Stellantis N.V. ($STLAM)

Thank you all for being here with us. And good morning and good afternoon to all of you who are connected remotely from all over the world. Dear shareholders, colleagues and guests, on behalf of the Board of Directors, it is my privilege to welcome you to Stellantis 2026 Annual General Meeting in Amsterdam. Before we turn to the formal agenda, I would like to share a few reflections with you. During the first half of last year, I served as Stellantis acting Chief Executive Officer. In that role, I work closing with teams across our company at a demanding pace, that experience reinforced the need to sharpen our focus where it matters most, our customers. During that period, Stellantis confronted strategic and operational challenges while navigating a complex external environment marked by tariffs, regulatory uncertainty intensifying competition and growing geopolitical instability. We move quickly to simplify our organization, reconnect with our clients and the communities in which we operate and begin repositioning the company for sustainable and profitable growth. A critical step in this journey was ensuring leadership continuity and clarity. The Board acted with unity and determination. In May 2025, we unanimously selected Antonio Filosa as Stellantis next Chief Executive Officer, recognizing his extensive experience in the automotive sector and his deep understanding of the company, its people and operations. And I'm very happy to have Antonio today with us. As a result, since stepping into the role in June 2025, Antonio has done with a people-first mindset while redefining the company's priority. He has put in place a renewed leadership team who demonstrated cohesion, rigor and effectiveness in decision-making and execution. Steady and progressive improvement has become visible quarter after quarter, month after month, driven by our renewed focus on what matters the most, our customers. Despite the challenges of a transitional year, Stellantis demonstrated strong resilience in 2025 and laid the foundation for its turnaround. As we move into 2026, we do so with humility about the challenges ahead and renewed confidence in our ability to address them. We look ahead to May 21 when Antonio and his leadership team will present the next phase of our strategy. Stellantis is entering this period with greater focus and determination. On behalf of the Board of Directors, I would like to thank you for your continued trust, support and your investment in our company. And now Antonio will provide you with more details on our company's financials. The floor is yours.

