Iveco Group 2026 Third Quarter Results

Posted on by Ravi Shankar

  

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 MEASURES NON-EU-IFRS FINANCIAL MEASURES (1)
  (€ million) Q3 2026 Q3 2025 Change     (€ million) Q3 2026 Q3 2025 Change  
  Consolidated EBIT 11 91 -80     Adjusted EBIT 30 111 -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) 1,786 2,514 -728     Available Liquidity(2) 3,713 4,432 -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 2026 Q3 2025 Change     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)		 2,099 2,008 +4.5%    
  Adjusted EBIT
(€ million)		 10 59 -49    
  Adjusted EBIT
margin		 0.5% 2.9% -240 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

    Q3 2026 Q3 2025 Change     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)		 679 719 -5.6%    
  Adjusted EBIT
(€ million)		 5 29 -24    
  Adjusted EBIT
margin		 0.7% 4.0% -330 bps  
             

Powertrain

    Q3 2026 Q3 2025 Change     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)		 810 745 +8.7%    
  Adjusted EBIT
(€ million)		 24 38 -14    
  Adjusted EBIT
margin		 3.0% 5.1% -210 bps  
             

Financial Services

    Q3 2026 Q3 2025 Change     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)		 110 111 -0.9%    
  Adjusted EBIT
(€ million)		 30 35 -5    
  Equity at
quarter end
(€ million)		 806 830 -24    
  Retail loan
originations
(€ million)		 421 389 +32    
             

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

EU-IFRS FINANCIAL MEASURES NON EU-IFRS FINANCIAL MEASURES (1)
  (€ million) Q3 YTD 2026 Q3 YTD 2025 Change     (€ million) Q3 YTD 2026 Q3 YTD 2025 Change    
  Consolidated EBIT 23 314 -291     Adjusted EBIT 106 399 -293    
  of which EBIT of Industrial Activities (68) 216 -284     of which Adjusted EBIT of Industrial Activities 14 301 -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) 1,786 2,953 -1,167     Available Liquidity(2) 3,713 5,192 -1,479    

Truck

    Q3 YTD 2026 Q3 YTD 2025 Change    
  Net revenues
(€ million)		 6,352 6,317 +0.6%    
  Adjusted EBIT
(€ million)		 13 246 -233    
  Adjusted EBIT
margin		 0.2% 3.9% -370 bps  

Bus

    Q3 YTD 2026 Q3 YTD 2025 Change    
  Net revenues
(€ million)		 2,214 1,948 +13.7%    
  Adjusted EBIT
(€ million)		 35 97 -62    
  Adjusted EBIT
margin		 1.6% 5.0% -340 bps  

Powertrain

    Q3 YTD 2026 Q3 YTD 2025 Change    
  Net revenues
(€ million)		 2,541 2,407 +5.6%    
  Adjusted EBIT
(€ million)		 85 115 -30    
  Adjusted EBIT
margin		 3.3% 4.8% -150 bps  

Financial Services

    Q3 YTD 2026 Q3 YTD 2025 Change    
  Net revenues
(€ million)		 322 338 -4.7%    
  Adjusted EBIT
(€ million)		 92 98 -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 1776091 Federico Donati, Tel: +39 011 0073539
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 nine months ended 30th September 2026 and 2025
(Unaudited)

    Three months ended 30th September Nine months ended 30th September  
  (€ million) 2026 2025 2026 2025  
  Net revenues 3,158 3,115 9,750 9,428  
  Cost of sales 2,776 2,631 8,577 7,931  
  Selling, general and administrative costs 210 207 628 616  
  Research and development costs 142 152 417 424  
  Share of the profit/(loss) of investees accounted for using the equity method 6 6 13 18  
  Gains/(losses) on the disposal of investments – 2 – 2  
  Restructuring costs – 3 8 8  
  Other income 4 2 13 15  
  Other expenses 29 41 123 170  
  EBIT 11 91 23 314  
  Net financial income/(expenses): (72) (58) (185) (163)  
  Financial income 20 21 62 100  
  Financial expenses 92 79 247 263  
  PROFIT/(LOSS) BEFORE TAXES (61) 33 (162) 151  
  Income tax (expense) benefit 16 (17) 39 (42)  
  PROFIT/(LOSS) FROM CONTINUING OPERATIONS (45) 16 (123) 109  
  PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX(1) – 14 1,285 65  
  PROFIT/(LOSS) FOR THE PERIOD (45) 30 1,162 174  
             
