Iveco Group 2024 Third Quarter Results

AGÊNCIA DE COMUNICAÇÃO Conteúdo de responsabilidade da empresa 7 de novembro de 2024

Iveco Group N.V.

The following is an extract from the Iveco Group 2024 Third Quarter Results press release^(*). The complete press release can be accessed by visiting the media section of the Iveco Group corporate website: https://www.ivecogroup.com/media/corporate_press_releases or consulting the accompanying PDF:

A quarter of new product introductions. Full year guidance confirmed

Consolidated revenues amounted to 3,446 million compared to 3,710 million in Q3 2023. Net revenues of Industrial Activities were 3,355 million compared to 3,623 million in Q3 2023, with positive price realisation partially offsetting lower volumes in Truck and Powertrain.

Adjusted EBIT was 206 million (224 million in Q3 2023) with a 6.0% margin (in line with Q3 2023). Adjusted EBIT of Industrial Activities was 167 million compared to 191 million in Q3 2023, with positive price realisation partially offsetting lower volumes. Adjusted EBIT margin of Industrial Activities was 5.0% (5.3% in Q3 2023), with margin improvements in Bus and Defence.

Adjusted net income was 106 million, an increase of 10 million compared to Q3 2023. Adjusted diluted earnings per share was 0.39, up 0.07 compared to Q3 2023.

Financial expenses amounted to 61 million compared to 96 million in Q3 2023, a better performance year-on-year mainly due to a more contained cost of hedge impact in Argentina resulting from the implemented hedging strategy, and an improvement in the Argentinian hyperinflation accounting impact.

Reported income tax expense was 38 million, with an adjusted Effective Tax Rate (adjusted ETR) of 27% in Q3 2024. The adjusted ETR reflects the different tax rates applied in the jurisdictions where the Group operates and some other discrete items.

Free cash flow of Industrial Activities was negative at 286 million, a 56 million improvement compared to Q3 2023 resulting from lower working capital absorption and also driven by the partial recovery of the Q2 one-off impact related to Model Year 2024.

Available liquidity was 4,376 million as of 30^th September 2024, up 199 million from 30^th June 2024, including 1,900 million of undrawn committed facilities.

(*) 2024 financial data shown refers to Continuing Operations only, unless otherwise stated. Continuing Operations exclude the Fire Fighting business which, following the already announced signing of a definitive agreement for the transfer of its ownership, has been classified as Discontinued Operations. 2023 comparative figures have been recast consistently.

Attachment

• 20241107_PR_IVG_Q3_2024

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