Stellantis N.V. (STLA) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 26, 2023 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello and welcome to the Stellantis First Half 2023 Results. For your information this conference is being recorded. I’d now like to turn the call over to your host, Mr. Ed Ditmire, Head of Investor Relations to begin today’s conference. Please go ahead.

Ed Ditmire

Hello everyone for joining us today as we review Stellantis’ first half 2023 results. Earlier today, the presentation materials for this call as well as the related press release were posted under the Investor Relations section of the Stellantis Group website. Today, our call is hosted by Carlos Tavares, the company’s Chief Executive Officer and Natalie Knight, the company’s Chief Financial Officer. After both Mr. Tavares and Ms. Knight present, they will be available to answer questions.

Before we begin, I want to point out that any forward-looking statements we might make during today’s call are subject to the risks and uncertainties mentioned in the Safe Harbor Statement including on Page 2 of today’s presentation. As customary, the call will be governed by Dutch language. Now, I would like to hand over the call to Carlos Tavares, CEO of Stellantis.

Carlos Tavares

Good morning, good afternoon. And welcome to all of you. Natalie and myself, we are delighted to host this session to present to you the 2023 H1 Stellantis financial results. As always, we value your time. We know that you are highly busy people and therefore we thank you for your interest in Stellantis. So let's get started. H1 2023 was an exciting period for us as we keep on building this fantastic company called Stellantis. It's a period during which we have delivered absolutely outstanding numbers, record numbers in terms of net revenues, in terms of adjusted operating income, in terms of net profit, and industrial free cash flow. Actually, net revenues were up 12%, operating income up 11%, net profit up 37%, and international free cash flow up 63%.

So needless to say that what I would like to do today, first is to thank our employees, to thank our Stellantis employees, they have demonstrated focus, resilience, expertise in fixing all the operational issues and making sure that we overcome all the headwinds that we have been facing and I will not waste any time listing the headwinds, you know them. From here I would like also to thank my management team. The management team has always been aligned, getting things done, making sure that through the execution of our strategic Dare Forward 2030 plan, we create the value that we expect. And this is perhaps the most important conclusion of this session is to say, we are alive, we are executing the Dare Forward 2030 strategic plan. It is working because it's delivering strategic numbers and record numbers as you will see through this session.