of Other, primarily related to costs to support the workforce during the transformation of a plant in North America.

During the six months ended June 30, 2023, Adjusted operating income excluded adjustments primarily related to:

•€594 million of restructuring and other costs, primarily related to workforce reductions;

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•€140 million of net costs associated with the reorganization of our financial services activities in Europe;

•€14 million of impairments, net of reversals; and

•€108 million of Other, mainly related to gains on disposals of investments.

Adjusted diluted EPS

	Six months ended June 30,				Increase/(Decrease)
(€ per share)	2024		2023		2024 vs. 2023
Adjusted diluted EPS	€	2.36	€	3.61	(34.6)	%

The following table summarizes the reconciliation of Diluted earnings per share from continuing operations, which is the most directly comparable measure included in the Semi-Annual Condensed Consolidated Income Statement to Adjusted diluted earnings per share:

	Six months ended June 30,
(€ million except otherwise noted)	2024	2023
Net profit attributable to owners of the parent	5,624	10,923
Weighted average number of shares outstanding (000)	3,002,791	3,137,744
Number of shares deployable for share-based compensation (000)	21,659	26,063
Weighted average number of shares outstanding for diluted earnings per share (000)	3,024,450	3,163,807
Diluted earnings per share (A) (€/share)	1.86	3.45
Adjustments, per above	1,824	585
Tax impact on adjustments	(316)	(66)
Total adjustments, net of taxes	1,508	519
Impact of adjustments above, net of taxes, on Diluted earnings per share from continuing operations (B) (€/share)	0.50	0.16
Adjusted Diluted earnings per share (€/share) (A+B)	2.36	3.61

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Results by segment

The following are the results by segment for the six months ended June 30, 2024 and 2023:

	Net revenues				Adjusted operating income				Consolidated Shipments
	Six months ended June 30,
(€ million, except shipments which are in thousands of units)	2024		2023		2024		2023		2024	2023
North America	€	38,353	€	45,916	€	4,366	€	8,027	838	1,023
Enlarged Europe	29,969		34,861		2,060		3,725		1,387	1,478
Middle East & Africa	5,005		4,698		1,047		1,218		214	208
South America	7,367		7,563		1,150		1,075		394	420
China and India & Asia Pacific	1,072		1,986		57		294		32	58
Maserati	631		1,309		(82)		121		7	15
Other activities	2,908		2,474		(59)		(126)		—	—
Unallocated items & eliminations(1)	(288)		(439)		(76)		(208)		—	—
Total	€	85,017	€	98,368	€	8,463	€	14,126	2,872	3,202

________________________________________________________________________________________________________________________________________________

(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, 2024 and 2023:

	Market share(1)
	Six months ended June 30,
	2024		2023
North America	8.2	%	10.0	%
Enlarged Europe	17.7	%	18.3	%
Middle East & Africa	13.2	%	15.0	%
South America	22.7	%	23.8	%
India & Asia Pacific	0.5	%	0.7	%
China	0.2	%	0.3	%
Maserati	1.9	%	2.6	%

________________________________________________________________________________________________________________________________________________

(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”), Ministry of Infrastructure and Sustainable Mobility (“MIMS”), Ward’s Automotive) and internal information. Represents passenger cars (“PC”) and light commercial vehicles (“LCV”), except as noted

•Enlarged Europe excludes Russia and Belarus; H1 2023 figures have been restated accordingly

•Middle East & Africa exclude Iran, Sudan and Syria

•South America excludes Cuba

•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 and includes licensed sales from DPCA

•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 for additional information on the Company’s reportable segments.

15

The following is a discussion of Net revenues, shipments and Adjusted operating income for each of our six reportable segments for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023.

•Volume & Mix: reflects changes in new car volumes (consolidated shipments), driven by industry volume, market share and dealer stocks, and mix evolutions such as channel, product line and trim mix. It also reflects the impact of some non-pricing items;

•Vehicle Net Price: reflects changes in prices, net of discounts and other sales incentive programs;

•Industrial: reflects manufacturing and purchasing cost changes associated with content, technology and enhancement of vehicle features, as well as industrial, logistics and purchasing efficiencies and inefficiencies. The impact of fixed manufacturing costs absorption related to the change in production output is included here. Cost changes to purchasing of raw materials, warranty, compliance costs, as well as depreciation related to property, plant and equipment are also included here;

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

•R&D: includes research and development costs, as well as amortization of capitalized development expenditures; and

•FX and Other: includes other items not mentioned above, such as used cars, parts & services, sales to partners, royalties, as well as foreign currency exchange translation, transaction and hedging.

16

North America

	Six months ended June 30,						Increase/(Decrease)
	2024			2023			2024 vs. 2023
Shipments (thousands of units)	838			1,023			(18.1)	%
Net revenues (€ million)	€	38,353		€	45,916		(16.5)	%
Adjusted operating income (€ million)	€	4,366		€	8,027		(45.6)	%
Adjusted operating income margin (%)	11.4		%	17.5		%	-610 bps

The Company's market share(1) in North America of 8.2 percent for the six months ended June 30, 2024 reflected a decrease of 180 bps from 10.0 percent in the same period in 2023. The U.S. market share(1) of 8.4 percent reflected a decrease of 180 bps from 10.2 percent in the same period in 2023.

Shipments

The North America shipments decreased in the six months ended June 30, 2024 compared to the corresponding period in 2023 and was mostly driven by discontinued products, including Dodge Charger, Dodge Challenger, Jeep Renegade and Jeep Cherokee as well as a decrease in Ram 1500 due to mid-cycle action launch.

Net revenues

The decrease in North America Net revenues in the six months ended June 30, 2024 compared to the corresponding period in 2023 was primarily due to lower volumes and negative net pricing, partially offset by favorable nameplate mix.

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, 2024compared to the same period in 2023.

The decrease in North America Adjusted operating income in the six months ended June 30, 2024 compared to the same period in 2023 was primarily due to lower volumes, product mix headwinds and negative net pricing.

_______________________________________________________________________________________________________________________________________________

(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”), Ministry of Infrastructure and Sustainable Mobility (“MIMS”), Ward’s Automotive) and internal information

17

Enlarged Europe

	Six months ended June 30,						Increase/(Decrease)
	2024			2023			2024 vs. 2023
Shipments (thousands of units)	1,387			1,478			(6.2)	%
Net revenues (€ million)	€	29,969		€	34,861		(14.0)	%
Adjusted operating income (€ million)	€	2,060		€	3,725		(44.7)	%
Adjusted operating income margin (%)	6.9		%	10.7		%	-380 bps

The Company's market share(1) in the EU30 for the six months ended June 30, 2024, decreased 80 bps to 18.2 percent from 19.0 percent in the same period in 2023.

Shipments

Shipments in Enlarged Europe decreased in the six months ended June 30, 2024 compared to the corresponding period in 2023, to support inventory de-stocking efforts in the region; driven by lower shipments of Fiat 500, Opel Mokka and Jeep Renegade, partly offset by higher shipments in Citroën C3 and Jeep Avenger.

Net revenues

The decrease in Enlarged Europe Net revenues in the six months ended June 30, 2024 compared to the corresponding period in 2023 was mainly due to higher buyback commitments, lower volumes and mix, and negative net pricing, partially offset by minor foreign exchange translation effects.

