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Iveco Group 2026 Second Quarter Results(*)
The Board of Directors approves Q2 and H1 2026 preliminary results
Strong growth in revenues led by higher volumes in Europe; Q2 profitability reflects planned investments in quality
Tata Motors' Tender Offer expected to be launched in early September 2026
with closure envisaged by early November 2026
NON-EU-IFRS FINANCIAL MEASURES ((1)
EU-IFRS FINANCIAL MEASURES ()
-------------------------------------- -------------------------------------
Q2 Q2 Q2 Q2
(EUR million) 2026 2025 Change (EUR million) 2026 2025 Change
--------------- ----- ----- ------ ------------- ----- ----- ------
Consolidated
EBIT 121 169 -48 Adjusted EBIT 131 171 -40
----- -----
of which
of which EBIT Adjusted EBIT
of Industrial of Industrial
Activities 94 141 -47 Activities 104 143 -39
----- ----- ------ ----- ----- ------
Profit/(loss)
for the Adjusted net
period 38 79 -41 income 46 79 -33
--------------- ----- ----- ------ ------------- ----- ----- ------
Adjusted
diluted EPS
Diluted EPS EUR 0.14 0.28 -0.14 EUR 0.17 0.29 -0.12
--------------- ----- ----- ------ ------------- ----- ----- ------
Free cash
Cash flow from flow of
operating Industrial
activities (462) 95 -557 Activities (45) 119 -164
--------------- ----- ----- ------ ------------- ----- ----- ------
Cash and cash Available
equivalents(2) 2,514 3,582 -1,068 liquidity(2) 4,432 5,498 -1,066
--------------- ----- ----- ------ ------------- ----- ----- ------
In the second quarter, Iveco Group recorded a strong increase in consolidated revenues of EUR3,764 million (+7.3%) and also in industrial revenues of EUR3,696 million (+7.9%), in particular thanks to higher European volumes. Industrial Activities generated an Adjusted EBIT of EUR104 million. Free Cash Flow represented an outflow of EUR45 million, while Available Liquidity remained solid at EUR4.4 billion as of 30(th) June 2026, following payment of the EUR1,550 million extraordinary interim dividend on 22(nd) April 2026 from the proceeds of the Defence business disposal.
Truck reaffirmed its leadership position in the upper-end and chassis-cab segments of the light commercial vehicle market, while maintaining disciplined pricing in European heavy-duty vehicles. Compared with the second quarter of 2025, European industry volumes were broadly stable in light-duty and increased by 9% in medium- and heavy-duty. Order intake remained strong, increasing 21% in light-duty and 47% in medium- and heavy-duty. The European heavy-duty book-to-bill ratio improved by 33 basis points year-over-year, while light commercial vehicles remained steady. Profitability was affected by the additional resources dedicated to quality, partially offset by higher volumes and positive pricing.
IVECO BUS retained its number one position in the European electric bus market and consolidated its number two ranking overall, with a market share of more than 25%. Bus deliveries increased by 8%, supported by the Annonay plant operating at full capacity. Profitability was affected by rework costs associated with the last batch of unfinished city buses carried over from 2025, now fully deployed, partially offset by higher volumes and positive pricing. This rework is now complete, removing the related cost impact from the second half of the year.
In Powertrain, overall engine volumes increased by 9% compared with the second quarter of 2025, driven by increased small-engine deliveries in Europe across on-road and off-road applications. Profitability was affected by an unfavourable product mix, primarily reflecting fewer large-engine deliveries in the Americas, and the previously mentioned investments in quality. These impacts were partially offset by disciplined cost control and continued operational efficiency.
Consistent with the Company's ambition to become a premium partner, Model Year 26 truck range was launched in the first week of July at IVECO Experience 2026, with the participation of 2,000 customers, dealers, suppliers, partners, media representatives and employees. IVECO restated its commitment to supporting customers throughout the entire vehicle lifecycle, through best-in-class, end-to-end quality, innovation and close customer relationships. It also showcased the next stage of the journey that began two years ago, guided by the 'Spirito in Movimento' ambition and its three pillars: Motion by Design, Motion through Experience and Motion as Family.
Looking ahead, the Company expects a gradual recovery in profitability during H2 2026, reflecting the weaker industry demand for LCV towards the end of the year, particularly in the upper end, and increased macroeconomic uncertainties that will negatively impact the full year performance of our industrial activities. These are expected to be partially offset by the actions implemented in H1 2026 and the acceleration of our Efficiency Programme. H2 2026 is also expected to deliver solid Free Cash Flow generation.
With regard to the Tata Motors' Tender Offer for the proposed acquisition of the Iveco Group, the regulatory process is reaching its final stage, with only one pending approval to be received by Tata Motors. Based on the information received from Tata Motors, following its interactions with the competent Authority, all requests have been addressed and final clearance is expected to be received by end of August 2026. Accordingly, the Tender Offer is expected to be launched in early September 2026 with an expected closure by early November 2026.
"Our positive top line performance during this quarter is a strong indicator of the continuing resilience of our industrial businesses. Our deliberate focus on investments in quality -- in line with the priorities we set out for the year -- has had its impact on short-term profitability but is expected to deliver lasting benefits going forward across the full range of our products and services. These deliberate and positive actions to improve the core efficiency of our business will ensure that Iveco Group enters the next phase of its development as a strong and confident contributor to our transformational deal with Tata Motors that continues to make good progress in securing all the necessary approvals."
Olof Persson, Chief Executive Officer
Notes:
Iveco Group consolidated financial results included in this press release are prepared in accordance with EU-IFRS.
(*) 2026 and 2025 financial data shown in this press release refer to Continuing Operations only (ie. excluding Defence business), unless otherwise stated. In particular, on 18(th) March 2026, Iveco Group transferred the full ownership of its Defence business (IDV and ASTRA brands) to Leonardo S.p.A., as per the terms of the agreement announced on 30(th) July 2025. In accordance with IFRS 5 -- Non-current Assets Held for Sale and Discontinued Operations, as the sale became highly probable in July 2025, the Defence business met the criteria to be classified as a disposal group held for sale since that date; 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 Q2 and H1 2025 have been recast consistently.
(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 31(st) March 2026.
Q2 2026 Performance of Continuing Operations and Results by Business Unit
Consolidated revenues amounted to EUR3,764 million compared to EUR3,507 million in Q2 2025, up 7.3%. Net revenues of Industrial Activities were EUR3,696 million compared to EUR3,426 million in Q2 2025, up 7.9%, mainly due to higher volumes in Europe.
Adjusted EBIT was EUR131 million compared to EUR171 million in Q2 2025, with a margin of 3.5% (4.9% in Q2 2025). Adjusted EBIT of Industrial Activities was EUR104 million (EUR143 million in Q2 2025), mainly resulting from unfavourable production costs due to a strengthened focus on quality across businesses and rework costs in Bus, partially offset by higher volumes. Adjusted EBIT margin of Industrial Activities was 2.8% (4.2% in Q2 2025).
Adjusted Net Income was EUR46 million (EUR79 million in Q2 2025) and adjusted Diluted Earnings per share was EUR0.17 (EUR0.29 in Q2 2025).
Net financial expenses amounted to EUR70 million, in line with Q2 2025.
Reported income tax expense was EUR13 million, with an adjusted Effective Tax Rate (adjusted ETR(1) ) of 25% in Q2 2026, 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 EUR45 million compared to positive EUR119 million in Q2 2025, mainly due to working capital absorption and increased investments driven by an enhanced focus on quality.
Available Liquidity was EUR4,432 million as of 30(t) (h) June 2026, after the extraordinary interim dividend distribution of EUR1,550 million, which occurred on 22(nd) April 2026, on the net proceeds from the sale of Defence business. Available Liquidity also included EUR1,900 million of undrawn committed facilities.
Truck
The European Truck market
was up 2% year-over-year,
with Light-Duty Vehicles
(LCV) down 1% and Medium-
and Heavy-Duty Trucks
(M&H) up 9%. The South
American Truck market was
up 1% in LCV and down 2%
in M&H. Iveco Group
deliveries were up 19% vs
Q2 2025 in Europe (up 24%
and 4% in LCV and in M&H,
respectively) and were
down 6% in South America
(up 18% in LCV and down
19% in M&H). Worldwide
Truck book-to-bill was
0.91 at the end of the
quarter. Net Revenues
were EUR2,443 million, up
4.2% compared to Q2 2025,
mainly due to higher
volumes and a better mix.
