AI Terminal
Iveco Group N.V.
Earnings Release • Nov 6, 2025
7333_rns_2025-11-06_58703ef5-2935-4d6e-92a2-ae47fce441a7.pdf
Earnings Release
Open in ViewerOpens in native device viewer
Turin, 6 th November 2025
Iveco Group 2025 Third Quarter Results
A quarter marked by staying the course and concentrating efforts. Full Year guidance 2025 revised. Sale of Defence and Tata Motors Tender Offer progressing according to plan.
Continuing Operations (excluding Defence business)(*)
| EU-IFRS FINANCIAL MEASURES | NON-EU-IFRS FINANCIAL MEASURES (1) | ||||||
|---|---|---|---|---|---|---|---|
| (€ million) | Q3 2025 | Q3 2024 | Change | (€ million) | Q3 2025 | Q3 2024 | Change |
| Consolidated EBIT | 91 | 178 | -87 | Adjusted EBIT | 111 | 183 | -72 |
| of which EBIT of Industrial Activities | 56 | 139 | -83 | of which Adjusted EBIT of Industrial Activities | 76 | 144 | -68 |
| Profit/(loss) for the period | 16 | 90 | -74 | Adjusted net income | 40 | 94 | -54 |
| Diluted EPS € | 0.06 | 0.33 | -0.27 | Adjusted diluted EPS € | 0.15 | 0.35 | -0.20 |
| Cash flow from operating activities | 102 | 221 | -119 | Free cash flow of Industrial Activities | (513) | (283) | -230 |
| Cash and cash equivalents(2) | 2,285 | 2,798 | -513 | Available liquidity(2) | 3,988 | 4,713 | -725 |
"This quarter was about staying the course. We concentrated our efforts on the long-term vision and stayed disciplined in how we run the business in the here-and-now: strict control on pricing, managing costs, keeping inventories tight and accelerating our Efficiency Programme.
Our business units led with this same focus. Truck worked to strike the optimal balance between pricing and market share. It paid special attention to protecting our leadership position among LCV chassis cabs – given the challenging pricing dynamics in this sub-segment – and on completing the introduction of Model Year 24 throughout Europe, ensuring the quality, performance and full potential of the product. Powertrain saw a slight increase in engine volumes, a welcome first sign of recovery and improved profitability, and signed new third-party contracts. The order books for our Bus business unit remained strong and were reinforced by the recently signed framework agreements with Île-de-France Mobilités for up to 4,000 low- and zero-emission buses and coaches to be delivered between 2026 and 2032, providing clear long-term visibility. Profitability for Bus in the third quarter was impacted by costs associated with the ramp up of production at our Annonay plant in France.
Considering our performance to date, we have revised our Full Year financial guidance. For the fourth quarter we expect to register improved profitability performance year-over-year across our business units and a decisive contribution from our Efficiency Programme.
As always, each of our business units is committed to delivering operational excellence. Together, we remain focused on achieving our long-term goals and creating lasting value for everyone who depends on Iveco Group."
Olof Persson, Chief Executive Officer
| Previous Guidance (including Defence business) |
New Guidance (including Defence business) |
New Guidance (excluding Defence business) |
||
|---|---|---|---|---|
| GROUP: | Adjusted EBIT: | between €880 million - €980 million | between €830 million - €880 million | between €680 million - €730 million |
| INDUSTRIAL ACTIVITIES: |
Net revenues(3): | down (3)% - (5)% vs FY 2024 | Confirmed | down (4)% - (6)% vs FY 2024 |
| Adjusted EBIT: | between €750 million - €850 million | between €700 million - €750 million | between €550 million - €600 million | |
| Free Cash Flow: | between €350 million - €400 million | between €250 million - €350 million | Not available |
Notes:
Iveco Group consolidated financial results included in this press release are prepared in accordance with EU-IFRS.
(2) Comparison vs 30 th June 2025. (3) Including currency translation effects.
(*) On 30th 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.. The transaction is expected to be complete no later than 31st March 2026, subject to customary regulatory approvals and carve out completion. In accordance with IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations, as the sale became highly probable in July, the Defence 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. In accordance with applicable accounting standards, the figures in the Income Statement and Statement of Cash Flows for 2024 comparative periods have been recast consistently. Furthermore, in 2024 the Fire Fighting business was classified as Discontinued Operations. Its sale was completed on 3rd January 2025. 2025 and 2024 financial data shown in this press release refer to Continuing Operations only, unless otherwise stated.
(1) Non-EU-IFRS financial measures: refer to the "Non-EU-IFRS Financial Information" section of this press release for information regarding non-EU-IFRS financial measures. Refer to the specific table in the "Other Supplemental Financial Information" section of this press release for the reconciliation between the non-EU-IFRS financial measure and the most comparable EU-IFRS financial measure.
Q3 2025 Continuing Operations Performance and Results by Business Unit
Consolidated revenues amounted to €3,115 million compared to €3,230 million in Q3 2024. Net revenues of Industrial Activities were €3,044 million compared to €3,137 million in Q3 2024, with higher volumes and better mix in Bus partially offsetting lower volumes in Truck and an adverse foreign exchange rate impact.
Adjusted EBIT was €111 million compared to €183 million in Q3 2024, with a 3.6% margin (5.7% in Q3 2024). Adjusted EBIT of Industrial Activities was €76 million (€144 million in Q3 2024), mainly driven by lower volumes and negative fixed cost absorption for Truck, and higher product cost for Bus, partially offset by cost containment actions in Selling, General & Administrative (SG&A) expenses. Adjusted EBIT margin of Industrial Activities was 2.5% (4.6% in Q3 2024).
Adjusted net income was €40 million (€94 million Q3 2024) with adjusted diluted earnings per share of €0.15 (€0.35 in Q3 2024).
Net financial expenses amounted to €58 million, in line with Q3 2024.
Reported income tax expense was €17 million, with an adjusted Effective Tax Rate (adjusted ETR(1)) of 25% in Q3 2025 which reflects the different tax rates applied in the jurisdictions where the Group operates and some other discrete items.
Free cash flow of Industrial Activities was negative at €513 million, mainly driven by lower sales, compared to negative €283 million in Q3 2024 which included a partial recovery of the Q2 one-off impact related to Model Year 2024.
Available liquidity of Continuing Operations was €3,988 million as of 30th September 2025, including €1,890 million of undrawn committed facilities. Available liquidity of Discontinued Operations was €316 million as of 30th September 2025.
Truck
| Net revenues (€ million) |
2,008 | 2,256 | -11.0% | |
|---|---|---|---|---|
| Adjusted EBIT (€ million) |
59 | 121 | -62 | |
| Adjusted EBIT margin |
2.9% | 5.4% | -250 bps |
Q3 2025 Q3 2024 Change The European Truck market was up 5% year-over-year, with Light-Duty Trucks (also known as LCV) and Medium and Heavy-Duty Trucks (M&H) up 5%. The South American Truck market was up 16% in LCV and down 10% in M&H. Iveco Group deliveries were down 23% vs Q3 2024 in Europe (down 27% and 9% in LCV and M&H, respectively), and were up 6% in South America (up 29% in LCV and down 5% in M&H, respectively). Our Truck order book is covering 7 weeks of production in LCV and M&H. Worldwide Truck book-to-bill was 1.0 at the end of the quarter.
Net revenues were €2,008 million compared to €2,256 million in Q3 2024, mainly due to lower volumes and an adverse foreign exchange rate impact.
