Iveco Group 2026 Third Quarter Results

  

A quarter marked by continued efforts in quality initiatives,
with revenue growth offset by a temporary product mix impact

Following the successful completion of the tender offer,
Iveco Group is now part of Tata Motors

EU-IFRS FINANCIAL MEASURESNON-EU-IFRS FINANCIAL MEASURES (1)
 (€ million)Q3 2026Q3 2025Change  (€ million)Q3 2026Q3 2025Change 
 Consolidated EBIT1191-80  Adjusted EBIT 30111-81 
 of which EBIT of Industrial Activities(18)56-74  of which Adjusted EBIT of Industrial Activities-76-76 
 Profit/(loss) for the period(45)16-61  Adjusted Net Income (Loss)(32)40-72 
 Diluted EPS €(0.17)0.06-0.23  Adjusted Diluted EPS €(0.12)0.15-0.27 
 Cash flow from operating activities(113)102-215  Free Cash Flow of Industrial Activities(656)(513)-143 
 Cash and cash equivalents(2)1,7862,514-728  Available Liquidity(2)3,7134,432-719 

In the third quarter, Iveco Group recorded consolidated revenues of €3.16 billion, an increase of 1.4%, and Industrial Activities net revenues of €3.09 billion (+1.5%). Industrial Activities Adjusted EBIT was nil, mainly on the back of continued focus on quality, as planned, negative product mix and inflation impact. Free Cash Flow registered an outflow of €656 million, in line with seasonality typical of this quarter, while Available Liquidity remained solid at €3.7 billion as of 30th September 2026, including €1.9 billion of undrawn committed facilities.

Truck confirmed its leadership position in the chassis cab segments and further reinforced it in the upper end of the light commercial vehicle (LCV) market. Compared to the third quarter of 2025, European industry volumes were largely stable across all ranges. European order intake in medium- and heavy-duty remained solid, increasing 23% and remained broadly flat in light-duty. While profitability was affected by competitive pressure in LCV, driven by flattish industry demand, the business unit maintained disciplined pricing in European heavy-duty vehicles.

IVECO BUS confirmed its place among the leaders in the European e-bus market and consolidated its strong market share in the City and Intercity segments. Due to the unfavorable comparison to the same quarter of 2025, when Intercity demand peaked, deliveries fell 6%. Profitability was also affected by a negative product mix.

In Powertrain, overall engine volumes increased by 5% compared to the third quarter of 2025, due to a steady increase in European small-engine deliveries across off- and on-road applications. Fewer large-engine deliveries, particularly in the Americas, affected profitability; an impact that was partially offset by disciplined cost control and continued operational efficiencies. Continuous efforts in quality initiatives, as planned, have negatively affected third quarter’s profitability across business units.

Looking ahead, despite weaker industry demand for LCVs, macroeconomic uncertainties, a negative product mix and continuous effort in quality initiatives across business, the Company expects profitability to recover in Q4 2026. Industrial Activities free cash flow generation is expected to be solid in the last quarter of the year, as per usual seasonality.

“In the third quarter, we continued to prioritise quality throughout the company, dedicating additional resources in line with the strategy we set for the year. This deliberate choice weighed on profitability, along with an unfavourable product mix across business units. Our efforts in quality reached their peak during the quarter and, from now onwards, will gradually decrease. Their benefits will become increasingly visible in our performance and will eventually make a positive contribution to our results. Overall, our revenues were slightly up versus the previous year, demonstrating the solid competitiveness of our products.”

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 18th 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 30th 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.
(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 30th June 2026.

Q3 2026 Performance and Results by Business Unit

Consolidated revenues amounted to €3,158 million compared to €3,115 million in Q3 2025, up 1.4%. Net revenues of Industrial Activities were €3,091 million compared to €3,044 million in Q3 2025, up 1.5%, mainly due to higher volumes in Europe and favourable foreign exchange impacts, partially offset by lower pricing.

Adjusted EBIT was €30 million compared to €111 million in Q3 2025, with a margin of 0.9% (3.6% in Q3 2025). Adjusted EBIT of Industrial Activities was nil compared to €76 million in Q3 2025, mainly due to unfavourable production costs due to strengthened quality focus, Truck net pricing, and negative product mix across businesses.

Adjusted Net Loss was €32 million (Adjusted Net Income of €40 million in Q3 2025) and Adjusted Diluted Earnings per share was negative €0.12 (positive €0.15 in Q3 2025).

Net financial expenses amounted to €72 million compared to €58 million in Q3 2025, mainly due to a negative impact of hyperinflation accounting in Türkiye and higher borrowing costs.

Reported income tax was €16 million, with an Adjusted Effective Tax Rate (Adjusted ETR(1)) of 24% in Q3 2026, which reflects the different tax rates applied in the jurisdictions where the Group operates and some discrete items.

