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 Share 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 worked closely 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 moved 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's next Chief Executive Officer, recognizing his extensive experience in the automotive sector and his deep understanding of the company, its people, and operations. I'm very happy to have Antonio today with us. As a result, since stepping into the role in June 2025, Antonio has led 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 a 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. 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. 2025 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 2026, we announced approximately EUR 22 billion in charges, with a significant impact on our 2025 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 realigned our plans with customer preferences and market realities, identified and resolved manufacturing and quality issues, and started systematically closing all the execution gaps. At the same time, we reinforced discipline in capital allocation with profitability and cash generation as clear, non-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 2025, we launched 10 new vehicles, offering customers true freedom of choice across internal combustion, battery electric, mild hybrids, range extended, and plug-in hybrid powertrains. Thanks to these efforts, we built momentum and could see encouraging progress in the second half of 2025. 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 2026 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 21st this year, we will outline the next phase of our strategy with clear priorities, credible targets, and a focused roadmap for execution. Finally, none of this would be possible without our people, more than 250,000 colleagues around the world, whose talent, ingenuity, passion, and resilience drive this company forward every day. I thank them all, as I thank you, our shareholders, for your trust and continuous 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 2025. Perfect. After these opening remarks, let us review the key facts and figures for 2025 in a few slides. As I said, 2025 was a year of reset, with results reflecting the significant cost of the changes required. 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 -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 AOI bridge highlights a challenging year in 2025, with significant headwinds from volume and mix, vehicle net pricing, industrial cost, and foreign exchange. 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 improved net pricing. On the cost side, half two results were impacted by a number of specific items which more than offset the positive effects of volume and pricing.
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 an early 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 -EUR 1.5 billion, making a 50% sequential improvement versus the first half of 2025 and 73% year-over-year improvement. Moving to our financial figures table, 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 the 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 2026. 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 reset 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 resetting our manufacturing and quality processes to deliver the customer 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 2026. In H2, 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 number two overall market share and number one 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 A, 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 H2 update for the other regions. In Middle East and Africa, we deliver further progress with an improvement in market share and shipments growth of 9% in the second half. In South America, continues to maintain its number one position as market share, confirming the strength and resilience 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 21st, 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. Notarial minutes will be recorded by Mr. Dirk-Jan Smit of Freshfields, Amsterdam. Thank you. I welcome Mr. François Buzzi and Mr. Christian Binkhorst 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 live 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 second 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. When 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 five minutes per agenda item. Questions should preferably be posed in English with responses in English. Questions may also be in Dutch, French, or Italian with responses in English. Agenda items and sub-items will be discussed in sequence. Discussion and questions on sub-items will occur after all sub-items are introduced. Voting on sub-items will be deferred until after the last sub-item 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 one for For, two for Against, and three 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 voting 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 voting rights that could be cast 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 or in concert, together with votes exercised by affiliates 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 that general meeting of the company. The maximum voting threshold for this meeting is 833,775,381. This threshold had been published on the company's website on April the 8th of this year in accordance with the company's Articles of Association. Let me now turn to item two of the meeting agenda.
The 2025 Annual Report was made available on the Company's website and at the Company's office from March the 2nd, 2026. The first three agenda sub-items are for discussion only and will therefore not be voted on. The fourth agenda sub-item is an advisory voting item. The last two sub-items under agenda item two are voting items. The first sub-item 2A pertains to the report of the Board of Directors for the financial year 2025, included in the Company's Annual Report 2025. This is a discussion item only. The sub-item 2B concerns the corporate governance chapter included in the Company's Annual Report 2025. Following the publication in March 2025 of the updated version of the Dutch Corporate Governance Code, the Company is required to report on its compliance with the 2025 code. This is a discussion item only.