_____________________________________________________________________________________________________________________________________________

(1) EU30 = EU27 (excluding Malta) and including Iceland, Norway, Switzerland and 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”), Ministry of Infrastructure and Sustainable Mobility (“MIMS”), Ward’s Automotive) and internal information

18

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, 2024 compared to the same period in 2023.

The decrease in Enlarged Europe Adjusted operating income in the six months ended June 30, 2024 compared to the same period in 2023 was primarily due to lower mix, net pricing and volumes, partly offset by industrial cost savings supported by raw material tailwinds and purchasing savings.

Middle East & Africa

	Six months ended June 30,						Increase/(Decrease)
	2024			2023			2024 vs. 2023
Combined shipments (thousands of units)	273			301			(9.3)	%
Consolidated shipments (thousands of units)	214			208			2.9	%
Net revenues (€ million)	€	5,005		€	4,698		6.5	%
Adjusted operating income (€ million)	€	1,047		€	1,218		(14.0)	%
Adjusted operating income margin (%)	20.9		%	25.9		%	-500 bps

The Company's market share(1) in the Middle East & Africa for the six months ended June 30, 2024, decreased 180 bps to 13.2 percent from 15.0 percent in the same period in 2023.

_______________________________________________________________________________________________________________________________________________

(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”), Ministry of Infrastructure and Sustainable Mobility (“MIMS”), Ward’s Automotive) and internal information

19

Shipments

The increase in consolidated shipments in Middle East & Africa in the six months ended June 30, 2024 compared to the corresponding period in 2023 was led by Fiat shipments tripling, led by growth of Doblo Cargo, Tipo, and Nuovo Scudo, offsetting declines in Peugeot 208 and Opel Corsa.

Net revenues

The increase in Middle East & Africa Net revenues in the six months ended June 30, 2024 compared to the corresponding period in 2023 was primarily due to strong net pricing offsetting negative foreign currency translation effects and mix headwinds.

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, 2024 compared to the same period in 2023.

The decrease in Middle East & Africa Adjusted operating income in the six months ended June 30, 2024 compared to the same period in 2023 was mainly due to negative foreign currency translation effects, lower mix, higher costs to support logistics and localization strategy, partly offset by positive net pricing.

20

South America

	Six months ended June 30,						Increase/(Decrease)
	2024			2023			2024 vs. 2023
Shipments (thousands of units)	394			420			(6.2)	%
Net revenues (€ million)	€	7,367		€	7,563		(2.6)	%
Adjusted operating income (€ million)	€	1,150		€	1,075		7.0	%
Adjusted operating income margin (%)	15.6		%	14.2		%	+140 bps

The Company's market share(1) in South America for the six months ended June 30, 2024 decreased 110 bps to 22.7 percent from 23.8 percent in the same period in 2023. The Company's market share in Brazil and Argentina for the six months ended June 30, 2024 decreased 300 bps to 29.3 percent from 32.3 percent and decreased 30 bps to 30.9 percent from 31.2 percent, respectively, compared to the corresponding period in 2023.

Shipments

Shipments in South America decreased in the six months ended June 30, 2024 compared to the corresponding period in 2023, led by a reduction in Fiat Cronos, Jeep Compass and Peugeot 208 partly offset by higher shipments of Ram Rampage and Citroën C3 Aircross.

Net revenues

The decrease in South America Net revenues in the six months ended June 30, 2024 compared to the corresponding period in 2023 was primarily due to negative foreign currency translation effects mainly from Argentine Peso and lower volumes, partly offset by positive net pricing and mix.

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, 2024 compared to the same period in 2023.

The increase in South America Adjusted operating income in the six months ended June 30, 2024 compared to the same period in 2023 was primarily due to positive net pricing, purchasing savings and improved results from parts & services, partly offset by foreign exchange translation impacts and lower volumes.

_______________________________________________________________________________________________________________________________________________

(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”), Ministry of Infrastructure and Sustainable Mobility (“MIMS”), Ward’s Automotive) and internal information

21

China and India & Asia Pacific

	Six months ended June 30,						Increase/(Decrease)
	2024			2023			2024 vs. 2023
Combined shipments (thousands of units)	32			90			(64.4)	%
Consolidated shipments (thousands of units)	32			58			(44.8)	%
Net revenues (€ million)	€	1,072		€	1,986		(46.0)	%
Adjusted operating income (€ million)	€	57		€	294		(80.6)	%
Adjusted operating income margin (%)	5.3		%	14.8		%	-950 bps

In China, we distribute imported vehicles primarily for the Jeep brand through an asset-light approach. Dongfeng Peugeot and Dongfeng Citroën brands in China are locally manufactured through DPCA under various license agreements. Dongfeng Peugeot Citroën Automobile Sales Co (“DPCS”) markets the DPCA vehicles in China.

We also produce the Jeep Compass and Jeep Meridian in India through our joint operation Fiat India Automobiles Private Limited (“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.

China shipments from DPCA are no longer included in combined shipments as of November 2023. Prior periods have not been restated.

Shipments

The decrease in China and India & Asia Pacific consolidated shipments in the six months ended June 30, 2024 compared to the corresponding period in 2023 was mainly due to challenging market conditions with increased competition from local OEMs with decreases in Jeep and Peugeot models.

Net revenues

The decrease in China and India & Asia Pacific Net revenues in the six months ended June 30, 2024 compared to the corresponding period in 2023 was mainly due to lower volumes, mix and negative foreign currency translation impacts.

Adjusted operating income

The decrease in China and India & Asia Pacific Adjusted operating income in the six months ended June 30, 2024 compared to the same period in 2023 was mainly driven by negative foreign currency translation impacts, lower volumes offset by cost containment measures in SG&A .

22

Maserati

	Six months ended June 30,						Increase/(Decrease)
	2024			2023			2024 vs. 2023
Shipments (thousands of units)	6.5			15.3			(57.5)	%
Net revenues (€ million)	€	631		€	1,309		(51.8)	%
Adjusted operating income (€ million)	€	(82)		€	121		n.m.
Adjusted operating income margin (%)	(13.0)		%	9.2		%	-2,220 bps

____________________________________________________________________________________________________

n.m.= not meaningful

Shipments

The decrease in Maserati shipments in the six months ended June 30, 2024 compared to the corresponding period in 2023 was mostly due to lower volumes in Grecale and discontinued models.

Net revenues

The decrease in Maserati Net revenues in the six months ended June 30, 2024 compared to the corresponding period in 2023 was primarily due to lower volumes and partially offset by mix.

Adjusted operating income

The decrease in Maserati Adjusted operating income in the six months ended June 30, 2024 compared to the same period in 2023 was mainly due to lower volumes.

23

Liquidity and capital resources

Available liquidity

The following table summarizes our total Available liquidity:

(€ million)	At June 30, 2024		At December 31, 2023
Cash, cash equivalents and financial securities(1)	€	42,944	€	49,758
Undrawn committed credit lines	12,580		12,621
Cash, cash equivalents and financial securities - included within Assets held for sale	130		231
Total Available liquidity(2)	€	55,654	€	62,610
of which: Available liquidity of the industrial activities	€	53,902	€	61,056

________________________________________________________________________________________________________________________________________________

(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 €1,011 million cash and securities at June 30, 2024 (€686 million at December 31, 2023), 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. Cash and cash equivalents also include €320 million at June 30, 2024 (€210 million at December 31, 2023) held in bank deposits which are restricted to the operations related to securitization programs and warehouses credit facilities of Stellantis Financial Services U.S. (“SFS U.S.”)