Free Cash Flow of Industrial Activities was negative at €656 million compared to negative €513 million in Q3 2025, mainly due to working capital absorption and higher investments.

Available Liquidity was €3,713 million as of 30th September 2026, including €1,900 million of undrawn committed facilities.

Truck

  Q3 2026Q3 2025Change  The European Truck market was down 2% year-over-year, with Light-Duty Vehicles (LCV) down 4% and Medium- and Heavy-Duty Trucks (M&H) in line with Q3 2025. The South American Truck market was aligned with the previous year. Iveco Group deliveries were up 12% vs Q3 2025 in Europe (up 9% and 22% in LCV and M&H, respectively) and were up 4% in South America (up 31% in LCV and down 13% in M&H). Worldwide Truck book-to-bill was 0.94 at the end of the quarter.
Net Revenues were €2,099 million, up 4.5% compared to Q3 2025, mainly driven by higher volumes.
The Adjusted EBIT was €10 million compared to €59 million in Q3 2025, primarily driven by negative product mix and net pricing, as well as strengthened focus on quality. The Adjusted EBIT margin was at 0.5% (2.9% in Q3 2025).



 Net revenues
(€ million)		2,0992,008+4.5%  
 Adjusted EBIT
(€ million)		1059-49  
 Adjusted EBIT
margin		0.5%
2.9%		-240bps 
       

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

  Q3 2026Q3 2025Change  Bus registrations were down 1% in Europe and were flat in South America compared to Q3 2025. Iveco Group deliveries were down 7% and 5% in Europe and South America, respectively.
Net Revenues were down 5.6% in the quarter, driven by lower volumes and mix.
The Adjusted EBIT was €5 million compared to €29 million in Q3 2025, resulting from negative product mix and continuous quality initiatives. The Adjusted EBIT margin was at 0.7% (4.0% in Q3 2025).



 Net revenues
(€ million)		679719-5.6%  
 Adjusted EBIT
(€ million)		529-24  
 Adjusted EBIT
margin		0.7%
4.0%		-330bps 
       

Powertrain

  Q3 2026Q3 2025Change  Powertrain Net Revenues were €810 million, up 8.7% compared to Q3 2025, due to higher small-engine deliveries. Sales to external customers accounted for 48% (49% in Q3 2025).
The Adjusted EBIT was €24 million compared to €38 million in Q3 2025, primarily driven by negative product mix and higher product costs for increased resources dedicated to quality. The Adjusted EBIT margin was at 3.0% (5.1% in Q3 2025).



 Net revenues
(€ million)		810745+8.7%  
 Adjusted EBIT
(€ million)		2438-14  
 Adjusted EBIT
margin		3.0%
5.1%		-210bps 
       

Financial Services

  Q3 2026Q3 2025Change  Financial Services Net Revenues were €110 million, in line with Q3 2025.
The Adjusted EBIT was at €30 million compared to €35 million in Q3 2025, due to deteriorated collection performances.
The end of period managed portfolio for Iveco Group (including unconsolidated joint ventures) was €7,846 million at the end of the quarter (of which retail was 43% and wholesale 57%), up €316 million compared to 30th September 2025.
The receivable balance greater than 30 days past due as a percentage of the on-book portfolio was 2.6% (2.1% as of 30th September 2025).




 Net revenues
(€ million)		110111-0.9%  
 Adjusted EBIT
(€ million)		3035-5  
 Equity at
quarter end
(€ million)		806830-24  
 Retail loan
originations
(€ million)		421389+32  
       

Iveco Group Results for the Nine Months ended 30th September 2026

EU-IFRS FINANCIAL MEASURESNON EU-IFRS FINANCIAL MEASURES (1)
 (€ million)Q3 YTD 2026Q3 YTD 2025Change  (€ million)Q3 YTD 2026Q3 YTD 2025Change  
 Consolidated EBIT23314-291  Adjusted EBIT 106399-293  
 of which EBIT of Industrial Activities(68)216-284  of which Adjusted EBIT of Industrial Activities14301-287  
 Profit/(loss) for the period(123)109-232  Adjusted Net Income/(Loss)(60)179-239  
 Diluted EPS €(0.47)0.40-0.87  Adjusted diluted EPS €(0.23)0.66-0.89  
 Cash flow from operating activities(352)(3)-349  Free Cash Flow of Industrial Activities(1,382)(1,241)-141  
 Cash and cash equivalents(2)1,7862,953-1,167  Available Liquidity(2)3,7135,192-1,479  

Truck

  Q3 YTD 2026Q3 YTD 2025Change  
 Net revenues
(€ million)		6,3526,317+0.6%  
 Adjusted EBIT
(€ million)		13246-233  
 Adjusted EBIT
margin		0.2%3.9%-370bps 

Bus

  Q3 YTD 2026Q3 YTD 2025Change  
 Net revenues
(€ million)		2,2141,948+13.7%  
 Adjusted EBIT
(€ million)		3597-62  
 Adjusted EBIT
margin		1.6%5.0%-340bps 

