Slide 1: Q4 & FY 2025 results
Q4 & FY 2025 results Turin, Italy – 12th February 2026
Slide 2: Cautionary Statement
SUMMARY FY 2025 – CONTINUING OPERATIONS 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; projections with respect to revenue, income
Slide 3: 2025 – A Challenging Year
SUMMARY FY 2025 – CONTINUING OPERATIONS 2025 – A CHALLENGING YEAR • TRUCK - Continuous low industry demand in • FY 2025 Consolidated Net Revenues at €13.4bn, 7% Europe across ranges, particularly the cab chassis down compared to FY 2024, with Consolidated Adjusted sub-segment, affected yearly profit
Slide 4: H1 2026 Indicative Timeline – Subject to Regulatory Approvals
IVECO GROUP H1 2026 INDICATIVE TIMELINE – SUBJECT TO REGULATORY APPROVALS Closing Regulatory approval Extraordinary Extraordinary completion General Meeting Dividend Distribution Sale of Defence First Quarter Second Quarter Business to Leonardo Regulatory approval Submission of Final Offer Extraordi
Slide 5: Truck
Slide 6: Channel Inventory Management Coupled with Pricing Discipline
TRUCK | Q4 2025 CHANNEL INVENTORY MANAGEMENT COUPLED WITH PRICING DISCIPLINE LIGHT COMMERCIAL VEHICLES MEDIUM & HEAVY DUTY (3.5-7.49t) INDUSTRY VOLUMES(1) (≥ 7.5t) (Units, % change versus Q424) • Q425 European industry volumes were down 12% in Rest of the Rest of the LCV and up 2% in M&H Trucks, vs
Slide 7: Worldwide Truck B-to-B at 0.91x Up 22bps Y-o-Y
TRUCK | Q4 2025 WORLWIDE TRUCK B-to-B at 0.91x UP 22bps Y-o-Y LCV M&H (3.5-7.49t) (≥ 7.5t) LIGHT COMMERCIAL VEHICLES • Q425 European order intake +58% vs Q424, with a book- to-bill ratio at 0.90x • South American order intake (16)% vs Q424, with book-to- bill ratio at 1.03x Europe South America Euro
Slide 8: Bus
Slide 9: Consolidated #2 Position in Europe
BUS | Q4 2025 CONSOLIDATED #2 POSITION IN EUROPE INDUSTRY VOLUMES(1) (Units, % change versus Q424) • Intercity segment leadership in Europe confirmed, with a 58.2% market share in Q4 2025 up 9 ppt vs Q4 2024. Successfully delivered first electric Crossway NF buses in Europe 25 South America Rest of
Slide 10: Order Book Provides Good Long-Term Visibility
BUS | Q4 2025 ORDER BOOK PROVIDES GOOD LONG-TERM VISIBILITY BOOK-TO-BILL RATIO WORLDWIDE • In Q4 2025 Bus order intake was up +28% due to the good H2 performance in South America and AMEA, leading to increased FY 2025 order intake worldwide, up 13% y-o-y • Book-to-bill ratio was 1.11x at the end of
Slide 11: Powertrain
Slide 12: Engine Volumes Up Y-o-Y with Momentum to Continue in FY 2026E
POWERTRAIN | Q4 2025 ENGINE VOLUMES UP Y-o-Y WITH MOMENTUM TO CONTINUE IN FY 2026E Thousands units ENGINES SOLD WORLDWIDE • Engine volumes up almost 11% vs Q424. Positive signs of recovery in third-party clients started in Q325 and 85.7 95.1 expected to continue in 2026E • FPT strengthens its #1 pos
Slide 13: Electric Products
Slide 14: EV Product Line-up and FY 2025 Delivery Performance
IVECO GROUP EV PRODUCT LINE-UP AND FY 2025 DELIVERY PERFORMANCE 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 • Strong order books through FY26 • Solid delivery levels despite softened • Solid del
Slide 15: FY 2025 Financials
FY 2025 FINANCIALS
Slide 16: Financial Highlights – Continuing Operations