The Adjusted EBIT was
EUR74 million compared to
EUR129 million in Q2
2025, resulting mainly
from higher production
costs for increased
resources dedicated to
quality, partially offset
by higher volumes and
mix. The Adjusted EBIT
margin was at 3.0% (5.5%
Q2 2026 Q2 2025 Change in Q2 2025).
--------------- ------- ------- ------ --- -------------------------
Net revenues
(EUR million) 2,443 2,345 +4.2%
--------------- ------- ------- ------ --- -------------------------
Adjusted
EBIT
(EUR million) 74 129 -55
--------------- ------- ------- ------ ---
Adjusted
EBIT
margin 3.0% 5.5% -250 bps
--------------- ------- ------- ------ ---
Notes:
(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
Bus registrations were up
19% in Europe and down 4%
in South America compared
to Q2 2025. Iveco Group
deliveries were up 8% in
Europe and up 20% in
South America. Net
Revenues were up 22.4% in
the quarter, driven by
higher volumes. The
Adjusted EBIT was EUR29
million compared to EUR42
million in Q2 2025
resulting from rework
costs in the Annonay
plant to recover the 2025
product delay -- now
fully completed -- and
negative product mix,
partially offset by
higher volumes. The
Adjusted EBIT margin was
at 3.2% (5.6% in Q2
Q2 2026 Q2 2025 Change 2025).
--------------- ------- ------- ------ --- -------------------------
Net revenues
(EUR million) 919 751 +22.4%
--------------- ------- ------- ------ --- -------------------------
Adjusted
EBIT
(EUR million) 29 42 -13
--------------- ------- ------- ------ ---
Adjusted
EBIT
margin 3.2% 5.6% -240 bps
--------------- ------- ------- ------ ---
Powertrain
Powertrain Net Revenues
were EUR941 million, up
7.2% compared to Q2 2025,
due to higher volumes and
positive price
realisation. Sales to
external customers
accounted for 45% (47% in
Q2 2025). The Adjusted
EBIT was EUR39 million,
up EUR5 million compared
to Q2 2025, primarily
driven by higher volumes
and positive price
realisation. The Adjusted
EBIT margin was at 4.1%
Q2 2026 Q2 2025 Change (3.9% in Q2 2025).
--------------- ------- ------- ------ --- -------------------------
Net revenues
(EUR million) 941 878 +7.2%
--------------- ------- ------- ------ --- -------------------------
Adjusted
EBIT
(EUR million) 39 34 +5
--------------- ------- ------- ------ ---
Adjusted
EBIT
margin 4.1% 3.9% +20 bps
--------------- ------- ------- ------ ---
Financial Services
Financial Services Net
Revenues were EUR109
million, compared to EUR113
million in Q2 2025, mainly
due to lower wholesale
portfolio receivables. The
Adjusted EBIT was at EUR27
million, in line with Q2
2025. The end of period
managed portfolio for Iveco
Group (including
unconsolidated joint
ventures) was EUR8,102
million at the end of the
quarter (of which retail was
42% and wholesale 58%), up
EUR130 million compared to
30(t) (h) June 2025. The
receivable balance greater
than 30 days past due as a
percentage of the on-book
portfolio was 2.2% (2.0% as
Q2 2026 Q2 2025 Change of 30(th) June 2025).
--------------- ------- ------- ------ ----------------------------
Net revenues
(EUR million) 109 113 -3.5%
--------------- ------- ------- ------ ----------------------------
Adjusted
EBIT
(EUR million) 27 28 -1
--------------- ------- ------- ------
Equity
at
quarter
end
(EUR million) 799 825 -26
--------------- ------- ------- ------
Retail
loan
originations
(EUR million) 438 480 -42
--------------- ------- ------- ------
Iveco Group 2026 First Half Results
EU-IFRS FINANCIAL MEASURES NON EU-IFRS FINANCIAL MEASURES (1)
--------------------------------------- --------------------------------------
H1 H1 H1 H1
(EUR million) 2026 2025 Change (EUR million) 2026 2025 Change
--------------- ------ ----- ------ ------------- ------ ----- ------
Consolidated
EBIT 12 223 -211 Adjusted EBIT 76 288 -212
of which
of which EBIT Adjusted EBIT
of Industrial of Industrial
Activities (50) 160 -210 Activities 14 225 -211
--------------- ------ ----- ------ ------------- ------ ----- ------
Profit/(loss) Adjusted net
for the period (78) 93 -171 income/(loss) (28) 139 -167
--------------- ------ ----- ------ ------------- ------ ----- ------
Adjusted
diluted EPS
Diluted EPS EUR (0.30) 0.34 -0.64 EUR (0.11) 0.51 -0.62
--------------- ------ ----- ------ ------------- ------ ----- ------
Free cash
Cash flow from flow of
operating Industrial
activities (239) (105) -134 Activities (726) (728) +2
--------------- ------ ----- ------ ------------- ------ ----- ------
Cash and cash Available
equivalents(2) 2,514 2,953 -439 liquidity(2) 4,432 5,192 -760
--------------- ------ ----- ------ ------------- ------ ----- ------
Truck
H1 2026 H1 2025 Change
--------------- ------- ------- ------ ---
Net revenues
(EUR million) 4,253 4,309 -1.3%
--------------- ------- ------- ------ ---
Adjusted
EBIT
(EUR million) 3 187 -184
--------------- ------- ------- ------ ---
Adjusted
EBIT
margin 0.1% 4.3% -420 bps
--------------- ------- ------- ------ ---
Bus
H1 2026 H1 2025 Change
--------------- ------- ------- ------ ---
Net revenues
(EUR million) 1,535 1,229 +24.9%
--------------- ------- ------- ------ ---
Adjusted
EBIT
(EUR million) 30 68 -38
--------------- ------- ------- ------ ---
Adjusted
EBIT
margin 2.0% 5.5% -350 bps
--------------- ------- ------- ------ ---
Powertrain
H1 2026 H1 2025 Change
--------------- ------- ------- ------ ---
Net revenues
(EUR million) 1,731 1,662 +4.2%
--------------- ------- ------- ------ ---
Adjusted
EBIT
(EUR million) 61 77 -16
--------------- ------- ------- ------ ---
Adjusted
EBIT
margin 3.5% 4.6% -110 bps
--------------- ------- ------- ------ ---
Financial Services
H1 2026 H1 2025 Change
--------------- ------- ------- ------
Net revenues
(EUR million) 212 227 -6.6%
--------------- ------- ------- ------
Adjusted
EBIT
(EUR million) 62 63 -1
--------------- ------- ------- ------
Notes:
(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 31(st) December 2025.
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 those measures 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, if any.
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. The
performance of Iveco Group is reviewed based on the
Adjusted EBIT, which the management believes more
fully reflects Iveco Group's profitability, and, as
such, Iveco Group uses Adjusted EBIT for internal
reporting to assess performance as part of the
forecasting, budgeting and decision-making process as
it provides additional transparency regarding Iveco
Group's underlying operating performance. The
management believes Adjusted EBIT is useful because
it excludes items that management believes are not
indicative of Iveco Group's underlying operating
performance between periods. The management also
believes that Adjusted EBIT is useful for investors
and analysts to better understand how management
assesses Iveco Group's underlying operating
performance on a consistent basis. Accordingly, Iveco
Group believes that Adjusted EBIT provides useful
information to third party stakeholders in
understanding and evaluating Group's operations;
-- 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, before restructuring
costs and non-recurring items, if any, 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. Iveco Group uses
Adjusted Net Income/(Loss) to assess performance as
part of its decision-making process as it provides
additional insight into Iveco Group's underlying
overall performance, net of income tax. The
management believes that Adjusted Net Income/(Loss)
is also useful for investors and analysts to better
understand how management assesses Iveco Group's
underlying overall performance on a consistent basis.
