Slide 1: Q1 2025 results
Q1 2025 results Turin, Italy – 15th May 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 of proactive measures for sustained growth
SUMMARY A QUARTER OF PROACTIVE MEASURES FOR SUSTAINED GROWTH • Diligently executed and invested in realigning our • New strategic partnerships in Truck and Financial manufacturing activities and inventories as well as Services, as well as significant Defence contract fully completing the LCV phase-o
Slide 4: Truck
Slide 5: Q1 2025 main partnerships
TRUCK Q1 2025 MAIN PARTNERSHIPS 11th March – Ford Otosan and IVECO • Binding agreement for the design and engineering of the next generation new cabin for HDT • Solution in compliance with the forthcoming EU Direct Vision Standard • Significant savings in investments and competitive advantage in ter
Slide 6: GATE: DLL and Iveco Group join forces
TRUCK GATE: DLL AND IVECO GROUP JOIN FORCES GATE was conceived as an innovative business model with the primary goal of supporting the energy transition for our customers On 13th May 2025 De Lage Landen International B.V. (DLL) and Iveco Group signed a JV agreement to facilitate the energy transitio
Slide 7: Solid market shares, coupled with pricing discipline
TRUCK SOLID MARKET SHARES, COUPLED WITH PRICING DISCIPLINE LIGHT COMMERCIAL VEHICLES MEDIUM & HEAVY DUTY (3.5-7.49t) INDUSTRY VOLUME(1) (≥ 7.5t) (Units, % change versus Q1 2024) • Q1 2025 European industry volumes were down 13% in LCV and down 17% in M&H trucks vs Q1 Europe25 South America Rest of t
Slide 8: Growing order intake across segments and book-to-bill above 1x
TRUCK GROWING ORDER INTAKE ACROSS SEGMENTS AND BOOK-TO-BILL ABOVE 1x LCV M&H (3.5-7.49t) (≥ 7.5t) LIGHT-DUTY TRUCKS • Q1 2025 European order intake +7% vs Q1 2024 and +22% sequentially, with a book-to-bill ratio at 1.09x • South America order intake 3.0x vs Q1 2024, with book-to- bill ratio at 1.51x
Slide 9: Bus
Slide 10: Q1 2025 main achievements
TRUCK BUS Q1 2025 MAIN ACHIEVEMENTS • In France, two national • 14th April – The CROSSWAY procurement hubs have Low Entry ELEC won the catalogued our Crossway, “Busplaner Innovation Award Evadys, and Minibus 2025” in Germany in the models for an expected Intercity category volume of 800 units within
Slide 11: Strengthened leadership in intercity segment, continuing growth in eCity buses
BUS STRENGTHENED LEADERSHIP IN INTERCITY SEGMENT, CONTINUING GROWTH IN eCITY BUSES INDUSTRY VOLUME(1) (Units, % change versus Q1 2024) • Intercity segment leadership in Europe confirmed, with a 55.8% market share in Q1 2025 (+4.9ppt vs Q1 2024) and a strong position with the introduction of electric
Slide 12: Strong book-to-bill ratio, providing significant visibility
BUS STRONG BOOK-TO-BILL RATIO, PROVIDING SIGNIFICANT VISIBILITY BOOK-TO-BILL RATIO WORLDWIDE • In Q1 2025 Bus order intake was up 15% and deliveries substantially flat versus Q1 2024 • Book-to-bill ratio was 1.41x at the end of Q1 2025, +19 basis points YoY, providing significant visibility • We acc
Slide 13: Powertrain
Slide 14: Q1 2025 main achievements
POWERTRAIN Q1 2025 MAIN ACHIEVEMENTS • 24th January – FPT Industrial’s N67 NG engine powers the Sustainable Truck of the Year Award winner, the IVECO Eurocargo CNG. eBM 5 • Eurocargo CNG the only truck in Europe to offer natural gas across the full range N67 NG engine • 10th February – Entry of our
Slide 15: Progressive recovery expected in upcoming quarters
POWERTRAIN PROGRESSIVE RECOVERY EXPECTED IN UPCOMING QUARTERS Thousands units ENGINES SOLD WORLDWIDE • Continued slowdown in demand driven by lower total industry volume and customer ongoing destocking actions, with stronger impact on off- vs on-road 98.0 76.7 • Engine volumes down 22% vs Q1 2024 on
Slide 16: Defence: CNC
DEFENCE: CNC “he ot it a ¥€ PP ud
Slide 17: Q1 2025 main achievements
DEFENCE Q1 2025 MAIN ACHIEVEMENTS • 31st March – METLEN and Iveco Defence Vehicles signed MoU for the renewal of the Hellenic Armed Forces fleet • 14th May – Iveco Defence Vehicles secured a major tender from the Dutch Ministry of Defence for the supply and logistic support (including maintenance an
Slide 18: Strong internationalisation and multi-year contracts provide solid foundation