FY 2025 FINANCIALS FINANCIAL HIGHLIGHTS – CONTINUING OPERATIONS Change versus F4 2024 for Profit & Loss and Cash Flow items, versus 31st December 2024 for Balance Sheet items Consolidated Industrial Activities €13.43bn €13.13bn €1.16 (6.9)% Net Revenues (6.6)% €(0.75) Adjusted diluted EPS(1) €645mn
Slide 17: Net Revenues of Industrial Activities
FY 2025 FINANCIALS NET REVENUES OF INDUSTRIAL ACTIVITIES (6.6)% YoY POWERTRAIN 3,546 3,330 POWERTRAIN 14% Change YoY BUS ▼ VOLUME AND MIX - Lower volumes in Truck and Powertrain 2,561 1% ▼ FX - Adverse FX rate impact in Brazil and Türkiye 2,948 BUS Europe (7)% 12% South America 1% By region North Am
Slide 18: Adjusted EBIT of Industrial Activities
FY 2025 FINANCIALS ADJUSTED EBIT OF INDUSTRIAL ACTIVITIES Walk by driver – €mn, unless otherwise stated 5.4% 4.0% 761 Volume and Mix (244) (20) Production (33) cost(1) 48 R&D 29 (10) 528 INDUSTRIAL INDUSTRIAL Net pricing(1) SG&A FX FX || O Other and THER AND ADJUSTED EBIT H1 FY 2024 VOLUME AND MIX N
Slide 19: Adjusted EBIT Margin by Industrial Business Unit
FY 2025 FINANCIALS ADJUSTED EBIT MARGIN BY INDUSTRIAL BUSINESS UNIT TRUCK BUS POWERTRAIN ▲ Efficiency Programme Progress Higher Volume / Mix and positive price ▲ realisation ▲ Efficiency Programme progress Lower volumes / mix and negative ▼ absorption ▼ Ramp up costs in Annonay plant ▼ Lower volumes
Slide 20: Financial Services
FY 2025 FINANCIALS FINANCIAL SERVICES (1) 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% 1.9% FY 2025 €117mn 723 752 789 768 778 811 844 842 836 867 892 846 806 825 830 806 FY 2024 €131mn Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2
Slide 21: Net Cash and Free Cash Flow of Industrial Activities
FY & Q4 2025 FINANCIALS NET CASH AND FREE CASH FLOW OF INDUSTRIAL ACTIVITIES Industrial Free Cash Flow: (109) €mn 1,579 1,477 Industrial Adjusted (285) 41 Δ in industrial (789) (553) buy- Δ in provisions, (113) FX &(64) Other 1,293 FINANCIAL CHARGES AND CAPITAL INCREASES, INDUSTRIAL NET CASH NET EBI
Slide 22: Debt Maturity Profile
FY 2025 FINANCIALS DEBT MATURITY PROFILE 31th December 2025, €mn 31st December 2025 31st December 2024 (*) AVAILABLE Cash and cash equivalents of Continuing Operations(1) 2,953 3,513 LIQUIDITY OF CONTINUING Financial Payables to Discontinued Operations(1) (164) OPERATIONS Undrawn committed facilitie
Slide 23: Defence
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Slide 24: FY 2025 Results – Discontinued Operations
DEFENCE FY 2025 RESULTS – DISCONTINUED OPERATIONS NET REVENUES Adj. EBIT MARGIN ▲ Higher volumes and positive Mix ▲ Higher Volume and positive Mix 1,368 1,149 11.4% 7.9% FY 2024 FY 2025 FY 2024 FY 2025 Funded order book level at €5.7bn at December-end 2025 24
Slide 25: CEO Closing Remarks
CEO CLOSING REMARKS
Slide 26: CEO Takeaway Messages
CEO CLOSING REMARKS CEO CLOSING REMARKS CEO TAKEAWAY MESSAGES 01 02 03 04 Solid plan to deliver delayed buses Q4 2025 European Truck order FY 2026 preliminary industry Acceleration of Efficiency in 2026. Ramp-up costs intake was solid, particularly in outlook forecasts Truck in Programme to continue
Slide 27: Appendix
Slide 28: Continuous Pricing Discipline and Inventory Management
TRUCK | FY 2025 CONTINUOUS PRICING DISCIPLINE AND INVENTORY MANAGEMENT LIGHT COMMERCIAL VEHICLES MEDIUM & HEAVY DUTY (3.5-7.49t) INDUSTRY VOLUMES(1) (≥ 7.5t) (Units, % change versus FY 2024) • FY 2025 European industry volumes were down 9% in Europe25 South America Rest of the Worldwide Europe25 Sou
