Stellantis Facilities 2021
Publication date: 01-08-2025
This bond is issued by Gie PSA — a financing company historically linked to Peugeot. Today, Peugeot is one of the many car brands fully owned by Stellantis, a global automotive group created in 2021 when Peugeot’s parent company (PSA Group) merged with Fiat Chrysler. That means Stellantis now stands behind Peugeot’s financial obligations, and this bond benefits from being part of a much larger, diversified business group.
Stellantis is one of the world’s biggest car makers, with well-known brands like Jeep, Fiat, Opel, Peugeot, and Citroën. It sells cars across many regions: 48% of its shipments come from Europe, 24% from North America, and the rest from South America, Africa, and Asia.
The first half of 2025 was challenging for the company. Car sales and profits dropped due to U.S. import tariffs and weaker demand in Europe. Stellantis also booked over €3 billion in charges related to restructuring and cancelled projects. Still, the company ended the first half with more than €47 billion in available liquidity, placing it among the most cash-rich auto groups globally.
A new CEO hosted the July 29, 2025 earnings call and confirmed the start of a broad restructuring plan. Management is focused on improving profit margins and returning to positive cash flow, especially in North America where performance has lagged. Stellantis may also reduce its dividend if cash flow remains weak through the end of the year.
Looking ahead, the company will present a new long-term strategy in early 2026. It plans to shift to quarterly reporting and improve transparency on cash flow and earnings. This bond idea is somewhat contrarian: the business is under pressure, but actions are being taken to turn things around. For investors willing to accept short-term volatility, the bond offers a high yield from an investment-grade-rated issuer with strong liquidity support.
The Gie PSA bond due in 2033 offers a 6% annual interest in euros and cannot be repaid early. This gives investors a stable income stream over the next eight years.
as of 30.06.2025 EUR bn
| Column 1 | Column 2 | Column 3 | Column 4 | Column 5 | Column 6 |
|---|---|---|---|---|---|
| Assets | 207,6 | EBITDA Margin | 7 % | CFO/Debt | 0,1 |
| Revenue | 146,1 | Net debt | -11 | FCF | (7,1) |
| EBITDA | 10,9 | Net Debt/EBITDA | -1x | Equity | 82,1 |
| Net Profit | 5,5 | EBITDA/Interest | -16x | Debt/Equity | 0,5x |
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