Good afternoon, ladies and gentlemen, and welcome to the first Iveco Group Investor Virtual Investor Day. I'm Federico Donati, currently Head of Investor Relations at CNH Industrial, and will move to Iveco Group, assuming the same role at the spin-off. We are delighted to have you here with us today, albeit virtually. Today's presentation is available on the Investor Relations section of the Iveco Group website. Clicking the banner on the homepage will automatically take you to the appropriate section. This event is being broadcast live on our website and is copyrighted by CNH Industrial and Iveco Group. Any other use, recording, or transmission of any portion of this live stream without express written consent of CNH Industrial or Iveco Group is strictly forbidden. Let me now draw your attention to the disclaimer regarding this presentation. This presentation may be qualified as an advertisement or communication for the purpose of Regulation (EU) 2017/1129 as relating to the intention of Iveco Group and we to proceed with the admission to Euronext Milan. This announcement does not constitute or form part of a prospectus with the meaning of the Prospectus Regulation, and has not been reviewed nor approved by any regulatory or supervisory authority in any jurisdiction, including any member state of the European Economic Area, the United Kingdom, and the United States. This announcement is for information purposes only and is not intended to constitute and should not be construed as an offer by or invitation by, or on behalf of Iveco Group, CNH Industrial, any of the advisors or any representative of Iveco Group or CNH Industrial or any of their advisors to purchase any securities or an offer to sell or issue, or the solicitation to buy securities by any person in any jurisdiction, including any EEA member, the United Kingdom or the United States. The approval of the prospectus by the Netherlands Authority for the Financial Markets should not be understood as an endorsement of the quality of Iveco Group shares and Iveco Group. Potential investors should read the prospectus before making an investment decision in order to fully understand the potential risk and rewards associated with the decision to invest in the securities. The approved prospectus may be viewed or downloaded from the ivecogroup.com website in the Investor Relations section. I also invite you to refer to the safe harbor statement set forth at slide four. Please note that any forward-looking statement we make today is not only subject to the risks and uncertainties included in the prospectus, but also to the factors mentioned in the safe harbor statement. Additional information pertaining to factors that could cause the actual results to differ materially is contained in the CNH Industrial's most recent 20-F and E.U annual report, as well as other periodic reports and filings with the U.S. Securities and Exchange Commission and equivalent authorities in the Netherlands and Italy. Please note that all these disclaimers apply also to all the videos as well as to any communication made in the Q&A session of today's event. This event, including the filming of related videos, is being run in compliance with current COVID regulations. Now, the agenda for today. Iveco Group is entering its next phase of transformation, but this is not the start of the journey. We have been on the road to independence for several years in order to more effectively and efficiently anticipate and respond to our customer needs in a rapidly changing industry, as well as to realize the full potential of our business. This concept on the road is therefore the theme of today presentation. Shortly, I will hand over to Suzanne Heywood, who will be the future Chair of Iveco Group and will provide context on the transaction and our road to independence. Our designated Chief Executive Officer, Gerrit Marx, will then present the Iveco Group strategy and provide detail on where our business is today and how he and his leadership team intend to transform it farther beyond our core markets. Marco Liccardo, Iveco Group Chief Technology Officer, and Annalisa Stupenengo, Iveco Group Chief Operations Officer, will explain how our industry is changing and how we will create value in the context of these changes. Further to this, in the first half of 2022, we intend to host an Iveco Group Technology Day showcasing our product lineup on site in Turin, Italy. Oddone Incisa, CNH Industrial Chief Financial Officer, will take us through some of the numbers behind our plan. Just to remind everyone, our designated Iveco Group Chief Financial Officer, Francesco Tanzi, will take up his role in January 2022. We will finish with some closing remarks from Gerrit, followed by a moderated Q&A session. I would now like to invite our Chair, Suzanne Heywood, to take the stage. Good afternoon, everyone. As Federico mentioned, I have the honor of being the designated Chair of Iveco Group, and it is with great pleasure that I welcome you today. When I addressed the investment community in 2019 at CNH Industrial's Capital Market Day, we unveiled our plan to de-merge Iveco Group with the aim of listing in early 2021. As for many, 2020 disrupted this plan as we focused our energies on keeping our people safe, ensuring business continuity, and supporting our dealers, suppliers, and the communities in which we operate. As a result of these efforts, we ended 2020 with all our sites back up and running, a very strong cash and liquidity position, and stronger relationships with all our stakeholders. All of this means that today we are in a position to fulfill the goal that we set back in 2019 of listing Iveco Group. The rationale for this transaction is as compelling now as it was two years ago, if not more so. Our two businesses have customers with varying needs and diverging market outlooks. The competitive landscape for each business is different. There are also few synergies between them beyond engines, which Iveco will continue to provide to CNH Industrial under a long-term supply agreement, so that both groups benefit from the technology and regulatory-driven advances in the on-highway sector. Therefore, as a board, we remain convinced that it is right to make Iveco Group an independent company and believe its prospects are stronger and its future is brighter as a standalone company. You may be aware that earlier this year we had an offer from a third party for parts of our on-highway business. When we evaluated this option and compared it to the benefits for our stakeholders, it was clear to us that this separate listing for Iveco Group remained the right route to take. The demerger of CNHI will create two strong companies, primarily split between on and off highway, and broadly equal in scale. The companies will be listed separately, and there will be no cross shareholdings. The two companies will be independent with strong governance based on proven policies and practices. They will each have solid capital structures and dedicated and experienced leadership teams, enabling them to deliver on their strategies and financial targets. Iveco Group will have its own high-quality board, which brings diverse experience and expertise in areas including commercial vehicles, off-highway machines, energy infrastructure, digitalization, and large corporate transformation. We are also pleased that Exor, the largest shareholder of CNH Industrial, has confirmed its support for this transaction, as well as its commitment to the long-term development of both companies. In terms of timing, we are on track with the plan we set ourselves at the start of the year. The Netherlands Authority for the Financial Markets, also known as AFM, has recently approved our prospectus. Pending the necessary shareholder and regulatory approvals, we expect to list Iveco Group on Euronext Milan on the third of January. This will be Iveco Group's sole listing. Shareholders will receive one Iveco share for every five they hold in CNH Industrial, and the share structure, including special voting shares, will be the same. Importantly, Iveco Group will have a separate debt and financing structure and will not carry any of the legacy capital market debt of CNH Industrial. My colleagues will take you through this in more detail later in the presentation. CNH Industrial has a history of successfully delivering on its ESG commitments, reflected in the fact that we have led our industry in terms of ranking on the main ESG indices. Only last week, our position was confirmed in the Dow Jones Sustainability Indices, with CNH Industrial maintaining the highest score in the machinery and electrical equipment industry segment for the eleventh consecutive year. Iveco Group has been a key contributor to this success. As an independent company, Iveco Group is targeting net zero carbon emissions by 2040. This is a new and ambitious target. It includes not only Iveco Group's own operations, but also its entire value chain, including our partners and our end products and services. In addition to targeting net zero, we remain committed to reducing injuries among employees and contributing to ever-increasing safety on the road. We will maintain an engaging and inclusive work environment within our company and with partners, and we will develop products that are fully circular, with their emissions and energy life cycle taken into account. Gerrit and Annalisa will provide you with specific targets and further insight on these areas. These goals have the full support of Iveco Group's management team, and their incentives will be linked to progress made in achieving them. There will be oversight and support from our ESG committee, which will report directly to the board. Given all of this, I am very excited by the future that Iveco Group has in front of it. It is a future that will be powered by new energy and new ambitions and led by a courageous and committed management team. With that, we would like to show you a short video before I hand over to Gerrit, who will take you through the new Iveco Group in more detail. Good afternoon, everyone. As the CEO designate, I'm delighted to be presenting the Iveco Group to you today. As Suzanne said, we have ambitious plans in terms of ESG and our position and market success across our business units. Let me take you through our business in a bit more detail. Iveco Group is present around the world with a strong base in Europe, where we generate over three-quarters of our EUR 12 billion of net revenues. We have a solid and historical presence in South America, principally in trucks, where we are a local producer. In the rest of the world, we are opportunistic with our businesses, ranging from joint ventures in China to the supply of engines and vehicles to on-highway and off-highway customers across the Middle East, Africa, and Asia. To bus development and production with partners in Turkey, just to name a few examples. Given our extensive product range and technology, we see real room for growth and for further partnerships outside Europe in the years to come. In North America, our presence is primarily in powertrain. We have a good penetration in important and attractive segments, both major markets and more niche areas. Our nimble and lean organization allows us to move quickly, innovate and partner to create better solutions in a fast changing environment. These attributes will enable us to capitalize on the opportunities ahead, which I will take you through in a moment, and to improve our adjusted EBIT margin and cash conversion from where is it today. We have all the ingredients we need for long-term success, including solid foundations