DEFENCE STRONG INTERNATIONALISATION AND MULTI-YEAR CONTRACTS PROVIDE SOLID FOUNDATION • Increasing production rate to benefit from industrial efficiencies • With the ReArm Europe Plan several governments are considering an increase in running programmes, dedicating additional funds • Our long-term s
Slide 19: IVG Board has decided to proceed with the separation of the Defence business via spin-off
DEFENCE IVG BOARD HAS DECIDED TO PROCEED WITH THE SEPARATION OF THE DEFENCE BUSINESS VIA SPIN-OFF, WHILE EXPLORING PRELIMINARY EXPRESSION OF INTEREST FROM POTENTIAL STRATEGIC BUYERS • Following the detailed assessment announced on 7th February 2025, the Board of Directors decided to proceed with the
Slide 20: Iveco Group
Slide 21: EV portfolio – quarterly performance
IVECO GROUP EV PORTFOLIO – QUARTERLY PERFORMANCE eLCV (3.5-7.49t) eBuses eAxles Batteries • Maintained at good level, despite • Strong order book that covers now Q2 • Decrease due to softening market • Decrease due to softening market softening market demand 2026 demand demand > 1,900 > 380 > 170 >
Slide 22: Q1 2025 Financials
Q1 2025 FINANCIALS
Slide 23: Financial highlights
Q1 2025 FINANCIALS FINANCIAL HIGHLIGHTS Change versus Q1 2024 for Profit & Loss and Cash Flow items, versus 31st December 2024 for Balance Sheet items Consolidated Industrial Activities €3.03bn €2.96bn €0.31 (10.1)% Net Revenues (9.9)% €(0.26) Adjusted diluted EPS(1) €152mn €117mn €(794)mn Adjusted
Slide 24: Net revenues of Industrial Activities
Q1 2025 FINANCIALS NET REVENUES OF INDUSTRIAL ACTIVITIES Split by region and business unit – €mn, unless otherwise stated (9.9)% YoY POWERTRAIN 969 784 POWERTRAIN DEFENCE 213 BUS 414 ▼ VOLUME AND MIX - Lower volumes in Truck and Powertrain 278 DEFENCE 13% Change YoY ▲ GROSS PRICING - Positive price
Slide 25: Adjusted EBIT of Industrial Activities
Q1 2025 FINANCIALS ADJUSTED EBIT OF INDUSTRIAL ACTIVITIES Walk by driver – €mn, unless otherwise stated 6.1% 4.0% 201 (117) Volume and Mix 6 (6) cost(1) Production 19 4 R&D 11 117 INDUSTRIAL INDUSTRIAL Q1 2024 VOLUME AND MIX Net NETpricing(1) PRICING PRODUCTION COST SG&A SG&A R&D FX Other FX | O and
Slide 26: Adjusted EBIT margin by industrial business unit
Q1 2025 FINANCIALS ADJUSTED EBIT MARGIN BY INDUSTRIAL BUSINESS UNIT TRUCK BUS DEFENCE POWERTRAIN ▲ SG&A costs containment actions Higher volumes and positive price Higher volumes and continuous ▲ Reduction in product costs ▲ ▲ realisation positive after-market contribution Lower volumes / mix and ne
Slide 27: Financial Services
Q1 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% Q1 2025 €35mn 723 752 789 768 778 811 844 842 836 867 892 846 806 Q1 2024 €32mn Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2023 2024 2025 (1) Year
Slide 28: Net cash and free cash flow of Industrial Activities
Q1 2025 FINANCIALS NET CASH AND FREE CASH FLOW OF INDUSTRIAL ACTIVITIES €mn Industrial Free Cash Flow: (794) 1,850 357 (56) (898) (129) (68) - 46 1,102 Industrial Adjusted FINANCIAL CHARGES AND Δ in industrial Δ in provisions, buy- CAPITAL INCREASES, FX & Other NET CASH PP&E CAPEX(1) AND R&D Δ IN PR
Slide 29: Debt maturity profile
Q1 2025 FINANCIALS DEBT MATURITY PROFILE 31st March 2025, €mn AVAILABLE LIQUIDITY 31st March 2025 31st December 2024 4,709 Undrawn medium-term committed unsecured credit lines Bank debt Cash and cash equivalents 2,788 3,513 Commercial Papers 1,900 Cash & marketable securities (1) Undrawn committed f
Slide 30: CEO closing remarks
CEO CLOSING REMARKS
Slide 31: 2025E industry volume outlook
CEO CLOSING REMARKS 2025E INDUSTRY VOLUME OUTLOOK Units, % change versus FY 2024 LIGHT COMMERCIAL VEHICLES MEDIUM & HEAVY DUTY-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) Americ
Slide 32: 2025E financial guidance confirmed
CEO CLOSING REMARKS 2025E FINANCIAL GUIDANCE CONFIRMED 2025E Guidance Group Adjusted EBIT(1) €980 – 1,030mn Net Revenues FLAT (including currency translation effects) versus FY 2024 Industrial Activities Adjusted EBIT(1) €850 – 900mn Free Cash Flow(1) €400 – 450mn (1) This item is a non-EU-IFRS fina
Slide 33: CEO takeaway messages
