2025 Semi-Annual Report

Second quarter 2025

BOARD OF DIRECTORS AND AUDITOR	2
SEMI-ANNUAL MANAGEMENT REPORT	4
GENERAL	4
RESULTS OF OPERATIONS	6
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION BY ACTIVITY	23
LIQUIDITY AND CAPITAL RESOURCES	24
RELATED PARTY TRANSACTIONS	31
IMPORTANT EVENTS DURING THE FIRST SIX MONTHS OF 2025	31
RISKS AND UNCERTAINTIES	31
2025 FINANCIAL GUIDANCE	32
SEMI-ANNUAL CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AT 30 JUNE 2025	33
CONDENSED CONSOLIDATED INCOME STATEMENT	34
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	35
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION	36
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS	38
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	40
NOTES	41
RESPONSIBILITY STATEMENT	68

Also available at www.ivecogroup.com

Iveco Group N.V.

Corporate Seat: Amsterdam, the Netherlands Principal Office and Business Address: Via Puglia 35, Turin, Italy Share Capital: €3,454,589.70 (as of 30 June 2025) Chamber of Commerce of the Netherlands: reg. no. 83102701

BOARD OF DIRECTORS AND AUDITOR

Suzanne Heywood

Chief Executive Officer

Olof Persson

Senior Non-Executive Director

Lorenzo Simonelli(1)(*)

Non-Executive Directors

Judy Curran(2)(3)(*)

Tufan Erginbilgic(2)(3)(*) Clara Fain(1)

Essimari Kairisto(1)(*)

Linda Knoll(2)(3)(*)

Alessandro Nasi(2)(3)

(1) Member of the Audit Committee

(2) Member of the Human Capital and Compensation Committee
(3) Member of the Environmental, Social and Governance (ESG) Committee

(*) Independent Director

(a) As appointed by the Annual General Meeting held on 16 April 2025.

Disclaimer

Statements other than statements of historical fact contained in this report, including competitive strengths; business strategy; future financial position or operating results; budgets; projections with respect to revenue, income, earnings (or loss) per share, capital expenditures, dividends, liquidity, capital structure or other financial items; costs; and plans and objectives of management regarding operations and products, are forward-looking statements. These statements may include terminology such as "may", "will", "expect", "could", "should", "intend", "estimate", "anticipate", "believe", "outlook", "continue", "remain", "on track", "design", "target", "objective", "goal", "forecast", "projection", "prospects", "plan", or similar terminology. Forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are difficult to predict and/or are outside the Company's control. If any of these risks and uncertainties materialise (or they occur with a degree of severity that the Company is unable to predict) or other assumptions underlying any of the forward-looking statements prove to be incorrect, including any assumptions regarding strategic plans, the actual results or developments may differ materially from any future results or developments expressed or implied by the forward-looking statements. Factors, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: the continued uncertainties related to the unknown duration and economic, operational and financial impacts of ongoing and/or threatened international conflicts and geopolitical tensions; increased vulnerability to cybersecurity or data privacy incidents, also due to potential massive availability of Generative Artificial Intelligence; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goodsrelated products, including demand uncertainty caused by current macroeconomic and geopolitical issues; changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining to capital goods-related issues such as the environment, debt relief and subsidy program policies, trade and commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls and tariffs; volatility in international trade caused by the imposition of tariffs, sanctions, embargoes, and trade wars; actions of competitors in the various industries in which we compete; development and use of new technologies and technological difficulties; the interpretation of, or adoption of new, compliance requirements with respect to engine emissions, safety or other aspects of our products; production difficulties, including capacity and excess inventory levels; labour relations; interest rates and currency exchange rates; inflation and deflation; energy prices; our ability to obtain financing or to refinance existing debt; price pressure on new and used vehicles; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, follow-on private litigation in various jurisdictions after the settlement of the EU antitrust investigation of the Iveco Group announced on 19 July 2016, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; security breaches,

BOARD OF DIRECTORS(a) INDEPENDENT AUDITOR

Chairperson Deloitte Accountants B.V.

cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of Iveco Group and its suppliers and dealers; security breaches with respect to our products; further developments of geopolitical threats which could impact our operations, supply chains, distribution network, as well as negative evolutions of the economic and financial conditions at global and regional levels; political and civil unrest; volatility and deterioration of capital and financial markets, including other pandemics, terrorist attacks or acts of war in Europe and elsewhere; our ability to realise the anticipated benefits from our business initiatives as part of our strategic plan; our failure to realise, or a delay in realising, all of the anticipated benefits of our acquisitions, joint ventures, strategic alliances or divestitures and other similar risks and uncertainties, and our success in managing the risks involved in the foregoing.

Further information concerning factors, risks, and uncertainties that could materially affect Iveco Group's financial results is included in Iveco Group Annual Report at 31 December 2024, prepared in accordance with EU-IFRS. Investors are expressly invited to refer to and consider the information on risks, factors, and uncertainties incorporated in the above-mentioned document, in addition to the information presented here.

Forward-looking statements are based upon assumptions relating to the factors described in this report, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside Iveco Group's control. Except as otherwise required by applicable rules, Iveco Group expressly disclaims any intention to provide, update or revise any forward-looking statements in this report to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Further information concerning Iveco Group, including factors that potentially could materially affect Iveco Group's financial results, is included in Iveco Group's reports and public filings under applicable regulations.

SEMI-ANNUAL MANAGEMENT REPORT

(Unaudited)

GENERAL

Iveco Group N.V. (the "Company" and, together with its subsidiaries, the "Iveco Group" or the "Group") was incorporated as a public limited company (naamloze vennootschap) under the laws of the Netherlands on 16 June 2021. The Company's corporate seat is in Amsterdam, the Netherlands, and its principal office and business address is Via Puglia n. 35, Turin, Italy. The Company is registered with the trade register of the Chamber of Commerce of the Netherlands (Kamer van Koophandel) under number 83102701. The Netherlands is the Company's home member state for the purposes of the EU Transparency Directive (Directive 2004/109/EC, as amended by Directive 2013/50/EU). Unless otherwise indicated or the context otherwise requires, the terms "we", "us" and "our" refer to Iveco Group N.V. together with its subsidiaries.

The Company was formed in the context of the separation ("the Demerger") of the Commercial and Specialty Vehicles business, the Powertrain business as well as the related Financial Services business from CNH Industrial N.V. The Demerger became effective on 1 January 2022 and the Company ultimately began to act as a holding for the Iveco Group, also providing for central treasury activity in the interest of Group's subsidiaries.

On 3 January 2022, the Company's Common Shares started trading on Euronext Milan, a regulated market operated by Borsa Italiana S.p.A. in Milan, Italy. As a result of the listing, the Company became a Dutch Public Interest Entity (OOB) on 3 January 2022.

Iveco Group reports quarterly and annual consolidated financial results in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and adopted by the European Union (EU-IFRS) for European listing proposes and for Dutch law requirements. This Semi-Annual Report is prepared using the euro as the presentation currency.

Iveco Group has the following operating segments:

▪ Truck designs, manufactures and distributes a full range of light, medium, and heavy vehicles for the transportation and distribution of goods under the IVECO brand;
▪ Bus designs, manufactures and distributes minibuses, city-buses, intercity buses and coaches under the IVECO BUS and HEULIEZ brands;
▪ Defence designs, manufactures and distributes vehicles for civil defense and civil protection under the IDV brand, and vocational heavy-duty trucks for heavy haulage and off-road missions under the ASTRA brand;
Powertrain designs, manufactures and distributes, under the FPT Industrial brand, a range of combustion engines, alternative propulsion systems, transmission systems and axles for on- and off-road applications, as well as for marine and power generation; and
▪ Financial Services offers a range of financial products and services to dealers and customers. Financial Services provides and administers retail financing to customers for the purchase or lease of new and used vehicles sold by brand dealers and distributors of the Group or directly by subsidiaries of the Group. In addition, Financial Services provides wholesale financing to brand dealers and distributors of the Group. Wholesale financing consists primarily of floor plan financing and allows the dealers to purchase and maintain a representative inventory of products. Financial Services also provides discounting of non-dealer trade receivables from legal entities of the Group. Additionally, Financial Services grants support to CNH Industrial Group (CNH), by providing financial services for its European brands, dealers and customers under a vendor and service agreement, receiving a fee for the services rendered.

The activities carried out by the Truck, Bus, Defence and Powertrain Business Units, as well as by the holding company Iveco Group N.V., are collectively referred to as "Industrial Activities".

Certain financial information in this report has been presented by geographic area. Our geographical regions are: (1) Europe; (2) South America; (3) North America and (4) Rest of World. The geographic designations have the following meanings:

▪ 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: United States, Canada and Mexico; and
▪ Rest of World: Continental Asia (including Türkiye and Russia), Oceania and member countries of the Commonwealth of Independent States, the African continent, and Middle East.

This Semi-Annual Report is unaudited.

ALTERNATIVE PERFORMANCE MEASURES (OR "NON-EU-IFRS FINANCIAL MEASURES")

Iveco Group monitors its operations through the use of 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' ability to assess Iveco Group's financial performance and financial position. Management uses these non-EU-IFRS measures to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions as they provide additional transparency with respect to our core operations. These non-EU-IFRS financial measures have no standardised meaning under EU-IFRS and are unlikely to be comparable to other similarly titled measures used by other companies and are not intended to be substitutes for measures of financial performance and financial position as prepared in accordance with EU-IFRS.

Iveco Group's non-EU-IFRS financial measures are defined as follows:

Adjusted EBIT: is defined as EBIT before restructuring costs and non-recurring items. In particular, non-recurring items are specifically disclosed items that management considers rare or discrete events that are infrequent in nature and not reflective of on-going operational activities;
Adjusted Net Income/(Loss): is defined as profit/(loss) for the period, less restructuring costs and non-recurring items, after tax;
Adjusted Diluted EPS: is computed by dividing Adjusted Net Income/(Loss) attributable to Iveco Group N.V. by a weighted-average number of Common Shares outstanding during the period that takes into consideration potential Common Shares outstanding deriving from the Iveco Group share-based payment awards, when inclusion is not anti-dilutive. When Iveco Group provides guidance for adjusted diluted EPS, the Group does not provide guidance on an earnings per share basis because the EU-IFRS measure will include potentially significant items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end;
Adjusted Income Taxes: is defined as income taxes less the tax effect of restructuring expenses and non-recurring items, and non-recurring tax charges or benefits;
Adjusted Effective Tax Rate (Adjusted ETR): is computed by dividing a) adjusted income taxes by b) profit (loss) before income taxes, less restructuring expenses and non-recurring items;
Free Cash Flow of Industrial Activities (or Industrial Free Cash Flow): refers to Industrial Activities, only, and is computed as consolidated cash flow from operating activities less: cash flow from operating activities of Financial Services; investments of Industrial Activities in property, plant and equipment and intangible assets; as well as other changes and intersegment eliminations;
Net Cash (Debt) and Net Cash (Debt) of Industrial Activities: Net Cash (Debt) is defined as total Debt (including debt payable to CNH deriving from financing activities and sale of trade receivables) plus Derivative liabilities, net of Cash and cash equivalents, Derivative assets and other current financial assets (primarily current securities, short-term deposits and investments towards high-credit rating counterparties) and financial receivables from CNH deriving from financing activities and sale of trade receivables. Iveco Group provides the reconciliation of Net Cash (Debt) to Total (Debt), which is the most directly comparable EU-IFRS financial measure included in the Group's Consolidated Statement of Financial Position. Due to different sources of cash flows used for the repayment of the debt between Industrial Activities and Financial Services (by cash from operations for Industrial Activities and by collection of financing receivables for Financial Services), management separately evaluates the cash flow performance of Industrial Activities using Net Cash (Debt) of Industrial Activities; and
Available Liquidity: is defined as cash and cash equivalents, including restricted cash, undrawn medium-term unsecured committed facilities, other current financial assets (primarily current securities, short-term deposits and investments towards high-credit rating counterparties), and financial receivables from CNH deriving from financing activities and sale of trade receivables.

RESULTS OF OPERATIONS

INTRODUCTION

The operations, key financial measures, and financial analysis differ significantly for manufacturing and distribution businesses and financial services businesses; therefore, for a better understanding of our operations and financial results, we present the following commentary split by Industrial Activities and Financial Services. Industrial Activities represent the activities carried out by Truck, Bus, Defence, and Powertrain Business Units, as well as the holding company Iveco Group N.V., that also provides centralised treasury services.

On 3 January 2025 Iveco Group completed the transfer of ownership of Magirus GmbH and its affiliates performing the Fire Fighting business. Starting with the first quarter of 2024 and during the same year, according to IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations, the Fire Fighting business was classified as a disposal group held for sale and as Discontinued Operations.

See the Notes to the Semi-Annual Condensed Consolidated Financial Statements, paragraph "Discontinued Operations – Fire Fighting Business" for additional details.

Unless otherwise stated, 2024 financial data shown in the following refers to Continuing Operations, only.

THREE MONTHS ENDED 30 JUNE 2025 COMPARED TO THE THREE MONTHS ENDED 30 JUNE 2024

Consolidated Results of Operations

	Three months ended 30 June 2025				Three months ended 30 June 2024
(€ million)	Industrial Activities(1)	Financial	Services Eliminations	Consolidated	Industrial Activities(1)	Financial	Services Eliminations	Consolidated
Net revenues	3,702	113	(2) (34)	3,781	3,819	142	(2) (42)	3,919
Cost of sales	3,125	68	(3) (34)	3,159	3,150	93	(3) (42)	3,201
Selling, general and administrative costs	204	22	—	226	223	22	—	245
Research and development costs	149	—	—	149	160	—	—	160
Share of the profit/(loss) of investees accounted for using the equity method	1	5	—	6	2	4	—	6
Restructuring costs	1	—	—	1	4	1	—	5
Other income	3	1	—	4	11	—	—	11
Other expenses	42	1	—	43	41	—	—	41
EBIT	185	28	—	213	254	30	—	284
Net financial income/ (expenses):	(71)	—	—	(71)	(49)	—	—	(49)
Financial income	39	—	—	39	22	—	—	22
Financial expenses	110	—	—	110	71	—	—	71
PROFIT/(LOSS) BEFORE TAXES	114	28	—	142	205	30	—	235
Income tax (expense) benefit	(30)	(6)	—	(36)	(54)	(9)	—	(63)
PROFIT/(LOSS) FROM CONTINUING OPERATIONS	84	22	—	106	151	21	—	172
Post-tax loss of Discontinued Operations	—	—	—	—	(10)	—	—	(10)
Post-tax loss on the measurement to fair value less costs to sell of Discontinued Operations	—	—	—	—	—	—	—	—
PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX	—	—	—	—	(10)	—	—	(10)
PROFIT/(LOSS) FOR THE PERIOD	84	22	—	106	141	21	—	162

(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes Truck, Bus, Defence and Powertrain Business Units, as well as the holding company Iveco Group N.V. In the three months ended 30 June 2024, Industrial Activities also included the Fire Fighting business, classified as Discontinued Operations.

(2) Elimination of Financial Services' interest income earned from Industrial Activities. (3) Elimination of Industrial Activities' interest expense to Financial Services.

Net revenues

Net revenues were €3,781 million in the three months ended 30 June 2025, a decrease of 3.5% compared to the three months ended 30 June 2024.

Cost of sales

Cost of sales was €3,159 million for the three months ended 30 June 2025 compared to €3,201 million for the three months ended 30 June 2024. As a percentage of net revenues, cost of sales of Industrial Activities was 84.4% in the three months ended 30 June 2025 (82.5% for the three months ended 30 June 2024).

Selling, general and administrative costs

Selling, general and administrative costs were €226 million during the three months ended 30 June 2025 (6.0% of net revenues), down €19 million compared to the three months ended 30 June 2024 (6.3% of net revenues).

Research and development costs

In the three months ended 30 June 2025, research and development costs were €149 million (€160 million in the three months ended 30 June 2024), and included all the research and development costs not recognised as assets in the period, amounting to €67 million (€99 million in the three months ended 30 June 2024), the amortisation of capitalised development costs of €82 million (€59 million in the three months ended 30 June 2024) and no impairment of capitalised development costs in the three months ended 30 June 2025 (€2 million in the three months ended 30 June 2024). During the three months ended 30 June 2025, Iveco Group capitalised new expenditures for development costs for €97 million (€88 million in the three months ended 30 June 2024). The costs in both periods were primarily attributable to spending on engine development associated with emission requirements and continued investment in new products.

Share of the profit/(loss) of investees accounted for using the equity method

Share of the profit/(loss) of investees accounted for using the equity method was a net gain of €6 million in the three months ended 30 June 2025 and 2024.

Restructuring costs

Restructuring costs were €1 million for the three months ended 30 June 2025 compared to €5 million in the three months ended 30 June 2024.

Other income

Other income were €4 million for the three months ended 30 June 2025 compared to €11 million in the three months ended 30 June 2024.

Other expenses

Other expenses were €43 million for the three months ended 30 June 2025 compared to €41 million in the three months ended 30 June 2024. In both periods, this item primarily included legal costs and indirect taxes, as well as a cost of €1 million related to certain claims arising from the EU Commission's 2016 antitrust settlement decision.

Net financial income/(expenses)

Net financial expenses were €71 million for the three months ended 30 June 2025 compared to €49 million for the three months ended 30 June 2024. The increase was primarily due to a positive impact of the Argentinian hyperinflation accounting in the three months ended 30 June 2024; starting from 1 January 2025, one of the Group's Argentine subsidiaries changed its functional currency from the Argentine peso to the U.S. dollar, as a consequence, IAS 29 - Financial Reporting in Hyperinflationary Economies is no longer applicable in Argentina since that date.

Income tax (expense) benefit

	Three months ended 30 June
(€ million)	2025	2024
Profit/(loss) before taxes	142	235
Income tax (expense) benefit	(36)	(63)
Effective tax rate	25.4 %	26.8 %

Income tax expense for the three months ended 30 June 2025 was €36 million based on profit before taxes of €142 million, compared to income tax expense of €63 million for the three months ended 30 June 2024, based on profit before taxes of €235 million. The effective tax rates for the three months ended 30 June 2025 and 2024 were 25.4% and 26.8%, respectively. Excluding in both periods the impact of restructuring costs and the cost related to certain claims arising from the EU Commission's 2016 antitrust settlement decision, as well as separation costs related to the spin-off of the Iveco Group business in the second quarter of 2024, the effective tax rate was 26% for the three months ended 30 June 2025 and 2024.

Profit/(loss) for the period

Net profit was €106 million for the three months ended 30 June 2025 compared to a net profit of €162 million for the three months ended 30 June 2024.

Reconciliation of Adjusted net profit/(loss) from Continuing Operations to Profit/(loss) from Continuing Operations

The following table summarises the reconciliation of Adjusted net profit/(loss) from Continuing Operations, a non-EU-IFRS financial measure, to Profit/(loss) from Continuing Operations, the most comparable EU-IFRS financial measure, for the three months ended 30 June 2025 and 2024.

	Three months ended 30 June
(€ million)	2025	2024
Profit/(loss) from Continuing Operations	106	172
Adjustments impacting Profit/(loss) before taxes from Continuing Operations (a)	2	11
Adjustments impacting Income tax (expense) benefit from Continuing Operations (b)	(2)	(1)
Adjusted net profit/(loss) from Continuing Operations	106	182
Adjusted net profit/(loss) attributable to Iveco Group N.V. from Continuing Operations	105	172
Weighted average shares outstanding – diluted (million)	268	274
Adjusted diluted EPS from Continuing Operations (€)	0.39	0.63
Profit/(loss) before taxes from Continuing Operations	142	235
Adjustments impacting Profit/(loss) before taxes from Continuing Operations (a)	2	11
Adjusted Profit/(loss) before taxes from Continuing Operations (A)	144	246
Income tax (expense) benefit from Continuing Operations	(36)	(63)
Adjustments impacting Income tax (expense) benefit from Continuing Operations (b)	(2)	(1)
Adjusted Income tax (expense) benefit from Continuing Operations (B)	(38)	(64)
Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A) from Continuing Operations	26 %	26 %
a) Adjustments impacting Profit/(loss) before taxes from Continuing Operations
Restructuring costs	1	5
Spin-off costs	—	5
Costs related to certain claims arising from the EU Commission's 2016 antitrust settlement	1	1
Total	2	11
b) Adjustments impacting Income tax (expense) benefit from Continuing Operations
Tax effect of adjustments impacting Profit/(loss) before taxes	(2)	(1)
Total	(2)	(1)

Industrial Activities and Business Segments - Continuing Operations

The following tables show net revenues and Adjusted EBIT by business segment. Also included is a discussion of results by Industrial Activities and each business segment.