The Adjusted EBIT was €59 million compared to €121 million in Q3 2024, with costs containment actions partially offsetting lower volumes and negative fixed cost absorption. The Adjusted EBIT margin was at 2.9% (5.4% in Q3 2024).
(1) Non-EU-IFRS financial measures: refer to the "Non-EU-IFRS Financial Information" section of this press release for information regarding non-EU-IFRS financial measures. Refer to the specific table in the "Other Supplemental Financial Information" section of this press release for the reconciliation between the non-EU-IFRS financial measure and the most comparable EU-IFRS financial measure.
Bus
| Net revenues (€ million) |
719 | 547 | +31.4% | |
|---|---|---|---|---|
| Adjusted EBIT (€ million) |
29 | 28 | +1 | |
| Adjusted EBIT margin |
4.0% | 5.1% | -110 | bps |
Q3 2025 Q3 2024 Change Bus registrations were up 17% in Europe and down 4% in South America compared to Q3 2024. Iveco Group deliveries were up 16% in Europe and up 36% in South America.
Net revenues were up 31.4% driven by higher volumes.
The Adjusted EBIT was €29 million compared to €28 million in Q3 2024, with higher volumes and positive price realisation offset by higher costs associated with the ramp-up of production in the Annonay plant. The Adjusted EBIT margin was at 4.0% (5.1% in Q3 2024).
Powertrain
| Net revenues (€ million) |
745 | 742 | +0.4% | |
|---|---|---|---|---|
| Adjusted EBIT (€ million) |
38 | 37 | +1 | |
| Adjusted EBIT margin |
5.1% | 5.0% | +10 | bps |
Q3 2025 Q3 2024 Change Powertrain net revenues were €745 million, in line with Q3 2024, with higher volumes offset by an adverse foreign exchange rate impact. Sales to external customers accounted for 49%, in line with Q3 2024.
The Adjusted EBIT was €38 million compared to €37 million in Q3 2024, resulting from continued and diligent costs control and operational efficiency, as well as a slight increase in engine volumes. The Adjusted EBIT margin was at 5.1% (5.0% in Q3 2024).
Financial Services
| 111 | 132 | -15.9% | |
|---|---|---|---|
| 35 | 39 | -4 | |
| 830 | 892 | -62 | |
| 389 | 447 | -58 | |
Q3 2025 Q3 2024 Change Financial Services net revenues were €111 million compared to €132million in Q3 2024, mainly driven by lower base rates and lower wholesale receivables portfolio.
The Adjusted EBIT was at €35 million compared to €39 million in Q3 2024 primarily resulting from lower wholesale receivables portfolio, partially offset by lower SG&A expenses.
The Iveco Group end of period managed portfolio (including unconsolidated joint ventures) was €7,530 million at the end of the quarter (of which retail was 45% and wholesale 55%), down €106 million compared to 30th September 2024.
The receivable balance greater than 30 days past due as a percentage of the on-book portfolio was 2.1% (1.9% as of 30th September 2024).
Q3 2025 Discontinued Operations Performance
Defence
| Net revenues (€ million) |
293 | 267 | +9.7% | |
|---|---|---|---|---|
| Adjusted EBIT (€ million) |
25 | 23 | +2 | |
| Adjusted EBIT margin |
8.5% | 8.6% | -10 bps |
Q3 2025 Q3 2024 Change Defence net revenues were €293 million, up 9.7% compared to Q3 2024, driven by higher volumes.
The Adjusted EBIT was €25 million compared to €23 million in Q3 2024, resulting from production efficiencies, partially offset by higher R&D costs. The Adjusted EBIT margin was at 8.5%, down 10 bps compared to Q3 2024.
Iveco Group Results for the Nine Months ended 30th September 2025
Continuing Operations (excluding Defence business)
| EU-IFRS FINANCIAL MEASURES | NON EU-IFRS FINANCIAL MEASURES (1) | ||||||
|---|---|---|---|---|---|---|---|
| (€ million) | Q3 YTD 2025 |
Q3 YTD 2024 |
Change | (€ million) | Q3 YTD 2025 |
Q3 YTD 2024 |
Change |
| Consolidated EBIT | 314 | 623 | -309 | Adjusted EBIT | 399 | 661 | -262 |
| of which EBIT of Industrial Activities | 216 | 522 | -306 | of which Adjusted EBIT of Industrial Activities | 301 | 559 | -258 |
| Profit/(loss) for the period | 109 | 375 | -266 | Adjusted net income | 179 | 405 | -226 |
| Diluted EPS € | 0.40 | 1.35 | -0.95 | Adjusted diluted EPS € | 0.66 | 1.47 | -0.81 |
| Cash flow from operating activities | (3) | 855 | -858 | Free cash flow of Industrial Activities | (1,241) | (822) | -419 |
| Cash and cash equivalents(2) | 2,285 | 3,513 | -1,228 | Available liquidity(2) | 3,988 | 5,474 | -1,486 |
Truck
| Q3 YTD 2025 |
Q3 YTD 2024 |
Change | ||
|---|---|---|---|---|
| Net revenues (€ million) |
6,317 | 7,155 | -11.7% | |
| Adjusted EBIT (€ million) |
246 | 461 | -215 | |
| Adjusted EBIT margin |
3.9% | 6.4% | -250 bps |
Bus
| Q3 YTD 2025 |
Q3 YTD 2024 |
Change | ||
|---|---|---|---|---|
| Net revenues (€ million) |
1,948 | 1,573 | +23.8% | |
| Adjusted EBIT (€ million) |
97 | 81 | +16 | |
| Adjusted EBIT margin |
5.0% | 5.1% | -10 bps |
Powertrain
| Q3 YTD 2025 |
Q3 YTD 2024 |
Change | ||
|---|---|---|---|---|
| Net revenues (€ million) |
2,407 | 2,691 | -10.6% | |
| Adjusted EBIT (€ million) |
115 | 162 | -47 | |
| Adjusted EBIT margin |
4.8% | 6.0% | -120 | bps |
Financial Services
| Q3 YTD 2025 |
Q3 YTD 2024 |
Change | ||
|---|---|---|---|---|
| Net revenues (€ million) |
338 | 419 | -19.3% | |
| Adjusted EBIT (€ million) |
98 | 102 | -4 |
Notes:
Q3 YTD 2025 Discontinued Operations Performance
Defence
| Q3 YTD 2025 |
Q3 YTD 2024 |
Change | ||
|---|---|---|---|---|
| Net revenues (€ million) |
908 | 775 | +17.2% | |
| Adjusted EBIT (€ million) |
104 | 72 | +32 | |
| Adjusted EBIT margin |
11.5% | 9.3% | +220 bps |
(1) Non-EU-IFRS financial measures: refer to the "Non-EU-IFRS Financial Information" section of this press release for information regarding non-EU-IFRS financial measures. Refer to the specific table in the "Other Supplemental Financial Information" section of this press release for the reconciliation between the non-EU-IFRS financial measure and the most comparable EU-IFRS financial measure.
(2) Comparison vs 31st December 2024.