and a clear strategy. The strategy is already delivering, and we are seeing healthy momentum as we continue to transform our business to take best advantage of the opportunities we see ahead. In terms of our foundations, there are five specific areas of focus that underpin our strategic approach. Product range and positioning, operational performance, alternative powertrain, collaborations and partnerships, and lifecycle services, which includes our open financial services platform as a key enabler for new business models. In terms of products, we offer an extensive and diversified range of vehicles for a multitude of customer missions. In the light commercial vehicle, medium and heavy truck, and bus segment in Europe, we have good market positions overall and are a leader in certain areas. In all of these, we have made strong inroads to connected and zero emission vehicles, have projects underway to move forward at speed, either on our own, where we have sufficient scale, or with partners to share investments and jointly monetize what we create together. Operationally, we rely on lean processes governed by a nimble organization led by an experienced management team with incentives tied to ESG and value creation for our shareholders. The business is already undergoing a transformation, and this is being accelerated by our drive performance program. Annalisa and I will tell you more about our initiatives and the financial impact of this later today. We are a global leader in powertrain technology and have a wide range of alternative power solutions for both on and off-highway applications, encompassing propulsion systems for agriculture, construction, marine and power generation. We are very active in zero emission powertrain applications, such as those powered by electric energy from batteries or fuel cells, as Marco will explain later. Nonetheless, combustion engines still have an important role to play in the decade or more ahead, and we have a good position in this area using renewable gases or liquid fuels for CO₂ neutral or even CO₂ negative emissions. In terms of partnerships, I would like to highlight how important this is for Iveco Group and how well we form unique and tailor-made collaborations. The markets are changing rapidly, and we've created a network of diverse partners that enable us to respond quickly and effectively, leapfrogging linear or sequential technology developments. We continue to build on this growing network and believe that we attract excellent partners, both because of what we contribute and our efficiency, as well as our respectful, yet demanding attitude to such fast moving collaborations. With regards to financial services solutions, customers in Europe have access to Iveco Group's existing financial services platform, which extends from purchase all the way through to retirement, recycle or resale. Additionally, the financial services operation included in Iveco Group will service the portfolios of CNH Industrial in Europe. In other parts of the world, Iveco Group customers will be served through CNH Industrial's existing financial services platform as they are today. This will be preserving some of the current synergies. IVECO CAPITAL provides us with a great foundation to venture into new business models, connecting adjacent stakeholders into combined new offers, such as future pay-per-use offerings for electric vehicles. That's quite a run-through of our solid foundations. Let me now turn to some future-proof points, framing our ambitions for the next phase of our development. Our ambitions for the next five years stretch our thinking and ongoing efforts beyond just taking the next step. We have to continue changing, transforming, and in some areas, reinventing ourselves and our industry, pushing the boundaries further out and challenging what is accepted today as common sense. Let me take you through a few examples of what we are aiming to achieve. In the product dimension, we will certainly continue repositioning our heavy-duty lineup, which already shows promising results in market shares and customer feedback. While our next-generation electric Daily aims at setting the zero-emission standard in cab chassis segment, we may need to reinvent the medium-duty truck segment with a range of alternative propulsion options. In our heavy-duty business in Europe, we will continue to challenge the number one in market share. Further improving the quality and related spending across all our products is a centerpiece of our efforts to drive operational performance. We will continue to modernize and upgrade our end-to-end operating system and explore next levels in cost and cash management across the entire value chain. With a very lean SG&A structure today, our focus lies on substantially stepping up the gross margin in our business by improving our brand recognition and value, total quality, and effective cost control. FPT Industrial is going to continue setting the pace in core technologies we consider relevant to make a difference in alternative powertrains for our customers. The future will be driven by multiple power sources and users, encompassing full electric solutions charged from batteries or fuel cells, as well as reciprocating engines and hybrids. For heavier commercial vehicles and especially off-highway machines, there will remain a great number of combustion engines continuing to power their energy intense role over the next 10+ years, using renewable CO2-neutral fuels in gaseous or liquid form. There will be no single technology providing the sole solution to all applications. As we rapidly progress products across our portfolio, it is important to stress neutrality to allow all possible solutions to reach their full potential in fighting climate change. In lifecycle services, we are exploring how to leverage our established, connected digital product platforms with the broader ecosystem of goods and people transport. Our financial services create a solid foundation from which to progress to upgraded and more complex offerings, such as pay-per-use models. At the same time, we are further growing our network of collaborations and partnerships to accelerate innovation, outpace evolutions, and to create new and mutually beneficial business models. Our aim here is to be the easiest and most straightforward OEM for both young and established companies to innovate with. It is very clear to us that partnering has to be a critical part of the approach if we are to make the most of the opportunities we see. We have a good track record of successful partnering. As the reshaping of the market accelerates, it is essential we continue to join forces with companies that, like us, are nimble, hungry, entrepreneurial, and with the distinct capabilities and an eye to creating value, so that together we can bring the right products and solutions to market. Combining our skills, expertise, resources, and critically, our investment power, is not only more effective, but also more beneficial for us, our partners, and our customers. It is actually a three-times win scenario. We will take you through our partnering approach and some of our relationships in more detail. Let me just say that we aim to work with the best fit, think-alike players, and we are able to do this because we seek transparency and fairness and set shared objectives early on. We have a collegiate approach. We are adaptable. We take the best of what each party has to offer, and importantly, we have a joint monetization model, which means our partners' success is also our success. Total cost of ownership has always been the most important decision criteria in our industry, as depicted here as cost elements in the blue middle circle, but this is not enough anymore. We have integrated into our offering all the aspects of modern transport solutions, such as driver safety, satisfaction, and productivity, as well as social responsibility and environmental sustainability. We have moved on from a mere list of expenditures, albeit important ones, such as fuel consumption, purchase price, residual value, maintenance, and uptime. While these are important benchmarks for customers and providers, we have built on this, taking on board the broader ecosystem, which includes social, environmental, and sustainable metrics and impacts. All of these areas are continually influencing each other. While we take steps every day to support our customers across the more traditional TCO drivers, we have also increased connectivity, developed low and zero-emission products, and worked with partners to ensure we are meeting our customers' needs in an increasingly circular economy. As Suzanne set out earlier, Iveco is raising the bar in terms of our commitment to a sustainable future. We are sharing with you today a number of key targets that our management team is absolutely committed to delivering. Signing up to The Climate Pledge, a commitment co-founded by Amazon and Global Optimism to achieve net-zero carbon by 2040 is just one target, but it is a very important one. The starting point is our own business and energy usage, Scope 1 and 2, where we have set an immediate target of a 50% reduction versus 2019 in absolute CO₂ emissions by 2030. We are also setting targets for significant areas within Scope 3, which includes use of our products, logistics providers, and suppliers. Most notably, we aim to see a 35% reduction versus 2019 in CO₂ emissions from the use of our sold vehicles per vehicle per kilometer. Our intention is to submit these targets to the Science Based Targets initiative to be approved as science-based. We have set emissions targets that we believe are achievable but demanding, and which are in line with the objectives discussed during G20 and COP26 of a global warming limit of 1.5 degrees Celsius. Let me also quickly highlight just a few examples of our ambitions in our other core areas. In safety, we aim to have advanced driver assistance technology embedded in all new vehicles sold in Europe by 2026, in order to protect drivers and those around them. In the section circular, we are putting in place a process to collect used spare parts to see what can be reused, repurposed, or recycled with the goal of 100% core return of such parts by 2030. We strongly believe that an inclusive environment in which diversity is valued and everyone is able to express their full potential contributes to creating a better and more attractive organization and supports business growth. Our focus on maintaining an inclusive and engaged environment includes a number of targets that directly affect our people. One I'd like to touch on is our commitment to having 20% of our management positions assigned to women by 2026. Historically, neither our sector nor ourselves have performed well in terms of the number of women in the workplace. While we are in no way the laggards on this, 20% represents substantial increase from where we are today. Let me just emphasize again that we are not yet even close to the inclusive and diverse Iveco Group I want to see in the future, but there's a plan to get there. To be clear, inclusion is not something we are only aiming for within the company, but also is central to our approach with our valued partners. The board and the leadership stand behind these targets, and I would like to reiterate that management incentives will be tied to achieving them. Just a couple of weeks ago, we announced our leadership structure, which is designed to be customer-centric, accountable, and performance-driven. With well-defined functional roles in terms of scope and leadership and clear hands-on business unit profit and loss responsibility, our