Tata Motors Passenger Vehicles Ltd · NSE:TMPV
Tata Motors Passenger Vehicles — Merger or Acquisition (July 2025)
27 slides from Tata Motors Passenger Vehicles's merger presentation, Jul 31, 2025
Slide 1: Tata Motors Investor Call: Proposed Acquisition of Iveco Group (excl. defence)
Tata Motors Investor Call Proposed Acquisition of Iveco Group(excl. defence) 31 July 2025
Slide 2: Safe harbour statement
Safe harbour statement This presentation does not constitute or form any part of an offer to exchange or purchase, or solicitation of an offer to buy or exchange, any securities. Any such offer or solicitation will be made only pursuant to an official offer documentation approved by the appropriate
Slide 3: Safe harbour statement…contd.
Safe harbour statement…contd. The Offer has not been and will not be launched or promoted by the Offeror in Canada, Japan, Australia or in any other country other than Italy and the United States of America in which such Offer is not permitted in absence of the authorisation of the competent authori
Slide 4: Iveco Group NV
TATA MOTORS Iveco Group NV
Slide 5: Transaction summary
Transaction summary • The business has three segments: Industrials (Truck, Bus, Powertrain), Financial Services, and Defence. IVECO Group N.V. • Transaction perimeter : €14.1B in revenue; €891M adjusted EBIT (6.3% margin) in CY24; Defence excluded. • Acquisition of 100% of Iveco Group N.V. (excludin
Slide 6: IVECO Overview
TATA MOTORS IVECO Overview
Slide 7: IVECO Group N.V. at a glance
IVECO Group N.V. at a glance • IVECO Group is an Italian multinational company manufacturing commercial & defence vehicles and powertrains. • The business has three segments: Industrials (Trucks, Buses, and Powertrain), Captive Financial Services, and defence. • Offer is to acquire the Industrials a
Slide 8: Business segments
Business segments Industrials business Trucks Buses Powertrain Financial Services CY24 Revenue €10.0B CY24 Revenue €2.6B CY24 Revenue €3.5B1 CY24 Revenue €0.5B CY24 EBIT % 5.6% CY24 EBIT % 5.5% CY24 EBIT % 6.2% CY24 ROA % 2% ~11% Market Share in Overall #2 Bus manufacturer in 5th largest engine EU a
Slide 9: Geographic footprint ex-defence
Geographic footprint ex- defence Firmly rooted in Europe, with core revenues and production centered across the region Europe North America Revenue Revenue 75% of industrials revenue 1% of industrials revenue Employees Employees ~28K employees 61 employees Manufacturing & R&D: Manufacturing & R&D: 1
Slide 10: Trucks - Product Portfolio (1/2)
Trucks - Product Portfolio (1/2) Market leader in LCVs with growing traction in HCVs Diesel LNG Electric 7.5T 16T LCV MCV 3.5T 7.2T IVECO Daily offers industry’s widest range across wheelbases, power Daily ratings, capacities, and formats like 4x4, crew van, chassis cab, and minibus. Leading positio
Slide 11: Trucks - Product Portfolio (2/2)
Trucks - Product Portfolio (2/2) Market leader in LCVs with growing traction in HCVs 16T GVW may vary based on homologation norms in different countries HCV 18T 30T S-way S-Way is a heavy-duty truck for long-haul and regional delivery, available in articulated and rigid forms—with BEV option in rigi
Slide 12: Buses
Buses Comprehensive multi-energy portfolio covering all segments Intercity Crossway (Low Decker) Crossway (Low Entry) Market leadership in intercity segment in EU with 50% market share in CY24 Urbanway E-Way Streetway Crossway LE Crealis Citybus N0 2 player in City bus segment in EU Minibus Daily /
Slide 13: Powertrain
Powertrain Robust portfolio spans both on-road and off-road applications. Engines Drivelines e-Powertrains Cursor Series F1 Series N Series Axles Transmissions eAxles BMS Battery packs Applications: On-road (trucks and Applications: For Heavy, medium Applications: For light duty vehicles buses
Slide 14: Financial Services
