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Debt
 12 Months Ended
Dec. 31, 2025
Borrowings [abstract]  
Debt
22.
Debt
Debt classified within current liabilities included short-term borrowings from banks and other financing with an
original maturity date falling within twelve months, as well as the current portion of long-term debt. Debt
classified within non-current liabilities included borrowings from banks and other financing with maturity dates
greater than twelve months (long-term debt), net of the current portion.
The following table summarizes the Company's current and non-current Debt by maturity date (amounts include
accrued interest:
At December 31,
2025
2024
(€ million)
Due
within
one year
(current)
Due
between
one and
five years
Due
beyond
five years
Total
(non-
current)
Total
Debt
Due
within
one year
(current)
Due
between
one and
five years
Due
beyond
five
years
Total
(non-
current)
Total
Debt
Notes
2,945
11,048
9,208
20,256
23,201
949
9,114
9,054
18,168
19,117
Borrowings from
banks
1,311
609
40
649
1,960
3,119
371
82
453
3,572
Asset-backed
financing
7,247
7,434
798
8,232
15,479
5,645
3,681
690
4,371
10,016
Lease liabilities
818
967
669
1,636
2,454
858
883
815
1,698
2,556
Other debt
1,800
1,006
47
1,053
2,853
1,628
291
47
338
1,966
Total Debt
14,121
21,064
10,762
31,826
45,947
12,199
14,340
10,688
25,028
37,227
For additional information on the maturity analysis of financial liabilities, refer to Note 32, Qualitative and
quantitative information on financial risks.
Total debt as of December 31, 2025 increased by approximately €8.7 billion as compared to December 31,
2024. This was primarily driven by €5.1 billion of new bond issuances, and an increase in financial services
funding, partially offset by €0.8 billion of European Investment Bank (“EIB”) loans repaid at maturity, and
€0.7 billion of bond repayments at maturity.
Notes
The following table summarizes the notes outstanding at December 31, 2025 and 2024:
At December 31,
(€ million)
Currency
Face value of
outstanding
notes (million)
Coupon %
Maturity
2025
2024
Stellantis (Peugeot S.A. issuances):
STELLANTIS N.V. (Peugeot S.A.) 2018
EUR
650
2.000
Q1/2025
—
660
STELLANTIS N.V. (Peugeot S.A.) 2019
EUR
600
1.125
Q3/2029
598
597
STELLANTIS N.V. (Peugeot S.A.) 2020
EUR
1,000
2.750
Q2/2026
1,022
1,024
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
60
1.600
Q2/2026
61
61
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
50
1.810
Q2/2027
50
50
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
204
Euribor 6M
+ 1.400
Q2/2026
206
206
Medium Term Note Program(1):
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,250
3.875
Q1/2026
1,299
1,347
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,000
4.500
Q3/2028
1,131
1,162
STELLANTIS N.V. 2021
EUR
1,250
0.625
Q1/2027
1,259
1,260
STELLANTIS N.V. 2021
EUR
1,250
0.750
Q1/2029
1,256
1,255
STELLANTIS N.V. 2021
EUR
1,250
1.250
Q2/2033
1,245
1,243
STELLANTIS N.V. 2022
EUR
1,000
2.750
Q2/2032
1,020
1,022
STELLANTIS N.V. 2023 - green bond
EUR
1,250
4.375
Q1/2030
1,294
1,296
STELLANTIS N.V. 2023
EUR
1,250
4.250
Q2/2031
1,271
1,270
STELLANTIS N.V. 2024
EUR
750
3.500
Q3/2030
754
753
STELLANTIS N.V. 2024 - green bond
EUR
500
3.750
Q1/2036
508
508
STELLANTIS N.V. 2024
EUR
750
3.375
Q4/2028
749
763
STELLANTIS N.V. 2024
EUR
750
4.000
Q1/2034
765
749
STELLANTIS N.V. 2025
EUR
700
3.875
Q2/2031
712
—
STELLANTIS N.V. 2025
EUR
800
4.625
Q2/2035
816
—
Other Notes:
STELLANTIS FINANCE U.S. 2021
U.S $
1,000
1.711
Q1/2027
857
968
STELLANTIS FINANCE U.S. 2021
U.S $
1,000
2.691
Q3/2031
855
967
STELLANTIS FINANCE U.S. 2022
U.S. $
550
5.625
Q1/2028
484
539
STELLANTIS FINANCE U.S. 2022
U.S. $
700
6.375
Q3/2032
606
682
STELLANTIS FINANCE US 2025
U.S. $
500
5.350
Q1/2028
434
—
STELLANTIS FINANCE US 2025
U.S. $
750
5.750