aim is to maintain consistency across our operations and drive synergies across the board as we take our company forward. We will be inclusive in our approach and seek diversity of mindsets and experience to ensure we are always delivering at the highest levels. Given the time constraints, only some of our executive team are addressing you today, but you will hear from more of them at upcoming events. Together, we are bringing a new energy to Iveco Group that will fuel our company at all levels and across our geographies. New energy is not just on the horizon in terms of solutions for a more sustainable energy future. It is right here in Iveco Group across the teams in our eight brands, shaping our future as the world around us demands new and nonlinear thinking and solutions for the challenges of our generation. Closing this section, please allow me to add some personal observations and highlights I would like you to take away from today, Iveco Group's first Investor Day. Jointly with my colleagues, we will further elaborate on these points and happily take your questions during the Q&A session at the end. First, Iveco Group is ready to pursue greatness, and we believe it is probably Europe's most agile entrepreneurial commercial vehicle and powertrain group. We must continue to pursue unique partnership and collaboration models, augmenting our scale with a pronounced strength in creating pragmatic and useful innovations. At times, it feels like we are a 150-year-old startup when we aspire to outpace and outsmart rather than outspend much larger groups. Our independent powertrain business owns strong third-party supplier relationships with on-highway and off-highway customers, benefiting from tailwinds in both areas, alternative propulsion technologies, and a consolidating industry for combustion engines. I have already highlighted the best-in-class open financial services platform as an enabler for our future. Second, I would like to point out once again the groundbreaking role Iveco Group played when pioneering the compressed natural gas and liquefied natural gas powertrains for long-haul heavy-duty trucks. This technology is already almost CO₂ neutral today. We stubbornly delivered this first step, and will continue with other renewable fuels, and obviously, with a broad range of electric solutions. We have an eye for doing the right thing and a track record of delivering. Third, facilitated by our collaborations and partnerships, we can jointly access adjacent markets that are attached to commercial vehicles, and yet still largely unexplored, but with tangible and promising business models. We cluster these adjacent markets in three groups: energy supply and infrastructure, vehicle automation and fleet operation, and smart driver-centric connectivity services and solutions. While this is an interesting area for us, none of this is reflected in the financial plan we present today, as it is too uncertain to quantify at this point, and sits at the far end of our plan horizon. I would like to hand over the next section to Marco Liccardo, Chief Technology and Digital Officer of Iveco Group, who will touch on our technology innovation. Marco, as our head of fearless creations, please explain how we will still stay on the road in a changing industry context. Thank you very much, Gerrit. With the fundamental and profound shifts in technology taking place, Iveco Group, working closely with our partners, is actively embracing innovation to shape the commercial vehicle and powertrain industry. I'm talking to you from our engineering headquarters in Turin, Italy, where we are at work designing and testing exciting new solutions for our future. All the innovations I will touch on now will be showcased during our technology day early next year, and are specific responses to change, which we embrace as great opportunities to redefine our position in the market where we compete. These changes include the new mobility needs and flexibilities of our customers, ever tightening emission and energy efficiency targets, and the evolving value chain ecosystem. Our objective is clear: to ensure Iveco Group is always ready to take advantage of powerful market trends to anticipate the products and services our customers need. We do not fight the change. The contrary, we want to use its energy and momentum to rethink and recreate for a sustainable future. Let's dive deeper into the changing mobility needs of our customers. European and global fleets are setting ambitious decarbonization targets. Continued investments in research and development will open the door to unlimited possibilities. R&D is also the answer to advancing technology and analytics in business models, offering innovative solutions for our vehicles and powertrains. We are already responding to the growing demand for urban last mile deliveries through our newest product lineup and state-of-the-art services on board our urban transport vehicles. Another change that represents a major opportunity for us lies in the stringent regulatory framework being rolled out over the next decade. On this slide, the binding and proposed emissions regulations for trucks and buses in Europe. As you can see, we all must drastically reduce year-over-year product emissions, in particular CO₂. Iveco Group fully embraces the clear objective to decarbonize transport by 2050. There is another big transformation on the way, linked to product connectivity and the Internet of Things. We're going to see more and more trucks and commercial vehicles fully integrated in a broader connected ecosystem, and this will enable vehicle-to-vehicle and vehicle-to-infrastructure communication. It will also foster green and, in some cases, autonomous transport solutions that offer clear benefits for the entire value chain in terms of efficiency. To take advantage of all these opportunities, we are accelerating our technological roadmap in three specific areas: energy transition, vehicle connectivity and digitalization, and autonomous driving. Let's have a look in more detail, starting with the energy transition. When we think of zero emission solutions, we always keep total cost of ownership in mind because it's the most important metric for our customers and our customers' customers, namely you, sophisticated consumers of goods and transport services. For years, we have been pioneering natural gas solutions with FPT Industrial technology and vehicle integration capabilities. Today, this technology is the only available net zero carbon solution, running on renewable biomethane with a total cost of ownership on a par or better than diesel. Our extensive experience forms a strong base for us to launch our fully modular new eDAILY at the end of next year. We plan to expand our eBus offer as well to introduce hydrogen fuel cell versions with longer range. In 2023, we will be among the first to offer a modular battery electric and fuel cell electric platform for the heavy truck range, thanks to our partnership with the Nikola Corporation. We are also researching next steps in autonomous driving, creating an ecosystem of partners for advanced driver assistance systems. Currently, we offer solutions that increase active safety and vehicle productivity and generate a total cost of ownership benefit of several%, mainly due to the longitudinal truck control. For example, last month, we played a key role in the European C-Roads and ENSEMBLE projects, demonstrating the full potential of vehicle-to-vehicle and vehicle-to-infrastructure truck platooning in terms of safety, connectivity, and sustainability. Finally, let's talk about connectivity. I'm now here in our customer room, where we are connected to our most recent truck generation in Europe. This is our connectivity hub, and we use here predictive algorithms to keep customers informed in advance of any performance issues we might see. There is so much more we can venture into from here. All our heavy-duty trucks and a good percentage of light commercial vehicles and buses sold today are connected. Our agile way of working will permit us to launch waves of new connected services every 12 months, developed together with our customers. Services such as predictive maintenance, energy consumption optimization, and the possibility to customize any solution much quicker will lead to increased uptime and a significant reduction in operating costs for our customers. On June first of this year, in collaboration with Amazon Web Services, we launched Iveco Driver Pal, pioneering technology that uses Alexa voice commands to interact with our main functionalities for a higher level of voice-enabled user experience, focusing the driver's attention on the road. This cutting-edge technology has been fully integrated in our new Daily and S-Way ranges as an option, and this is only the beginning. For logistic services, we recently announced a partnership with sennder to co-create an end-to-end GPS load tracking solution with the objective of reducing service activation time on short-notice loads from several hours to just a few minutes, drastically increasing flexibility and efficiency. Our ambition for energy transition, vehicle connectivity and digitalization, and autonomous driving is to make them merge and interact together. The Iveco Group, jointly with an array of like-minded partners, will offer sustainable and connected transport solutions while transforming business models. This will enable us to not only increase our share in the multi-billion profit pool of medium and heavy trucks worldwide, but also to step up our offering, including additional services that take us all the way to what is known today as pay-per-use. As you have seen, this is an industrial revolution with exponential innovation everywhere. The key to success in this disruptive environment is to establish a strong ecosystem of partners to share risks, returns, and investments. This accelerates the introduction of new technologies through a new way of working, as time to market will be the most important competitive advantage. We cannot outspend our competition, but we can and will move faster, jointly with our partners, reinventing our industry. This is exactly what Iveco Group is going to do. Back to you, Gerrit. Thank you, Michael. Let me push Michael's last comment and perspective a little bit further. Around the global profit pools for our commercial vehicles in general sit several adjacent markets enabled by those vehicles and largely unexplored, but with tangible and promising business models. Energy supply and infrastructure, vehicle automation and fleet operation, and smart driver-centric connectivity services and solutions. Without capable trucks, such markets will not develop, and without best fit, think-alike partners, OEMs will be limited in their ability to maximize those opportunities. This pairing will be the key to success. With this perspective in mind, our aim is to be the easiest and most practical OEM for both young and established companies to turn to when they seek partnerships to accelerate innovation and explore the upside. This will not be easy, and many are moving in a similar direction. Yet we are excited about what these opportunities could mean for the future of Iveco Group, and we are pretty confident that we will make a difference here. Let's move on to our next chapter and go deeper into the five pillars of our strategy as outlined in the beginning. Product range and positioning, operational performance, alternative powertrain, collaborations and partnerships, and finally, lifecycle services. Let me start by setting out where our business is today in terms of products and positioning. We