Slide 1: Q1 2026 Results
Q1 2026 Results Turin, Italy – 7th May 2026
Slide 2: Cautionary Statement
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET SUMMARY Q1 2026 CAUTIONARY STATEMENT Statements other than statements of historical fact contained in this earning release, including competitive strengths; business strategy; future financial position or operating results; budgets; proj
Slide 3: A quarter focused on quality improvements against a backdrop of industrial volatility
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET SUMMARY Q1 2026 A QUARTER FOCUSED ON QUALITY IMPROVEMENTS AGAINST A BACKDROP OF INDUSTRIAL VOLATILITY “In the first quarter Iveco Group further strengthened its focus on quality, making a short-term In Bus, the first quarter saw IVECO BU
Slide 4: Tata Motors' Tender Offer for Iveco Group
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET IVECO GROUP TATA MOTORS’ TENDER OFFER FOR IVECO GROUP The regulatory approvals for the proposed acquisition of Iveco Group are currently underway with most of the clearances already received by Tata Motors. Last pending approvals are bei
Slide 5: Quality for the customer in our daily work
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET
Slide 6: Confirmed leadership in LCV chassis cab and upper end, disciplined pricing in HDT
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET TRUCK | Q1 2026 CONFIRMED LEADERSHIP IN LCV CHASSIS CAB AND UPPER END, DISCIPLINED PRICING IN HDT IN A CHALLENGING INDUSTRY DYNAMIC • Q1 2026 European industry volumes were up 8% in LIGHT COMMERCIAL VEHICLES MEDIUM & HEAVY DUTY INDUSTRY
Slide 7: Strong LCV order intake and positive HDT momentum
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET TRUCK | Q1 2026 STRONG LCV ORDER INTAKE – CONTINUING INTO Q2 – AND POSITIVE HDT MOMENTUM DROVE BOOK-TO-BILL INCREASES IN EUROPE LIGHT COMMERCIAL VEHICLES LCV M&H (3.5-7.49t) (≥ 7.5t) • Q1 2026 European order intake +31% vs Q1 2025 with m
Slide 8: Quality for the customer in our daily work
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET
Slide 9: Iveco Bus wins leadership in European e-bus market
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET BUS | Q1 2026 IVECO BUS WINS LEADERSHIP IN EUROPEAN E-BUS MARKET AND CONSOLIDATES SHARE IN CITY AND INTERCITY • European market up 20% vs last year, driven by City INDUSTRY VOLUMES(1) (Units, % change versus Q125) buses and Coaches • Int
Slide 10: Bus deliveries up 45% and visibility covering all of 2026
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET BUS | Q1 2026 BUS DELIVERIES UP 45% AND VISIBILITY COVERING ALL OF 2026, UNFINISHED CITYBUSES TO BE FULLY DEPLOYED AHEAD OF PLAN • In Q1 2026, BUS order intake declined 16% due to the expected slowdown in Intercity demand, while deliveri
Slide 11: Quality for the customer in our daily work
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET
Slide 12: Powertrain volumes up 7% with increased small-engine deliveries
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET POWERTRAIN | Q1 2026 VOLUMES UP 7% WITH INCREASED SMALL-ENGINE DELIVERIES IN EUROPE, GREATER FOCUS ON QUALITY AND ADVERSE MIX AFFECTED PROFITABILITY Thousands units ENGINES SOLD WORLDWIDE • Engine volumes rose 7% vs Q1 2025, despite adve
Slide 13: Quality for the customer in our daily work
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET
Slide 14: Solid EV deliveries across product ranges with #1 position for eBuses
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET IVECO GROUP SOLID EV DELIVERIES ACROSS PRODUCT RANGES WITH #1 POSITION FOR eBUSES eTRUCKS eBUSES eAXLES BATTERIES eBS 37 EVO eBS 69Bus EDU eAX 840 (dual motor) eDaily eTLB CD Off-Road • Solid delivery levels despite softened market • #1
Slide 15: Q1 2026 Financials
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET Q1 2026 FINANCIALS
Slide 16: Financial Highlights – Continuing Operations
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET Q1 2026 FINANCIALS FINANCIAL HIGHLIGHTS – CONTINUING OPERATIONS Q1 2026 saw stable Net Revenues, improved Free Cash Flow absorption and strong Available Liquidity. Profitability affected by unfavorable product mix in BUS and POWERTRAIN,
Slide 17: Net Revenues of Industrial Activities
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET Q1 2026 FINANCIALS NET REVENUES OF INDUSTRIAL ACTIVITIES Industrial Activities Net Revenues were up 1%, driven by solid deliveries and progressive depletion of Q4 2025 unfinished products in BUS. This offset weaker TRUCK performance main
Slide 18: Adjusted EBIT of Industrial Activities
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET Q1 2026 FINANCIALS ADJUSTED EBIT OF INDUSTRIAL ACTIVITIES Profitability mainly affected by unfavourable production costs due to strengthened quality focus across businesses and rework costs in Bus Mainly due to: Walk by driver – €mn, unl
Slide 19: Adjusted EBIT Margin across Industrial Business Units
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET Q1 2026 FINANCIALS ADJUSTED EBIT MARGIN ACROSS INDUSTRIAL BUSINESS UNITS Increased quality expenditure across businesses, rework costs in BUS and adverse product mix in BUS and POWERTRAIN, as well as negative TRUCK volumes and mix in Sou
Slide 20: Financial Services
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET Q1 2026 FINANCIALS FINANCIAL SERVICES Stable Adjusted EBIT and solid returns underlined the resilience of Financial Services in the first quarter, supported by disciplined portfolio management in a softer retail environment (1) Equity an
