A quarter focused on quality improvements against a backdrop of industrial volatility.

Defence sale completed in the quarter.

Tata Motors Tender Offer expected to close by Q3 2026.

“In the first quarter Iveco Group further strengthened its focus on quality, making a short-term impact on profitability but driving long-term positive effects on our products and services. Through targeted investments and operational measures, we are laying stronger foundations for future growth and lasting performance. These actions were carried out in line with the priority we have set: to deliver the reliability and value our customers expect. Across all our business units and support functions, now more than ever, a consistent mindset is being adopted to place quality at the forefront of our decision-making and daily work.

The outcome of these actions and related investments, combined with rework costs in our Bus business unit and challenging conditions in the commercial vehicle industry – particularly in South America – are reflected in our quarterly performance.

In regards to Tata Motors’ Tender Offer for Iveco Group, the regulatory approvals for the proposed acquisition of Iveco Group are currently underway, with most of the clearances already received by Tata Motors. Last pending approvals are being actively pursued for the earliest closure. Based on the information received from Tata Motors, the transaction is expected to close by the third quarter of 2026.

In Truck, we confirmed our leadership position in upper end and chassis cab light commercial vehicles and maintained disciplined pricing in heavy-duty in Europe, where the industry volumes were up 8% in light and 10% in medium and heavy-duty, compared to the first quarter of 2025. In Europe, market share for light commercial vehicles remained broadly flat year-on-year, while our share in heavy-duty trucks declined compared to the first quarter of last year, with pricing discipline in a challenging industry dynamic. At the same time, order intake in Europe increased by 31% for light-duty and by 5% for medium and heavy-duty vehicles, indicating solid underlying demand. Strong LCV order intake – continuing into the second quarter – and positive heavy-duty momentum drove book-to-bill increases in Europe: +13 bps in LCV and +16 bps in medium and heavy. Profitability was impacted by negative volume and mix in South America – in addition to increased resources dedicated to quality, as mentioned.

In Bus, the first quarter saw IVECO BUS win the number one position in the electric vehicle European market and consolidate our number two ranking overall in Europe, with almost 23% market share. Bus deliveries increased by 45% with our Annonay plant running at full speed and doubling our production rate compared to last year. Profitability for the period was affected by an adverse product mix and the rework costs related to unfinished Citybuses, carried over from 2025. We have already deployed a significant amount of these unfinished products and will fully deploy the remainder by the end of the second quarter, ahead of plan, eliminating rework cost impacts in the second half of the year.

In Powertrain, overall engine volumes rose by almost 7% compared to the first quarter of last year, driven by small-engine delivery increases in Europe, across off-road and on-road applications. An adverse product mix, mainly due to fewer large-engine deliveries in the Americas, and the previously mentioned quality investments impacted profitability. This was partly offset by disciplined cost control and operational efficiency.

As a result of the performance of our business units, Industrial Activities Net Revenues amounted to €2.8 billion and our Adjusted EBIT was negative €90 million. Free Cash Flow absorption was negative €681 million, representing a €166-million improvement versus last year, driven by lower working capital absorption.

It should also be noted that on 22nd April, an extraordinary interim dividend was paid in the amount of €1,551 million, or €5.8216 per outstanding common share, based on the net proceeds resulting from the sale of the Defence Business to Leonardo S.p.A.”

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 18^th 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 30^th 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. In accordance with applicable accounting standards, the figures in the Income Statement and Statement of Cash Flows for Q1 2025 have been recast consistently

⁽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 31^st December 2025.