have a well-diversified portfolio and good market presence across a range of important commercial vehicle areas, including powertrain. Our powertrain business, FPT Industrial, is a global leader for on and off-highway solutions, and it accounts for about a quarter of our sales. We have a very strong position in diesel and gas and are expanding our zero-emission and carbon-neutral offerings from a very good base. In light commercial vehicles, which also represents a quarter of our sales, we have an excellent footprint with a full and diverse offering of competitive products, such as professional cab chassis, for example, where we have 25% of the European market. The medium and heavy truck segment, accounting for almost 30% of our sales, is an area where we have pioneered CNG and LNG applications, and as a result, are by far the leader in those with a significant market share. We are also a strong player in alternative propulsion for the bus segment, with a leading position in electric and natural gas buses in Europe. This has helped us both gain and defend our position in Europe with a 26% market share in heavy buses, which is an important segment for us, generating 14% of our sales. Specialty, which includes firefighting and defense-related vehicles, is our smallest business at 7% and is built on highly customized products and operations and specialized teams in their respective fields. We have strength, scale, and enviable positioning in some very interesting markets, where our ability to move quickly, partner well, and drive innovation add real value. As you can see, Iveco Group has a product range to be proud of and market shares we can defend and grow. We are not yet where we want to be in each segment, but we know what we need to do and to get there. Innovation, collaboration, and flawless execution will be central to achieving our goals. Let's look first at light commercial vehicles, where we have a full lineup of products with real strengths in the upper end of the weight range. We are pushing ahead to build on our success here. Products like our all-new electric Daily with its modular platform, which will be rolled out in the fourth quarter next year, is expected to become the reference for electrification in its segment. Overall, we have good products, good positioning, good profitability, and a solid market share. We need to maintain our focus, developing and delivering the right products to ensure it continues to be an area of strength for us. Medium and heavy is an important segment. It is a sizable market with a lot of room for us to grow and is subject to profound industrial change. We are already on the road to repositioning this business and are seeing the benefits. Since the launch of our connected S-Way, we improved our market share in 2020 and increased it further in 2021. We now have a bigger share of a big market, and we've done this without sacrificing on price. Quite the contrary. Today, we are offering a better quality and more suitable product, and that momentum we aim to maintain. You will also see new connected services to support the total cost of ownership for customers. We have further complemented our vehicle lineup with a T-Way, battery electric, and fuel cell trucks, resulting from our partnership with Nikola, which means by 2024, Iveco Group will be one of the very few OEMs offering a full range of heavy-duty trucks running on renewable liquids, gases, as well as electric fuels. Many of our innovations and digital advances concern this segment, but there is still room to improve our profitability, as it is clearly not yet close to where it could be. Again, on buses, we are well-positioned and are, for instance, the recognized European leader in intercity buses. We intend not only to defend this position but to take on the market leader. Two of the real opportunities for us here are the addition of greater connectivity to our offering and the expansion of our zero-emission vehicles, where, as I mentioned earlier, we have real strength. Specialty is quite a niche market, as vehicles are mission-specific and require particular engineering skills. It's also a market we excel in due to our incredible engineering capability and customer-centric approach. Take firefighting. We produce a fire engine with the highest ladder in the world. In defense, we have a comprehensive lineup of wheeled platforms from trucks to heavy protected vehicles. Our profitability in this segment will be helped by an economic recovery, given the customer base is centered on public services and budgets. Our goal is to maintain our position by creating unique, best-in-class products while pushing into new niches where our capabilities give us an edge. In powertrain, we are a global leader with a complete portfolio of on and off-highway products. We have pioneered key innovations, such as electric axles for cars and trucks. We believe we can be the reference player as the international combustion engine market consolidates, while at the same time expanding further in electric propulsion systems for the zero-emission future. Central to improving our profitability across all segments is the step change in our gross margin, as outlined before. We focus here mainly on two types of initiatives in our company-wide transformation program called DRIVE. Commercial and operational excellence. The commercial group encompasses a broad excellence program covering our entire sales frontline and service execution, focusing on tailored solutions, vehicle uptime, remarketing of used vehicles, and improved proximity across the entire customer journey from buying to replacing vehicles. Furthermore, growing the third-party business in our on-highway and off-highway for our FPT Industrial business is their prime commercial target and is an area where we have made good progress already. Annalisa Stupenengo, Chief Operations Officer of Iveco Group, will now share with you what she and her team are doing in terms of initiatives to deliver operational excellence and greater sustainability. We move into a new era for Iveco Group. We have opportunities all around us. Seizing them requires energy, dedication, and courage, and I can tell you that these characteristics are all deeply rooted in our Iveco Group DNA. They will drive our delivery of a step change in profitability. Good day to everyone, wherever you are joining us from. My name is Annalisa Stupenengo, and today, I'm talking to you from our operations hub in Turin. We are building our operations strategy keenly aware that nearly half of Iveco Group's growth from our current to our future profitability will come from five main areas: our logistics ecosystem, manufacturing processes, telematics applications, direct material cost, product quality. In all of these, our customer remain always at the center of our approach. Delivering excellence in these five areas is what motivate us every day. Let me give you some insight into how we are working. We are redesigning an extended logistic ecosystem, targeting missing part reduction and product tracking. In processes where it's possible, we have replaced plastic with paper, eliminating around 15%. We are also adopting intermodal transport, mixing on-road travel with ship and train travel within Europe. This reduces lead time by 9% and improves tracking by 10% while increasing the sustainability of our operations. At our parts depot, we continue anticipating customer needs. We are investing in spare parts logistic engineering, introducing new sustainable packaging, and further upgrading our depot automation. While connecting more and more vehicles to our customer rooms for real-time monitoring, we leverage on data from connected units to optimize forecast accuracy. We expect 70% of the commercial vehicles leaving our plants to be connected by 2023, and our goal is to reach 100% by 2025. The innovations we are using in manufacturing and across all our operation areas serve as benchmarks for how we can reduce complexity and bureaucracy. In particular, we aim to leverage data-driven workflow analysis in our best practice plants and new manufacturing concept to extract and implement learnings at our other site. I give you some examples. Our Madrid plant reduced the inventory cycle from 20 days to 11 through its drone project. The quality team at our Heuliez Bus plant in Roanne, France, replaced paper manuals with an e-book system, not only eliminating paper, but also gaining two hours per day in processing and three hours per vehicle in recovery time. Our Tech Academy in Turin uses 3D scanning and printing to replace obsolete parts on older machinery and build parts for prototypes, spending 100x less per part and delivering within one week instead of three. These types of action not only build profitability, they also foster a culture of constant improvement and idea generation. Process optimization cannot be set apart from new telematics applications and other technologies that we are rolling out extensively in all our premises. We have increased the statistical process controls and are using predictive maintenance tools at our driveline plant in Turin and our Suzzara plant in northern Italy, reducing human error and tracking 100% of machine wear and use. The newly unveiled Nikola Tre manufacturing facility in Ulm, Germany, features a final assembly process designed for electric-borne vehicles. When we talk about operations, we are referring to our extended team, including supply partners who are just as committed as we are to raise the level of our products and services. Having navigated the coronavirus pandemic together and aligned our efforts to combat it, we reinforce our strong ties, cementing relationships that are based on shared values. Now, we are resuming face-to-face meetings to help further consolidate this long-term relationship. Working with transparency and mutual trust, we take on needs in advance and create efficiencies. We are developing an integrated approach to supply chain optimization and redesigning purchasing processes together to reduce waste and redundancies. In this ongoing effort to lift profitability, we never lose sight of our top priority, to protect the safety and well-being of our employees, suppliers, and customers. All our workplaces, whether a plant, an office, or a depot, continue to fully implement prevention measures and controls. Our people respect these protocols. Our supply partners commit to these same standards. In the various initiatives I have described today, it is clear that sustainability underpins all areas of our operations. We are constantly reinforcing our strong commitment to doing business responsibly, and we'll continue action that positively impact environmental, social, and governance aspects, hitting key targets along the way. Here are some examples. 