Net revenues by business segment

		Three months ended 30 June
(€ million)	2025	2024	% change
Truck	2,337	2,565	-8.9
Bus	750	612	22.5
Defence	340	285	19.3
Powertrain	878	980	-10.4
Eliminations and Other	(603)	(623)	—
Total Net revenues of Industrial Activities	3,702	3,819	-3.1
Financial Services	113	142	-20.4
Eliminations and Other	(34)	(42)	—
Total Net revenues	3,781	3,919	-3.5

Adjusted EBIT by business segment

		Three months ended 30 June
(€ million)	2025	2024	Change	2025 Adjusted EBIT margin	2024 Adjusted EBIT margin
Truck	129	190	-61	5.5 %	7.4 %
Bus	42	32	10	5.6 %	5.2 %
Defence	47	28	19	13.8 %	9.8 %
Powertrain	34	65	-31	3.9 %	6.6 %
Unallocated items, eliminations and other	(65)	(51)	-14	—	—
Adjusted EBIT of Industrial Activities	187	264	-77	5.1 %	6.9 %
Financial Services	28	31	-3	24.8 %	21.8 %
Eliminations and Other	—	—	—	—	—
Total Adjusted EBIT	215	295	-80	5.7 %	7.5 %

Net revenues of Industrial Activities were €3,702 million during the three months ended 30 June 2025, a decrease of 3.1% compared to the three months ended 30 June 2024, with higher volumes and better mix in Bus and Defence partially offsetting lower volumes in Truck and Powertrain and an adverse foreign exchange rate impact.

Adjusted EBIT of Industrial Activities was €187 million during the three months ended 30 June 2025, compared to €264 million during the three months ended 30 June 2024, with cost containment actions in Selling, General and Administrative (SG&A) and Research and Development (R&D) expenses partially offsetting lower volumes and mix, unfavourable pricing and product costs.

Reconciliation of EBIT and Adjusted EBIT

The following tables summarise the reconciliation of Adjusted EBIT, a non-EU-IFRS financial measure, to EBIT, the most comparable EU-IFRS financial measure, for the three months ended 30 June 2025 and 2024.

								Three months ended 30 June 2025
(€ million)	Truck	Bus	Defence	Powertrain	Unallocated items, eliminations and other	Total Industrial Activities	Financial	Services Eliminations	Total
EBIT	126	42	47	35	(65)	185	28	—	213
Adjustments:
Restructuring costs	3	—	—	(1)	(1)	1	—	—	1
Non-recurring items(1)	—	—	—	—	1	1	—	—	1
Adjusted EBIT	129	42	47	34	(65)	187	28	—	215

(1) In the three months ended 30 June 2025, this item includes €1 million costs related to certain claims arising from the EU Commission's 2016 antitrust settlement decision.

Three months ended 30 June 2024

(€ million)	Truck	Bus	Defence	Powertrain	Unallocated items, eliminations and other	Total Industrial Activities	Financial Services	Eliminations	Total
EBIT	186	32	28	64	(56)	254	30	—	284
Adjustments:
Restructuring costs	4	—	—	1	(1)	4	1	—	5
Non-recurring items(1)	—	—	—	—	6	6	—	—	6
Adjusted EBIT	190	32	28	65	(51)	264	31	—	295

(1) In the three months ended 30 June 2024, this item mainly included €5 million separation costs related to the spin-off of the Iveco Group business.

Industrial Activities Performance - Continuing Operations

Truck

Net revenues

The following table shows Truck's net revenues by geographic region for the three months ended 30 June 2025 compared to the three months ended 30 June 2024:

Truck Net revenues – by geographic region:

		Three months ended 30 June
(€ million)	2025	2024	% change
Europe	1,721	1,930	-10.8
South America	350	312	12.2
Rest of World	266	323	-17.6
Total	2,337	2,565	-8.9

Truck's net revenues were €2,337 million in the three months ended 30 June 2025, a decrease of 8.9% compared to the three months ended 30 June 2024, mainly due to lower volumes and an adverse foreign exchange rate impact.

During the three months ended 30 June 2025, the European truck market (GVW ≥3.5 tons), excluding U.K. and Ireland, decreased 14% compared to the same period in 2024. In Europe, the Light-Duty Truck (also known as LCV) market (GVW 3.5-7.49 tons) decreased 13% and the Medium and Heavy-Duty Truck (M&H) market (GVW ≥7.5 tons) decreased 15%. In South America, new truck registrations (GVW ≥3.5 tons) increased 6% over the same period of 2024, with a decrease of 3% in Brazil and an increase of 82% in Argentina. In Rest of World, new truck registrations decreased 1% year over year.

In the three months ended 30 June 2025, trucks' estimated market share in the European truck market (GVW ≥3.5 tons), excluding U.K. and Ireland, was 10.7%, down 2.4 percentage points (p.p.) compared to the three months ended 30 June 2024. In the three months ended 30 June 2025, trucks' market share in South America was 12.5%, up 1.8 p.p. compared to the three months ended 30 June 2024.

Truck delivered approximately 33,500 vehicles in the three months ended 30 June 2025, down 10% compared to the three months ended 30 June 2024. Further, volumes were down 15% in LCV and in line in M&H segments compared the three months ended 30 June 2024. Truck's deliveries were down 18% in Europe and 7% in Rest of the World and up 41% in South America.

Adjusted EBIT

Adjusted EBIT was €129 million in the three months ended 30 June 2025, a decrease of €61 million compared to the three months ended 30 June 2024, with cost containment actions partially offsetting lower volumes. Adjusted EBIT margin was 5.5% in the three months ended 30 June 2025 (7.4% in the three months ended 30 June 2024).

Bus

Net revenues

The following table shows Bus's net revenues by geographic region for the three months ended 30 June 2025 compared to the three months ended 30 June 2024:

Bus Net revenues – by geographic region:

		Three months ended 30 June
(€ million)	2025	2024	% change
Europe	664	540	23.0
South America	58	64	-9.4
Rest of World	28	8	250.0
Total	750	612	22.5

Bus's net revenues were €750 million in the three months ended 30 June 2025, an increase of 22.5% compared to the three months ended 30 June 2024, driven by higher volumes and a better mix.

Bus registrations were down 2% vs the previous year in Europe and increased 27% in South America.

In the three months ended 30 June 2025, Bus delivered approximately 3,750 vehicles, representing a 1% decrease compared to the same period of 2024. Bus deliveries increased 9% in Europe and decreased 20% and 3% in South America and Rest of World, respectively.

Adjusted EBIT

Adjusted EBIT was €42 million in the three months ended 30 June 2025, an increase of €10 million compared to the three months ended 30 June 2024 due to higher volumes and mix, and positive price realisation, partially offset by higher product costs. Adjusted EBIT margin was 5.6% in the three months ended 30 June 2025 (5.2% in the three months ended 30 June 2024).

Defence

Net revenues

The following table shows Defence's net revenues by geographic region for the three months ended 30 June 2025 compared to the three months ended 30 June 2024:

Defence Net revenues – by geographic region:

		Three months ended 30 June
(€ million)	2025	2024	% change
Europe	240	194	23.7
South America	28	23	21.7
North America	41	35	17.1
Rest of World	31	33	-6.1
Total	340	285	19.3

Defence's net revenues were €340 million in the three months ended 30 June 2025, an increase of 19.3% compared to the three months ended 30 June 2024, driven by increased sales of higher margin vehicles.

In the three months ended 30 June 2025, Defence delivered approximately 1,090 vehicles, representing a 2% decrease compared to the three months ended 30 June 2024. Defence's deliveries decreased 2% and 12% in Europe and Rest of World and increased 38% and 26% in South America and North America, respectively.

Adjusted EBIT

Adjusted EBIT was €47 million in the three months ended 30 June 2025, an increase of €19 million compared to the three months ended 30 June 2024 due to increased sales of higher margin vehicles. Adjusted EBIT margin was 13.8% in the three months ended 30 June 2025 (9.8% in the three months ended 30 June 2024).

Powertrain

Net revenues

Powertrain's net revenues were €878 million in the three months ended 30 June 2025, a decrease of 10.4% compared to the three months ended 30 June 2024, due to lower volumes. Sales to external customers accounted for 45% of total net revenues (48% in the three months ended 30 June 2024).

During the three months ended 30 June 2025, Powertrain sold approximately 88,900 engines, a 14% decrease compared to the three months ended 30 June 2024. In terms of customers, 44% of engine units were supplied to Iveco Group industrial business units and 56% to external customers. Additionally, Powertrain delivered approximately 11,400 transmissions and 44,700 axles, a decrease of 31% and 18%, respectively, compared to the three months ended 30 June 2024. Powertrain sold approximately 3,200 E-Powertrain units (of which 800 E-axles and 2,400 batteries).

Adjusted EBIT

Adjusted EBIT was €34 million for the three months ended 30 June 2025, a decrease of €31 million compared to the three months ended 30 June 2024, with cost containment actions in SG&A and R&D expenses partially offsetting the impact of lower volumes and higher quality costs. Adjusted EBIT margin was 3.9% in the three months ended 30 June 2025 (6.6% in the three months ended 30 June 2024).

Financial Services Performance

			Three months ended 30 June
(€ million)	2025	2024	Change
Net revenues	113	142	-20.4 %
Adjusted EBIT	28	31	-3

Net revenues

Financial Services' net revenues were €113 million in the three months ended 30 June 2025, down 20.4% compared to the three months ended 30 June 2024, mainly driven by lower base rates and a lower wholesale receivables portfolio.

Adjusted EBIT

Adjusted EBIT was €28 million in the three months ended 30 June 2025, a decrease of €3 million compared to the three months ended 30 June 2024, primarily resulting from a lower wholesale receivables portfolio.

In the three months ended 30 June 2025, retail loan originations, including unconsolidated joint ventures, were €480 million, down €92 million compared to the three months ended 30 June 2024. The Iveco Group managed portfolio, including unconsolidated joint ventures, was €7,972 million as of 30 June 2025 (of which retail was 43% and wholesale 57%), up €43 million compared to 30 June 2024.

At 30 June 2025, the receivable balance greater than 30 days past due as a percentage of receivables was 2.0% (2.0% as of 30 June 2024).

SIX MONTHS ENDED 30 JUNE 2025 COMPARED TO THE SIX MONTHS ENDED 30 JUNE 2024

Consolidated Results of Operations

	Six months ended 30 June 2025				Six months ended 30 June 2024
(€ million)	Industrial Activities(1)	Financial Services	Eliminations	Consolidated	Industrial Activities(1)	Financial	Services Eliminations	Consolidated
Net revenues	6,660	227	(2) (80)	6,807	7,102	287	(2) (103)	7,286
Cost of sales	5,613	131	(3) (80)	5,664	5,851	185	(3) (103)	5,933
Selling, general and administrative costs	402	42	—	444	440	45	—	485
Research and development costs	286	—	—	286	303	—	—	303
Share of the profit/(loss) of investees accounted for using the equity method	2	10	—	12	3	9	—	12
Restructuring costs	5	—	—	5	9	1	—	10
Other income	9	1	—	10	15	1	—	16
Other expenses	126	2	—	128	84	4	—	88
EBIT	239	63	—	302	433	62	—	495
Net financial income/ (expenses):	(110)	—	—	(110)	(70)	—	—	(70)
Financial income	83	—	—	83	64	—	—	64
Financial expenses	193	—	—	193	134	—	—	134
PROFIT/(LOSS) BEFORE TAXES	129	63	—	192	363	62	—	425
Income tax (expense) benefit	(34)	(14)	—	(48)	(98)	(18)	—	(116)
PROFIT/(LOSS) FROM CONTINUING OPERATIONS	95	49	—	144	265	44	—	309
Post-tax loss of Discontinued Operations	—	—	—	—	(20)	—	—	(20)
Post-tax loss on the measurement to fair value less costs to sell of Discontinued Operations	—	—	—	—	(115)	—	—	(115)
PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX	—	—	—	—	(135)	—	—	(135)
PROFIT/(LOSS) FOR THE PERIOD	95	49	—	144	130	44	—	174

(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes Truck, Bus, Defence and Powertrain Business Units, as well as the holding company Iveco Group N.V. In the six months ended 30 June 2024, Industrial Activities also included the Fire Fighting business, classified as Discontinued Operations.

(2) Elimination of Financial Services' interest income earned from Industrial Activities.

(3) Elimination of Industrial Activities' interest expense to Financial Services.

(*) In accordance with IFRS 5:33, Profit/(loss) from Continuing Operations for the six months ended 30 June 2024 does not include the pre- and post-tax loss of €115 million on the measurement to fair value less costs to sell of Discontinued Operations deriving from the definitive agreement to transfer the Fire Fighting business, which is included in the total Profit/ (loss) from Discontinued Operations, net of tax in addition to the post-tax loss of Discontinued Operations of €20 million. This classification differs from the one adopted in the 2024 second quarter results press release and Semi-Annual Report at 30 June 2024, in which the pre- and post-tax loss of €115 million was included in the line item "Other expenses" within Profit/(loss) from Continuing Operations.

Furthermore, certain items previously presented on a net basis are presented on a gross basis to conform to the current year presentation.

Net revenues

Net revenues were €6,807 million in the six months ended 30 June 2025, down 6.6% compared to the six months ended 30 June 2024.

Cost of sales

Cost of sales was €5,664 million for the six months ended 30 June 2025, compared to €5,933 million for the six months ended 30 June 2024. As a percentage of net revenues, cost of sales of Industrial Activities was 84.3% in the six months ended 30 June 2025, compared to 82.4% for the six months ended 30 June 2024.

Selling, general and administrative costs

Selling, general and administrative costs were €444 million during the six months ended 30 June 2025 (6.5% of net revenues) compared to €485 million for the six months ended 30 June 2024 (6.7% of net revenues).

Research and development costs

In the six months ended 30 June 2025, research and development costs were €286 million (€303 million in the six months ended 30 June 2024) and included all the research and development costs not recognised as assets in the period amounting to €122 million (€184 million in the six months ended 30 June 2024), the amortisation of capitalised development costs of €164 million (€117 million in the six months ended 30 June 2024), and no impairment of capitalised development costs in the six months ended 30 June 2025 (€2 million in the three months ended 30 June 2024). During the six months ended 30 June 2025, Iveco Group capitalised new expenditures for development costs for €178 million (€163 million in the six months ended 30 June 2024). The costs in both periods were primarily attributable to spending on engine development associated with emission requirements and continued investment in new products.

Share of the profit/(loss) of investees accounted for using the equity method

Share of the profit/(loss) of investees accounted for using the equity method was a net gain of €12 million in the six months ended 30 June 2025 and 2024.

Restructuring costs

Restructuring costs were €5 million for the six months ended 30 June 2025 and €10 million in the six months ended 30 June 2024.

Other income

Other income were €10 million for the six months ended 30 June 2025 compared to €16 million in the six months ended 30 June 2024.

Other expenses

Other expenses were €128 million for the six months ended 30 June 2025 compared to €88 million in the six months ended 30 June 2024, and included €60 million and €18 million costs, respectively, related to certain claims arising from the EU Commission's 2016 antitrust settlement decision.

Net financial income/(expenses)

Net financial expenses were €110 million in the six months ended 30 June 2025, compared to €70 million in the six months ended 30 June 2024 which included a positive impact of the Argentinian hyperinflation accounting (no longer applicable in this country starting from 1 January 2025). The increase in net financial expenses was also due to higher cost of hedge in 2025.

Income tax (expense) benefit

	Six months ended 30 June
(€ million)	2025	2024
Profit/(loss) before taxes	192	425
Income tax (expense) benefit	(48)	(116)
Effective tax rate	25.0 %	27.3 %

Income tax expense for the six months ended 30 June 2025 was €48 million based on profit before taxes of €192 million, compared to income tax expense of €116 million for the six months ended 30 June 2024, based on profit before taxes of €425 million. The effective tax rates for the six months ended 30 June 2025 and 2024 were 25.0% and 27.3%, respectively. Excluding the impact of costs related to certain claims arising from the EU commission's 2016 antitrust settlement decision and restructuring costs in both periods, as well as separation costs in the six months ended 30 June 2024, the effective tax rates was 26% and 27% in the six months ended 30 June 2025 and 2024, respectively.

Profit/(loss) for the period

Net profit was €144 million for the six months ended 30 June 2025 compared to €174 million for the six months ended 30 June 2024 which included a Loss from Discontinued Operations, net of tax of €135 million.

Reconciliation of Adjusted net profit/(loss) from Continuing Operations to Profit/(loss) from Continuing Operations

	Six months ended 30 June
(€ million)	2025	2024
Profit/(loss) from Continuing Operations	144	309
Adjustments impacting Profit/(loss) before taxes from Continuing Operations (a)	65	33
Adjustments impacting Income tax (expense) benefit from Continuing Operations (b)	(19)	(7)
Adjusted net profit/(loss) from Continuing Operations	190	335
Adjusted net profit/(loss) attributable to Iveco Group N.V. from Continuing Operations	189	328
Weighted average shares outstanding – diluted (million)	268	274
Adjusted diluted EPS from Continuing Operations (€)	0.71	1.20
Profit/(loss) before taxes from Continuing Operations	192	425
Adjustments impacting Profit/(loss) before taxes from Continuing Operations (a)	65	33
Adjusted Profit/(loss) before taxes from Continuing Operations (A)	257	458
Income tax (expense) benefit from Continuing Operations	(48)	(116)
Adjustments impacting Income tax (expense) benefit from Continuing Operations (b)	(19)	(7)
Adjusted Income tax (expense) benefit from Continuing Operations (B)	(67)	(123)
Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A) from Continuing Operations	26 %	27 %
a) Adjustments impacting Profit/(loss) before taxes from Continuing Operations
Restructuring costs	5	10
Spin-off costs	—	5
Costs related to certain claims arising from the EU Commission's 2016 antitrust settlement	60	18
Total	65	33
b) Adjustments impacting Income tax (expense) benefit from Continuing Operations
Tax effect of adjustments impacting Profit/(loss) before taxes	(19)	(7)
Total	(19)	(7)

Industrial Activities and Business Segments - Continuing Operations

The following tables show net revenues and Adjusted EBIT by business segment. Also included is a discussion of results by Industrial Activities and each business segment.

Net revenues by business segment

			Six months ended 30 June
(€ million)	2025	2024	% change
Truck	4,298	4,904	-12.4
Bus	1,228	1,026	19.7
Defence	618	498	24.1
Powertrain	1,662	1,949	-14.7
Eliminations and Other	(1,146)	(1,275)	—
Total Net revenues of Industrial Activities	6,660	7,102	-6.2
Financial Services	227	287	-20.9
Eliminations and Other	(80)	(103)	—
Total Net revenues	6,807	7,286	-6.6

Adjusted EBIT by business segment

				Six months ended 30 June
(€ million)	2025	2024	Change	2025 Adjusted EBIT margin	2024 Adjusted EBIT margin
Truck	187	342	-155	4.4 %	7.0 %
Bus	68	53	15	5.5 %	5.2 %
Defence	83	50	33	13.4 %	10.0 %
Powertrain	77	125	-48	4.6 %	6.4 %
Unallocated items, eliminations and other	(111)	(105)	-6	—	—
Adjusted EBIT of Industrial Activities	304	465	-161	4.6 %	6.5 %
Financial Services	63	63	—	27.8 %	22.0 %
Eliminations and Other	—	—	—	—	—
Total Adjusted EBIT	367	528	-161	5.4 %	7.2 %

Net revenues of Industrial Activities were €6,660 million during the six months ended 30 June 2025, a decrease of 6.2% compared to the six months ended 30 June 2024 primarily due to lower volumes in Truck and Powertrain and an adverse foreign exchange rate impact.

Adjusted EBIT of Industrial Activities was €304 million during the six months ended 30 June 2025, compared to €465 million during the six months ended 30 June 2024, with cost containment actions in SG&A and R&D expenses partially offsetting lower volumes and mix, unfavourable pricing and product costs.

Reconciliation of EBIT to Adjusted EBIT

The following tables summarise the reconciliation of Adjusted EBIT, a non-EU-IFRS financial measure, to EBIT, the most comparable EU-IFRS financial measure, for the six months ended 30 June 2025 and 2024.

								Six months ended 30 June 2025
(€ million)	Truck	Bus	Defence	Powertrain	Unallocated items, eliminations and other	Total Industrial Activities	Financial Services	Eliminations	Total
EBIT	181	68	83	78	(171)	239	63	—	302
Adjustments:
Restructuring costs	6	—	—	(1)	—	5	—	—	5
Non-recurring items(1)	—	—	—	—	60	60	—	—	60
Adjusted EBIT	187	68	83	77	(111)	304	63	—	367

(1) In the six months ended 30 June 2025, this item includes €60 million costs related to certain claims arising from the EU Commission's 2016 antitrust settlement decision.

