Stellantis Reports Full Year 2025 Financial Results

Stellantis Reports Full Year 2025 Financial Results
Decisive Reset to Meet Customer Preferences
Focus on Strong Execution in 2026

• Net revenues of €153.5 billion, down 2% compared to 2024, mainly due to FX headwinds and also from H1 2025 net pricing declines
• Net loss of €22.3 billion due to €25.4 billion of full year unusual charges, primarily reflects a strategic shift to put customer preferences and freedom-of-choice back at the heart of the Company's plans
• Adjusted operating loss⁽²⁾ of €842 million with AOI margin⁽³⁾ of (0.5)%, AOI negatively impacted by a number of specific items
• Industrial free cash flows⁽⁴⁾ were negative €4.5 billion
• H2 2025, the first full 6 months of the renewed leadership team, saw improvements in revenue growth and IFCF⁽⁴⁾. Top-line growth was re-established with a 10% year-over-year increase in Net revenues. H2 2025 IFCF⁽⁴⁾ of negative €1.5 billion represents approximately 50% improvement compared to H1 2025, and 73% improvement compared to H2 2024
• Industrial available liquidity⁽⁹⁾ was €46 billion at the end of 2025. To preserve a strong balance sheet the Board authorized the suspension of the 2026 dividend and the issuance of up to €5 billion of hybrid bonds
• New product wave broadens market coverage with added white-space products and powertrain options across North America, Enlarged Europe, South America and Middle East & Africa targeting profitable growth opportunities
• 2026 Financial Guidance Affirmed. Company expects to progressively improve Net revenues, AOI margin⁽³⁾ and Industrial free cash flows⁽⁴⁾ in 2026, and to see progressive improvements from H1 2026 to H2 2026

"Our 2025 full year results reflect the cost of over-estimating the pace of the energy transition and of the need to reset our business around our customers' freedom to choose from the full range of electric, hybrid and internal combustion technologies."   "In the second half of the year we began to see initial, positive signs of progress with the early results of our drive to improve quality, strong execution of the launches of our new product wave and a return to top line growth. In 2026 our focus will be on continuing to close the execution gaps of the past, adding further momentum to our return to profitable growth."                                                                               Antonio Filosa, CEO

2026 Dodge Charger SIXPACK - 2026 NA Car of the Year®

€ million / units million			FY 2025		FY 2024		Change			H2 2025		H2 2024		Change			FY 2026 FINANCIAL GUIDANCE   Net revenues: Mid-Single Digit % Increase   AOI margin(3): Low-Single Digit %                       Industrial free cash flows(4): Improved Y-o-Y (incl. €2B in 2026 payments related to H2 '25 charges)   Expect Positive Industrial free cash flow(4) in 2027
I F R S	Net revenues		153,508		156,878		(2)%			79,247		71,861		+10%
	Net profit/(loss)		(22,332)		5,520		n.m.			(20,076)		(127)		n.m.
	Diluted EPS		(7.75)		1.84		n.m.			(6.96)		(0.05)		n.m.
	Cash flows from operating activities(5)		(4,650)		1,535		n.m.			(2,363)		(2,435)		+3%
N O N - G A A P	Adjusted operating income/(loss)(2)		(842)		8,648		(110)%			(1,382)		185		n.m.
	Adjusted operating income margin(3)		(0.5)%		5.5%		(600)	bps		(1.7)%		0.3%		(200)	bps
	Adjusted diluted EPS(5)		(0.42)		2.48		(117)%			(0.60)		0.08		n.m.
	Industrial free cash flows(4)		(4,525)		(6,045)		+25%			(1,520)		(5,653)		+73%
	Consolidated shipments(1)		5,484		5,415		+1%			2,820		2,543		+11%
	Combined shipments(1)		5,573		5,526		+1%			2,883		2,595		+11%

________________________________________________________________________________________________________________________________________

All reported data is unaudited. Reference should be made to the section “Safe Harbor Statement” included elsewhere within this document
n.m - not meaningful

AMSTERDAM – February 26, 2026 — Stellantis N.V. reported its Full Year 2025 results, with Net revenues of €153.5 billion, down 2% from 2024 due to strong FX headwinds and H1 2025 net pricing declines, which were partially offset by higher volume and mix. The Company posted a Net loss of €22.3 billion, driven by €25.4 billion in charges primarily related to a profound strategic shift to meet customer preferences, and reflect shifts in regulatory frameworks.