Accordingly, Iveco Group believes that Adjusted Net
Income/(Loss) provides useful information to third
party stakeholders in understanding and evaluating
Group's operations;
-- 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, if any, 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, if any.
Adjusted ETR fully reflects Iveco Group's level of
taxation, based on Group's Profit/(Loss) before taxes,
removing extraordinary and non-recurring items. The
management believes that this is useful for investors
and analysts to better understand Iveco Group's level
of taxation on a consistent basis and enables them to
compare Iveco Group's level of taxation with that of
other companies;
-- 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. Iveco
Group views Free Cash Flow as a useful measure for
measuring its cash generation ability;
-- 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; 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 a global player in the automotive industry, built on a strong Italian heritage and with a consolidated international reach. The Group channels decades of engineering excellence and innovation into sustainable mobility and customer driven technologies. Its five brands play a leading role in their respective domains: IVECO, a pioneering commercial vehicles brand offering heavy, medium and light duty trucks; FPT, a global leader in advanced powertrain technologies in the agriculture, construction, marine, power generation and commercial vehicles sectors; IVECO BUS and HEULIEZ, renowned for their mass transit, premium bus and coach solutions; and IVECO CAPITAL, the Group's financing arm supporting them all. Iveco Group employs 33,000 people and operates 16 industrial sites and 22 R&D centres. Further information is available on the Company's website www.ivecogroup.com.
Slides Presentation
The slides presentation of the preliminary quarterly results is being made available on the Company's website www.ivecogroup.com.
Contacts
Media: Investor Relations:
Francesco Polsinelli, Tel: +39 335 Federico Donati, Tel: +39 011 0073539
1776091
Fabio Lepore, Tel: +39 335 7469007 E-mail:
investor.relations@ivecogroup.com
E-mail: mediarelations@ivecogroup.com
Iveco Group N.V.
Condensed Consolidated Income Statement for the three and six months ended 30(t) (h) June 2026 and 2025
(Unaudited)
Three months ended Six months ended
30(th) June 30(th) June
------------------------ -------------------- -------------------- ---
(EUR million) 2026 2025 2026 2025
------------------------ ----------- ------- ----------- ------- ---
Net revenues 3,764 3,507 6,592 6,313
------------------------ ----------- ------- ----------- ------- ---
Cost of sales 3,262 2,957 5,801 5,300
------------------------ ----------- ------- ----------- ------- ---
Selling, general and
administrative costs 217 208 418 409
------------------------ ----------- ------- ----------- ------- ---
Research and
development costs 146 142 275 272
------------------------ ----------- ------- ----------- ------- ---
Share of the
profit/(loss) of
investees accounted
for using the equity
method 4 6 7 12
------------------------ ----------- ------- ----------- ------- ---
Restructuring costs 5 1 8 5
------------------------ ----------- ------- ----------- ------- ---
Other income - 6 9 13
------------------------ ----------- ------- ----------- ------- ---
Other expenses 17 42 94 129
------------------------ ----------- ------- ----------- ------- ---
EBIT 121 169 12 223
------------------------ ----------- ------- ----------- ------- ---
Net financial
income/(expenses): (70) (68) (113) (105)
------------------------ ----------- ------- ----------- ------- ---
Financial income 8 41 48 87
------------------------ ----------- ------- ----------- ------- ---
Financial expenses 78 109 161 192
------------------------ ----------- ------- ----------- ------- ---
PROFIT/(LOSS) BEFORE
TAXES 51 101 (101) 118
------------------------ ----------- ------- ----------- ------- ---
Income tax (expense)
benefit (13) (22) 23 (25)
------------------------ ----------- ------- ----------- ------- ---
PROFIT/(LOSS) FROM
CONTINUING
OPERATIONS 38 79 (78) 93
------------------------ ----------- ------- ----------- ------- ---
PROFIT/(LOSS) FROM
DISCONTINUED
OPERATIONS, NET OF
TAX(1) (1) 27 1,285 51
------------------------ ----------- ------- ----------- ------- ---
PROFIT/(LOSS) FOR THE
PERIOD 37 106 1,207 144
------------------------ ----------- ------- ----------- ------- ---
PROFIT/(LOSS) FOR THE
PERIOD ATTRIBUTABLE
TO:
------------------------ ----------- ------- ----------- ------- ---
Owners of the parent 37 105 1,206 143
------------------------ ----------- ------- ----------- ------- ---
Non-controlling
interests - 1 1 1
------------------------ ----------- ------- ----------- ------- ---
(in EUR)
------------------------ ----------- ------- ----------- ------- ---
Basic Earnings/(loss)
per Common Share from
Continuing
Operations 0.14 0.29 (0.30) 0.35
------------------------ ----------- ------- ----------- ------- ---
BASIC EARNINGS/(LOSS)
PER COMMON SHARE 0.14 0.39 4.53 0.54
------------------------ ----------- ------- ----------- ------- ---
Diluted
Earnings/(loss) per
Common Share from
Continuing
Operations 0.14 0.28 (0.30) 0.34
------------------------ ----------- ------- ----------- ------- ---
DILUTED
EARNINGS/(LOSS) PER
COMMON SHARE 0.14 0.39 4.51 0.53
------------------------ ----------- ------- ----------- ------- ---
Notes:
(1) In the three months ended 30(th) June 2026, this item includes EUR1 million post-closing adjustment loss on the Fire-Fighting transfer. In the six months ended 30(t) (h) June 2026, this item also includes the first quarter post-tax profit of Defence business of EUR32 million and the net gain on the sale of Defence business, recorded in the first quarter, of EUR1,254 million, net of EUR12 million costs, after-tax, incurred by Iveco Group for the separation of that business (EUR14 million before-tax). In the three and six months ended 30(th) June 2025, this item included the post-tax profit for the period of Defence business of EUR27 million and EUR51 million, respectively.
Iveco Group N.V.