Six months ended 30 June 2024

(€ million)	Truck	Bus	Defence	Powertrain	Unallocated items, eliminations and other	Total Industrial Activities	Financial Services	Eliminations	Total
EBIT	336	53	50	122	(128)	433	62	—	495
Adjustments:
Restructuring costs	6	—	—	3	—	9	1	—	10
Non-recurring items(1)	—	—	—	—	23	23	—	—	23
Adjusted EBIT	342	53	50	125	(105)	465	63	—	528

(1) In the six months ended 30 June 2024, this item included €18 million costs related to certain claims arising from the EU Commission's 2016 antitrust settlement decision, as well as €5 million separation costs related to the spin-off of the Iveco Group business.

Industrial Activities Performance - Continuing Operations

Truck

Net revenues

The following table shows Truck's net revenues by geographic region for the six months ended 30 June 2025 compared to the six months ended 30 June 2024:

Truck Net revenues – by geographic region:

	Six months ended 30 June
(€ million)	2025	2024	% change
Europe	3,142	3,778	-16.8
South America	628	512	22.7
Rest of World	528	614	-14.0
Total	4,298	4,904	-12.4

Truck's net revenues were €4,298 million in the six months ended 30 June 2025, a decrease of 12.4% compared to the six months ended 30 June 2024, mainly due to lower volumes and an adverse foreign exchange rate impact.

During the six months ended 30 June 2025, the European truck market (GVW ≥3.5 tons), excluding U.K. and Ireland, decreased 14% compared to the same period in 2024. In Europe, the LCV market (GVW 3.5-7.49 tons) decreased 13% and the M&H truck market (GVW ≥7.5 tons) decreased 16%. In South America, new truck registrations (GVW ≥3.5 tons) increased 12% in the six months ended 30 June 2025 compared to the same period of 2024, with an increase of 3% in Brazil and an increase of 92% in Argentina. In Rest of World, new truck registrations decreased 3% compared to the previous year.

In the six months ended 30 June 2025, trucks' estimated market share in the European truck market (GVW ≥3.5 tons), excluding U.K. and Ireland, was 10.9%, down 1.4 p.p. compared to the six months ended 30 June 2024. In the six months ended 30 June 2025, trucks' market share in South America was 12.1%, up 1.9 p.p. compared to the six months ended 30 June 2024.

In the six months ended 30 June 2025, Truck delivered approximately 59,800 vehicles, representing a 16% decrease compared to the same period of 2024. Further, volumes were down 22% and 2% in LCV and M&H segments. Truck's deliveries decreased 25% in Europe and 10% in Rest of World and increased 49% in South America.

Adjusted EBIT

Adjusted EBIT was €187 million in the six months ended 30 June 2025, a decrease of €155 million compared to the six months ended 30 June 2024, with cost containment actions in SG&A and R&D expenses partially offsetting lower volumes and mix, and unfavourable pricing. Adjusted EBIT margin was at 4.4% in the six months ended 30 June 2025 (7.0% in the six months ended 30 June 2024).

Bus

Net revenues

The following table shows Bus's net revenues by geographic region for the six months ended 30 June 2025 compared to the six months ended 30 June 2024:

Bus Net revenues – by geographic region:

	Six months ended 30 June
(€ million)	2025	2024	% change
Europe	1,102	936	17.7
South America	74	77	-3.9
Rest of World	52	13	300.0
Total	1,228	1,026	19.7

Bus's net revenues were €1,228 million in the six months ended 30 June 2025, an increase of 19.7% compared to the six months ended 30 June 2024, driven by higher volumes and a better mix.

Bus registrations were down 2% in Europe and up 29% in South America vs previous year.

In the six months ended 30 June 2025, Bus delivered approximately 5,950 vehicles, representing a 1% decrease compared to the same period of 2024. Bus deliveries decreased 1% in Europe and 8% in South America, respectively, and increased 37% in Rest of World.

Adjusted EBIT

Adjusted EBIT was €68 million in the six months ended 30 June 2025, a €15 million increase compared to the six months ended 30 June 2024, due to higher volumes, better mix, and positive price realisation, partially offset by higher product costs. Adjusted EBIT margin was at 5.5% in the six months ended 30 June 2025 (5.2% in the six months ended 30 June 2024).

Defence

Net revenues

The following table shows Defence's net revenues by geographic region for the six months ended 30 June 2025 compared to the six months ended 30 June 2024:

Defence Net revenues – by geographic region:

	Six months ended 30 June
(€ million)	2025	2024	% change
Europe	429	339	26.5
South America	47	47	—
North America	74	61	21.3
Rest of World	68	51	33.3
Total	618	498	24.1

Defence's net revenues were €618 million in the six months ended 30 June 2025, an increase of 24.1% compared to the six months ended 30 June 2024, driven by increased sales of higher margin vehicles.

In the six months ended 30 June 2025, Defence delivered approximately 1,900 vehicles, representing a 5% decrease compared to the same period of 2024. Defence's deliveries increased 23% in North America and decreased 7% and 5% in Europe and in both South America and Rest of Word, respectively.

Adjusted EBIT

Adjusted EBIT was €83 million in the six months ended 30 June 2025, a €33 million increase compared to the six months ended 30 June 2024, due to increased sales of higher margin vehicles. Adjusted EBIT margin was at 13.4% in the six months ended 30 June 2025 (10.0% in the six months ended 30 June 2024).

Powertrain

Net revenues

Powertrain's net revenues were €1,662 million in the six months ended 30 June 2025, a decrease of 14.7% compared to the six months ended 30 June 2024 due to lower volumes. Sales to external customers accounted for 44% of total net revenues (47% in the six months ended 30 June 2024).

During the six months ended 30 June 2025, Powertrain sold approximately 165,600 engines, down 18% compared to the six months ended 30 June 2024. In terms of customers, 46% of engine units were supplied to Iveco Group industrial business units and 54% to external customers. Additionally, Powertrain delivered approximately 23,100 transmissions, a decrease of 32% compared to the six months ended 30 June 2024, and approximately 86,300 axles, a decrease of 25% compared to the six months ended 30 June 2024. Powertrain sold approximately 5,900 E-Powertrain units (of which 1,600 E-axles and 4,300 batteries).

Adjusted EBIT

Adjusted EBIT was €77 million for the six months ended 30 June 2025, a €48 million decrease compared to the six months ended 30 June 2024, with cost containment actions in SG&A and R&D expenses partially offsetting the impact of lower volumes. Adjusted EBIT margin was at 4.6% in the six months ended 30 June 2025 (6.4% in the six months ended 30 June 2024).

Financial Services Performance

		Six months ended 30 June
(€ million)	2025	2024	Change
Net revenues	227	287	-20.9 %
Adjusted EBIT	63	63	—

Net revenues

Financial Services' net revenues were €227 million in the six months ended 30 June 2025 compared to €287 million in the six months ended 30 June 2024, mainly driven by lower base rate and lower wholesale receivable portfolio.

Adjusted EBIT

Adjusted EBIT was €63 million in the six months ended 30 June 2025, in line with the six months ended 30 June 2024, with lower wholesale receivables portfolio substantially offset by lower SG&A and other expenses.

In the six months ended 30 June 2025, retail loan originations, including unconsolidated joint ventures, were €907 million, down €129 million compared to the six months ended 30 June 2024. The Iveco Group managed portfolio, including unconsolidated joint ventures, was €7,972 million as of 30 June 2025 (of which retail was 43% and wholesale 57%), up €43 million compared to 30 June 2024.

At 30 June 2025, the receivables balance greater than 30 days past due as a percentage of the on-book portfolio was at 2.0% (2.0% as of 30 June 2024).

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION BY ACTIVITY

	At 30 June 2025				At 31 December 2024
(€ million)	Industrial Activities(1)	Financial Services	Eliminations	Consolidated	Industrial Activities(1)	Financial Services	Eliminations	Consolidated
ASSETS
Intangible assets	2,026	21	—	2,047	2,018	21	—	2,039
Property, plant and equipment	3,083	2	—	3,085	3,145	2	—	3,147
Investments and other non-current financial assets:	65	163	—	228	71	152	—	223
Investments accounted for using the equity method	18	163	—	181	19	152	—	171
Equity investments measured at fair value through other comprehensive income	9	—	—	9	10	—	—	10
Other investments and non-current financial assets	38	—	—	38	42	—	—	42
Leased assets	12	82	—	94	14	79	—	93
Defined benefit plan assets	36	—	—	36	36	—	—	36
Deferred tax assets	688	63	—	751	700	75	(1) (7)	774
Total Non-current assets	5,910	331	—	6,241	5,984	329	(1)	6,312
Inventories	3,600	2	—	3,602	2,870	1	—	2,871
Trade receivables	372	23	(18) (4)	377	406	23	(24) (4)	405
Receivables from financing activities	818	5,429	(1,580) (4)	4,667	778	5,842	(1,435) (4)	5,185
Current tax receivables	143	11	(45) (5)	109	159	7	(33) (5)	133
Other current receivables and financial assets	386	205	(27) (3)	564	372	113	(15) (3)	470
Prepaid expenses and other assets	177	1	—	178	119	2	—	121
Derivative assets	30	1	(3) (6)	28	25	2	(4) (6)	23
Cash and cash equivalents	2,628	170	—	2,798	3,326	187	—	3,513
Total Current assets	8,154	5,842	(1,673)	12,323	8,055	6,177	(1,511)	12,721
Assets held for sale(2)	5	—	—	5	404	—	—	404
TOTAL ASSETS	14,069	6,173	(1,673)	18,569	14,443	6,506	(1,512)	19,437
EQUITY AND LIABILITIES
Total Equity	1,831	825	—	2,656	1,923	846	—	2,769
Provisions:	2,252	99	—	2,351	2,414	101	—	2,515
Employee benefits	394	11	—	405	451	15	—	466
Other provisions	1,858	88	—	1,946	1,963	86	—	2,049
Debt:	2,366	5,143	(1,580) (4)	5,929	2,271	5,470	(1,435) (4)	6,306
Asset-backed financing	—	3,023	—	3,023	—	3,558	—	3,558
Other debt	2,366	2,120	(1,580) (4)	2,906	2,271	1,912	(1,435) (4)	2,748
Derivative liabilities	24	1	(3) (6)	22	63	2	(4) (6)	61
Trade payables	3,789	35	—	3,824	3,945	34	(23) (4)	3,956
Tax liabilities	88	36	(58) (5)	66	95	23	(33) (5)	85
Deferred tax liabilities	53	1	(1) (7)	53	49	—	(1) (7)	48
Other liabilities	3,666	33	(31) (3)	3,668	3,420	30	(16) (3)	3,434
Liabilities held for sale(2)	—	—	—	—	263	—	—	263
Total Liabilities	12,238	5,348	(1,673)	15,913	12,520	5,660	(1,512)	16,668
TOTAL EQUITY AND LIABILITIES	14,069	6,173	(1,673)	18,569	14,443	6,506	(1,512)	19,437

(2) At 31 December 2024, Assets held for sale and Liabilities held for sale mainly included the assets and the liabilities, respectively, of the Fire Fighting business classified as a disposal group held for sale and as Discontinued Operations.

(3) This item includes the elimination of intercompany activity between Industrial Activities and Financial Services.

(4) This item includes the elimination of receivables/payables between Industrial Activities and Financial Services.

(5) This item includes the elimination of tax receivables/payables between Industrial Activities and Financial Services and reclassifications needed for appropriate consolidated presentation. (6) This item includes the elimination of derivative assets/liabilities between Industrial Activities and Financial Services.

(7) This item includes the reclassification of deferred tax assets/liabilities in the same jurisdiction and reclassifications needed for appropriate consolidated presentation.

LIQUIDITY AND CAPITAL RESOURCES

The following discussion of liquidity and capital resources primarily focuses on the Group's Condensed Consolidated Statement of Cash Flows and the Group's Condensed Consolidated Statement of Financial Position. The Group's operations are capital intensive and subject to seasonal variations in financing requirements for dealer receivables and dealer and company inventories. Whenever necessary, funds from operating activities are supplemented from external sources. Iveco Group, focusing on cash preservation and leveraging its good access to funding, continues to maintain solid financial strength and liquidity.

CASH FLOW ANALYSIS

The following tables present the cash flows from operating, investing and financing activities by activity for the six months ended 30 June 2025 and 2024.

Six months ended 30 June 2025

	Industrial	Financial
(€ million)	Activities(1)	Services	Eliminations	Consolidated
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD	3,326	187	—	3,513
CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES:
Profit/(loss) from Continuing Operations for the period	95	49	—	144
Amortisation and depreciation (excluding assets sold under buy-back commitments and operating leases)(a)(b)	370	2	—	372
Other non-cash items	(2)	(13)	—	(15)
Dividends received	84	—	(81) (2)	3
Change in provisions	(137)	1	—	(136)
Change in deferred income taxes	21	11	—	32
Change in items due to buy-back commitments(a)	(6)	(9)	—	(15)
Change in operating lease items(b)	1	(11)	—	(10)
Change in trade receivables	24	—	(6) (3)	18
Change in inventories	(780)	—	—	(780)
Change in trade payables	(112)	1	23 (3)	(88)
Change in other receivables/payables	60	(73)	(17) (3)	(30)
Change in receivables from financing activities(c)	—	494	—	494
CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS	(382)	452	(81)	(11)
CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS	—	—	—	—
TOTAL	(382)	452	(81)	(11)
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES:
Investments in:
Property, plant and equipment and intangible assets (excluding assets sold under buy-back commitments and operating leases)(a)(b)	(275)	(1)	—	(276)
Consolidated subsidiaries and other equity investments	(12)	—	12 (4)	—
Proceeds from the sale of non-current assets (excluding assets sold under buy-back commitments)(a)	3	—	—	3
Net (cash used in)/proceeds from other current and non-current financial assets	111	—	—	111
Other changes	89	69	—	158
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS	(84)	68	12	(4)
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS	—	—	—	—
TOTAL	(84)	68	12	(4)
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES:
Change in debt and derivative assets/liabilities	(81)	(468)	—	(549)
Capital increase	—	12	(12) (4)	—
Dividends paid	(88)	(81)	81 (2)	(88)
Purchase of ownership interests in subsidiaries	(13)	—	—	(13)
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS	(182)	(537)	69	(650)
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS	—	—	—	—
TOTAL	(182)	(537)	69	(650)
Translation exchange differences	(50)	—	—	(50)
TOTAL CHANGE IN CASH AND CASH EQUIVALENTS	(698)	(17)	—	(715)
CASH AND CASH EQUIVALENTS OF CONTINUING OPERATIONS AT END OF THE PERIOD	2,628	170	—	2,798

(a) Cash generated from the sale of vehicles under buy-back commitments, net of amounts included in Profit/(loss), is recognised in a single line item, which includes capital expenditure, depreciation and impairment losses, and related operating activities changes.

(b) Cash from operating lease is recognised under operating activities in a single line item, which includes capital expenditure, depreciation, write-downs and changes in inventory.

(c) Starting from the three months ended 31 March 2025, changes in receivables from financing activities of Financial Services, previously included in the Cash flows from/(used in) investing activities, have been included in the Cash flows from/(used in) operating activities to improve comparability with Iveco Group peers. Figures for the six months ended 30 June 2024 have been reclassified consistently.

(2) This item includes the elimination of dividends from Financial Services to Industrial Activities.

(3) This item includes the elimination of receivables/payables between Industrial Activities and Financial Services.

(4) This item includes the elimination of paid capital from Industrial Activities to Financial Services.

Six months ended 30 June 2024

	Industrial	Financial
(€ million)	Activities(1)		Services Eliminations	Consolidated
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD	2,447	251	—	2,698
CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES:
Profit/(loss) from Continuing Operations for the period	265	44	—	309
Amortisation and depreciation (excluding assets sold under buy-back commitments and operating leases)(a)(b)	308	1	—	309
(Gains)/losses on disposal of non-current assets (excluding assets sold under buy-back commitments)(a)	(8)	—	—	(8)
Other non-cash items	—	(11)	—	(11)
Dividends received	39	—	(35) (2)	4
Change in provisions	33	(2)	—	31
Change in deferred income taxes	7	10	—	17
Change in items due to buy-back commitments(a)	(9)	—	—	(9)
Change in operating lease items(b)	—	(11)	—	(11)
Change in trade receivables	(19)	10	(11) (3)	(20)
Change in inventories	(990)	—	—	(990)
Change in trade payables	120	(2)	13 (3)	131
Change in other receivables/payables	63	50	(2) (3)	111
Change in receivables from financing activities(c)	—	777	—	777
CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS	(191)	866	(35)	640
CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS	(74)	—	—	(74)
TOTAL	(265)	866	(35)	566
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES:
Investments in:
Property, plant and equipment and intangible assets (excluding assets sold under buy-back commitments and operating leases)(a)(b)	(335)	(2)	—	(337)
Consolidated subsidiaries and other equity investments	(4)	—	4 (4)	—
Proceeds from the sale of non-current assets (excluding assets sold under buy-back commitments)(a)	3	(3)	—	—
Net (cash used in)/proceeds from other current and non-current financial assets	(80)	—	—	(80)
Other changes	671	(690)	—	(19)
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS	255	(695)	4	(436)
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS	47	—	—	47
TOTAL	302	(695)	4	(389)
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES:
Change in debt and derivative assets/liabilities	(313)	(198)	—	(511)
Capital contributions	(28)	4	(4) (4)	(28)
Dividends paid	(91)	(35)	35 (2)	(91)
Purchase of treasury shares	(2)	—	—	(2)
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS	(434)	(229)	31	(632)
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS	27	—	—	27
TOTAL	(407)	(229)	31	(605)
Translation exchange differences	(17)	—	—	(17)
TOTAL CHANGE IN CASH AND CASH EQUIVALENTS	(387)	(58)	—	(445)

Less: Cash and cash equivalent at end of the period - included within Assets held for sale at end of the period	1	—	—	1
CASH AND CASH EQUIVALENTS OF CONTINUING OPERATIONS AT END OF THE PERIOD	2,059	193	—	2,252

(b) Cash from operating lease is recognised under operating activities in a single line item, which includes capital expenditure, depreciation, write-downs and changes in inventory.

(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes Truck, Bus, Defence and Powertrain Business Units, as well as the holding company Iveco Group N.V. In the six months ended 30 June 2024, Industrial Activities also included the Fire Fighting business, classified as Discontinued Operations.

(2) This item includes the elimination of dividends from Financial Services to Industrial Activities. (3) This item includes the elimination of receivables/payables between Industrial Activities and Financial Services.

(4) This item includes the elimination of paid capital from Industrial Activities to Financial Services.

Unless otherwise stated, financial data shown in the following refers to Continuing Operations, only.

At 30 June 2025, the Group had cash and cash equivalents of €2,798 million, a decrease of €715 million from €3,513 million at 31 December 2024. Cash and cash equivalents at 30 June 2025 included €90 million (€96 million at 31 December 2024) of restricted cash that mainly consists of Central Bank deposits established for regulatory purposes by a subsidiary with a banking license. At 30 June 2025, undrawn medium-term unsecured committed facilities were €1,900 million (€1,900 million at 31 December 2024) and other current financial assets were €2 million (€59 million at 31 December 2024).

At 30 June 2025, the aggregate of cash and cash equivalents, undrawn medium-term unsecured committed facilities and other current financial assets, which the Group considers to constitute the Group's principal liquid assets (or "Available liquidity", a non-EU-IFRS financial measure as defined in paragraph "Alternative performance measures (or "Non-EU-IFRS financial measures")" of section "General" above), totalled €4,713 million (€5,474 million at 31 December 2024). At 30 June 2025, this amount also included €13 million financial receivables (€2 million at 31 December 2024) from CNH deriving from financing activities and the sale of trade receivables.

A reconciliation of Iveco Group's consolidated Cash and cash equivalents to Available liquidity is provided as follows:

(€ million)	At 30 June 2025	At 31 December 2024
Cash and cash equivalents	2,798	3,513
Undrawn committed facilities	1,900	1,900
Other current financial assets(1)	2	59
Financial receivables from CNH(2)	13	2
Available liquidity	4,713	5,474

(1) This item includes short-term deposits and investments towards high-credit rating counterparties.

(2) This item includes financial receivables from CNH deriving from financing activities and sale of trade receivables.

