Slide 1: Q3 2025 results
Q3 2025 results Turin, Italy – 6th November 2025
Slide 2: Cautionary statement
SUMMARY CAUTIONARY STATEMENT Statements other than statements of historical fact contained in these slides, including competitive strengths; business strategy; future financial position or operating results; budgets; projections with respect to revenue, income, earnings (or loss) per share, capital
Slide 3: A quarter marked by ongoing headwinds
SUMMARY A QUARTER MARKED BY ONGOING HEADWINDS • Continuous low European industry demand in Cab- • Q3 2025 Consolidated Net Revenues at €3.1bn, chassis sub segment affecting quarterly profitability, 3.6% down compared to Q3 2024, with Consolidated partially off-set by cost efficiency management Adjus
Slide 4: H1 2026 indicative timeline – subject to regulatory approvals
IVECO GROUP H1 2026 INDICATIVE TIMELINE – SUBJECT TO REGULATORY APPROVALS H1 2026 Regulatory approval Extraordinary completion Closing dividends distribution Sale of Defence Business to Leonardo Regulatory approval Launch of Tata Completion of Tata completion Tender Offer tender Offer Tender Offer o
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Slide 6: Continuous pricing discipline and inventory management
TRUCK CONTINUOUS PRICING DISCIPLINE AND INVENTORY MANAGEMENT LIGHT COMMERCIAL VEHICLES MEDIUM & HEAVY DUTY (3.5-7.49t) INDUSTRY VOLUMES(1) (≥ 7.5t) (Units, % change versus Q3 2024) • Q3 2025 European industry volumes were up 5% in Rest of the Rest of the both LCV and M&H Trucks, vs Q3 2024 Europe25
Slide 7: Worldwide Trucks B-to-B at 1.00x up 25bps Y-o-Y
TRUCK WORLWIDE TRUCKS B-to-B at 1.00x UP 25bps Y-o-Y LCV M&H (3.5-7.49t) (≥ 7.5t) LIGHT COMMERCIAL VEHICLES • Q3 2025 European order intake +17% vs Q3 2024, with a book-to-bill ratio at 1.05x • South American order intake +37% vs Q3 2024, with book- to-bill ratio at 1.11x Europe South America Europe
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Slide 9: Consolidated #2 position in Europe
BUS CONSOLIDATED #2 POSITION IN EUROPE INDUSTRY VOLUMES(1) (Units, % change versus Q3 2024) • Intercity segment leadership in Europe confirmed, with a 55.1% market share in Q3 2025 up 5 ppt vs Q3 2024 supported by the introduction of electric versions Europe 25 South America Rest of the World Worldw
Slide 10: Strong order book provides good long-term visibility
BUS STRONG ORDER BOOK PROVIDES GOOD LONG-TERM VISIBILITY BOOK-TO-BILL RATIO WORLDWIDE • In Q3 2025 Bus order intake was down 17% due to the good performance in H1 leading to a +6% Sep YTD and deliveries up 20% versus Q3 2024 • Book-to-bill ratio was 0.77x at the end of Q3 2025, reflecting the expect
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Slide 12: Engine volumes edged up after nearly two years
POWERTRAIN ENGINE VOLUMES EDGED UP AFTER NEARLY TWO YEARS Thousands units ENGINES SOLD WORLDWIDE 77.3 78.2 • Engine volumes up 1% vs Q3 2024 with initial positive signs of recovery after almost two years of consecutive Y-o-Y decline (since Q3 2023) • New third-party customers acquisition with start
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Slide 14: EV portfolio – YTD performance