Available liquidity of the industrial activities at June 30, 2024, decreased by €7.2 billion from December 31, 2023, primarily due to the €4.7 billion dividend distribution and €2.0 billion paid for the share buyback.

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 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, 2024, €19.0 billion, or 44.1 percent (€20.4 billion, or 41 percent at December 31, 2023), were denominated in Euro and €17.8 billion, or 41.3 percent (€23.4 billion, or 47 percent at December 31, 2023), were denominated in U.S. Dollar.

At June 30, 2024, undrawn committed credit lines of €12.6 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 and is structured in two tranches: €6.0 billion, with a 3-year tenor, and €6.0 billion, with a 5-year tenor, with each tranche benefiting from two further extension options, each of 1-year. In June 2023, the second-year extension option was exercised.

In March 2024, a new RCF committed credit line of €0.9 billion ($1 billion) was signed by SFS U.S. The line expires in March 2027 and, at June 30, 2024, it was fully drawn.

24

Euro Medium Term Note Programme Notes

The Company issued two notes during the period ended June 30, 2024:

•In March 2024, a Green Bond was issued with a principal amount of €500 million with an interest rate of 3.75 percent and matures in March 2036. Stellantis will allocate an amount equal to the net proceeds of the Green Bond to investments and expenditures meeting the eligibility criteria (the “Eligible Green Projects”). The Eligible Green Projects include design, development and manufacturing of zero emissions vehicles, that are battery electric vehicles and hydrogen fuel cell vehicles; and

•In March 2024, the Company issued notes with principal amount of €750 million with an interest rate of 3.5 percent and which matures in September 2030.

In April 2024, the Company repaid, at maturity, a €1,250 million note formerly issued by FCA N.V. in 2016.

Other Notes

In March 2024, Stellantis repaid, at maturity, a €600 million note and a €100 million note formerly issued by PSA in 2017.

Warehouse credit facilities

In April 2024, SFS U.S. extended the maturity for the Stellantis Financial Services Funding, LLC warehouse credit facility to April 2026. In addition, the credit facility size was permanently increased from €2.3 billion ($2.5 billion) to €3.7 billion ($4 billion). In connection with this renewal, some terms of the credit facility were updated to align with the Company’s current origination characteristics.

In April 2024, the €467 million ($500 million) Stellantis Financial Services Funding II, LLC credit facility was terminated. The residual outstanding under this facility were repurchased by the Company and financed through working capital.

In April 2024, SFS U.S. closed a €700 million ($750 million) revolving warehouse credit facility to finance dealership floorplan inventory. The two-year facility bears interest based on a one-month term Secured Overnight Funding Rate (“SOFR”) plus a spread.

Asset-backed securities (“ABS”) term notes

In January 2024, SFS U.S., through SFS Auto Receivables Securitization Trust 2024-1, issued seven classes of ABS Term Notes totaling €0.9 billion ($1 billion) in aggregate. The notes issued in each class bear a fixed rate. The ABS Term Notes are secured by a pool of prime retail loans.

In January 2024, the Company elected to exercise its clean-up call on €19 million ($20 million) in ABS Term Notes issued by First Investors Auto Owner Trust 2019-2.

In March 2024, the Company elected to exercise its clean-up call on €17 million ($18 million) in ABS Term Notes issued by First Investors Auto Owner Trust 2020-1.

In April 2024, SFS U.S. closed a €700 million ($750 million) amortizing credit facility to finance retail automotive loans. The facility amortizes monthly and bears interest at a fixed rate.

Ratings

From December 2023, Stellantis’ issuer credit rating and senior unsecured debt rating have been set by S&P at “BBB+”, with stable outlook.

In February 2024, Moody’s upgraded Stellantis’ long-term issuer rating and senior unsecured debt rating from “Baa2” to “Baa1” with stable outlook.

25

Cash flows

The following table summarizes the cash flows from operating, investing and financing activities for the six months ended June 30, 2024 and 2023. Refer to the Semi-Annual Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2024 and 2023 included in this Semi-Annual Report for additional information.

	Six months ended June 30,
(€ million)	2024		2023
Net cash from/(used in) operating activities	€	4,889	€	13,393
Net cash from/(used in) investing activities	(8,490)		(5,916)
Net cash from/(used in) financing activities	(4,268)		(4,497)
Effects of changes in exchange rates	425		(500)
(Increase)/decrease in cash and cash equivalents included in asset held for sale	100		65
Increase/(decrease) in cash and cash equivalents	(7,344)		2,545
Net cash and cash equivalents at beginning of period	43,669		46,433
NET CASH AND CASH EQUIVALENTS AT END OF PERIOD	€	36,325	€	48,978

Operating activities

For the six months ended June 30, 2024, cash flows from operating activities was the result of Net profit of €5,647 million primarily adjusted by (1) add back €3,598 million for depreciation and amortization expense, (2) a €466 million increase in net deferred tax liabilities, (3) a €97 million net increase in provisions, primarily due to an increase in restructuring provisions partially offset by decreases in sales incentives and warranty and recall campaigns, (4) the absorption for the change in carrying amount of leased vehicles primarily attributable to the growth in SFS U.S., and (5) for the negative effect of the change in working capital of €4,089 million, which includes (i) an increase of €900 million in inventories the largest contributor to which was the Middle East & Africa segment, which experienced increased inventory levels as a result of temporary local regulatory matters, (ii) an increase of €497 million in trade receivables mainly reflecting seasonality, (iii) a net absorption of €1,583 million in other receivables and payables mainly related to income tax payments in North America and Enlarged Europe, and (iv) a decreaseof €1,109 million in trade payables primarily reflecting decreases in production in the last months of the period as compared to the prior year.

For the six months ended June 30, 2023, cash flows from operating activities was the result of Net profit of €10,918 million primarily adjusted by (1) add back €3,740 million for depreciation and amortization expense, (2) a €369 million increase in deferred tax assets, (3) a €1,134 million net increase in provisions, primarily due to sales incentives and restructuring in North America, and (4) for the negative effect of the change in working capital of €2,756 million, which includes (i) an increase of €1,970 million in inventories mostly driven by higher level of production and logistics constraints in Enlarged Europe, (ii) an increase of €3,858 million in trade receivables mainly reflecting the planned reduction of factoring (iii) a net absorption of €202 million in other receivables and payables, partially offset by (iv) an increase of €3,274 million in trade payables primarily reflecting increases in both inventories and raw materials, increased components costs and a strong level of production in May and June.

26

Investing activities

For the six months ended June 30, 2024, cash used in investing activities was primarily the result of (1) €5,703 million of investment in properties, plant and equipment and intangible assets, including €2,078 million of capitalized development expenditures, partly offset by €233 million increase in payables related to investments in properties, plant and equipment and intangible assets, (2) €1,316 million investment for acquisitions of consolidated subsidiaries and equity method and other investments which is primarily due to €970 million for capital injections to joint ventures and associates, and €328 million in acquisitions of subsidiaries mainly relating to the acquisition of control of Punch Powertrain E-Transmission N.V. (“PPET”), Comercial Automotiva and Groupe 2L Logistics, refer to Note 2, Scope of consolidation within the Semi-Annual Condensed Consolidated Financial Statements for additional information, and (3) an increase in receivables from financing activities of €2,135 million, which was mainly attributable to increased retail and dealers financing of SFS U.S. that were partially offset by €233 million net proceeds from disposals of shares in consolidated companies and of investments in non-consolidated companies.