Non-EU-IFRS Financial Information
Iveco Group monitors its operations through the use of several non-EU-IFRS financial measures including Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income/(Loss), Adjusted Diluted EPS, Adjusted Income Taxes, Adjusted Effective Tax Rate, Free Cash Flow of Industrial Activities, Net Cash (Debt) and Net Cash (Debt) of Industrial Activities, and Available Liquidity. Iveco Group's management believes they provide useful and relevant information regarding Iveco Group's operating results and enhance the readers' ability to assess Iveco Group's financial performance and financial position. Management uses these non-EU-IFRS financial measures to monitor the underlying performance of Iveco Group's business and operations, to identify operational trends, as well as to make decisions regarding future spending, resource allocations and other operational decisions as they provide additional transparency with respect to Iveco Group's 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 ongoing operational activities;
- Adjusted EBIT margin; is computed by dividing a) Adjusted EBIT by b) Net revenues;
- Adjusted Net Income/(Loss): is defined as profit/(loss) for the period, less restructuring costs and non-recurring items, net of the related income tax effect. 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 ongoing operational activities;
- 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 Tax (expense) benefit by b) Adjusted Profit (Loss) before taxes. Adjusted Income Tax (expense) benefit represents income tax (expense) benefit, adjusted for the income tax (expense) benefit of restructuring costs and non-recurring items, as well as any non-recurring tax expenses or benefits. Adjusted Profit/(Loss) before taxes represents profit/(loss) before taxes of the applicable period, adjusted for restructuring costs 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.
Forward-looking statements
Statements other than statements of historical fact contained in this earning release, including competitive strengths; business strategy; future financial position or operating results; budgets; projections with respect to revenue, income, 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 goods-related 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, 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.
Forward-looking statements are based upon assumptions relating to the factors described in this earnings release, 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 announcement 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.
About Iveco Group
Iveco Group N.V. (EXM: IVG) is the home of unique people and brands that power your business and mission to advance a more sustainable society. The seven brands are each a major force in its specific business: IVECO, a pioneering commercial vehicles brand that designs, manufactures, and markets heavy, medium, and light-duty trucks; FPT Industrial, a global leader in a vast array of advanced powertrain technologies in the agriculture, construction, marine, power generation, and commercial vehicles sectors; IVECO BUS and HEULIEZ, mass-transit and premium bus and coach brands; IDV, for highly specialised defence and civil protection equipment; ASTRA, a leader in large-scale heavy-duty quarry and construction vehicles; and IVECO CAPITAL, the financing arm which supports them all. Iveco Group employs 36,000 people around the world and has 19 industrial sites and 30 R&D centres. Further information is available on the Company's website www.ivecogroup.com.
Slides Presentation, Conference Call and Webcast
On 6 th November, at 11:00 am CET / 10:00 am GMT, management will hold a conference call to present the third quarter 2025 financial results to financial analysts and institutional investors. The call can be followed live online at Q3 2025 Iveco Group Webcast and a recording will be available later on the Company's website www.ivecogroup.com. The slides presentation of the quarterly earnings result and 2025 Financial Guidance, including commentary in the form of notes pages, is being made available on the Company's website.
Contacts
Francesco Polsinelli, Tel: +39 335 1776091 Federico Donati, Tel: +39 011 0073539 E-mail: [email protected]
Media: Investor Relations:
Fabio Lepore, Tel: +39 335 7469007 E-mail: [email protected]
Iveco Group N.V. Condensed Consolidated Income Statement for the three and nine months ended 30 th September 2025 and 2024 (Unaudited)
| Three months ended 30 th September |
Nine months ended 30 th September |
|||
|---|---|---|---|---|
| (€ million) | 2025 | 2024(*) | 2025 | 2024(*) |
| Net revenues | 3,115 | 3,230 | 9,428 | 10,169 |
| Cost of sales | 2,631 | 2,669 | 7,931 | 8,349 |
| Selling, general and administrative costs | 207 | 224 | 616 | 676 |
| Research and development costs | 152 | 144 | 424 | 435 |
| Share of the profit/(loss) of investees accounted for using the equity method | 6 | 5 | 18 | 17 |
| Gains/(losses) on the disposal of investments | 2 | - | 2 | |
| Restructuring costs | 3 | 4 | 8 | 14 |
| Other income | 2 | 10 | 15 | 27 |
| Other expenses | 41 | 26 | 170 | 116 |
| EBIT | 91 | 178 | 314 | 623 |
| Net financial income/(expenses): | (58) | (56) | (163) | (114) |
| Financial income | 23 | 19 | 100 | 82 |
| Financial expenses | 81 | 75 | 263 | 196 |
| PROFIT/(LOSS) BEFORE TAXES | 33 | 122 | 151 | 509 |
| Income tax (expense) benefit | (17) | (32) | (42) | (134) |
| PROFIT/(LOSS) FROM CONTINUING OPERATIONS | 16 | 90 | 109 | 375 |
| Post-tax profit of Discontinued Operations – Defence Business | 14 | 12 | 65 | 36 |
| Post-tax loss of Discontinued Operations – Fire Fighting Business(1) | - | (15) | - | (35) |
| Post-tax loss on the measurement to fair value less cost to sell of Discontinued Operations – Fire Fighting Business |
- | - | - | (115) |
| PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX | 14 | (3) | 65 | (114) |
| PROFIT/(LOSS) FOR THE PERIOD | 30 | 87 | 174 | 261 |
| PROFIT/(LOSS) FOR THE PERIOD ATTRIBUTABLE TO: | ||||
| Owners of the parent | 30 | 89 | 173 | 259 |
| Non-controlling interests | - | (2) | 1 | |
| (in €) | ||||
| Basic Earnings/(loss) per Common Share from Continuing Operations | 0.06 | 0.33 | 0.41 | 1.38 |
| BASIC EARNINGS/(LOSS) PER COMMON SHARE | 0.11 | 0.33 | 0.65 | 0.97 |
| Diluted Earnings/(loss) per Common Share from Continuing Operations | 0.06 | 0.33 | 0.40 | 1.35 |
| DILUTED EARNINGS/(LOSS) PER COMMON SHARE | 0.11 | 0.33 | 0.65 | 0.95 |
(1) On 13th 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 transfer was completed on 3rd 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 and discontinued operations. In accordance with IFRS 5:33, Profit/(loss) from Continuing Operations for the nine months ended 30th September 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 €35 million. This classification of the above-mentioned pre- and post-tax loss of €115 million from the definitive agreement to transfer the Fire Fighting business differs from the one adopted in the 2024 third quarter results press release and Interim Report at 30th September 2024, in which it was included in the line item "Other expenses" within Profit/(loss) from Continuing Operations.
(*) Certain items previously presented on a net basis are presented on a gross basis to conform to the current year presentation.
Iveco Group N.V.
