Stellantis will «drown» Maserati's figures in its results: the dream of an independent Maserati like Ferrari seems to be over

It's a small accounting change that could have big consequences for transparency. For years, during the FCA era, and then again under Stellantis, Maserati enjoyed separate treatment in the Group's financial results. The trident brand had its own published indicators: deliveries, sales, profitability. A unique situation within the Stellantis portfolio. But this may soon disappear.

The end of a Maserati exception

At the presentation of the 2025 results, Antonio Filosa confirmed a major change: from 2026 onwards, Maserati will no longer be shown as a separate segment. The brand will now be integrated into regional results, «in a manner consistent with the other brands».

In other words, Maserati will be buried in the figures for Europe, North America and other regions, along with Fiat, Peugeot, Opel and Jeep. This change puts an end to an historic exception. Even today, Stellantis does not publish Fiat's detailed deliveries, nor Alfa Romeo's or Peugeot's revenues in isolation. Maserati was the only brand to benefit from this level of visibility.

Transparency that could disappear

For us, this means one simple thing: it will become much more difficult to accurately assess performance. Until now, it has been possible to track: volume trends, sales, margins and therefore contribution to the Group.

Tomorrow, these indicators risk being diluted into much larger regional groupings. Even if Stellantis promises a new financial interpretation grid in March, the integration of Maserati into the regions mechanically implies a loss of legibility.

The end of a spin-off project?

This change also raises a strategic question. If Maserati has benefited from separate reporting until now, it was probably not by chance. For a long time, the hypothesis of a spin-off (an IPO or a break-up of the group) was seriously considered.

In this context, it made sense to publish detailed data on sales, revenues and profitability. It allowed the brand to be valued as an autonomous entity, comparable to Ferrari. During the exchange with analysts, UBS asked the question head-on: should this integration be interpreted as a sign that Maserati will ultimately remain part of Stellantis? Antonio Filosa did not give a direct answer, referring to the next Investor Day on May 21.

A logic of regionalization... or discretion?

Officially, Stellantis explains this change by a desire to ’increase the level of regionalization«. The idea is to bring financial analysis closer to the operational reality of the markets.

But in practice, this development could also have an obvious side-effect: to make Maserati's performance less visible. At a time when the brand is going through a delicate phase with negative profitability, the disappearance of specific indicators will complicate analysis of its trajectory.

This accounting choice could mark a turning point. For years, Maserati has been presented as a luxury brand in its own right, almost a candidate for an autonomous destiny. Tomorrow, it will be treated as just another brand in a global portfolio. Less exposed... but also less legible. And for enthusiasts like us, that's a shame!