Condensed Consolidated Statement of Financial Position as of 30(t) (h) June 2026 and 31(st) December 2025
(Unaudited)
30(t) (h) 31(st) December
(EUR million) June 2026 2025
-------------------------------------- ----------- -----------------
ASSETS
-------------------------------------- ----------- -----------------
Intangible assets 2,153 2,087
--------------------------------------- ----------- -----------------
Property, plant and equipment 3,032 3,028
--------------------------------------- ----------- -----------------
Investments and other non-current
financial assets: 281 279
--------------------------------------- ----------- -----------------
Investments accounted for using
the equity method 207 202
--------------------------------------- ----------- -----------------
Other investments and non-current
financial assets 74 77
--------------------------------------- ----------- -----------------
Leased assets 89 94
--------------------------------------- ----------- -----------------
Defined benefits plan assets 53 52
--------------------------------------- ----------- -----------------
Deferred tax assets 715 644
--------------------------------------- ----------- -----------------
Total Non-current assets 6,323 6,184
--------------------------------------- ----------- -----------------
Inventories 3,085 2,509
--------------------------------------- ----------- -----------------
Trade receivables 347 336
--------------------------------------- ----------- -----------------
Receivables from financing
activities 4,749 4,831
--------------------------------------- ----------- -----------------
Current tax receivables 113 142
--------------------------------------- ----------- -----------------
Other current receivables and
financial assets 427 497
--------------------------------------- ----------- -----------------
Prepaid expenses and other assets 183 171
--------------------------------------- ----------- -----------------
Derivative assets 18 14
--------------------------------------- ----------- -----------------
Cash and cash equivalents 2,514 2,953
--------------------------------------- ----------- -----------------
Total Current assets 11,436 11,453
--------------------------------------- ----------- -----------------
Assets held for sale --
Discontinued Operations(1) - 1,221
--------------------------------------- ----------- -----------------
Assets held for sale - Other 5 5
--------------------------------------- ----------- -----------------
TOTAL ASSETS 17,764 18,863
--------------------------------------- ----------- -----------------
EQUITY AND LIABILITIES
-------------------------------------- ----------- -----------------
Issued capital and reserves
attributable to owners of the
parent 2,468 2,760
--------------------------------------- ----------- -----------------
Non-controlling interests 63 59
--------------------------------------- ----------- -----------------
Total Equity 2,531 2,819
--------------------------------------- ----------- -----------------
Provisions: 1,928 1,981
--------------------------------------- ----------- -----------------
Employee benefits 361 397
--------------------------------------- ----------- -----------------
Other provisions 1,567 1,584
--------------------------------------- ----------- -----------------
Debt: 6,146 6,061
--------------------------------------- ----------- -----------------
Asset-backed financing 3,075 3,166
--------------------------------------- ----------- -----------------
Other debt 3,071 2,895
--------------------------------------- ----------- -----------------
Derivative liabilities 32 21
--------------------------------------- ----------- -----------------
Trade payables 3,817 3,753
--------------------------------------- ----------- -----------------
Tax liabilities 62 63
--------------------------------------- ----------- -----------------
Deferred tax liabilities 39 33
--------------------------------------- ----------- -----------------
Other liabilities 3,209 3,224
--------------------------------------- ----------- -----------------
Liabilities held for sale --
Discontinued Operations(1) - 908
--------------------------------------- ----------- -----------------
Total Liabilities 15,233 16,044
--------------------------------------- ----------- -----------------
TOTAL EQUITY AND LIABILITIES 17,764 18,863
--------------------------------------- ----------- -----------------
Notes:
(1) At 31(st) December 2025, Assets held for sale -- Discontinued Operations and Liabilities held for sale -- Discontinued Operations included the assets and the liabilities, respectively, of the Defence 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 six months ended 30(t) (h) June 2026 and 2025
(Unaudited)
Six months ended 30(t)
(h) June
--------------------------------------------- --------------------------
(EUR million) 2026 2025
--------------------------------------------- -------------- ----------
A) CASH AND CASH EQUIVALENTS AT BEGINNING
OF THE PERIOD 2,953 3,513
--------------------------------------------- -------------- ----------
Cash and cash equivalents -- included
within "Assets held for sale -
Discontinued Operations" at beginning of
the period 335 -
--------------------------------------------- -------------- ----------
TOTAL 3,288 3,513
--------------------------------------------- -------------- ----------
B) CASH FLOWS FROM/(USED IN) OPERATING
ACTIVITIES:
--------------------------------------------- -------------- ----------
Profit/(loss) from Continuing Operations
for the period (78) 93
--------------------------------------------- -------------- ----------
Amortisation and depreciation (excluding
assets sold under buy-back commitments and
operating leases)(a)(b) 348 361
--------------------------------------------- -------------- ----------
Other non-cash items (6) (15)
--------------------------------------------- -------------- ----------
Dividends received 3 3
--------------------------------------------- -------------- ----------
Change in provisions (17) (140)
--------------------------------------------- -------------- ----------
Change in deferred income taxes (62) 32
--------------------------------------------- -------------- ----------
Change in items due to buy-back
commitments(a) (15) (15)
--------------------------------------------- -------------- ----------
Change in operating lease items(b) 4 (10)
--------------------------------------------- -------------- ----------
Change in trade receivables (9) 25
--------------------------------------------- -------------- ----------
Change in inventories (538) (662)
--------------------------------------------- -------------- ----------
Change in trade payables 47 (118)
--------------------------------------------- -------------- ----------
Change in other receivables/payables 22 (153)
--------------------------------------------- -------------- ----------
Change in other non-current assets (21) -
--------------------------------------------- -------------- ----------
Change in receivables from financing
activities 83 494
--------------------------------------------- -------------- ----------
CASH FLOWS FROM/(USED IN) OPERATING
ACTIVITIES FROM CONTINUING OPERATIONS (239) (105)
--------------------------------------------- -------------- ----------
CASH FLOWS FROM/(USED IN) OPERATING
ACTIVITIES FROM DISCONTINUED OPERATIONS (466) 94
--------------------------------------------- -------------- ----------
TOTAL (705) (11)
--------------------------------------------- -------------- ----------
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) (330) (264)
--------------------------------------------- -------------- ----------
Proceeds from the sale of non-current
assets (excluding assets sold under
buy-back commitments)(a) - 2
--------------------------------------------- -------------- ----------
Net (cash used in)/proceeds from other
current and non-current financial assets 8 111
--------------------------------------------- -------------- ----------
Other changes(1) 1,492 272
--------------------------------------------- -------------- ----------
CASH FLOWS FROM/(USED IN) INVESTING
ACTIVITIES FROM CONTINUING OPERATIONS 1,170 121
--------------------------------------------- -------------- ----------
CASH FLOWS FROM/(USED IN) INVESTING
ACTIVITIES FROM DISCONTINUED OPERATIONS 163 (127)
--------------------------------------------- -------------- ----------
TOTAL 1,333 (6)
--------------------------------------------- -------------- ----------
D) CASH FLOWS FROM/(USED IN) FINANCING
ACTIVITIES:
--------------------------------------------- -------------- ----------
Change in debt and derivative
assets/liabilities 148 (546)
--------------------------------------------- -------------- ----------
Dividends paid(2) (1,547) (88)
--------------------------------------------- -------------- ----------
Purchase of ownership interests in
subsidiaries (3) (13)
--------------------------------------------- -------------- ----------
CASH FLOWS FROM/(USED IN) FINANCING
ACTIVITIES FROM CONTINUING OPERATIONS (1,402) (647)
--------------------------------------------- -------------- ----------
CASH FLOWS FROM/(USED IN) FINANCING
ACTIVITIES FROM DISCONTINUED OPERATIONS 100 (3)
--------------------------------------------- -------------- ----------
TOTAL (1,302) (650)
--------------------------------------------- -------------- ----------
Translation exchange differences 36 (48)
--------------------------------------------- -------------- ----------
E) TOTAL CHANGE IN CASH AND CASH
EQUIVALENTS (638) (715)
--------------------------------------------- -------------- ----------
Less: Cash and cash equivalents of
Discontinued Operations at the time of the
sale 136 -
--------------------------------------------- -------------- ----------
F) CASH AND CASH EQUIVALENTS AT END OF THE
PERIOD 2,514 2,798
--------------------------------------------- -------------- ----------
Notes:
(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) In the six months ended 30(th) June 2026, this item primarily includes the proceeds of EUR1,615 million from the sale of Defence business.
(2) In the six months ended 30(th) June 2026, this item includes the extraordinary interim dividend distribution of EUR1,550 million on the net proceeds from the sale of Defence business.
Iveco Group N.V.
