«It's a year of which no-one can be proud»: Stellantis president takes stock of catastrophic results and promises that the worst is over

At the 2026 General Meeting of Stellantis, The tone was resolutely optimistic. Addressing shareholders in Amsterdam, John Elkann and Antonio Filosa defended a clear line: after a catastrophic 2025, the Group had laid the foundations for a sustainable rebound.

But the unions are not happy about this. For behind the promises of growth, the facts remain stark: 2025 was, in their view, the worst year in the automaker's history.

2025, a black year assumed by management

John Elkann made no attempt to play down the situation in front of shareholders. The Chairman himself described 2025 as a year of «transition», marked by a particularly hostile environment: regulatory uncertainties, geopolitical tensions, increased competition and supply chain disruptions.

The figures confirm this critical period. The group recorded a net loss of over 22 billion euros, due in particular to major write-downs and a vast strategic reset. Management has accepted this financial shock as a necessary step. «It's a year that no one can be proud of», admitted Elkann, but insisted that it had «laid the foundations for a more solid future».

A strategic reset to restart the machine

At the heart of the management's discourse: the idea of a complete turnaround. Antonio Filosa, now at the Group's operational helm, is calling for a profound strategic shift.

This repositioning involves first and foremost a refocusing on the customer, presented as the top priority. The manufacturer claims to have reviewed its product plans, corrected quality problems and adapted its offering to market realities. However, this shift has come at a cost. Stellantis has announced around 22 billion euros in expenses by 2025, These were described as «painful but necessary» to correct the company's trajectory and preserve its long-term value. Antonio Filosa insists that the current management team believes it has «put the company back on track», with the first signs of improvement already visible in the second half of the year, notably in orders and cash flow.

Looking ahead to 2026: a return to growth and profits?

Despite this heavy legacy, the message to investors is clear: the worst is behind us.

John Elkann speaks of a «change of direction» and a more efficient organization, while Antonio Filosa promises an improvement in results as early as 2026, with revenues, margins and cash flow expected to rise. The Group is also betting on a product offensive, with a dozen new models to be launched in 2025 and a multi-energy strategy: combustion, hybrid and electric, to give customers «the choice».

The next major event is already set for May 21, the date of the Investor Day, when Stellantis will detail its roadmap for the coming years.

Unions denounce a very different reality

But this optimistic vision is far from unanimous, particularly in Italy. The Fiom-Cgil union was quick to react after the meeting, pointing out that 2025 is «the worst year in the history of Stellantis». A statement that contrasts sharply with the official line.

On the ground, the situation remains worrying. Several plants are still suffering from a lack of production, with massive recourse to short-time working. Unions also point to a lack of investment in Italy, unlike in other regions such as the USA or North Africa. Despite the arrival of new models, judged insufficient, the main fear concerns jobs and the country's industrial future.

Between the promise of «profitable growth» and a tense social reality, the Group is playing an important role in the months ahead. The Investor Day in May could well be a key moment for clarifying strategy... and convincing, beyond shareholders, those who keep the factories running on a daily basis.