** Milan-listed shares in Stellantis STLAM.MI fall 5%, with analysts saying the expected H2 one-off charges may weigh on shareholder returns

** "We anticipate incurring charges in H2 2025, which, once finalized, we expect will largely be excluded from adjusted operating income," the Franco-Italian carmaker says

** Equita points out the non-recurring charges both for restructuring and warranty estimation process review might have repercussions on the dividend

** Citi adds the cash impacts and magnitudes are still to be clarified

** "No change to vague underlying guidance of sequential improvement, but we note confirmation of upcoming charges ... on product plan and, more concerning, changes to warranty calculations," Jefferies adds

** The extra charges are already included in the guidance, a company's spokesperson says

(Reporting by Romolo Tosiani)

((Romolo.Tosiani@tr.com))