For the six months ended June 30, 2023, cash used in investing activities was primarily the result of (1) €4,447 million of investment in properties, plant and equipment and intangible assets, including €2,014 million of capitalized development expenditures, partly offset by €233 million increase in payables related to the investments in properties, plant and equipment and intangible assets, (2) €662 million investment for acquisitions of consolidated subsidiaries and equity method and other investments of which approximately €460 million in capital injections to joint ventures and associates and €200 million in acquisitions of minority interests as part of strategic supply agreements, and (3) an increase in receivables from financing activities of €2,079 million, which was mainly attributable to increased retail financing of SFS U.S. that were partially offset by €994 million net proceeds from disposals of shares in consolidated companies and of investments in non-consolidated companies, including net proceeds of €675 million from the disposal of FCA Bank. Refer to Note 2, Scope of consolidation within the Semi-Annual Condensed Consolidated Financial Statements for additional information.

Financing activities

For the six months ended June 30, 2024, cash used in financing activities resulted primarily from (1) the payment of dividends of €4,653 million, (2) share buybacks of €1,998 million, (3) the increase in securities of €175 million mainly related to investments which are not classified as cash equivalents, partially offset by (4) the net increase in long-term debt of €1,069 million, including (i) the issuance of bonds for €1,250 million, (ii) the proceeds from the issuance of ABS Term Notes for €3,277 million and (iii) new other long-term debt for €504 million, partially offset by (iv) the repayment of bonds for €1,950 million, (v) the repayment of ABS Term Notes for € 1,286 million, and (vi) of other long-term debt for €726 million, and by (5) a positive net change of €1,479 million in short-term debt and other financial assets and liabilities.

For the six months ended June 30, 2023, cash used in financing activities resulted primarily from (1) the payment of dividends of €4,208 million, (2) share buybacks of €674 million, (3) the increase in securities of €455 million mainly related to investments which are not classified as cash equivalents, partially offset by (4) the net increase in long-term debt of €450 million, including (i) the issuance of bonds for €2,500 million, (ii) the proceeds from new other long-term debt for €123 million, partially offset by (iii) the repayment of bonds for €1,857 million and of other long-term debt for €315 million, and by (5) a positive net change of €392 million in short-term debt and other financial assets and liabilities.

27

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, 2024 and 2023:

	Six months ended June 30,
(€ million)	2024		2023
Cash flows from/(used in) operating activities	4,889		13,393
Less: Operating activities not attributable to industrial activities	(1,465)		(211)
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	5,438		4,196
Add: Proceeds from disposal of assets and other changes in investing activities	163		1,726
Less: Net proceeds related to the reorganization of financial services in Europe(1)	—		1,464
Less: Contributions of equity to joint ventures and minor acquisitions of consolidated subsidiaries and equity method and other investments	1,495		1,058
Add: Defined benefit pension contributions, net of tax	24		43
Industrial free cash flows	€	(392)	€	8,655

________________________________________________________________________________________________________________________________________________

(1) The net consideration of €1,566 million for the sale of 50 percent interest held in FCA Bank to Crédit Agricole Consumer Finance S.A. (“CACF”) in 2023, related to industrial activities is offset by payments of €102 million in relation to the transfer of leasing activities.

Industrial free cash flow amounted to a net cash absorption of €392 million for the six months ended June 30, 2024, a decrease of €9,047 million, compared to Industrial free cash flow generation of €8,655 million for the six months ended June 30, 2023. The main contributors to the decrease in free cash flow were (1) a decrease of €7,248 million in cash flows from industrial operating activities, as a result of the combination of (i) a €5,271 million decrease in net profit from industrial activities and (ii) an incremental use of cash in working capital of industrial activities for €1,656 million, (2) an increase in capital expenditures and capitalized research and development expenditures and change in amounts payable on property, plant and equipment and intangible assets for industrial activities of €1,242 million, in order to support the program launches in the near to medium term, and (3) an increase in contributions of equity to joint ventures and minor acquisitions for €437 million.

28

Industrial net financial position

	At June 30, 2024						At December 31, 2023
(€ million)	Stellantis		Industrial activities		Financial services		Stellantis		Industrial activities		Financial services
Third parties debt (Principal)	€	(31,757)	€	(21,543)	€	(10,214)	€	(28,792)	€	(22,018)	€	(6,774)
Capital market(1)	(18,078)		(16,950)		(1,128)		(18,637)		(17,555)		(1,082)
Bank debt	(3,790)		(1,849)		(1,941)		(2,847)		(1,990)		(857)
Other debt(2)	(7,483)		(356)		(7,127)		(5,150)		(334)		(4,816)
Lease liabilities	(2,406)		(2,388)		(18)		(2,158)		(2,139)		(19)
Accrued interest and other adjustments(3)	(417)		(366)		(51)		(671)		(658)		(13)
Debt with third parties (excluding held for sale)	(32,174)		(21,909)		(10,265)		(29,463)		(22,676)		(6,787)
Debt classified as held for sale	(189)		(189)		—		(122)		(122)		—
Debt with third parties including held for sale	(32,363)		(22,098)		(10,265)		(29,585)		(22,798)		(6,787)
Intercompany, net(4)	—		1,968		(1,968)		—		3,064		(3,064)
Current financial receivables from jointly-controlled financial services companies(5)	1,245		975		270		767		647		120
Debt, net of intercompany, and current financial receivables from jointly-controlled financial service companies	(31,118)		(19,155)		(11,963)		(28,818)		(19,087)		(9,731)
Derivative financial assets/(liabilities), net of collateral deposits(6)	6		—		6		20		49		(29)
Financial securities(7)	6,619		6,400		219		6,089		5,875		214
Cash and cash equivalents	36,325		34,852		1,473		43,669		42,419		1,250
Cash and cash equivalents classified as held for sale	130		130		—		231		231		—
Net financial position	€	11,962	€	22,227	€	(10,265)	€	21,191	€	29,487	€	(8,296)

________________________________________________________________________________________________________________________________________________

(1) Includes notes issued under the Medium Term Programme, or Medium Term Note (“MTN”) Programme, and other notes for €16,635 million at June 30, 2024 (€17,240 million at December 31, 2023), Schuldschein for €315 million (€315 million at December 31, 2023) and other financial instruments issued in financial markets, mainly from South America financial services companies for €1,128 million (€1,082 million at December 31, 2023)

(2) Includes asset-backed financing, i.e. sales of receivables for which de-recognition is not allowed under IFRS, for €83 million at June 30, 2024 (€67 million at December 31, 2023) and debt for securitizations programs, for €7,126 million at June 30, 2024 (€4,711 million at December 31, 2023)

(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 (€2,460 million at June 30, 2024 and €3,295 million at December 31, 2023) and industrial activities entities' financial payables due to financial services entities (€492 million at June 30, 2024 and €231 million at December 31, 2023)

(5) Financial receivables due from Stellantis Financial Services Europe JVs

(6) Fair value of derivative financial instruments (net negative €1 million at June 30, 2024 and net positive €1 million at December 31, 2023) and collateral deposits (€7 million at June 30, 2024 and €19 million at December 31, 2023)

(7) Excludes certain financial securities held pursuant to applicable regulations (€391 million at June 30, 2024 and €368 million at December 31, 2023) and non-liquid equity investments (€775 million at June 30, 2024 and €704 million at December 31, 2023) and other non-liquid securities (€519 million at June 30, 2024 and €609 million at December 31, 2023)

The €7.3 billion decrease in Industrial net financial position at June 30, 2024, as compared to December 31, 2023, primarily reflects €4.7 billion dividend distribution and €2.0 billion paid for the share buyback.