Q1/2030
648
—
STELLANTIS FINANCE US 2025
U.S. $
1,000
6.450
Q1/2035
862
—
GIE PSA Trésorerie 2003
EUR
600
6.000
Q3/2033
721
735
STELLANTIS FINANCIAL SERVICES US
2025
U.S. $
300
SOFR +
1.690
Q3/2028
254
—
STELLANTIS FINANCIAL SERVICES US
2025
U.S. $
1,000
4.950
Q3/2028
858
—
STELLANTIS FINANCIAL SERVICES US
2025
U.S. $
700
5.400
Q3/2030
606
—
Total Notes
23,201
19,117
(1) Listed on the Irish Stock Exchange
Notes Issued by Peugeot S.A
Bonds issued by Peugeot S.A. are governed by the terms and conditions of the Peugeot S.A. €5 billion Euro
Medium Term Note (“EMTN”) Program that was renewed on June 8, 2020 for the last time. Those bonds are
guaranteed by GIE PSA Trésorerie.
In April 2019, Peugeot S.A. raised funds using a private investment under German law through a
Schuldscheindarlehen. This transaction was structured in several tranches denominated in Euros, with maturities
up to Q2 2027.
In March 2025, the Company repaid, at maturity, a €650 million note issued by PSA in 2018.
Notes Issued Under the Medium Term Note Program
Certain notes issued by Stellantis were governed by the terms and conditions of the Medium-Term Note (“MTN”)
Program (previously known as the Global Medium Term Note Program, or “GMTN” Program) formerly available
to FCA N.V., the predecessor of Stellantis N.V. A maximum of €20 billion was allowed under this program, and
notes of €2.25 billion (principal amounts) were outstanding as at December 31, 2025.
After the merger, Stellantis established a EMTN under which it may from time to time issue notes up to an
amount of €30 billion.
Under the €30 billion EMTN Program, the Company issued two bonds during the year ended December 31,
2025:
•In June 2025, a EUR bond with principal amount of €800 million with an interest rate of 4.63 percent and which
matures in June 2035; and
•In June 2025, a EUR bond with principal amount of €700 million with an interest rate of 3.88 percent and which
matures in June 2031.
As at December 31, 2025, the outstanding principal amount of the notes issued under the successive versions
of the program, after the merger, was €11.5 billion.
These notes impose covenants on the issuer, which include: (i) negative pledge clauses which require that in the
case that any security interest upon assets of Stellantis N.V. is granted in connection with other notes or debt
securities having the same ranking, such a security should be equally and ratably extended to the outstanding
notes; (ii) pari passu clauses, under which the notes rank and will rank pari passu with all other present and
future unsubordinated and unsecured obligations of Stellantis N.V.; (iii) periodic disclosure obligations; (iv)
cross-default clauses which require immediate repayment of the notes under certain events of default on other
financial instruments issued by Stellantis' main entities; and (v) other clauses that are generally applicable to
securities of a similar type. A breach of these covenants may require the early repayment of the notes. As of
December 31, 2025, Stellantis was in compliance with the covenants of the notes under the MTN Program.
From time to time, Stellantis may buy back notes in the market. Such buybacks, if made, depend upon market
conditions, the Company's financial situation and other factors which could affect such decisions.
Other Notes
In March 2025, Stellantis Finance U.S. Inc issued three bonds guaranteed by Stellantis N.V,:
• a USD bond with principal amount of $1,000 million with an interest rate of 6.45 percent and which matures in
March 2035;
• a USD bond with principal amount of $750 million with an interest rate of 5.75 percent and which matures in
March 2030; and
• a USD bond with principal amount of $500 million with an interest rate of 5.35 percent and which matures in
March 2028.
