Slide 1: Q2 2025 results
Q2 2025 results Turin, Italy – 30th July 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: Tata Motors to acquire Iveco Group; sale of Defence business to Leonardo
IVECO GROUP TATA MOTORS TO ACQUIRE IVECO GROUP, TOGETHER CREATING A IVECO GROUP ANNOUNCES AGREEMENT TO SELL DEFENCE GLOBAL PLAYER IN COMMERCIAL VEHICLES BUSINESS TO LEONARDO • Iveco Group N.V. and Tata Motors Limited announce they have reached an agreement • Iveco Group N.V. announces the signing of
Slide 4: A quarter of disciplined execution and positive free cash flow
SUMMARY A QUARTER OF DISCIPLINED EXECUTION AND POSITIVE FREE CASH FLOW • Disciplined execution in Truck and Powertrain in an • Q2 2025 Consolidated Net Revenues at €3.8bn, industry characterised by low demand, and 3.5% down compared to Q2 2024, with Consolidated continuous solid y-o-y profitability
Slide 5: Iveco Group
tveco weco | IVECO Fer | WV Gasren 1VECO*GROUP 5
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Slide 7: Diligent pricing discipline and solid market shares
TRUCK DILIGENT PRICING DISCIPLINE AND SOLID MARKET SHARES LIGHT COMMERCIAL VEHICLES MEDIUM & HEAVY DUTY (3.5-7.49t) INDUSTRY VOLUMES(1) (≥ 7.5t) (Units, % change versus Q2 2024) • Q2 2025 European industry volumes were down 13% in LCV and down 15% in M&H Trucks, vs Q2 Europe25 South America Rest of
Slide 8: Consistent YoY order intake growth across segments
TRUCK CONSISTENT YoY ORDER INTAKE GROWTH ACROSS SEGMENTS LCV M&H (3.5-7.49t) (≥ 7.5t) LIGHT COMMERCIAL VEHICLES • Q2 2025 European order intake +7% vs Q2 2024, with a book-to-bill ratio at 0.84x • South American order intake +79% vs Q2 2024, with book- to-bill ratio at 1.09x Europe South America Eur
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Slide 10: Solid #2 position in Europe
BUS SOLID #2 POSITION IN EUROPE INDUSTRY VOLUMES(1) (Units, % change versus Q2 2024) • Intercity segment leadership in Europe confirmed, with a 53.9% market share in Q2 2025 (+2.3% vs Q2 2024) supported by the introduction of electric versions in Q1 25 Europe 25 South America Rest of the World World
Slide 11: Consistently strong book-to-bill ratio providing significant visibility
BUS CONSISTENTLY STRONG B-T-B RATIO PROVIDING SIGNIFICANT VISIBILITY BOOK-TO-BILL RATIO WORLDWIDE • In Q2 2025 Bus order intake was up 10% and deliveries largely flat versus Q2 2024 • Book-to-bill ratio was 1.08x at the end of Q2 2025, +11 basis points YoY 0.97x 1.08x • Good long term visibility for
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Slide 13: Progressive recovery in deliveries to third-party customers expected in H2
POWERTRAIN PROGRESSIVE RECOVERY IN DELIVERIES TO THIRD-PARTY CUSTOMERS EXPECTED IN H2 Thousands units ENGINES SOLD WORLDWIDE • Engine volumes down 13.6% vs Q2 2024 due to ongoing 103.0 88.9 challenging industry environment, particularly for off-road • Continued slowdown in demand driven by lower tot
Slide 14: Defence: CNC
DEFENCE: CNC “he ot it a ¥€ PP ud
Slide 15: Solid order book underpinning profitability improvement
DEFENCE SOLID ORDER BOOK UNDERPINNING PROFITABILITY IMPROVEMENT • Consistently solid order intake supporting a funded order book level that reached €5bn • Increased sales of higher margin vehicles and continuous positive aftermarket contribution positively contributed to all-time high in adjusted EB
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Slide 17: 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 softening • Strong order book up to H2 2026 • Decrease due to softening market • Deliveries at good level, despite mark
Slide 18: Q2 2025 Financials
Q2 2025 FINANCIALS
Slide 19: Financial highlights
Q2 2025 FINANCIALS FINANCIAL HIGHLIGHTS Change versus Q2 2024 for Profit & Loss and Cash Flow items, versus 31st December 2024 for Balance Sheet items Consolidated Industrial Activities €3.78bn €3.70bn €0.39 (3.5)% Net Revenues (3.1)% €(0.24) Adjusted diluted EPS(1) €215mn €187mn €145mn Adjusted EBI
Slide 20: Net revenues of industrial activities
Q2 2025 FINANCIALS NET REVENUES OF INDUSTRIAL ACTIVITIES Split by region and business unit – €mn, unless otherwise stated (3.1)% YoY POWERTRAIN 980 878 POWERTRAIN DEFENCE 285 ▼ VOLUME AND MIX - Lower volumes in Truck and Powertrain 340 DEFENCE BUS 11% 612 ▼ GROSS PRICING - Broadly flat YoY BUS Chang