21 of our plants already derive 100% of their total energy consumption from renewable sources, and we aim to reach 100% by 2030. We will continue our focus on reducing water withdrawal while increasing recycling. Example of initiatives implemented include rainwater collection system at our plants in Annonay, France and Córdoba, Argentina, and our reverse osmosis system in Bourg-en-Bresse, France. These efforts will allow us to reach our target of recycling 60% of the water at Iveco Group plants in the next five years. We are also working to forge even greater partnerships with our suppliers, designing and building together even more sustainable products, both in terms of life cycle approach and reducing the carbon footprint. Further evidence of this commitment is our 2026 target of decreasing absolute CO2 emissions derived from purchased goods and services by 20% versus 2021. As we prepare to launch Iveco Group, I can assure you not only that our operation will continue to be sustainable, safe and efficient, but also that our quality offer will meet the current and future needs of our customers. Serving as ambassador of this are our market-leading products. The Iveco S-Way is a total cost of ownership champion. The new Iveco Daily range is one of the most flexible in its class. FPT Industrial engines power the Semtual Fire rescue boat. Iveco Crossway is the undisputed leader in the intercity buses. Iveco Defence Vehicles deliver the Multivax van to the Italian COVID emergency commissioner for vaccine transport. On the road to our independence, we are just at the beginning of what we can achieve for our customers, and also for our investors. Gerrit, the energy and the passion of the team is tangible. We are ready to enter this next exciting era, building an Iveco Group that will be something special and setting new standards to create value all around. Thank you. Back to you now. Thank you, Annalisa, for giving everyone a glimpse of how excited we are to move into this next phase. Marco and Annalisa covered a number of our sustainability initiatives. Our zero-emission and alternative propulsion portfolio is extensive, and we will add to it substantially in the coming years. We are well on the road to having a full spectrum offering, providing the right solutions for every customer mission in medium and heavy vehicles, light commercial vehicle and buses, and helping them to manage their total cost of ownership and environmental footprint at the same time. In 2024, jointly with Nikola, we will have added battery and hydrogen electric vehicles to our heavy lineup in Europe, providing even more options for our regional and long-haul delivery customers. The introduction in 2023 of battery electric vehicles for light commercial vehicles, which addresses the urban and regional delivery segment, will complement our existing natural gas offering for that market. Our battery electric city buses have been in operation for a number of years already, and by the end of second quarter 2023, our bus portfolio is set to include battery electric city buses for intercity and intercity transportation as well, underpinning our market-leading position in that segment. At that point, we'll also have introduced hydrogen fuel cell-powered buses for urban mobility, and then we'll extend this innovation as well to include intercity buses and coaches by mid-2026. In just four years, we believe we will have the perfect combination of zero-emission vehicles available for each of these applications, complemented by our lineup of CNG and LNG powertrains, which provide CO2-neutral propulsion when running on renewable biomethane. I talked to you earlier about our approach to collaborating and partnering and why it is so important to us. Let me now turn to how we go about it. Principally, we expect to add one or two meaningful partnerships per year with companies that can collaborate with us in one of three specific clusters: product technology and knowhow, service and energy ecosystem, or new markets and business models. Our aim is always to structure these relationships so that any success is a joint success. We are already working with a range of companies across the three clusters, and these partnerships and collaborations have been instrumental in helping us bring innovative solutions to market more quickly. Let's look at some of our more recent partnerships and collaborations summarized in a short video. Courage to dare. Conviction to drive. Collaboration to deliver. Here at Iveco Group, we believe the road to our future is deeply linked to the power of partnership. Finding new ways of thinking, of designing and developing advanced solutions. To a new era, we're bringing new energy, not least in our plans for the development of electric and alternative propulsion fleets. Back in 2019, we brought together Iveco's proven expertise and established footprint with Nikola Corporation. This produced a uniquely powerful partnership that has hit all the major milestones at record speed, opening an exciting new chapter in our sustainable transport story. Our two companies share a path-finding zero emissions vision. Together, our teams have designed a modular platform capable of hosting both fuel cell and battery propulsion technologies, starting with the Nikola Tre heavy-duty truck. Production of the first Nikola Tre battery electric vehicle will begin by the end of this year, and we plan to enter production of the Nikola Tre fuel cell electric vehicle by the end of 2023. Another example of our open value-creating approach has seen us come together with Amazon, Alexa, and AWS to pioneer a solution to one of the biggest challenges truck and delivery drivers face today. Alexa, ask my Iveco what is the problem. I am not detecting any problems from your vehicle on the system. I knew it. We co-developed Iveco Driver Pal, a new Alexa-enabled solution that builds on Iveco algorithms to help drivers stay safer on the road using voice commands in their native language to manage their journeys and facilitate multilingual communication. We're moving to adopt key Amazon innovation mechanisms to drive all future product development, strengthening the culture of innovation across the company and with our dealers. Building on the AWS cloud will enable Iveco Group to test, evolve, and apply new ideas faster and at lower cost and risk, decreasing time to market and driving long-term growth. We'll open a dedicated innovation hub in the U.S. in 2022. We've also agreed to supply Amazon Middle Mile fleet with S-Way natural power vehicles as part of Amazon's goal of decarbonizing its fleet operations. Iveco Group is signing The Climate Pledge, which Amazon co-founded, and which commits us to be net zero carbon by 2040, 10 years ahead of the Paris Agreement. Further, we are pursuing other pragmatic, customer-centric partnerships that aim to make a real difference in our industry. Jointly with Plus, we will soon be testing levels three and four in autonomous driving on public roads. With sennder and CO3, we're driving efficiency by combining our GPS tracking and vehicle data with a freight hauling platform in real time. Iveco Group's global reach will help us capitalize on these existing, emerging, and exciting opportunities for growth. With our eight fantastic brands and a range of innovative partnerships, we're on the road to a new energy future, designing, producing, and selling great vehicles and powertrain solutions, delivering for all our stakeholders. In September this year, we revealed to the public not only the production version of the Nikola Tre battery electric, but also the fuel cell range extended prototype, as well as our joint venture production site in Ulm, Germany, capable of producing up to 3,000 electric trucks per year. A lot has been written and posted about these two pioneering products. However, let me emphasize that this is probably the first ever electric-borne modular platform for articulated U.S. Class eight and European heavy-duty tractors, hosting both energy sources, battery electric for the more regional missions up to 500 km, and fuel cell range extensions for hauling up to 800 km in its first generation. Let's not forget, these are the first generation vehicles competing in the toughest heavy-duty missions against very well-established fossil diesel solutions, which has more than a century. has had more than a century and many generations of vehicles to reach their current highly fuel efficient and weight optimized state. Quite an exciting challenge for our engineers to take on. Iveco Group and Nikola delivered this milestone within two years of starting our partnership in several hundred day sprints. This has been quite a surge in development speed for us, which we aim to carry over to other areas of Iveco Group. The battery electric T-Way will enter production at the end of this year for the United States market. The European version will follow in 2023 with its fuel cell sister T-Way coming towards the end of that year. AWS is a great example of Iveco Group's type of collaboration. We started to discuss the idea over the summer of 2019 and diligently worked through several iterations in our joint teams until we could finally launch Driver Pal, which is in our 2022 Daily and S-Way, which both entered production earlier this year. The take rate of Driver Pal in our long-haul S-Way version already today sits well above 50%. Earlier this year, we began working with Plus, a global leader in self-driving truck technology. By combining their autonomous driving expertise, PlusDrive, with our strength in heavy trucks development and propulsion systems, we will be able to bring vehicles with level 3-4 advanced driving support systems to market. ADAS level four means these vehicles would not require human interaction in most circumstances and would provide our customers with fuel efficient, safe, scalable, and sustainable driving vehicles. Our powertrain business, FPT, has partnered with Microvast since 2020 to design and assemble in-house high voltage battery packs, which will be offered to both Iveco Group as well as other customers. As Marco Liccardo mentioned, it is expected that these batteries will be the power behind our new electric daily vehicles launch next year. Microvast is a market leader in ultra-fast charging, long life batteries, powering systems with superior safety. It's another example of us working with partners to accelerate the shift from traditional fuels to a more sustainable future. I've taken you through our products and our partnerships, so let me now turn to the pillar of lifecycle services. Our objective is to provide connected and sustainable services that meet the needs of our customers in a rapidly evolving and increasingly demanding consumer context. Our services span the full life cycle of our products. Customers' expectations when operating our products are very clearly framed. A short delivery time is not sufficient anymore given the required precision in the expected time of arrival of vehicles that has been enabled by connectivity. Theoretical cost efficiency won't make a difference if the certainty and predictability of cost in an actual operation of a vehicle isn't there. Finally, it is important to clarify that carbon neutrality and zero emissions are two different things in the way they are used today. Zero emissions refers to tailpipe emissions, while carbon neutrality considers emissions from the entire value chain, of which tailpipe is only one element. Both need to be considered, and solutions will vary depending on the application. On purchasing, we are meeting our customers' requirements for cost efficiency and certainty by providing financing solutions through IVECO CAPITAL that are specifically tailored to them, such as Click and Pay. Digital services provided by IVECO ON supports our customers in a number of ways, including improving the reliability, safety, and efficiency of their fleets and helping them to deliver their own goods and services on time. Flexible maintenance and repair, which Iveco Service provides, is also a key contributor to a customer's cost efficiency. At the same time, customers want to be, and want us to be, responsible citizens, and we are embedding sustainability throughout our customer services network. Through our OK TRUCKS brand, we are able to offer a full range of pre-owned vehicles that are safe, reliable, and guaranteed by Iveco. OK TRUCKS operates in 20 countries, has a good digital presence, and a team of