IVECO GROUP EV PORTFOLIO – YTD PERFORMANCE eTrucks eBuses eAxles Batteries eBS 37 EVO eBS 69Bus EDU eAX 840 (dual motor) eDaily eTLB CD Off-Road • Deliveries at good level, despite market • Strong order book well through H2 • Deliveries at good level, despite • Deliveries at good level, despite dema
Slide 15: Q3 2025 Financials
Q3 2025 FINANCIALS
Slide 16: Financial highlights – continuing operations
Q3 2025 FINANCIALS FINANCIAL HIGHLIGHTS – CONTINUING OPERATIONS Change versus Q3 2024 for Profit & Loss and Cash Flow items, versus 31st December 2024 for Balance Sheet items Consolidated Industrial Activities €3.12bn €3.04bn €0.15 (3.6)% Net Revenues (3.0)% €(0.20) Adjusted diluted EPS(1) €111mn €7
Slide 17: Net revenues of industrial activities
Q3 2025 FINANCIALS NET REVENUES OF INDUSTRIAL ACTIVITIES (3.0%) YoY POWERTRAIN 742 745 POWERTRAIN ▼ VOLUME AND MIX - Lower volumes in Truck offset by Bus BUS 547 ▲ GROSS PRICING - Positive across Business units 719 10% Change YoY ▼ FX - Adverse FX rate impact in Brazil and Türkiye BUS 1% Europe (3)%
Slide 18: Adjusted EBIT of industrial activities
Q3 2025 FINANCIALS ADJUSTED EBIT OF INDUSTRIAL ACTIVITIES Walk by driver – €mn, unless otherwise stated 4.6% 2.5% 144 Volume(67) and Mix 15 (7) cost(1) Production 17 (10) R&D (17) 76 INDUSTRIAL INDUSTRIAL Q3 2024 VOLUME AND MIX Net NETpricing(1) PRICING PRODUCTION COST SG&A SG&A R&D FX FX || O Other
Slide 19: Adjusted EBIT margin by industrial business unit
Q3 2025 FINANCIALS ADJUSTED EBIT MARGIN BY INDUSTRIAL BUSINESS UNIT TRUCK BUS POWERTRAIN ▲ Efficiency Programme Progress Higher volumes and positive price ▲ Volume increase and Efficiency ▲ realisation Programme Progress Lower volumes / mix and negative ▼ Ramp up costs in Annonay plant ▼ absorption
Slide 20: Financial services
Q3 2025 FINANCIALS FINANCIAL SERVICES (1) Adjusted EBIT Equity and Return on Assets (2) 2.5% 2.3% 2.1% 2.3% 2.3% 1.9% 2.1% 2.1% 2.0% 2.0% 2.2% 2.0% 2.1% 2.0% 2.1% Q3 2025 €35mn 723 752 789 768 778 811 844 842 836 867 892 846 806 825 830 Q3 2024 €39mn Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022
Slide 21: Net cash and free cash flow of industrial activities
Q3 2025 FINANCIALS NET CASH AND FREE CASH FLOW OF INDUSTRIAL ACTIVITIES €mn Industrial Free Cash Flow: (513) 760 309Adjusted Industrial (91) Δ in (362) industrial (150) (219) buy- Δ in provisions, 5 FX &(39) Other 213 FINANCIAL CHARGES AND CAPITAL INCREASES, INDUSTRIAL NET CASH NET EBITDA ADJUSTED E
Slide 22: Debt maturity profile
Q3 2025 FINANCIALS DEBT MATURITY PROFILE 30th September 2025, €mn AVAILABLE LIQUIDITY OF CONTINUING OPERATIONS 30st September 2025 Undrawn medium-term committed unsecured credit lines 3,988 Bank debt Cash and cash equivalents of Continuing Operations(1) 2,285 Commercial Papers Cash & marketable secu
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Slide 24: Quarterly results – discontinued operations
DEFENCE QUARTERLY RESULTS – DISCONTINUED OPERATIONS NET REVENUES Adj. EBIT MARGIN ▲ Higher volumes Volume and Mix in Europe and higher ▼ R&D partially offset by production efficiencies 267 293 8.6% 8.5% Q3 2024 Q3 2025 Q3 2024 Q3 2025 Funded order book level almost at €5.3bn at September-end 2025 24