Powertrain

  Q3 YTD 2026Q3 YTD 2025Change  
 Net revenues
(€ million)		2,5412,407+5.6%  
 Adjusted EBIT
(€ million)		85115-30  
 Adjusted EBIT
margin		3.3%4.8%-150bps 

Financial Services

  Q3 YTD 2026Q3 YTD 2025Change  
 Net revenues
(€ million)		322338-4.7%  
 Adjusted EBIT
(€ million)		9298-6  

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 31st 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 1776091Federico Donati, Tel: +39 011 0073539
Fabio Lepore, Tel: +39 335 7469007E-mail: investor.relations@ivecogroup.com
E-mail: mediarelations@ivecogroup.com  

Iveco Group N.V.
Condensed Consolidated Income Statement for the three and nine months ended 30th September 2026 and 2025
(Unaudited)

  Three months ended 30th SeptemberNine months ended 30th September 
 (€ million)2026202520262025 
 Net revenues 3,1583,1159,7509,428 
 Cost of sales2,7762,6318,5777,931 
 Selling, general and administrative costs210207628616 
 Research and development costs142152417424 
 Share of the profit/(loss) of investees accounted for using the equity method661318 
 Gains/(losses) on the disposal of investments-2-2 
 Restructuring costs-388 
 Other income421315 
 Other expenses2941123170 
 EBIT119123314 
 Net financial income/(expenses):(72)(58)(185)(163) 
 Financial income202162100 
 Financial expenses9279247263 
 PROFIT/(LOSS) BEFORE TAXES(61)33(162)151 
 Income tax (expense) benefit16(17)39(42) 
 PROFIT/(LOSS) FROM CONTINUING OPERATIONS (45)16(123)109 
 PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX(1)-141,28565 
 PROFIT/(LOSS) FOR THE PERIOD(45)301,162174 
       
 PROFIT/(LOSS) FOR THE PERIOD ATTRIBUTABLE TO:     
 Owners of the parent(46)301,160173 
 Non-controlling interests1-21 
 (in €)     
 Basic Earnings/(loss) per Common Share from Continuing Operations (0.17)0.06(0.47)0.41 
 BASIC EARNINGS/(LOSS) PER COMMON SHARE(0.17)0.114.360.65 
 Diluted Earnings/(loss) per Common Share from Continuing Operations (0.17)0.06(0.47)0.40 
 DILUTED EARNINGS/(LOSS) PER COMMON SHARE(0.17)0.114.340.65 
        

Notes:

(1)  In the nine months ended 30th September 2026, this item includes the first quarter post-tax profit of Defence business of €32 million, the net gain on the sale of Defence business, recorded in the first quarter, of €1,254 million, net of €12 million costs, after-tax, incurred by Iveco Group for the separation of that business (€14 million before-tax), as well as €1 million post-closing adjustment loss on the Fire-Fighting transfer, recorded in the second quarter. In the three and nine months ended 30th September 2025, this item included the post-tax profit for the period of Defence business of €14 million and €65 million, respectively.

Iveco Group N.V.
Condensed Consolidated Statement of Financial Position as of 30th September 2026 and 31st December 2025
(Unaudited)

 (€ million) 
30th September 2026		31st December 2025 
 ASSETS    
 Intangible assets 2,2012,087 
 Property, plant and equipment  3,0633,028 
 Investments and other non-current financial assets: 295279 
 Investments accounted for using the equity method 213202 
 Other investments and non-current financial assets 8277 
 Leased assets 10494 
 Defined benefits plan assets 5152 
 Deferred tax assets 740644 
 Total Non-current assets 6,4546,184 
 Inventories 3,1542,509 
 Trade receivables 310336 
 Receivables from financing activities 4,4754,831 
 Current tax receivables 127142 
 Other current receivables and financial assets 366497 
 Prepaid expenses and other assets 189171 
 Derivative assets 2514 
 Cash and cash equivalents 1,7862,953 
 Total Current assets 10,43211,453 
 Assets held for sale – Discontinued Operations(1) -1,221 
 Assets held for sale – Other 75 
 TOTAL ASSETS 16,89318,863 
 EQUITY AND LIABILITIES    
 Issued capital and reserves attributable to owners of the parent 2,4112,760 
 Non-controlling interests 6559 
 Total Equity 2,4762,819 
 Provisions: 1,9401,981 
 Employee benefits 388397 
 Other provisions 1,5521,584 
 Debt: 5,7596,061 
 Asset-backed financing 2,7563,166 
 Other debt 3,0032,895 
 Derivative liabilities 3421 
 Trade payables 3,4503,753 
 Tax liabilities 5163 
 Deferred tax liabilities 4633 
 Other liabilities 3,1373,224 
 Liabilities held for sale – Discontinued Operations(1) -908 
 Total Liabilities 14,41716,044 
 TOTAL EQUITY AND LIABILITIES  16,89318,863 
      