professionals who ensure customers get a full value for money solution tailored to their specific needs. As a leasing contract comes to an end, and we help recycle the vehicle to a new owner, maximizing the residual value is key for us. Carbon neutrality and zero emissions is also central to the thinking behind our service offering. We don't just provide vehicles that enable customers to meet their own ESG aims. We offer financial support to help them make the transition to these more environmentally friendly products. As I mentioned a moment ago, IVECO ON is our brand for digital and connected services. Today, connected services are available for all our new trucks as well as some of our older models. Marco showed you our customer room at work. Better fleet management and greater efficiency means savings for our customers. We provide them with the tools to both realize these savings, benefiting their bottom line, as well as drive their top-line growth through greater availability of vehicles. They also help to improve road and driver safety and provide environmental benefits through better utilization and keeping vehicles running well. Such technology provides the foundations for the solutions we offer. I've talked to you about our positioning, our products, our partnerships, and our plans that together we believe will bring a step change in our operational performance. Let me now welcome CNH Industrial CFO, Oddone Incisa, on stage. We will jointly present how we expect actions and plans to turn to financial results. We've been using 2019 as our base throughout this presentation, given the exceptional nature of 2020 and the fact that we are only nine months through this year in reporting terms. We are of course showing figures for fiscal 2020 and nine months, 2021 for completeness here. With the changes we are making, we are projecting that net revenues from our current industrial activities will grow with a compound annual growth rate of about 5%, which is above the industry average. This would translate to net revenues of about between EUR 16.5 billion and EUR 17.5 billion in 2026. This top-line growth, combined with the results coming through from our DRIVE program, will support funding of our continued transformation and expected to lift our profitability with the adjusted EBIT margin rising to between 5% and 6% by 2026. An increase of about 150 to 250 basis points from 2019. In terms of bottom line, we expect consolidated adjusted net profit, including financial services, to more than double over the period to between EUR 0.6 billion and EUR 0.8 billion by 2026. We are comfortable in shouldering these efforts and investments required ahead while growing our underlying gross margin levels across all our business units. Future collaborations and partnerships will be explored to synergistically improve this plan. Yet these, as well as any potential upside coming from adjacent market opportunities as outlined today, are not included in this financial plan. Given the momentum from our product lineup and pipeline, we expect growth in our top line to outpace our markets. We are forecasting a compound annual growth rate of about 5% in our commercial and specialty vehicles and about 4% in powertrain. In our heavy duty business, we have only just begun to see the results our new lineup can deliver. While the S-Way is well established with the refreshed and upgraded 2022 model just entering production, we recently launched the X-Way and T-Way sister families, targeting the construction and chassis segments with partial or full-time all-wheel drive requirements. The medium duty segment is expected to remain relatively stable, and in our strong light duty business with its iconic Daily, we have experienced continued market momentum, which will certainly be propelled further through the plan by electric versions gaining ground. Through our partnership with Otokar in Turkey, we seek to complement our lineup in entry-level heavy buses, enabling us to further expand our reach to markets where we cannot as yet compete effectively on our own. The increasing share of zero-emission buses is driving our top line as it is in trucks due to the substantially higher net pricing for this technology. The long lead time order books in our specialty divisions implies steady top line growth in line with both the economic recovery and public spending in the various fields of relevance to us. Our powertrain business unit will not only keep the strong engine supply business for CNH Industrial, but will also push ahead to win more and more customers in the areas of commercial vehicles, agriculture, construction, marine and power generation. The global captive engines business segment is going to consolidate, and FPT Industrial is well-positioned to take a lead as a reliable partner on both sides, providing engines and enabled for alternative gases and liquid fuels, while offering zero-emission powertrain solutions. Our plan assumes that most of the raw material component and transportation constraints we see today in our supply chain will level out over the course of 2022, while we continue growing volumes and gain and regain part pricing power with our new products and enhanced services in the years to come. We have seen in Annalisa's presentation how we intend to streamline our operations and improve product quality with, for example, predictive maintenance on connected vehicles. We are committed to maintaining our SG&A at industry leading levels, while we will increase our spending in R&D. Our DRIVE program builds on the operating plans in our business units and will deliver improved financial performance at operating gross margin levels over the next five years and beyond. The targeted adjusted EBIT contribution by 2024 amounts to about EUR 500 million, with about the same amount coming through as additional run rate contribution by 2026. Reflecting increased levels of R&D and project related OpEx, we expect to achieve an adjusted EBIT margin in our industrial activities of 4%-5% by 2024, with a further step up to between 5% and 6% in 2026. This is an exciting and challenging time for Iveco Group, and my team and I are committed to delivering this plan. We have robustly tested the parameters and objectives we have set ourselves, and I'm confident we will hit our targets. Let's now look at the investment schedule embedded in our financial plan. We expect to invest in CapEx, including capitalized R&D under IFRS, more than EUR 4 billion over the period of the plan, with annual investments almost doubling by the end of 2026 compared to 2019. Investment is another area where our partners have a critical role. By working with them, we are able to jointly fund projects that will reap rewards for both parties with co-owned intellectual property. This is a key element of our approach. We want our partners and us to have skin in the game and the commitment. Committed skills and investments are important and needed to achieve the best outcome. A great example is, again, our partnership with Nikola, which is reflected here in the new energy segment of our investments. This investment allocation might look significantly different for other OEMs. However, this is the result of how we partner and leverage our capabilities and resources effectively. Our investment plans are based on market projections, regulatory requirements, and our current pipeline of product launches. Depending on how the markets perform, particularly in the early part of the plan, our investments might flex up or down across the portfolio. I now hand over to Oddone to take you through cash flow, our financial services business and financial policy. Thank you, Gerrit. Let me go through the Iveco Group's free cash flow projections and selected balance sheet measures. Overall, we intend to generate positive free cash flow from 2022 to the end of the plan timeframe, and we will therefore expect to grow from a solid starting point, the Net Industrial cash position, to up to EUR 2 billion by the end of 2026. Iveco Group will have separate and independent funding with Industrial activities third-party debt of between EUR 500 million and EUR 1 billion, growing from a June 2021 level of EUR 200 million, we build up cash for a safe start as an independent entity. We also intend to arrange a multi-year revolving credit facility with a designation of primary global banks, and we will be reporting it in our available liquidity measures. As you have seen in the listing prospectus, the initial equity for the company is strong, at EUR 2.6 billion as of June 30, 2021. Finally, as stated in the introductory remarks by our chair, none of the capital market debt held by CNH Industrial is going to be transferred to Iveco Group with the spin-off. On slide 45, we have our financial service operations. Iveco Group and CNH Industrial today jointly offer a full range of financial products, specifically focused on their respective customer needs, including their large dealer networks and direct customers. In view of the spin-off, we have decided to maintain as far as possible common operation for Iveco Group and CNH Industrial, thus preserving obvious cost and process synergies. We have, though, been very clear in the need for separating the funding and the credit exposure for the respective portfolios, in particular in Europe, where Iveco Group has a larger presence. The current European operations of CNH Industrial Financial Services will be integral part of Iveco Group and will service the receivables portfolio retained and then grown by CNH Industrial for their off-highway businesses. In other regions of the world, CNH Industrial will provide financial services to Iveco Group through long-term vendor agreements. Looking now specifically at Iveco Group, the receivables portfolio, including what is managed by our JVs with BNP Paribas Leasing Solutions and Santander Consumer Finance, is expected to grow to be between EUR 6 billion and EUR 7 billion by the end of 2024. While financial services net profit was affected by increased prudential provisions for credit losses in 2020, we expect it to rapidly return to historical levels and to continue contributing to the net profit of the group. Iveco Group will start trading independently with a solid capital structure. We believe that these and the plan that Gerrit and his team have put together will improve the liquidity in the balance sheet while investing in the future of the company. Management will maintain as a priority obtaining and preserving investment grade ratings. While we'll talk about how we expect to invest into organic growth, with regards to inorganic growth, Iveco Group intends to be both opportunistic and moderate in the approach to these investments, and no M&A transactions are included in the plan today. Shareholder remuneration is of course important, and the board will submit to the approval of the shareholders a dividend policy consistent with the net profit generation and the capital needs of the company. As we are noting previously, management incentives, quite rightly, will be aligned with shareholders' interest and tied to delivery of the plan as well as the ESG ambitions. Back to you, Gerrit, now. Thank you. Thank you, Oddone. We are on the road to a new energy future. These are times of great transformation, creating opportunities for those who move quickly, partner well, strategize clearly, and realize that the commercial vehicle and powertrain landscape might look profoundly different in five to 10 years. One of the key enablers for the delivery of our plan is the rigorous execution made possible by a resilient organization with experienced