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Stellantis Reports Q1 2024 Net Revenues and Shipments Reflecting New Product Transition

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Stellantis

Stellantis Pro One commercial vehicles achieved market share leadership in the Middle East & Africa region in the quarter with 2L% market share

We are reducing inventories to reinforce our strong relative pricing ahead of our new or mid-cycle product launches this year in key regions

AMSTERDAM, The Netherlands, May 7, 2024/APO Group/ — 

Net revenues of €41.7 billion, down 12% compared to Q1 2023 primarily due to volume, mix and foreign exchange headwinds, partly offset by firm net pricing; Consolidated shipments(1) of 1,335 thousand units, down 10%, reflecting production actions and inventory management to prepare for new product wave in H2 2024 compared with strong shipments in Q1 2023 to build inventory following a prolonged period of supply constraints; Total new vehicle inventory of 1,3U3 thousand units (Company inventory of 423 thousand units) at March 31, 2024, reflecting improving level and structure versus December 2023; Global BEV and LEV sales increased by 8% and 13%, respectively, versus Q1 2023; ongoing global focus with new BEVs launching throughout 2024; Ordinary dividend of €1.55 per share (1G% increase versus prior year) approved at AGM to be paid to shareholders on May 3, 2024; €3.0 billion share buyback on track for 2024 completion.

“While Q1 2024 year-over-year shipments and Net revenues comparisons were difficult due to transitions in our next generation product portfolio manufactured on new platforms, we are delivering clear improvements in key commercial dynamics with customer sales outpacing shipments. We are reducing inventories to reinforce our strong relative pricing ahead of our new or mid-cycle product launches this year in key regions. During Q1 2024, we have introduced four new models out of our full-year launch plan of 25 models, including 18 BEV nameplates, which we believe sets the stage for materially improved growth and profitability in the second half of the year.”

RESULTS FROM CONTINUING OPERATIONSFY 2024 GUIDANCE – CONFIRMEDRevenue backdrop: SupportiveAOI Margin(2): Double digit minimum commitment Industrial Free Cash Flows(3): Positive
Q1 2024Q1 2023Change
Combined shipments (000 units)1,3711,538(11)%
Consolidated shipments (000 units)1,3351,47L(10)%
Net revenues (C billion)41.747.2(12)%

All reported data is unaudited. Reference should be made to the section “Safe Harbor Statement” included elsewhere within this document.

Stellantis N.V. today reported first quarter 2024 Net revenues and shipments reflecting production actions and inventory management strategies to prepare for the upcoming new product wave. Sales to customers were unchanged from prior year, with growth in Middle East & Africa (up 23% year-over-year) and Enlarged Europe (up L% year-over-year). Global BEV sales were up 8% and North America PHEV sales were up 7U% year-over-year. Jeep® Wrangler, Jeep® Grand Cherokee and Dodge Hornet were the top three most sold PHEVs in the U.S.(4) Stellantis Pro One commercial vehicles achieved market share leadership in the Middle East & Africa region in the quarter with 2L% market share, while maintaining its No. 1 position in both EU30 and South America, on its quest to achieve global market leadership by 2027. In EU30 BEV sales, Pro One also takes the top spot with 33% market share.

The Company’s key achievements toward the Dare Forward 2030 strategic plan include:

CARETECHVALUE
Announced partnership with California Air Resources Board that avoids 10-12 million metric tons of greenhouse gases in theU.S. and enhances ongoing commitment to strengthen Stellantis’ electrification offensive by promoting electric vehicle awareness, expanding charging infrastructure and driving dealer readiness.Redistributed C1.U billion to employees in 2024, totaling CL billion since 2021, based on record 2023 Full Year results.Conducted third global employee survey in February as part of the continuous listening approach to improve overall working experience and well-being. Nearly 1L2,000 employees responded – a 71% participation rate, an 8-point increase compared to prior year.Engaged young people in career development actions through:Battery Workforce Challenge, managed by Argonne National Laboratory for the U.S.Department of Energy, challenging teams to design, build, test and integrate an advanced battery pack for Ram ProMaster EV.Drive for Design contest, hosted by the Stellantis North America design team, invitedhigh school students to create their dream vehicle for 2040.As part of a broader stakeholder engagement plan, Stellantis CEO Carlos Tavares was joined by four internationally known experts and students from three universities in France, Morocco and the U.S. for the second annual Freedom of Mobility Forum to debate “How will our planet accommodate the mobility needs of eight billion people?”Introduced three BEVs: Fiat Topolino, Maserati Grecale Folgore, Ram ProMaster EV; launch plan maintained.Started production of in-house designed and manufactured electric drive modules at Indiana Transmission (U.S.). Class-leading power density 250kw units will be installed in upcoming STLA Large vehicles (Dodge, Jeep, Alfa Romeo, Chrysler, etc).Began cell and module production with battery partner ACC in Europe. LG Energy Solution and Samsung SDI to follow. Battery components will be assembled into high-energy density, Stellantis- designed and manufactured battery packs ranging from 80 to 120 kWh in size.Expanded in-house production of hydrogen fuel cell vehicles on both mid-size and large vans in Hordain (France) and Gliwice (Poland). Fuel cell van extended lineup and increased in-house, industrial-scale production cements Pro One standing as undisputed commercial vehicles leader in Europe.Further refining traditional propulsion systems:Started production of the all-new 2.2L MultiJet 4.0 clean diesel engine (Euro Le and 7 compatible) at Pratola Serra (Italy) plant.Through the eTransmissions Assembly joint venture launched electrified dual-clutch transmission production in Turin (Italy) to help power next-generation, Stellantis-brand hybrids.Quickly adopting advancements in generative AI in R&D and customer value-added services. In R&D, deployed AI for simulation, which significantly enhanced accuracy and speed in the simulation and testing phases. With new method, Stellantis can improve aerodynamic assessment by more than 300 times and reduce cost by >85%; dozens of additional AI systems to come in 2024.First OEM to integrate ChatGPT functionality as standard, starting with deployment of new travel assistant across entire DS brand range, followed by Peugeot in its iconic i-Cockpit® system, with plans to extend across the Stellantis portfolio.Created the world’s first virtual cockpit platform as part of Stellantis Virtual Engineering Workbench enabling engineering teams to deliver infotainment tech to customers quicker through faster development cycles and feedback loops.Launched MyTasks, an industry-first tool for fleet managers enabling real-time communication, task assignment and status updates with drivers in the field via the vehicle’s infotainment unit.Acquired artificial intelligence framework, machine learning models, intellectual property rights and patents of CloudMade, a developer of smart, innovative big data-driven automotive solutions to support mid-term development of STLA SmartCockpit.Stellantis Ventures strategic investments:SteerLight: developer of high-performance, low-cost LiDAR tech, which has the potential to improve advanced driver assistance systems.Tiamat: develops and commercializes sodium-ion battery tech at a lower cost per kilowatt-hour and free of lithium and cobalt.Announced record investment plan for South America totaling C5.L billion (RT30 billion) from 2025 to 2030 to support the launch of more than 40 new products during the period as well as the development of new Bio- Hybrid technologies, innovative decarbonization technologies across the automotive supply chain, and strategic new business opportunities.Signed two fleet agreements:SIXT could buy up to 250,000 vehicles for its rental fleet in itscorporate countries across Europe and North America over the next three years.Ayvens will encourage affiliates to buy up to 500,000 vehicles for its long-termleasing fleet across Europe over the next three years.At the Shareholders’ Annual General Meeting on April 1L, 2024, C4.7 billion annual dividend approved (C1.55 per share), to be paid on May 3, 2024.On-going execution of C3.0 billion share buyback program.On track to deliver total capital returns in 2024 over C7.7 billion, representing an 11% yield as a percentage of Stellantis market capitalization on January 1, 2024.

GUIDANCE AND OUTLOOK: The Company is reiterating a minimum commitment of double-digit Adjusted operating income (AOI) margin in 2024, as well as positive Industrial free cash flow, despite macroeconomic uncertainties.

On April 30, 2024 at 2:00 p.m. CEST / 8:00 a.m. EDT, a live webcast and conference call will be held to present Stellantis’ First Quarter 2024 Shipments and Revenues. The webcast and recorded replay will be accessible under the Investors section of the Stellantis corporate website at www.Stellantis.com. The presentation material is expected to be posted under the Investors section of the Stellantis corporate website at approximately 8:00 a.m. CEST / 2:00 a.m. EDT on April 30, 2024.