Notes:

(1) At 31st 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 nine months ended 30th September 2026 and 2025
(Unaudited)

  Nine months ended 30th September 
 (€ million)20262025 
 A) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD2,9533,513 
 Cash and cash equivalents – included within “Assets held for sale - Discontinued Operations” at beginning of the period335- 
 TOTAL3,2883,513 
 B) CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES:   
 Profit/(loss) from Continuing Operations for the period(123)109 
 Amortisation and depreciation (excluding assets sold under buy-back commitments and operating leases)(a)(b)521541 
 (Gains)/losses on disposal of non-current assets (excluding assets sold under buy-back commitments)(a)1(2) 
 Other non-cash items(3)(17) 
 Dividends received33 
 Change in provisions(5)(300) 
 Change in deferred income taxes(82)50 
 Change in items due to buy-back commitments(a)(25)(36) 
 Change in operating lease items(b)(11)(10) 
 Change in trade receivables2683 
 Change in inventories(601)(703) 
 Change in trade payables(318)(442) 
 Change in other receivables/payables(25)(199) 
 Change in other non-current assets(31)- 
 Change in receivables from financing activities321920 
 CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS(352)(3) 
 CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS(466)66 
 TOTAL(818)63 
 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)(551)(415) 
 Proceeds from the sale of non-current assets (excluding assets sold under buy-back commitments)(a)23 
 Net (cash used in)/proceeds from other current and non-current financial assets764 
 Other changes(1)1,476272 
 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS934(76) 
 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS163(114) 
 TOTAL1,097(190) 
 D) CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES:   
 Change in debt and derivative assets/liabilities(224)(850) 
 Capital increase-(1) 
 Dividends paid(2)(1,550)(88) 
 Purchase of ownership interests in subsidiaries(3)(6) 
 CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS(1,777)(945) 
 CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS100(2) 
 TOTAL(1,677)(947) 
 Translation exchange differences32(47) 
 E) TOTAL CHANGE IN CASH AND CASH EQUIVALENTS(1,366)(1,121) 
 Less: Cash and cash equivalents of Discontinued Operations at the time of the sale / included within “Assets held for sale - Discontinued Operations” at end of the period(3)136107 
 F) CASH AND CASH EQUIVALENTS AT END OF THE PERIOD1,7862,285 
     

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 nine months ended 30th September 2026, this item primarily includes the proceeds of €1,615 million from the sale of Defence business.
(2) In the nine months ended 30th September 2026, this item includes the extraordinary interim dividend distribution of ~€1,550 million on the net proceeds from the sale of Defence business.
(3) In the nine months ended 30th September 2026 this item includes the cash and cash equivalents of Discontinued Operations (Defence business) at the time of the sale. In the nine months ended 30th September 2025 this item included the cash and cash equivalents included within “Assets held for sale – Discontinued Operations” in the Consolidated Statement of Financial Position.

Iveco Group N.V.
Supplemental Condensed Consolidated Income Statement for the three months ended 30th September 2026 and 2025
(Unaudited)

           
 (€ million)
Three months ended 30th September 2026 Three months ended 30th September 2025 
 Industrial Activities(1)Financial ServicesEliminations Consolidated Industrial Activities(1)Financial ServicesEliminations Consolidated 
 Net revenues 3,091110(43)(2)3,158 3,044111(40)(2)3,115 
 Cost of sales2,75168(43)(3)2,776 2,60863(40)(3)2,631 
 Selling, general and administrative costs19317- 210 18819- 207 
 Research and development costs142-- 142 152-- 152 
 Share of the profit/(loss) of investees accounted for using the equity method24- 6 -6- 6 
 Gains/(losses) on the disposal of investments--- - 2-- 2 
 Restructuring costs--- - 3-- 3 
 Other income31- 4 11- 2 
 Other expenses281- 29 401- 41 
 EBIT(18)29- 11 5635- 91 
 Net financial income/(expenses):(72)-- (72) (58)-- (58) 
 Financial income20-- 20 21-- 21 
 Financial expenses92-- 92 79-- 79 
 PROFIT/(LOSS) BEFORE TAXES(90)29- (61) (2)35- 33 
 Income tax (expense) benefit25(9)- 16 (7)(10)- (17) 
 PROFIT/(LOSS) FROM CONTINUING OPERATIONS (65)20- (45) (9)25- 16 
 PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX --- - 14-- 14 
 PROFIT/(LOSS) FOR THE PERIOD(65)20- (45) 525- 30 
              

Notes:

(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes Truck, Bus and Powertrain business units, as well as the holding company Iveco Group N.V. In the three months ended 30th September 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 nine months ended 30th September 2026 and 2025
(Unaudited)