29

Important events during the six months ended June 30, 2024

In February 2024, the Stellantis Board of Directors approved a share buyback program of up to €3 billion (total purchase price excluding ancillary costs), to be executed on the market with the intent to cancel the common shares acquired through the share buyback program. The shares will be purchased over a period ending December 31, 2024 on NYSE/Euronext Milan/Euronext Paris. Common shares purchased under the program will be cancelled in due course apart from a portion of up to €0.5 billion, which may be used to service share-based compensation and employee stock purchase plans. The first tranche of €1 billion started in February 2024 and was completed in April 2024. The second tranche of €1 billion started in May 2024 and was completed in June 2024. Refer to Note 19, Equity within the Semi-Annual Condensed Consolidated Financial Statements for additional information.

In March 2024, Stellantis announced the completion of a series of open market purchases of approximately 8.3 million Archer shares.

In May 2024, Stellantis announced that regulatory approvals have been received for the creation of Leapmotor International B.V., a joint venture which is owned 51 percent by Stellantis and 49 percent by Leapmotor. Stellantis will control and consolidate the joint venture. Two Leapmotor vehicles will be introduced in certain countries in Enlarged Europe, India and Asia Pacific, Middle East & Africa and South America during 2024.

During our Investor Day held in June 2024, Stellantis’ Chief Executive Officer outlined the nine key strategic differentiators the Company is leveraging to unlock value and address the disruption and reinvention of the automotive industry worldwide. The nine key differentiators which supports the Dare Forward 2030 Strategic Plan are:

1.Portfolio of 14 iconic and innovative brands covering all price points and multiple regional markets

2.Global market presence combining scaled North America and Enlarged Europe regions with rapidly expanding Third Engine(1)

3.Unique multi-energy approach, spanning products, platforms, manufacturing and supply chain

4.Fully scaled commercial vehicle business positioned to achieve global leadership

5.Ability to deliver double-digit margins across the period covered by the Dare Forward 2030 Strategic Plan, with less than 50 percent break-even point

6.Sustainable research and development and capex efficiency, a key component of a powerful capital plan

7.Re-set and re-launch asset-light China strategy with Leapmotor. Received approvals to launch the Leapmotor International JV in H2 2024, with initial deliveries in Enlarged Europe near the end of Q3, followed by South America, Middle East & Africa and India & Asia Pacific

8.Leveraging global reach to maximize best-cost country opportunities

9.Rapid development of next-generation portfolio and accretive affiliate businesses

In addition, members of the Top Executive Team provided updates covering various parts of the business:

•North America’s Chief Operating Officer, Carlos Zarlenga discussed 2024 actions taken to restore market share, improve inventory dynamics, and capitalize on specific low emission vehicle growth opportunities in the medium-term;

•Enlarged Europe’s Chief Operating Officer, Uwe Hochgeschurtz reviewed the Company’s multi-faceted response to the rising competition from the Chinese original equipment manufacturers (“OEMs”);

•Middle East & Africa’s Chief Operating Officer, Samir Cherfan reviewed the many benefits of an increasingly localized approach to serving the Middle East & Africa’s region, supporting the stand-out growth and profitability of Stellantis’ Third Engine(1);

30

•Brand Chief Executive Officers for Jeep (Antonio Filosa), Ram (Chris Feuell) and Peugeot (Linda Jackson) discussed how a powerful, strategically focused product wave expands the market opportunities of each brand;

•Chief Engineering and Technology Officer, Ned Curic, Chief Purchasing and Supply Chain Officer, Maxime Picat and Chief Manufacturing Officer, Arnaud Deboeuf focused on Stellantis’ management of the value chain with flexible platforms, products and operations, with multi-energy capabilities that are able to address different scenarios; and

•Stellantis’ Chief Financial Officer, Natalie Knight provided a financial review which included:

◦Confirming 2024 financial guidance, refer to Guidance and outlook

◦Delivering greater than €7.7 billion in dividends and buybacks in 2024

◦Provided details on second half 2024 performance:

▪Significant product launches, cost initiatives and anticipated improvement in working capital together support second half sequential improvement in Adjusted operating income and Industrial free cash flow

◦Enhancement of its capital plan through:

▪setting target liquidity levels of 25-30 percent of revenues for the medium-term, shifting focus to capital efficiency and supporting strong shareholder returns

▪continuation of share buybacks and ordinary dividends to return excess cash to shareholders

▪targeting a higher range of our dividend payout policy of 25-30 percent of the Company’s Net profit for the relevant prior financial year compared to 25 percent in recent years.

________________________________________________________________________________________________

(1) The “Third Engine” refers to an aggregation of the South America, Middle East & Africa, China and India & Asia Pacific segments

31

Risks and uncertainties

The Company believes that the risks and uncertainties identified for the six months ended June 30, 2024 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, 2023 filed with the SEC and AFM on February 22, 2024, (the “Annual Report”). Those risks and uncertainties should be read in conjunction with this Semi-Annual Report.

32

GUIDANCE AND OUTLOOK

2024 STELLANTIS GUIDANCE

Revenue backdrop	Neutral
Adjusted operating income margin	Double-digit
Industrial free cash flows	Positive

33

SEMI-ANNUAL CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES AS OF AND FOR THE SIX MONTHS ENDED JUNE 30, 2024

34

STELLANTIS N.V. AND SUBSIDIARIES

SEMI-ANNUAL CONDENSED CONSOLIDATED INCOME STATEMENT

(in € million, except per share amounts)

(Unaudited)

		Six months ended June 30,
	Note	2024		2023
Net revenues	3	€	85,017	€	98,368
Cost of revenues		69,818		76,934
Selling, general and other costs		4,564		4,921
Research and development costs		2,819		2,735
Gains/(losses) on disposal of investments		(46)		22
Restructuring costs	13	1,212		552
Share of the profit/(loss) of equity method investees		81		293
Operating income/(loss)		6,639		13,541
Net financial expenses/(income)	4	(350)		(69)
Profit/(loss) before taxes		6,989		13,610
Tax expense/(benefit)	5	1,342		2,692
Net profit/(loss)		€	5,647	€	10,918
Net profit/(loss) attributable to:
Owners of the parent		€	5,624	€	10,923
Non-controlling interests		23		(5)
		€	5,647	€	10,918
Earnings per share:	20
Basic earnings per share		€	1.87	€	3.48
Diluted earnings per share		€	1.86	€	3.45

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

35

STELLANTIS N.V. AND SUBSIDIARIES

SEMI-ANNUAL CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(in € million)

(Unaudited) 