UPCOMING EVENTS: Investor Day – June 13, 2024; First Half 2024 Results – July 25, 2024; Third Quarter Shipments & Revenues – October 31, 2024

SEGMENT PERFORMANCE

NORTH AMERICA

Q1 2024Q1 2023Change    •  Shipments down 20%, due largely to portfolio transitions, including refreshed Ram 1500 and new Dodge Charger, partly offset by growth in Jeep Wagoneer, which more thandoubled(102)       •  Net revenues down 15%, due to lower volumes and negative FX translation effects; partly offset by positive nameplate mix and net pricing from carryover actions and reduced(3,481)          incentive spend
Shipments (000s)40750U
Net revenues (C million)1U,2U122,772
ENLARGED EUROPE
Q1 2024Q1 2023Change    •  Shipments down L%, due to inventory reduction efforts with lower volumes mainly of Peugeot 3008, for which new model will ramp in Q2 2024, Fiat 500 and Opel Mokka, partlyoffset by growth in Jeep Avenger, Fiat Ducato & Panda and Citroën C3(42)        • Net revenues down 13%, due to decreased volumes, higher buyback commitments due to improving rental car business, lower LEV mix and negative net pricing(2,055)

MIDDLE EAST & AFRICA

Q1 2024Q1 2023Change    • Consolidated shipments up 42%, led by ramp up in Algerian market, mostly from Fiat; Citroën shipments also grew substantially, led by C4 X+23        •  Net revenues up 24%, strong underlying and pricing trends partially offset by negative FX translation effects, mainly from Turkish lira, and lower mix+35+521
Combined shipments(000s)(1)154131
Consolidated shipments(000s)(1)11883
Net revenues (C million)2,L872,1LL
SOUTH AMERICA
Q1 2024Q1 2023Change    •  Shipments down 7%, mostly from lower Fiat and Peugeot volumes, despite strong growth of Ram volumes(14)        •  Net revenues down 2%, pricing increases and growth in parts & services revenues due to acquisitions, more than offset by devaluation in FX translation effects from the Argentinepeso and lower volumes(57)
Shipments (000s)1771U1
Net revenues (C million)3,4LL3,523

CHINA AND INDIA & ASIA PACIFIC

Q1 2024Q1 2023Change    • Consolidated shipments down 4L%, mainly driven by Peugeot, Jeep, Citroën and RAM due to challenging market and economic conditions and increasing competition(27)        •  Net revenues down 4L%, driven by decreased shipments due to challenging market and economic conditions and negative FX translation effects(13)(45L)
Combined shipments(000s)(1)1542
Consolidated shipments(000s)(1)1528
Net revenues (C million)525U81
MASERATI
Q1 2024Q1 2023Change    •  Shipments down L1%, mostly due to Grecale and Levante volumes in North America, as well as the impact of inventory reduction initiatives(5.1)       •  Net revenues down 55%, mix improvements more than offset by lower volumes and(378)            negative FX translation effects
Shipments (000s)3.38.4
Net revenues (C million)313LU1

Reconciliations

Net revenues from external customers to Net revenues

2024                 (C million)NOPTH 6MEPIC6ENL6PGED EUPOPEMIDDLE E6ST & 6łPIC6SOUTH 6MEPIC6CHIN6 6ND INDI6 & 6SI6 P6CIłICM6SEP6TIOTHEP(*)STELL6NTIS
Net revenues from external customers1U,2U013,U852,L873,47L5243121,423?1,GU7
Net revenues from transactions with other segments1LL(10)11(5U)
Nsť rsvsnuss1U,2U11?,0512,G373,?GG5253131,3G??1,GU7

(*) Other activities, unallocated items and eliminations

2023                (C million)NOPTH 6MEPIC6ENL6PGED EUPOPEMIDDLE E6ST & 6łPIC6SOUTH 6MEPIC6CHIN6 6ND INDI6 & 6SI6 P6CIłICM6SEP6TIOTHEP(*)STELL6NTIS
Net revenues from external customers22,7721L,0872,1LL3,547U7ULU2UU2?7,235
Net revenues from transactions with other segments1U(24)2(1)4
Nsť rsvsnuss22,7721G,10G2,1GG3,523U31GU1UUG?7,235

(*) Other activities, unallocated items and eliminations

Distributed by APO Group on behalf of Stellantis.