Slide 25: CEO closing remarks
CEO CLOSING REMARKS
Slide 26: 2025E industry volume outlook
CEO CLOSING REMARKS 2025E INDUSTRY VOLUME OUTLOOK Units, % change versus FY 2024 LIGHT COMMERCIAL VEHICLES MEDIUM & HEAVY TRUCKS BUSES (3.5-7.49t) (≥ 7.5t) South Rest of the South Rest of the Europe 27(1) Europe 27(1) South America(2) Rest of the World(2) Europe 27(1) America(2) World(2) America(2)
Slide 27: 2025E financial guidance revised
CEO CLOSING REMARKS 2025E FINANCIAL GUIDANCE REVISED New Guidance Previous Guidance New Guidance (Excl. Defence) Group Adjusted EBIT(1) €880 – 980mn €830 – 880mn €680 – 730mn Net Revenues Down (3) – (5)% Confirmed Down (4) – (6)% (including currency translation effects) versus FY 2024 versus FY 2024
Slide 28: CEO takeaway messages
CEO CLOSING REMARKS CEO CLOSING REMARKS CEO TAKEAWAY MESSAGES 01 02 03 04 Fourth quarter’s profitability Positive YoY order intake in Acceleration of Efficiency The sale of Defence to performance expected up year LCVs segment, and in HDT Programme proceeding apace, Leonardo and tender offer by over
Slide 29: Sep YTD 2025 Financials
Sep YTD 2025 FINANCIALS
Slide 30: 9M 2025 industry volume
September YTD 2025 FINANCIALS 9M 2025 INDUSTRY VOLUME Units, % change versus 9M 2024 LIGHT COMMERCIAL VEHICLES MEDIUM & HEAVY TRUCKS BUSES (3.5-7.49t) (≥ 7.5t) South Rest of the South Rest of the Europe 27(1) Europe 27(1) South America(2) Rest of the World(2) Europe 27(1) America(2) World(2) America
Slide 31: Net revenues of industrial activities
September YTD 2025 FINANCIALS NET REVENUES OF INDUSTRIAL ACTIVITIES (6.9%) YoY POWERTRAIN 2,691 2,407 POWERTRAIN BUS 1,573 ▼ VOLUME AND MIX - Truck and FPT for RoW and Latam 1,948 10% Change YoY ▼ GROSS PRICING BUS 1% ▼ FX - Adverse FX rate impact in Brazil and Türkiye Europe (9)% 13% 7,155 South Am
Slide 32: Adjusted EBIT of industrial activities
September YTD 2025 FINANCIALS ADJUSTED EBIT OF INDUSTRIAL ACTIVITIES Walk by driver – €mn, unless otherwise stated 5.7% 3.3% 559 (254) Volume and Mix (50) (32) cost(1) Production 50 9 R&D 19 301 INDUSTRIAL INDUSTRIAL 9M 2024 VOLUME AND MIX Net NETpricing(1) PRICING PRODUCTION COST SG&A SG&A R&D FX F
Slide 33: Adjusted EBIT margin by industrial business unit
September YTD 2025 FINANCIALS ADJUSTED EBIT MARGIN BY INDUSTRIAL BUSINESS UNIT TRUCK BUS POWERTRAIN ▲ Efficiency Programme Progress Higher volumes and positive price ▲ Volume increase and Efficiency ▲ realisation Programme Progress Lower volumes / mix and negative ▼ Ramp up costs in Annonay plant ▼
Slide 34: Net cash and free cash flow of industrial activities
September YTD 2025 FINANCIALS NET CASH AND FREE CASH FLOW OF INDUSTRIAL ACTIVITIES €mn Industrial Free Cash Flow: (1,241) 1,579 1,002 Industrial Adjusted (226) Δ in(1,198) industrial (413) (406) buy- Δ in provisions, (95) FX &(30) Other 213 FINANCIAL CHARGES AND CAPITAL INCREASES, INDUSTRIAL NET CAS
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Slide 36: Non-EU-IFRS financial measures