Condensed Consolidated Statement of Financial Position as of 30 th September 2025 and 31st December 2024 (Unaudited)
| (€ million) | th September 2025 30 |
31st December 2024 |
|---|---|---|
| ASSETS | ||
| Intangible assets | 1,977 | 2,039 |
| Property, plant and equipment | 2,957 | 3,147 |
| Investments and other non-current financial assets: | 229 | 223 |
| Investments accounted for using the equity method | 186 | 171 |
| Equity investments measured at fair value through other comprehensive income | 9 | |
| Other investments and non-current financial assets | 34 | |
| Leased assets | 84 | |
| Defined benefits plan assets | 36 | |
| Deferred tax assets | 704 | 774 |
| Total Non-current assets | 5,987 | 6,312 |
| Inventories | 2,973 | 2,871 |
| Trade receivables | 362 | 405 |
| Receivables from financing activities | 4,225 | 5,185 |
| Current tax receivables | 119 | 133 |
| Other current receivables and financial assets | 588 | 470 |
| Prepaid expenses and other assets | 169 | 121 |
| Derivative assets | 20 | |
| Cash and cash equivalents | 2,285 | 3,513 |
| Total Current assets | 10,741 | 12,721 |
| Assets held for sale - Discontinued Operations(1) | 1,029 | 399 |
| Assets held for sale - other | 31 | |
| TOTAL ASSETS | 17,788 | 19,437 |
| EQUITY AND LIABILITIES | ||
| Issued capital and reserves attributable to owners of the parent | 2,628 | 2,699 |
| Non-controlling interests | 58 | |
| Total Equity | 2,686 | 2,769 |
| Provisions: | 2,052 | 2,515 |
| Employee benefits | 431 | 466 |
| Other provisions | 1,621 | 2,049 |
| Debt: | 5,846 | 6,306 |
| Asset-backed financing | 2,732 | 3,558 |
| Other debt | 3,114 | 2,748 |
| Derivative liabilities | 16 | |
| Trade payables | 3,221 | 3,956 |
| Tax liabilities | 39 | |
| Deferred tax liabilities | 64 | |
| Other liabilities | 3,075 | 3,434 |
| Liabilities held for sale - Discontinued Operations(1) | 781 | 263 |
| Liabilities held for sale - other | 8 | |
| Total Liabilities | 15,102 | 16,668 |
| TOTAL EQUITY AND LIABILITIES | 17,788 | 19,437 |
(1) At 30th September 2025, Assets held for sale – Discontinued Operations and Liabilities held for sale – Discontinued Operations include the assets and the liabilities, respectively, of the Defence business classified as a disposal group held for sale and as Discontinued Operations. At 31 st December 2024, these items included the assets and the liabilities, respectively, of the Fire Fighting business classified as a disposal group held for sale and as Discontinued Operations.
Iveco Group N.V.
Condensed Consolidated Statement of Cash Flows for the nine months ended 30 th September 2025 and 2024
| Nine months ended 30 | th September | |
|---|---|---|
| (€ million) | 2025 | 2024 |
| A) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD | 3,513 | 2,698 |
| B) CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES: | ||
| Profit/(loss) from Continuing Operations for the period | 109 | 375 |
| Amortisation and depreciation (excluding assets sold under buy-back commitments and operating leases)(a)(b) | 541 | 464 |
| (Gains)/losses on disposal of non-current assets (excluding assets sold under buy-back commitments) (a) |
(2) | (12) |
| Other non-cash items | (17) | (23) |
| Dividends received | 3 | |
| Change in provisions | (300) | |
| Change in deferred income taxes | 50 | |
| Change in items due to buy-back commitments(a) | (36) | (27) |
| Change in operating lease items(b) | (10) | (19) |
| Change in trade receivables | 83 | |
| Change in inventories | (703) | (703) |
| Change in trade payables | (442) | (467) |
| Change in other receivables/payables | (199) | |
| Change in receivables from financing activities(c) | 920 | 1,138 |
| CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS | (3) | 855 |
| CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM DEFENCE BUSINESS | 66 | |
| CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM FIRE FIGHTING BUSINESS | - | (94) |
| CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS | 66 | (84) |
| TOTAL | 63 | 771 |
| C) 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) |
(415) | (521) |
| Proceeds from the sale of non-current assets (excluding assets sold under buy-back commitments)(a) | 3 | |
| Net (cash used in)/proceeds from other current and non-current financial assets | 64 | (42) |
| Other changes | ||
| 272 | ||
| CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS | (76) | (545) |
| CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM DEFENCE BUSINESS | (114) | |
| CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM FIRE FIGHTING BUSINESS | - | |
| CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS | (114) | |
| TOTAL | (190) | (456) |
| D) CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES: | ||
| Change in debt and derivative assets/liabilities | (850) | (357) |
| Capital contributions | (1) | (28) |
| Dividends paid | (88) | (91) |
| Purchase of ownership interests in subsidiaries | (6) | |
| Purchase of treasury shares | - | (60) |
| CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS | (945) | (536) |
| CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM DEFENCE BUSINESS | (2) | |
| CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM FIRE FIGHTING BUSINESS | - | |
| CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS | (2) | |
| TOTAL | (947) | (511) |
| Translation exchange differences | (47) | (44) |
| E) TOTAL CHANGE IN CASH AND CASH EQUIVALENTS | (1,121) | (240) |
| Less: Cash and cash equivalents– included within "Assets held for sale - Discontinued Operations" at end of the | ||
| period | 107 |
(a) Cash generated from the sale of vehicles under buy-back commitments, net of amounts included in Profit/(loss), is recognised under operating activities 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 st 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 nine months ended 30 tht September 2024 have been reclassified consistently.
(*) In accordance with IFRS 5:33, Profit/(loss) from Continuing Operations for the nine months ended 30 th September 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.
IVECO • GROUP
Iveco Group N.V.
Supplemental Condensed Consolidated Statements of Operations for the three months ended 30th September 2025 and 2024 (Unaudited)
| _ | months ended 30th S | epteriner 2023 | ree months ended 30 | - September 202 | ||||
|---|---|---|---|---|---|---|---|---|
| € million) | Industrial Activities (1) |
Financial Services |
Eliminations | Consolidated | Industrial Activities (1) |
Financial Services |
Eliminations | Consolidate |
| Net revenues | 3,044 | 111 | (40) (2) | 3,115 | 3,137 | 132 | (39) (2) | 3,23 |
| Cost of sales | 2,608 | 63 | (40) (3) | 2,631 | 2,633 | 75 | (39) (3) | 2,66 |
| Selling, general and administrative | · · · · · · | ( ) | . , | |||||
| costs | 188 | 19 | - | 207 | 201 | 23 | - | 22 |
| Research and development costs | 152 | - | - | 152 | 144 | - | - | 14 |
| Share of the profit/(loss) of investees accounted for using the equity nethod | - | 6 | - | 6 | 5 | - | ||
| Gains/(losses) on the disposal of | ||||||||
| nvestments | 2 | - | - | 2 | - | - | ||
| Restructuring costs | 3 | - | - | 3 | 4 | - | - | |
| Other income | 1 | 1 | - | 2 | 9 | 1 | - | |
| Other expenses | 40 | 1 | - | 41 | 25 | 1 | - | |
| BIT | 56 | 35 | - | 91 | 139 | 39 | - | 1 |
| let financial income/(expenses): | (58) | - | - | (58) | (56) | - | - | (5 |
| Financial income | 23 | - | - | 23 | 19 | - | - | |
| Financial expenses | 81 | - | - | 81 | 75 | - | - | |
| PROFIT/(LOSS) BEFORE TAXES | (2) | 35 | - | 33 | 83 | 39 | - | 1: |
| ncome tax (expense) benefit | (7) | (10) | - | (17) | (23) | (9) | (3 | |
| PROFIT/(LOSS) FROM CONTINUING OPERATIONS |
(9) | 25 | - | 16 | 60 | 30 | - | ! |
| Post-tax profit of Discontinued Operations – Defence Business | 14 | - | - | 14 | 12 | - | - | |
| ost-tax loss of Discontinued perations – Fire Fighting Business | - | (15) | - | (1 | ||||
| ost-tax loss on the measurement to air value less cost to sell of discontinued Operations – Fire ighting Business |
_ | - | - | - | _ | - | ||
| PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS, NET | 4.4 | 44 | (0) | |||||
| PROFIT/(LOSS) FOR THE PERIOD | 14 5 |
25 | - | 30 | (3) 57 |
30 | • | ( |
Notes:
(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes Truck, Bus and Powertrain business units, as well as the holding company Iveco Group N.V. In the three months ended 30° September 2025 and 2024 Industrial Activities also included the Defence Business, classified as Discontinued Operations, furthermore in the three months ended 30° September 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.