  PROFIT/(LOSS) FOR THE PERIOD ATTRIBUTABLE TO:          
  Owners of the parent (46) 30 1,160 173  
  Non-controlling interests 1 – 2 1  
  (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) 0.11 4.36 0.65  
  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) 0.11 4.34 0.65  
               

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   2,201 2,087  
  Property, plant and equipment   3,063 3,028  
  Investments and other non-current financial assets:   295 279  
  Investments accounted for using the equity method   213 202  
  Other investments and non-current financial assets   82 77  
  Leased assets   104 94  
  Defined benefits plan assets   51 52  
  Deferred tax assets   740 644  
  Total Non-current assets   6,454 6,184  
  Inventories   3,154 2,509  
  Trade receivables   310 336  
  Receivables from financing activities   4,475 4,831  
  Current tax receivables   127 142  
  Other current receivables and financial assets   366 497  
  Prepaid expenses and other assets   189 171  
  Derivative assets   25 14  
  Cash and cash equivalents   1,786 2,953  
  Total Current assets   10,432 11,453  
  Assets held for sale – Discontinued Operations(1)   – 1,221  
  Assets held for sale – Other   7 5  
  TOTAL ASSETS   16,893 18,863  
  EQUITY AND LIABILITIES        
  Issued capital and reserves attributable to owners of the parent   2,411 2,760  
  Non-controlling interests   65 59  
  Total Equity   2,476 2,819  
  Provisions:   1,940 1,981  
  Employee benefits   388 397  
  Other provisions   1,552 1,584  
  Debt:   5,759 6,061  
  Asset-backed financing   2,756 3,166  
  Other debt   3,003 2,895  
  Derivative liabilities   34 21  
  Trade payables   3,450 3,753  
  Tax liabilities   51 63  
  Deferred tax liabilities   46 33  
  Other liabilities   3,137 3,224  
  Liabilities held for sale – Discontinued Operations(1)   – 908  
  Total Liabilities   14,417 16,044  
  TOTAL EQUITY AND LIABILITIES   16,893 18,863  
           