           
 (€ million)
Nine months ended 30th September 2026 Nine months ended 30th September 2025 
 Industrial Activities(1)Financial ServicesEliminations Consolidated Industrial Activities(1)Financial ServicesEliminations Consolidated 
 Net revenues 9,553322(125)(2)9,750 9,206338(116)(2)9,428 
 Cost of sales8,519183(125)(3)8,577 7,853194(116)(3)7,931 
 Selling, general and administrative costs57256- 628 55561- 616 
 Research and development costs417-- 417 424-- 424 
 Share of the profit/(loss) of investees accounted for using the equity method49- 13 216- 18 
 Gains/(losses) on the disposal of investments--- - 2-- 2 
 Restructuring costs8-- 8 8-- 8 
 Other income121- 13 132- 15 
 Other expenses1212- 123 1673- 170 
 EBIT(68)91- 23 21698- 314 
 Net financial income/(expenses):(185)-- (185) (163)-- (163) 
 Financial income62-- 62 100-- 100 
 Financial expenses247-- 247 263-- 263 
 PROFIT/(LOSS) BEFORE TAXES(253)91- (162) 5398- 151 
 Income tax (expense) benefit65(26)- 39 (18)(24)- (42) 
 PROFIT/(LOSS) FROM CONTINUING OPERATIONS (188)65- (123) 3574- 109 
 PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX 1,285-- 1,285 65-- 65 
 PROFIT/(LOSS) FOR THE PERIOD1,09765- 1,162 10074- 174 
              

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 nine months ended 30th September 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 30th September 2026 and 31st December 2025
(Unaudited)

           
 (€ million)
30th September 2026 31st December 2025 
 Industrial Activities(1)Financial ServicesEliminations Consolidated Industrial Activities(1)Financial ServicesEliminations Consolidated 
 ASSETS            
 Intangible assets2,18516- 2,201 2,07215- 2,087 
 Property, plant and equipment3,0612- 3,063 3,0262- 3,028 
 Investments and other non-current financial assets:104191- 295 97182- 279 
 Investments accounted for using the equity method22191- 213 20182- 202 
 Other investments and non-current financial assets82-- 82 77-- 77 
 Leased assets2084- 104 1678- 94 
 Defined benefits plan assets51-- 51 52-- 52 
 Deferred tax assets78455(99)(7)740 58758(1)(7)644 
 Total Non-current assets6,205348(99) 6,454 5,850335(1) 6,184 
 Inventories3,1531- 3,154 2,5081- 2,509 
 Trade receivables30325(18)(4)310 33235(31)(4)336 
 Receivables from financing activities8715,131(1,527)(4)4,475 7265,433(1,328)(4)4,831 
 Current tax receivables16316(52)(5)127 15126(35)(5)142 
 Other current receivables and financial assets30986(29)(3)366 368159(30)(3)497 
 Prepaid expenses and other assets1863- 189 1701- 171 
 Derivative assets263(4)(6)25 16-(2)(6)14 
 Cash and cash equivalents1,554232- 1,786 2,795158- 2,953 
 Total Current assets6,5655,497(1,630) 10,432 7,0665,813(1,426) 11,453 
 Assets held for sale – Discontinued Operations(2)--- - 1,237-(16)(8)1,221 
 Assets held for sale – other7-- 7 5-- 5 
 TOTAL ASSETS12,7775,845(1,729) 16,893 14,1586,148(1,443) 18,863 
 EQUITY AND LIABILITIES            
 Total Equity1,670806- 2,476 2,014805- 2,819 
 Provisions:1,84397- 1,940 1,88497- 1,981 
 Employee benefits37513- 388 38512- 397 
 Other provisions1,46884- 1,552 1,49985- 1,584 
 Debt:2,4574,829(1,527)(4)5,759 2,2395,150(1,328)(4)6,061 
 Asset-backed financing-2,756- 2,756 -3,166- 3,166 
 Other debt2,4572,073(1,527)(4)3,003 2,2391,984(1,328)(4)2,895 
 Derivative liabilities362(4)(6)34 212(2)(6)21 
 Trade payables3,43432(16)(4)3,450 3,75131(29)(4)3,753 
 Tax liabilities5845(52)(5)51 6633(36)(5)63 
 Deferred tax liabilities1441(99)(7)46 35-(2)(7)33 
 Other liabilities3,13533(31)(3)3,137 3,22430(30)(3)3,224 
 Liabilities held for sale – Discontinued Operations(2)--- - 924-(16)(8)908 
 Total Liabilities11,1075,039(1,729) 14,417 12,1445,343(1,443) 16,044 
 TOTAL EQUITY AND LIABILITIES 12,7775,845(1,729) 16,893 14,1586,148(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 31st 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 nine months ended 30th September 2026
(Unaudited)