Slide 29: Worldwide Trucks B-to-B at 0.98x Up 28bps Y-o-Y
TRUCK | FY 2025 WORLWIDE TRUCKS B-to-B at 0.98x UP 28bps Y-o-Y LCV M&H (3.5-7.49t) (≥ 7.5t) LIGHT COMMERCIAL VEHICLES • FY 2025 European order intake +22% vs FY 2024, with a book-to-bill ratio at 0.95x • South American order intake +43% vs FY 2024, with book-to-bill ratio at 1.16x Europe South Ameri
Slide 30: Consolidated #2 Position in Europe
BUS | FY 2025 CONSOLIDATED #2 POSITION IN EUROPE INDUSTRY VOLUMES(1) (Units, % change versus FY 2024) • Intercity segment leadership in Europe confirmed, with a 55.8% market share FY 2025 up 5,3 ppt vs FY 2024, with 1st deliveries of Crossway NF electric successfully Europe 25 South America Rest of
Slide 31: Strong Order Book Provides Good Long-Term Visibility
BUS | FY 2025 STRONG ORDER BOOK PROVIDES GOOD LONG-TERM VISIBILITY BOOK-TO-BILL RATIO WORLDWIDE 1.00x 1.09x FY 2024 FY 2025 31
Slide 32: Progressive Recovery of Engine Volumes in H2 2025
POWERTRAIN | FY 2025 PROGRESSIVE RECOVERY OF ENGINE VOLUMES IN H2 2025 Thousands units ENGINES SOLD WORLDWIDE 363.9 338.9 FY 2024 FY 2025 TRANSMISSIONS, AXLES, eAXLES AND BATTERIES SOLD 258.6 WORLDWIDE 213.3 FY 2024 FY 2025 32
Slide 33: Net Revenues of Industrial Activities
Q4 2025 FINANCIALS NET REVENUES OF INDUSTRIAL ACTIVITIES (6.0)% YoY POWERTRAIN POWERTRAIN 855 14% Change YoY 923 BUS 1% 988 BUS Europe (3)% 1,000 11% South America (21)% By region North America (4)% TRUCK TRUCK 2,826 2,556 Rest of the World (9)% 74% 4,178 (10)% +1% 8% +13% 3,923 ELIMINATIONS Q4 2024
Slide 34: Adjusted EBIT of Industrial Activities
Q4 2025 FINANCIALS ADJUSTED EBIT OF INDUSTRIAL ACTIVITIES Walk by driver – €mn, unless otherwise stated 5.8% 4.8% 202 Volume(8)and Mix (1) 17 cost(1) Production (1) 20 R&D 2 227 INDUSTRIAL INDUSTRIAL Q4 2024 VOLUME AND MIX Net NETpricing(1) PRICING PRODUCTION COST SG&A SG&A R&D FX FX || O Other and
Slide 35: Adjusted EBIT Margin by Industrial Business Unit
Q4 2025 FINANCIALS ADJUSTED EBIT MARGIN BY INDUSTRIAL BUSINESS UNIT TRUCK BUS POWERTRAIN 11.8% 6.0% 6.9% 3.5% 4.7% 3.1% Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 35
Slide 36: Q4 2025 versus Q4 2024 Order Intake, Deliveries and Book-to-Bill
APPENDIX Q4 2025 VERSUS Q4 2024 ORDER INTAKE, DELIVERIES AND BOOK-TO-BILL Order intake (#units) Deliveries (#units) Book-to-Bill (x) Q4 2025 Q4 2024 YoY % Q4 2025 Q4 2024 YoY % Q4 2025 Q4 2024 YoY % Trucks 25,625 17,675 45% 27,919 30,960 (10)% 0.92 0.57 + 35 bps LCV 19,527 12,326 58% 21,817 24,081 (
Slide 37: FY 2025 versus FY 2024 Order Intake, Deliveries and Book-to-Bill
APPENDIX FY 2025 VERSUS FY 2024 ORDER INTAKE, DELIVERIES AND BOOK-TO-BILL Order intake (#units) Deliveries (#units) Book-to-Bill (x) FY 2025 FY 2024 YoY % FY 2025 FY 2024 YoY % FY 2025 FY 2024 YoY % Trucks 83,006 68,642 21% 87,224 109,757 (21)% 0.95 0.63 + 33 bps LCV 62,787 51,648 22% 65,758 85,201
Slide 38: Summary Table: Net Revenues and Adjusted EBIT
APPENDIX SUMMARY TABLE €mn, otherwise stated Q4 2025 Q4 2024 YoY Change FY 2025 FY 2024 YoY Change Truck 2,556 2,826 (9.6%) 8,873 9,981 (11.1%) Bus 1,000 988 1.2% 2,948 2,561 15.1% Net Revenues Powertrain 923 855 8.0% 3,330 3,546 (6.1%) Eliminations and other (556) (491) 13.2% (2,022) (2,024) (0.1%)
Slide 39: Reconciliation Table (1/6)