Supplemental Condensed Consolidated Income Statement for the three months ended 30(t) (h) June 2026 and 2025
(Unaudited)
Three months ended 30(t) (h) June 2026 Three months ended 30(th) June 2025
--- ------------------------------------------- ------------ ----------------------------------------------------------
Industrial Financial Industrial Financial
(EUR million) Activities(1) Services Eliminations Consolidated Activities(1) Services Eliminations Consolidated
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Net revenues 3,696 109 (41) (2) 3,764 3,426 113 (32) (2) 3,507
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Cost of sales 3,239 64 (41) (3) 3,262 2,921 68 (32) (3) 2,957
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Selling, general and
administrative costs 197 20 - 217 186 22 - 208
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Research and
development costs 146 - - 146 142 - - 142
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Share of the
profit/(loss) of
investees accounted
for using the equity
method 1 3 - 4 1 5 - 6
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Restructuring costs 5 - - 5 1 - - 1
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Other income - - - - 5 1 - 6
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Other expenses 16 1 - 17 41 1 - 42
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
EBIT 94 27 - 121 141 28 - 169
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Net financial
income/(expenses): (70) - - (70) (68) - - (68)
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Financial income 8 - - 8 41 - - 41
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Financial expenses 78 - - 78 109 - - 109
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
PROFIT/(LOSS) BEFORE
TAXES 24 27 - 51 73 28 - 101
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Income tax (expense)
benefit (6) (7) - (13) (16) (6) - (22)
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
PROFIT/(LOSS) FROM
CONTINUING
OPERATIONS 18 20 - 38 57 22 - 79
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
PROFIT/(LOSS) FROM
DISCONTINUED
OPERATIONS, NET OF
TAX (1) - - (1) 27 - - 27
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
PROFIT/(LOSS) FOR THE
PERIOD 17 20 - 37 84 22 - 106
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
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(t) (h) June 2025 Industrial Activities also included the Defence 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 Income Statement for the six months ended 30(th) June 2026 and 2025
(Unaudited)
Six months ended 30(th) June 2026 Six months ended 30(th) June 2025
--- ------------------------------------------- ------------ ----------------------------------------------------------
Industrial Financial Industrial Financial
(EUR million) Activities(1) Services Eliminations Consolidated Activities(1) Services Eliminations Consolidated
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Net revenues 6,462 212 (82) (2) 6,592 6,162 227 (76) (2) 6,313
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Cost of sales 5,768 115 (82) (3) 5,801 5,245 131 (76) (3) 5,300
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Selling, general and
administrative costs 379 39 - 418 367 42 - 409
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Research and
development costs 275 - - 275 272 - - 272
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Share of the
profit/(loss) of
investees accounted
for using the equity
method 2 5 - 7 2 10 - 12
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Restructuring costs 8 - - 8 5 - - 5
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Other income 9 - - 9 12 1 - 13
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Other expenses 93 1 - 94 127 2 - 129
---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
EBIT (50) 62 - 12 160 63 - 223 ---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------ Net financial income/(expenses): (113) - - (113) (105) - - (105) ---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------ Financial income 48 - - 48 87 - - 87 ---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------ Financial expenses 161 - - 161 192 - - 192 ---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------ PROFIT/(LOSS) BEFORE TAXES (163) 62 - (101) 55 63 - 118 ---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------ Income tax (expense) benefit 40 (17) - 23 (11) (14) - (25) ---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------ PROFIT/(LOSS) FROM CONTINUING OPERATIONS (123) 45 - (78) 44 49 - 93 ---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------ PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX 1,285 - - 1,285 51 - - 51 ---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------ PROFIT/(LOSS) FOR THE PERIOD 1,162 45 - 1,207 95 49 - 144 ---------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
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 six months ended 30(th) June 2026 and 2025, Industrial Activities also includes Defence 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(t) (h) June 2026 and 31(st) December 2025
(Unaudited)
30(t) (h) June 2026 31(st) December 2025
---- ------------------------------------------- ------------ ----------------------------------------------------------
Industrial Financial Industrial Financial
(EUR million) Activities(1) Services Eliminations Consolidated Activities(1) Services Eliminations Consolidated
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
ASSETS
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Intangible assets 2,137 16 - 2,153 2,072 15 - 2,087
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Property, plant and
equipment 3,030 2 - 3,032 3,026 2 - 3,028
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Investments and
other non-current
financial assets: 94 187 - 281 97 182 - 279
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Investments
accounted for
using the
equity method 20 187 - 207 20 182 - 202
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Other
investments and
non-current
financial
assets 74 - - 74 77 - - 77
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Leased assets 16 73 - 89 16 78 - 94
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Defined benefits
plan assets 53 - - 53 52 - - 52
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Deferred tax assets 763 58 (106) (7) 715 587 58 (1) (7) 644
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Total Non-current
assets 6,093 336 (106) 6,323 5,850 335 (1) 6,184
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Inventories 3,084 1 - 3,085 2,508 1 - 2,509
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Trade receivables 339 23 (15) (4) 347 332 35 (31) (4) 336
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Receivables from
financing
activities 839 5,492 (1,582) (4) 4,749 726 5,433 (1,328) (4) 4,831
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Current tax
receivables 156 16 (59) (5) 113 151 26 (35) (5) 142
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Other current
receivables and
financial assets 310 147 (30) (3) 427 368 159 (30) (3) 497
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Prepaid expenses and
other assets 181 2 - 183 170 1 - 171
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Derivative assets 19 2 (3) (6) 18 16 - (2) (6) 14
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Cash and cash
equivalents 2,333 181 - 2,514 2,795 158 - 2,953
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Total Current assets 7,261 5,864 (1,689) 11,436 7,066 5,813 (1,426) 11,453
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Assets held for sale
- Discontinued
Operations(2) - - - - 1,237 - (16) (8) 1,221
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Assets held for sale
- other 5 - - 5 5 - - 5
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
TOTAL ASSETS 13,359 6,200 (1,795) 17,764 14,158 6,148 (1,443) 18,863
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
EQUITY AND
LIABILITIES
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Total Equity 1,732 799 - 2,531 2,014 805 - 2,819
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Provisions: 1,831 97 - 1,928 1,884 97 - 1,981
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Employee
benefits 349 12 - 361 385 12 - 397
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Other provisions 1,482 85 - 1,567 1,499 85 - 1,584
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Debt: 2,529 5,199 (1,582) (4) 6,146 2,239 5,150 (1,328) (4) 6,061
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Asset-backed
financing - 3,075 - 3,075 - 3,166 - 3,166
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Other debt 2,529 2,124 (1,582) (4) 3,071 2,239 1,984 (1,328) (4) 2,895
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Derivative
liabilities 34 1 (3) (6) 32 21 2 (2) (6) 21
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Trade payables 3,806 26 (15) (4) 3,817 3,751 31 (29) (4) 3,753
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Tax liabilities 79 42 (59) (5) 62 66 33 (36) (5) 63
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Deferred tax
liabilities 144 1 (106) (7) 39 35 - (2) (7) 33
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Other liabilities 3,204 35 (30) (3) 3,209 3,224 30 (30) (3) 3,224
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Liabilities held for
sale - Discontinued
Operations(2) - - - - 924 - (16) (8) 908
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
Total Liabilities 11,627 5,401 (1,795) 15,233 12,144 5,343 (1,443) 16,044
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
TOTAL EQUITY AND
LIABILITIES 13,359 6,200 (1,795) 17,764 14,158 6,148 (1,443) 18,863
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
.
-------------------- ------------- --------- ------------ --- ------------ ------------- --------- ------------ --- ------------
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.