    Nine months ended 30th September 2026 
 (€ million)Industrial Activities(1)Financial ServicesEliminations Consolidated 
 A) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD2,795158- 2,953 
 Cash and cash equivalents – included within “Assets held for sale - Discontinued Operations” at beginning of the period335-- 335 
 TOTAL3,130158- 3,288 
 B) CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES:      
 Profit/(loss) from Continuing Operations for the period(188)65- (123) 
 Amortisation and depreciation (excluding assets sold under buy-back commitments and operating leases)(a)(b)5192- 521 
 (Gains)/losses on disposal of non-current assets (excluding assets sold under buy-back commitments)(a)1-- 1 
 Other non-cash items(4)1- (3) 
 Dividends received94-(91)(2)3 
 Change in provisions(2)(3)- (5) 
 Change in deferred income taxes(86)4- (82) 
 Change in items due to buy-back commitments(a)(25)-- (25) 
 Change in operating lease items(b)(4)(7)- (11) 
 Change in trade receivables2910(13)(3)26 
 Change in inventories(601)-- (601) 
 Change in trade payables(332)113(3)(318) 
 Change in other receivables/payables(122)97- (25) 
 Change in other non-current assets(31)-- (31) 
 Change in receivables from financing activities-321- 321 
 CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS(752)491(91) (352) 
 CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS(466)-- (466) 
 TOTAL(1,218)491(91) (818) 
 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)(550)(1)- (551) 
 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 assets7-- 7 
 Other changes1,349127- 1,476 
 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS808126- 934 
 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS163-- 163 
 TOTAL971126- 1,097 
 D) CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES:      
 Change in debt and derivative assets/liabilities228(452)- (224) 
 Dividends paid(1,550)(91)91(2)(1,550) 
 Purchase of ownership interest in subsidiaries (3)-- (3) 
 CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS(1,325)(543)91 (1,777) 
 CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS100-- 100 
 TOTAL(1,225)(543)91 (1,677) 
 Translation exchange differences32-- 32 
 E) TOTAL CHANGE IN CASH AND CASH EQUIVALENTS(1,440)74- (1,366) 
 Less: Cash and cash equivalents of Discontinued Operations at the time of the sale136-- 136 
 F) CASH AND CASH EQUIVALENTS AT END OF THE PERIOD1,554232- 1,786 
        

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 nine months ended 30th September 2025
(Unaudited)

    Nine months ended 30th September 2025 
 (€ million)Industrial Activities(1)Financial ServicesEliminations Consolidated 
 A) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD3,326187- 3,513 
 B) CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES:      
 Profit/(loss) from Continuing Operations for the period3574- 109 
 Amortisation and depreciation (excluding assets sold under buy-back commitments and operating leases)(a)(b)5383- 541 
 (Gains)/losses on disposal of non-current assets (excluding assets sold under buy-back commitments)(a)(2)-- (2) 
 Other non-cash items(2)(15)- (17) 
 Dividends received106-(103)(2)3 
 Change in provisions(299)(1)- (300) 
 Change in deferred income taxes3911- 50 
 Change in items due to buy-back commitments(a)(28)(8)- (36) 
 Change in operating lease items(b)1(11)- (10) 
 Change in trade receivables89(4)(2)(3)83 
 Change in inventories(703)-- (703) 
 Change in trade payables(466)(2)26(3)(442) 
 Change in other receivables/payables(118)(57)(24)(3)(199) 
 Change in receivables from financing activities-920- 920 
 CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS(810)910(103) (3) 
 CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS66-- 66 
 TOTAL(744)910(103) 63 
 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)(413)(2)- (415) 
 Consolidated subsidiaries and other equity investments(12)-12(4)- 
 Proceeds from the sale of non-current assets (excluding assets sold under buy-back commitments)(a)3-- 3 
 Net (cash used in)/proceeds from other current and non-current financial assets64-- 64 
 Other changes316(44)- 272 
 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS(42)(46)12 (76) 
 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS(114)-- (114) 
 TOTAL(156)(46)12 (190) 
 D) CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES:      
 Change in debt and derivative assets/liabilities(95)(755)- (850) 
 Capital increase(1)12(12)(4)(1) 
 Dividends paid(88)(103)103(2)(88) 
 Purchase of ownership interest in subsidiaries(6)-- (6) 
 CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS(190)(846)91 (945) 
 CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS(2)-- (2) 
 TOTAL(192)(846)91 (947) 
 Translation exchange differences(47)-- (47) 
 E) TOTAL CHANGE IN CASH AND CASH EQUIVALENTS(1,139)18- (1,121) 
 Less: Cash and cash equivalents included within “Assets held for sale - Discontinued Operations” at end of the period107-- 107 
 F) CASH AND CASH EQUIVALENTS AT END OF THE PERIOD2,080205- 2,285 
        

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
(€ million)
                 