Thank you. Thank you John. Good morning, good afternoon, good evening. Thank you for joining us today. Let me begin with a clear and candid perspective of the year behind us. '25 was a transitional year. We navigated economic headwinds, persistent supply chain disruptions, regulatory uncertainty and new variables, including tariffs. Through it all, our leadership team worked relentlessly to reposition the company for renewed profitable growth, and this required a decisive reset. In February '26, we announced approximately EUR 22 billion in charges, with a significant impact of our '25 results. These steps were painful but necessary to correct course strengthen our operating model and protect long-term value creation. As part of this effort, we conducted a comprehensive review of our strategy and our operations. We aligned our plans with customer preferences and market realities, identified and resolved manufacturing and quality issues, has started systematically closing all the execution gaps. At the same time, we reinforced discipline in capital allocation. with profitability and cash generation as clear, not negotiable priorities. Above all, one principle guided our decision putting customers and their real world needs back at the heart of everything we do. In '25, we launched 10 new vehicles offering customers through freedom of choice across internal combustion, but electric, mild hybrids, hybrids, range standard and plug-in hybrid powertrains. Thanks to these efforts, we built momentum and could see encouraging progress in the second half of '25. Net revenue and industrial free cash flow improved, both year-over-year and versus the half before, customer and dealer orders increased, product quality showed early but meaningful improvement, with stronger launch execution. These are early indicators, but they confirm the direction. It is right and the momentum, it is real. Looking ahead, based on our '26 guidance, we expect improvements in net revenue, in margins, industrial free cash flow generation supported by strong liquidity and a more resilient operating model. At our Investor Day on May 21 this year, we will outline the next phase of our strategy with clear priorities, credible targets and a focused road map for execution. Final none of these would be possible without our people. more than 250,000 colleagues around the world whose talent, in January, passion and resilience drive this company forward every day. I thank them all, as I thank you, our shareholders, for your trust and continued support. We have more work ahead, and we are moving forward with urgency, accountability and discipline. Together, we will win. Now let's briefly review the key financial figures and facts of '25. So after these opening remarks, let us review the key facts and figure for '25 in a few slides. As I said, '25 was a year of reset, with results reflected the significant cost of the changes required. And those changes were required to reposition the company for sustainable and profitable growth. The second half of the year showed encouraging early signs of the benefits of that reset with a return to top line growth and initial progress on quality. Let us walk through the numbers. Consolidated shipment at 5.5 million units, which is up 1% year-over-year growth driven by South America, North America and Middle East and Africa. Net revenue reached EUR 153 billion, representing a 2% decline year-over-year. Our adjusted operating income margin was negative at minus 0.5%, reflecting the early stage of our recovery, substantial net tariff expenses and a number of specific items impacting the year. As a result, our adjusted diluted earnings per share declined in line with the lower AOI. Finally, industrial free cash flow recorded outflow of EUR 4.5 billion for the full year. The full year bridge highlights a challenging year in '25, with significant headwinds from volume and mix, vehicle net pricing, industrial cost and foreign exchange. But the second half AOI bridge presents a somewhat different and more encouraging picture. Here, we begin to see initial signs of improvement, driven primarily by top line factors, higher volumes and improving net pricing. On the cost side, half 2 results were impacted by a number of specific items which more than offset the positive effects of volume and pricing and industrial cost improvement generated by higher production volumes and purchasing efficiencies. Importantly, most of these specific items highlighted in the orange column to the right, are not expected to be repeated. Finally, foreign exchange headwinds had a nearly EUR 1 billion negative impact on AOI. Turning to the industrial free cash flow. We saw meaningful improvement both for the full year and in the second half. H2 industrial free cash flow was negative EUR 1.5 billion, making a 50% sequential improvement versus the first half of '25 and 73% year-over-year improvement. Moving to our financial figures stable. There are a few important points I would like to highlight. Our net loss of EUR 22 billion primarily reflects our strategic reset to better align with customer preferences as well as our response to changes in the U.S. regulatory framework. While the net loss was steep, it is important to note that a majority of the impact was not cash. And therefore, the company's balance sheet ended in a very strong place. Looking ahead to 2026, we will begin quarterly reporting of full earnings result. As discussed, the company expects to deliver a mid-single-digit percentage increase in net revenues, a low single-digit AOI margin and improved industrial free cash flow generation year-over-year for '26. In addition, we expect to see progressive improvement from the first half to the second half of the year. Let us now recap some key points about the decisive result that we implemented to position our business for the long-term success by putting the customer back at the center of everything we do. We have reset our organization to empower the regional teams, reset our stakeholder relationship so that we can address challenges together, reset our product plan and EV supply chain to reflect real-world customer demand. And we are setting our manufacturing and quality processes to deliver the customers the experience that they deserve. I will now walk you through high-level regional updates, starting with North America. The return to growth was strongest in North America in H2 and the ongoing product wave will continue that momentum in '26. In half 2, we achieved a 4% sales growth, improved our market share by 20 basis points and grew our order book by 150%. In Europe, we continue to hold a strong competitive position with a #2 overall market share and #1 position in both B segment and light commercial vehicles. Building on this solid base, we have product tailwinds that are expected to support performance across the B and the C segments in 2026. With regards to light commercial vehicle, the trajectory of electrification demanded by regulators is nowhere near real market demand, and we continue urging practical solutions in our constant engagement with institutions and policymakers. Now turning briefly to our half 2 update for the other regions. In Middle East and Africa, we delivered further progress with an improvement in market share and shipments growth to 9% in the second half. In South America, continues to maintain its #1 position as market share confirming the strength and receiver of our footprint in the region. In China and in India, Asia Pacific, shipments grew by 18% year-over-year. Finally, I would like to once again invite you all to follow our upcoming Investor Day on May 21 when we will present our new strategic plan. Thank you very much. John?

Thank you, Antonio. Now let's proceed with the meeting formalities. Due to prior commitments, other Board members and proposed appointees are unable to attend. Mr. Giorgio Fossati, the Board Secretary, is appointed as Secretary of this Annual General Meeting of Shareholders. Thank you. And notorial minutes will be recorded by Mr. Dirk-Jan Smit of Freshfields Amsterdam. Thank you. I welcome Mr. Francois Busy and Mr. Christian Binkhorst, right, from Deloitte, the company's external auditors, who are available to answer questions about their audit reports on the company's 2025 annual accounts. I will now hand over to Mr. Smit who will talk us through the details of today's agenda.