(2) At 31(st) December 2025, Assets held for sale -- Discontinued Operations and Liabilities held for sale -- Discontinued Operations included the assets and the liabilities, respectively, of the Defence 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 six months ended 30(t) (h) June 2026
(Unaudited)
Six months ended 30(t)
(h) June 2026
--------------------------------- --------------------------------------------- -----------
Industrial Financial
(EUR million) Activities(1) Services Eliminations Consolidated
--------------------------------- -------------- --------- ------------ --------------
A) CASH AND CASH EQUIVALENTS AT
BEGINNING OF THE PERIOD 2,795 158 - 2,953
---------------------------------- ------------- --------- ------------ ----- --------
Cash and cash equivalents --
included within "Assets held for
sale - Discontinued Operations"
at beginning of the period 335 - - 335
---------------------------------- ------------- --------- ------------ ----- --------
TOTAL 3,130 158 - 3,288
---------------------------------- ------------- --------- ------------ ----- --------
B) CASH FLOWS FROM/(USED IN)
OPERATING ACTIVITIES:
---------------------------------- ------------- --------- ------------ ----- --------
Profit/(loss) from Continuing
Operations for the period (123) 45 - (78)
---------------------------------- ------------- --------- ------------ ----- --------
Amortisation and depreciation
(excluding assets sold under
buy-back commitments and
operating leases)(a)(b) 347 1 - 348
---------------------------------- ------------- --------- ------------ ----- --------
Other non-cash items (2) (4) - (6)
---------------------------------- ------------- --------- ------------ ----- --------
Dividends received 64 - (61) (2) 3
---------------------------------- ------------- --------- ------------ ----- --------
Change in provisions (17) - - (17)
---------------------------------- ------------- --------- ------------ ----- --------
Change in deferred income taxes (63) 1 - (62)
---------------------------------- ------------- --------- ------------ ----- --------
Change in items due to buy-back
commitments(a) (14) (1) - (15)
---------------------------------- ------------- --------- ------------ ----- --------
Change in operating lease
items(b) - 4 - 4
---------------------------------- ------------- --------- ------------ ----- --------
Change in trade receivables (5) 12 (16) (3) (9)
---------------------------------- ------------- --------- ------------ ----- --------
Change in inventories (538) - - (538)
---------------------------------- ------------- --------- ------------ ----- --------
Change in trade payables 37 (5) 15 (3) 47
---------------------------------- ------------- --------- ------------ ----- --------
Change in other
receivables/payables (14) 35 1 (3) 22
---------------------------------- ------------- --------- ------------ ----- --------
Change in other non-current
assets (21) - - (21)
---------------------------------- ------------- --------- ------------ ----- --------
Change in receivables from
financing activities - 83 - 83
---------------------------------- ------------- --------- ------------ ----- --------
CASH FLOWS FROM/(USED IN)
OPERATING ACTIVITIES FROM
CONTINUING OPERATIONS (349) 171 (61) (239)
---------------------------------- ------------- --------- ------------ ----- --------
CASH FLOWS FROM/(USED IN)
OPERATING ACTIVITIES FROM
DISCONTINUED OPERATIONS (466) - - (466)
---------------------------------- ------------- --------- ------------ ----- --------
TOTAL (815) 171 (61) (705)
---------------------------------- ------------- --------- ------------ ----- --------
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) (329) (1) - (330)
---------------------------------- ------------- --------- ------------ ----- --------
Net (cash used in)/proceeds from
other current and non-current
financial assets 8 - - 8
---------------------------------- ------------- --------- ------------ ----- --------
Other changes 1,495 (3) - 1,492
---------------------------------- ------------- --------- ------------ ----- --------
CASH FLOWS FROM/(USED IN)
INVESTING ACTIVITIES FROM
CONTINUING OPERATIONS 1,174 (4) - 1,170
---------------------------------- ------------- --------- ------------ ----- --------
CASH FLOWS FROM/(USED IN)
INVESTING ACTIVITIES FROM
DISCONTINUED OPERATIONS 163 - - 163
---------------------------------- ------------- --------- ------------ ----- --------
TOTAL 1,337 (4) - 1,333
---------------------------------- ------------- --------- ------------ ----- --------
D) CASH FLOWS FROM/(USED IN)
FINANCING ACTIVITIES:
---------------------------------- ------------- --------- ------------ ----- --------
Change in debt and derivative
assets/liabilities 231 (83) - 148
---------------------------------- ------------- --------- ------------ ----- --------
Dividends paid (1,547) (61) 61 (2) (1,547)
---------------------------------- ------------- --------- ------------ ----- --------
Purchase of ownership interest
in subsidiaries (3) - - (3)
---------------------------------- ------------- --------- ------------ ----- --------
CASH FLOWS FROM/(USED IN)
FINANCING ACTIVITIES FROM
CONTINUING OPERATIONS (1,319) (144) 61 (1,402)
---------------------------------- ------------- --------- ------------ ----- --------
CASH FLOWS FROM/(USED IN)
FINANCING ACTIVITIES FROM
DISCONTINUED OPERATIONS 100 - - 100
---------------------------------- ------------- --------- ------------ ----- --------
TOTAL (1,219) (144) 61 (1,302)
---------------------------------- ------------- --------- ------------ ----- --------
Translation exchange differences 36 - - 36
---------------------------------- ------------- --------- ------------ ----- --------
E) TOTAL CHANGE IN CASH AND CASH
EQUIVALENTS (661) 23 - (638)
---------------------------------- ------------- --------- ------------ ----- --------
Less: Cash and cash equivalents
of Discontinued Operations at
the time of the sale 136 - - 136
---------------------------------- ------------- --------- ------------ ----- --------
F) CASH AND CASH EQUIVALENTS AT
END OF THE PERIOD 2,333 181 - 2,514
---------------------------------- ------------- --------- ------------ ----- --------
Notes:
(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.
Iveco Group N.V.
Supplemental Condensed Consolidated Statement of Cash Flows for the six months ended 30(t) (h) June 2025
(Unaudited)
Six months ended 30(t)
(h) June 2025
--------------------------------- --------------------------------------------- -----------
Industrial Financial
(EUR million) Activities(1) 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 44 49 - 93
---------------------------------- ------------- --------- ------------ ----- --------
Amortisation and depreciation
(excluding assets sold under
buy-back commitments and
operating leases)(a)(b) 359 2 - 361
---------------------------------- ------------- --------- ------------ ----- --------
Other non-cash items (2) (13) - (15)
---------------------------------- ------------- --------- ------------ ----- --------
Dividends received 84 - (81) (2) 3
---------------------------------- ------------- --------- ------------ ----- --------
Change in provisions (141) 1 - (140)
---------------------------------- ------------- --------- ------------ ----- --------
Change in deferred income taxes 21 11 - 32
---------------------------------- ------------- --------- ------------ ----- --------
Change in items due to buy-back
commitments(a) (7) (8) - (15)
---------------------------------- ------------- --------- ------------ ----- --------
Change in operating lease
items(b) 1 (11) - (10)
---------------------------------- ------------- --------- ------------ ----- --------
Change in trade receivables 31 - (6) (3) 25
---------------------------------- ------------- --------- ------------ ----- --------
Change in inventories (662) - - (662)
---------------------------------- ------------- --------- ------------ ----- --------
Change in trade payables (142) 1 23 (3) (118)
---------------------------------- ------------- --------- ------------ ----- --------
Change in other
receivables/payables (63) (73) (17) (3) (153)
---------------------------------- ------------- --------- ------------ ----- --------
Change in receivables from
financing activities - 494 - 494
---------------------------------- ------------- --------- ------------ ----- --------
CASH FLOWS FROM/(USED IN)
OPERATING ACTIVITIES FROM
CONTINUING OPERATIONS (477) 453 (81) (105)
---------------------------------- ------------- --------- ------------ ----- --------
CASH FLOWS FROM/(USED IN)
OPERATING ACTIVITIES FROM
DISCONTINUED OPERATIONS 94 - - 94
---------------------------------- ------------- --------- ------------ ----- --------
TOTAL (383) 453 (81) (11)
---------------------------------- ------------- --------- ------------ ----- --------
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) (263) (1) - (264)
---------------------------------- ------------- --------- ------------ ----- --------
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) 2 - - 2
---------------------------------- ------------- --------- ------------ ----- --------
Net (cash used in)/proceeds from
other current and non-current
financial assets 111 - - 111
---------------------------------- ------------- --------- ------------ ----- --------
Other changes 203 69 - 272
---------------------------------- ------------- --------- ------------ ----- --------
CASH FLOWS FROM/(USED IN)
INVESTING ACTIVITIES FROM
CONTINUING OPERATIONS 41 68 12 121
---------------------------------- ------------- --------- ------------ ----- --------
CASH FLOWS FROM/(USED IN)
INVESTING ACTIVITIES FROM
DISCONTINUED OPERATIONS (127) - - (127)
---------------------------------- ------------- --------- ------------ ----- --------
TOTAL (86) 68 12 (6)
---------------------------------- ------------- --------- ------------ ----- --------
D) CASH FLOWS FROM/(USED IN)
FINANCING ACTIVITIES:
---------------------------------- ------------- --------- ------------ ----- --------
Change in debt and derivative
assets/liabilities (78) (468) - (546)
---------------------------------- ------------- --------- ------------ ----- --------
Capital increase - 12 (12) (4) -
---------------------------------- ------------- --------- ------------ ----- --------
Dividends paid (88) (81) 81 (2) (88)
---------------------------------- ------------- --------- ------------ ----- --------
Purchase of ownership interest
in subsidiaries (13) - - (13)
---------------------------------- ------------- --------- ------------ ----- --------
CASH FLOWS FROM/(USED IN)
FINANCING ACTIVITIES FROM
CONTINUING OPERATIONS (179) (537) 69 (647)
---------------------------------- ------------- --------- ------------ ----- --------
CASH FLOWS FROM/(USED IN)
FINANCING ACTIVITIES FROM
DISCONTINUED OPERATIONS (3) - - (3)
---------------------------------- ------------- --------- ------------ ----- --------
TOTAL (182) (537) 69 (650)
---------------------------------- ------------- --------- ------------ ----- --------
Translation exchange differences (47) (1) - (48)
---------------------------------- ------------- --------- ------------ ----- --------
E) TOTAL CHANGE IN CASH AND CASH
EQUIVALENTS (698) (17) - (715)
---------------------------------- ------------- --------- ------------ ----- --------
F) CASH AND CASH EQUIVALENTS AT
END OF THE PERIOD 2,628 170 - 2,798
---------------------------------- ------------- --------- ------------ ----- --------
Notes:
(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.