 
    Three months ended 30th September 2026 
  TruckBusPowertrainUnallocated items, eliminations and otherTotal Industrial ActivitiesFinancial ServicesEliminationsTotal 
 EBIT4522(49)(18)29-11 
 Adjustments:          
 Restructuring costs-------- 
 Non-recurring items(1)6-210181-19 
 Adjusted EBIT 10524(39)-30-30 
       
    Three months ended 30th September 2025 
  TruckBusPowertrainUnallocated items, eliminations and otherTotal Industrial ActivitiesFinancial ServicesEliminations Total 
 EBIT552938(66)5635-91 
 Adjustments:          
 Restructuring costs2--13--3 
 Non-recurring items(1)2--1517--17 
 Adjusted EBIT 592938(50)7635-111 
 (1) In the three months ended 30th September 2026 and 2025, this item included €3 million and €11 million, respectively, of costs related to certain claims arising from the EU Commission’s 2016 antitrust settlement decision announced on 19th July 2016. In the three months ended 30th September 2026, this item also includes €18 million related to long term incentive plans modification and other transaction costs in connection with the Merger Agreement with Tata Motors (€4 million in the three months ended 30th September 2025).  


Reconciliation of EBIT to Adjusted EBIT by business unit
(€ million)
                  
 
    Nine months ended 30th September 2026 
  TruckBusPowertrainUnallocated items, eliminations and otherTotal Industrial ActivitiesFinancial ServicesEliminationsTotal 
 EBIT-3582(185)(68)91-23 
 Adjustments:          
 Restructuring costs7-1-8--8 
 Non-recurring items(1)6-266741-75 
 Adjusted EBIT 133585(119)1492-106 
       
    Nine months ended 30th September 2025 
  TruckBusPowertrainUnallocated items, eliminations and otherTotal Industrial ActivitiesFinancial ServicesEliminations Total 
 EBIT23697116(233)21698-314 
 Adjustments:          
 Restructuring costs8-(1)18--8 
 Non-recurring items(1)2--7577--77 
 Adjusted EBIT 24697115(157)30198-399 
 (1) In the nine months ended 30th September 2026 and 2025, this item primarily included €59 million and €71 million, respectively, of costs related to certain claims arising from the EU Commission’s 2016 antitrust settlement decision announced on 19th July 2016. In the nine months ended 30th September 2026, this item also includes €18 million related to long term incentive plans modification and other transaction costs in connection with the Merger Agreement with Tata Motors (€4 million in the nine months ended 30th September 2025). 

Other Supplemental Financial Information
(Unaudited)

Reconciliation of Total (Debt) to Net Cash (Debt)
(€ million)
 
 
  Consolidated Industrial Activities Financial Services 
  30th September
2026		31st December
2025		 30th September
2026		31st December
2025		 30th September
2026		31st December
2025		 
 Third party (debt)(5,577)(5,732) (1,780)(1,500) (3,797)(4,232) 
 Intersegment notes payable(1)-(164) (675)(738) (852)(754) 
 (Debt) payable to CNH(2)(182)(165) (2)(1) (180)(164) 
 Total (Debt)(5,759)(6,061) (2,457)(2,239) (4,829)(5,150) 
 Cash and cash equivalents1,7862,953 1,5542,795 232158 
 Intersegment financial receivables(1)-- 852738 675590 
 Financial receivables from CNH(3)4178 191 2277 
 Other current financial assets(4)83 83 -- 
 Derivative assets(5)2514 2616 3- 
 Derivative liabilities(5)(34)(21) (36)(21) (2)(2) 
 Net Cash (Debt) of Continuing Operations (3,933)(3,034) (34)1,293 (3,899)(4,327) 
 Net Cash (Debt) of Discontinued Operations-491 -491 -- 
 Total Net Cash (Debt) (3,933)(2,543) (34)1,784 (3,899)(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 31st 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)
(€ million)
         
     
   30th September 2026 30th June 2026 31st December 2025 
 Cash and cash equivalents of Continuing Operations 1,786 2,514 2,953 
 Financial Payables to Discontinued Operations(1)     (164) 
 Undrawn committed facilities 1,900 1,900 1,900 
 Other current financial assets(2) 8 6 3 
 Financial receivables from CNH(3) 19 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 3,713 4,432 5,192 
 (1) At 31st December 2025, Cash and cash equivalents of Continuing Operations included €164 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.

