Stellantis returned to profit in the first half of 2026 as higher volumes and an improvement in North America lifted revenue, but its margins and cash generation still lag behind most European rivals.

Second-quarter revenue increased by 13% to €43.5 billion, while shipments rose by 10%. Stellantis posted a net profit of €293 million, compared with a €1.87 billion loss a year earlier. Adjusted operating income reached €773 million, corresponding to a margin of 1.8%.

For the first six months, revenue rose by 10% to €81.6 billion. Net profit recovered to €670 million from a €2.26 billion loss in the first half of 2025, while the adjusted operating margin improved from 0.7% to 2.1%.

The figures confirm that Stellantis has moved beyond the worst phase of last year’s crisis. However, net profit accounted for less than 1% of revenue, and industrial free cash flow remained negative at €921 million despite a positive Q2.

Stellantis expects mid-single-digit revenue growth for the full year and a low-single-digit adjusted operating margin. Industrial free cash flow should improve, but the group only expects it to return to positive territory in 2027.

North America leads recovery

North America accounted for most of the improvement. Quarterly revenue jumped by 32% to €18.2 billion, while the region moved from an adjusted operating loss of €440 million to a profit of €284 million.

The margin recovered from minus 3.2% to 1.6%, but remains far below the double-digit returns Stellantis once generated there. The shipment increase also needs qualification. North American shipments rose by 38%, while actual sales increased by only 6%, partly because Stellantis built inventory ahead of summer shutdowns.

Europe remains more problematic. Shipments increased by 5%, but revenue remained virtually unchanged at €16.4 billion, as higher volumes were offset by weaker pricing. The region still recorded an adjusted operating loss of €94 million and a margin of-0.6%.

EU30 registrations increased by 3.8% during the first half, or 7.3% including Leapmotor. However, Stellantis’s market share slipped during the second quarter, suggesting that some of the volume growth came at the expense of pricing power.

Behind Renault and Volkswagen

Compared with its main European rivals, Stellantis is growing quickly but remains weak on profitability and cash generation.

Renault Group increased first-half revenue by 9.5% and achieved a group operating margin of 5.2%, with positive automotive free cash flow of €653 million. Volkswagen Group reported a 3.8% operating margin and generated €3.2 billion in automotive net cash flow, despite almost flat revenue.

BMW’s automotive margin fell sharply to 3.6%, but it still generated €1.29 billion in automotive free cash flow. Mercedes-Benz Cars posted an adjusted second-quarter margin of 4%, while the group generated €3 billion in industrial free cash flow during the first half.

Volvo Cars is the closest comparison at the weaker end of the market. Its second-quarter EBIT margin fell to 1.1%, revenue declined sharply, and free cash flow remained negative.

Stellantis therefore has one of the strongest revenue recoveries among Europe’s major carmakers, but also one of the weakest combinations of margin and cash generation.

Belux passenger cars gain ground

The picture in Belux is mixed. Stellantis says its combined sales increased by 1.5% in the first half of 2026, but that modest gain hides a strong passenger-car performance and a steep decline in vans.

In Belgium, Stellantis brands registered around 34,800 passenger cars, an increase of 9.1% in a market that contracted by 1.7%. Their combined share rose from approximately 13.6% to 15.1%.

Peugeot remained the group’s largest brand with 15,384 registrations, up 8.1%. Opel grew by 23.3%, Fiat by 50.6%, and Jeep by 17.1%, while Citroën, Alfa Romeo, and DS lost ground.

Commercial vehicles moved in the opposite direction. Registrations of Peugeot, Citroën, Opel, and Fiat vans fell by around 21% to approximately 8,500 units, while the Belgian van market declined by only 4.9%.

Stellantis remains the country’s largest van group when its brands are combined, but its share fell from about 27.5% to 22.8%. The Belux result reflects the broader Stellantis picture. Passenger-car volumes are recovering, and some brands are gaining share, but the group remains under pressure in vans, pricing, profitability, and cash flow.