Business

Aurionpro expands its multi-country transaction banking engagement with Diamond Trust Bank (DTB)

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Aurionpro’s upgraded iCashpro platform for DTB delivers a unified digital experience across payments, trade, virtual accounts, and real-time reporting, enhancing straight-through processing, visibility, and control for both the bank and its corporate customers

MUMBAI, India, April 30, 2026/APO Group/ –Aurionpro Solutions Limited (www.AurionPro.com) (BSE: 532668 | NSE: AURIONPRO)a global leader in banking technology, announced the expansion and upgrade of its transaction banking engagement with Diamond Trust Bank (DTB), to modernize and enhance the bank’s corporate transaction banking capabilities across multiple countries.

Download Document: https://apo-opa.co/4edHUaC

This multi-country transaction banking upgrade covering Kenya, Uganda, and Tanzania aligns with DTB’s intent to enhance customer experience, streamline operations, and support growing transaction volumes as it expands its regional corporate banking footprint. DTB continues to focus on building a more agile, ‘digital-first’ banking experience, particularly around payments for its corporate customers across Africa, and is now well positioned to scale these capabilities. As part of its broader transformation agenda, the bank has been steadily investing in platforms that enhance scale, reliability, and service consistency across markets.

Through this partnership, we are proud to lead the next era of transformation in transaction banking, helping DTB enhance operational agility

Aurionpro’s upgraded iCashpro platform for DTB delivers a unified digital experience across payments, trade, virtual accounts, and real-time reporting, enhancing straight-through processing, visibility, and control for both the bank and its corporate customers. By enabling DTB to standardize and scale its transaction banking operations across countries, the platform ensures consistent service levels, stronger control, and improved efficiency. It also supports enhanced user experience, advanced security, and the flexibility to introduce new features as DTB expands its regional transaction banking footprint.

Murali Natarajan (https://apo-opa.co/48trPdk), Managing Director & CEO, DTB Kenya   commented: “We are delighted to strengthen and broaden our partnership with Aurionpro Solutions as part of DTB’s ongoing digital transformation journey across multiple markets. Our focus on innovation, operational excellence, and customer-centricity continues to guide our technology investments. This upgrade strengthens our transaction banking capabilities, enabling us to deliver greater value to our customers through robust digital channels and seamlessly integrated experiences.”

Ashish Rai, Group CEO, Aurionpro Solutions, commented: “We are pleased to deepen our multi-country engagement with Diamond Trust Bank and support the next phase of its transaction banking modernization. As DTB continues to scale across markets, platform resilience and consistency become paramount. Through this partnership, we are proud to lead the next era of transformation in transaction banking, helping DTB enhance operational agility, deliver superior experiences to corporate customers, and create long-term value across geographies.”

He added, “Aurionpro’s iCashpro lays a strong digital foundation for transaction & wholesale banks across the globe to grow their corporate and SME client portfolio today, while creating a clear roadmap for next- generation capabilities in AI-driven insights, advanced automation and API-led connectivity for businesses in Kenya and across Africa.”

Distributed by APO Group on behalf of Aurionpro Solutions Ltd.

 

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Minerals Council Chief Executive Officer (CEO) Joins African Mining Week (AMW) as South Africa Improves Sectorial Investment Climate

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Energy Capital

Minerals Council CEO to share insights on policy, infrastructure and investment trends shaping South Africa’s mining industry

CAPE TOWN, South Africa, April 30, 2026/APO Group/ –The upcoming African Mining Week (AMW) conference will feature Mzila Mthenjane, CEO of the Minerals Council of South Africa, as a speaker. Scheduled for October 14 – 16, 2026 in Cape Town, the event will bring together global investors, policymakers and industry leaders, with Mthenjane’s participation highlighting the council’s commitment to engaging international stakeholders and promoting investment across South Africa’s mining sector.

His participation comes at a critical moment as the Minerals Council works closely with government on finalizing the Mineral Resources Development Bill 2025, a policy framework aimed at strengthening the country’s mining investment climate and the sector’s contribution to GDP. According to the council, the revised legislation will support new investment across the value chain as South Africa seeks to mobilize R2 trillion over the next five years to unlock its critical minerals potential.