Iveco Group N.V.
Supplemental Condensed Consolidated Statements of Operations for the nine months ended 30 th September 2025 and 2024 (Unaudited)
| Nine months ended 30 | th September 2025 | Nine months ended 30 | th September 2024 | |||||
|---|---|---|---|---|---|---|---|---|
| (€ million) | Industrial Activities(1) |
Financial Services |
Eliminations | Consolidated | Industrial Activities(1) |
Financial Services |
Eliminations | Consolidated |
| Net revenues | 9,206 | 338 | (116) (2) | 9,428 | 9,886 | 419 | (136) (2) | 10,169 |
| Cost of sales | 7,853 | 194 | (116) (3) | 7,931 | 8,225 | 260 | (136) (3) | 8,349 |
| Selling, general and administrative costs |
555 | 61 | - | 616 | 608 | 68 | - | 676 |
| Research and development costs | 424 | - | - | 424 | 435 | - | - | 435 |
| Share of the profit/(loss) of investees accounted for using the equity method |
2 | 16 | - | 18 | 3 | 14 | - | 17 |
| Gains/(losses) on the disposal of investments |
2 | - | - | 2 | - | - | - | |
| Restructuring costs | 8 | - | - | 8 | 13 | 1 | - | 14 |
| Other income | 13 | 2 | - | 15 | 25 | 2 | - | 27 |
| Other expenses | 167 | 3 | - | 170 | 111 | 5 | - | 116 |
| EBIT | 216 | 98 | - | 314 | 522 | 101 | - | 623 |
| Net financial income/(expenses): | (163) | - | - | (163) | (114) | - | - | (114) |
| Financial income | 100 | - | - | 100 | 82 | - | - | 82 |
| Financial expenses | 263 | - | - | 263 | 196 | - | - | 196 |
| PROFIT/(LOSS) BEFORE TAXES | 53 | 98 | - | 151 | 408 | 101 | - | 509 |
| Income tax (expense) benefit | (18) | (24) | - | (42) | (107) | (27) | - | (134) |
| PROFIT/(LOSS) FROM CONTINUING OPERATIONS |
35 | 74 | - | 109 | 301 | 74 | - | 375 |
| Post-tax profit of Discontinued Operations – Defence Business |
65 | - | - | 65 | 36 | - | - | 36 |
| Post-tax loss of Discontinued Operations – Fire Fighting Business |
- | - | - | - | (35) | - | - | (35) |
| Post-tax loss on the measurement to fair value less cost to sell of Discontinued Operations – Fire Fighting Business |
- | - | - | - | (115) | - | - | (115) |
| PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX |
65 | - | - | 65 | (114) | - | - | (114) |
| PROFIT/(LOSS) FOR THE PERIOD | 100 | 74 | - | 174 | 187 | 74 | - | 261 |
(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes Truck, Bus and Powertrain business units, as well as the holding company Iveco Group N.V. In the nine months ended 30 th September 2025 and 2024 Industrial Activities also included the Defence Business, classified as Discontinued Operations, furthermore in the nine months ended 30th September 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.
Iveco Group N.V. Supplemental Condensed Consolidated Statement of Financial Position as of 30 th September 2025 and 31st December 2024
| 30 | th September 2025 | 31st December 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (€ million) | Industrial Activities(1) |
Financial Services |
Eliminations | Consolidated | Industrial Activities(1) |
Financial Services |
Eliminations | Consolidated | ||
| ASSETS | ||||||||||
| Intangible assets | 1,961 | 16 | - | 1,977 | 2,018 | 21 | - | 2,039 | ||
| Property, plant and equipment | 2,955 | 2 | - | 2,957 | 3,145 | 2 | - | 3,147 | ||
| Investments and other non-current financial assets: |
62 | 167 | - | 229 | 71 | 152 | - | 223 | ||
| Investments accounted for using | ||||||||||
| the equity method Equity investments measured at |
19 | 167 | - | 186 | 19 | 152 | - | 171 | ||
| fair value through other comprehensive income |
9 | - | - | 9 | 10 | - | - | |||
| Other investments and non | ||||||||||
| current financial assets | 34 | - | - | 34 | 42 | - | - | |||
| Leased assets Defined benefits plan assets |
12 36 |
72 - |
- - |
84 36 |
14 36 |
79 - |
- - |
|||
| Deferred tax assets | 643 | 62 | (1) | (7) | 704 | 700 | 75 | (1) | (7) | 774 |
| Total Non-current assets | 5,669 | 319 | (1) | 5,987 | 5,984 | 329 | (1) | 6,312 | ||
| Inventories | 2,973 | - | - | 2,973 | 2,870 | 1 | - | 2,871 | ||
| Trade receivables | 357 | 24 | (19) | (4) | 362 | 406 | 23 | (24) | (4) | 405 |
| Receivables from financing activities | 978 | 5,268 | (2,021) | (4) | 4,225 | 778 | 5,842 | (1,435) | (4) | 5,185 |
| Current tax receivables | 152 | 12 | (45) | (5) | 119 | 159 | 7 | (33) | (5) | 133 |
| Other current receivables and financial assets |
428 | 189 | (29) | (3) | 588 | 372 | 113 | (15) | (3) | 470 |
| Prepaid expenses and other assets | 168 | 1 | - | 169 | 119 | 2 | - | 121 | ||
| Derivative assets | 21 | 2 | (3) | (6) | 20 | 25 | 2 | (4) | (6) | |
| Cash and cash equivalents | 2,080 | 205 | - | 2,285 | 3,326 | 187 | - | 3,513 | ||
| Total Current assets | 7,157 | 5,701 | (2,117) | 10,741 | 8,055 | 6,177 | (1,511) | 12,721 | ||
| Assets held for sale - Discontinued Operations(2) |
1,041 | - | (12) | (8) | 1,029 | 399 | - | - | 399 | |
| Assets held for sale - other | 6 | 25 | - | 31 | 5 | - | - | |||
| TOTAL ASSETS | 13,873 | 6,045 | (2,130) | 17,788 | 14,443 | 6,506 | (1,512) | 19,437 | ||
| EQUITY AND LIABILITIES | ||||||||||
| Total Equity Provisions: |
1,856 1,954 |
830 98 |
- - |
2,686 2,052 |
1,923 2,414 |
846 101 |
- - |
2,769 2,515 |
||
| Employee benefits | 418 | 13 | - | 431 | 451 | 15 | - | 466 | ||
| Other provisions | 1,536 | 85 | - | 1,621 | 1,963 | 86 | - | 2,049 | ||
| Debt: | 2,859 | 5,008 | (2,021) | (4) | 5,846 | 2,271 | 5,470 | (1,435) | (4) | 6,306 |
| Asset-backed financing | - | 2,732 | - | 2,732 | - | 3,558 | - | 3,558 | ||
| Other debt | 2,859 | 2,276 | (2,021) | (4) | 3,114 | 2,271 | 1,912 | (1,435) | (4) | 2,748 |
| Derivative liabilities | 18 | 1 | (3) | (6) | 16 | 63 | 2 | (4) | (6) | |
| Trade payables | 3,183 | 28 | 10 | (4) | 3,221 | 3,945 | 34 | (23) | (4) | 3,956 |
| Tax liabilities | 70 | 41 | (72) | (5) | 39 | 95 | 23 | (33) | (5) | |
| Deferred tax liabilities | 65 | - | (1) | (7) | 64 | 49 | - | (1) | (7) | |
| Other liabilities | 3,074 | 31 | (30) | (3) | 3,075 | 3,420 | 30 | (16) | (3) | 3,434 |
| Liabilities held for sale - Discontinued Operations(2) |
794 | - | (13) | (8) | 781 | 263 | - | - | 263 | |
| Liabilities held for sale - other | - | 8 | - | 8 | - | - | - | |||
| Total Liabilities | 12,017 | 5,215 | (2,130) | 15,102 | 12,520 | 5,660 | (1,512) | 16,668 | ||
| TOTAL EQUITY AND LIABILITIES | 13,873 | 6,045 | (2,130) | 17,788 | 14,443 | 6,506 | (1,512) | 19,437 |
- (1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes Truck, Bus and Powertrain business units, as well as the holding company Iveco Group N.V.