Thank you very much, Mr. Chairman. This meeting is broadcasted light on Stellantis website. Thank you to those connected via webcast. The meeting will be held in English with headphones available for simultaneous translation from English into Dutch French or Italian. The meeting notice was published on the company's website on the 2nd of March this year. The meeting has been convened in accordance with legal and statutory requirements. Please switch off your mobile phones and similar equipment as audio video recording by shareholders is not allowed. To ensure a smooth meeting, please reserve time at the shareholders' assistance table, if you wish to speak on agenda items and specify the issue. On a granted permission to speak, state your name clearly and if applicable, the name of the person or company you represent. Speeches must be concise and relevant to the agenda item. Disturbances, offensive or improper speeches will not be allowed. As a guideline, each speaker will have a maximum of approximately 5 minutes per agenda item. Questions should preferably be posted in English with responses in English. Questions may also be in Dutch, French or Italian with responses in English. Agenda items and subitems will be discussed in sequence. Discussion and questions on subitems will occur after all subitems are introduced. Voting on subitems will be deferred until after the last subitem discussion. Preliminary voting results will be displayed on the screen after the vote, including proxy votes received before the meeting. Official results will be published on the company's website after the meeting. Please insert your smart card into the voting device with the chip facing you. Your name will appear on the display. If not, raise your hand for assistance, Keep the smart card inserted for the entire meeting. To vote press 144, 2 for against, and 3 to abstain. For holders of special voting shares wishing to exercise a split vote, please go to the shareholders' assistance table for help. Return the phoning device to the hostesses at the entrance when you leave temporarily and in any way at the end of the meeting. As at the record date for this Annual General Meeting, 2,897,507,427 common shares were outstanding with an equal number of voting rights exercisable. In addition, 866,383,762 Class A special voting shares were outstanding with an equal number of voting rights exercisable. As a consequence, the total of floating rights it could be casted at this meeting equals to 3,763,890,489, subject to the effect of the maximum voting threshold explained hereafter. According to the attendance list, 64.16% of all outstanding shares in the capital of the company are present or represented at this meeting. The total number of voting rights at the meeting amounts to 2,414,912,461. In total, 2,409,287,166 votes have been cast by the use of electronic means of communication prior to the meeting. These voting instructions have been processed by entering the voting instructions for each individual agenda item into the electronic voting system. Votes already cast by use of electronic means will automatically be included in the voting results. As further set out in the company's Articles of Association, no person acting alone concert together with votes exercised by [indiscernible] of such person or pursuant to proxies or other arrangements conferring the right to vote may be able to exercise directly or indirectly voting rights on shares at a general meeting reaching or exceeding 30% of the votes that could be cast at the general meeting of the company. The maximum voting threshold for this meeting is 833,775,381. This threshold has been published on the company's website on April 8 of this year in accordance with the company's Articles of Association. Let me now turn to Item 2 of the meeting agenda. The 2025 annual report was made available on the company's website and at the company's office from March 2, 2026. The first 3 agenda subitems are for discussion only and will therefore not be voted on. The fourth agenda subitem is an advisory voting item. The last 2 subitems under agenda item 2 are voting items. The first subitem 2A pertains to the report of the Board of Directors for the financial year 2025 included in the company's annual report '25. This is a discussion item only. The subitem 2B concerns the corporate governance chapter included in the company's annual report 2025. Following the publication in March '25 of the updated version of the Dutch Corporate Governance Code, the company is required to report on its compliance with the '25 code. This is a discussion item only. Subitem 2C concerns the policy on additions to reserves and on dividends and is again for discussion only. The company's dividend policy contemplates an annual ordinary dividend to be distributed by the company to the holders of common shares. On February 6, 2026, the Board of Directors announced that in light with the company's net loss for the full year '25, the company has suspended its dividend policy. As a result, no annual dividend will be distributed in 2026. Subitem 2D pertains to the 2025 remuneration report. The voting results will be advisory and nonbinding. According to Dutch law, the '25 report must explain how the previous year's shareholders' voting was considered, following the advisory vote on the 2024 remuneration report at the Annual General Meeting of Shareholders held on April 15, 2025 which received a 66.92% support. The company and the Remuneration Committee have continued to prioritize transparency and constructive engagement with shareholders in the preparation of the '25 remuneration report. During a period marked by significant changes in the company's leadership, including the departure of Mr. Carlos Tavares, formerly the company's Chief Executive Officer in December '24. The interim leadership of the Chairman, Mr. John Elkann, during the first half of '25 and the appointment of Mr. Antonio Filosa as Chief Executive Officer mid-year. The remuneration report for '25 is contained in the company's annual report '25. It is proposed to the general meeting to cost a favorable advisory vote. Subitem 2E concerns the adoption of the company's '25 annual accounts. This is again a voting item. The Board has prepared the company's '25 annual outcomes, which have been audited by the large account in BV, the Netherlands, who issued an unqualified opinion. External auditors are available to answer any questions about the report on the fairness of the 2025 annual accounts. The Board proposes to the general meeting to adopt the '25 annual accounts. The final subitem 2 addresses a discharge from liability for executive directors regarding our management duties in '25 and non-executive directors for their non-executive duties in '25. This is, again, a voting item. Now that we've dealt with all subsections of agenda item 2, it's time to address the question. As a guideline and consider appropriate, a maximum of approximately 5 minutes for each speaker for each agenda item, during which time any vote declaration should be made. Is there any shareholder who would like to address the meeting? If that's not the case, let us then move to a brief summary of the company's responses to the questions received outside of the meeting related to this agenda item 2. Mr. Fossati, Stellantis General Counsel, will read out the questions and the company's answers. Mr. Fossati?