Cash Flows from/(used in) Operating Activities from Continuing Operations

Cash used by operating activities in the six months ended 30 June 2025 totalled €11 million and primarily comprised the following elements:

change in inventories which absorbed €780 million
change in provisions which absorbed €136 million
change in trade payables which absorbed €88 million
change in other receivables/payables which absorbed €30 million
plus €494 million change in receivables from financing activities
plus €372 million in non-cash charges for depreciation and amortisation (net of assets sold under buy-back commitments and operating leases)
plus €144 million in profit
plus €32 million change in deferred income taxes
plus €18 million change in trade receivables.

In the six months ended 30 June 2024, cash generated by operating activities was €640 million as a result of €777 million cash generated from receivables from financing activities, plus cash generated from income-related inflows (calculated as profit plus amortisation and depreciation, dividends, changes in provisions and deferred income taxes, net of various items related to sales with buy-back commitments and operating leases, net of gains/losses on disposals and other non-cash items) for a total amount of €631 million, plus change in trade payables for €131 million and change in other receivables/payables for €111 million, partially offset by €990 million seasonal absorption from change in inventories and change in trade receivables for €20 million.

Cash Flows from/(used in) Investing Activities from Continuing Operations

In the six months ended 30 June 2025, cash absorbed by investing activities totalled €4 million, primarily due to investments in tangible and intangible assets that used €276 million in cash (including €178 million in capitalised development costs), partially offset by net proceeds from other current and non-current financial assets that generated €111 million and other changes that generated €158 million. Investments in tangible and intangible assets are net of investments in commercial vehicles for the Group's long-term rental operations and of investments relating to vehicles sold under buy-back commitments, which are reflected in cash flows relating to operating activities.

In the six months ended 30 June 2024, cash used by investing activities totalled €436 million, primarily due to investments in tangible and intangible assets that used €337 million in cash (including €163 million in capitalised development costs) and €80 million net cash used in other current and non-current financial assets.

Cash Flows from/(used in) Financing Activities from Continuing Operations

In the six months ended 30 June 2025, cash used by financing activities totalled €650 million compared to €632 million used in the six months ended 30 June 2024.

CONSOLIDATED DEBT

The Group's consolidated Debt at 30 June 2025 and 31 December 2024 is as detailed in the following table:

	At 30 June 2025					At 31 December 2024
(€ million)	Consolidated	Industrial Activities	Financial Services	Consolidated	Industrial Activities	Financial Services
Total Debt	5,929	2,366	5,143	6,306	2,271	5,470

Iveco Group believes that Net Cash (Debt), a non-EU-IFRS financial measure as defined in paragraph "Alternative performance measures (or "Non-EU-IFRS financial measures")" of section "General" above, is a useful analytical metric for measuring the Group's effective borrowing requirements. The Group provides a separate analysis of Net Cash (Debt) of Industrial Activities and Net Cash (Debt) of Financial Services to reflect the different cash flow management practices in the two activities. Industrial Activities reflects the consolidation of all majority-owned subsidiaries, except for Financial Services. Financial Services reflects the consolidation of the Financial Services' legal entities.

The calculation of Net Cash (Debt) at 30 June 2025 and 31 December 2024 and the reconciliation of Total (Debt), the EU-IFRS financial measure that the Group believes to be most directly comparable, to Net Cash (Debt), are shown below:

	At 30 June 2025				At 31 December 2024
(€ million)	Consolidated	Industrial Activities	Financial Services	Consolidated	Industrial Activities	Financial Services
Third party (debt)	(5,712)	(1,611)	(4,101)	(6,155)	(1,584)	(4,571)
Intersegment notes payable(1)	—	(754)	(826)	—	(687)	(748)
(Debt) payable to CNH(2)	(217)	(1)	(216)	(151)	—	(151)
Total (Debt)	(5,929)	(2,366)	(5,143)	(6,306)	(2,271)	(5,470)
Cash and cash equivalents	2,798	2,628	170	3,513	3,326	187
Intersegment financial receivables(1)	—	826	754	24	772	687
Financial receivables from CNH(3)	57	13	44	61	2	59
Other current financial assets(4)	2	2	—	59	59	—
Derivative assets(5)	28	30	1	23	25	2
Derivative liabilities(5)	(22)	(24)	(1)	(61)	(63)	(2)
Net Cash (Debt) of Continuing Operations	(3,066)	1,109	(4,175)	(2,687)	1,850	(4,537)
Net Cash (Debt) of Discontinued Operations				20	20	—
Total Net Cash (Debt)	(3,066)	1,109	(4,175)	(2,667)	1,870	(4,537)

(1) As a result of the role played by the central treasury, debt for Industrial Activities also includes funding raised by the central treasury on behalf of Financial Services (included under Intersegment financial receivables). Intersegment financial receivables for Financial Services, on the other hand, represent loans or advances to Industrial Activities – for receivables sold to Financial Services that do not meet the derecognition requirements – as well as cash deposited temporarily with the central treasury. At 31 December 2024, Intersegment notes payable and Intersegment financial receivables of Industrial Activities and Financial Services also included the balance towards Discontinued Operations.

(2) This item includes payables related to purchases of receivables or collections with settlement in the following days.

(3) This item includes receivables related to sales of receivables or collections with settlement in the following days.

(4) This item includes short-term deposits and investments towards high-credit rating counterparties.

(5) Derivative assets and Derivative liabilities include, respectively, the positive and negative fair values of derivative financial instruments.

Net Debt at 30 June 2025 was €399 million higher compared to 31 December 2024, mainly due to Free Cash Flow absorption from Industrial Activities of €649 million, partially offset by a reduction in third party Debt of Financial Services due to a lower receivables portfolio.

The following table shows the change in Net Cash (Debt) of Industrial Activities for the six months ended 30 June 2025 and 2024:

	Six months ended 30 June
(€ million)	2025	2024
Net Cash (Debt) of Industrial Activities at beginning of period(1)	1,870	1,852
Less: Net Cash (Debt) of Industrial Activities from Discontinued Operations at beginning of the period	20	(34)
Net Cash (Debt) of Industrial Activities from Continuing Operations at beginning of the period	1,850	1,886
Adjusted EBIT of Industrial Activities	304	465
Depreciation and amortisation	370	308
Depreciation of assets under operating leases and assets sold with buy-back commitments	108	119
Financial charges and taxes impact on Net Cash (Debt)	(140)	(171)
Change in working capital(2)	(808)	(826)
Investments in property, plant and equipment, and intangible assets(3)	(275)	(335)
Change in provisions, buy-back and other	(208)	(94)
Free Cash Flow of Industrial Activities from Continuing Operations	(649)	(534)
Capital increases, dividends and share buy-backs	(101)	(93)
Currency translation differences and other	9	(159)
Change in Net Cash (Debt) of Industrial Activities from Continuing Operations	(741)	(786)
Net Cash (Debt) of Industrial Activities from Continuing Operations at end of the period	1,109	1,100
Net Cash (Debt) of Industrial Activities from Discontinued Operations at beginning of the period	20	(34)
Free Cash Flow of Industrial Activities from Discontinued Operations		(77)
Other from Discontinued Operations	(20)	28
Change in Net Cash (Debt) of Industrial Activities from Discontinued Operations	(20)	(49)
Net Cash (Debt) of Industrial Activities from Discontinued Operations at end of the period		(83)
Net Cash (Debt) of Industrial Activities at end of the period(1)	1,109	1,017

(1) The balances at 1 January 2025 and 2024 and at 30 June 2024 shown in this item include the Fire Fighting business.

(2) Change in working capital includes change in trade receivables, inventories, trade payables and other receivables/payables.

(3) Excluding assets sold under buy-back commitments and assets under operating leases.

Iveco Group believes that Free Cash Flow of Industrial Activities, a non-EU-IFRS financial measure as defined in paragraph "Alternative performance measures (or "Non-EU-IFRS financial measures")" of section "General" above, is a useful analytical metric for measuring the cash generation ability of the Group's Industrial Activities. For the six months ended 30 June 2025, Free Cash Flow of Industrial Activities was negative for €649 million (negative for €534 million for the six months ended 30 June 2024), primarily due to a decrease in Adjusted EBIT related to lower origination, partially offset by a reduction in investments.

The reconciliation of Free Cash Flow of Industrial Activities to Net cash provided by (used in) Operating Activities, the EU-IFRS financial measure that Iveco Group believes to be most directly comparable, for the six months ended 30 June 2025 and 2024, is shown below:

	Six months ended 30 June
(€ million)	2025	2024
Cash Flows from/(used in) Operating Activities from Continuing Operations	(11)	640
Less: Cash Flows from/(used in) Operating Activities of Financial Services net of eliminations	(371)	(831)
Cash Flows from/(used in) Operating Activities of Industrial Activities from Continuing Operations	(382)	(191)
Investments in property, plant and equipment, and intangible assets of Industrial Activities	(275)	(335)
Other changes(1)	8	(8)
Free Cash Flow of Industrial Activities from Continuing Operations	(649)	(534)

(1) This item primarily includes capital increases in intersegment investments.

The non-EU-IFRS financial measures (Available liquidity, Net Cash (Debt) and Free Cash Flow of Industrial Activities) used in this section should neither be considered as a substitute for, nor superior to, measures of financial performance prepared in accordance with EU-IFRS. In addition, these non-EU-IFRS financial measures may not be computed in the same manner as similarly titled measures used by other companies.

With the purpose of further diversifying its funding structure, Iveco Group has established a €2 billion EMTN Programme to access the capital markets through the issuance of bonds. Furthermore, in Europe, IC Financial Services S.A. issued commercial paper which had an amount of €59 million outstanding at 30 June 2025 (€35 million at 31 December 2024).

As of 30 June 2025, the credit rating assigned by Fitch Ratings to Iveco Group N.V. is a Long-Term Issuer Default Rating (IDR) of 'BBB-'. The outlook is stable.

Iveco Group continues to closely monitor its liquidity and capital resources for any potential impact that the challenging environment in which it operates, including current macroeconomic and geopolitical issues, energy and material price variability, may have on its operations. Iveco Group believes that its cash and cash equivalents, access to credit facilities and cash flows from future operations will be adequate to fund its known cash needs also in the context of that challenging environment.

RELATED PARTY TRANSACTIONS

See Note 28 "Related party transactions" of the Semi-Annual Condensed Consolidated Financial Statements at 30 June 2025.

IMPORTANT EVENTS DURING THE FIRST SIX MONTHS OF 2025

On 3 January, Iveco Group announced the transfer of the full ownership of Magirus GmbH and its affiliates performing firefighting business (MAGIRUS) to Mutares SE & Co. KGaA
on 13 January, Iveco Group announced that it was awarded the Platinum Medal by EcoVadis, one of the foremost providers of business sustainability ratings worldwide. With a score of 85/100, Iveco Group ranked in the top 1% of over 150,000 companies EcoVadis assessed globally over the last year
on 11 March, Ford Trucks, the heavy commercial brand of Ford Otosan, and Iveco announced the signing of a binding Joint Development Agreement (JDA) for the design and engineering of a new cabin for heavy-duty trucks
on 14 March, Stellantis Pro One, the Stellantis N.V. business unit dedicated to commercial vehicles, and IVECO announced the signing of agreements for the supply of two all-electric Light Commercial Vehicles to IVECO for the European market. They will be based on the Stellantis Pro One mid-size and large van all-electric platforms, ranging from 2.8 to 4.25 Gross Vehicle Weight (GVW)
on 3 April, Iveco Group N.V. announced the establishment of its Euro Medium Term Note Programme (Programme) for the issuance of notes (Notes) totalling up to a maximum amount of 2 billion euros, which is listed on the regulated market of Euronext Dublin. The Central Bank of Ireland approved the base prospectus relating to the Programme
on 16 April, the Iveco Group N.V. shareholders at their Annual General Meeting (AGM) adopted the 2024 Annual Financial Statements and approved a cash dividend distribution of €0.33 per Common Share. The cash dividend was declared in euro and paid on 24 April 2025 for a total amount of €88 million. The AGM authorised the Board of Directors to repurchase up to 10,000,000 Common Shares with a maximum total allocation of €130 million for a period of 18 months from the date of the AGM. The new authorisation replaced the pre-existing one granted by the AGM on 17 April 2024
on 13 May, IDV was awarded a tender from the Dutch Ministry of Defence for the supply and logistic support (including maintenance and assistance) of 785 military logistics vehicles in three versions–semitrailer tractor, recovery, and hook-lift – ensuring logistical commonality across different platforms and among many other EU member states. The trucks will enhance the capabilities of the Dutch Armed Forces and will be delivered between 2027 and 2029
on 13 May, DLL and Iveco Group announced they were entering into a Joint Venture (JV) to facilitate the energy transition in Europe. Subject to regulatory approvals, DLL will acquire a majority interest (51%) in GATE, presently a fully owned subsidiary of Iveco Group, through a reserved capital increase, to support the transition to low- to zero- emission commercial vehicles in Europe, while Iveco Group will retain 49% of the share capital
on 15 May, Iveco Group announced that the Board had decided to proceed with the separation of the Defence business via a spin-off while exploring preliminary expressions of interest from potential strategic buyers.

RISKS AND UNCERTAINTIES

The Company believes that the risks and uncertainties identified for the second half of 2025 are in line with the main risks and uncertainties to which Iveco Group N.V. and the Group are exposed and that the Company presented in its Annual Report at 31 December 2024, available on the Company website. Those risks and uncertainties should be read in conjunction with this Semi-Annual Report, including its notes and disclosures.

Although the Company believes that those risks and uncertainties are material risks and uncertainties concerning the Group's business and industry, they are not the only risks and uncertainties relating to the Group. Other risks, events, facts or circumstances not presently known to the Group, or that the Group currently deems to be immaterial could, individually or cumulatively, alone or in combination with other events or circumstances, prove to be important and may have a significant negative impact on the Group's business, financial condition, results of operations and prospects.

2025 FINANCIAL GUIDANCE

Iveco Group is revising its 2025 financial guidance as follows:

Consolidated Adjusted EBIT between €880 million and €980 million (previous guidance between €980 million and €1,030 million)
Net revenues of Industrial Activities(*) down (3)% (5)% vs Full Year 2024 (previous guidance flat vs FY 2024)
Adjusted EBIT of Industrial Activities between €750 million and €850 million (previous guidance between €850 million and €900 million)
Free Cash Flow of Industrial Activities between €350 million and €400 million (previous guidance between €400 million and €450 million).

(*) Including currency translation effects.

SEMI-ANNUAL CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

At 30 June 2025

CONDENSED CONSOLIDATED INCOME STATEMENT(*)

(Unaudited)

		Three months ended 30 June		Six months ended 30 June
(€ million)	Note	2025	2024	2025	2024
Net revenues	(1)	3,781	3,919	6,807	7,286
Cost of sales	(2)	3,159	3,201	5,664	5,933
Selling, general and administrative costs	(3)	226	245	444	485
Research and development costs	(4)	149	160	286	303
Share of the profit/(loss) of investees accounted for using the equity method	(5)	6	6	12	12
Restructuring costs	(6)	1	5	5	10
Other income	(7)	4	11	10	16
Other expenses	(7)	43	41	128	88
EBIT		213	284	302	495
Net financial income/(expenses):	(8)	(71)	(49)	(110)	(70)
Financial income		39	22	83	64
Financial expenses		110	71	193	134
PROFIT/(LOSS) BEFORE TAXES		142	235	192	425
Income tax (expense) benefit	(9)	(36)	(63)	(48)	(116)
PROFIT/(LOSS) FROM CONTINUING OPERATIONS		106	172	144	309
Post-tax loss of Discontinued Operations		—	(10)	—	(20)
Post-tax loss on the measurement to fair value less costs to sell of Discontinued Operations		—	—	—	(115)
PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX(**)		—	(10)	—	(135)
PROFIT/(LOSS) FOR THE PERIOD		106	162	144	174

PROFIT/(LOSS) FOR THE PERIOD ATTRIBUTABLE TO:
Owners of the parent		105	153	143	170
Non-controlling interests		1	9	1	4

(in €)
Basic earnings/(loss) per Common Share from Continuing Operations	(10)	0.39	0.60	0.54	1.12
BASIC EARNINGS/(LOSS) PER COMMON SHARE	(10)	0.39	0.57	0.54	0.63
Diluted earnings/(loss) per Common Share from Continuing Operations	(10)	0.39	0.59	0.53	1.10
DILUTED EARNINGS/(LOSS) PER COMMON SHARE	(10)	0.39	0.56	0.53	0.62

(*) In accordance with IFRS 5:33, Profit/(loss) from Continuing Operations for the six months ended 30 June 2024 does not include the pre- and post-tax loss of €115 million on the measurement to fair value less costs to sell of Discontinued Operations deriving from the definitive agreement to transfer the Fire Fighting business, which is included in the total Profit/(loss) from Discontinued Operations, net of tax in addition to the post-tax loss of Discontinued Operations of €20 million. This classification differs from the one adopted in the 2024 second quarter results press release and Semi-Annual Report at 30 June 2024, in which the pre- and post-tax loss of €115 million was included in the line item "Other expenses" within Profit/(loss) from Continuing Operations.

Furthermore, certain items previously presented on a net basis are presented on a gross basis to conform to the current year presentation.

(**) See paragraph "Discontinued Operations - Fire Fighting Business" for additional details.

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited)

		Three months ended 30 June		Six months ended 30 June
(€ million)	Note	2025	2024	2025	2024
PROFIT/(LOSS) FOR THE PERIOD (A)		106	162	144	174
Other comprehensive income/(loss) that will not be reclassified subsequently to profit or loss:
Gains/(losses) on the remeasurement of defined benefit plans	(20)	2	—	5	—
Fair value gain/(loss) on equity investments measured at fair value through other comprehensive income	(20)	—	(4)	—	(3)
Tax effect of Other comprehensive (loss)/income that will not be reclassified subsequently to profit or loss	(20)	—	—	—	—
Total Other comprehensive income/(loss) that will not be reclassified subsequently to profit or loss, net of tax (B1)		2	(4)	5	(3)
Other comprehensive income/(loss) that may be reclassified subsequently to profit or loss:
Gains/(losses) on cash flow hedging instruments	(20)	27	7	39	(1)
Foreign exchange gains/(losses) on translation of foreign operations	(20)	(56)	(18)	(69)	(48)
Tax effect of Other comprehensive income/(loss) that may be reclassified subsequently to profit or loss	(20)	(6)	4	(11)	5
Total Other comprehensive income/(loss) that may be reclassified subsequently to profit or loss, net of tax (B2)		(35)	(7)	(41)	(44)
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX (B) = (B1) + (B2)		(33)	(11)	(36)	(47)

TOTAL COMPREHENSIVE INCOME/(LOSS) (A)+(B)		73	151	108	127
TOTAL COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO:
Owners of the parent		77	142	115	123
Non-controlling interests		(4)	9	(7)	4
TOTAL COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO:
Continuing Operations		73	161	108	262
Discontinued Operations		—	(10)	—	(135)

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(Unaudited)

(€ million)	Note	At 30 June 2025	At 31 December 2024
ASSETS
Intangible assets	(11)	2,047	2,039
Property, plant and equipment	(12)	3,085	3,147
Investments and other non-current financial assets:	(13)	228	223
Investments accounted for using the equity method		181	171
Equity investments measured at fair value through other comprehensive income		9	10
Other investments and non-current financial assets		38	42
Leased assets	(14)	94	93
Defined benefit plan assets		36	36
Deferred tax assets		751	774
Total Non-current assets		6,241	6,312
Inventories	(15)	3,602	2,871
Trade receivables	(16)	377	405
Receivables from financing activities	(16)	4,667	5,185
Current tax receivables	(16)	109	133
Other current receivables and financial assets	(16)	564	470
Prepaid expenses and other assets		178	121
Derivative assets	(17)	28	23
Cash and cash equivalents	(18)	2,798	3,513
Total Current assets		12,323	12,721
Assets held for sale	(19)	5	404
TOTAL ASSETS		18,569	19,437

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(Unaudited)

(CONTINUED)

(€ million)	Note	At 30 June 2025	At 31 December 2024
EQUITY AND LIABILITIES
Issued capital and reserves attributable to owners of the parent		2,599	2,699
Non-controlling interests		57	70
Total Equity	(20)	2,656	2,769
Provisions:		2,351	2,515
Employee benefits	(21)	405	466
Other provisions	(21)	1,946	2,049
Debt:	(22)	5,929	6,306
Asset-backed financing	(22)	3,023	3,558
Other debt	(22)	2,906	2,748
Derivative liabilities	(17)	22	61
Trade payables	(23)	3,824	3,956
Tax liabilities		66	85
Deferred tax liabilities		53	48
Other liabilities	(24)	3,668	3,434
Liabilities held for sale	(19)	—	263
Total Liabilities		15,913	16,668
TOTAL EQUITY AND LIABILITIES		18,569	19,437