In 2026, Stellantis' expanding product wave is broadening market coverage and targeting new opportunities for profitable growth. For example, in North America, the Jeep^® Cherokee and Dodge Charger SIXPACK mark a decisive re‑entry into the mid‑SUV and ICE muscle‑car segments, with additional momentum expected from the late‑2025 launch of the Ram 1500 HEMI® V8 and Express models. In South America, the mid-size pickup Ram Dakota anchors the lineup, while in Enlarged Europe, the Citroën C5 Aircross BEV, the Jeep^® Compass BEV and the recently launched Fiat 500 Hybrid further strengthen the Company's ability to meet the full range of its customers' needs.

Company Delivers Return to Top-Line Growth in H2 2025
Stellantis delivered a solid performance in the second half of 2025, with consolidated shipments reaching 2.8 million units—an increase of 277,000 vehicles, or +11% year-over-year. Growth was broad-based, with every region reporting higher volumes.

• North America posted the strongest contribution, adding 231,000 units—a +39% year-over-year increase, reflecting the benefits of normalized inventory dynamics, compared with the prior year's inventory reduction initiative, along with increased commercial momentum in the region.
• Stellantis' Net revenues in H2 2025 rose 10% compared with the same period in 2024.

These results reflect the initial impact of improved operational efficiencies, disciplined commercial strategies, and the strength of Stellantis’ global brand portfolio. Furthermore, the renewed focus on quality management is delivering early results, with the number of issues reported for vehicles in their first month of service decreasing by over 50% in North America, and by over 30% in Enlarged Europe since the beginning of 2025.

Executes Decisive Reset to Align with Customers and Support Profitable Growth
On February 6, 2026, Stellantis announced a major reset of its business, resulting in approximately €22.2 billion in charges, excluded from AOI, for the second half of 2025, of which about €6.5 billion are cash payments expected to be made over the next four years. These charges include:

• Resetting the product plan and EV supply chain to reflect customer demand and shifting regulations;
• A change in the estimation process for contractual warranty provisions; and
• Other charges, mainly related to previously announced workforce reductions in Enlarged Europe.
  
  

In addition, the reset has empowered regional teams to accelerate decision-making and improve effectiveness across all business areas, while working to build closer, more productive relationships with the Company's dealer, supplier, institutional and union stakeholders.

2026 Guidance Reiterated Projecting Progressive Improvement in Net Revenue, AOI, and IFCF
The Company expects to see a mid-single-digit percent increase in Net revenues, a low-single-digit AOI margin, and improved Industrial free cash flow generation year over year. Sequential improvement is also expected from the first half to the second half of the year.

Upcoming Events

• Full Year 2025 Results Management Call - February 26, 2026, at 2:00 p.m. CET / 8:00 a.m. EST. The webcast and recorded replay will be accessible under the Investors section of the Stellantis corporate website (www.stellantis.com).
• Annual General Meeting - April 14, 2026.
• Beginning with Q1 2026 results on April 30, Stellantis will transition to quarterly reporting of earnings and other financial results.
• Stellantis Investor Day - May 21, 2026, Auburn Hills, Michigan & virtually through webcast. Registration is now open.

About Stellantis
Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP) is a leading global automaker, dedicated to giving its customers the freedom to choose the way they move, embracing the latest technologies and creating value for all its stakeholders. Its unique portfolio of iconic and innovative brands includes Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, FIAT, Jeep_®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. For more information, visit https://www.stellantis.com.