Thank you, Mr. Smit. We received questions in advance of the meeting from the bottom [indiscernible] IR. And although we are not required to respond to these questions in the context of a physical meeting as this one, we would nevertheless like to address them as they concern matters of importance. For the seventh consecutive year, FAR has addressed a set of ESG-related question to CAC 40 to the CAC 40 companies. This year's exercise includes 4 questions. The first 3 questions are common to all CAC 40 companies and related respectively to just the transition, a decent standard of living in the value chain and the social impacts of artificial intelligence. For these questions, if we have prepared an initial analysis based on Stellantis public disclosures using AI-based research tools and review it by FAR. FAR have then invited us to validate, complement and reach these analyses with particular emphasis on our forward-looking perspective. The fourth question is a personalized question specifically addressed to Stellantis focusing on transparency, traceability and responsible sourcing of battery critical raw materials. With respect to the first 3 common questions, Stellantis will provide written responses these responses will complement and clarify the analysis prepared by FAR and will set out our perspective and forward-looking approach in each in line with FAR's process, our written responses will be published on our website so that they are accessible to all stakeholders. We would like, however, to address the fourth personalized question directly today as it concerns an important topical issue, which is the environmental and human rights risk associated with the sourcing of critical raw materials using in the electric vehicle batteries, including lithium, nickel, cobalt and graphite. FAR asks first whether Stellantis intends to further strengthen transparency potentially through a dedicated raw materials report beyond existing disclosures, such as our vigilance and conflict minerals report and what operational limits we face in terms of traceability, also asks how independent assessments are used in our risk management processes and what levers we have to increase their coverage across our battery supply chain. Allow me to respond briefly to these points. Stellantis conducts annual supply chain base mapping as part of its global human rights and sustainability due diligence framework aligned with international standards, such as the guiding principles on business and human rights and the OECD guidelines. This risk mapping drove on a combination of internal audits and supplier data, external benchmarks and NGO research, regulatory developments and feedback from stakeholders. Particular attention is paid to severe risks, including forced labor and child labor, especially in higher risk geographies and materials where elevated risks are identified, suppliers are subject to announce due diligence, including audits and corrective action plans. We recognize the growing expectation for increased transparency around battery critical minerals. Stellantis already report relevant information through its vigilance plan sustainability disclosure and conflict minerals report. We intend to continue progressing on transparency as traceability technologies, data quality and industrial standards mature. That said, we must also knowledge the structural limits to traceability in global mining and refining supply chains, which are multi-tiered involve numerous intermediaries are subject to commercial confidentiality constraint. This is why Stellantis supplies a targeted risk-based approach, prioritizing materials and regions where risks are highest. With respect to independent assurance, Stellantis recognizes the initiative for responsible mining assurance IRMA, as a credible and demanding standard for responsible mining practices, while we do not publicly disclose the proportion of the sites or volumes assessed on the -- under the IRMA assessments and other independent assurance mechanisms are actively integrated in our upstream risk screening, supplier sustainability scoring, corrective action processes and ongoing monitoring to increase the adoption of such standards over time, Stellantis engage closely with suppliers, participates in multi-stakeholders and industry initiatives. Investors improved supply chain, mapping and alliance practices with emerging regulatory requirements. Finally, we would like to thank FAR for its continued interest into Stellantis. We value constructive, transparent dialogue with our stakeholders, and we see this exchange as an opportunity to strengthen our practices and to contribute together to the continuous improvement of environmental, social and human rights performance across our value chain. This concludes our answers to the questions we received in advance of the meeting. I return the floor to Mr. Smit. Thank you.