Sub-item 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 6th, 2026, the Board of Directors announced that in light of the company's net loss for the full-year 2025, the company has suspended its dividend policy. As a result, no annual dividend will be distributed in 2026. Sub-item 2D pertains to the 2025 Remuneration Report. The voting results will be advisory and non-binding. According to Dutch law, the 2025 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 the 15th, 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 2025 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 2024, the interim leadership of the Chairman, Mr. John Elkann, during the first half of 2025, and the appointment of Mr. Antonio Filosa as Chief Executive Officer mid-year. The Remuneration Report for 2025 is contained in the company's Annual Report 2025. It is proposed to the General Meeting to cast a favorable advisory vote. Sub-item 2E concerns the adoption of the company's 2025 Annual Accounts. This is again a voting item.
The Board has prepared the Company's 2025 annual accounts, which have been audited by Deloitte Accountants B.V., the Netherlands, who issued an unqualified opinion. The 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 2025 annual accounts. The final Sub-Item 2F addresses a discharge from liability for Executive Directors regarding their management duties in 2025 and Non-Executive Directors for their non-executive duties in 2025. This is again a voting item. Now that we've dealt with all subsections of agenda item two, it's time to address the question. As a guideline, I consider appropriate a maximum of approximately five minutes for each speaker, for each agenda item, during which time any voting declarations 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 two. 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 Forum pour l'Investissement Responsable, FIR. 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, FIR has addressed a set of ESG-related questions to the CAC 40 companies. This year's exercise includes four questions. The first three questions are common to all CAC 40 companies and relate respectively to just transition, a decent standard of living in the value chain, and the social impacts of artificial intelligence. For these questions, FIR prepared an initial analysis based on Stellantis' public disclosures using AI-based research tools and reviewed by FIR. FIR then invited us to validate, complement, and enrich this analysis 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 three common questions, Stellantis will provide written responses. These responses will complement and clarify the analysis prepared by FIR and will set out our perspective and forward-looking approach on each topic. In line with FIR'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 and topical issue, which is the environmental and human rights risk associated with the sourcing of critical raw materials used in the electric vehicle batteries, including lithium, nickel, cobalt, and graphite.
FIR 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. FIR 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 risk mapping as part of its global human rights and sustainability due diligence framework, aligned with international standards such as the UN Guiding Principles on Business and Human Rights and the OECD Guidelines. This risk mapping draws 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 high-risk geographies and materials. Where elevated risks are identified, suppliers are subject to enhanced due diligence, including audits and corrective action plans. We recognize the growing expectation for increased transparency around battery critical minerals. Today, Stellantis already reports 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 acknowledge the structural limits to traceability in global mining and refining supply chains, which are multi-tiered, involve numerous intermediaries, are subject to commercial confidentiality constraints. This is why Stellantis applies 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 sites or volumes assessed 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 engages closely with suppliers, participates in multi-stakeholder and industry initiatives, invests in improved supply chain mapping, and aligns its practices with emerging regulatory requirements. Finally, we would like to thank FIR for its continued interest in 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 two, and I will now put to the vote the three voting sub-items of agenda item two. 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. One for for, two for against, three to abstain. I declare that resolution opened. Please cast your vote by pressing the button of your choice. Please let me have your vote. I now declare the voting on the sub-item closed, and I establish that the General Meeting advises 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 a vote.
As said, this is a voting item. Please cast your vote by pressing the button of your choice. I now declare the voting on the sub-item closed. 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 Non-Executive Directors of the Board. Again, a voting item. Please let me have your vote by pressing the button of your choice. I now declare the voting on the sub-item closed. I establish that the proposal has been approved and that therefore the Executive Directors and the Non-Executive Directors of the Board have been granted discharge by the Meeting. Agenda Item three concerns the appointment of certain Executive and Non-Executive Directors 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 shall lapse 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 is proposed for reappointment as Non-Executive Director upon a binding nomination made by Établissements Peugeot Frères S.A. and Peugeot Invest. These nominations are binding unless overruled by a 2/3 majority vote representing more than half of the company's issued share capital. Based on the company's Articles of Association, Board Regulations, 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 Non-Executive Director. Mr. Esser brings experience in delivering industry-leading value creation enabled by a digital business model. Mr. de Castries and Mr. Esser qualify as independent under both 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 the 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 explanatory notes to 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 who 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 four voting sub-items of agenda item three. Each sub-item will be voted on separately. Let me now proceed to voting on sub-item 3A, the appointment of John Elkann as Executive Director. Please cast your vote. Voting is closed, and I establish that the proposal to reappoint Mr. Elkann as Executive Director has been adopted.