Other Supplemental Financial Information
(Unaudited)
Reconciliation of EBIT to
Adjusted EBIT by business
unit (EUR million)
Three months ended 30(t)
(h) June 2026
-------------------- ------- -----------------------------------------------
Unallocated
items, Total
eliminations Industrial Financial
Truck Bus Powertrain and other Activities Services Eliminations Total
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ ----------
EBIT 70 29 38 (43) 94 27 - 121
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ ----------
Adjustments:
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ ----------
Restructuring
costs 4 - 1 - 5 - - 5
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ ----------
Non-recurring
items(1) - - - 5 5 - - 5
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ ----------
Adjusted
EBIT 74 29 39 (38) 104 27 - 131
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ ----------
Three months ended 30(t)
(h) June 2025
-------------------- ------- ------------------------------------------------------
Unallocated
items, Total
eliminations Industrial Financial
Truck Bus Powertrain and other Activities Services Eliminations Total
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ -----
EBIT 126 42 35 (62) 141 28 - 169
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ -----
Adjustments:
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ -----
Restructuring
costs 3 - (1) (1) 1 - - 1
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ -----
Non-recurring
items(1) - - - 1 1 - - 1
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ -----
Adjusted
EBIT 129 42 34 (62) 143 28 - 171
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ -----
(1) In the three months ended 30(th) June 2026 and 2025, this
item included EUR5 million and EUR1 million, respectively, of
costs related to certain claims arising from the EU Commission's
2016 antitrust settlement decision announced on 19(th) July
2016.
--------------------------------------------------------------------------------------------------------------------
Reconciliation of EBIT to
Adjusted EBIT by business
unit (EUR million)
Six months ended 30(t) (h)
June 2026
-------------------- ------- -----------------------------------------------
Unallocated
items, Total
eliminations Industrial Financial
Truck Bus Powertrain and other Activities Services Eliminations Total
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ ----------
EBIT (4) 30 60 (136) (50) 62 - 12
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ ----------
Adjustments:
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ ----------
Restructuring
costs 7 - 1 - 8 - - 8
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ ----------
Non-recurring
items(1) - - - 56 56 - - 56
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ ----------
Adjusted
EBIT 3 30 61 (80) 14 62 - 76
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ ----------
Six months ended 30(th) June
2025
-------------------- ------- ------------------------------------------------------
Unallocated
items, Total
eliminations Industrial Financial
Truck Bus Powertrain and other Activities Services Eliminations Total
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ -----
EBIT 181 68 78 (167) 160 63 - 223
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ -----
Adjustments:
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ -----
Restructuring
costs 6 - (1) - 5 - - 5
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ -----
Non-recurring
items(1) - - - 60 60 - - 60
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ -----
Adjusted
EBIT 187 68 77 (107) 225 63 - 288
----------------- ----- ---- -------------- -------------- ---------- -------------- ------------ -----
(1) In the six months ended 30(th) June 2026 and 2025, this
item included EUR56 million and EUR60 million, respectively,
of costs related to certain claims arising from the EU Commission's
2016 antitrust settlement decision announced on 19(th) July
2016.
--------------------------------------------------------------------------------------------------------------------
Other Supplemental Financial Information
(Unaudited)
Reconciliation of Total (Debt) to Net
Cash (Debt) (EUR million)
Financial
Consolidated Industrial Activities Services
---------------------------- ----------------------- -----------------
30(t) 31(st) 30(th) 31(st) 30(th) 31(st)
(h) June December June December June December
2026 2025 2026 2025 2026 2025
------------------ --------- --------- --------- ------------ ----------- ---------
Third party
(debt) (5,939) (5,732) (1,774) (1,500) (4,165) (4,232)
------------------ --------- --------- --------- ------------ ----------- ---------
Intersegment
notes
payable(1) - (164) (755) (738) (827) (754)
------------------ --------- --------- --------- ------------ ----------- ---------
(Debt) payable
to CNH(2) (207) (165) - (1) (207) (164)
------------------ --------- --------- --------- ------------ ----------- ---------
Total (Debt) (6,146) (6,061) (2,529) (2,239) (5,199) (5,150)
------------------ --------- --------- --------- ------------ ----------- ---------
Cash and cash
equivalents 2,514 2,953 2,333 2,795 181 158
------------------ --------- --------- --------- ------------ ----------- ---------
Intersegment
financial
receivables(1) - - 827 738 755 590
------------------ --------- --------- --------- ------------ ----------- ---------
Financial
receivables
from CNH(3) 68 78 12 1 56 77
------------------ --------- --------- --------- ------------ ----------- ---------
Other current
financial
assets(4) 6 3 6 3 - -
------------------ --------- --------- --------- ------------ ----------- ---------
Derivative
assets(5) 18 14 19 16 2 -
------------------ --------- --------- --------- ------------ ----------- ---------
Derivative
liabilities(5) (32) (21) (34) (21) (1) (2)
------------------ --------- --------- --------- ------------ ----------- ---------
Net Cash (Debt)
of Continuing
Operations (3,572) (3,034) 634 1,293 (4,206) (4,327)
------------------ --------- --------- --------- ------------ ----------- ---------
Net Cash (Debt)
of Discontinued
Operations - 491 - 491 - -
------------------ --------- --------- --------- ------------ ----------- ---------
Total Net Cash
(Debt) (3,572) (2,543) 634 1,784 (4,206) (4,327)
------------------ --------- --------- --------- ------------ ----------- ---------
(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(st) December 2025, 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.
-----------------------------------------------------------------------------------------------
Reconciliation of Cash and
cash equivalents of
Continuing Operations to
total Available liquidity
(including Discontinued
Operations) (EUR million)
30(th) 31(st)
June 31(st) March December
2026 2026 2025
----------------- ------- ---------------------- --------
Cash and cash
equivalents of
Continuing
Operations 2,514 3,582 2,953
------------------ ------- ---------------------- --------
Financial
Payables to
Discontinued
Operations(1) (164)
------------------ ------- ---------------------- --------
Undrawn
committed
facilities 1,900 1,900 1,900
------------------ ------- ---------------------- --------
Other current
financial
assets(2) 6 4 3
------------------ ------- ---------------------- --------
Financial
receivables
from CNH(3) 12 12 1
------------------ ------- ---------------------- --------
Available
Liquidity of
Continuing
Operations 4,693
------------------ ------- ---------------------- --------
Cash and Cash
equivalents of
Discontinued
Operations 335
------------------ ------- ---------------------- --------
Financial
Receivables
from Continuing
Operations(1) 164
------------------ ------- ---------------------- --------
Available
liquidity of
Discontinued
Operations 499
------------------ ------- ---------------------- --------
Available
liquidity(4) 4,432 5,498 5,192
------------------ ------- ---------------------- --------
(1) At 31(st) December 2025, Cash and cash equivalents of
Continuing Operations included EUR164 million net balance
between cash temporarily deposited by Discontinued
Operations (Defence business) with Iveco Group's central
treasury and financial payables of Discontinued Operations
towards Financial Services. (2) This item includes
short-term deposits and investments towards high-credit
rating counterparties. (3) This item includes financial
receivables from CNH deriving from financing activities and
sale of trade receivables. (4) The amount at 30(th) June
2026 is after the extraordinary interim dividend
distribution of EUR1,550 million, occurred on 22(nd) April
2026, on the net proceeds from the sale of the Defence
business, received in March 2026.