- (2) At 30th September 2025, Assets held for sale – Discontinued Operations and Liabilities held for sale – Discontinued Operations include the assets and the liabilities, respectively, of the Defence business classified as a disposal group held for sale and as Discontinued Operations. At 31st December 2024, these items 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.
- (8) This item includes the elimination of intercompany transactions between Continuing and Discontinued Operations.
Iveco Group N.V.
Supplemental Condensed Consolidated Statement of Cash Flows for the nine months ended 30 th September 2025
| Nine months ended 30 | th September 2025 | |||
|---|---|---|---|---|
| (€ million) | Industrial Activities(1) |
Financial Services |
Eliminations | Consolidated |
| A) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD | 3,326 | 187 | - | 3,513 |
| B) CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES: | ||||
| Profit/(loss) from Continuing Operations for the period | 35 | 74 | - | 109 |
| Amortisation and depreciation (excluding assets sold under buy-back commitments and operating leases) (a)(b) |
538 | 3 | - | 541 |
| (Gains)/losses on disposal of non-current assets (excluding assets sold under buy-back commitments)(a) | (2) | - | - | (2) |
| Other non-cash items | (2) | (15) | - | (17) |
| Dividends received | 106 | - | (103) | (2) |
| Change in provisions | (299) | (1) | - | (300) |
| Change in deferred income taxes | 39 | 11 | - | 50 |
| Change in items due to buy-back commitments(a) | (28) | (8) | - | (36) |
| Change in operating lease items(b) | 1 | (11) | - | (10) |
| Change in trade receivables | 89 | (4) | (2) | (3) 83 |
| Change in inventories | (703) | - | - | (703) |
| Change in trade payables | (466) | (2) | 26 | (3) (442) |
| Change in other receivables/payables | (118) | (57) | (24) | (3) (199) |
| Change in receivables from financing activities | - | 920 | - | 920 |
| CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS | (810) | 910 | (103) | (3) |
| CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM DEFENCE BUSINESS | 66 | - | - | 66 |
| CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS | 66 | - | - | 66 |
| TOTAL C) CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES: |
(744) | 910 | (103) | 63 |
| Investments in: | ||||
| Property, plant and equipment and intangible assets (excluding assets sold under buy-back commitments | ||||
| and operating leases)(a)(b) Consolidated subsidiaries and other equity investments |
(413) | (2) | - | (415) (4) |
| (12) | - | 12 | ||
| Proceeds from the sale of non-current assets (excluding assets sold under buy-back commitments)(a) | 3 | - | - | |
| Net (cash used in)/proceeds from other current and non-current financial assets | 64 | - | - | 64 |
| Other changes | 316 | (44) | - | 272 |
| CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS | (42) | (46) | 12 | (76) |
| CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM DEFENCE BUSINESS | (114) | - | - | (114) |
| CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS | (114) | - | - | (114) |
| TOTAL | (156) | (46) | 12 | (190) |
| D) CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES: | ||||
| Change in debt and derivative assets/liabilities | (95) | (755) | - | (850) |
| Capital increase | (1) | 12 | (12) | (4) (1) |
| Dividends paid | (88) | (103) | 103 | (2) (88) |
| Purchase of ownership interest in subsidiaries | (6) | - | - | (6) |
| CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS | (190) | (846) | 91 | (945) |
| CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM DEFENCE BUSINESS | (2) | - | - | (2) |
| CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS | (2) | - | - | (2) |
| TOTAL | (192) | (846) | 91 | (947) |
| Translation exchange differences | (47) | - | - | (47) |
| E) TOTAL CHANGE IN CASH AND CASH EQUIVALENTS | (1,139) | 18 | - | (1,121) |
| Less: Cash and cash equivalent– included within "Assets held for sale - Discontinued Operations" at end of the period |
107 | - | - | 107 |
| F) CASH AND CASH EQUIVALENTS AT END OF THE PERIOD | 2,080 | 205 | - | 2,285 |
(a) Cash generated from the sale of vehicles under buy-back commitments, net of amounts included in Profit/(loss), is recognised under operating activities 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. (1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes Truck, Bus and Powertrain business units, as well as the holding company Iveco Group N.V., and the Defence business unit (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.
Iveco Group N.V.
Supplemental Condensed Consolidated Statement of Cash Flows for the nine months ended 30 th September 2024
| idited) |
|---|
| Nine months ended 30 | th September 2024 | |||
|---|---|---|---|---|
| (€ million) | Industrial Activities(1) |
Financial Services |
Eliminations | Consolidated |
| A) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD | 2,447 | 251 | - | 2,698 |
| B) CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES: | ||||
| Profit/(loss) from Continuing Operations for the period | 301 | 74 | - | 375 |
| Amortisation and depreciation (excluding assets sold under buy-back commitments and operating leases)(a)(b) | 462 | 2 | - | 464 |
| (Gains)/losses on disposal of non-current assets (excluding assets sold under buy-back commitments) (a) |
(12) | - | - | (12) |
| Other non-cash items | - | (23) | - | (23) |
| Dividends received | 52 | - | (48) | (2) 4 |
| Change in provisions | 76 | (11) | - | 65 |
| Change in deferred income taxes | - | 9 | - | 9 |
| Change in items due to buy-back commitments(a) | (29) | 2 | - | (27) |
| Change in operating lease items(b) | (1) | (18) | - | (19) |
| Change in trade receivables | 12 | 12 | (7) | (3) 17 |
| Change in inventories | (703) | - | - | (703) |
| Change in trade payables | (490) | - | 23 | (3) (467) |
| Change in other receivables/payables | 25 | 25 | (16) | (3) 34 |
| Change in receivables from financing activities | - | 1,138 | - | 1,138 |
| CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS | (307) | 1,210 | (48) | 855 |
| CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM DEFENCE BUSINESS | 10 | - | - | 10 |
| CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM FIRE FIGHTING BUSINESS | (94) | - | - | (94) |
| CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS | (84) | - | - | (84) |
| TOTAL | (391) | 1,210 | (48) | 771 |
| C) 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) | (517) | (4) | - | (521) (4) |
| Consolidated subsidiaries and other equity investments | (7) | - | 7 | |
| Proceeds from the sale of non-current assets (excluding assets sold under buy-back commitments)(a) | 12 | (3) | - | 9 |
| Net (cash used in)/proceeds from other current and non-current financial assets | (42) | - | - | (42) |
| Other changes | 774 | (765) | - | 9 |
| CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS | 220 | (772) | 7 | (545) |
| CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM DEFENCE BUSINESS | 16 | - | - | 16 |
| CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM FIRE FIGHTING BUSINESS | 73 | - | - | 73 |
| CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS | 89 | - | - | 89 |
| TOTAL | 309 | (772) | 7 | (456) |
| D) CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES: | ||||
| Change in debt and derivative assets/liabilities | 85 | (442) | - | (357) |
| Capital contributions | (28) | 7 | (7) | (4) (28) |
| Dividends paid | (91) | (48) | 48 | (2) (91) |
| Purchase of treasury shares | (60) | - | - | (60) |
| CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS | (94) | (483) | 41 | (536) |
| CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM DEFENCE BUSINESS | (2) | - | - | (2) |
| CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM FIRE FIGHTING BUSINESS | 27 | - | - | 27 |
| CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS | 25 | - | - | 25 |
| TOTAL | (69) | (483) | 41 | (511) |
| Translation exchange differences | (44) | - | - | (44) |
| E) TOTAL CHANGE IN CASH AND CASH EQUIVALENTS | (195) | (45) | - | (240) |
| Less: Cash and cash equivalent– included within "Assets held for sale - Discontinued Operations" at end of the period |
7 | - | - | 7 |
| 2,245 | 206 | - | 2,451 |
(a) Cash generated from the sale of vehicles under buy-back commitments, net of amounts included in Profit/(loss), is recognised under operating activities 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.
