Stellantis fills up on Piazza Affari and closes a session with a strong rise. In the session on Wednesday 28 October, the stock of the automotive group led by Antonio Filosa closed with an increase of 15.4%, at 4.2805 euros per share, making it the best of the Ftse Mib. A particularly significant leap on a day of limited increases for the Milan Stock Exchange, which ended trading at +0.40%.
The company continues to burn cash, but to a lesser extent than in the past. And after months of heavy declines, the market welcomes the first signs of improvement.
Why Stellantis flies on the stock market
The data that most surprised analysts concerns the adjusted operating profit, which rose to 256 million euros in the July-September quarter, compared to 90 million in the same period of 2025. This is an increase of 184%, although the comparison starts from particularly low levels.
The result also exceeds analysts’ forecasts collected by Reuterswhich indicated an adjusted operating profit of 191 million euros. The margin went from 0.2% to 0.7%. According to Jefferies, the slightly better-than-expected result was achieved mainly thanks to industrial cost savings, despite lower sales volumes.
What stage is the savings plan at?
The real news, however, concerns the prospects of the efficiency plan called “Value creation program”. Stellantis aims to reach 6 billion euros in annualized savings by 2028, but during the conference call with analysts, financial director Joao Laranjo said that the group believes it can exceed this goal.
Already by the end of 2026, according to the company’s indications, initiatives corresponding to at least 40% of the expected efficiencies should be implemented. Savings of several hundred million euros are expected in the fourth quarter, approximately double compared to the previous three months.
CEO Antonio Filosa, in the official statement on the accounts, underlined that “our Value Creation Program is progressing rapidly, with benefits already in the quarter’s results”.
Stellantis’ accounts: losses reduced by 90%, but problems remain
However, the financial framework presents several critical issues. Stellantis reported net revenues of 37.6 billion euros, up just 1% compared to the third quarter of last year. The net loss was reduced from 4.53 billion to 453 million euros, an improvement of 90%. However, it should be considered that the 2025 result was penalized by significant extraordinary components.
Liquidity also continues to be an issue. Industrial cash flow remained negative at 4 billion euros, compared to 4.3 billion the previous year. In essence, Stellantis continues to absorb much more liquidity than it generates through its industrial activities and related investments.
Results are also uneven across major markets. Revenue grew 3% in wider Europe and South America, while it fell 3% in North America, 19% in the Middle East and Africa and 7% in Asia-Pacific.
In Europe, in particular, the adjusted operating margin remains negative, despite the growth in electric car sales. Price pressure and competition weigh heavily.
Filosa’s bet: returning to generating cash in 2027
The second element that supports the rise in shares is the confirmation of the financial forecasts for 2026 and the objective of returning to a positive industrial cash flow in 2027. Filosa reiterated the commitment during the meeting with analysts, defining the return to cash generation as an essential result, not simply a desirable one.
The group continues to expect revenue growth of a mid-single-digit percentage and a positive, but limited adjusted operating margin for 2026.
The path should be supported by cost cuts, the launch of new models, greater price discipline and the improvement of production quality. However, unfavorable factors remain: Stellantis estimates a net impact of trade duties of one billion euros on the entire financial year and reports further pressure on the costs of components and recalls.
What analysts say: a weak quarter, but less than expected
For Equita, the quarter was “overall less worse than feared”, while JPMorgan drew attention to the significant cash burn and the need to monitor liquidity in the final months of the year. The increase also comes after a particularly difficult period for shareholders. Before the publication of the quarterly, Stellantis had lost almost 60% of its value since the beginning of 2026 and, during October, had reached the lowest levels since the group’s birth in 2021.
Fabio Caldato, manager of AcomeA Sgr which holds Stellantis shares, interviewed by Reutersnoted that “before actually buying back shares, investors want concrete evidence that the recovery is indeed underway, and a return to positive cash flows in 2027 is critical,” he said.
That said, “since the market has so little exposure to Stellantis, once evidence of a recovery emerges, the rush to repurchase the stock could be very strong.” For the moment, the stock market is celebrating.