Iveco Group 2024 Second Quarter Results

AGÊNCIA DE COMUNICAÇÃO Conteúdo de responsabilidade da empresa 24 de julho de 2024

Iveco Group N.V.

The following is an extract from the Iveco Group 2024 Second 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:

Iveco Group consolidated revenues of 3.9 billion (4.1 billion in Q2 2023)
and adjusted EBIT of 295 million (311 million in Q2 2023) with an
adjusted EBIT margin of 7.5% (in line with Q2 2023).
Adjusted net income of 182 million (up 15 million compared to Q2 2023)
and adjusted diluted earnings per share of 0.63 (up 0.02).
Negative free cash flow of Industrial Activities of 98 million.

Consolidated revenues of 3,919 million, down 5.0% vs Q2 2023. Net revenues of Industrial Activities of 3,819 million, down 5.8%, due to lower volumes mainly in Europe, negative mix and an adverse foreign exchange impact compared to the same period last year, partially offset by a positive price realisation.

Adjusted EBIT of 295 million (16 million decrease compared to Q2 2023) with a 7.5% margin (in line with Q2 2023). Adjusted EBIT of Industrial Activities of 264 million (12 million decrease vs Q2 2023) and margin at 6.9% (up 10 bps compared to Q2 2023), due to a continuously positive price realisation offset mainly by lower volumes and an adverse foreign exchange impact.

Adjusted net income of 182 million (15 million increase compared to Q2 2023). Adjusted diluted earnings per share of 0.63 (up 0.02 compared to Q2 2023).

Financial expenses of 49 million (vs 82 million in Q2 2023), decreasing year over 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 of 63 million, with an adjusted Effective Tax Rate (adjusted ETR) of 26% in Q2 2024 (27% in H1  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 negative at 98 million (vs positive 135 million in Q2 2023) primarily due to a temporary one-off adverse impact linked to extra effort to secure quality and readiness of the launch of Model Year 2024.

Available liquidity at 4,177 million as of 30^th June 2024, down 508 million from 31^st March 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

• 20240724_PR_IVG_Q2_2024

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