leaders whose incentives are fully aligned with the ESG compliance and shareholder returns. Above all, we collectively aim to make a meaningful difference in our industry and in the communities where we operate and to have fun when challenging other contenders during these exciting times. We've walked you through our five strategic pillars and the solid foundations underneath. We have set out the future proof points that we believe are attainable as we drive for the upside as well as those areas where we have to become much better. We will challenge our financial ambitions further as we develop Iveco Group and deliver on our plan. We are on the road to ongoing transformation and are confident of gaining further momentum from our approaching spin-off and independence. I look forward to welcoming you to Turin in 2022 for our technology day and to engaging you in discussions about how we will continue to challenge the status quo. Before my colleagues join me here on stage to take any question, I'd like to again say how excited we are for the road ahead. Thank you very much for joining us today. We are now ready to start the Q&A session. Improvement. It looks from this chart that the improvements in operations and quality will be completely eliminated by the increase in SG&A and R&D. Which means technically that your entire operational improvements and margin improvements would have to be driven by volume, price and mix. Can you describe exactly what you're going to do to increase volume, price and mix, given your geographic exposure, your under-representation in growth regions, et cetera, et cetera? I mean, that, you know, this just highlights the importance of volume, I think. A little bit more deep dive there, please. Sure. I couldn't catch the first part of your question due to technical issues, but I think I know where you're heading. Our top line growth is underpinned, as it has proven now already in the current year, 2022, despite chip shortages, by a continued market gain, market share gain in our heavy-duty business, as well as a strong light commercial vehicle business picking up. We are strong in light with north of 12-13% market share, and in the heavy side also growing. In that sense, top line is 75% of our business is Europe, and we are well positioned to further grow, not only in the more, let's say, northern parts of Europe, but also in the southern parts of Europe and eastern parts with our partnership with Otokar, which gives us a very competitive partner product in the city and urban transport solutions. There is a good thrust of top line, plus we have FPT Industrial with a strong third-party business clocking orders and clocking new customers as we speak. There is a strong top line. I think your conclusion that the improvements from the DRIVE program are entirely covered or consumed by SG&A and R&D. I must admit, the SG&A today is at very low levels, and in percent of top line is shrinking even further, while in R&D, we have to invest, that's for sure. Okay. That's helpful. Just a follow-up, you know, as I'm listening to your presentation, I apologize if this is the cynic in me, but the notion that you are a nimble and lean organization strikes me as a little bit odd. I mean, if I look at your organization structure, it's probably the most complex in our coverage with your filing in the Netherlands, you trade in Italy, your management's headquartered in the U.K. Any plans to simplify all of that? You know, example after example, like the filing of the recent paperwork, you know, you've already reported Q3, your filings only include the first half of the year. I mean, can you give examples of where you believe you are lean and nimble? Thank you, and I'll get back in line. Sure. 6.5% SG&A of sales is fairly lean and nimble, I would say. The structures that we have put in place are purpose-built and certainly serve the purpose we aim for. Okay. Thank you. I'll get back in line. Thank you. As a reminder, it's star one for a question. The next is from the line of Monica Bosio from Intesa Sanpaolo. Please go ahead. Yes, good afternoon, and thank you for taking my question. The first one is on the services area. I don't know if you can share this, but what kind of margins can we figure out for this business? And what is your optimal weight of this business on the total industrial revenues at a steady state? Just to add some flavor on this. This is the first question, then I will be back. Oddone. Well, servicing is definitely an important part of what IVECO ON does. We're not typically disclosing the revenue distribution between services and all goods, but there's in the plans you have seen, there's the ambition to grow servicing, both in what we provide and also in the way we provide them with the pay-per-use concept that Gerrit was explaining before. You expect a growth above 5%, just to have an idea? Sorry if I insist. Well, if you mean 5% as a percentage of total revenues, probably not. Definitely will grow more than what the revenues themselves are growing. Okay, got it. The second is on powertrain. Can you just give us some flavor on the evolution of your non-captive business? Just a target, if it's possible, by 2026. Thank you very much. Yeah, I would like to hand this question to Annalisa. Yeah, thank you for the question. The ambition in the plan is very clear. We continue to have, as a main goal for powertrain, to be a player independent in the market. We are going to have an higher percentage of non-captive customer in our portfolio, and we have a plan in place already of booking of customers in order to achieve this plan. As you can imagine, our kind of business is a long-term business, relationship-based, and we are really in a good shape in order to achieve the target that we have in our plan in order to succeed on that. Okay, thank you very much. Just to follow up, can we imagine a back-end loaded plan in terms of increase of the non-captive business as for powertrain? Yes. The answer is yes, of course. Okay, thank you very much. Thank you. The next question is from the line of Daniela Costa from Goldman Sachs. Please go ahead. Hi, good morning or good afternoon. I have two questions, but actually one follow-up first, because I might not have understood the number you said towards the percentage of service in your sales to the prior question. So just a clarification there. Then my two questions. First, can you comment in terms of, like, the penetration pace that you see for new technologies, like for the EVs and the fuel cells, just to also understand how that impacts basically your margin guidance? Do you see those technologies being lower or higher margin than internal combustion engine? Then the second question, can you comment a little bit in terms of how management compensation will be set and kind of the timeline for the targets and weight of various targets? Thank you. As a percentage of sales, as a matter of fact, I haven't said a number, which we are typically not disclosing. What we said is that we expect sales to grow more, sales for services to grow more than the overall growth in sales that we have in the plan. Thank you. You do not disclose the number, I guess. No. Shall we look at what peers have as a proxy or. Because I think most of your peers do disclose. Yeah, but also because our revenues, we have revenues for the vehicular business, which typically have high service component in there, and we have revenues for our engine business, where we are developing service componentry, components, but they are by nature lower in percentage. Comparing with a pure truck manufacturer probably would not be significant. Okay, thank you. I think the second question was about penetration rates of battery, electric, and fuel cells. Marco? Yeah, I can take this one. I mean, this is strongly depending on other factors as well, such as the rollout of the infrastructure. We expect in some areas where there is already an OpEx and CapEx subsidies such as bus, we're gonna achieve a parity much earlier. We have already some use cases where there is parity today. For the other ranges, we expect that it is gonna happen in the second part of the decade once we are gonna experience the rollout of the infrastructure. On profitability of those. We are not pl- Areas versus, I think. Sorry. We are not planning a reduction in profitability. I mean, in the beginning, we are gonna keep the same level of profitability, meaning that the profitability is gonna follow the same increase in profitability of diesel. We expect to offer a long-term, sustainable, and connected transport solution, meaning that the interaction of green technology plus the connected and autonomous driving is gonna open new possibilities in increasing profitability. Thank you. The question on management compensation? From the position of the board, we haven't yet set the details of the management compensation, but we will be doing that, and we will be confirming it once the new Iveco board is appointed at the point of the spin. As Gerrit made clear, and as I made clear in our introduction, we will both be targeting the management very, very clearly on the delivery of the plan, and we will be including ESG metrics in that compensation. We will be including in it elements of both obviously short-term compensation, an STI scheme, and there will be an LTI scheme within that as well. We do believe that compensating management for the performance and for the delivery of the plan is important, and it's also very important to align that with what shareholders would like to see. Thank you. Thank you. The next question is from the line of Martino De Ambroggi from Equita SIM. Please go ahead. Thank you. Good morning. Good afternoon, everybody. The first question is on the financial structure. You're starting with a net cash position, which is quite clear, the reason why. You are also projecting further free cash flow over the next few years. Considering you will not distribute any dividend based on your prospectus this year, we will know what is your payout going forward. Should we expect the cash to stay in your account because as a way of protection to preserve the investment grade? Or can we speculate on some different use? Thank you. Martino, we have on the prospectus that we won't be paying any dividend in the first 12 months of operation of the company, but then we have allocated money for paying dividends in the future to start with. We have an ambitious investment plan, and definitely we will start with a net cash position. We intend to preserve a net cash position over time, but this business has a seasonality in itself and has a cyclicality. We want to have a strong capital structure for the business to start with, but also during the year. Expect a relatively high level of liquidity to be there to support the business over time. Okay. Thank you. The second question is something we already discussed in the past, but as Suzanne mentioned in the introductory remarks, you confirm you received an offer some months ago, but you prefer to choose the separate listing. However, if we look at your competitors, you are less global than your global competitors from a geographical standpoint. So how do you plan to solve such an issue going forward in order to provide more visibility long-term and not be too exposed to Europe? I can take the geographic exposure. One of the partnership purposes that we have is obviously that we expand those also on the geographical presence. We, for example, I mean, this is one angle, but the whole Nikola partnership also comes with some indirect exposure to the North American market. We were very clear during our 2019 