** Milan-listed shares in Stellantis STLAM.MI drop 4.3% as the carmaker reinstated guidance came below investors' expectation

** Stellantis guided for increased net revenues and a low-single digit operating income margin in H2 despite increasing headwinds, aiming for a gradual recovery after an H1 net loss of 2.26 billion euros ($2.61 billion)

** Jefferies sees no major surprise in the H1 results, following a profit warning earlier in July, and says the group presented "a vague guidance, which may disappoint"

** "We stick to our view that 1H25 marked the lowest point in operating, but the qualitative indications on 2H appear less optimistic than both our and consensus' expectations, broker Equita says, in particular in regards to the FCF outlook

** At 07:27 GMT, shares in the group listed in Milan and Paris both fell over 4%, at the bottom of the FTSE Mib .FTMIB and the CAC 40 .FCHI indexes respectively

** Stellantis' stock on the Milan bourse has lost over 37% YTD

($1 = 0.8672 euros)

($1 = 0.8671 euros)

(Enrico Sciacovelli)

((Enrico.sciacovelli@thomsonreuters.com))