Slide 21: Industrial Activities: Net Cash and Free Cash Flow
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET Q1 2026 FINANCIALS INDUSTRIAL ACTIVITIES: NET CASH AND FREE CASH FLOW Industrial Free Cash Flow absorption improved €166 million year-over-year, driven by positive working capital performance on the back of fleet depletion in BUS and low
Slide 22: Debt Maturity Profile
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET Q1 2026 FINANCIALS DEBT MATURITY PROFILE Available liquidity at €5.5 billion prior to the €1,551 million extraordinary interim dividend distribution on 22nd April 2026 on the net proceeds from the sale of the Defence business st st 31 Ma
Slide 23: CEO Closing Remarks
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET CEO CLOSING REMARKS
Slide 24: H1 2026 actions will support profitability recovery in H2
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET CEO CLOSING REMARKS H1 2026 ACTIONS WILL SUPPORT PROFITABILITY RECOVERY IN H2, EXTRAORDINARY TRANSACTION EXPECTED TO CLOSE BY Q3 2026 01 02 03 04 In Q1 Iveco Group further Profitability expected to improve TRUCK order intake remained sol
Slide 25: Quality for the customer in our daily work
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET
Slide 26: Q1 2026 versus Q1 2025 Order Intake, Deliveries and Book-to-Bill
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET APPENDIX Q1 2026 VERSUS Q1 2025 ORDER INTAKE, DELIVERIES AND BOOK-TO-BILL Order intake (#units) Deliveries (#units) Book-to-Bill (x) Q1 2026 Q1 2025 YoY % Q1 2026 Q1 2025 YoY % Q1 2026 Q1 2025 YoY % Trucks 25,349 20,351 25% 20,234 18,228
Slide 27: Net Revenues and Adjusted EBIT Summary Table
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET APPENDIX SUMMARY TABLE €mn, otherwise stated Q1 2026 Q1 2025 YoY Change Truck 1,810 1,964 (7.8)% Bus 616 478 28.9% Net Revenues Powertrain 790 784 0.8% Eliminations and other (450) (490) (8.2)% Industrial activities 2,766 2,736 1.1% Fina
Slide 28: Reconciliation Table (1/6)
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET APPENDIX RECONCILIATION TABLE (1/6) EBIT to Adjusted EBIT by business unit in Q1 2026 & Q1 2025 recast, and Powertrain Adjusted EBIT walk by driver – €mn Unallocated items, Truck Bus Powertrain Industrial Activities Financial Services El
Slide 29: Reconciliation Table (3/6)
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET APPENDIX RECONCILIATION TABLE (3/6) Total (Debt) to Net Cash (Debt) Consolidated Industrial Activities Financial Services €mn 31th March 2026 31st December 2025 31th March 2026 31st December 2025 31th March 2026 31st December 2025 Third
Slide 30: Reconciliation Table (4/6)
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET APPENDIX RECONCILIATION TABLE (4/6) Cash Flows from/ (used in) Operating Activities to Free Cash Flow of Industrial Activities €mn Q1 2026 Q1 2025 Cash Flows from/(used in) Operating Activities from Continuing Operations 223 (200) - Less
Slide 31: Reconciliation Table (5/6)
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET APPENDIX RECONCILIATION TABLE (5/6) €mn, unless otherwise stated Q1 2026 Q1 2025 Profit/(loss) from Continuing Operations (116) 14 (a) Adjustments impacting Profit/(loss) before taxes from Continuing Operations 54 63 (b) Adjustments impa
Slide 32: Reconciliation Table (6/6)
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET APPENDIX RECONCILIATION TABLE (6/6) €mn Q4 2025 Q4 2024 Restructuring costs 3 4 Costs related to certain claims arising from the EU Commission’s 2016 antitrust settlement decision announced on 19th July 2016 51 59 (a) Adjustments impacti
Slide 33: Market Shares in Europe
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET TRUCK | Q1 2026 MARKET SHARES IN EUROPE(1) LCV M&H (3.5-7.49t) (≥ 7.5t) 71.80% Upper-end (6.01-7.49t) 71.4% 39.60% Heavy gas (≥16t) 30.70% Chassis Cab (3.5-7.49t) 31.4% 18.8% 12.10% 11.8% 9.10% Total LCV (3.5-7.49t) Total M&H (≥7.5t) 6.4
Slide 34: Book-to-Bill Ratio Worldwide
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET TRUCK | Q1 2026 BOOK-TO-BILL RATIO WORLDWILDE LCV M&H (3.5-7.49t) (≥ 7.5t) 30 Thousands of units 25 1.22x 20 1.13x 15 1.30x 1.30x 10 5 0 Orders Deliveries Orders Deliveries Orders Deliveries Orders Deliveries Q1 2025 Q1 2026 Q1 2025 Q1 2
Slide 35: Channel Inventory
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET TRUCK | Q1 2026 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 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 Iveco Group's inventor
Slide 36: Product Portfolio – Truck
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK PRODUCT PORTFOLIO AS A SHARED MINDSET TRUCK | Q1 2026 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 C
Slide 37: Product Portfolio – Bus
QUALITY TRUCK FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET BUS | Q1 2026 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 Crossw
Slide 38: Product Portfolio – Powertrain
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET POWERTRAIN | Q1 2026 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 a
Slide 39: Non-EU-IFRS Financial Measures
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET 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, Adjust
Slide 40: Geographic Information
QUALITY FOR THE CUSTOMER IN OUR DAILY WORK AS A SHARED MINDSET 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: Centra
Slide 41: Thank You
THANK YOU IVECO*GROUP WE GO BEYOND
Slide 42: 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.