FULL YEAR 2025 SEGMENT PERFORMANCE

NORTH AMERICA								ENLARGED EUROPE
€ million, except as otherwise stated	2025		2024		Change			€ million, except as otherwise stated	2025		2024		Change
Shipments (000s)	1,472		1,432		+40			Shipments (000s)	2,490		2,576		(86)
Net revenues	60,962		63,450		(2,488)			Net revenues	57,773		59,010		(1,237)
AOI	(1,892)		2,660		(4,552)			AOI	(651)		2,419		(3,070)
AOI margin	(3.1)%		4.2%		(730)	bps		AOI margin	(1.1)%		4.1%		(520)	bps
Shipments up 3%, mainly due to increase in Ram LD trucks, Jeep® Wrangler and Gladiator and Chrysler Pacifica, partially offset by Ram Promaster and Jeep® PHEVs Net revenues down 4%, driven largely by foreign exchange impacts from U.S. Dollar and higher incentives levels, partially offset by increased volume, specifically in U.S. retail Adjusted operating income/(loss) down €5 billion, mainly driven by unfavorable mix, U.S. tariffs, change in estimate for contractual warranties and increased incentive spend, partially offset by purchasing and manufacturing performance and improved retail volumes								Shipments down 3%, mainly due to lower shipments of legacy models of Peugeot, Opel and FIAT brands, partially offset by higher volumes of Opel/Vauxhall Frontera and Fiat Grande Panda Net revenues down 2%, due to pricing pressures and reduced volumes, partially offset by positive powertrain and trim mix Adjusted operating income/(loss) down €3 billion, driven by unfavorable pricing and mix, lower volumes, and higher industrial costs related to warranty and LCV compliance provisions, partially mitigated by improved purchasing and manufacturing performance

MIDDLE EAST & AFRICA								SOUTH AMERICA
€ million, except as otherwise stated	2025		2024		Change			€ million, except as otherwise stated	2025		2024		Change
Combined shipments(1) (000s)	542		534		+8			Shipments (000s)	1,000		912		+88
Consolidated shipments(1) (000s)	453		423		+30			Net revenues	16,197		15,863		+334
Net revenues	9,709		10,097		(388)			AOI	1,963		2,272		(309)
AOI	1,429		1,901		(472)			AOI margin	12.1%		14.3%		(220)	bps
AOI margin	14.7%		18.8%		(410)	bps
Consolidated shipments up 7%, mainly driven by increased volumes in Türkiye, partially offset by decreases in Algeria Net revenues down 4%, primarily due to negative foreign exchange translation effects, mainly from Turkish Lira, partially offset by strong increases in net pricing Adjusted operating income/(loss) down €472 million, primarily due to negative foreign exchange transaction and translation effects primarily related to Turkish Lira, partially offset by increased pricing actions								Shipments up 10%, driven primarily by increased volumes in Argentina, Brazil and Chile Net revenues up 2%, driven by increased volume, mainly in Argentina, largely offset by foreign exchange impacts from Brazilian Real and Argentine Peso Adjusted operating income/(loss) down €309 million, driven by Brazilian Real devaluation impact on industrial costs and Argentine Peso devaluation impact on price in Argentina, partially offset by better volume/mix and a benefit from recognition of Brazilian indirect tax credits

CHINA AND INDIA & ASIA PACIFIC								MASERATI
€ million, except as otherwise stated	2025		2024		Change			€ million, except as otherwise stated	2025		2024		Change
Combined shipments(1) (000s)	61		61		—			Shipments (000s)	7.9		11.3		(3.4)
Consolidated shipments(1) (000s)	61		61		—			Net revenues	726		1,040		(314)
Net revenues	1,868		1,993		(125)			AOI	(198)		(260)		+62
AOI	74		(58)		+132			AOI margin	(27.3)%		(25.0)%		(230)	bps
AOI margin	4.0%		(2.9)%		+690	bps
Improved results due to better mix mainly driven by higher Ram sales and fixed costs containment, partially offset by unfavorable foreign exchange translation impacts								Lower R&D and reduced D&A costs from previously impaired assets, partially offset by decreased net pricing in NA and lower volumes from reduced product portfolio, U.S. tariffs and reduced appetite for luxury products in China

H2 2025 PERFORMANCE

(€ million)			H2 2025		H2 2024		Change
I F R S	Net revenues		79,247		71,861		+10%
	Net profit/(loss)		(20,076)		(127)		n.m.
	Diluted EPS		(6.96)		(0.05)		n.m.
	Cash flows from operating activities(5)		(2,363)		(2,435)		3%
N O N - G A A P	Adjusted operating income/(loss)(2)		(1,382)		185		n.m.
	Adjusted operating income margin(3)		(1.7)%		0.3%		(200)	bps
	Adjusted diluted EPS(6)		(0.60)		0.08		n.m.
	Industrial free cash flows(4)		(1,520)		(5,653)		73%