The Notes issued by Stellantis Finance U.S. Inc impose covenants on Stellantis N.V. including: (i) negative
pledge clauses which require that in the case that any security interest upon assets of Stellantis N.V. is granted
in connection with other notes or debt securities having the same ranking, such a security should be equally and
ratably extended to the outstanding Notes; (ii) pari passu clauses, under which the Notes rank and will rank pari
passu with all other present and future unsubordinated and unsecured obligations of Stellantis N.V.; (iii) periodic
disclosure obligations; (iv) cross-default clauses which require immediate repayment of the Notes under certain
events of default on other financial instruments issued by Stellantis’ main entities; and (v) other clauses that are
generally applicable to securities of a similar type. A breach of these covenants may require the early repayment
of the Notes. As of December 31, 2025, Stellantis was in compliance with the covenants of the Notes.
In September 2025, SFS U.S. issued three bonds:
• a USD bond with principal amount of $700 million with an interest rate of 5.40 percent and which matures in
September 2030;
• a USD bond with principal amount of $1,000 million with an interest rate of 4.95 percent and which matures in
September 2028; and
• a USD bond with principal amount of $300 million with a floating interest rate and which matures in September
2028.
The notes issued by SFS U.S. are not guaranteed by Stellantis N.V. These notes impose covenants on the issuer,
which include : (i) negative pledge clauses which require that in the case that any security interest upon assets
of SFS U.S. is granted in connection with other notes or debt securities having the same ranking, such a security
should be equally and ratably extended to the outstanding notes; (ii) pari passu clauses, under which the notes
rank and will rank pari passu with all other present and future unsubordinated and unsecured obligations of SFS
U.S.; (iii) periodic disclosure obligations; (iv) cross-default clauses which require immediate repayment of the
notes under certain events of default on other financial instruments issued by SFS U.S.; and (v) other clauses
that are generally applicable to securities of a similar type. A breach of these covenants may require the early
repayment of the notes. As of December 31, 2025, SFS U.S. was in compliance with the covenants of the notes.
As at December 31, 2025, all the outstanding notes of Stellantis were rated “Baa2” by Moody’s Investors Service
and “BBB” by S&P Global Ratings. Refer to Note 33, Subsequent events for additional information.
Borrowings from banks
The following are a description of our most significant borrowings from banks as at December 31, 2025:
European Investment Bank Borrowings
Stellantis has a financing agreement with the EIB for €0.1 billion outstanding at December 31, 2025 (€0.9 billion
at December 31, 2024). This funding supports the investment plan for advanced manufacturing technologies to
produce a new electric vehicle platform at the Kragujevac plant in Serbia.
In March 2025, Stellantis repaid, at maturity, a €300 million European Investment Bank loan.
In September 2025, Stellantis repaid, at maturity, a €484 million European Investment Bank loan.
Brazil
Stellantis’ Brazilian subsidiaries have access to various local bank facilities in order to fund investments and
operations including financial services activities. Total debt outstanding under those facilities amounted to a
principal amount of €0.4 billion at December 31, 2025 (€0.5 billion at December 31, 2024).
Undrawn committed credit lines
Stellantis N.V. has a syndicated revolving credit facility (“RCF”) of €12 billion, originally signed in July 2021
amended and extended in July 2024. The syndicated credit facility includes a broad-based group of 29 banks
from Europe, U.S. and Asia. The RCF is structured in two tranches: €6 billion, with an original three-year tenor
(July 2027), and €6.0 billion, with an original five-year tenor (July 2029), each tranche benefiting from two further
extension options, each of one year exercisable on the first and second anniversary of the amendment signing
date. The first extension option was activated in June 2025, extending the maturities to July 2028 and July 2030,
respectively, for the two tranches. The amount utilized under this credit line was nil at December 31, 2025.
In December 2025, SFS U.S. established a €1.9 billion ($2.2 billion) privately placed Commercial Paper (“CP”)
program under Section 4(a)(2) of the Securities Act of 1933. Notes issued under this program may have
maturities up to 397 days from the date of issue and may be sold at a discount or bear interest at variable rates.
At December 31, 2025, no notes outstanding under the CP program.