CEO CLOSING REMARKS CEO CLOSING REMARKS CEO TAKEAWAY MESSAGES 01 02 03 04 Diligently executed and invested Well positioned in both Maintain our focus on Efficiency Programme in realigning our manufacturing Powertrain and Truck, to excellence in quality and acceleration proceeding apace, activities a
Slide 34: Appendix
Slide 35: 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 36: 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 37: Q1 2025 versus Q1 2024 order intake, deliveries and book-to-bill
APPENDIX Q1 2025 VERSUS Q1 2024 ORDER INTAKE, DELIVERIES AND BOOK-TO-BILL Excluding Specialty Vehicles (Defence and Fire Fighting). Order intake (#units) Deliveries (#units) Book-to-Bill (x) Q1 2025 Q1 2024 YoY % Q1 2025 Q1 2024 YoY % Q1 2025 Q1 2024 YoY % Trucks 20,349 18,073 +13% 18,265 27,065 (33
Slide 38: Summary table Q1 2025
APPENDIX SUMMARY TABLE Q1 2025 Q1 2024 YoY change €mn, otherwise stated Truck 1,961 2,339 (16.2)% Bus 478 414 +15.5% Defence 278 213 +30.5% Net Revenues Powertrain 784 969 (19.1)% Eliminations and other (543) (652) (16.7)% Industrial activities 2,958 3,283 (9.9)% Financial Services 114 145 (21.4)% E
Slide 39: Reconciliation table (1/5)
APPENDIX RECONCILIATION TABLE (1/5) EBIT to Adjusted EBIT by business unit in Q1 2025 & Q1 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 55 26
Slide 40: Reconciliation table (2/5)
APPENDIX RECONCILIATION TABLE (2/5) €mn, unless otherwise stated Q1 2025 Q1 2024 Reported Net profit (loss) from Continuing Operations 38 137* (a) Adjustments impacting Profit (Loss) before income tax (expense) benefit from Continuing Operations 63 22* (b) Adjustments impacting income tax (expense)
Slide 41: Reconciliation table (3/5)
APPENDIX RECONCILIATION TABLE (3/5) €mn Q1 2025 Q1 2024 Costs related to certain claims arising from the EU Commission’s 2016 Antitrust settlement decision 59 17 Restructuring costs 4 5 (a) Adjustments impacting Profit (Loss) before income tax (expense) benefit from Continuing Operations 63 22* Tax
Slide 42: Reconciliation table (4/5)
APPENDIX RECONCILIATION TABLE (4/5) Total (Debt) to Net Cash (Debt) Consolidated Industrial Activities Financial Services €mn 31st March 2025 31st December 2024 31st March 2025 31st December 2024 31st March 2025 31st December 2024 Third party (debt) (5,655) (6,155) (1,621) (1,584) (4,034) (4,571) In
Slide 43: Reconciliation table (5/5)
APPENDIX RECONCILIATION TABLE (5/5) Industrial Free Cash Flow €mn Q1 2025 Q1 2024 Net cash provided by (used in) Operating Activities from Continuing Operations (166) 437* - Cash flows from Operating Activities of Financial Services net of eliminations (504) (731)* = Operating cash flow of Industria
Slide 44: 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) 71.8% 64.3% 38.2% Heavy gas (≥16t) 39.6% 30.2% Chassis Cab (3.5-7.49t) 31.2% 12.8% 12.1% 8.7% Total M&H (≥7.5t) 9.1% Total LCV (3.5-7.49t) 7.5% Heavy (≥16t) 8.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 45: 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 1.29x 1.13x 20 0.76x 15 0.68x 10 5 0 Orders Deliveries Orders Deliveries Orders Deliveries Orders Deliveries Model Year 2024 (mainly Europe) Q1 2024 Q1 2025 Q1 2024 Q1 2025 45
Slide 46: 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 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2023 2024 2025 2022 2023 2024 2025 Iveco Group's inventory (without unfinished products) Third party dealer inventory Retails Production 46
Slide 47: Product portfolio
TRUCK TRUCK PRODUCT PORTFOLIO Light MY24 Medium MY24 Heavy MY24 DAILY Chassis Cab DAILY CNG EUROCARGO 4x2 IVECO S-WAY Artic IVECO S-WAY Natural Gas Artic DAILY Van eDAILY Van EUROCARGO 4x4 IVECO S-WAY Rigid IVECO S-WAY Natural Gas Rigid DAILY 7 Ton eDAILY Chassis Cab EUROCARGO CNG IVECO X-WAY Artic
Slide 48: Product portfolio
TRUCK BUS PRODUCT PORTFOLIO City Intercity Minibus Coach E-Way Electric Crealis Crossway LE Crossway LE eDaily Minibus Evadys (Diesel, CNG, HYB) Electric (Diesel, CNG, HYB) E-Way H2 Streetway Crossway Electric Crossway Daily Minibus (Diesel, ELEC, CNG) (Diesel, CNG, HYB) (Diesel, CNG) Urbanway Chass
Slide 49: 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 50: 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 51: Thank you
THANK YOU IVECO*+GROUP WE GO BEYOND
Slide 52: 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.