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) 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 (123) 109  
  Amortisation and depreciation (excluding assets sold under buy-back commitments and operating leases)(a)(b) 521 541  
  (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 received 3 3  
  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 receivables 26 83  
  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 activities 321 920  
  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) 2 3  
  Net (cash used in)/proceeds from other current and non-current financial assets 7 64  
  Other changes(1) 1,476 272  
  CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS 934 (76)  
  CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS 163 (114)  
  TOTAL 1,097 (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 OPERATIONS 100 (2)  
  TOTAL (1,677) (947)  
  Translation exchange differences 32 (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) 136 107  
  F) CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 1,786 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) 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 Services Eliminations   Consolidated   Industrial Activities(1) Financial Services Eliminations   Consolidated  
  Net revenues 3,091 110 (43) (2) 3,158   3,044 111 (40) (2) 3,115  
  Cost of sales 2,751 68 (43) (3) 2,776   2,608 63 (40) (3) 2,631  
  Selling, general and administrative costs 193 17 –   210   188 19 –   207  
  Research and development costs 142 – –   142   152 – –   152  
  Share of the profit/(loss) of investees accounted for using the equity method 2 4 –   6   – 6 –   6  
  Gains/(losses) on the disposal of investments – – –   –   2 – –   2  
  Restructuring costs – – –   –   3 – –   3  
  Other income 3 1 –   4   1 1 –   2  
  Other expenses 28 1 –   29   40 1 –   41  
  EBIT (18) 29 –   11   56 35 –   91  
  Net financial income/(expenses): (72) – –   (72)   (58) – –   (58)  
  Financial income 20 – –   20   21 – –   21  
  Financial expenses 92 – –   92   79 – –   79  
  PROFIT/(LOSS) BEFORE TAXES (90) 29 –   (61)   (2) 35 –   33  
  Income tax (expense) benefit 25 (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)   5 25 –   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 Services Eliminations   Consolidated   Industrial Activities(1) Financial Services Eliminations   Consolidated  
  Net revenues 9,553 322 (125) (2) 9,750   9,206 338 (116) (2) 9,428  
  Cost of sales 8,519 183 (125) (3) 8,577   7,853 194 (116) (3) 7,931  
  Selling, general and administrative costs 572 56 –   628   555 61 –   616  
  Research and development costs 417 – –   417   424 – –   424  
  Share of the profit/(loss) of investees accounted for using the equity method 4 9 –   13   2 16 –   18  
  Gains/(losses) on the disposal of investments – – –   –   2 – –   2  
  Restructuring costs 8 – –   8   8 – –   8  
  Other income 12 1 –   13   13 2 –   15  
  Other expenses 121 2 –   123   167 3 –   170  
  EBIT (68) 91 –   23   216 98 –   314  
  Net financial income/(expenses): (185) – –   (185)   (163) – –   (163)  
  Financial income 62 – –   62   100 – –   100  
  Financial expenses 247 – –   247   263 – –   263  
  PROFIT/(LOSS) BEFORE TAXES (253) 91 –   (162)   53 98 –   151  
  Income tax (expense) benefit 65 (26) –   39   (18) (24) –   (42)  
  PROFIT/(LOSS) FROM CONTINUING OPERATIONS (188) 65 –   (123)   35 74 –   109  
  PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX 1,285 – –   1,285   65 – –   65  
  PROFIT/(LOSS) FOR THE PERIOD 1,097 65 –   1,162   100 74 –   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 Services Eliminations   Consolidated   Industrial Activities(1) Financial Services Eliminations   Consolidated  
  ASSETS                        
  Intangible assets 2,185 16 –   2,201   2,072 15 –   2,087  
  Property, plant and equipment 3,061 2 –   3,063   3,026 2 –   3,028  
  Investments and other non-current financial assets: 104 191 –   295   97 182 –   279  
  Investments accounted for using the equity method 22 191 –   213   20 182 –   202  
  Other investments and non-current financial assets 82 – –   82   77 – –   77  
  Leased assets 20 84 –   104   16 78 –   94  
  Defined benefits plan assets 51 – –   51   52 – –   52  
  Deferred tax assets 784 55 (99) (7) 740   587 58 (1) (7) 644  
  Total Non-current assets 6,205 348 (99)   6,454   5,850 335 (1)   6,184  
  Inventories 3,153 1 –   3,154   2,508 1 –   2,509  
  Trade receivables 303 25 (18) (4) 310   332 35 (31) (4) 336  
  Receivables from financing activities 871 5,131 (1,527) (4) 4,475   726 5,433 (1,328) (4) 4,831  
  Current tax receivables 163 16 (52) (5) 127   151 26 (35) (5) 142  
  Other current receivables and financial assets 309 86 (29) (3) 366   368 159 (30) (3) 497  
