Net revenues

12 Months Ended

Dec. 31, 2025


4.	Net revenues

Net revenues were as follows:


	Years ended December 31,
(€ million)	2025	2024	2023
Revenues from:
Shipments of vehicles and sales of other goods	146,167	149,544	183,230
Other services provided(1)	4,765	4,422	4,018
Construction contract revenues	—	747	709
Lease installments from assets sold with a buy-back commitment	674	1,046	896
Interest income of financial services activities	1,902	1,119	691
Total Net revenues	153,508	156,878	189,544

(1) Includes income from operating leases arising from our financial services activities of €1,585 million, €701 million, €116 million in 2025,

2024 and 2023, respectively. These are included within Other activities

Net revenues by geographical area were as follows:

(1) Refers to the geographical area and not our North America reporting segment

Net revenues attributed by segment for the years ended December 31, 2025, 2024 and 2023 were as follows:


2025	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	59,674	55,536	9,670	15,732	1,815	676	3,064	146,167
Other services provided	1,288	1,392	38	299	52	50	1,646	4,765
Construction contract revenues	—	—	—	—	—	—	—	—
Revenues from goods and services	60,962	56,928	9,708	16,031	1,867	726	4,710	150,932

Lease installments from assets sold with a buy-back commitment	—	674	—	—	—	—	—	674
Interest income from financial services activities	—	—	—	—	—	—	1,902	1,902
Total Net revenues	60,962	57,602	9,708	16,031	1,867	726	6,612	153,508


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	62,111	56,282	10,022	15,544	1,930	984	2,671	149,544
Other services provided	1,338	1,516	87	339	61	54	1,027	4,422
Construction contract revenues	—	—	—	—	—	—	747	747
Revenues from goods and services	63,449	57,798	10,109	15,883	1,991	1,038	4,445	154,713

Lease installments from assets sold with a buy-back commitment	—	1,046	—	—	—	—	—	1,046
Interest income from financial services activities	—	—	—	—	—	—	1,119	1,119
Total Net revenues	63,449	58,844	10,109	15,883	1,991	1,038	5,564	156,878


2023	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	85,238	63,961	10,487	15,638	3,463	2,276	2,167	183,230
Other services provided	1,260	1,587	73	510	63	59	466	4,018
Construction contract revenues	—	—	—	—	—	—	709	709
Revenues from goods and services	86,498	65,548	10,560	16,148	3,526	2,335	3,342	187,957

Lease installments from assets sold with a buy-back commitment	—	896	—	—	—	—	—	896
Interest income from financial services activities	—	—	—	—	—	—	691	691
Total Net revenues	86,498	66,444	10,560	16,148	3,526	2,335	4,033	189,544

The Company recognized a net decrease in Net revenues of €149 million during the year ended December 31,

2025 (net decrease of €141 million and €119 million during the years ended December 31, 2024 and 2023,

respectively) from performance obligations satisfied in the prior year. This was primarily due to changes in the

estimated cost of sales incentive programs occurring after the Company had transferred control of vehicles.

Prior to disposal in December 2024, Stellantis generated construction contract revenues through its holding of

Comau which operated in the design and production of industrial automation systems and related products.

Government grants of €1,205 million, €1,189 million and €1,235 million were recorded within Net revenues in

2025, 2024 and 2023, respectively. These incentives reduced sales taxes that otherwise would be deducted

from Net revenues.