Iveco Group 2022 Third Quarter Results

The following is an extract from the “Iveco Group 2022 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:

Iveco Group consolidated revenues of €3.5 billion (up 19% year on year).
Adjusted EBIT of €101 million and adjusted net income of €30 million.
Net cash of Industrial Activities at €561 million.

Consolidated revenues of €3,520 million, up 19.0%. Net revenues of Industrial Activities of €3,471 million, up 18.6%, mainly due to higher volumes and positive price realization.

Adjusted EBIT of €101 million (€44 million increase compared to Q3 2021), with a 2.9%margin (up 100 bps compared to Q3 2021). Adjusted EBIT of Industrial Activities of €64million (€33 million in Q3 2021), with positive price realization, higher volumes and better mix more than offsetting higher raw material and energy costs.

Adjusted net income of €30 million (€15 million increase compared to Q3 2021), which primarily excludes the gain on the final step of Chinese joint ventures’ restructuring. Adjusted diluted earnings per share of €0.10 (up €0.06 compared to Q3 2021).

Financial expenses of €65 million (€31 million in Q3 2021), increasing mainly due to hyperinflation impacts in Argentina and Turkey, and higher interest rates.

Reported income tax expense of €14 million, with adjusted effective tax rate (adjusted ETR) of 17% and 32% for the three and nine months, respectively. The year-to-date adjusted ETR is in line with the current full year expectation and reflects different tax rates applied in the jurisdictions where the Group operates and some other discrete items.

Net cash of Industrial Activities at €561million (€1,063 million at 31^st December 2021 or €625 million at 30^th June 2022). Free cash flow of Industrial Activities was negative €232million, a €316 million improvement compared to Q3 2021 primarily due to lower working capital absorption mainly driven by higher production and sales.

Available liquidity at €3,554 million as of 30^th September 2022, up €59 million from 30^th June 2022, including €2,000 million of undrawn committed facilities.

Attachment

• 20221109_PR_IVG_Q3_2022

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