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS(*)

(Unaudited)

		Six months ended 30 June
(€ million)	Note	2025	2024
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	(18)	3,513	2,698
CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES:
Profit/(loss) from Continuing Operations for the period		144	309
Amortisation and depreciation (excluding assets sold under buy-back commitments and operating leases)(a)(b)		372	309
(Gains)/losses on disposal of non-current assets (excluding assets sold under buy-back commitments)(a)		—	(8)
Other non-cash items		(15)	(11)
Change in provisions		(136)	31
Change in deferred income taxes		32	17
Change in items due to buy-back commitments(a)		(15)	(9)
Change in operating lease items(b)		(10)	(11)
Change in trade receivables		18	(20)
Change in inventories		(780)	(990)
Change in trade payables		(88)	131
Change in other receivables/payables		(30)	111
Change in receivables from financing activities(c)		494	777
CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS		(11)	640
CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS		—	(74)
TOTAL		(11)	566
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES:
Investments in:
Property, plant and equipment and intangible assets (excluding assets sold under buy-back commitments and operating leases)(a)(b)		(276)	(337)
Proceeds from the sale of non-current assets (excluding assets sold under buy-back commitments)(a)		3	—
Cash used in other current and non-current financial assets		(15)	(158)
Proceeds from other current and non-current financial assets		126	78
Other changes		158	(19)
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS		(4)	(436)
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS		—	47
TOTAL		(4)	(389)
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES:
Cash receipts from long-term financing liabilities	(30)	329	307
Repayment of long-term financing liabilities	(30)	(326)	(539)
Net cash receipts from/(repayment of) short-term financing liabilities	(30)	(462)	(299)
Change in derivative assets/liabilities		(90)	20
Capital contributions to Discontinued Operations		—	(28)
Dividends paid		(88)	(91)
Purchase of treasury shares		—	(2)
Purchase of ownership interests in subsidiaries		(13)	—
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS		(650)	(632)
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS		—	27
TOTAL		(650)	(605)
Translation exchange differences		(50)	(17)
TOTAL CHANGE IN CASH AND CASH EQUIVALENTS		(715)	(445)
Less: Cash and cash equivalent included within Assets held for sale at end of the period		—	1
CASH AND CASH EQUIVALENTS OF CONTINUING OPERATIONS AT END OF PERIOD	(18)	2,798	2,252

Semi-Annual Condensed Consolidated Financial Statements at 30 June 2025 38

(a) Cash generated from the sale of vehicles under buy-back commitments, net of amounts included in Profit/(loss), is recognised in a single line item, which includes capital expenditure, depreciation and impairment losses, and related operating activities changes.
(b) Cash from operating lease is recognised under operating activities in a single line item, which includes capital expenditure, depreciation, write-downs and changes in inventory.
(c) Starting from the three months ended 31 March 2025, changes in receivables from financing activities of Financial Services, previously included in the Cash flows from/(used in) investing activities, have been included in the Cash flows from/(used in) operating activities to improve comparability with Iveco Group peers. Figures for the six months ended 30 June 2024 have been reclassified consistently.
(*) Certain items previously presented on a net basis are presented on a gross basis to conform to the current year presentation. Furthermore, in accordance with IFRS 5:33, Profit/(loss) from Continuing Operations for the six months ended 30 June 2024 does not include the pre- and post-tax loss of €115 million on the measurement to fair value less costs to sell deriving from the definitive agreement to transfer the Fire Fighting business.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY(*)

(Unaudited)

	Attributable to the owners of the parent
(€ million)	Share capital	Treasury shares	Capital reserves	Earnings reserves	Cash flow hedge reserve	Cumulative translation adjustment reserve	Defined benefit plans remeasu rement reserve	Equity investments at FVTOCI	Cumulative share of OCI of entities consolidated under the equity method	Non controlling interests	Total equity
AT 31 DECEMBER 2023	3	(49)	2,324	700	(2)	(466)	(114)	(42)	—	36	2,390
Dividends distributed		—	—	(59)	—	—	—	—	—	—	(59)
Purchase of treasury shares	—	(2)	—	—	—	—	—	—	—	—	(2)
Common Shares issued from treasury shares for share-based compensation	—	45	(45)	—	—	—	—	—	—	—	—
Share-based compensation expense	—	—	5	—	—	—	—	—	—	—	5
Profit/(loss) for the period	—	—	—	170	—	—	—	—	—	4	174
Other comprehensive income/ (loss) for the period	—	—	—	—	4	(48)	—	(3)	—	—	(47)
Total Comprehensive income/(loss) for the period	—	—	—	170	4	(48)	—	(3)	—	4	127
Other changes(1)	—	—	—	16	—	—	—	—	—	3	19
AT 30 JUNE 2024	3	(6)	2,284	827	2	(514)	(114)	(45)	—	43	2,480

	Attributable to the owners of the parent
(€ million)	Share capital	Treasury shares	Capital reserves	Earnings reserves	Cash flow hedge reserve	Cumulative translation adjustment reserve	Defined benefit plans remeasu rement reserve	Equity investments at FVTOCI	Cumulative share of OCI of entities consolidated under the equity method	Non controlling interests	Total equity
AT 31 DECEMBER 2024	3	(64)	2,292	1,155	(13)	(548)	(80)	(46)	—	70	2,769
Dividends distributed	—	—	—	(88)	—	—	—	—	—	—	(88)
Common Shares issued from treasury shares for share-based compensation	—	20	(20)	—	—	—	—	—	—	—	—
Share-based compensation expense	—	—	7	—	—	—	—	—	—	—	7
Profit/(loss) for the period	—	—	—	143	—	—	—	—	—	1	144
Other comprehensive income/ (loss) for the period	—	—	—	—	28	(61)	5	—	—	(8)	(36)
Total Comprehensive income/(loss) for the period	—	—	—	143	28	(61)	5	—	—	(7)	108
Other changes(1)	—	—	—	(134)	—	—	—	—	—	(6)	(140)
AT 30 JUNE 2025	3	(44)	2,279	1,076	15	(609)	(75)	(46)	—	57	2,656

(*) Figures disclosed in this table refer to total Iveco Group equity (including both Continuing and Discontinued Operations).

(1) Other changes of "Earnings reserves" include the impact of IAS 29 - Financial reporting in hyperinflationary economies applied for subsidiaries that prepare their financial statements in a functional currency of a hyperinflationary economy. Starting from 1 January 2025, one of the Group's Argentine subsidiaries changed its functional currency from the Argentine peso to the U.S. dollar, as a consequence, IAS 29 is no longer applicable in Argentina since that date. For the six months ended 30 June 2025, this item primarily includes the effect of the definitive agreement to transfer the Fire Fighting business.

NOTES

(Unaudited)

CORPORATE INFORMATION

Iveco Group N.V. is a global automotive leader that, through its various businesses, designs, produces and sells trucks, commercial vehicles, buses and defence vehicles, in addition to a broad portfolio of powertrain applications. In addition, Iveco Group's Financial Services segment offers a range of financial products and services to dealers and customers. See Note 26 "Segment reporting" for additional information on Iveco Group's segments.

ACCOUNTING POLICIES

Basis of preparation

The Semi-Annual Condensed Consolidated Financial Statements at 30 June 2025 together with the notes thereto (the "Semi-Annual Condensed Consolidated Financial Statements") were authorised for issuance on 30 July 2025 and have been prepared in accordance with the IFRS Accounting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and endorsed by the European Union (EU-IFRS).

The Semi-Annual Condensed Consolidated Financial Statements have been prepared in accordance with IAS 34 - Interim Financial Reporting applying the same accounting principles and policies used in the preparation of Iveco Group Consolidated Financial Statements at 31 December 2024, available on the Company's website, except as described in the following paragraph "New standards and amendments effective from 1 January 2025".

The financial statements are prepared under the historical cost convention, modified as required for the measurement of certain financial instruments, as well as on a going concern basis. Despite operating in a continuously difficult economic and financial environment negatively impacted by the effects of current macroeconomic and geopolitical issues, energy and material price variability, the Group's assessment is that no material uncertainties (as defined in paragraph 25 of IAS 1) exist about its ability to continue as a going concern, in view also of the measures undertaken by the Group to preserve cash and contain costs, and to preserve its industrial and financial flexibility and its strong liquidity position.

These Semi-Annual Condensed Consolidated Financial Statements are prepared using the euro as the presentation currency.

Use of accounting estimates and management's assumptions

The preparation of the Semi-Annual Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of income, expenses, assets, liabilities, accumulated other comprehensive income and disclosure of contingent assets and contingent liabilities. Furthermore, certain valuation procedures, in particular those of a more complex nature, are only carried out in full during the preparation of the annual financial statements, when all the information required is available, other than in the event that there are indications of impairment when an immediate assessment is necessary. In the same way, the actuarial valuations that are required for the determination of employee benefit provisions are also usually carried out during the preparation of the annual consolidated financial statements. The recoverability of deferred tax assets is assessed quarterly using financial results and figures from budget and plans for subsequent years. Income taxes are recognised based upon the best estimate of the actual income tax rate expected for the full financial year.

Due to the currently unforeseeable global consequences of current macroeconomic and geopolitical issues, energy and material price variability, these estimates and assumptions are subject to increased uncertainty. Actual results could differ materially from the estimates and assumptions used in the preparation of the financial statements. If in the future such estimates and assumptions, which are based on management's best judgment at the date of the Semi-Annual Condensed Consolidated Financial Statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the period in which the circumstances change.

These Semi-Annual Condensed Consolidated Financial Statements include all updates of estimates and assumptions considered necessary by management to fairly state the Group's results of operations, financial position and cash flows. See section "Accounting policies", paragraph "Use

of estimates", in the Iveco Group Consolidated Financial Statements at 31 December 2024 for a description of the estimates, main judgments and assumptions at that date.

Iveco Group is exposed to operational financial risks such as credit risk, liquidity risk and market risk, mainly relating to exchange rates and interest rates. These Semi-Annual Condensed Consolidated Financial Statements do not include all the information and notes about financial risk management required in the preparation of annual financial statements. Iveco Group believes that the risks and uncertainties identified are in line with the main risks and uncertainties to which the Group is exposed and that were presented in its Annual Report at 31 December 2024. For a detailed description of this information see the "Risk factors" section and Note 30 "Information on financial risks" of Iveco Group Consolidated Financial Statements at 31 December 2024. Those risks and uncertainties should be read in conjunction with this Semi-Annual Report, including its notes and disclosures. Additional risks and uncertainties not currently known or that are currently judged to be immaterial may also materially affect the Group's business, financial condition or operating results.

Format of the financial statements

Iveco Group presents an income statement using a classification based on the function of expenses (otherwise known as the "cost of sales" method), rather than one based on their nature, as this is believed to provide information that is more relevant.

For the statement of financial position, a mixed format has been selected to present current and non-current assets and liabilities, as permitted by IAS 1 – Presentation of Financial Statements. The Consolidated Financial Statements include both industrial activities companies and financial services companies. The investment portfolios of the financial services companies are included in current assets, as the investments will be realised in their normal operating cycle. However, financial services companies obtain only a portion of their funding from the market; the remainder is obtained from the parent company (included in the Industrial Activities) through its treasury activity, which lends funds both to industrial activities companies and to financial services companies as the need arises. This financial services structure within the Iveco Group does not allow the separation of financial liabilities funding the financial services operations (whose assets are reported within current assets) and those funding the industrial activities operations. Presentation of financial liabilities as current or non-current based on their date of maturity would not facilitate a meaningful comparison with financial assets, which are categorised on the basis of their normal operating cycle.

The Condensed Consolidated Statement of Cash Flows is presented using the indirect method. Starting from the three months ended 31 March 2025, changes in receivables from financing activities, previously included in the Cash flows from/(used in) investing activities, have been included in the Cash flows from/(used in) operating activities to improve comparability with Iveco Group peers. Figures for the six months ended 30 June 2024 have been reclassified consistently.

New standards and amendments effective from 1 January 2025

▪ on 15 August 2023, the IASB issued the Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, clarifying how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking, as well as requiring an entity to provide the disclosure that enables to understand the impact of a currency not being exchangeable. The amendments are effective for annual reporting periods beginning on or after 1 January 2025. These amendments had no impact on these Semi-Annual Condensed Consolidated Financial Statements.

Accounting standards, amendments and interpretations not yet applicable and not early adopted by the Group

See paragraph "Accounting standards, amendments and interpretations not yet applicable and not early adopted by the Group" of the section "Accounting policies" in the Notes to Consolidated Financial Statements at 31 December 2024 for a description of other new standards not yet effective and not adopted as of 30 June 2025.

BUSINESS COMBINATIONS

No significant business combinations occurred in the first half of 2025 and 2024.

DISCONTINUED OPERATIONS - FIRE FIGHTING BUSINESS

On 13 March 2024, Iveco Group and Mutares SE & Co. KGaA announced the signing of a definitive agreement for the transfer of ownership of Magirus GmbH and its affiliates performing Fire Fighting business. The transaction was completed on 3 January 2025.

According to IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations, as the sale became highly probable in March 2024, the Fire Fighting business met the criteria to be classified as a disposal group held for sale; it also met the criteria to be classified as Discontinued Operations, according to the assessment made by Iveco Group. That presentation of the Fire Fighting business resulted in the following:

▪ the operating results of the Fire Fighting business were excluded from the Group's Continuing Operations and were presented as a single line item "Profit/(Loss) from Discontinued Operations, net of tax" within the Semi-Annual Condensed Consolidated Income Statement for the three and six months ended 30 June 2024. In order to present the financial effects of the Discontinued Operations, revenues and expenses arising from intercompany transactions were eliminated except for those revenues and expenses that were considered to continue after the disposal of the Discontinued Operations. Eliminations from transactions between Continuing and Discontinued Operations were allocated in full to Discontinued Operations. However, no profit or loss were recognised for intercompany transactions within the Consolidated Income Statement

▪ the assets and liabilities of the Fire Fighting business were classified as Assets held for sale and Liabilities held for sale within the Semi-Annual Condensed Consolidated Statement of Financial Position at 30 June 2024
▪ all cash flows arising from the Fire Fighting business were presented separately in the appropriate items as Cash flows from operating, investing and financing activities, respectively, from Discontinued Operations within the Semi-Annual Condensed Consolidated Statement of Cash Flows for the six months ended 30 June 2024. These cash flows represented those arising from transactions with third parties.

According to IFRS 5, when non-current assets and disposal groups are classified as held for sale, they are required to be measured at the lower of their carrying amount and fair value less costs to sell. This measurement treatment resulted in the recognition of a pre- and post-tax loss of €115 million, recorded in the first quarter of 2024, and included in item "Post-tax loss on the measurement to fair value less costs to sell of Discontinued Operations" in the Condensed Consolidated Income Statement.

The following table represents the assets and liabilities of Fire Fighting business classified as Discontinued Operations at 31 December 2024:

(€ million)	At 31 December 2024
Intangible assets	18
Deferred tax assets	6
Property, plant and equipment	19
Inventories	204
Cash and cash equivalents	109
Other assets	43
Total assets held for sale	399
Provisions	55
Debt	89
Trade payables	57
Other liabilities	62
Total liabilities held for sale	263

Details of income statement items included in Discontinued Operations, after the eliminations, for the three and six months ended 30 June 2024 were as follows:

(€ million)	Three months ended 30 June 2024	Six months ended 30 June 2024
Net revenues	63	121
Expenses	(70)	(137)
EBIT of Discontinued Operations	(7)	(16)
Profit/(loss) before taxes of Discontinued Operations	(10)	(20)
Income tax (expense) benefit	—	—
Post-tax loss of Discontinued Operations	(10)	(20)
Post-tax loss on the measurement to fair value less costs to sell of Discontinued Operations	—	(115)
PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX	(10)	(135)

PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX ATTRIBUTABLE TO:
Owners of the parent	(9)	(132)
Non-controlling interests	(1)	(3)

Details of cash flows from/(used in) Discontinued Operations for the six months ended 30 June 2024 were as follows:

(€ million)	Six months ended 30 June 2024
CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS:
Profit/(loss)	(135)
Amortisation and depreciation	3
Change in provisions	116
Change in trade receivables	8
Change in inventories	(46)
Change in trade payables	(21)
Change in other receivables/payables	1
TOTAL	(74)
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS:
Investments in property, plant and equipment and intangible assets	(3)
Other changes	50
TOTAL	47
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS:
Capital increase	28
TOTAL	27
TOTAL CHANGE IN CASH AND CASH EQUIVALENTS FROM DISCONTINUED OPERATIONS	—

COMPOSITION AND PRINCIPAL CHANGES

Unless otherwise stated, 2024 income statement data shown in the following Notes refers to Continuing Operations, only.

1. Net revenues

The following table summarises Net revenues for the three and six months ended 30 June 2025 and 2024:

	Three months ended 30 June		Six months ended 30 June
(€ million)	2025	2024	2025	2024
Truck	2,337	2,565	4,298	4,904
Bus	750	612	1,228	1,026
Defence	340	285	618	498
Powertrain	878	980	1,662	1,949
Eliminations and Other	(603)	(623)	(1,146)	(1,275)
Total Industrial Activities	3,702	3,819	6,660	7,102
Financial Services	113	142	227	287
Eliminations and Other	(34)	(42)	(80)	(103)
Total Net revenues	3,781	3,919	6,807	7,286

Eliminations and Other include the elimination of Financial Services' interest income earned from Industrial Activities.

The following table disaggregates Net revenues by major source for the three and six months ended 30 June 2025 and 2024:

		Three months ended 30 June	Six months ended 30 June
(€ million)	2025	2024	2025	2024
Revenues from:
Sales of goods	3,461	3,589	6,177	6,638
Rendering of services and other revenues	173	160	347	321
Rents and other income on assets sold with a buy-back commitment	68	70	136	143
Revenues from sales of goods and services	3,702	3,819	6,660	7,102
Finance and interest income	69	91	127	166
Rents and other income on operating lease	10	9	20	18
Total Net revenues	3,781	3,919	6,807	7,286

During the three and six months ended 30 June 2025, revenues included €123 million and €265 million, respectively (€128 million and €276 million during the three and six months ended 30 June 2024, respectively) related to the reversal of contract liabilities outstanding at the beginning of each period. See Note 24 "Other liabilities" for additional details on contract liabilities.

As of 30 June 2025, the aggregate amount of the transaction price allocated to remaining was approximately €2.7 billion (approximately €2.9 billion at 31 December 2024). As of 30 June 2025, Iveco Group expects to recognise revenue on approximately 26% and 64% of the remaining performance obligations over the next 12 and 36 months, respectively (approximately 27% and 66% as of 31 December 2024, respectively), with the remaining recognised thereafter.

2. Cost of sales

Cost of sales amounted to €3,159 million and €5,664 million in the three and six months ended 30 June 2025, respectively, compared to €3,201 million and €5,933 million in the three and six months ended 30 June 2024, respectively. Interest and other financial expenses from Financial Services activities included within Cost of sales amounted to €34 million and to €51 million in the three and six months ended 30 June 2025, respectively (€51 million and €82 million in the three and six months ended 30 June 2024). Amount of inventories recognised as an expense in Cost of sales was €2,746 million and €4,855 million in three and six months ended 30 June 2025, respectively, (€2,724 million and €5,014 million the three and six months ended 30 June 2024, respectively).

3. Selling, general and administrative costs

Selling, general and administrative costs amounted to €226 million and €444 million and were 6.0% and 6.5% of net revenues in the three and six months ended 30 June 2025, respectively. In the three and six months ended 30 June 2024, selling, general and administrative costs amounted to €245 million and €485 million and were 6.3% and 6.7% of net revenues, respectively.

4. Research and development costs

In the three months ended 30 June 2025, research and development costs were €149 million (€160 million in the three months ended 30 June 2024) and included all the research and development costs not recognised as assets in the period amounting to €67 million (€99 million in the three months ended 30 June 2024), and the amortisation of capitalised development costs of €82 million (€59 million in the three months ended 30 June 2024). In the three months ended 30 June 2024, this item also included an impairment of capitalised development costs of €2 million). During the three months ended 30 June 2025, the Group capitalised new development costs of €97 million (€88 million in the three months ended 30 June 2024).

