Consolidated revenues amounted to €3,781 million compared to €3,919 million in Q2 2024. Net revenues of Industrial Activities were €3,702 million compared to €3,819 million in Q2 2024, with higher volumes and better mix in Bus and Defence partially offsetting lower volumes in Truck and Powertrain and an adverse foreign exchange rate impact.

Adjusted EBIT was €215 million compared to €295 million in Q2 2024, with a 5.7% margin (7.5% in Q2 2024). Adjusted EBIT of Industrial Activities was €187 million (€264 million in Q2 2024), with cost containment actions in Selling, General & Administrative (SG&A) and Research & Development (R&D) expenses partially offsetting lower volumes and mix, unfavourable pricing and product costs. Adjusted EBIT margin of Industrial Activities was 5.1% (6.9% in Q2 2024), with margin improvements in Bus and Defence.

Adjusted net income was €106 million (€182 million Q2 2024) with adjusted diluted earnings per share of €0.39 (€0.63 in Q2 2024).

Net financial expenses amounted to €71 million compared to €49 million in Q2 2024. The increase was primarily due to a positive impact of the Argentinian hyperinflation accounting in Q2 2024 (no longer applicable in this country starting from 1^st January 2025) and higher cost of hedge in 2025.

Reported income tax expense was €36 million, with an adjusted Effective Tax Rate (adjusted ETR) of 26% in Q2 2025, which reflects the different tax rates applied in the jurisdictions where the Group operates and some other discrete items.

Free cash flow of Industrial Activities was positive at €145 million, an improvement of €243 million compared to Q2 2024, which included a one-off adverse impact linked to the Model Year 2024 launch. The improvement was also due to enhanced working capital resulting from inventory and production optimization.

Available liquidity was €4,713 million as of 30^th June 2025 (€4,709 million at 31^st March 2025), including €1,900 million of undrawn committed facilities.