NORTH AMERICA								ENLARGED EUROPE
€ million, except as otherwise stated	H2 2025		H2 2024		Change			€ million, except as otherwise stated	H2 2025		H2 2024		Change
Shipments (000s)	825		594		+231			Shipments (000s)	1,201		1,189		+12
Net revenues	32,764		25,097		+7,667			Net revenues	28,532		29,041		(509)
AOI	(941)		(1,706)		+765			AOI	(660)		359		(1,019)
AOI margin	(2.9)%		(6.8)%		+390	bps		AOI margin	(2.3)%		1.2%		(350)	bps

MIDDLE EAST & AFRICA								SOUTH AMERICA
€ million, except as otherwise stated	H2 2025		H2 2024		Change			€ million, except as otherwise stated	H2 2025		H2 2024		Change
Combined shipments(1) (000s)	291		261		+30			Shipments (000s)	529		518		+11
Consolidated shipments(1) (000s)	228		209		+19
Net revenues	4,765		5,092		(327)			Net revenues	8,428		8,496		(68)
AOI	661		854		(193)			AOI	775		1,122		(347)
AOI margin	13.9%		16.8%		(290)	bps		AOI margin	9.2%		13.2%		(400)	bps

CHINA AND INDIA & PACIFIC								MASERATI
€ million, except as otherwise stated	H2 2025		H2 2024		Change			€ million, except as otherwise stated	H2 2025		H2 2024		Change
Combined shipments(1) (000s)	33		29		+4			Shipments (000s)	3.7		4.8		(1.1)
Consolidated shipments(1) (000s)	33		29		+4			Net revenues	357		409		(52)
Net revenues	945		921		+24			AOI	(59)		(178)		+119
AOI	55		(115)		+170			AOI margin	(16.5)%		(43.5)%		n.m.
AOI margin	5.8%		(12.5)%		n.m.

Reconciliations - Full Year

Net revenues from external customers to Net revenues and Net profit to Adjusted operating income

2025	(€ million)		NORTH AMERICA		ENLARGED EUROPE		MIDDLE EAST & AFRICA		SOUTH AMERICA		CHINA AND INDIA & ASIA PACIFIC		MASERATI		OTHER(*)		STELLANTIS
Net revenues from external customers			60,962		57,602		9,708		16,031		1,867		726		6,612		153,508
Net revenues from transactions with other segments			—		171		1		166		1		—		(339)		—
Net revenues			60,962		57,773		9,709		16,197		1,868		726		6,273		153,508
Net profit/(loss)																	(22,332)
Tax expense/(benefit)																	(4,273)
Net financial expenses/(income)																	351
Operating income/(loss)																	(26,254)
Adjustments:
Restructuring and other costs, net of reversals(A)			(17)		861		2		17		—		4		46		913
Takata airbags recall campaign(B)			—		590		27		5		—		—		—		622
Platform impairments(C)			5,700		270		—		—		—		613		—		6,583
Costs related to product plan realignments and program cancellations(D)			6,528		2,211		8		321		1		3		—		9,072
Other Impairments(E)			—		79		—		—		—		—		164		243
Battery JVs(F)			1,571		483												2,054
Hydrogen fuel cell program discontinuation(G)			—		1,094		—		—		—		—		—		1,094
CAFE penalty rate(H)			269		—		—		—		—		—		—		269
Stellantis Türkiye disposal(I)			—		—		246		—		—		—		—		246
Change in estimate for contractual warranties(J)			3,252		878		—		—		—		—		—		4,130
Other(K)			161		25		1		(35)		(9)		—		43		186
Total adjustments			17,464		6,491		284		308		(8)		620		253		25,412
Adjusted operating income(1)			(1,892)		(651)		1,429		1,963		74		(198)		(1,567)		(842)