Thank you very much, Mr. Fossati. Let me now close the discussion on agenda item 2. and I will now put to the vote the 3 voting ship items of agenda item 2. Firstly, I will put item 2D of the agenda to the advisory vote in relation to the remuneration report 2025 and I request the operator to activate the voting system. The voting device will now display the voting options. 1 for 4, 2 for against, 3 to abstain. And I declare that resolution open, please cast your vote by pressing the button of your voice -- your choice. Please have your vote. . [Voting]

I now declare the voting on the subitem closed. And I establish that the general meeting advisers positively in relation to the 2025 remuneration report. Let me now put Item 2E of the agenda concerning the adoption of the company's 2025 annual accounts to vote. As said, this is a voting item. Please cut your vote by pressing the button of your choice. [Voting]

I now declare the voting on the subitem closed. And I note that the proposal has been approved and that the company's 2025 annual accounts have been adopted by the meeting. Lastly, I will put item 2F of the agenda to the vote. And that's the granting of discharge from liability of the executive directors and the nonexecutive directors of the Board. Again, a voting item. Please let me have your vote by pressing the button of your choice. [Voting]

I now declare the voting on the item closed. And I establish that the proposal has been approved, and that therefore, the executive directors and the nonexecutive directors of the Board have been granted discharge by the meeting. Agenda Item 3 concerns the appointment of certain executive and nonexecutive director of Stellantis. In accordance with the resolutions adopted by the General Meeting of Shareholders at the time of the appointments, the term of office of Mr. John Elkann, Mr. Robert Peugeot and Mr. Henri de Castries. Shell labs immediately after the close of this meeting. Mr. Elkann is proposed for reappointment as Executive Director to the General Meeting of Shareholders upon a binding nomination made by EXOR N.V. and Mr. Peugeot proposed for reappointment as Non-Executive Director upon the binding nomination made by Etablissements Peugeot Freres, SA and Peugeot Invest. These nominations are binding unless overall by 2/3 majority votes representing more than half of the company's issued share capital. Based on the company's Articles of Association, Board Regulation and ESG Committee recommendations it is proposed to reappoint Mr. de Castries as a Non-Executive Director. In addition, the Board believes that the appointment of an additional director, increasing the total number of board members to 12 will further enhance the Board's collective expertise and operational effectiveness. It's therefore proposed to appoint Mr. Juergen Esser as an additional Nonexecutive Director. Mr. Esser brings experience in delivering industry-leading value creation enabled by a digital business model. Mr. de Castries and Mr. Esser qualifies independent and above the New York Stock Exchange listing standards and the Dutch Corporate Governance Code and shall be appointed by the General Meeting of Shareholders with a majority of the votes cast. All nominees have stated their willingness to accept their respective appointments. The Board, therefore, proposes that the term of office of the nominated directors will be for a period ending directly after the close of the Annual General Meeting of Shareholders to be held in 2028. Share ownership of Mr. Elkann, Mr. Peugeot and Mr. de Castries is disclosed in the company's annual report. While Mr. Esser does not hold company shares. As stated in the experience notes the agenda, the biographical details and curriculum vitae of the proposed candidates are available for inspection at the offices of the company as well as on the company's website. Is there anyone would like to ask questions regarding the appointment of the directors? If that's not the case, I will now put to the vote the 4 voting subitems of agenda item 3. Each subitem will be voted on separately. Let me now proceed to voting on subItem 3A, the appointment of John Elkann as Executive Director. Please cast your vote. [Voting]

Voting is closed. And I established that the proposal to reappoint Mr. Elkann's Executive Director, has been adopted. Let me now proceed to voting on subitem 3B, the reappointment of Robert Peugeot as Non-Executive Director. Voting is open. Please cast your votes. [Voting]

Voting is now closed. And I establish that the proposal to reappoint Mr. Robert Peugeot as Nonexecutive Director has been approved. Let me now proceed to voting item on subitem 3C, and that's the reappointment of Henri de Castries as Non-Executive Director. Please open the voting system and cast your vote. [Voting]

Voting now closed. And I established the proposal to reappoint Mr. Henri de Castries as Non-Executive Director has been adopted. Let me now proceed to voting on subitem 3D, and that's the appointment of Jorgen Esser as Non-Executive Director. could you open the voting system. And please let me have your votes. [Voting]