Slide 21: Adjusted EBIT of industrial activities
Q2 2025 FINANCIALS ADJUSTED EBIT OF INDUSTRIAL ACTIVITIES Walk by driver – €mn, unless otherwise stated 6.9% 5.1% 264 Volume(39) and Mix (29) (24) cost(1) Production 14 11 R&D (9) 187 INDUSTRIAL INDUSTRIAL Q2 2024 VOLUME AND MIX Net NETpricing(1) PRICING PRODUCTION COST SG&A SG&A R&D FX Other FX | O
Slide 22: Adjusted EBIT margin by industrial business unit
Q2 2025 FINANCIALS ADJUSTED EBIT MARGIN BY INDUSTRIAL BUSINESS UNIT TRUCK BUS DEFENCE POWERTRAIN Positive contribution from Efficiency Higher volumes and positive price Increased sales of higher margin Positive contribution from Efficiency ▲ ▲ ▲ Programme realisation ▲ vehicles and continuous positi
Slide 23: Financial services
Q2 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% Q2 2025 €28mn 723 752 789 768 778 811 844 842 836 867 892 846 806 825 Q2 2024 €31mn Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 2
Slide 24: Net cash and free cash flow of industrial activities
Q2 2025 FINANCIALS NET CASH AND FREE CASH FLOW OF INDUSTRIAL ACTIVITIES €mn Industrial Free Cash Flow: 145 1,102 425Adjusted Industrial (84) 90 Δ in industrial (146) (140) buy- Δ in provisions, (101) FX &(37) Other 1,109 FINANCIAL CHARGES AND CAPITAL INCREASES, INDUSTRIAL NET CASH NET EBITDA ADJUSTE
Slide 25: Debt maturity profile
Q2 2025 FINANCIALS DEBT MATURITY PROFILE 30th June 2025, €mn AVAILABLE LIQUIDITY 30st June 2025 31st December 2024 4,713 Undrawn medium-term committed unsecured credit lines Bank debt Cash and cash equivalents 2,798 3,513 Commercial Papers 1,900 Cash & marketable securities (1) Undrawn committed fac
Slide 26: CEO closing remarks
CEO CLOSING REMARKS
Slide 27: 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 28: 2025E financial guidance updated
CEO CLOSING REMARKS 2025E FINANCIAL GUIDANCE UPDATED Previous Guidance New Guidance Group Adjusted EBIT(1) €980 – 1,030mn €880 – 980mn Net Revenues FLAT Down (3) – (5)% (including currency translation effects) versus FY 2024 versus FY 2024 Industrial Activities Adjusted EBIT(1) €850 – 900mn €750 – 8
Slide 29: CEO takeaway messages
CEO CLOSING REMARKS CEO CLOSING REMARKS CEO TAKEAWAY MESSAGES 01 02 03 04 Full Year financial guidance Despite continued low industry Continued momentum in Bus Efficiency Programme lowered on the back of slower demand, positive YoY order and Defence, and third-party acceleration proceeding apace, pr
Slide 30: H1 2025 Financials
H1 2025 FINANCIALS
Slide 31: H1 2025 industry volume
H1 2025 FINANCIALS H1 2025 INDUSTRY VOLUME 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) World(2
Slide 32: Net revenues of industrial activities
H1 2025 FINANCIALS NET REVENUES OF INDUSTRIAL ACTIVITIES (6.2)% YoY POWERTRAIN 1,949 1,662 POWERTRAIN DEFENCE 498 BUS ▼ VOLUME AND MIX - Lower volumes in Truck and Powertrain 618 DEFENCE 1,026 12% Change YoY ▲ GROSS PRICING 1,228 BUS ▼ FX - Adverse FX rate impact in Brazil and Türkiye 2% Europe (8)%
Slide 33: Adjusted EBIT of industrial activities
H1 2025 FINANCIALS ADJUSTED EBIT OF INDUSTRIAL ACTIVITIES Walk by driver – €mn, unless otherwise stated 6.5% 4.6% 465 (156) Volume and Mix (23) (31) cost(1) Production 32 15 R&D 2 304 INDUSTRIAL INDUSTRIAL H1 2024 VOLUME AND MIX Net NETpricing(1) PRICING PRODUCTION COST SG&A SG&A R&D FX Other FX | O
Slide 34: Adjusted EBIT margin by industrial business unit
H1 2025 FINANCIALS ADJUSTED EBIT MARGIN BY INDUSTRIAL BUSINESS UNIT TRUCK BUS DEFENCE POWERTRAIN ▲ Efficiency Programme Progress Higher volumes and positive price Higher volume and mix and ▲ Efficiency Programme Progress ▲ realisation ▲ continuous positive aftermarket Lower volumes / mix and negativ
Slide 35: Net cash and free cash flow of industrial activities
H1 2025 FINANCIALS NET CASH AND FREE CASH FLOW OF INDUSTRIAL ACTIVITIES €mn Industrial Free Cash Flow: (649) 1,850 782Adjusted Industrial (140) Δ in (808) industrial (275) (208) buy- Δ in provisions, (101) 9 FX & Other 1,109 FINANCIAL CHARGES AND CAPITAL INCREASES, INDUSTRIAL NET CASH NET EBITDA ADJ
