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    Horst Schneider • Bank of America

    Horst Schneider's questions to Stellantis NV (STLA) leadership

    Horst Schneider's questions to Stellantis NV (STLA) leadership • Q2 2025

    Question

    Horst Schneider asked for confirmation on whether Europe's H1 margin remained positive, following the H2 2024 trend. He also inquired about rising competitive pressure in Europe and sought clarity on whether the H1 tariff impact represented a peak or just a partial effect.

    Answer

    CFO Doug Ostermann deferred providing regional margin details until the July 29th call. He acknowledged Europe is a tough, competitive market but credited new products for a sequential market share gain. Regarding tariffs, he explained the €330 million H1 impact was not a peak and expects the figure to more than double in H2, noting that the industry has been slow to pass on costs via price increases.

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    Horst Schneider's questions to Stellantis NV (STLA) leadership • Q2 2025

    Question

    Horst Schneider asked for confirmation on regional profitability, specifically if Europe remained profitable in H1. He also inquired about rising competitive pressure in Europe and sought clarity on the H1 tariff impact, asking if the €330 million headwind would intensify in the second half of the year.

    Answer

    CFO Doug Ostermann deferred specific regional margin details to the upcoming July 29th call. He acknowledged Europe is a tough, competitive market but pointed to a sequential market share gain as a positive sign. On tariffs, Ostermann confirmed the €330 million was only a partial impact for H1 and that he expects the figure to potentially double or more in H2, noting that industry-wide price increases to mitigate tariffs have been slow to materialize but could occur later in the year.

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    Horst Schneider's questions to Stellantis NV (STLA) leadership • Q2 2025

    Question

    Horst Schneider asked for clarification on regional profitability, specifically if Europe remained profitable in H1 2025. He also inquired about the competitive landscape in Europe, referencing a recent warning from a competitor, and sought more detail on the H1 tariff impact, asking if the €330 million figure represented a peak or if more was expected.

    Answer

    CFO Doug Ostermann deferred the specific question on European margins to the full results call on July 29th. He acknowledged that Europe is a very competitive environment but credited new products for a sequential market share increase despite a weak LCV market. On tariffs, he stated the €330 million H1 impact was not a peak and that a significantly larger impact is expected in H2, consistent with the previously disclosed full-year estimate of €1 billion to €1.5 billion.

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    Horst Schneider's questions to Mercedes-Benz Group AG (MBGYY) leadership

    Horst Schneider's questions to Mercedes-Benz Group AG (MBGYY) leadership • Q1 2024

    Question

    Horst Schneider from Bank of America Corporation asked about several smaller financial items. He questioned if the strong net interest income is a sustainable run rate, if the positive industrial performance will continue to improve, and whether the foreign exchange headwind is a full-year issue or will fade in coming quarters.

    Answer

    Executive Harald Wilhelm suggested the positive net interest income might moderate slightly from the Q1 run rate but remain positive. He noted that FX is difficult to predict but the Turkish lira could remain a headwind. Wilhelm confirmed that significant efforts in industrial performance—covering supply chain, raw materials, and operational efficiencies—should continue to provide a tailwind for the coming quarters.

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