(Milan:IVG),
The following is an extract from the “Iveco Group 2025 Second Quarter” 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 of disciplined execution and positive free cash flow.
Full year guidance 2025 revised
Consolidated revenues amounted to EUR3,781 million compared to EUR3,919 million in Q2 2024. Net revenues of Industrial Activities were EUR3,702 million compared to EUR3,819 million in Q2 2024, with higher volumes and better mix in Bus and Defence partially offsetting lower volumes in Truck and Powertrain and an adverse foreign exchange rate impact.
Adjusted EBIT was EUR215 million compared to EUR295 million in Q2 2024, with a 5.7% margin (7.5% in Q2 2024). Adjusted EBIT of Industrial Activities was EUR187 million (EUR264 million in Q2 2024), with cost containment actions in Selling, General & Administrative (SG&A) and Research & Development (R&D) expenses partially offsetting lower volumes and mix, unfavourable pricing and product costs. Adjusted EBIT margin of Industrial Activities was 5.1% (6.9% in Q2 2024), with margin improvements in Bus and Defence.
Adjusted net income was EUR106 million (EUR182 million Q2 2024) with adjusted diluted earnings per share of EUR0.39 (EUR0.63 in Q2 2024).
Net financial expenses amounted to EUR71 million compared to EUR49 million in Q2 2024. The increase was primarily due to a positive impact of the Argentinian hyperinflation accounting in Q2 2024 (no longer applicable in this country starting from 1st January 2025) and higher cost of hedge in 2025.
Reported income tax expense was EUR36 million, with an adjusted Effective Tax Rate (adjusted ETR) of 26% in Q2 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 positive at EUR145 million, an improvement of EUR243 million compared to Q2 2024, which included a one-off adverse impact linked to the Model Year 2024 launch. The improvement was also due to enhanced working capital resulting from inventory and production optimization.
Available liquidity was EUR4,713 million as of 30th June 2025 (EUR4,709 million at 31st March 2025), including EUR1,900 million of undrawn committed facilities.
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