In the six months ended 30 June 2025, research and development costs of €286 million (€303 million in the six months ended 30 June 2024) comprise all the research and development costs not recognised as assets in the period amounting to €122 million (€184 million in the six months ended 30 June 2024) and the amortisation of capitalised development costs of €164 million (€117 million in the six months ended 30 June 2024). In the six months ended 30 June 2024, this item also included an impairment of capitalised development costs of €2 million. During the six months ended 30 June 2025, the Group capitalised new development costs of €178 million (€163 million in the six months ended 30 June 2024).

The costs in both periods were primarily attributable to spending on engine development associated with emission requirements and continued investment in new products.

5. Share of the profit/(loss) of investees accounted for using the equity method

In the three and six months ended 30 June 2025, Iveco Group's share in the net profit or loss of the investees accounted for using the equity method was a gain of €6 million and €12 million, respectively (a gain of €6 million and €12 million in the three and six months ended 30 June 2024, respectively).

6. Restructuring costs

Iveco Group incurred restructuring costs of €1 million and €5 million during the three and six months ended 30 June 2025, respectively (€5 million and €10 million during the three and six months ended 30 June 2024, respectively).

7. Other income and Other expenses

Other income includes income arising from operations which is not attributable to the sale of goods and services, such as gains on disposals of tangible assets, and amounted to €4 million and €11 million in the three months ended 30 June 2025 and 2024, respectively. This item amounted to €10 million and €16 million in the six months ended 30 June 2025 and 2024, respectively.

Other expenses consist of miscellaneous costs which cannot be allocated to specific functional areas, such as accruals for various provisions not attributable to other items of cost of sales or selling, general and administrative costs.

Other expenses amounted to €43 million and €41 million in the three months ended 30 June 2025 and 2024, respectively. In the six months ended 30 June 2025 and 2024, this item amounted to €128 million and €88 million, respectively, and included €60 million and €18 million costs, respectively related to certain claims arising from the EU Commission 2016 antitrust settlement decision.

8. Net financial income/(expenses)

The item "Net financial income/(expenses)" is detailed as follows:

		Three months ended 30 June		Six months ended 30 June
(€ million)	2025	2024	2025	2024
Financial income	39	22	83	64
Financial expenses	110	71	193	134
Net financial income/(expenses)	(71)	(49)	(110)	(70)

The increase in Net financial expenses in the three and six months ended 30 June 2025 compared to the corresponding periods of 2024 is primarily due to higher cost of hedge in 2025 and a positive impact of the Argentinian hyperinflation accounting in 2024; starting from 1 January 2025, one of the Group's Argentine subsidiaries changed its functional currency from the Argentine peso to the U.S. dollar, as a consequence, IAS 29 - Financial Reporting in Hyperinflationary Economies is no longer applicable in Argentina since that date.

Capitalised borrowing costs amounted to €10 million and €12 million during the six months ended 30 June 2025 and 2024, respectively.

9. Income tax (expense) benefit

Income tax (expense) benefit recognised in the Condensed Consolidated Income Statement consists of the following:

		Three months ended 30 June		Six months ended 30 June
(€ million)	2025	2024	2025	2024
Current taxes	(25)	(57)	(41)	(95)
Deferred taxes	(12)	(2)	(11)	(15)
Taxes relating to prior periods	1	(4)	4	(6)
Total Income tax (expense) benefit	(36)	(63)	(48)	(116)

The effective tax rates for the three months ended 30 June 2025 and 2024 were 25.4% and 26.8%, respectively. The effective tax rates for the six months ended 30 June 2025 and 2024 were 25.0% and 27.3%, respectively. In the three and six months ended 30 June 2025 and 2024, the effective tax rates primarily reflected the different tax rates applied in the jurisdictions where the Group operates, unbenefited losses in certain jurisdictions and some other discrete tax items.

As in all financial reporting periods, Iveco Group assessed the realisability of its deferred tax assets, which relate to multiple tax jurisdictions in all regions of the world. While no assessment changes occurred during the current period, it is possible that, within the next twelve months, assessment changes could occur and may have a material impact on Iveco Group's results of operations. Iveco Group operates in many jurisdictions around the world and is routinely subject to income tax audits. As various ongoing audits are concluded, or as the applicable statutes of limitations expire, it is possible Iveco Group's amount of unrecognised tax benefits could change during the next twelve months.

10. Earnings per share

Basic earnings/(loss) per Common Share (EPS) is computed by dividing the Profit/(loss) for the period attributable to the owners of the parent by the weighted average number of Common Shares outstanding (after deduction of treasury shares) during the period.

Shares acquired under the buy-back program are included in treasury stock of the Company and, therefore, are deducted from the weighted average number of Common Shares outstanding when calculating earnings per share. For additional information on the buy-back program, see Note 20 "Equity".

Diluted EPS reflects the potential dilution that could occur on the conversion of all dilutive potential Common Shares into Common Shares. Restricted share units and performance share units deriving from the Iveco Group share-based payment awards are considered dilutive potential Common Shares.

A reconciliation of basic and diluted earnings/(loss) per share is as follows:

		Three months ended 30 June		Six months ended 30 June
		2025	2024	2025	2024
Basic:
Profit/(loss) attributable to the owners of the parent	€ million	105	153	143	170
Weighted average Common Shares outstanding – basic	million	266	271	266	269
Basic earnings/(loss) per Common Share	€	0.39	0.57	0.54	0.63

Basic:
Profit/(loss) from Continuing Operations attributable to the owners of the parent	€ million	105	162	143	302
Weighted average Common Shares outstanding – basic	million	266	271	266	269
Basic earnings/(loss) per Common Share from Continuing Operations	€	0.39	0.60	0.54	1.12

Basic:
Profit/(loss) from Discontinued Operations attributable to the owners of the parent	€ million		(9)		(132)
Weighted average Common Shares outstanding – basic	million		271		269
Basic earnings/(loss) per Common Share from Discontinued Operations	€		(0.03)		(0.49)

Diluted:
Profit/(loss) attributable to the owners of the parent	€ million	105	153	143	170
Weighted average Common Shares outstanding – basic	million	266	271	266	269
Effect of dilutive potential Common Shares (when dilutive):
Share compensation plans	million	2	3	2	5
Weighted average Common Shares outstanding – diluted	million	268	274	268	274
Diluted earnings/(loss) per Common Share	€	0.39	0.56	0.53	0.62

Diluted:
Profit/(loss) from Continuing Operations attributable to the owners of the parent	€ million	105	162	143	302
Weighted average Common Shares outstanding – basic	million	266	271	266	269
Effect of dilutive potential Common Shares (when dilutive):
Share compensation plans	million	2	3	2	5
Weighted average Common Shares outstanding – diluted	million	268	274	268	274
Diluted earnings/(loss) per Common Share from Continuing Operations	€	0.39	0.59	0.53	1.10

Diluted:
Profit/(loss) from Discontinued Operations attributable to the owners of the parent	€ million		(9)		(132)
Weighted average Common Shares outstanding – basic	million		271		269
Effect of dilutive potential Common Shares (when dilutive):
Share compensation plans	million		—		—
Weighted average Common Shares outstanding – diluted	million		271		269
Diluted earnings/(loss) per Common Share from Discontinued Operations	€		(0.03)		(0.49)

11. Intangible assets

Changes in the carrying amount of Intangible assets for the six months ended 30 June 2025 were as follows:

(€ million)	Carrying amount at 31 December 2024		Additions Amortisation	Foreign exchange effects and other changes	Carrying amount at 30 June 2025
Goodwill	83	—	—	—	83
Development costs	1,704	178	(164)	—	1,718
Other	252	18	(25)	1	246
Total Intangible assets	2,039	196	(189)	1	2,047

Goodwill is allocated to the segments as follows: Truck for €6 million, Bus for €46 million, Defence for €19 million, and Financial Services for €12 million. Goodwill and intangible assets with indefinite useful lives are tested for impairment annually or more frequently if a triggering event occurs and impairment indicators are identified. Iveco Group performed its most recent annual impairment review as of 31 December 2024. The results of the impairment tests confirmed the absence of an impairment loss. During the six months ended 30 June 2025, no impairment indicators were identified.

12. Property, plant and equipment

Changes in the carrying amount of Property, plant and equipment for the six months ended 30 June 2025 were as follows:

(€ million)	Carrying amount at 31 December 2024		Additions Depreciation	Impairment	Foreign exchange effects	Disposals and other changes	Carrying amount at 30 June 2025
Property, plant and equipment acquired	1,776	80	(148)	—	(12)	(1)	1,695
Right-of-use assets	192	20	(34)	—	(1)	2	179
Assets sold with a buy-back commitment	1,179	252	(107)	(12)	—	(101)	1,211
Total Property, plant and equipment	3,147	352	(289)	(12)	(13)	(100)	3,085

At 30 June 2025, right-of-use assets refer primarily to the following lease contracts: industrial buildings for €112 million (€119 million at 31 December 2024), plant, machinery and equipment for €23 million (€26 million at 31 December 2024), and other assets for €44 million (€47 million at 31 December 2024). For a description of the related lease liabilities, see Note 22 "Debt".

Short-term and low-value leases are not recorded in the statement of financial position; for these leases, Iveco Group recognises a lease expense in the income statement on a straight-line basis over the lease term. In the six months ended 30 June 2025 and 2024, €4 million and €6 million, respectively, were recognised in income statement.

13. Investments and other non-current financial assets

Investments and other non-current financial assets at 30 June 2025 and 31 December 2024 consisted of the following:

(€ million)	At 30 June 2025	At 31 December 2024
Equity investments measured at fair value through other comprehensive income	9	10
Other investments	184	174
Total Investments	193	184
Non-current financial receivables and other non-current securities	35	39
Total Investments and other non-current financial assets	228	223

At 30 June 2025, equity investments measured at fair value through other comprehensive income primarily include a minor investment in a nonlisted company in India considered strategic in nature.

Other investments amounted to €184 million at 30 June 2025 (€174 million at 31 December 2024) and primarily included for €121 million (€112 million at 31 December 2024) CIFINS S.p.A., legal entity jointly held by Iveco Group and CNH Industrial, which holds 49.9% of CNH Capital Europe S.a.S., a joint venture with the BNP Paribas Group providing financing solutions to customers of both Iveco Group and CNH in several European countries.

Changes in Investments were as follows:

(€ million)	At 31 December 2024	Revaluations/ (Write-downs)	Other changes	At 30 June 2025
Equity investments measured at fair value through other comprehensive income	10	—	(1)	9
Other investments	174	12	(3)	184
Total Investments	184	12	(4)	193

Revaluations and write-downs primarily consist of adjustments for the result of the period to the carrying amount of investments accounted for using the equity method.

14. Leased assets

Leased assets include vehicles leased to retail customers by Financial Services under operating lease arrangements. Such leases typically have terms of 3 to 5 years with options available for the lessee to purchase the equipment at the lease term date. Revenues for non-lease components are accounted for separately.

Changes in the carrying amount of Leased assets for the six months ended 30 June 2025 were as follows:

(€ million)	Carrying amount at 31 December 2024		Additions Depreciation	Disposals and other changes	Carrying amount at 30 June 2025
Leased assets	93	27	(18)	(8)	94

15. Inventories

At 30 June 2025 and 31 December 2024, Inventories consisted of the following:

(€ million)	At 30 June 2025	At 31 December 2024
Raw materials	654	609
Finished goods and work-in-progress	2,948	2,262
Total Inventories	3,602	2,871

Total Inventories amounted to €3,602 million at 30 June 2025 compared to €2,871 million at 31 December 2024.

At 30 June 2025, Inventories included assets which are no longer subject to operating lease arrangements or buy-back commitments and were held for sale for a total amount of €24 million (€25 million at 31 December 2024).

16. Current receivables and Other current financial assets

A summary of Current receivables and Other current financial assets as of 30 June 2025 and 31 December 2024 is as follows:

(€ million)	At 30 June 2025	At 31 December 2024
Trade receivables	377	405
Receivables from financing activities	4,667	5,185
Current tax receivables	109	133
Other current receivables and financial assets:
Other current receivables	527	366
Other current financial assets	37	104
Total Other current receivables and financial assets	564	470
Total Current receivables and Other current financial assets	5,717	6,193

Receivables from financing activities

A summary of Receivables from financing activities as of 30 June 2025 and 31 December 2024 is as follows:

(€ million)	At 30 June 2025	At 31 December 2024
Retail:
Retail financing	17	26
Finance leases	53	57
Total Retail	70	83
Wholesale:
Dealer financing	4,552	5,007
Total Wholesale	4,552	5,007
Other	45	95
Total Receivables from financing activities	4,667	5,185

Iveco Group provides and administers financing for retail purchases of new and used vehicles sold through its dealer network. Wholesale receivables arise primarily from the sale of goods to dealers, distributors and end customers and, to a lesser extent, the financing of dealer operations. For the terms of retail financing and finance leases, as well as the standard terms of wholesale receivable agreements and the assessment of dealers' credit worthiness, see Note 17 "Current receivables and Other current financial assets" to the Consolidated Financial Statements at 31 December 2024, paragraph "Receivables from financing activities".

Receivables from financing activities are primarily related to Europe region.

The ageing of Receivables from financing activities as of 30 June 2025 and 31 December 2024 is as follows:

								At 30 June 2025
(€ million)	Total Current	31-60 Days Past Due	61-90 Days Past Due	Total Performing	Non Performing	Total	Allowance	Total, net of allowance
Total Retail	71	—	—	71	14	85	(15)	70
Total Wholesale	4,434	6	2	4,442	252	4,694	(142)	4,552
								At 31 December 2024
(€ million)	Total Current	31-60 Days Past Due	61-90 Days Past Due	Total Performing	Non Performing	Total	Allowance	Total, net of allowance
Total Retail	83	—	—	83	18	101	(18)	83
Total Wholesale	4,912	20	3	4,935	219	5,154	(147)	5,007

Loss allowance - Receivables from financing activities

Loss allowance changes for receivables from financing activities (retail and wholesale) for the three and six months ended 30 June 2025 are as follows:

							Three months ended 30 June 2025
(€ million)				Retail				Wholesale
	Stage 1 12 months ECL	Stage 2 Lifetime ECL	Stage 3 Lifetime ECL	Total	Stage 1 12 months ECL	Stage 2 Lifetime ECL	Stage 3 Lifetime ECL	Total
Opening balance	2	—	13	15	32	2	111	145
Additions (reversals)	—	—	1	1	—	—	(1)	(1)
Write-offs, net of recoveries	—	—	(1)	(1)	—	—	(2)	(2)
Ending balance	2	—	13	15	32	2	108	142

Six months ended 30 June 2025

(€ million)	Retail						Wholesale
	Stage 1 12 months ECL	Stage 2 Lifetime ECL	Stage 3 Lifetime ECL	Total	Stage 1 12 months ECL	Stage 2 Lifetime ECL	Stage 3 Lifetime ECL	Total
Opening balance	2	—	16	18	37	2	108	147
Additions (reversals)	—	—	(1)	(1)	(5)	—	3	(2)
Write-offs, net of recoveries	—	—	(2)	(2)	—	—	(3)	(3)
Ending balance	2	—	13	15	32	2	108	142
Receivables, net of allowance (ending balance)	66	3	1	70	4,166	245	141	4,552

At 30 June 2025, the change in loss allowance for the retail portfolio is mainly related to release of provision for one German customer who exited the Stage 3 and entered the Stage 2 during the three months ended 31 March 2025, while during the three months ended 30 June 2025 it was reclassified from Stage 2 to Stage 1.

For the wholesale portfolio the change in loss allowance is mainly due to the accruals related to the increase in individual allowances concentrated on a few customers, partially offset by certain write-offs, while the collective allowances decreased due to lower volumes covered.

Loss allowance's additions and reversals are included in cost of sales.

Loss allowance changes for receivables from financing activities (retail and wholesale) for the three and six months ended 30 June 2024 as follows:

	Retail							Wholesale
(€ million)	Stage 1 12 months ECL	Stage 2 Lifetime ECL	Stage 3 Lifetime ECL	Total	Stage 1 12 months ECL	Stage 2 Lifetime ECL	Stage 3 Lifetime ECL	Total
Opening balance	2	11	18	31	36	1	86	123
Additions (reversals)	2	(10)	1	(7)	(2)	1	9	8
Write-offs, net of recoveries	—	—	(1)	(1)	—	—	(1)	(1)
Ending balance	4	1	18	23	34	2	94	130

Three months ended 30 June 2024

Six months ended 30 June 2024

	Retail Wholesale
(€ million)	Stage 1 12 months ECL	Stage 2 Lifetime ECL	Stage 3 Lifetime ECL	Total	Stage 1 12 months ECL	Stage 2 Lifetime ECL	Stage 3 Lifetime ECL	Total
Opening balance	2	14	20	36	38	1	80	119
Additions (reversals)	2	(13)	(1)	(12)	(4)	1	15	12
Write-offs, net of recoveries	—	—	(1)	(1)	—	—	(1)	(1)
Ending balance	4	1	18	23	34	2	94	130

Receivables, net of allowance (ending balance)	70	1	2	73	4,434	212	119	4,765

At 30 June 2024, the change in loss allowance for credit losses for the retail portfolio is mainly related to recoveries through cash received and enforcement of collaterals. For the wholesale portfolio the change in loss allowance is due to the increase of individual allowances.

Loss allowance changes for receivables from financing activities (retail and wholesale) for the year ended 31 December 2024 is as follows:

			Year ended 31 December 2024
		Wholesale
(€ million)	Stage 1 12 months ECL	Stage 2 Lifetime ECL	Stage 3 Lifetime ECL	Total	Stage 1 12 months ECL	Stage 2 Lifetime ECL	Stage 3 Lifetime ECL	Total
Opening balance	2	14	20	36	38	1	80	119
Additions (reversals)	—	(14)	(2)	(16)	(1)	1	30	30
Write-offs, net of recoveries	—	—	(2)	(2)	—	—	(2)	(2)
Ending balance	2	—	16	18	37	2	108	147
Receivables, net of allowance (ending balance)	81	—	2	83	4,701	200	106	5,007

At 31 December 2024, the change in loss allowance for the retail portfolio is mainly related to the release of stage 2 collective allowances for four large Italian customers upon their upgrade from stage 2 to stage 1.

For the wholesale portfolio, the change in loss allowance is mainly due to the increase in individual allowances concentrated on a few customers, while the collective allowances remained flat compared to 31 December 2023.

For further information on Iveco Group's credit risk profile and concentration, the credit quality of its financing receivables, internal risk grades and basis for recognition of expected credit loss provision and the components of loss allowance, see Note 17 "Current receivables and Other current financial assets" to the Consolidated Financial Statements at 31 December 2024, paragraph "Receivables from financing activities", and Note 30 "Information on financial risks" to the Consolidated Financial Statements at 31 December 2024, paragraph "Credit risk".

Transfers of financial receivables

The Group transfers a number of its financial receivables to securitisation programs or factoring transactions.

At 30 June 2025, the carrying amounts of transferred financial assets not derecognised (constituted entirely of Receivables from financing activities) and the related liability amounted to €2,995 million (€3,410 million at 31 December 2024). At 30 June 2025 and 31 December 2024, the carrying amount of assets and of the related liabilities were equal to their respective fair values.

For further information on Iveco Group's securitisation programs and factoring transactions, see Note 17 "Current receivables and Other current financial assets" to the Consolidated Financial Statements at 31 December 2024, paragraph "Transfer of financial receivables".

Iveco Group has discounted receivables and bills without recourse having due dates beyond 30 June 2025 amounting to €217 million (€325 million at 31 December 2024, with due dates beyond that date), which refer to trade receivables.

17. Derivative assets and Derivative liabilities

These items consist of derivative financial instruments measured at fair value at the balance sheet date.

Iveco Group utilises derivative instruments to mitigate its exposure to interest rate (swaps) and foreign currency exposures (mainly foreign exchange forward contracts and swaps). Derivatives used as hedges are effective at reducing the risk associated with the exposure being hedged and are designated as a hedge at the inception of the derivative contract. Iveco Group does not hold or enter into derivative or other financial instruments for speculative purposes. The credit and market risk related to derivatives is reduced through diversification among various counterparties.