APPENDIX RECONCILIATION TABLE (1/6) EBIT to Adjusted EBIT by business unit in Q4 2025 & Q4 2024 recast, and Powertrain Adjusted EBIT walk by driver – €mn Unallocated items, Truck Bus Powertrain Industrial Activities Financial Services Eliminations Consolidated eliminations & other EBIT 80 46 104 (38
Slide 40: Reconciliation Table (2/6)
APPENDIX RECONCILIATION TABLE (2/6) EBIT to Adjusted EBIT by business unit in FY 2025 & FY 2024 recast, and Powertrain Adjusted EBIT walk by driver – €mn Unallocated items, Truck Bus Powertrain Industrial Activities Financial Services Eliminations Consolidated eliminations & other EBIT 316 143 220 (
Slide 41: Reconciliation Table (3/6)
APPENDIX RECONCILIATION TABLE (3/6) Total (Debt) to Net Cash (Debt) Consolidated Industrial Activities Financial Services €mn 30th December 2025 31st December 2024 30th December 2025 31st December 2024 30th December 2025 31st December 2024 Third party (debt) (5,732) (6,155) (1,500) (1,584) (4,232) (
Slide 42: Reconciliation Table (4/6)
APPENDIX RECONCILIATION TABLE (4/6) Cash Flows from/ (used in) Operating Activities to Free Cash Flow of Industrial Activities FY 2025 FY 2024 €mn Q4 2025 Q4 2024 950 1,656 Cash Flows from/(used in) Operating Activities from Continuing Operations 953 801 - (207) (508) Less: Cash Flows from/(used in)
Slide 43: Reconciliation Table (5/6)
APPENDIX RECONCILIATION TABLE (5/6) FY 2025 FY 2024 €mn, unless otherwise stated Q4 2025 Q4 2024 233 489 Profit/(loss) from Continuing Operations 124 114 (a) 108 163 Adjustments impacting Profit/(loss) before taxes from Continuing Operations 23 125 (b) (29) (132) Adjustments impacting Income tax (ex
Slide 44: Reconciliation Table (6/6)
APPENDIX RECONCILIATION TABLE (6/6) FY 2025 FY 2024 €mn Q4 2025 Q4 2024 10 24 Restructuring costs 2 10 80 20 Costs related to certain claims arising from the EU Commission’s 2016 antitrust settlement decision announced on 19th July 2016 9 1 22 - Transaction costs in connection with the Merger Agreem
Slide 45: Market Shares in Europe
TRUCK | Q4 2025 MARKET SHARES IN EUROPE(1) LCV M&H (3.5-7.49t) (≥ 7.5t) Upper-end (6.01-7.49t) 66.70% 66.40% 40.10% Heavy gas (≥16t) 24.20% 31.10% Chassis Cab (3.5-7.49t) 27.70% 12.90% 7.9% Total LCV (3.5-7.49t) 12.20% 7.10% Total M&H (≥7.5t) 6.40% Heavy (≥16t) 7.00% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 46: Book-to-Bill Ratio Worldwide
TRUCK | Q4 2025 BOOK-TO-BILL RATIO WORLDWILDE LCV M&H (3.5-7.49t) (≥ 7.5t) 35 Thousands of units 30 0.91x 0.92x 25 20 0.89x 0.60x 15 10 5 0 Orders Deliveries Orders Deliveries Orders Deliveries Orders Deliveries Q4 2024 Q4 2025 Q4 2024 Q4 2025 46
Slide 47: Channel Inventory
TRUCK | Q4 2025 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 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024 2025 2022 2023 2024 2025 Iveco Group's inventory (without unfinished products) Third party dealer inventory Retails Production
Slide 48: 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 49: 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 50: 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 51: 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 52: 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 53: 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 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.