________________________________________________________________________________________________________________________________________________________________________________________
(*) Other activities, unallocated items and eliminations
(A) Primarily related to workforce reductions, mainly in Enlarged Europe
(B) Related to stop-drive campaign on certain vehicles in Enlarged Europe announced in June 2025
(C) Primarily as a result of reduced volumes and profitability expectations, platforms were impaired in North America for €5,700 million, Maserati for €613 million and in Enlarged Europe for €270 million
(D) Primarily related to costs incurred as result of product plan realignments and program cancellations
(E) Impairments in Other activities is related to the Free2Move business, the other impairments in Enlarged Europe relate to write downs of assets on classification to held for sale as well as the impairment of a prepayment to a supplier, which is not expected to be recoverable
(F) Related to steps of rationalizing battery manufacturing capacity
(G) During the year ended December 31, 2025, Stellantis decided to discontinue its hydrogen fuel cell strategy. As a result, the following items have been impaired: (i) investment in Symbio (€324 million), (ii) loans granted to Symbio (€146 million), (iii) capitalized development expenditures and property, plant and equipment related to fuel cells (€341 million), (iv) in addition, provisions for risks were recognized (€210 million) and (v) other expenses (€73 million)
(H) As a result of the elimination of CAFE fines with the enactment of OBBB, the Company recognized a net expense of €97 million, comprised of net €172 million of CAFE credits recognized as a reduction of Cost of revenues, which remains included in Adjusted operating income as these amounts reduced prior year CAFE fines, and a net expense of €269 million, which is excluded from AOI and comprised of (i) elimination of the CAFE provision of €844 million, (ii) impairment of the regulatory credit assets of €609 million, and (iii) onerous contracts related to contractual purchase commitments for CAFE credits of €504 million
(I) Sale of Stellantis Türkiye to the Company’s joint venture, Tofas, for which the Company recognized an estimated loss on disposal of €246 million, driven primarily by the recycling of the cumulative translation reserve from Equity to the Consolidated Income Statement upon disposal
(J) Related to the change in estimate for contractual warranty provisions, resulting from the reassessment of the estimation process, taking into account recent increases in cost inflation and a deterioration in quality, as a result of operational choices, which did not deliver the expected quality performance
(K) Comprised primarily of (i) adjustments to costs previously recognized to support the workforce during the transformation of certain plants in North America, (ii) gains/(losses) recognized on the disposal of non-significant entities and on dilution of certain of our equity method investees, including Archer.

2024	(€ million)		NORTH AMERICA		ENLARGED EUROPE		MIDDLE EAST & AFRICA		SOUTH AMERICA		CHINA AND INDIA & ASIA PACIFIC		MASERATI		OTHER(*)		STELLANTIS
Net revenues from external customers			63,449		58,844		10,109		15,883		1,991		1,038		5,564		156,878
Net revenues from transactions with other segments			1		166		(12)		(20)		2		2		(139)		—
Net revenues			63,450		59,010		10,097		15,863		1,993		1,040		5,425		156,878
Net profit/(loss)																	5,520
Tax expense/(benefit)																	(1,488)
Net financial expenses/(income)																	(345)
Operating income/(loss)																	3,687
Adjustments:
Restructuring and other costs, net of reversals(A)			510		1,027		1		20		6		22		31		1,617
Impairment expense and supplier obligations, net of reversals(B)			31		207		2		—		16		1,526		25		1,807
Takata airbags recall campaign, net of recoveries(C)			—		711		21		36		—		—		—		768
Lifetime onerous contracts(D)			636		—		—		—		1		—		—		637
Other(E)			62		(6)		—		32		(5)		—		49		132
Total adjustments			1,239		1,939		24		88		18		1,548		105		4,961
Adjusted operating income(1)			2,660		2,419		1,901		2,272		(58)		(260)		(286)		8,648

________________________________________________________________________________________________________________________________________________________________________________________
(*) Other activities, unallocated items and eliminations
(A) Primarily related to workforce reductions, mainly in Enlarged Europe and North America
(B) Primarily related to (i) €1,063 million of impairments of certain platform assets in Maserati and Enlarged Europe, net of reversal, driven by projected decreases in margins for certain models and the cancellation of certain projects prior to launch, (ii) €230 million of provisions accrued for supplier obligations, relating to projects in development which were cancelled prior to launch (and for which the related capitalized R&D was impaired under (i) above), and (iii) €514 million of goodwill impairments related to the Maserati segment
(C) Extension of Takata airbags recall campaign
(D) Provision primarily related to lifetime service contracts sold in North America prior to the merger determined to be onerous during 2024
(E) Consisting of other adjustments which are individually insignificant