The following table summarises the gross impact of changes in the fair value of derivatives recognised in Other comprehensive income and in the income statement during the three and six months ended 30 June 2025 and 2024:

	Three months ended 30 June		Six months ended 30 June
(€ million)	2025	2024	2025	2024
Cash flow hedges
Recognised in Other comprehensive income (effective portion):
Foreign exchange derivatives	20	(10)	23	(26)
Interest rate derivatives	(3)	—	—	—
Reclassified from Other comprehensive income (effective portion):
Foreign exchange derivatives - Net revenues	—	(1)	—	(1)
Foreign exchange derivatives - Cost of sales	(10)	(9)	(18)	(15)
Foreign exchange derivatives - Net financial income/(expenses)	—	(7)	2	(9)
Not designated as hedges
Foreign exchange derivatives - Net financial income/(expenses)	17	2	30	(5)

The fair values of Iveco Group's derivatives as of 30 June 2025 and 31 December 2024 in the Condensed Consolidated Statement of Financial Position are recorded as follows:

		At 30 June 2025	At 31 December 2024
(€ million)	Positive fair value	Negative fair value	Positive fair value	Negative fair value
Derivatives designated as hedging instruments
Cash flow hedges:
Foreign exchange derivatives	1	(3)	12	—
Interest rate derivatives	—	(4)	—	(2)
Total Cash flow hedges	1	(7)	12	(2)
Total Derivatives designated as hedging instruments	1	(7)	12	(2)
Derivatives not designated as hedging instruments
Foreign exchange derivatives	27	(15)	9	(59)
Interest rate derivatives	—	—	2	—
Total Derivatives not designated as hedging instruments	27	(15)	11	(59)
Derivative assets/(liabilities)	28	(22)	23	(61)

Derivatives not designated as hedging instruments consist mainly of derivatives (mostly currency-based derivatives) acquired to hedge receivables and payables subject to currency risk and/or interest rate risk which are not formally designated as hedges at Group level.

The total notional amount of foreign exchange derivatives was €3.1 billion at 30 June 2025 and €3.2 billion at 31 December 2024, respectively; the total notional amount of interest rate derivatives was €0.7 billion at 30 June 2025 and €0.7 billion at 31 December 2024, respectively. Ineffectiveness amounts for both interest rate and foreign exchange derivatives were insignificant for both periods presented.

With regard to hedge accounting, Iveco Group continues to monitor significant developments in order to assess the potential future impacts of current macroeconomic and geopolitical issues, energy and material price variability, on the hedging relationships in place and to update its estimates concerning whether forecasted transactions can still be considered highly likely to occur.

18. Cash and cash equivalents

Cash and cash equivalents include cash at bank and other easily marketable securities that are readily convertible into cash and are subject to an insignificant risk of changes in value.

At 30 June 2025, this item included €90 million (€96 million at 31 December 2024) of restricted cash which mainly consists of Central Bank deposits established for regulatory purposes by a subsidiary with a banking license.

At the same date, this item also included €148 million (€297 million at 31 December 2024) of money market securities and other cash equivalents.

19. Assets and liabilities held for sale

At 31 December 2024, assets and liabilities held for sale included the assets and liabilities relating the Fire Fighting business.

In addition to the above, Assets held for sale at 30 June 2025 and 31 December 2024, Assets held for sale also included certain buildings.

20. Equity

Share capital

The Articles of Association of Iveco Group N.V. provide for authorised share capital of €8 million, divided into 400 million Common Shares and 400 million Special Voting Shares to be held with associated Common Shares, each having a par value of one euro cent (€0.01). As of 30 June 2025, the Company's share capital was €3,454,589.70, fully paid-in, and consisted of 271,215,400 Common Shares (266,346,803 Common Shares outstanding, net of 4,868,597 Common Shares held in treasury by the Company as described in the following section) and 74,243,570 Special Voting Shares (74,093,460 Special Voting Shares outstanding, net of 150,110 Special Voting Shares surrendered to the Company following the de-registration of the corresponding Qualifying Common Shares from the Loyalty Register and which are held as treasury shares by the Company as described in the following section).

For more complete information on the share capital of Iveco Group N.V., see Note 21 "Equity" to the Iveco Group Consolidated Financial Statements at 31 December 2024, paragraph "Share capital".

Treasury shares

At 30 June 2025, the Company held 4,868,597 Common Shares (at an aggregate cost of €43.5 million) and 150,110 Special Voting Shares in treasury, net of the relevant transfers and allocations respectively under the share-based compensation plans and in accordance with the Special Voting Shares - Terms and Conditions. During the six months ended 30 June 2025, 78,930 Special Voting Shares were surrendered to the Company. For more complete information on the shares held in treasury by Iveco Group N.V., see Note 21 "Equity" to the Iveco Group Consolidated Financial Statements at 31 December 2024, paragraph "Treasury shares".

The Annual General Meeting (AGM) held on 16 April 2025 replaced the authorization to repurchase Common Shares in the share capital of the Company that had been granted by the AGM in April 2024 with a new one, according to substantially the same terms. The authorization is for the Board of Directors to decide upon the acquisition of the Company's own Common Shares through purchases on the stock exchange and/or multilateral trading facilities, directly and/or otherwise, for a period of 18 months from 16 April 2025, i.e. up to and including 15 October 2026, in one or more transactions, subject to market and business conditions and in compliance with applicable rules and regulations. It intends, inter alia, to allow the Board to cover the Company's obligations related to the share-based compensation, under existing and/or future equity incentive plans. Neither the authorization granted, nor the subsequent launch by the Board of any share buyback program obligates the Company to buy back any Common Shares. The Board's authority is limited to a maximum of up to 10,000,000 Common Shares with a maximum total allocation to this end of €130 million. With due respect of applicable rules and regulations, purchases are required to take place for a price per Common Share (excluding expenses) no less than its nominal value (minimum price) and no more than 10% above the opening price as shown in the Official Price List of Euronext Milan on the day of acquisition (maximum price).

Capital reserves

At 30 June 2025 capital reserves amounted to €2,279 million (€2,292 million at 31 December 2024).

Earnings reserves

Earnings reserves, amounting to €1,076 million at 30 June 2025 (€1,155 million at 31 December 2024), mainly consist of retained earnings and profits attributable to the owners of the parent.

On 16 April 2025, at the AGM, shareholders of Iveco Group N.V. approved a dividend in cash of €0.33 per outstanding Common Share, as recommended by the Board of Directors. The cash dividend was declared in euro and paid on 24 April 2025 for a total amount of €88 million.

Other comprehensive income/(loss)

Other comprehensive income/(loss) consisted of the following:

	Three months ended 30 June		Six months ended 30 June
(€ million)	2025	2024	2025	2024
Other comprehensive income/(loss) that will not be reclassified subsequently to profit or loss:
Gains/(losses) on the remeasurement of defined benefit plans	2	—	5	—
Fair value gain/(loss) on equity investments measured at fair value through other comprehensive income	—	(4)	—	(3)
Total Other comprehensive income/(loss) that will not be reclassified subsequently to profit or loss (A)	2	(4)	5	(3)
Other comprehensive income/(loss) that may be reclassified subsequently to profit or loss:
Gains/(losses) on cash flow hedging instruments arising during the period	17	(10)	23	(26)
(Gains)/losses on cash flow hedging instruments reclassified to profit or loss	10	17	16	25
Gains/(losses) on cash flow hedging instruments	27	7	39	(1)
Foreign exchange gains/(losses) on translation of foreign operations arising during the period	(56)	(18)	(69)	(48)
Foreign exchange gains/(losses) on translation of foreign operations	(56)	(18)	(69)	(48)
Total Other comprehensive income/(loss) that may be reclassified subsequently to profit or loss (B)	(29)	(11)	(30)	(49)
Tax effect (C)	(6)	4	(11)	5
Total Other comprehensive income/(loss), net of tax (A) + (B) + (C)	(33)	(11)	(36)	(47)

The income tax effect for each component of Other comprehensive income/(loss) consisted of the following:

	Three months ended 30 June Six months ended 30 June
			2025			2024			2025			2024
(€ million)	Before tax amount	Tax (expense)/ benefit	Net-of tax amount	Before tax amount	Tax (expense)/ benefit	Net-of tax amount	Before tax amount	Tax (expense)/ benefit	Net-of tax amount	Before tax amount	Tax (expense)/ benefit	Net-of tax amount
Other comprehensive income/(loss) that will not be reclassified subsequently to profit or loss:
Gains/(losses) on the remeasurement of defined benefit plans	2	—	2	—	—	—	5	—	5	—	—	—
Fair value gain/(loss) on equity investments measured at fair value through other comprehensive income	—	—	—	(4)	—	(4)	—	—	—	(3)	—	(3)
Total Other comprehensive income/ (loss) that will not be reclassified subsequently to profit or loss	2	—	2	(4)	—	(4)	5	—	5	(3)	—	(3)

Other comprehensive income/(loss) that may be reclassified subsequently to profit or loss:
Gains/(losses) on cash flow hedging instruments	27	(6)	21	7	4	11	39	(11)	28	(1)	5	4
Foreign exchange gains/(losses) on translation of foreign operations	(56)	—	(56)	(18)	—	(18)	(69)	—	(69)	(48)	—	(48)
Total Other comprehensive income/ (loss) that may be reclassified subsequently to profit or loss	(29)	(6)	(35)	(11)	4	(7)	(30)	(11)	(41)	(49)	5	(44)
Total Other comprehensive income/ (loss)	(27)	(6)	(33)	(15)	4	(11)	(25)	(11)	(36)	(52)	5	(47)

Share-based compensation

Iveco Group recognised total share-based compensation expense of €3 million and €7 million in three and six months ended 30 June 2025, respectively (net income of €1 million and expense of €5 million in the three and six months ended 30 June 2024, respectively, including a €3 million income related to the reversal for forfeitures of certain previously granted share-based awards).

At 30 June 2025, the Company granted 0.7 million Performance Share Units (PSUs) and 0.4 million Restricted Share Units (RSUs). The PSUs will vest on 29 February 2028, with financial performance goals covering the three-year period from 1 January 2025 to 31 December 2027. The RSUs will vest in full on 29 February 2028.

21. Provisions

A summary of Provisions at 30 June 2025 and 31 December 2024 is as follows:

(€ million)	At 30 June 2025	At 31 December 2024
Employee benefits	405	466
Other provisions:
Obligations from sales	995	1,072
Warranty and product related	576	618
Legal proceedings and other disputes	148	112
Restructuring	13	15
Other risks	214	232
Total Other provisions	1,946	2,049
Total Provisions	2,351	2,515

Provisions for Employee benefits include provisions for pension plans and other post-employment benefits (including healthcare plans), as well as other provisions for employees and provisions for other long-term employee benefits.

Other risks include other provisions of smaller amounts for miscellaneous risks and charges in connection with risks which cannot be specifically attributed to the other categories.

22. Debt

An analysis of Debt by nature is as follows:

(€ million)	At 30 June 2025	At 31 December 2024
Asset-backed financing	3,023	3,558
Other debt:
Borrowings from banks	2,418	2,344
Payables represented by securities	59	35
Lease liabilities	185	199
Other	244	170
Total Other debt	2,906	2,748
Total Debt	5,929	6,306

Total Debt was €5,929 million at 30 June 2025, a decrease of €377 million compared to 31 December 2024, primarily as a result of Financial Services seasonal lower portfolio.

The item Asset-backed financing represents the financing received through both asset-backed securitisations and factoring transactions which do not meet IFRS 9 derecognition requirements and are recognised as assets in the statement of financial position.

Referring to Lease liabilities, during the six months ended 30 June 2025, €34 million for the principal portion and €5 million for interest expenses related to Lease liabilities, respectively, were paid (€33 million and €4 million, respectively, were paid during the six months ended 30 June 2024).

The following table sets out a maturity analysis of Lease liabilities at 30 June 2025 and 31 December 2024:

(€ million)	At 30 June 2025	At 31 December 2024
Less than one year	62	65
One to two years	42	44
Two to three years	28	30
Three to four years	19	22
Four to five years	13	15
More than five years	49	54
Total undiscounted lease payments	213	230
Less: Interest	(28)	(31)
Total Lease liabilities	185	199

At 30 June 2025, the weighted average remaining lease term (calculated on the basis of the remaining lease term and the lease liability balance for each lease) and the weighted average discount rate for leases were 6.3 years and 4.2%, respectively (6.3 years and 4.3%, respectively, at 31 December 2024).

As of 30 June 2025, the credit rating assigned by Fitch Ratings to Iveco Group N.V. is a Long-Term Issuer Default Rating (IDR) of 'BBB-'. The outlook is stable.

23. Trade payables

Trade payables were €3,824 million at 30 June 2025 and decreased by €132 million from 31 December 2024.

24. Other liabilities

At 30 June 2025, Other liabilities mainly included €867 million of amounts payable to customers related to the repurchase price on buy-back agreements (€864 million at 31 December 2024), and €1,409 million of contract liabilities (€1,350 million at 31 December 2024) of which €553 million for future rents related to buy-back agreements (€541 million at 31 December 2024). Other liabilities also included accrued expenses and deferred income of €215 million (€224 million at 31 December 2024).

25. Commitments and contingencies

As a global company with a diverse business portfolio, Iveco Group in the ordinary course of business is exposed to numerous legal risks, including, without limitation, dealers and suppliers litigation, intellectual property rights disputes, product warranty and defective product claims, product performance liability, asbestos, personal injury, regulatory and contractual issues, competition law, anti-corruption and other investigations, environmental claims. All significant matters are described below.

The outcome of any current or future proceedings, claims, or investigations cannot be predicted with certainty. Adverse decisions in some of these proceedings, claims or investigations could require Iveco Group to pay substantial damages or fines or undertake service actions, recall campaigns or other costly actions. It is therefore possible that legal judgments could give rise to expenses that are not covered, or not fully covered, by insurers' compensation payments and could affect Iveco Group's financial position and results.

When it is probable that an outflow of resources embodying economic benefits will be required to settle obligations and this amount can be reliably estimated, Iveco Group recognises specific provisions for this purpose.

Although the ultimate outcome of legal matters pending against Iveco Group cannot be predicted, Iveco Group believes the reasonable possible range of losses for these unresolved legal matters in addition to the amounts accrued would not have a material effect on its Semi-Annual Condensed Consolidated Financial Statements, except for the following cases.

Other litigation and investigation

Follow on Damages Claims: in 2011 Iveco S.p.A. and Iveco Magirus AG (together "Iveco"), which, following the Demerger, are now part of Iveco Group N.V., and their competitors in the European Union were subject to an investigation by the European Commission (the "Commission") into certain business practices in the European Union in the period 1997-2011, in relation to Medium & Heavy trucks. On 19 July 2016, the Commission announced a settlement with CNH Industrial ("the Decision") including a settlement with Iveco. In particular, Iveco received a reduction in its fine for cooperating with the European Commission throughout the investigation, and received a fine of €494.6 million. Similar decisions were taken, by the Commission, with reference to the other competitors. Following the Decision, Iveco S.p.A. and Iveco Magirus AG have been named as defendants in many proceedings across Europe and Israel. These damage claims could result in substantial liabilities for the Group as well as incurring in significant defense costs, which may have a material adverse effect on its operations and financial condition. The extent and outcome of these claims cannot be reliably predicted at this time and, therefore, the Group did not recognise any specific provision for these claims. In the first half of 2025 and 2024, Iveco Group recognised a cost of €60 million and €18 million, respectively, related to certain claims for which it was possible to make a reliable estimate. This current position will be reassessed on a regular basis and updated as necessary, based on cases' evolution. In accordance with IAS 37 – Provisions, Contingent Liabilities and Contingent Assets (paragraph 92), no further information is disclosed so as not to prejudice the Group's position.

FPT Emissions Investigation: on 22 July 2020, a number of CNH Industrial's offices in Europe were visited by investigators in the context of a request for assistance by the public prosecutors of Frankfurt am Main, Germany (later transferred to the public prosecutor's office in Stuttgart, Germany) and Turin, Italy, in relation to alleged non-compliance of two engine models produced by FPT Industrial S.p.A., which is now part of Iveco Group. The Italian criminal investigation has been concluded in 2023. As a result of the full cooperation and discussions with the investigative authorities, the German criminal investigation has also been concluded in December 2023. We are also defending individual civil claims alleging emissions' non-compliance in Germany and Austria. We cannot predict at this time the extent and outcome of these individual claims and therefore we did not recognise any specific provision in such relation.

Iveco Poland Antitrust Case: in August 2024, the President of the Office of Competition and Consumer Protection of Poland ("UOKIK") issued a decision regarding alleged violations of competition law by Iveco Poland Sp. z o.o. ("IPL"), a subsidiary of Iveco Group N.V., and its distributors in the local truck market, envisaging a fine of PLN 155 million (approximately €37 million as of 30 June 2025). The UOKIK decision was served on IPL in September 2024. Iveco Group disagrees with the allegations and findings presented by the UOKIK and intends to defend its case in every possible instance and the decision of UOKIK is not yet final or binding. As a consequence, in October 2024, IPL has appealed the UOKIK decision before the Polish First Instance court (the "Court") and, as of July 2025, the proceedings are pending. Only a final judgment of the Court will determine whether a breach of competition law took place and the amount of the fine, if any, that should be paid. In light of the above, Iveco Group did not recognise any specific provision in relation to this case.

Commitments and guarantees

Iveco Group provided guarantees on the debt or commitments of third parties and performance guarantees, mainly in the interest of an associate providing financing solutions to customers, and of a joint venture related to commercial commitments of defense vehicles, for the total amount of €519 million at 30 June 2025 and €490 million at 31 December 2024.

26. Segment reporting

The segment information disclosed in these Semi-Annual Condensed Consolidated Financial Statements reflects the identifiable reporting segments of the Company and the financial information that the Chief Operating Decision Maker (CODM) reviews to assess performance and make decisions about resource allocation. The segments are organised based on products and services provided by Iveco Group.

Iveco Group has the following operating segments:

▪ Truck designs, manufactures and distributes a full range of light, medium, and heavy vehicles for the transportation and distribution of goods under the IVECO brand;
▪ Bus designs, manufactures and distributes minibuses, city-buses, intercity buses and coaches under the IVECO BUS and HEULIEZ brands;
▪ Defence designs, manufactures and distributes vehicles for civil defense and civil protection under the IDV brand, and vocational heavy-duty trucks for heavy haulage and off-road missions under the ASTRA brand;
Powertrain designs, manufactures and distributes, under the FPT Industrial brand, a range of combustion engines, alternative propulsion systems, transmission systems and axles for on- and off-road applications, as well as for marine and power generation; and
▪ Financial Services offers a range of financial products and services to dealers and customers. Financial Services provides and administers retail financing to customers for the purchase or lease of new and used vehicles sold by brand dealers and distributors of the Group or directly by subsidiaries of the Group. In addition, Financial Services provides wholesale financing to brand dealers and distributors of the Group. Wholesale financing consists primarily of floor plan financing and allows the dealers to purchase and maintain a representative inventory of products. Financial Services also provides discounting of non-dealer trade receivables from legal entities of the Group. Additionally, Financial Services grants support to CNH Industrial Group (CNH), by providing financial services for its European brands, dealers and customers under a vendor and service agreement, receiving a fee for the services rendered.

The activities carried out by the Truck, Bus, Defence and Powertrain Business Units, as well as by the holding company Iveco Group N.V., are collectively referred to as "Industrial Activities".

Revenues for each reported segment are those directly generated by or attributable to the segment as a result of its business activities and include revenues from transactions with third parties as well as those deriving from transactions with other segments, recognised at normal market prices. Segment expenses represent expenses deriving from each segment's business activities both with third parties and other operating segments or which may otherwise be directly attributable to it. Expenses deriving from business activities with other segments are recognised at normal market prices.

The CODM assesses the segment performance and makes decisions about resource allocation based upon Adjusted EBIT, which is deemed to more fully reflect Industrial Activities and Financial Services segments' profitability. Adjusted EBIT is defined as EBIT before restructuring costs and non-recurring items. In particular, non-recurring items are specifically disclosed items that management considers rare or discrete events that are infrequent in nature and not reflective of on-going operational activities.

The following table summarises Adjusted EBIT by reportable segment:

		Three months ended 30 June		Six months ended 30 June
(€ million)	2025	2024	2025	2024
Truck	129	190	187	342
Bus	42	32	68	53
Defence	47	28	83	50
Powertrain	34	65	77	125
Unallocated items, eliminations and other	(65)	(51)	(111)	(105)
Adjusted EBIT of Industrial Activities	187	264	304	465
Financial Services	28	31	63	63
Eliminations and other	—	—	—	—
Total Adjusted EBIT	215	295	367	528

A reconciliation from Adjusted EBIT to Iveco Group's consolidated Profit/(loss) before taxes of Continuing Operations for the three and six months ended 30 June 2025 and 2024 is provided below:

		Three months ended 30 June		Six months ended 30 June
(€ million)	2025	2024	2025	2024
Adjusted EBIT of Industrial Activities	187	264	304	465
Adjusted EBIT of Financial Services	28	31	63	63
Adjusted EBIT	215	295	367	528
Restructuring costs	(1)	(5)	(5)	(10)
Non-recurring items(1)	(1)	(6)	(60)	(23)
Net financial income/(expenses)	(71)	(49)	(110)	(70)
Profit/(loss) before taxes	142	235	192	425

(1) In the three months ended 30 June 2025, this item includes €1 million costs related to certain claims arising from the EU Commission's 2016 antitrust settlement decision. In the three months ended 30 June 2024, this item mainly included €5 million separation costs related to the spin-off of the Iveco Group business. In the six months ended 30 June 2025, this item includes €60 million costs related to certain claims arising from the EU Commission's 2016 antitrust settlement decision. In the six months ended 30 June 2024, this item included €18 million costs related to certain claims arising from the EU Commission's 2016 antitrust settlement decision, as well as €5 million separation costs related to the spin-off of the Iveco Group business.

