The following is an extract from the “Iveco Group 2025 Third Quarter Results” press release(*). The complete press release can be accessed by visiting the media section of the Iveco Group corporate website: https://www.ivecogroup.com/media/corporate_press_releases or consulting the accompanying PDF:
A quarter marked by staying the course and concentrating efforts.
Full Year guidance 2025 revised.
Sale of Defence and Tata Motors Tender Offer progressing according to plan.
Consolidated revenues amounted to €3,115 million compared to €3,230 million in Q3 2024. Net revenues of Industrial Activities were €3,044 million compared to €3,137 million in Q3 2024, with higher volumes and better mix in Bus partially offsetting lower volumes in Truck and an adverse foreign exchange rate impact.
Adjusted EBIT was €111 million compared to €183 million in Q3 2024, with a 3.6% margin (5.7% in Q3 2024). Adjusted EBIT of Industrial Activities was €76 million (€144 million in Q3 2024), mainly driven by lower volumes and negative fixed cost absorption for Truck, and higher product cost for Bus, partially offset by cost containment actions in Selling, General & Administrative (SG&A) expenses. Adjusted EBIT margin of Industrial Activities was 2.5% (4.6% in Q3 2024).
Adjusted net income was €40 million (€94 million Q3 2024) with adjusted diluted earnings per share of €0.15 (€0.35 in Q3 2024).
Net financial expenses amounted to €58 million, in line with Q3 2024.
Reported income tax expense was €17 million, with an adjusted Effective Tax Rate (adjusted ETR) of 25% in Q3 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 €513 million, mainly driven by lower sales, compared to negative €283 million in Q3 2024 which included a partial recovery of the Q2 one-off impact related to Model Year 2024.
Available liquidity of Continuing Operations was €3,988 million as of 30th September 2025, including €1,890 million of undrawn committed facilities. Available liquidity of Discontinued Operations was €316 million as of 30th September 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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