The following is an extract from the “Iveco Group 2025 Full Year and Fourth Quarter Results” press release (*). The complete press release can be accessed by visiting the media section of the Iveco Group corporate website: https://www.ivecogroup.com/media/corporate_press_releases or consulting the accompanying PDF:
The Board of Directors approves FY 2025 preliminary results.
Extraordinary transactions for the sale of Defence and the Tata Motors Tender Offer
are on track for completion in line with previously communicated timelines.
Consolidated revenues amounted to €13,428 million compared to €14,417 million in 2024. Net revenues of Industrial Activities were €13,129 million compared to €14,064 million in 2024, mainly due to lower volumes in Europe for Truck and Powertrain and an adverse foreign exchange rate impact.
Adjusted EBIT was €645 million compared to €892 million in 2024, with a 4.8% margin (6.2% in 2024). Adjusted EBIT of Industrial Activities was €528 million (€761 million in 2024), mainly driven by lower volumes and unfavorable product cost in Truck and Bus, partially offset by cost containment actions in selling, general and administrative (SG&A) expenses. Adjusted EBIT margin of Industrial Activities was 4.0% (5.4% in 2024).
Adjusted net income was €312 million (€520 million in 2024) with adjusted diluted earnings per share of €1.16 (€1.91 in 2024).
Net financial expenses amounted to €222 million compared to €192 million in 2024 which included a positive impact of the Argentinian hyperinflation accounting (no longer applicable in this country starting from 1st January 2025).
Reported income tax expense was €82 million, with an adjusted Effective Tax Rate (adjusted ETR) of 26% in 2025 which reflects the different tax rates applied in the jurisdictions where the Group operates and some other discrete items.
Free cash flow of Industrial Activities was negative at €109 million (positive at €240 million in 2024), mainly driven by lower volumes and a one-off negative impact from exceptionally high inventory levels in the Bus division at year-end.
Available liquidity of Continuing Operations was €4,693 million as of 31st December 2025, including €1,900 million of undrawn committed facilities. Available liquidity of Discontinued Operations was €499 million as of 31st December 2025.
(*) 2025 financial data shown refers to Continuing Operations only, unless otherwise stated. Continuing Operations exclude the Defence business which, following the already announced signing of a definitive agreement to sell this business, has been classified as Discontinued Operations. 2024 comparative figures have been recast consistently.
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