		Six months ended June 30,
	Note	2024		2023
Consolidated profit/(loss) for the period		€	5,647	€	10,918
Fair value remeasurement of cash flow hedges		593		(1,181)
of which, reclassified to the income statement		278		165
of which, recognized in equity during the period		315		(1,346)
Gains and losses from remeasurement of financial assets		(8)		62
of which, reclassified to the income statement		—		—
of which, recognized in equity during the period		(8)		62
Exchange differences on translating foreign operations		463		(581)
Income tax benefit/(expense)		(143)		304
Share of Other comprehensive income/(loss) of equity method investees		17		(107)
Amounts to be potentially reclassified to profit or loss	19	922		(1,503)
Actuarial gains and losses on defined benefit pension obligations		(251)		388
Income tax (expense)/benefit		60		(98)
Share of Other comprehensive income/(loss) for equity method investees		5		—
Amounts not to be reclassified to profit or loss	19	(186)		290
TOTAL CONSOLIDATED COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD		€	6,383	€	9,705
of which, attributable to equity holders of the parent		6,358		9,714
of which, attributable to non-controlling interests		25		(9)

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

36

STELLANTIS N.V. AND SUBSIDIARIES

SEMI-ANNUAL CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(in € million)

(Unaudited)

	Note	At June 30, 2024		At December 31, 2023
Assets
Goodwill and intangible assets with indefinite useful lives	6	€	31,705	€	30,994
Other intangible assets		21,891		20,625
Property, plant and equipment		41,898		37,687
Equity method investments		8,804		8,070
Non-current financial assets	8	5,319		3,269
Other non-current assets and prepaid expenses	7	8,192		7,694
Deferred tax assets		1,977		2,152
Tax receivables		190		117
Total Non-current assets		119,976		110,608
Inventories	9	22,153		21,414
Assets sold with a buyback commitment		2,615		1,328
Trade receivables		6,923		6,426
Tax receivables		1,216		802
Other current assets and prepaid expenses	7	12,008		10,288
Current financial assets	8	4,845		6,830
Cash and cash equivalents		36,325		43,669
Assets held for sale		825		763
Total Current assets		86,910		91,520
Total Assets		€	206,886	€	202,128
Equity and liabilities
Equity	19
Equity attributable to owners of the parent		€	81,725	€	81,693
Non-controlling interests		599		427
Total Equity		82,324		82,120
Liabilities
Long-term debt	14	21,489		20,001
Other non-current financial liabilities		80		21
Other non-current liabilities	15	7,894		8,065
Non-current provisions	13	7,983		7,744
Employee benefits liabilities	12	5,392		4,911
Tax liabilities		521		542
Deferred tax liabilities		5,226		4,784
Total Non-current liabilities		48,585		46,068
Short-term debt and current portion of long-term debt	14	10,685		9,462
Current provisions	13	13,506		13,724
Employee benefits liabilities	12	571		562
Trade payables		32,776		33,008
Tax liabilities		458		1,264
Other liabilities	15	17,550		15,570
Other current financial liabilities		7		18
Liabilities held for sale		424		332
Total Current liabilities		75,977		73,940
Total Equity and liabilities		€	206,886	€	202,128

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

37

STELLANTIS N.V. AND SUBSIDIARIES

SEMI-ANNUAL CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(in € million)

(Unaudited)

		Six months ended June 30,
	Note	2024		2023
Consolidated profit/(loss)		€	5,647	€	10,918
Adjustments for non-cash items:
depreciation and amortization		3,598		3,740
(gains)/losses on disposals		9		(45)
change in deferred taxes		466		369
other non-cash items		654		252
Change in provisions		97		1,134
Result of equity method investments net of dividends received		224		(46)
Other changes		—		—
Change in carrying amount of leased vehicles		(1,717)		(173)
Changes in working capital	10	(4,089)		(2,756)
Net cash from/(used in) operating activities		4,889		13,393
Proceeds from disposals of shares in consolidated companies and of investments in non-consolidated companies		233		994
Acquisitions of consolidated subsidiaries and equity method and other investments		(1,316)		(662)
Proceeds from disposals of property, plant and equipment and intangible assets		140		133
Investments in property, plant and equipment and intangible assets		(5,703)		(4,447)
Change in amounts payable on property, plant and equipment and intangible assets		233		233
Net change in receivables from financing activities		(2,135)		(2,079)
Other changes		58		(88)
Net cash from/(used in) investing activities		(8,490)		(5,916)
Distributions paid:
to Stellantis shareholders		(4,651)		(4,208)
to non-controlling shareholders of subsidiaries		(2)		—
Proceeds from issuance of shares		10		6
(Purchases)/sales of treasury shares		(1,998)		(674)
Changes in short-term debt and other financial assets and liabilities	14	1,479		392
Changes in long-term debt	14	1,069		450
Change in securities		(175)		(455)
Other changes		—		(8)
Net cash from/(used in) financing activities		(4,268)		(4,497)
Effect of changes in exchange rates		425		(500)
(Increase)/decrease in cash and cash equivalents included in asset held for sale		100		65
Increase/(decrease) in cash and cash equivalents		(7,344)		2,545
Net cash and cash equivalents at beginning of the period		43,669		46,433
Net cash and cash equivalents at end of the period		€	36,325	€	48,978

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

38

STELLANTIS N.V. AND SUBSIDIARIES

SEMI-ANNUAL CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(in € million)

(Unaudited)

	Attributable to the Owners of the parent
	Share capital		Treasury shares		Retained earnings excluding revaluations		Cash flow hedges		Remeasurement of the fair value of financial assets		Actuarial gains and losses on pension obligations plans		Effect of change in exchange rates		Cumulative share of OCI of equity method investees		Equity - Attribu table to Owners of the parent		Non-controlling interests		Total equity
At December 31, 2022	€	32	€	(923)	€	66,783	€	(169)	€	9	€	3,404	€	2,966	€	(103)	€	71,999	€	383	€	72,382
Other comprehensive income	—		—		—		(877)		62		292		(579)		(107)		(1,209)		(4)		(1,213)
Net profit/(loss)	—		—		10,923		—		—		—		—		—		10,923		(5)		10,918
Total Other comprehensive income	—		—		10,923		(877)		62		292		(579)		(107)		9,714		(9)		9,705
Commitment to repurchase and repurchases of treasury shares	—		(674)		(326)		—		—		—		—		—		(1,000)		—		(1,000)
Cancellation of treasury shares	(1)		923		(923)		—		—		—		—		—		(1)		—		(1)
Distributions	—		—		(4,208)		—		—		—		—		—		(4,208)		—		(4,208)
Share-based compensation	—		—		94		—		—		—		—		—		94		—		94
Other changes(1)	—		—		107		8		—		—		—		—		115		(23)		92
At June 30, 2023	€	31	€	(674)	€	72,450	€	(1,038)	€	71	€	3,696	€	2,387	€	(210)	€	76,713	€	351	€	77,064

____________________________________________________________________________________________________

(1) Includes the effect of hyperinflation for entities whose functional currency is the Turkish Lira, beginning from January 1, 2022, and the Argentine Peso, from July 1, 2018 of €89 million at June 30, 2023. Also includes €8 million deferred net hedging gains transferred to inventory, net of tax