  Prepaid expenses and other assets 186 3 –   189   170 1 –   171  
  Derivative assets 26 3 (4) (6) 25   16 – (2) (6) 14  
  Cash and cash equivalents 1,554 232 –   1,786   2,795 158 –   2,953  
  Total Current assets 6,565 5,497 (1,630)   10,432   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 7 – –   7   5 – –   5  
  TOTAL ASSETS 12,777 5,845 (1,729)   16,893   14,158 6,148 (1,443)   18,863  
  EQUITY AND LIABILITIES                        
  Total Equity 1,670 806 –   2,476   2,014 805 –   2,819  
  Provisions: 1,843 97 –   1,940   1,884 97 –   1,981  
  Employee benefits 375 13 –   388   385 12 –   397  
  Other provisions 1,468 84 –   1,552   1,499 85 –   1,584  
  Debt: 2,457 4,829 (1,527) (4) 5,759   2,239 5,150 (1,328) (4) 6,061  
  Asset-backed financing – 2,756 –   2,756   – 3,166 –   3,166  
  Other debt 2,457 2,073 (1,527) (4) 3,003   2,239 1,984 (1,328) (4) 2,895  
  Derivative liabilities 36 2 (4) (6) 34   21 2 (2) (6) 21  
  Trade payables 3,434 32 (16) (4) 3,450   3,751 31 (29) (4) 3,753  
  Tax liabilities 58 45 (52) (5) 51   66 33 (36) (5) 63  
  Deferred tax liabilities 144 1 (99) (7) 46   35 – (2) (7) 33  
  Other liabilities 3,135 33 (31) (3) 3,137   3,224 30 (30) (3) 3,224  
  Liabilities held for sale – Discontinued Operations(2) – – –   –   924 – (16) (8) 908  
  Total Liabilities 11,107 5,039 (1,729)   14,417   12,144 5,343 (1,443)   16,044  
  TOTAL EQUITY AND LIABILITIES 12,777 5,845 (1,729)   16,893   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 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 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 (188) 65 –   (123)  
  Amortisation and depreciation (excluding assets sold under buy-back commitments and operating leases)(a)(b) 519 2 –   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 received 94 – (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 receivables 29 10 (13) (3) 26  
  Change in inventories (601) – –   (601)  
  Change in trade payables (332) 1 13 (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 assets 7 – –   7  
  Other changes 1,349 127 –   1,476  
  CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS 808 126 –   934  
  CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS 163 – –   163  
  TOTAL 971 126 –   1,097  
  D) CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES:            
  Change in debt and derivative assets/liabilities 228 (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 OPERATIONS 100 – –   100  
  TOTAL (1,225) (543) 91   (1,677)  
  Translation exchange differences 32 – –   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 sale 136 – –   136  
  F) CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 1,554 232 –   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 Services Eliminations   Consolidated  
  A) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 3,326 187 –   3,513  
  B) CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES:            
  Profit/(loss) from Continuing Operations for the period 35 74 –   109  
  Amortisation and depreciation (excluding assets sold under buy-back commitments and operating leases)(a)(b) 538 3 –   541  
  (Gains)/losses on disposal of non-current assets (excluding assets sold under buy-back commitments)(a) (2) – –   (2)  
  Other non-cash items (2) (15) –   (17)  
  Dividends received 106 – (103) (2) 3  
  Change in provisions (299) (1) –   (300)  
  Change in deferred income taxes 39 11 –   50  
  Change in items due to buy-back commitments(a) (28) (8) –   (36)  
  Change in operating lease items(b) 1 (11) –   (10)  
  Change in trade receivables 89 (4) (2) (3) 83  
  Change in inventories (703) – –   (703)  
  Change in trade payables (466) (2) 26 (3) (442)  
  Change in other receivables/payables (118) (57) (24) (3) (199)  
  Change in receivables from financing activities – 920 –   920  
  CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS (810) 910 (103)   (3)  
  CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS 66 – –   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 assets 64 – –   64  
  Other changes 316 (44) –   272  
  CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS (42) (46) 12   (76)  
  CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM 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 period 107 – –   107  
  F) CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 2,080 205 –   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  
    Truck Bus Powertrain Unallocated items, eliminations and other Total Industrial Activities Financial Services Eliminations Total  
  EBIT 4 5 22 (49) (18) 29 – 11  
  Adjustments:                  
  Restructuring costs – – – – – – – –  
  Non-recurring items(1) 6 – 2 10 18 1 – 19  
  Adjusted EBIT 10 5 24 (39) – 30 – 30  
             
