Iveco Group 2024 First Quarter Results

The following is an extract from the "Iveco Group 2024 First 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 ?3.4 billion (in line with Q1 2023).
Adjusted EBIT of ?233 million (up ?59 million compared to Q1 2023)
and adjusted net income of ?153 million (up ?77 million compared to Q1 2023).
Negative free cash flow of Industrial Activities of ?436 million (?110 million better compared to Q1 2023).

(*) 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.

Consolidated revenues of ?3,367 million, in line with Q1 2023. Net revenues of Industrial Activities of ?3,283 million, flat vs Q1 2023, with positive price realisation offsetting lower volumes mainly in South America, a negative mix, and an adverse foreign exchange impact.

Adjusted EBIT of ?233 million (?59 million increase compared to Q1 2023) with a 6.9% margin (up 170 bps compared to Q1 2023). Adjusted EBIT of Industrial Activities of ?201 million (?55 million increase vs Q1 2023) and margin at 6.1% (up 170 bps compared to Q1 2023), mainly thanks to lower product costs and a continuously positive price realisation in the quarter.

Adjusted net income of ?153 million (?77 million increase compared to Q1 2023), after deducting the pre- and after-tax loss of ?115 million from signing the definitive agreement to transfer the Fire Fighting business. Adjusted diluted earnings per share of ?0.57 (up ?0.32 compared to Q1 2023).

Financial expenses of ?21 million (vs ?72 million in Q1 2023), decreasing year over year mainly thanks to a more contained foreign exchange rate and cost of hedge impact in Argentina, as a result of the implemented hedging strategy, as well as to an improvement in the Argentinian hyperinflation accounting impact.

Reported income tax expense of ?53 million, with adjusted effective tax rate (adjusted ETR) of 28% reflecting different tax rates applied in the jurisdictions where the Group operates and some other discrete items.

Free cash flow of Industrial Activities negative at ?436 million (vs negative ?546 million in Q1 2023) in line with our seasonal working capital absorption.

Available liquidity at ?4,685 million as of 31^st March 2024, down ?63 million from 31^st December 2023, including ?2,000 million of undrawn committed facilities.

Attachment

• 20240510_PR_IVG_Q1_2024