	Attributable to the Owners of the parent
	Share capital		Treasury shares		Retained earnings excluding revaluations		Cash flow hedges		Remeasurement of the fair value of financial assets		Actuarial gains and losses on pension obligations plans		Effect of change in exchange rates		Cumulative share of OCI of equity method investees		Equity - Attributable  to Owners of the parent		Non-controlling interests		Total equity
At December 31, 2023	€	31	€	(2,434)	€	80,926	€	(833)	€	66	€	3,217	€	1,042	€	(322)	€	81,693	€	427	€	82,120
Other comprehensive income	—		—		—		450		(8)		(191)		461		22		734		2		736
Net profit/(loss)	—		—		5,624		—		—		—		—		—		5,624		23		5,647
Total Other comprehensive income	—		—		5,624		450		(8)		(191)		461		22		6,358		25		6,383
Issuance of special voting shares(2)	8		—		(8)		—		—		—		—		—		—		—		—
Commitment to repurchase and repurchases of treasury shares	—		(1,998)		(2)		—		—		—		—		—		(2,000)		—		(2,000)
Cancellation of treasury shares(2)	(1)		2,434		(2,433)		—		—		—		—		—		—		—		—
Distributions	—		—		(4,651)		—		—		—		—		—		(4,651)		—		(4,651)
Share-based compensation	—		—		71		—		—		—		—		—		71		—		71
Other changes(1)	—		—		289		(35)		—		—		—		—		254		147		401
At June 30, 2024	€	38	€	(1,998)	€	79,816	€	(418)	€	58	€	3,026	€	1,503	€	(300)	€	81,725	€	599	€	82,324

________________________________________________________________________________________________________________________________________________

(1) Includes the effect of hyperinflation for entities whose functional currency is the Turkish Lira, beginning from January 1, 2022, and the Argentine Peso, from July 1, 2018 of €299 million at June 30, 2024. Also includes €35 million deferred net hedging gains transferred to inventory, net of tax

(2) Refer to Note 19, Equity for additional information

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

39

STELLANTIS N.V. AND SUBSIDIARIES

NOTES TO THE SEMI-ANNUAL CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Basis of preparation

The accompanying Semi-Annual Condensed Consolidated Financial Statements together with the notes thereto (the “Semi-Annual Condensed Consolidated Financial Statements”) were authorized for issuance on July 26, 2024 and have been prepared in accordance with both International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) as well as IFRS as adopted by the European Union(1).The designation “IFRS” also includes International Accounting Standards (“IAS”), as well as all interpretations of the IFRS Interpretations Committee (“IFRIC”).

The Semi-Annual Condensed Consolidated Financial Statements, which have been prepared in accordance with IAS 34 – Interim Financial Reporting, do not include all of the information and notes required for complete financial statements and should be read in conjunction with the audited annual consolidated financial statements as of and for the year ended December 31, 2023 furnished to the AFM and to the SEC on February 22, 2024 (the “Consolidated Financial Statements at December 31, 2023”), which are available on the Company’s corporate website at www.stellantis.com. The accounting policies are consistent with those used at December 31, 2023, except as described in the section — New standards and amendments effective from January 1, 2024 below.

The Semi-Annual Condensed Consolidated Financial Statements are prepared under the historical cost method, modified for the measurement of certain financial instruments as required, as well as on a going concern basis. In this respect, the Company’s assessment is that no material uncertainties (as defined in IAS 1 - Presentation of Financial Statements) exist about its ability to continue as a going concern.

The preparation of the Semi-Annual Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets, liabilities and disclosure of contingent liabilities. If in the future such estimates and assumptions, which are based on management’s best judgment at the date of the Semi-Annual Condensed Consolidated Financial Statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the period in which the circumstances change. The Semi-Annual Condensed Consolidated Financial Statements include all adjustments considered necessary by management to fairly state the Company's results of operations, financial position and cash flows. For a description of the significant estimates, judgments and assumptions of the Company, refer to Note 2, Basis of preparation - Use of estimates in the Consolidated Financial Statements at December 31, 2023.

________________________________________________________________________________________________________________________________________________

(1) There is no effect on these Semi-Annual Condensed Consolidated Financial Statements resulting from differences between IFRS as issued by the IASB and IFRS as adopted by the European Union

40

New standards and amendments effective from January 1, 2024

The following new standards, amendments and interpretations, which were effective from January 1, 2024, were adopted by the Company. The adoption of these amendments did not have a material impact on the Semi-Annual Condensed Consolidated Financial Statements.

•In January 2020, the IASB issued Classification of Liabilities as Current or Non-current (Amendments to IAS 1), which affects the requirements in IAS 1 for the presentation of liabilities, including clarifying one of the criteria for classifying a liability as non-current. In October 2022, the IASB issued an amendment to further clarify that covenants of loan arrangements, which an entity must comply with only after the reporting date would not affect classification of a liability as current or non-current at the reporting date. However, those covenants that an entity is required to comply with on or before the reporting date would affect classification as current or non-current, even if the covenant is only assessed after the entity’s reporting date.

•In September 2022, the IASB issued a narrow-scope amendment to IFRS 16 - Leases, which adds to the requirements explaining how a company accounts for a sale and leaseback after the date of the transaction.

•In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures, addressing the presentation of liabilities and the associated cash flows arising out of supplier finance arrangements. The disclosure requirements in the amendments enhance the current requirements and are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk.

New standards and amendments not yet effective

•In August 2023, the IASB issued amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates that will require companies to provide more useful information in their financial statements when a currency cannot be exchanged into another currency. These amendments will require companies to apply a consistent approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide. The amendments are effective for annual reporting periods beginning on or after January 1, 2025, with earlier adoption permitted. We are currently evaluating the impact of adoption.

•In March 2024, the IASB issued IFRS 18 - Presentation and Disclosure in Financial Statements, which is intended to give investors more transparent and comparable information about companies’ financial performance. IFRS 18 replaces IAS 1 - Presentation of Financial Statements but carries forward many requirements of IAS 1 unchanged. The standard introduces three defined categories for income and expenses - operating, investing and financing - to improve the structure of the income statement, and requires all companies to provide new defined subtotals, including operating profit. IFRS 18 also introduces additional disclosure requirements in relation management-defined performance measures. The standard is effective for annual reporting periods beginning on or after January 1, 2027, with earlier adoption permitted. We are currently evaluating the impact of adoption.

•In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments. The amendments relate to the settling of financial liabilities using an electronic payment system, as well as assessing contractual cash flow characteristics of financial assets, including those with environmental, social and governance linked features. The amendments are effective for periods beginning on or after January 1, 2026, with early adoption permitted. We are currently evaluating the impact of adoption.

41

•In May 2024, the IASB issued IFRS 19 - Subsidiaries without Public Accountability: Disclosure which permits eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures. Subsidiaries using IFRS Accounting Standards for their own financial statements provide disclosures that maybe disproportionate to the information needs of their users, and this standard provides reduced disclosures which are better suited to the needs of the users of their financial statements. Subsidiaries are eligible to apply IFRS 19 if they do not have public accountability and their parent company applies IFRS Accounting Standards in their consolidated financial statements. The standard is effective for annual reporting periods beginning on or after January 1, 2027, with earlier adoption permitted. We do not expect the standard to have an impact on the consolidated financial statements.