Concurrent with the establishment of the CP program, to provide dedicated liquidity support for this program,
the committed credit line originally signed by SFS U.S. in March 2024, of €0.9 billion ($1 billion) has been
amended and refinanced in December 2025 (“SFS RCF”). The SFS RCF is structured in two tranches:
€0.8 billion ($1 billion), with a 364-days tenor, and €1.1 billion ($1.3 billion ), with a three-year tenor, with each
tranche benefiting from two further extension options, each of one-year exercisable on the first and second
anniversary of the amendment signing date. The amount utilized under this credit line was nil at December 31,
2025.
In January 2025, the Company entered a new committed credit line of €4.0 billion with a pool of relationship
banks. The facility line is available for general corporate and working capital purposes of the Company,
including without limitation the refinancing of existing indebtedness of the Company. The line originally had a
one year tenor with two extension options, at the Company’s discretion, of six month each. The first extension
option was activated in December 2025, extending the maturity to July 2026 The amount utilized under this
credit line was nil at December 31, 2025.
The covenants of the committed credit lines include negative pledge, pari passu, cross-default and change of
control clauses. Failure to comply with these covenants, and in certain cases if not suitably remedied, can lead
to the requirement of early repayment of any outstanding amounts. As of December 31, 2025, Stellantis was in
compliance with the covenants.
Asset-backed financing
Asset-backed financings, including warehouse credit facilities, asset-backed term notes and asset-backed
securities (“ABS”) term loans, primarily represented the amount of financing received by SFS U.S. through
securitization programs of €14,759 million as of December 31, 2025 (€9,866 million at December 31, 2024), that
will be settled through the collection of a portfolio of receivables which originate from consumers.
The retail consumer contracts, lease and commercial loans to dealers are pledged to special purpose entities as
collateral.
The following table summarizes the asset-back financing amounts at December 31, 2025 and 2024:
At December 31,
(€ million)
Currency
Interest rate %
Maturity(1)
2025
2024
Warehouse Credit
Facilities:
SFS Funding I
USD
CP/SOFR+spread
Q4/2027
4,442
4,034
FIARC
USD
SOFR+spread
Q4/2027
28
60
SFMOT Floorplan
Facility
USD
CP/SOFR+spread
Q3/2027
945
565
Term Notes:
FIAOT 2021-1
USD
0.45%-5.37%
Q2/2028
—
27
FIAOT 2021-2
USD
0.48%-3.14%
Q4/2028
30
63
FIAOT 2022-1
USD
2.03%-5.41%
Q2/2029
41
83
FIAOT 2022-2
USD
6.26%-8.71%
Q4/2029
44
95
FIAOT 2023-1
USD
6.44%-7.74%
Q1/2031
72
131
FIAOT 2025-1
USD
4.21%-5.22%
Q4/2033
533
—
SFAST 2023-1
USD
5.47%-5.97%
Q1/2031
268
522
SFAST 2024-1
USD
4.94%-5.59%
Q1/2032
349
645
SFAST 2024-2
USD
5.26%-5.71%
Q1/2032
427
760
SFAST 2024-3
USD
4.55%-4.98%
Q4/2032
474
829
SFAST 2025-1
USD
4.49%-5.20%
Q4/2032
520
—
SFAST 2025-2
USD
4.44%-5.05%
Q2/2033
632
—
SFAST 2025-3
USD
4.09%-4.64%
Q4/2033
631
—
SFUEL 2025-A
USD
4.47%-5.08%
Q3/2029
1,086
—
SFUEL 2025-B
USD
4.27%-4.71%
Q1/2030
1,169
—
SFUEL 2025-C
USD
3.88%-4.44%
Q3/2030
1,283
—
Term Loans:
SFAF 2024-1
USD
4.82%
Q3/2032
839
555
SFAF 2024-2
USD
5.45%
Q3/2027
292
590
SFALV 2024-1
USD
4.80%
Q1/2030
654
907
Total
14,759
9,866
(1) Final maturity of the commitment for the warehouse credit facilities and the expected date of the last payment for the Term Notes
Warehouse Credit Facilities
There are three revolving warehouse credit facilities used to finance loan originations by SFS U.S. The Company
believes that the credit facilities will continue to be renewed or replaced, and that it will be able to secure
additional sources of financing on satisfactory terms; however, there can be no assurance that it will be able to
do so. In the event that the Company is unable to renew its facilities, the receivables pledged of €7.0 billion
($8.2 billion) as of December 31, 2025 would amortize over time to pay down the warehouse credit facilities;
however, the Company would not be able to finance new receivables without alternative sources of funding.