Capital Markets Day that we are in discussions and seek for partnerships that will open up other geographies and territories which we cannot enter on our own, alone at this point in time. We are fairly confident that our size we have in Europe is sufficient for greatness and for the endeavors we have ahead of us. Plus, just having a certain size doesn't mean that, let's say, the potential you have to invest is necessarily as efficient as we can do at smaller scale. I think scale is something that is on our side sufficient. We certainly look for partnerships in technology areas and geographical expansion. Overall, we are pretty confident that over the next couple of years we're gonna balance this out on the global scale. Thank you, Gerrit. Just a follow-up. When we talk about partnership, are you ruling out any potential merger? The nature of partnership discussions is to rule nothing out in the beginning, and explore opportunities and perspectives that are mutually beneficial. As Suzanne laid out, the spinoff and the independence of the Iveco Group is the cornerstone to start with, and everything else will be subsequent to it. Thank you. Thank you. Thank you. The next question is from Jose Asumendi from J.P. Morgan. Please go ahead. Thank you. José from JP Morgan. A couple of questions, please. Can you talk a little bit as you electrify your truck, bus, van business, which components can will you produce in-house, like the electric motor? Is this gonna be development in-house? And can you share components across all size vehicles to understand a little bit the economies of scale and or will this be outsourced to suppliers? Second, can you talk about the powertrain FPT business? Is there anything on the industrial side you can do in terms of fixed cost reduction? How do you improve the profitability? Can you maybe help us understand a little bit the top line growth for the coming years? Then final one on heavy duty and in Europe. I mean, it's a great business, but it's, you know, slightly subscale versus your peers. Is there anything else you can do on heavy duty to improve the profitability? If it is either pricing or anything on the fixed cost side that you can do to improve the profitability? Thank you. Thank you, José. I suggest, Marco, you take the point on the electrification with the components. Annalisa, if you take the powertrain fixed cost, and I take the last one on heavy. Yep. Starting from the electrification, the answer is yes. I mean, on the new Daily platform that we are gonna launch at the end of next year, we developed the product inside. In terms of component, the battery is gonna be, in terms of module and pack, internal. There is a partnership with Microvast. In term of e-drive, it's gonna be an internal project, where FPT is very active in the aspects of development, not only for light range but also for the medium and heavy range. In terms of synergies, absolutely yes. In 2023, we are gonna launch a new generation of e-bus that is gonna utilize a very similar battery, meaning that the same technology can be applied in different product lines. When we come to software and controls, that is a very important part of the electrified vehicle. Absolutely, there is a synergy across the different ranges. In line with the maximization of the efficiency and the investment. Lisa, on fixed cost? Yes. Up to you. Yes. I think that probably the best answer to your question is the way in which we exercise during the pandemic period on how our plans are resilient to the fixed cost. We made an analysis on the whole footprint, and we arrived to a point in which our plans are with the capacity that is capable not only to answer to the current demand of our customer, but as well to acquire opportunities in terms of future partnership or to acquire additional business, as I mentioned before, that is in the plan for our growth. We are transforming our plant as well as the plants of Iveco vehicle side because we are transforming from a pure traditional industrial combustion engine to the new products that Marco just mentioned in his answer. We are really in a good shape and we have no risk at this point in time that fixed costs will determine a deterioration of our margin. José, I take the third question about heavy-duty. We are coming from a tough territory in heavy-duty back in 2018. We have managed to significantly increase our market shares from being Europe's last to around 7.5%-8% market share in heavy-duty trucks, which is on the rise. As I mentioned, we have still the X-Way and the T-Way programs to fully exploit, which is in the making. It's launched, and these successes are going to come. As you rightfully say, there are multiple ways to increase profitability. When we look at electrified and fuel cell heavy-duty trucks, the pay-per-use model obviously is a very interesting subscription-like business model that comes with a full package of services and is going to, you know, provide an umbrella under which these vehicles, these electric heavy-duty trucks that are between 3 and 4x more expensive than a diesel truck, can operate as profitably, if not more profitable, than our current lineup. We are pretty confident that this path is going to continue. In heavy duty, it takes time. You know, holding periods are about five years, four, five, six years in customers, and changes take time until they show. Therefore, we are confident that the plan will deliver this. It takes time, and step by step, we're gonna improve across the entire lineup and range of alternative propulsion fuels as well. Thank you very much. Thank you. The next question is from the line of François Robillard from Intermonte SIM. Please go ahead. Hi, everyone. Good afternoon, and thank you for taking my question. First one is still on slide 42, where you give the breakdown of your future margin improvement targets. I see that although you see the short-term supply chain and price increases in raw materials leveling off by 2022, you still include it in your mid- to long-term targets. I guess part of it is offset by the volume and by the pricing increases. Just can you give some more color on that? Second question, apart from the obvious pandemic answer, how come your targets differ so much from what you presented back in 2019 in terms of adjusted EBIT margin? At the time, you were planning to reach 7% for CSV and 10% for powertrain by 2024. Can you just give us a bit more of color on what differentiates the targets you did back then to what you provided today? Thank you. Yes, of course. François, we expect the semiconductor shortage and the related supply chain disruptions, as well as continuously increasing raw material prices, to somewhat peak and then more normalize throughout 2022. Growing volumes, we've commented on this during our third quarter earnings calls. We have order books right now which are north of 30 weeks, 35 weeks in some of our plants, which is a coverage well into next year. Volumes are there. Market is quite strong at the moment, and we do see that momentum coming to fruition in 2022, offsetting those headwinds. On the targets that we presented back in September 2019 in New York at the capital markets day there. In between 2019 and today, there was a new European Commission. There is Fit for 55, you know, right so, programs in place for alternative propulsion, zero emission, carbon neutrality. There has been a decision on a Euro 7 emission regulation as well, and there are multiple other, you know, well, actually, chances and opportunities for us to capture with R&D and investments. In between 2019, we have seen much more of those coming our way, which on the one side are great opportunities to capture and make things quicker and faster in the way how we operate, but also they require spending. Therefore, we are prudent, and we have put forward here a very realistic plan with achievable targets that we believe is a solid foundation we can build and on further stretch as we move through the plan and deliver quarter by quarter. Thank you very much. Thank you. Our last question from today comes from the line of Alexandre Ravetti from Kepler Cheuvreux. Please go ahead. Yes, good afternoon. Thank you for taking my question. I will have a question on the zero emission strategy in heavy-duty trucks, please. You have so far focused on natural gas trucks, but when I look at the data from the European Environment Agency on CO₂ emissions, I noticed that Iveco has actually higher than average emissions across almost all segments, despite having a large share of natural gas trucks. This looks a bit counterintuitive to me. So first question would be, how do you explain this? The second would be, do you still believe that natural gas is actually one of the relevant technologies to reach the CO₂ targets you have for 2025 and 2030? Thank you. Thank you, Alexandre. Marco? Yes, natural gas is one of the strategic pillar that we will pursue for the future when we think about a net zero carbon solution, because as Gerrit was presenting during the presentation, it's really the only available net zero carbon solution with a TCO that is comparable to diesel. We believe that in the idea of circularity, natural gas will play a key role. We're still working on improving efficiency of internal combustion engine, because especially on the hard-to-abate sectors, internal combustion with improved efficiency, running renewable fuel will play a role in the decarbonization. At the same time, we are on the road and accelerating the introduction of zero emission vehicles, the pipeline. We are gonna introduce a new Daily at the end of 2022. We are gonna expand our electrified lineup for buses, where today we are one of the top player. In 2023, between 2023 and 2024, we are gonna be among the first to introduce battery, electric and fuel cell for heavy-duty trucks in Europe. We believe that, especially in heavy truck, we will see a set of technology for this decarbonization trajectory, and I think that with this intervention, we will be among the best players in the market to offer all these solutions together. Alexandre, just let me add one more point. You referred to tailpipe, and as I tried to be explicit in the presentation is climate change is the result of circular processes, not adding up anymore. In fact, they are actually increasing the CO₂ emissions in the atmosphere. When Marco talks about or we talk about biomethane, renewable fuels, also liquid fuels, this is actually carbon neutral, almost carbon neutral, when this comes from renewable sources. The loop is actually close to zero. By counting the tailpipe, it's only minus 10%-15% versus diesel. I think this is an important shift in perspective when looking at emissions. What counts is the end-to-end well-to-wheel view at energy consumption and emissions, because tailpipe alone is not gonna solve this climate challenge. Very clear. Thank you very much. Thank you. That concludes the conference. I will hand back over to the CEO, Gerrit Marx, for final remarks. Thank you very much for joining us here today once more. Also thank you for your challenging questions, and I'm sure in the next events and the next interactions, there will be more. This is good because it triggers and pushes us to get better, to move to innovate, to recreate, and to come up with new answers to the questions that our generation has to face. I think you have met today a part of this fearless and creative team, and we will show other members and present other members and their ideas to you in the next technology day event that is coming up in Turin in the first week of February. Thank you very much for your attendance. Have a good day.