(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes Truck, Bus and Powertrain business units, as well as the holding company Iveco Group N.V. and the Defence and Fire Fighting Business unit (both 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.
Other Supplemental Financial Information
(Unaudited)
| Three months ended 30th September 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Truck | Bus | Powertrain | Unallocated items, eliminations and other |
Total Industrial Activities |
Financial Services |
Eliminations | Total | |
| EBIT | 55 | 29 | 38 | (66) | 56 | 35 | - | 91 |
| Adjustments: | ||||||||
| Restructuring costs | 2 | - | - | 1 | 3 | - | - | 3 |
| Non-recurring items(1) |
2 | - | - | 15 | 17 | - | - | 17 |
| Adjusted EBIT | 59 | 29 | 38 | (50) | 76 | 35 | - | 111 |
| Unallocated | Three months ended 30th September 2024 | |||||||
| items, eliminations |
Total Industrial | Financial | Eliminations | |||||
| Truck | Bus | Powertrain | and other | Activities | Services | Total | ||
| EBIT | 119 | 27 | 37 | (44) | 139 | 39 | - | 178 |
| Adjustments: | ||||||||
| Restructuring costs | 2 | 1 | - | 1 | 4 | - | - | |
| Non-recurring items(1) |
- | - | - | 1 | 1 | - | - | 4 1 |
| (1) | In the three months ended 30th September 2025, this item primarily includes €11 million costs related to certain claims arising from the EU Commission's 2016 antitrust settlement decision |
|---|---|
| announced on 19th July 2026. In the three months ended 30th September 2024, this item included €1 million costs related to certain claims arising from the EU Commission's 2016 antitrust | |
| settlement decision announced on 19th July 2026. |
| Unallocated items, eliminations |
Total Industrial | Financial | Nine months ended 30th September 2025 | |||||
|---|---|---|---|---|---|---|---|---|
| Truck | Bus | Powertrain | and other | Activities | Services | Eliminations | Total | |
| EBIT | 236 | 97 | 116 | (233) | 216 | 98 | - | 314 |
| Adjustments: | ||||||||
| Restructuring costs | 8 | - | (1) | 1 | 8 | - | - | |
| Non-recurring items(1) |
2 | - | - | 75 | 77 | - | - | |
| Adjusted EBIT | 246 | 97 | 115 | (157) | 301 | 98 | - | 399 |
| Truck | Bus | Powertrain | Unallocated items, eliminations and other |
Total Industrial Activities |
Financial Services |
Nine months ended 30th September 2024 Eliminations |
Total | |
| EBIT | 453 | 80 | 159 | (170) | 522 | 101 | - | 623 |
| Adjustments: | ||||||||
| Restructuring costs | 8 | 1 | 3 | 1 | 13 | 1 | - | 14 |
| Non-recurring items(1) |
- | - | - | 24 | 24 | - | - | 24 |
IVECO • GROUP
Other Supplemental Financial Information
Reconciliation of Total (Debt) to Net Cash (Debt) Consolidated Industrial Activities Financial Services 30th September 31st December 31st December 30th September 31st December 30th September 2024 Third party (debt) (5,417) (6,155) (1,603)(1,584) (3,814)(4,571) Intersegment notes payable(1) (209) (1,250) (687) (980) (748) (Debt) payable to CNH(2) (220) (151) (214) (151) (6) Total (Debt) (5,846) (6,306) (2,859) (2,271) (5,008) (5,470) Cash and cash equivalents 2,285 3,513 2,080 3,326 187 Intersegment financial receivables(1) 24 967 772 1,054 687 Financial receivables from CNH(3) 33 61 20 2 13 59 2 59 2 59 Other current financial assets(4) 23 25 2 2 Derivative assets(5) 20 21 Derivative liabilities(5) (16)(61)(18)(1) (2) (63)Net Cash (Debt) of Continuing Operations (3,522) (2,687) 1.850 (3,735) (4,537) 213 20 311 20 Net Cash (Debt) of Discontinued Operations 311 524 1.870 Total Net Cash (Debt) (3,211)(2 667) (3,735)(4.537)
- 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 30th September 2025 and at 31st December 2024, Intersegment notes payable and Intersegment financial receivables of Industrial Activities and Financial Services also included the balance towards Discontinued Operations.
- This item includes payables related to purchases of receivables or collections with settlement in the following days. This item includes receivables related to sales of receivables or collections with settlement in the following days.
- This item includes short-term deposits and investments towards high-credit rating counterparties.
Derivative assets and Derivative liabilities include, respectively, the positive and negative fair values of derivative financial instruments.
| onclination of cash and cash equivalents of Continuing Operations luding Discontinued Operations) illion) |
to total Available Inquidity | ||
|---|---|---|---|
| 30th September 2025 | 30 th June 2025 (*) | 31st December 2024(*) | |
| Cash and cash equivalents of Continuing Operations(1) | 2,285 | 2,798 | 3,513 |
| Financial Payables to Discontinued Operations (1) | (209) | ||
| Undrawn committed facilities | 1,890 | 1,900 | 1,900 |
| Other current financial assets (2) | 2 | 2 | 59 |
| Financial receivables from CNH (3) | 20 | 13 | 2 |
| Available Liquidity of Continuing Operations | 3,988 | ||
| Cash and Cash equivalents of Discontinued Operations | 107 | ||
| Financial Receivables from Continuing Operations (1) | 209 | ||
| Available liquidity of Discontinued Operations | 316 | ||
| Available liquidity | 4,304 | 4,713 | 5,474 |
- Also including Defence Business
- mber 2025, Cash and cash equivalents of Continuing Operations included €209 million temporarily deposited by Discontinued Operations (Defence Business) with Iveco Group's central
- ueasury. This item includes short-term deposits and investments towards high-credit rating counterparties. This item includes financial receivables from CNH deriving from financing activities and sale of trade receivables.