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Slide 37: Non-EU-IFRS financial measures
APPENDIX NON-EU-IFRS FINANCIAL MEASURES Iveco Group monitors its operations using several non-EU-IFRS financial measures. Iveco Group’s management believes that these non-EU-IFRS financial measures provide useful and relevant information regarding its operating results and enhance the readers’ abili
Slide 38: 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 39: Q2 2025 versus Q2 2024 order intake, deliveries and book-to-bill
APPENDIX Q2 2025 VERSUS Q2 2024 ORDER INTAKE, DELIVERIES AND BOOK-TO-BILL Excluding Specialty Vehicles (Defence and Fire Fighting). Order intake (#units) Deliveries (#units) Book-to-Bill (x) Q2 2025 Q2 2024 YoY % Q2 2025 Q2 2024 YoY % Q2 2025 Q2 2024 YoY % Trucks 19,332 17,126 13% 23,240 28,437 (18%
Slide 40: H1 2025 versus H1 2024 order intake, deliveries and book-to-bill
APPENDIX H1 2025 VERSUS H1 2024 ORDER INTAKE, DELIVERIES AND BOOK-TO-BILL Excluding Specialty Vehicles (Defence and Fire Fighting). Order intake (#units) Deliveries (#units) Book-to-Bill (x) H1 2025 H1 2024 YoY % H1 2025 H1 2024 YoY % H1 2025 H1 2024 YoY % Trucks 39,681 35,199 +13% 41,468 55,502 (25
Slide 41: Summary table: net revenues and adjusted EBIT
APPENDIX SUMMARY TABLE Q2 2025 Q2 2024 YoY change H125 H124 YoY change €mn, otherwise stated Truck 2,337 2,565 (8.9)% 4,298 4,904 (12.4)% Bus 750 612 +22.5% 1,228 1,026 +19.7% Defence 340 285 +19.3% 618 498 +24.1% Net Revenues Powertrain 878 980 (10.4)% 1,662 1,949 (14.7)% Eliminations and other (60
Slide 42: Reconciliation table (1/5)
APPENDIX RECONCILIATION TABLE (1/5) EBIT to Adjusted EBIT by business unit in Q2 2025 & Q2 2024 recast, and Powertrain Adjusted EBIT walk by driver – €mn Unallocated items, Industrial Truck Bus Defence Powertrain Financial Services Eliminations Consolidated eliminations & other Activities EBIT 126 4
Slide 43: Reconciliation table (2/5)
APPENDIX RECONCILIATION TABLE (2/5) H1 2025 H1 2024 €mn, unless otherwise stated Q2 2025 Q2 2024 144 309 Profit/(loss) from Continuing Operations 106 172 (a) 65 33 Adjustments impacting Profit/(loss) before taxes from Continuing Operations 2 11 (b) (19) (7) Adjustments impacting Income tax (expense)
Slide 44: Reconciliation table (3/5)
APPENDIX RECONCILIATION TABLE (3/5) H1 2025 H1 2024 €mn Q2 2025 Q2 2024 5 10 Restructuring costs 1 5 - 5 Spin-off costs - 5 60 18 Costs related to certain claims arising from the EU Commission’s 2016 antitrust settlement 1 1 (a) 65 33 Adjustments impacting Profit/(loss) before taxes from Continuing
Slide 45: Reconciliation table (4/5)
APPENDIX RECONCILIATION TABLE (4/5) Total (Debt) to Net Cash (Debt) Consolidated Industrial Activities Financial Services €mn 30th June 2025 31st December 2024 30th June 2025 31st December 2024 30th June 2025 31st December 2024 Third party (debt) (5,712) (6,155) (1,611) (1,584) (4,101) (4,571) Inter
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 H1 2025 H1 2024 €mn Q2 2025 Q2 2024 (11) 640 Cash Flows from/(used in) Operating Activities from Continuing Operations 155 203 - (371) (831) Cash Flows from/(used in) Operat
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) 69.3% 63.5% 43.6% Heavy gas (≥16t) 36.3% 32.3% Chassis Cab (3.5-7.49t) 32.1% 14.7% 11.8% 10.2% Total M&H (≥7.5t) 8.5% Total LCV (3.5-7.49t) 8.9% Heavy (≥16t) 7.8% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 48: Book-to-bill ratio worldwide
TRUCK BOOK-TO-BILL RATIO WORLDWILDE LCV M&H (3.5-7.49t) (≥ 7.5t) 30 Thousands of units 25 0.87x 0.87x 20 0.69x 15 0.64x 10 5 0 Orders Deliveries Orders Deliveries Orders Deliveries Orders Deliveries Q2 2024 Q2 2025 Q2 2024 Q2 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 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 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 Crealis Crossway LE Crossway LE Daily Minibus Evadys (Diesel, CNG, HYB) Electric (Diesel, CNG, HYB) (Diesel, CNG) E-Way H2 Streetway Crossway Electric Crossway eDaily Minibus (Diesel, ELEC, CNG) (Diesel, CNG, HYB) Urbanway Chass
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
THANK YOU IVECO*+GROUP WE GO BEYOND
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.