The following is an extract from the “Iveco Group 2025 First Quarter Results” press release. The complete press release can be accessed by visiting the media section of the Iveco Group corporate website: https://www.ivecogroup.com/media/corporate_press_releases or consulting the accompanying PDF:

The Company responded decisively to market downturn and laid strong foundations
for future growth. Full year guidance confirmed in its entirety

The Board has decided to proceed with the separation of the Defence business via a spin-off
while exploring preliminary expressions of interest from potential strategic buyers

Consolidated revenues amounted to €3,026 million compared to €3,367 million in Q1 2024. Net revenues of Industrial Activities were €2,958 million compared to €3,283 million in Q1 2024, with positive price realisation partially offsetting lower volumes in Truck and Powertrain and an adverse foreign exchange rate impact.

Adjusted EBIT was €152 million compared to €233 million in Q1 2024 with a 5.0% margin (6.9% in Q1 2024). Adjusted EBIT of Industrial Activities was €117 million (€201 million in Q1 2024), with positive price realisation and cost containment actions in selling, general and administrative costs (“SG&A”) partially offsetting lower volumes and mix. Adjusted EBIT margin of Industrial Activities was 4.0% (6.1% in Q1 2024), with margin improvements in Bus and Defence.

Adjusted net income was €84 million (€153 million Q1 2024) with adjusted diluted earnings per share of €0.31 (€0.57 in Q1 2024).

Net financial expenses amounted to €39 million compared to €21 million in Q1 2024, which included a positive impact of the Argentinian hyperinflation accounting; starting from 1st January 2025, following the change of the functional currency of one of our local subsidiaries from the Argentine peso to the U.S. dollar, hyperinflation accounting is no longer applicable in Argentina.

Reported income tax expense was €12 million, with an adjusted Effective Tax Rate (adjusted ETR) of 26% in Q1 2025 which reflects the different tax rates applied in the jurisdictions where the Group operates and some other discrete items.

Free cash flow of Industrial Activities was negative at €794 million (vs negative €436 million in Q1 2024) mainly driven by higher working capital absorption due to lower sales and production level for Truck and Powertrain.  

Available liquidity was €4,709 million as of 31st March 2025 (€5,474 million at 31st December 2024), including €1,900 million of undrawn committed facilities.