There are no segment assets or liabilities reported to the CODM for assessing performance and allocating resources.

Additional reportable segment information

Net Revenues by reportable segment for the three and six months ended 30 June 2025 and 2024 are provided in Note 1.

27. Fair value measurement

Fair value measurements are categorised within the fair value hierarchy, described as follows, based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the entire measurement:

Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly;
Level 3 Unobservable inputs for the asset or liability.

This hierarchy requires the use of observable market data when available.

Assets and liabilities measured at fair value on a recurring basis

The following table presents, for each of the fair value hierarchy levels, the assets and liabilities that are measured at fair value on a recurring basis at 30 June 2025 and 31 December 2024:

					At 30 June 2025	At 31 December 2024
(€ million)	Note	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Equity investments measured at fair value through other comprehensive income	(13)	—	—	9	9	—	—	10	10
Other investments	(13)	—	—	3	3	—	—	3	3
Derivative assets	(17)	—	28	—	28	—	23	—	23
Total Assets		—	28	12	40	—	23	13	36
Derivative liabilities	(17)	—	22	—	22	—	61	—	61
Total Liabilities		—	22	—	22	—	61	—	61

The following table provides a reconciliation from the opening balance to the closing balance for fair value measurements categorised in Level 3 of fair value in the six months ended 30 June 2025 and 2024:

(€ million)	Six months ended 30 June 2025	Six months ended 30 June 2024
At 1 January	13	25
Other changes	(1)	(4)
At 30 June	12	21

The fair value of equity investments categorised within Level 1 is determined by reference to their quoted market price at the reporting date. A market is regarded as active if quoted prices are readily and regularly, and those prices represent actual and regularly occurring market transactions on an arm's length basis.

For a description of the valuation techniques used to determine the fair value of derivative financial instruments, categorised within Level 2, see Note 18 "Derivative assets and Derivative liabilities" to the Consolidated Financial Statements at 31 December 2024.

Instruments included in Level 3 comprised primarily of equity investments for which there is no quoted market price in an active market and there is insufficient financial information in order to determine fair value, and cost is used as an estimate of fair value.

Assets and liabilities not measured at fair value

The estimated fair values for financial assets and liabilities that are not measured at fair value in the Condensed Consolidated Statement of Financial Position at 30 June 2025 and 31 December 2024 are as follows:

						At 30 June 2025
(€ million)	Note	Level 1	Level 2	Level 3	Total Fair Value	Carrying amount
Retail financing	(16)	—	—	17	17	17
Dealer financing	(16)	—	—	4,552	4,552	4,552
Finance leases	(16)	—	—	52	52	53
Other receivables from financing activities	(16)	—	—	45	45	45
Total Receivables from financing activities(1)		—	—	4,666	4,666	4,667
Asset-backed financing	(22)	—	3,023	—	3,023	3,023
Borrowings from banks	(22)	—	2,420	—	2,420	2,418
Payables represented by securities	(22)	—	59	—	59	59
Lease liabilities	(22)	—	—	185	185	185
Other debt(2)	(22)	—	27	217	244	244
Total Debt		—	5,529	402	5,931	5,929

(1) At 30 June 2025, Receivables from financing activities includes €153 million of financial receivables from CNH classified as Level 3.

(2) At 30 June 2025, Other debt includes €217 million of financial payables to CNH classified as Level 3.

				At 31 December 2024
(€ million)	Note	Level 1	Level 2	Level 3	Total Fair Value	Carrying amount
Retail financing	(16)	—	—	26	26	26
Dealer financing	(16)	—	—	5,006	5,006	5,007
Finance leases	(16)	—	—	55	55	57
Other receivables from financing activities	(16)	—	—	96	96	95
Total Receivables from financing activities(1)		—	—	5,183	5,183	5,185
Asset-backed financing	(22)	—	3,558	—	3,558	3,558
Borrowings from banks	(22)	—	2,344	—	2,344	2,344
Payables represented by securities	(22)	—	35	—	35	35
Lease liabilities	(22)	—	—	199	199	199
Other debt(2)	(22)	—	19	151	170	170
Total Debt		—	5,956	350	6,306	6,306

(1) At 31 December 2024, Receivables from financing activities included €220 million of financial receivables from CNH classified as Level 3.

(2) At 31 December 2024, Other debt included €151 million of financial payables to CNH classified as Level 3.

Receivables from financing activities

The fair value of Receivables from financing activities is based on the discounted values of their related cash flows at market discount rates that reflect conditions applied in various reference markets on receivables with similar characteristic, adjusted to take into account the credit risk of the counterparties.

Debt

The fair value of Asset-backed financing, Borrowings from banks, Payable represented by securities and Other debt are included in the Level 2 and has been estimated based on discounted cash flows analysis using the current market interest rates at period-end adjusted for the Group nonperformance risk over the remaining term of the financial liability.

The fair value of Lease liabilities classified within Level 3 of the fair value hierarchy has been estimated using discounted cash flow models that require significant adjustments using unobservable inputs.

Other financial assets and liabilities

The carrying amount of Cash at banks, Restricted cash, Other cash equivalents, Trade receivables, Other current receivables and financial assets, Trade payables and Other liabilities included in the Condensed Consolidated Statement of Financial Position approximates their fair value, due to the short maturity of these items.

28. Related party transactions

In accordance with IAS 24 – Related Party Disclosures, Iveco Group's related parties are companies and persons capable of exercising control, joint control or significant influence over the Group. As of 30 June 2025 and 31 December 2024, related parties included Iveco Group's parent company Exor N.V. (which is controlled by Giovanni Agnelli B.V.) and its subsidiaries and affiliates, including CNH, Stellantis N.V. and its subsidiaries and affiliates (Stellantis), and Iveco Group's unconsolidated subsidiaries, associates or joint ventures. In addition, the members of the Board of Directors and managers of Iveco Group with strategic responsibility and members of their families were also considered related parties.

As of 30 June 2025, based on public information available and in reference to Company's files, Exor N.V. held 43.1% of Iveco Group's voting power and had the ability to significantly influence the decisions submitted to a vote of Iveco Group's shareholders, including approval of annual dividends, the election and removal of directors, mergers or other business combinations, the acquisition or disposition of assets, and issuances of equity and the incurrence of indebtedness. The percentage above has been calculated as the ratio of (i) the aggregate number of Common Shares and Special Voting Shares owned by Exor N.V. to (ii) the aggregate number of outstanding Common Shares and Special Voting Shares of Iveco Group N.V. as of 30 June 2025.

In addition, Iveco Group engages in transactions with its unconsolidated subsidiaries, joint ventures, associates and other related parties on commercial terms that are normal in the respective markets, considering the characteristics of the goods or services involved. The Company's Audit Committee reviews and evaluates related party transactions pursuant to the specific Policy posted on the Company's website.

Transactions with Exor N.V. and its subsidiaries and affiliates

Iveco Group did not enter into any significant transactions with Exor N.V. during the three and six months ended 30 June 2025 and 2024.

Transactions with CNH

Iveco Group and CNH entered into agreements, primarily of commercial nature, but also covering general administrative and specific technical matters as well as services provided by CNH, as follows:

Master Service Agreement: in relation to lease of premises and several corporate services provided by Iveco Group to CNH or vice versa, Iveco Group and CNH entered into a Master Services Agreement (MSA) whereby each party (and its subsidiaries) may provide services to the other (and its subsidiaries), in substantial continuity with previous practices.

Engine Supply Agreement: in relation to the design and supply of off-road engines from Iveco Group to CNH, Iveco Group and CNH entered into a ten-year Engine Supply Agreement (ESA) whereby Iveco Group will sells to CNH diesel, CNG and LNG engines, and provide post-sale services.

Financial Service Agreement: in relation to certain financial services activities carried out by either Iveco Group to CNH or vice versa, in connection with the execution of the Demerger Deed, Iveco Group and CNH entered into a three-year Master Services Agreement (FS MSA), whereby each party (and its subsidiaries) may provide services and/or financial services activities to the other (and its subsidiaries). Services provided under the FS MSA relate mainly to wholesale and retail financing activities to suppliers, distribution network and customers.

The transactions with CNH are reflected in these Semi-Annual Condensed Consolidated Financial Statements as follows:

	Six months ended 30 June
(€ million)	2025	2024
Net revenues	322	440
Cost of sales	33	51
Financial expenses	11	3

(€ million)	At 30 June 2025	At 31 December 2024
Trade receivables	25	30
Financial receivables	153	220
Debt	217	151
Trade payables	17	23

Transactions with other Exor's subsidiaries and affiliates

During the six months ended 30 June 2025 and 2024, transactions entered by Iveco Group with Stellantis' subsidiaries primarily related to the purchase of engine components.

These transactions are reflected in these Semi-Annual Condensed Consolidated Financial Statements as follows:

	Six months ended 30 June
(€ million)	2025	2024
Net revenues	3	30
Cost of sales	44	47
Selling, general and administrative costs	1	12
(€ million)	At 30 June 2025	At 31 December 2024
Trade receivables	—	1
Trade and other payables(*)	17	25

(*) Including commitments deriving from the agreement signed in May 2025 with Stellantis in the context of a collaboration for the supply of two electric IVECO-branded vans.

Transactions with joint ventures

Iveco Group sells vehicles and provides technical services to joint ventures such as IVECO - OTO MELARA Società Consortile a responsabilità limitata.

Net revenues from joint ventures were €95 million in the six months ended 30 June 2025 (€111 million in the comparable period of 2024) and trade receivables from joint ventures were nil at 30 June 2025 and €8 million at 31 December 2024. Other liabilities included advances from IVECO - OTO MELARA Società Consortile a responsabilità limitata of €166 million and €137 million at 30 June 2025 and 31 December 2024, respectively.

At 30 June 2025 and 31 December 2024, Iveco Group had provided guarantees on commitments of its joint ventures for an amount of €295 million and €259 million, respectively, mainly related to IVECO - OTO MELARA Società Consortile a responsabilità limitata.

Transactions with associates

Iveco Group sells trucks and commercial vehicles and provides services to associates. In the six months ended 30 June 2025, revenues from associates were €11 million (€43 million in the comparable period of 2024) and cost of sales from associates were €4 million (€8 million in the comparable period of 2024). At 30 June 2025, receivables from associates amounted to €11 million (€9 million at 31 December 2024). Trade payables to associates amounted to €29 million at 30 June 2025 (€28 million at 31 December 2024). At 30 June 2025, Iveco Group had provided guarantees on commitments of its associates for an amount of €210 million related to CNH Industrial Capital Europe S.a.S. (€219 million at 31 December 2024).

Transactions with unconsolidated subsidiaries

In the six months ended 30 June 2025 and 2024, there were no material transactions with unconsolidated subsidiaries.

Compensation to Key Management Personnel

The Company considers the members of the Board of Directors and the Senior Leadership Team to be the key management personnel as defined in IAS 24 - Related Party Disclosures.

The fees of the Directors (Executives and Non-Executives) of Iveco Group N.V. for carrying out their respective functions, including those in other consolidated legal entities, and the notional compensation cost arising for share-based payments awarded to Executive Directors, amounted to an expense of €2 million in the six months ended 30 June 2025 (net income of €0.2 million in the comparable period of 2024, including a €3 million income related to the reversal for forfeitures of certain previously granted share-based awards).

The aggregate expense incurred for the compensation of the Senior Leadership Team (excluding the Chief Executive Officer, which is included in the Directors' compensation above) amounted to €6 million and €5 million in the six months ended 30 June 2025 and 2024, respectively and, in the six months ended 30 June 2025, included €4 million (€4 million in the comparable period of 2024) for short-term employee benefits, €1 million (€1 million in the comparable period of 2024) for share-based payments and €1 million for termination benefits (nil in the comparable period of 2024). No expense for post-employment and other long-term benefits was included in the six months ended 30 June 2025 and 2024.

29. Translation of financial statements denominated in a currency other than the euro

The principal exchange rates used to translate into euros the financial statements prepared in currencies other than the euro were as follows:

		Six months ended 30 June 2025		Six months ended 30 June 2024
	Average	At 30 June		Average	At 30 June
U.S. dollar	1.093	1.172	1.039	1.081	1.071
Pound sterling	0.842	0.856	0.829	0.855	0.846
Swiss franc	0.941	0.935	0.941	0.961	0.963
Brazilian real	6.288	6.422	6.435	5.495	5.954
Polish Zloty	4.232	4.242	4.273	4.318	4.313
Czech Koruna	25.002	24.746	25.185	25.015	25.025
Argentine peso(1)	—	—	1,070.806	975.388	975.388
Turkish lira(2)	46.649	46.649	36.769	35.160	35.160

(1) From 1 July 2018, Argentina's economy was considered to be hyperinflationary. After the same date, according to IAS 29 - Financial Reporting in Hyperinflationary Economies, transactions for the entity having the Argentine peso as functional currency were translated using the closing spot rate. Starting from 1 January 2025, this entity changed its functional currency from the Argentine peso to the U.S. dollar, as a consequence, IAS 29 is no longer applicable in Argentina since that date.

(2) As of 30 June 2022, the Company applied the hyperinflationary accounting in Türkiye, with effect from 1 January 2022. After 1 January 2022, transactions for entities with the Turkish lira as the functional currency were translated using the closing spot rate.

30. Explanatory notes to the statement of cash flows

Certain 2024 figures in the Condensed Consolidated Statement of Cash Flows have been reclassified to reflect the current year presentation. In particular, the following table presents the reconciliation between the items/amounts as previously presented for the six months ended 30 June 2024 and the current year presentation:

(€ million)				Reclassified to:
Items as previously reported	Total	Cash receipts from long-term financing liabilities	Repayment of long-term financing liabilities	Net cash receipts from/ (repayment of) short-term financing liabilities
Issuance of other medium-term borrowings	259	259	—	—
Repayment of other medium-term borrowings	(444)	—	(444)	—
Change in other financial payables	(346)	48	(95)	(299)
Total	(531)	307	(539)	(299)

31. Subsequent events

Iveco Group has evaluated subsequent events through 30 July 2025, which is the date the Condensed Consolidated Financial Statements were authorised for issuance, and noted the following:

on 30 July 2025, Iveco Group announced the signing of a definitive agreement to sell its Defence Business (IDV and ASTRA brands), to Leonardo S.p.A., a leading European defence and security company, for an enterprise value of €1.7 billion. The transaction is expected to be complete no later than 31 March 2026, subject to customary regulatory approvals and carve-out completion. On completion, Iveco Group intends to distribute the net proceeds of the transaction, subject to closing adjustments, to shareholders via an extraordinary dividend. In case completion of the sale does not occur by 31 March 2026, the Defence Business is expected to be spun-off effective on 1 April 2026
on 30 July 2025, Iveco Group and Tata Motors Limited ("Tata Motors"), a global automotive leader, announced that they have reached an agreement to create a commercial vehicles group with the reach, product portfolio and industrial capability to be a global champion in this dynamic sector. The envisaged recommended voluntary tender offer (the "Offer") will be made by TML CV Holdings PTE LTD or a new limited liability company to be incorporated under Dutch law (the "Offeror"), which will be wholly owned, directly or indirectly, by Tata Motors. The completion of the offer is conditional, inter alia, on the separation of Iveco's defence business and, as such, the public offer is for all issued common shares of Iveco Group after the separation of that business, at a price of €14.1 (cum dividend, excluding any dividend distributed in relation to the sale of the defence business) per share in cash (the "Offer Price"). The Offer represents a total consideration of approximately €3.8 billion for Iveco Group, excluding Iveco's defence business and the net proceeds from the defence business separation. The Iveco Group Board of Directors unanimously and fully supports the Offer and recommends the Offer for acceptance by the shareholders of Iveco Group. Exor N.V., Iveco Group's largest shareholder, has irrevocably committed to support the Offer and tender its shareholding representing approximately 27.06% of Iveco Group's common shares and 43.11% of all voting rights. The Offer is subject to obtaining the required merger control, foreign direct investment, EU Foreign Subsidies Regulation and financial regulatory clearances, and is expected to complete in the first half of 2026.

RESPONSIBILITY STATEMENT

The Board of Directors is responsible for preparing the 2025 Semi-Annual Report, inclusive of the Semi-Annual Condensed Consolidated Financial Statements at 30 June 2025 and the Semi-Annual Management Report, in accordance with the Dutch Financial Supervision Act and IAS 34 - Interim Financial Reporting as endorsed by the European Union.

In accordance with Section 5:25d, paragraph 2 of the Dutch Financial Supervision Act, the Board of Directors states that, to the best of its knowledge, the Semi-Annual Condensed Consolidated Financial Statements at 30 June 2025 prepared in accordance with applicable accounting standards provide a true and fair view of the assets, liabilities, financial position and profit or loss of Iveco Group N.V. and its subsidiaries and the undertakings included in the consolidation as a whole, and the Semi-Annual Management Report provides a fair review of the information required pursuant to Section 5:25d, paragraphs 8 and 9 of the Dutch Financial Supervision Act.

30 July 2025

The Board of Directors Suzanne Heywood Olof Persson Lorenzo Simonelli Judy Curran Tufan Erginbilgic Clara Fain Essimari Kairisto Linda Knoll Alessandro Nasi

AI Terminal

Iveco Group N.V.

7333_ir_2025-08-05_3151395e-a6cb-44be-a873-d7f85609fa1e.pdf

2025 Semi-Annual Report

CONTENTS

Iveco Group N.V.

BOARD OF DIRECTORS AND AUDITOR

Senior Non-Executive Director

Non-Executive Directors

(1) Member of the Audit Committee

Disclaimer

BOARD OF DIRECTORS(a) INDEPENDENT AUDITOR

SEMI-ANNUAL MANAGEMENT REPORT

(Unaudited)

GENERAL

ALTERNATIVE PERFORMANCE MEASURES (OR "NON-EU-IFRS FINANCIAL MEASURES")

RESULTS OF OPERATIONS

INTRODUCTION

THREE MONTHS ENDED 30 JUNE 2025 COMPARED TO THE THREE MONTHS ENDED 30 JUNE 2024

Consolidated Results of Operations

Net revenues

Cost of sales

Selling, general and administrative costs

Research and development costs

Share of the profit/(loss) of investees accounted for using the equity method

Restructuring costs

Other income

Other expenses

Net financial income/(expenses)

Income tax (expense) benefit

Profit/(loss) for the period

Reconciliation of Adjusted net profit/(loss) from Continuing Operations to Profit/(loss) from Continuing Operations

Industrial Activities and Business Segments - Continuing Operations

Net revenues by business segment

Adjusted EBIT by business segment

Reconciliation of EBIT and Adjusted EBIT

Three months ended 30 June 2024

Industrial Activities Performance - Continuing Operations

Truck

Net revenues

Adjusted EBIT

Bus

Net revenues

Adjusted EBIT

Defence

Net revenues

Defence Net revenues – by geographic region:

Adjusted EBIT

Powertrain

Net revenues

Adjusted EBIT

Financial Services Performance

Net revenues

Adjusted EBIT

SIX MONTHS ENDED 30 JUNE 2025 COMPARED TO THE SIX MONTHS ENDED 30 JUNE 2024

Consolidated Results of Operations

Net revenues

Cost of sales

Selling, general and administrative costs

Research and development costs

Share of the profit/(loss) of investees accounted for using the equity method

Restructuring costs

Other income

Other expenses

Net financial income/(expenses)

Income tax (expense) benefit

Profit/(loss) for the period

Reconciliation of Adjusted net profit/(loss) from Continuing Operations to Profit/(loss) from Continuing Operations

Industrial Activities and Business Segments - Continuing Operations

Net revenues by business segment

Adjusted EBIT by business segment

Reconciliation of EBIT to Adjusted EBIT

Six months ended 30 June 2024

Industrial Activities Performance - Continuing Operations

Truck

Net revenues

Adjusted EBIT

Bus

Net revenues

Adjusted EBIT