Other Supplemental Financial Information
(Unaudited)

Change in Net Cash (Debt) of Industrial Activities from Continuing Operations
(€ million)
 
 
 Nine months ended 30th September Three months ended 30th September 
 20262025 20262025 
 1,2931,579Net Cash (Debt) of Industrial Activities from Continuing Operations at beginning of the period634761 
 14301Adjusted EBIT of Industrial Activities-76 
 519538Depreciation and amortisation172179 
 157163Depreciation of assets under operating leases and assets sold with buy-back commitments5254 
 (223)(226)Financial charges and taxes impact on Net Cash (Debt)(106)(91) 
 (1,026)(1,198)Change in working capital(1)(506)(362) 
 (550)(413)Investments in property, plant and equipment, and intangible assets(2)(221)(150) 
 (273)(406)Change in provisions, buy-back and other(47)(219) 
 (1,382)(1,241)Free Cash Flow of Industrial Activities from Continuing Operations(656)(513) 
 (1,553)(95)Capital increases, dividends and share buy-backs(3)(3)6 
 1,608(30)Currency translation differences and other(4)(9)(41) 
 (1,327)(1,366)Change in Net Cash (Debt) of Industrial Activities from Continuing Operations(668)(548) 
 (34)213Net Cash (Debt) of Industrial Activities from Continuing Operations at end of the period(34)213 
 (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 nine months ended 30th September 2026, this item mainly includes the extraordinary interim dividend distribution of ~€1,550 million, occurred on 22nd April 2026, on the net proceeds from the sale of the Defence business received in March 2026.
(4) In the nine months ended 30th September 2026, this item mainly includes the proceeds of €1,615 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
(€ million)
 
 
 Nine months ended 30th September Three months ended 30th September 
 20262025 20262025 
 (352)(3)Cash Flows from/(used in) Operating Activities from Continuing Operations(113)102 
 (400)(807)Less: Cash Flows from/(used in) Operating Activities of Financial Services net of eliminations(290)(435) 
 (752)(810)Cash Flows from/(used in) Operating Activities of Industrial Activities from Continuing Operations(403)(333) 
 (550)(413)Investments in property, plant and equipment, and intangible assets of Industrial Activities(221)(150) 
 (80)(18)Other changes(1)(32)(30) 
 (1,382)(1,241)Free Cash Flow of Industrial Activities from Continuing Operations(656)(513) 
 (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
(€ million, except per share data)
 
 
 Nine months ended 30th September Three months ended 30th September 
 20262025 20262025 
 (123)109Profit/(loss) from Continuing Operations(45)16 
 8385Adjustments impacting Profit/(loss) before taxes from Continuing Operations (a)1920 
 (20)(15)Adjustments impacting Income tax (expense) benefit from Continuing Operations (b)(6)4 
 (60)179Adjusted net profit/(loss) from Continuing Operations(32)40 
 (62)178Adjusted net profit/(loss) attributable to Iveco Group N.V. from Continuing Operations(33)40 
 266268Weighted average shares outstanding – diluted (million)266268 
 (0.23)0.66Adjusted diluted EPS from Continuing Operations (€)(0.12)0.15 
       
 (162)151Profit/(loss) before taxes from Continuing Operations(61)33 
 8385Adjustments impacting Profit/(loss) before taxes from Continuing Operations (a)1920 
 (79)236Adjusted Profit/(loss) before taxes from Continuing Operations (A)(42)53 
       
 39(42)Income tax (expense) benefit from Continuing Operations16(17) 
 (20)(15)Adjustments impacting Income tax (expense) benefit from Continuing Operations (b)(6)4 
 19(57)Adjusted Income tax (expense) benefit from Continuing Operations (B)10(13) 
       
 24%24%Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A) from Continuing Operations24%25% 
       
 a) Adjustments impacting Profit/(loss) before income tax (expense) benefit from Continuing Operations   
 88Restructuring costs-3 
 5971Costs related to certain claims arising from the EU Commission’s 2016 antitrust settlement decision announced on 19thJuly 2016 311 
 184Long term incentive plans modification and other transaction costs in connection with the Merger Agreement with Tata Motors184 
 (2)2Other(2)2 
 8385Total 1920 
       
 b) Adjustments impacting Income tax (expense) benefit from Continuing Operations   
 (20)(22)Tax effect of adjustments impacting Profit/(loss) before taxes(6)(3) 
 -7Tax rate change in Germany-7 
 (20)(15)Total(6)4 
  

Translation of financial statements denominated in a currency other than the Euro
The principal exchange rates used to translate into Euro the financial statements prepared in currencies other than the Euro were as follows:

  Nine months ended 30th September 2026    Nine months ended 30th September 2025 
  AverageAt 30th September At 31st December 2025 AverageAt 30th September 
 U.S. dollar1.1611.136 1.175 1.1191.174 
 Pound sterling0.8630.855 0.873 0.8510.873 
 Swiss franc 0.9240.948 0.931 0.9390.936 
 Brazilian real5.9765.877 6.469 6.3166.241 
 Polish Zloty4.2714.367 4.227 4.2414.269 
 Czech Koruna24.28424.440 24.237 24.82724.335 
 Turkish lira(1)55.60755.607 50.331 48.79548.795 
 (1) As of 30th June 2022, the Company applied the hyperinflationary accounting in Türkiye, with effect from 1st January 2022. After 1st January 2022, according to IAS 29, transactions for entities with the Turkish lira as functional currency were translated using the closing spot rate. 

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