Exchange rates

The principal exchange rates used to translate other currencies into Euro were as follows:

	For the six months ended June 30, 2024	At June 30, 2024	At December 31, 2023	For the six months ended June 30, 2023	At June 30, 2023
U.S. Dollar (USD)	1.081	1.071	1.105	1.081	1.087
Canadian Dollar (CAD)	1.468	1.467	1.464	1.457	1.442
Mexican Peso (MXN)	18.503	19.565	18.723	19.661	18.561
Pound Sterling (GBP)	0.855	0.846	0.869	0.877	0.858
Polish Zloty (PLN)	4.318	4.313	4.348	4.630	4.450
Swiss Franc (CHF)	0.962	0.963	0.926	0.986	0.979
Turkish Lira (TRY)(1)	n.a.	35.160	32.603	n.a.	28.179
Brazilian Real (BRL)	5.494	5.954	5.350	5.482	5.262
Argentine Peso (ARS)(2)	n.a.	976.358	893.404	n.a.	278.972
Chinese Renminbi (CNY)	7.801	7.775	7.851	7.484	7.898
Japanese Yen (JPY)	164.460	171.940	156.330	145.615	157.160

________________________________________________________________________________________________________________________________________________

n.a. = not applicable

(1) From April 1, 2022, Turkey’s economy was considered to be hyperinflationary. Transactions after January 1, 2022 for entities with the Turkish Lira as the functional currency were translated using the spot rate at the end of the period. The price indices used are published by the Turkish Statistical Institute

(2) From July 1, 2018, Argentina’s economy was considered to be hyperinflationary. Transactions after July 1, 2018 for entities with the Argentine Peso as the functional currency were translated using the spot rate at the end of the period. The price indices used are published by the Insituto Nacional de Estadistica y Censos de la Republica Argentina

2. Scope of consolidation

Acquisitions

In January 2024, Stellantis obtained control of Comercial Automotiva S.A. through the acquisition of 70 percent of the voting equity interest of the company, with symmetrical put and call options to purchase the remaining 30 percent of the equity after December 31, 2026. Comercial Automotiva S.A. sells independent aftermarket auto parts, tires and car maintenance services and currently has more than 126 shops in Brazil. The acquisition further expands Stellantis’ presence in the aftermarket area which is part of our Dare Forward 2030 goals. The total consideration paid in cash at closing was €133 million. The preliminary purchase price allocation has resulted in preliminary goodwill of €33 million, with identifiable net assets of €143 million and €43 million of non-controlling interests. The amounts reported are provisional and could be subject to further adjustment during the one-year measurement period, in accordance with IFRS 3. This entity is reported in the South America segment.

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In January 2024, Stellantis obtained control of Punch Powertrain PSA e-transmissions Assembly SAS (“PPETA”) as the joint venture partner, Punch Powertrain did not exercise call options it held prior to the lapse date of December 31, 2023. PPETA assembles and sells electrified dual-clutch transmissions (“eDCTs”). PPETA was previously accounted for under the equity method. As the transaction was executed without the transfer of consideration, the fair value of the existing 85 percent interest is used as a measurement of consideration of €99 million. The preliminary purchase price allocation has resulted in preliminary goodwill of €49 million, identifiable net assets of €59 million and €9 million of non-controlling interests. The amounts reported are provisional and could be subject to further adjustment during the one-year measurement period, in accordance with IFRS 3. PPETA is reported in the Enlarged Europe segment.

In March 2024, Stellantis executed an insolvency call option for total cash consideration €137 million under which we acquired the remaining 40 percent of PPET. Following the transaction Stellantis owns 100 percent in PPET which designs, engineers, manufactures and the components of eDCTs assembled by PPETA. This was previously accounted for under the equity method. The total consideration amounted to €340 million, of which €137 million in cash and the remainder the fair value of the existing equity method investment. The preliminary purchase price allocation resulted in the recognition of identifiable net assets of €343 million. The amounts reported are provisional and could be subject to further adjustment during the one-year measurement period, in accordance with IFRS 3. PPET is reported in the Enlarged Europe segment.

In March 2024, Stellantis acquired a 60 percent interest in the French logistics company, Groupe 2L Logistics which will reinforce vehicle distribution capacity. Total cash consideration was €55 million and through the transaction Stellantis acquired control over Groupe 2L Logistics. The remaining 40 percent is subject to put and call options over a transition period. This entity is reported in the Enlarged Europe segment.

Disposals

In December 2021, Stellantis announced the reorganization of its leasing activities in Europe and the creation of a European multi-brand operational leasing company with CACF, (with each of Stellantis and CACF holding a 50 percent interest). In December 2022, Leasys was transferred from FCA Bank to LeaseCo, a joint venture held 50 percent by both Stellantis and CACF. At December 31, 2022, the equity investment in FCA Bank met the criteria to be classified as held for sale under IFRS 5, Non-current Assets Held for Sale and Discontinued Operations. At December 31, 2022, our investment in FCA Bank was written down to approximately €1,700 million, with the loss of €133 million recognized within Share of the profit/(loss) of equity method investees on the Consolidated Income Statement.

In April 2023, Stellantis completed the sale of the 50 percent interest held in FCA Bank to CACF for net consideration of €1,581 million of which €1,566 million related to industrial activities and €15 million related to financial services. An additional consideration of €68 million was subsequently received as earn-out. The total net consideration is comprised of €1,090 million cash and a credit linked note issued by FCA Bank with fair value at inception of €906 million and a residual amount of €454 million at June 30, 2024 after partial repayment. On disposal of the holding in FCA Bank, Stellantis recorded a loss on disposal of €38 million, which was reported in the Semi-Annual Condensed Consolidated Income Statement in Gains/(losses) of disposal on investments. Also in April 2023 and in relation to the transfer of leasing activities to LeaseCo, payments of €38 million and €64 million were made to Group Santander Consumer Finance and CACF, respectively, for compensation related to loss of future earnings and transfer of risks associated with the lease businesses transferred. These amounts were recognized in our Consolidated Income Statement in Selling, general and other costs.

During the six months ended June 30, 2024, there were various minor business disposals which did not have a material impact on the Semi-Annual Condensed Consolidated Financial Statements.

Held for sale

At June 30, 2024, there was €825million of assets and €424 million of liabilities (€763million of assets and €332 million of liabilities at December 31, 2023) which met the criteria under IFRS 5 to be classified as held for sale of which €666 million of assets and €379 million of liabilities (€656 million of assets and €332 million of liabilities at December 31, 2023) relates to Stellantis Otomotiv Pazarlama Anonim Sirketi.

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3. Net revenues

Net revenues were as follows:

	Six months ended June 30,
	2024		2023
	(€ million)
Revenues from:
Shipments of vehicles and sales of other goods	€	81,464	€	95,350
Other services provided	2,124		1,958
Construction contract revenues	389		320
Lease installments from assets sold with a buyback commitment	527		435
Interest income of financial services activities	513		305
Total Net revenues	€	85,017	€	98,368

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Six months ended June 30, 2024	North America		Enlarged Europe		Middle East & Africa		South America		China and India & Asia Pacific		Maserati		Other activities		Total
	(€ million)
Revenues from:
Shipments of vehicles and sales of other goods	€	37,681	€	28,553	€	4,971	€	7,177	€	1,050	€	601	€	1,431	€	81,464
Other services provided	670		768		34		196		21		30		405		2,124
Construction contract revenues	—		—		—		—		—		—		389		389
Revenues from goods and services	38,351		29,321		5,005		7,373		1,071		631		2,225		83,977
Lease installments from assets sold with a buyback commitment	—		527		—