The policy reforms come amid shifting production trends in the sector. In 2025, South Africa recorded declines in gold and platinum group metals output of 1.9% and 4.1%, respectively. The new regulatory framework is expected to strengthen public-private partnerships and stimulate investment, enabling South Africa to increase production and capitalize on strong global commodity prices. Increased private sector investments is crucial with South Africa seeking targeting to unlock an estimated R40 trillion in untapped iron ore potential as well as maintain its position as the world’s leading producer of chrome and manganese.

At AMW 2026, Mthenjane is expected to outline these trends, providing insights into how the council is contributing to addressing challenges disrupting the sector. Infrastructure and energy costs remain key concerns for industry players. To support the energy-intensive sector, South Africa approved a 35% reduction in electricity tariffs for major ferrochrome producers, helping stabilize an industry that has faced significant cost pressures after electricity prices surged by roughly 900% since 2008.

Logistics constraints are also a priority area for reform. South Africa’s economy is losing an estimated R1 billion per day due to inefficiencies across rail and port infrastructure. As a result, the government is considering measures supported by the Minerals Council to increase private sector participation in logistics. Planned reforms include rail modernization initiatives targeting 250 million tons of freight capacity by 2029, alongside port upgrades and private operator participation aimed at strengthening mineral exports and improving supply chain efficiency.

Beyond infrastructure and policy reforms, the Minerals Council is advocating for stronger exploration investment to support long-term industry growth.

At AMW, Mthenjane is expected to highlight these developments and outline the steps required to reinforce South Africa’s position in the global minerals supply chain. His insights will offer investors and stakeholders a timely perspective on opportunities within the country’s mining sector.

Distributed by APO Group on behalf of Energy Capital & Power.

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Seychelles Targets Energy Investment Push as Minister Jérémie Joins African Energy Week (AEW) 2026 as a Speaker

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African Energy Chamber

Seychelles energy minister will speak at AEW 2026, positioning her to highlight reforms, renewable projects and investment opportunities as the island nation advances its transition toward a diversified energy system

CAPE TOWN, South Africa, April 29, 2026/APO Group/ –Marie-May Jérémie, Minister of Environment, Climate, Energy and Natural Resources for Seychelles will participate as a speaker at this year’s African Energy Week (AEW) 2026, taking place from October 12–16 in Cape Town. Her participation underscores the country’s growing role in shaping Africa’s small-island energy transition agenda.

Minister Jérémie’s presence at AEW 2026 comes at a critical time as Seychelles accelerates efforts to reduce its heavy reliance on imported fossil fuels. The event provides a platform to attract investment, strengthen policy alignment and showcase bankable projects, positioning the country as a viable destination for private-sector participation in island energy systems.

Seychelles is demonstrating how policy reform and innovation can unlock investment in constrained environments

In May last year, international finance institution the World Bank approved the Renewable Energy Acceleration Program, a seven-year initiative aimed at modernizing the grid and increasing renewable energy penetration to 15% by 2030. The program focuses on unlocking private capital while strengthening transmission infrastructure to accommodate variable renewable energy sources.

Project development is gaining traction in the country, particularly in innovative technologies suited to Seychelles’ land constraints. The 5.8 MW Seysun Lagoon floating solar PV project, developed by independent renewable power producer Qair, is under construction and expected online in 2026.

Alongside renewables, Seychelles continues to pursue upstream opportunities to diversify its economy. The government approved new exploration entrants in 2025 and extended exiting petroleum agreements, while securing an infrastructure partnership with China. Multilateral estimates suggest over $800 million in investment will be required over the next 25 years.

Regulatory reform is central to this transition, with Seychelles introducing an independent power producer framework to open the market to private developers. Standardized power purchase agreements, grid access reforms and strengthened public-private partnership structures are being implemented to improve transparency, reduce risk and accelerate project bankability across solar, storage and emerging wind opportunities.

“Minister Jérémie’s participation highlights the strategic importance of island nations in Africa’s broader energy transition,” says NJ Ayuk, Executive Chairman, African Energy Chamber. “Seychelles is demonstrating how policy reform and innovation can unlock investment in constrained environments. Her insights will be critical to advancing dialogue on resilient, low-carbon energy systems across the continent.”

Distributed by APO Group on behalf of African Energy Chamber.

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