Diluted EPS to Adjusted diluted EPS⁽⁶⁾

Results from continuing operations
(€ million, except as otherwise stated)		2025		2024
Net profit attributable to owners of the parent		(22,368)		5,473
Weighted average number of shares outstanding (000)		2,886,684		2,949,652
Number of shares deployable for share-based compensation (000)		—		26,168
Weighted average number of shares outstanding for diluted earnings per share (000)		2,886,684		2,975,820
Diluted earnings per share (A) (€/share)		(7.75)		1.84
Adjustments, per above		25,412		4,961
Tax impact on adjustments(B)		(5,185)		(799)
Unusual items related to income taxes(B)		932		(2,266)
Total adjustments, net of taxes		21,159		1,896
Impact of adjustments above, net of taxes, on Diluted earnings per share from continuing operations (B) (€/share)		7.33		0.64
Adjusted Diluted earnings per share(6) (€/share) (A+B)		(0.42)		2.48

______________________________________________________________________________________________________________________________________________
(A) Tax impact on adjustments is calculated based on the expected local country tax implications for each adjustment
(B) Unusual items related to income taxes relate to the derecognition of deferred tax assets in Germany in 2025, and the recognition of deferred tax assets in Brazil in 2024

Cash flows from operating activities to Industrial free cash flows

(€ million)		2025		2024
Cash flows from/(used in) operating activities(5)		(4,650)		1,535
Less: Financial services, net of inter-segment eliminations		(9,700)		(5,209)
Less: Capital Expenditures and capitalized research and development expenditures and change in amounts payable on property, plant and equipment and intangible assets for industrial activities		9,090		10,761
Add: Proceeds from disposal of assets and other changes in investing activities		591		303
Less: Contributions of equity to joint ventures and minor acquisitions of consolidated subsidiaries and equity method and other investments		1,116		2,376
Add: Defined benefit pension contributions, net of tax		40		45
Industrial free cash flows(4)		(4,525)		(6,045)

Debt to Industrial net financial position

(€ million)		December 31, 2025		December 31, 2024
Debt		(45,947)		(37,227)
Current financial receivables from jointly-controlled financial services companies		603		674
Derivative financial assets/(liabilities), net and collateral deposits		181		222
Financial securities		1,362		4,468
Cash and cash equivalents		30,146		34,100
Industrial net financial position classified as held for sale		—		169
Net financial position		(13,655)		2,406
Less: Net financial position of financial services		(20,349)		(12,722)
Industrial net financial position(7)		6,694		15,128

Available liquidity

(€ million)		December 31, 2025		December 31, 2024
Cash, cash equivalents and financial securities(8)		31,508		38,568
Undrawn committed credit lines		18,287		12,915
Cash, cash equivalents and financial securities - included within Assets held for sale		—		297
Total Available liquidity(9)		49,795		51,780
of which: Available liquidity of the Industrial Activities		45,711		49,481

Reconciliations - H2

Net revenues from external customers to Net revenues and Net profit to Adjusted operating income

H2 2025	(€ million)		NORTH AMERICA		ENLARGED EUROPE		MIDDLE EAST & AFRICA		SOUTH AMERICA		CHINA AND INDIA & ASIA PACIFIC		MASERATI		OTHER(*)		STELLANTIS
Net revenues from external customers			32,764		28,439		4,770		8,335		948		358		3,633		79,247
Net revenues from transactions with other segments			—		93		(5)		93		(3)		(1)		(177)		—
Net revenues			32,764		28,532		4,765		8,428		945		357		3,456		79,247
Net profit/(loss)																	(20,076)
Tax expense/(benefit)																	(3,659)
Net financial expenses/(income)																	191
Operating income/(loss)																	(23,544)
Adjustments:
Restructuring and other costs, net of reversals(A)			24		330		2		13		—		4		18		391
Takata airbags recall campaign(B)			—		351		27		5		—		—		—		383
Platform impairments(C)			5,700		244		—		—		—		61		—		6,005
Costs related to product plan realignments and program cancellations(D)			6,201		2,077		—		2		—		3		—		8,283
Other Impairments(E)			—		79		—		—		—		—		164		243
Battery JVs(F)			1,571		483		—		—		—		—		—		2,054
Fuel cell program discontinuation(G)			—		361		—		—		—		—		—		361
CAFE penalty rate			—		—		—		—		—		—		—