Other Supplemental Financial Information
(Unaudited)
Change in Net Cash (Debt) of Industrial Activities (€ million) Nine months ended 30th September Three months ended 30th September 2025 2024 (1) 2025 2024 (1) 1,870 1,852 Net Cash (Debt) of Industrial Activities at beginning of the period(2) 1,109 1,017 291 81 Less: Net Cash (Debt) of Industrial Activities from Discontinued Operations at beginning of the period 349 33 1,579 1,771 Net Cash (Debt) of Industrial Activities from Continuing Operations at beginning of the period 760 984 301 559 Adjusted EBIT of Industrial Activities 76 144 538 462 Depreciation and amortisation 179 164 163 177 Depreciation of assets under operating leases and assets sold with buy-back commitments 54 58 (226) (261) Financial charges and taxes impact on Net Cash (Debt) (91) (101) (1,198) (1,156) Change in working capital(3) (362) (365) (413) (517) Investments in property, plant and equipment, and intangible assets (4) (150) (189) (406) (86) Change in provisions, buy-back and other (219) 6 (1,241) (822) Free Cash Flow of Industrial Activities from Continuing Operations (513) (283) (95) (151) Capital increases, dividends and share buy-backs 5 (58) (30) (144) Currency translation differences and other (39) 11 (1,366) (1,117) Change in Net Cash (Debt) of Industrial Activities from Continuing Operations (547) (330) 213 654 Net Cash (Debt) of Industrial Activities from Continuing Operations at end of the period 213 654 291 81 Net Cash (Debt) of Industrial Activities from Discontinued Operations at beginning of the period 349 33 38 (98) Free Cash Flow of Industrial Activities from Discontinued Operations (40) (26) (18) 24 Other from Discontinued Operations 2 - 20 (74) Change in Net Cash (Debt) of Industrial Activities from Discontinued Operations (38) (26) 311 7 Net Cash (Debt) of Industrial Activities from Discontinued Operations at end of the period 311 7 524 661 Net Cash (Debt) of Industrial Activities at end of the period(2) 524 661 (1) In 2024 all items related to Discontinued Operations refer to both Defence and Fire Fighting business.
- (2) This item includes the balances of both Continuing and Discontinued Operations.
- (3) Change in working capital includes change in: trade receivables, inventories, trade payables, and other receivables/payables.
- (4) Excluding assets sold under buy-back commitments and assets under operating leases.
| Nine months ended 30th September | Three months ended 30th September | ||||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||
| (3) | 855 | Cash Flows from/(used in) Operating Activities from Continuing Operations |
102 | 221 | |
| (807) | (1,162) | Less: Cash Flows from/(used in) Operating Activities of Financial Services net of eliminations |
(435) | (331) | |
| (810) | (307) | Cash Flows from/(used in) Operating Activities of Industrial Activities from Continuing Operations |
(333) | (110) | |
| (413) | (517) | Investments in property, plant and equipment, and intangible assets of Industrial Activities |
(150) | (189) | |
| (18) | 2 | Other changes(1) | (30) | 16 | |
| (1,241) | (822) | Free Cash Flow of Industrial Activities from Continuing Operations |
(513) | (283) |
Other Supplemental Financial Information
(Unaudited)
Reconciliation of Adjusted net profit/(loss) from Continuing Operations and Adjusted Income tax (expense) benefit from Continuing Operations to Profit/(loss) from Continuing Operations and to Income tax (expense) benefit from Continuing Operations and calculation of Adjusted diluted EPS from Continuing Operations and Adjusted ETR from Continuing Operations
| (€ million, except per share data) | |||||
|---|---|---|---|---|---|
| Nine months ended 30th September | Three months ended 30th September | ||||
| 2025 | 2024 | 2025 | 2024 | ||
| 109 | 375 | Profit/(loss) from Continuing Operations | 16 | 90 | |
| 85 | 38 | Adjustments impacting Profit/(loss) before taxes from Continuing Operations (a) | 20 | 5 | |
| (15) | (8) | Adjustments impacting Income tax (expense) benefit from Continuing Operations (b) | 4 | (1) | |
| 179 | 405 | Adjusted net profit/(loss) from Continuing Operations | 40 | 94 | |
| 178 | 399 | Adjusted net profit/(loss) attributable to Iveco Group N.V. from Continuing Operations | 40 | 94 | |
| 268 | 272 | Weighted average shares outstanding – diluted (million) | 268 | 270 | |
| 0.66 | 1.47 | Adjusted diluted EPS from Continuing Operations (€) | 0.15 | 0.35 | |
| 151 | 509 | Profit/(loss) before taxes from Continuing Operations | 33 | 122 | |
| 85 | 38 | Adjustments impacting Profit/(loss) before taxes from Continuing Operations (a) | 20 | 5 | |
| 236 | 547 | Adjusted Profit/(loss) before taxes from Continuing Operations (A) | 53 | 127 | |
| (42) | (134) | Income tax (expense) benefit from Continuing Operations | (17) | (32) | |
| (15) | (8) | Adjustments impacting Income tax (expense) benefit from Continuing Operations (b) | 4 | (1) | |
| (57) | (142) | Adjusted Income tax (expense) benefit from Continuing Operations (B) | (13) | (33) | |
| 24% | 26% | Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A) from Continuing Operations | 25% | 26% | |
| a) | Adjustments impacting Profit/(loss) before taxes from Continuing Operations | ||||
| 8 | 14 | Restructuring costs | 3 | 4 | |
| 71 | 19 | Costs related to certain claims arising from the EU Commission's 2016 antitrust settlement decision announced on 19th July 2016 |
11 | 1 | |
| - | 5 | Costs in connection with the spin-off of Iveco Group from CNH Industrial | - | - | |
| 6 | - | Other | 6 | - | |
| 85 | 38 | Total | 20 | 5 | |
| b) | Adjustments impacting Income tax (expense) benefit from Continuing Operations | ||||
| (22) | (8) | Tax effect of adjustments impacting Profit/(loss) before taxes | (3) | (1) | |
| 7 | - | Tax rate change in Germany | 7 | - | |
| (15) | (8) | Total | 4 | (1) |
Translation of financial statements denominated in a currency other than the Euro
The principal exchange rates used to translate into Euro the financial statements prepared in currencies other than the Euro were as follows:
| Nine months ended 30 th September 2025 |
Nine months ended 30 th September 2024 |
||||
|---|---|---|---|---|---|
| Average | At 30th September | At 31st December 2024 | Average | At 30th September | |
| U.S. dollar | 1.119 | 1.174 | 1.039 | 1.087 | 1.120 |
| Pound sterling | 0.851 | 0.873 | 0.829 | 0.851 | 0.835 |
| Swiss franc | 0.939 | 0.936 | 0.941 | 0.958 | 0.944 |
| Brazilian real | 6.316 | 6.241 | 6.435 | 5.700 | 6.071 |
| Polish Zloty | 4.241 | 4.269 | 4.273 | 4.306 | 4.279 |
| Czech Koruna | 24.827 | 24.335 | 25.185 | 25.077 | 25.184 |
| Turkish lira(1) | 48.795 | 48.795 | 36.769 | 38.206 | 38.206 |
(1) As of 30th June 2022, the Company applied the hyperinflationary accounting in Türkiye, with effect from 1st January 2022. After 1st January 2022, according to IAS 29, transactions for entities with the Turkish lira as functional currency were translated using the closing spot rate.