Stellantis

The Peugeot SA automotive group was founded by the Peugeot family. Peugeot Invest bought PSA shares in PSA’s 2012 and 2014 rights issues and actively supported the negotiations that led to its merger with FCA.

In accordance with the agreements signed in relation to the merger with FCA, Peugeot 1810 acquired a further 2.0% stake in PSA in 2020 when an equity swap transaction settled.

At 31 December 2023, Peugeot 1810 – which is 76.5%-owned by Peugeot Invest and 23.5%-owned by Établissements Peugeot Frères – held 7.1% of Stellantis’ equity and 7.1% of its voting rights.

Robert Peugeot is Vice-Chairman of the Stellantis Board of Directors and a member of its Remuneration Committee.

In accordance with commitments made in relation to the merger, PSA and FCA’s major shareholders (Exor, Peugeot 1810, Bpifrance and Dongfeng Motor) undertook not to sell any Stellantis shares for three years after the merger (i.e. until 16 January 2024).

In addition, PSA and FCA’s major shareholders undertook not to increase their stakes in Stellantis shares for seven years after the merger (i.e. until 16 January 2028). As an exception to that undertaking, Peugeot 1810 may acquire a 1.5% stake in Stellantis from Dongfeng Motor or Bpifrance, or may buy Stellantis shares on the market to the same extent as any shares sold by Bpifrance to another counterparty.

The value of the shareholding in the Net Asset Value and the consolidated financial statements, is based on the share price at 31 December 2023.

In 2023, Stellantis posted revenues of €190 billion, up 6%, driven by volumes and a constantly positive pricemix effect, offset by negative currency effects. Adjusted operating income totalled €24 billion, a stable result compared with the previous year, and representing a consolidated operating margin of 12.8%. Free cash flow was €13 billion and net cash position was €30 billion at 31 December 2023. A dividend of €1.55 per share will be put to the vote in the next General Meeting of shareholders.

In addition, given the group’s solid performance, the Board of Directors has approved a new €3 billion share buyback programme to be carried out in 2024.

In 2024, management is aiming to maintain an operating margin of over 10% and to continue generating positive cash flow.