        Three months ended 30th September 2025  
    Truck Bus Powertrain Unallocated items, eliminations and other Total Industrial Activities Financial Services Eliminations Total  
  EBIT 55 29 38 (66) 56 35 – 91  
  Adjustments:                  
  Restructuring costs 2 – – 1 3 – – 3  
  Non-recurring items(1) 2 – – 15 17 – – 17  
  Adjusted EBIT 59 29 38 (50) 76 35 – 111  
  (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  
    Truck Bus Powertrain Unallocated items, eliminations and other Total Industrial Activities Financial Services Eliminations Total  
  EBIT – 35 82 (185) (68) 91 – 23  
  Adjustments:                  
  Restructuring costs 7 – 1 – 8 – – 8  
  Non-recurring items(1) 6 – 2 66 74 1 – 75  
  Adjusted EBIT 13 35 85 (119) 14 92 – 106  
             
        Nine months ended 30th September 2025  
    Truck Bus Powertrain Unallocated items, eliminations and other Total Industrial Activities Financial Services Eliminations Total  
  EBIT 236 97 116 (233) 216 98 – 314  
  Adjustments:                  
  Restructuring costs 8 – (1) 1 8 – – 8  
  Non-recurring items(1) 2 – – 75 77 – – 77  
  Adjusted EBIT 246 97 115 (157) 301 98 – 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 equivalents 1,786 2,953   1,554 2,795   232 158  
  Intersegment financial receivables(1) – –   852 738   675 590  
  Financial receivables from CNH(3) 41 78   19 1   22 77  
  Other current financial assets(4) 8 3   8 3   – –  
  Derivative assets(5) 25 14   26 16   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  
  2026 2025   2026 2025  
  1,293 1,579 Net Cash (Debt) of Industrial Activities from Continuing Operations at beginning of the period 634 761  
  14 301 Adjusted EBIT of Industrial Activities – 76  
  519 538 Depreciation and amortisation 172 179  
  157 163 Depreciation of assets under operating leases and assets sold with buy-back commitments 52 54  
  (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) 213 Net 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  
  2026 2025   2026 2025  
  (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  
  2026 2025   2026 2025  
  (123) 109 Profit/(loss) from Continuing Operations (45) 16  
  83 85 Adjustments impacting Profit/(loss) before taxes from Continuing Operations (a) 19 20  
  (20) (15) Adjustments impacting Income tax (expense) benefit from Continuing Operations (b) (6) 4  
  (60) 179 Adjusted net profit/(loss) from Continuing Operations (32) 40  
  (62) 178 Adjusted net profit/(loss) attributable to Iveco Group N.V. from Continuing Operations (33) 40  
  266 268 Weighted average shares outstanding – diluted (million) 266 268  
  (0.23) 0.66 Adjusted diluted EPS from Continuing Operations (€) (0.12) 0.15  
             
  (162) 151 Profit/(loss) before taxes from Continuing Operations (61) 33  
  83 85 Adjustments impacting Profit/(loss) before taxes from Continuing Operations (a) 19 20  
  (79) 236 Adjusted Profit/(loss) before taxes from Continuing Operations (A) (42) 53  
             
  39 (42) Income tax (expense) benefit from Continuing Operations 16 (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 Operations 24% 25%  
             
  a) Adjustments impacting Profit/(loss) before income tax (expense) benefit from Continuing Operations      
  8 8 Restructuring costs – 3  
  59 71 Costs related to certain claims arising from the EU Commission’s 2016 antitrust settlement decision announced on 19thJuly 2016 3 11  
  18 4 Long term incentive plans modification and other transaction costs in connection with the Merger Agreement with Tata Motors 18 4  
  (2) 2 Other (2) 2  
  83 85 Total 19 20  
             
  b) Adjustments impacting Income tax (expense) benefit from Continuing Operations      
  (20) (22) Tax effect of adjustments impacting Profit/(loss) before taxes (6) (3)  
  – 7 Tax 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  
    Average At 30th September   At 31st December 2025   Average At 30th September  
  U.S. dollar 1.161 1.136   1.175   1.119 1.174  
  Pound sterling 0.863 0.855   0.873   0.851 0.873  
  Swiss franc 0.924 0.948   0.931   0.939 0.936  
  Brazilian real 5.976 5.877   6.469   6.316 6.241  
  Polish Zloty 4.271 4.367   4.227   4.241 4.269  
  Czech Koruna 24.284 24.440   24.237   24.827 24.335  
  Turkish lira(1) 55.607 55.607   50.331   48.795 48.795  
  (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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