APPENDIX NON-EU-IFRS FINANCIAL MEASURES Iveco Group monitors its operations through the use of several non-EU-IFRS financial measures including Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income/(Loss), Adjusted Diluted EPS, Adjusted Income Taxes; Adjusted Effective Tax Rate, Free Cash Flow of
Slide 37: Geographic information
APPENDIX GEOGRAPHIC INFORMATION Financials - The composition of our regions is as follow: • Europe: member countries of the European Union, European Free Trade Association, the United Kingdom, Ukraine and Balkans. • South America: Central and South America, and the Caribbean Islands. • North America
Slide 38: Q3 2025 versus Q3 2024 order intake, deliveries and book-to-bill
APPENDIX Q3 2025 VERSUS Q3 2024 ORDER INTAKE, DELIVERIES AND BOOK-TO-BILL Order intake (#units) Deliveries (#units) Book-to-Bill (x) Q3 2025 Q3 2024 YoY % Q3 2025 Q3 2024 YoY % Q3 2025 Q3 2024 YoY % Trucks 17,698 15,768 12% 17,837 23,295 (23%) 0.99 0.68 32 bps LCV 13,949 11,884 17% 13,289 18,309 (27
Slide 39: 9M 2025 versus 9M 2024 order intake, deliveries and book-to-bill
APPENDIX 9M 2025 VERSUS 9M 2024 ORDER INTAKE, DELIVERIES AND BOOK-TO-BILL Order intake (#units) Deliveries (#units) Book-to-Bill (x) 9M 2025 9M 2024 YoY % 9M 2025 9M 2024 YoY % 9M 2025 9M 2024 YoY % Trucks 57,381 50,967 13% 59,305 78,797 (25%) 0.97 0.65 32 bps LCV 43,260 39,322 10% 43,941 61,120 (28
Slide 40: Summary table
APPENDIX Q3 2025 Q3 2024 YoY Change 9M 2025 9M 2024 YoY Change Truck 2,008 2,256 (11.0%) 6,317 7,155 (11.7%) SUMMARY TABLE Bus 719 547 31.4% 1,948 1,573 23.8% Net Revenues Powertrain 745 742 0.4% 2,407 2,691 (10.6%) €mn, otherwise stated Eliminations and other (428) (408) (4.9%) (1,466) (1,533) 4.4%
Slide 41: Reconciliation table (1/5)
APPENDIX RECONCILIATION TABLE (1/5) EBIT to Adjusted EBIT by business unit in Q3 2025 & Q3 2024 recast, and Powertrain Adjusted EBIT walk by driver – €mn Unallocated items, Truck Bus Powertrain Industrial Activities Financial Services Eliminations Consolidated eliminations & other EBIT 55 29 38 (66)
Slide 42: Reconciliation table (1/5)
APPENDIX RECONCILIATION TABLE (1/5) EBIT to Adjusted EBIT by business unit in 9M 2025 & 9M 2024 recast, and Powertrain Adjusted EBIT walk by driver – €mn Unallocated items, Truck Bus Powertrain Industrial Activities Financial Services Eliminations Consolidated eliminations & other EBIT 236 97 116 (2
Slide 43: Reconciliation table (2/5)
APPENDIX RECONCILIATION TABLE (2/5) 9M 2025 9M 2024 €mn, unless otherwise stated Q3 2025 Q3 2024 109 375 Profit/(loss) from Continuing Operations 16 90 (a) 85 38 Adjustments impacting Profit/(loss) before taxes from Continuing Operations 20 5 (b) (15) (8) Adjustments impacting Income tax (expense) b
Slide 44: Reconciliation table (3/5)
APPENDIX RECONCILIATION TABLE (3/5) 9M 2025 9M 2024 €mn Q3 2025 Q3 2024 8 14 Restructuring costs 3 4 71 19 Costs related to certain claims arising from the EU Commission’s 2016 antitrust settlement decision announced on 19th July 2016 11 1 - 5 Costs in connection with the spin-off of Iveco Group fro
Slide 45: Reconciliation table (4/5)