Voting is closed. And I established a proposal to appoint Mr. Jurgen Esser Non-Executive Director, has been adopted. Moving on to agenda item 4. There are 2 agenda subitems of this agenda item 4. According to Article 27 of the company's Articles of Association, the General Meeting of Shareholders appoint the independent auditor for the financial statements audit. The other committee has reviewed the auditor's performance and effectiveness. Recommending the appointment of Deloitte Accountants BV for 2026. The Board of Directors agrees and proposes to reappoint Deloitte Accounts BV as the company's auditor for 2026. The European Corporate Sustainability Reporting Director, requires companies to ensure to appoint an external auditor insurance provider to carry out a limited assurance review of their sustainability report. The CSD is, however, not transposed into Dutch law. Article 2 393A of the Dutch Civil Court as currently provided for by the proposed implementing bill gives the general meeting the authority to appoint the assurance provider. Therefore, to the extent required by the implementation into Dutch Law of CSRD, the Board of Directors at the other Committee's recommendation proposes to the General Meeting of Shareholders to appoint Deloitte Accountants B.V. as the company's insurance provider for the financial year 2026. Is there any shareholder would like to ask questions in relation to this agenda item? That being the case, let us move on to the voting, and I request the operator to open the voting system in relation to item 4A of the agenda. [Voting]

Voting is closed. And I note that Deloitte Accounts BV has been appointed as the company's auditor for the financial year 2026. Let me now put Item 4B of the agenda to the vote. Please cast your vote by pressing the button of your choice. [Voting]

Voting is closed. And I note that Deloitte Accounts BV has also been appointed as the company's assurance provider for the financial year 2026. Let us move on to agenda Item 5. There are 2 agenda subitems of this agenda item 5. If approved, first A, and that is the proposal to designate the Board as the corporate body authorized to issue common shares and to grant rights to subscribe for common shares. If approved, it will replace the current authorization granted by the 2025 General Meeting of Shareholders. The new authorization would be for 18 months from today up to October 13, 2027, and is limited to 10% of the issued common shares as of the date of the 2026 General Meeting of Shareholders. This authorization allows the Board to respond quickly to circumstances requiring the issuance or grant of rights to subscribe for common jets. Then under 5B that is in connection with subitem 5A. 5B would replace the current authorization granted by the 2025 General Meeting of Shareholders with a new authorization for 18 months from today to October 13, 2027. Combined with Agenda Item 5A, this authorization allows the Board to respond quickly to circumstances requiring issuance of common shares with limited or excluded preemptive rights, limited to the same percentages of capital as described in agenda Item 5A. According to an Article 8 of the company's Articles of Association, this proposal requires a 2/3 majority, but only if less than half of the issued share capital is represented. If half or more is represented as is the case today, the majority is sufficient. Is there any shareholder who would like to address the meeting connection with this agenda item? If not, let me then put Item 5A of the agenda to the vote. Please open the voting system and please cast your vote by pressing the button of your choice. [Voting]

I declare the voting closed. And I note that the proposal in relation to 5A has been adopted by the meeting. Let me now put Item 5B of the agenda to the vote. Please cuss your vote by pressing the button of your choice. [Voting]

Voting is now closed. And I note that the proposal in the 5B has also been adopted by the meeting. Moving on to agenda item 6. The Board of Directors believes it's beneficial for the company to have the flexibility to acquire common shares to service employee equity plans globally, equity-based incentive plans and more generally to carry out share buyback programs, if deemed in the best interest of the company and its stakeholders. Therefore, it's proposed at the General Meeting of Shareholders delegates the authority to acquire common shares in the company's capital to the Board of Directors either to purchase on the stock exchange, but the tender offer and over for exchange or otherwise, up to a maximum number of shares equal to 10% of the company's issued common shares for a period of 18 months from today up to October 13, 2027. Prices will be within the margin stated in the explanatory notes to the agenda. This delegation does, however, not obligate the company to acquire its own shares, but allows the Board to respond quickly to circumstances requiring a repurchase for any purpose. Adoption of this proposal will replace the current optimization granted by the 2025 General Meeting of Shareholders. Any shareholder who would like to ask questions or address the meeting in relation to this agenda item? If that's not the case, let me put Item 6 of the agenda to the vote. Please cast your vote by pressing the button of your choice. [Voting]

I declare voting closed. And I note that the proposal has been adopted by the meeting, and that means we have come to the end of the formal part of the meeting. and I'm happy to hand back to the Chair to close the meeting.

Thank you. Thank you all. This was incredibly short to any standards. We are very committed to make sure that '26 is a strong year, and we look forward, as Antonio said, to welcome you at the Capital Markets Day the 21st of May, which will tell you about the future of Stellantis. '25 is a year, which none of us working for Stellantis are proud of. but it's a year where the reset that's -- that has occurred is important in enabling the company to have a strong base and launch pad for the future. So thank you all for being here with us today, and we look forward to having the 21st of May.