---------------------------------------------------------------
Other Supplemental Financial Information
(Unaudited)
Change in Net Cash (Debt) of Industrial
Activities from Continuing Operations (EUR
million)
------------------------------------------------
Six months ended Three months ended
30(th) June 30(th) June
------------------------ --------------------- ----------------------
2026 2025 2026 2025
----------- ----------- --------------------- ----------- ---------
Net Cash (Debt) of
Industrial
Activities from
Continuing
Operations at
beginning of the
1,293 1,579 period 2,205 776
----------- ----------- --------------------- ----------- ---------
Adjusted EBIT of
Industrial
14 225 Activities 104 143
----------- ----------- --------------------- ----------- ---------
Depreciation and
347 359 amortisation 173 180
----------- ----------- --------------------- ----------- ---------
Depreciation of
assets under
operating leases
and assets sold
with buy-back
105 109 commitments 53 53
----------- ----------- --------------------- ----------- ---------
Financial charges
and taxes impact on
(117) (135) Net Cash (Debt) (62) (81)
----------- ----------- --------------------- ----------- ---------
Change in working
(520) (836) capital(1) (65) 65
----------- ----------- --------------------- ----------- ---------
Investments in
property, plant and
equipment, and
intangible
(329) (263) assets(2) (206) (137)
----------- ----------- --------------------- ----------- ---------
Change in
provisions,
(226) (187) buy-back and other (42) (104)
----------- ----------- --------------------- ----------- ---------
Free Cash Flow of
Industrial
Activities from
Continuing
(726) (728) Operations (45) 119
----------- ----------- --------------------- ----------- ---------
Capital increases,
dividends and share
(1,550) (101) buy-backs(3) (1,547) (101)
----------- ----------- --------------------- ----------- ---------
Currency
translation
differences and
1,617 11 other((4) () 21 (33)
----------- ----------- --------------------- ----------- ---------
Change in Net Cash
(Debt) of
Industrial
Activities from
Continuing
(659) (818) Operations (1,571) (15)
----------- ----------- --------------------- ----------- ---------
Net Cash (Debt) of
Industrial
Activities from
Continuing
Operations at end
634 761 of the period 634 761
----------- ----------- --------------------- ----------- ---------
(1) Change in working capital includes change in: trade receivables,
inventories, trade payables, and other receivables/payables. (2)
Excluding assets sold under buy-back commitments and assets under
operating leases. (3) In the three and six months ended 30(th) June
2026, this item mainly includes the extraordinary interim dividend
distribution of EUR1,550 million, occurred on 22(nd) April 2026, on
the net proceeds from the sale of the Defence business received in
March 2026. (4) In the six months ended 30(th) June 2026, this item
mainly includes the proceeds of EUR1,615 million from the sale of
Defence business.
-------------------------------------------------------------------------
Reconciliation of Cash Flows from/ (used in)
Operating Activities from Continuing Operations
to Free Cash Flow of Industrial Activities from
Continuing Operations (EUR million)
------------------------------------------------
Six months ended Three months ended
30(th) June 30(th) June
-------------------- ------------------------- ----------------------
2026 2025 2026 2025
-------- ---------- ------------------------- ---------- ----------
Cash Flows from/(used
in) Operating
Activities from
(239) (105) Continuing Operations (462) 95
-------- ---------- ------------------------- ---------- ----------
Less: Cash Flows
from/(used in)
Operating Activities of
Financial Services net
(110) (372) of eliminations 631 132
-------- ---------- ------------------------- ---------- ----------
Cash Flows from/(used
in) Operating
Activities of
Industrial Activities
from Continuing
(349) (477) Operations 169 227
-------- ---------- ------------------------- ---------- ----------
Investments in
property, plant and
equipment, and
intangible assets of
(329) (263) Industrial Activities (206) (137)
-------- ---------- ------------------------- ---------- ----------
(48) 12 Other changes(1) (8) 29
-------- ---------- ------------------------- ---------- ----------
Free Cash Flow of
Industrial Activities
from Continuing
(726) (728) Operations (45) 119
-------- ---------- ------------------------- ---------- ----------
(1) This item primarily includes change in the intersegment
financial receivables and capital increases in intersegment
investments.
-------------------------------------------------------------------------
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
(EUR million, except per share data)
-----------------------------------------------
Six months Three months
ended 30(th) ended 30(th)
June June
-------------- ------------------------------ --------------
2026 2025 2026 2025
------ ------ ------------- --------------- ------
Profit/(loss) from
(78) 93 Continuing Operations 38 79
------ ------ ------------------------------ ------ ------
Adjustments impacting
Profit/(loss) before taxes
from Continuing Operations
64 65 (a) 10 2
------ ------ ------------------------------ ------ ------
Adjustments impacting Income
tax (expense) benefit from
(14) (19) Continuing Operations (b) (2) (2)
------ ------ ------------------------------ ------ ------
Adjusted net profit/(loss)
(28) 139 from Continuing Operations 46 79
------ ------ ------------------------------ ------ ------
Adjusted net profit/(loss)
attributable to Iveco Group
N.V. from Continuing
(29) 137 Operations 46 77
------ ------ ------------------------------ ------ ------
Weighted average shares
outstanding -- diluted
266 268 (million) 268 268
------ ------ ------------------------------ ------ ------
Adjusted diluted EPS from
(0.11) 0.51 Continuing Operations (EUR) 0.17 0.29
------ ------ ------------------------------ ------ ------
Profit/(loss) before taxes
(101) 118 from Continuing Operations 51 101
------ ------ ------------------------------ ------ ------
Adjustments impacting
Profit/(loss) before taxes
from Continuing Operations
64 65 (a) 10 2
------ ------ ------------------------------ ------ ------
Adjusted Profit/(loss)
before taxes from Continuing
(37) 183 Operations $(A)$ 61 103
------ ------ ------------------------------ ------ ------
Income tax (expense) benefit
23 (25) from Continuing Operations (13) (22)
------ ------ ------------------------------ ------ ------
Adjustments impacting Income
tax (expense) benefit from
(14) (19) Continuing Operations (b) (2) (2)
------ ------ ------------------------------ ------ ------
Adjusted Income tax
(expense) benefit from
9 (44) Continuing Operations $(B)$ (15) (24)
------ ------ ------------------------------ ------ ------
Adjusted Effective Tax Rate
(Adjusted ETR) (C=B/A) from
24% 24% Continuing Operations 25% 23%
------ ------ ------------------------------ ------ ------
a) Adjustments
impacting
Profit/(loss) before
income tax (expense)
benefit from
Continuing Operations
------------------------ -------------------- --------------
8 5 Restructuring costs 5 1
------ ------ ------------------------------ ------ ------
Costs related to certain
claims arising from the EU
Commission's 2016 antitrust
settlement decision
announced on 19(th) July
56 60 2016 5 1
------ ------ ------------------------------ ------ ------
64 65 Total 10 2
------ ------ ------------------------------ ------ ------
b) Adjustments
impacting Income tax
(expense) benefit from
Continuing Operations
------------------------ -------------------- --------------
Tax effect of adjustments
impacting Profit/(loss)
(14) (19) before taxes (2) (2)
------ ------ ------------------------------ ------ ------
(14) (19) Total (2) (2)
------ ------ ------------------------------ ------ ------
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:
Six months ended
Six months ended 30(t) (h) June
30(th) June 2026 2025
------------ -------------------- --------- --------------------
At
At At 31(st) 30(t)
30(th) December (h)
Average June 2025 Average June
------------ --------- --------- --------- --------- ---------
U.S.
dollar 1.167 1.139 1.175 1.093 1.172
------------ --------- --------- --------- --------- ---------
Pound
sterling 0.867 0.862 0.873 0.842 0.856
------------ --------- --------- --------- --------- ---------
Swiss
franc 0.918 0.922 0.931 0.941 0.935
------------ --------- --------- --------- --------- ---------
Brazilian
real 6.011 5.910 6.469 6.288 6.422
------------ --------- --------- --------- --------- ---------
Polish
Zloty 4.243 4.296 4.227 4.232 4.242
------------ --------- --------- --------- --------- ---------
Czech
Koruna 24.313 24.256 24.237 25.002 24.746
------------ --------- --------- --------- --------- ---------
Turkish
lira(1) 53.134 53.134 50.331 46.649 46.649
------------ --------- --------- --------- --------- ---------
(1) As of 30(th) June 2022, the Company applied the
hyperinflationary accounting in Türkiye, with
effect from 1(st) January 2022. After 1(st) January
2022, according to IAS 29, transactions for entities
with the Turkish lira as functional currency were
translated using the closing spot rate.
-------------------------------------------------------------------
Attachment
-- 20260730_PR_IVG_Q2_2026