APPENDIX RECONCILIATION TABLE (4/5) Total (Debt) to Net Cash (Debt) Consolidated Industrial Activities Financial Services 30th September 30th September 30th September €mn 31st December 2024 31st December 2024 31st December 2024 2025 2025 2025 Third party (debt) (5,417) (6,155) (1,603) (1,584) (3,814
Slide 46: Reconciliation table (5/5)
APPENDIX RECONCILIATION TABLE (5/5) Cash Flows from/ (used in) Operating Activities to Free Cash Flow of Industrial Activities 9M 2025 9M 2024 €mn Q3 2025 Q3 2024 (3) 855 Cash Flows from/(used in) Operating Activities from Continuing Operations 102 221 - (807) (1,162) Less: Cash Flows from/(used in)
Slide 47: Market shares in Europe
TRUCK MARKET SHARES IN EUROPE(1) LCV M&H (3.5-7.49t) (≥ 7.5t) Upper-end (6.01-7.49t) 64.4% 65.8% Heavy gas (≥16t) 32.8% 29.1% Chassis Cab (3.5-7.49t) 29.7% 26.9% 11.7% 9.3% 11.8% Total LCV (3.5-7.49t) Total M&H (≥7.5t) 7.2% 8.1% Heavy (≥16t) 6.4% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 48: Book-to-bill ratio worldwide
TRUCK BOOK-TO-BILL RATIO WORLDWILDE LCV M&H (3.5-7.49t) (≥ 7.5t) 25 Thousands of units 20 1.04x 0.91x 15 0.90x 0.68x 10 5 0 Orders Deliveries Orders Deliveries Orders Deliveries Orders Deliveries Q3 2024 Q3 2025 Q3 2024 Q3 2025 48
Slide 49: Channel inventory
TRUCK CHANNEL INVENTORY LCV M&H (3.5-7.49t) (≥ 7.5t) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 2022 2023 2024 2025 Iveco Group's inventory (without unfinished products) Third party dealer inventory Retails Production 49
Slide 50: Truck product portfolio
TRUCK PRODUCT PORTFOLIO Light Medium Heavy DAILY Chassis Cab eDAILY Chassis Cab IVECO eMOOVY EUROCARGO 4x2 IVECO S-WAY Artic IVECO S-WAY Rigid DAILY Van eDAILY Van eSUPERJOLLY EUROCARGO 4x4 IVECO S-WAY Artic IVECO S-WAY Rigid CNG/LNG CNG/LNG DAILY 7 Ton DAILY CNG eJOLLY EUROCARGO CNG IVECO X-WAY Art
Slide 51: Bus product portfolio
TRUCK BUS PRODUCT PORTFOLIO City Intercity Minibus Coach E-Way Electric E-Way Electric Linium Crossway LE Crossway LE Daily Line Evadys Electric (Diesel, CNG, HYB) (Diesel, ELEC, CNG) E-Way H2 Streetway Crossway Electric Crossway eDaily Low Entry (Diesel, ELEC, CNG) (Diesel, CNG, HYB) Urbanway Creal
Slide 52: Powertrain product portfolio
POWERTRAIN PRODUCT PORTFOLIO Engines ePowertrain Drivelines • On-road (trucks and buses) • eDrivelines • Transmission • Off-road (agriculture, • Battery system for Light • Axles construction, power units) and Bus applications and new BMS (Battery • Technologies (EURO VI, Management System) Stage V /
Slide 53: Defence product portfolio
DEFENCE PRODUCT PORTFOLIO Multirole vehicles Tactical and logistic vehicles Armoured vehicles Robotics and autonomous systems • MUV - Military Utility Vehicles 4x4 • High mobility range LAND • VBM/Centauro Family 8x8 • VIKING multirole Uncrewed Ground Vehicle • LMV2 - Light Multirole Vehicle 4x4 • E
Slide 54: Thank you
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Slide 55: Investor Relations contacts
Investor Relations contacts E-mail: investor.relations@ivecogroup.com Website: www.ivecogroup.com/investors/contacts Contains confidential proprietary and trade secrets information of Iveco Group. Any use of this work without express written consent is strictly prohibited.