Let me now proceed to voting on sub-item 3B, the reappointment of Robert Peugeot as Non-Executive Director. The voting is opened. Please cast your votes. Voting is now closed. I establish that the proposal to reappoint Mr. Robert Peugeot as Non-Executive Director has been approved. Let me now proceed to voting item on sub-item 3C, and that's the reappointment of Henri de Castries as Non-Executive Director. Please open the voting system and cast your votes. Voting now closed, and I establish that the proposal to reappoint Mr. Henri de Castries as Non-Executive Director has been adopted. Let me now proceed to voting on sub-item 3D, and that's the appointment of Juergen Esser as Non-Executive Director. Could you open the voting system and please let me have your votes. Voting is closed, and I establish that the proposal to appoint Mr. Juergen Esser as Non-Executive Director has been adopted.
Moving on to agenda item four. There are two agenda sub-items of this agenda item four. According to Article 27 of the Company's Articles Association, the General Meeting of Shareholders appoints the independent auditor for the financial statements audit. The Audit Committee has reviewed the auditor's performance and effectiveness, recommending the appointment of Deloitte Accountants B.V. for 2026. The Board of Directors agrees and proposes to reappoint Deloitte Accountants B.V. as the Company's auditor for 2026. The European Corporate Sustainability Reporting Directive requires companies ensure to appoint an external auditor, assurance provider, to carry out a limited assurance review of their sustainability reporting. The CSRD is, however, not yet transposed into Dutch law. Article 2:393a of the Dutch Civil Code, 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 the CSRD, the Board of Directors, at the Audit Committee's recommendation, proposes to the General Meeting of Shareholders to appoint Deloitte Accountants B.V. as the company's assurance provider for the financial year 2026. Is there any shareholder who would like to ask questions in relation to this agenda item? That not being the case, let us move on to the voting, and I request the operator to open the voting system in relation to item four A of the agenda. Voting is closed, and I note that Deloitte Accountants B.V. has been appointed as the company's auditor for the financial year 2026. Let me now put item four B of the agenda to the vote. Please cast your vote by pressing the button of your choice.
Voting is closed. I note that Deloitte Accountants B.V. has also been appointed as the Company's assurance provider for the financial year 2026. Let us move on to agenda item five. There are two agenda sub-items of this agenda item five. 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 13th, 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 shares.
Under five B, that is in connection with Sub-item five A would replace the current authorization granted by the 2025 General Meeting of Shareholders with a new authorization for 18 months from today up to October 13th, 2027. Combined with Agenda Item five A, 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 five A. According to Article eight of the Company's Articles of Association, this proposal requires a two-thirds 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, a simple majority is sufficient. Is there any shareholder who would like to address the Meeting in connection with this Agenda Item?
If not, let me then put item five A of the agenda to the vote. Please open the voting system, and please cast your vote by pressing the button of your choice. I declare the voting closed, and I note that the proposal in relation to five A has been adopted by the meeting. Let me now put item five B of the agenda to the vote. Please cast your vote by pressing the button of your choice. Voting is now closed, and I note that the proposal under five B has also been adopted by the meeting. Moving on to agenda item six. 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 that the General Meeting of Shareholders delegates the authority to acquire common shares in the company's capital to the Board of Directors, either through purchase on the stock exchange, public tender offer, an offer 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 13th, 2027. Prices will be within the margins 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 authorization 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 six of the agenda to the vote. Please cast your vote by pressing the button of your choice. I declare the voting closed, and I note that the proposal has been adopted by the meeting. That means we have come to the end of the formal part of the meeting. 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 2026 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. 2025 is a year which none of us working for Stellantis are proud of, but it's a year where the reset that has occurred is important in enabling the company to have a strong base and launchpad for the future. Thank you all for being here with us today, and we look forward having you the 21st of May.