Financial Services Key support for IVECO’s sales ecosystem Captive financial services arm of the IVECO Group, branded under IVECO Capital Key Statistics Financial Services Offerings ~50 years 1.9% Presence in financial Dealer financing to support working Delinquencies on book Commercial capital and
Slide 15: Business ambition as outlined in Iveco Group's 'Unlimited Pathways' strategy
Business ambition as outlined in Iveco Group’s ‘Unlimited Pathways’ strategy Grow by 5% CAGR to deliver a €17.5B business with 7-7.5% EBIT and €0.75-0.8B FCF by CY28 Truck Bus Powertrain Operational Excellence Reinforce Intercity Leadership ICE operational Excellence Reduce costs through commercial
Slide 16: Transaction Rationale
TATA MOTORS Transaction Rationale 16
Slide 17: Transaction rationale
Transaction rationale Accelerates our journey to “Win Decisively” in CV 1. 2. 3. 4. Expands capabilities Creates a global player Leverages strengths Diversifies portfolio Strengthens portfolio by Creates a platform to Portfolio and Diversifies exposure securing access to compete on a truly geographi
Slide 18: 1. Expands capabilities
1. Expands capabilities • Advances Digital & Autonomous Capabilities through integrated ADAS, SDVs, telematics, and connected fleet tech Technology & • Deepens EV capabilities across dimensions– incl. platforms, components, system integration Innovation • Strengthens Emissions Compliance via advance
Slide 19: 2. Creates a global player
2. Creates a global player Delta xtimes/bps Aggregate TML (FY25) IVG (CY24) TML IVG INR K Cr (Memo) Volume (#K), >6T Trucks 180 50 230 1.3X 4.6X Volume (#K), Total 385 160 545 1.4X 3.4X Revenue 70 137 207 3.0X 1.5X EBITDA 8 16 25 3.0X 1.5X EBITDA % 11.9% 11.8% 11.8% -10 0 EBIT 6 7 14 2.2X 1.9X EBIT
Slide 20: 3. Leverages strengths
3. Leverages strengths Strengths of TML Strengths of IVECO Group • Strategic presence in Europe and LatAm • CV market leader in India with strategic presence in Africa, SAARC, and Middle East • Comprehensive CV portfolio with compelling LCVs and buses offering • Proven playbook for cost-sensitive, p
Slide 21: 4. Diversifies portfolio
4. Diversifies portfolio Geographic Complementarity Segment Complementarity TML IVECO Product Light line up spans Medium across a wide range Heavy of price and features Buses TML CV Positioning Value-driven, rugged commercial vehicles across segments, focused on mass-market needs, cost efficiency, a
Slide 22: Transaction details – Value for shareholders
Transaction details – Value for shareholders 22
Slide 23: What is in it for TML shareholders
What is in it for TML shareholders • Provides a strategic, meaningful and relatively lower risk avenue to invest and grow • The move expands capabilities of the Indian business by providing access to technology in emerging areas. • With revenues 3x higher and robust returns, the combined entity is w
Slide 24: What is in it for IVECO shareholders
What is in it for IVECO shareholders • Provides a globally respected home for your business with a strategic long-term partner • Provides an all-cash exit at excellent premiums • High degree of transaction certainty 24
Slide 25: What's in it for employees and other stakeholders of IVECO
What’s in it for employees and other stakeholders of IVECO • Minimal disruption • Gain from the positive impact of • No change to the current strategy of Iveco (“Unlimited • Joining the Tata Motors family with its foundational Pathways”) values of Integrity, Responsibility, Excellence, Pioneering an
Slide 26: Tentative timelines
Tentative timelines End-to-end may take 9 months Clearances from regulatory authorities Offer document published and Press release (Spain, France/ECB, UK) acceptance period begins (40 Signing of Merger Agreement & trading days, subject to extension Merger control, FDI and Irrevocable Undertaki
Slide 27: Thank you
TATA MOTORS Thank you
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