SFS U.S. uses interest rate derivatives in order to reduce the interest rate risk of certain warehouse credit
facilities where the underlying receivables carry fixed rate of interest and borrowings are based on the floating
rate SOFR indices.
ABS Term Notes
ABS Term Notes are issued in various classes ranging from Class A to Class E Notes. These notes are
sequentially paid with Class A Notes paid first. The range in interest rates depends on the level of risk of loss
and is determined by investor interest in each class of the notes.
ABS Term Loans
ABS Term Loans are provided by various banks which advance term loan proceeds secured by a pool of either
retail loan receivables or consumer leases. Two ABS Term Loans outstanding as of December 31, 2025, with an
aggregate balance of €1.1 billion ($1.3 billion) are secured by retail loan receivables with an aggregate balance
of €1.4 billion ($1.7 billion). The remaining ABS Term Loan facility with a balance of €654 million ($768 million) as
of December 31, 2025, is secured by €833 million ($979 million) in consumer lease receivables.
The terms governing the warehouse credit facilities and ABS Term Loans contains numerous covenants relating
to the issuer’s business, the observance of certain financial covenants, the avoidance of certain levels of
delinquency and credit loss experience and other matters. A breach of a covenant, if not cured within the time
limits specified, could precipitate events of default that might result in the acceleration of the ABS Term Loan or
warehouse credit facilities. The ABS Term Notes generally do not contain financial covenants or covenants
related to delinquency experience or credit losses. The Company was not in default with respect to any financial
and non-financial covenants governing these financing arrangements at December 31, 2025.
Refer to Note 25, Fair value measurement for additional information on fair and carrying values of assigned
receivables and related liabilities.
Other
Additionally, there are:
•€712 million of debt relating to asset-backed financing in Brazil, at December 31, 2025 (€101 million at
December 31, 2024). The increase compared to 2024 primarily reflects new credit facilities drawn during
2025; and
• €8 million of debt relating to factoring transactions which do not meet the IFRS 9 derecognition requirements
and are recognized within assets of the same amount as of December 31, 2025 (€49 million at December 31,
2024) in the Consolidated Statement of Financial Position, refer to Note 16, Trade receivables, other assets,
prepaid expenses and tax receivables for additional information.
Other debt
Other debt primarily includes funds raised from financial services companies through money market instruments
and deposits from dealers in South America, primarily in Brazil.
Lease liabilities
The following table summarizes the Company's current and non-current lease liabilities:
Lease liabilities included in the Statement of Financial Position
At December 31,
(€ million)
2025
2024
Long-term debt (non-current)
1,636
1,698
Short-term debt and current portion of long-term debt (current)
818
858
Maturity analysis - contractual undiscounted cash flows
(€ million)
At December 31, 2025
Due within one year
837
Due between one and five years
1,126
Due beyond five years
870
Total undiscounted lease liabilities
2,833
In addition, the Company entered into commitments relating to leases not yet commenced of €1,005 million, of
which the most significant relating to contracts are in North America and Enlarged Europe. In addition to the
above, the Company entered into non-cancellable short-term leases, which have not been classified as lease
liabilities, of €11 million which is expected to be settled within the next 12 months.
Debt secured by assets
At December 31, 2025, debt secured by assets of the Company amounted to nil (€23 million at December 31,
2024), excluding the Lease liabilities and Asset-backed financing as described above. The balance at
December 31, 2024 related to subsidized financing arrangements in South America which was repaid in 2025.
The total carrying amount of assets acting as security for loans for the Company amounted to nil, excluding the
Right-of-use assets as described in Note 11, Property, plant and equipment, at December 31, 2025 (€471 million
at December 31, 2024). The decrease reflects the repayment of a loan in 2025.