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Iveco Group (IVG) investor relations material
Iveco Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 focused on operational discipline, cost management, and efficiency, with additional savings identified and revised guidance reflecting market challenges and ongoing divestitures.
Truck business faced low European demand, especially in LCV Chassis Cab, impacting profitability; strict pricing and inventory control were maintained.
Powertrain saw first signs of recovery in engine volumes, supporting profitability; bus unit maintained strong order books despite ramp-up costs.
Sale of Defense business to Leonardo and tender offer by Tata Motors are on track for completion in H1 2026, with Defense classified as discontinued operations.
Firefighting business sale completed January 2025; financials recast to reflect continuing operations.
Financial highlights
Q3 2025 consolidated net revenues were €3.1 billion, down 3.6% year-over-year; industrial activities net revenues at €3 billion, down 3%.
Adjusted EBIT was €111 million (3.6% margin), with industrial activities at €76 million (2.5% margin), both down 210 bps year-over-year.
Adjusted net income for continuing operations was €40 million, down €54 million year-over-year; adjusted diluted EPS at €0.15.
Free cash flow absorption was €513 million, broadly in line with last year after adjusting for inventory effects.
Available liquidity stood at €4 billion, including €1.9 billion in undrawn committed facilities.
Outlook and guidance
Full-year 2025 guidance revised: group adjusted EBIT (including Defense) at €830–880 million (previously €880–980 million); industrial activities net revenues expected down 3–5% year-over-year.
Adjusted EBIT for industrial activities forecast at €700–750 million; industrial free cash flow at €250–350 million.
Q4 2025 profitability expected to increase year-over-year across all business units, driven by sold-out LCV and truck volumes, higher bus volumes, and continued efficiency gains.
Excluding Defense, adjusted EBIT guidance is €680–730 million.
2025 industry volume outlook expects LCVs in Europe down 15%, South America down 10%, and Rest of World up 10%.
Elaborate on Q3 FCF of Industrial Activities decline
Address Truck's European market share decline
Quantify Q4 Efficiency Programme contribution
What drives LCV market recovery confidence?
Heavy truck market share: 2024 model impact?
Efficiency program: Q4 impact and acceleration?
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Next Iveco Group earnings date
Q4 20259 Feb, 2026
Next Iveco Group earnings date
Q4 20259 Feb, 2026
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Iveco Group N.V. designs, manufactures, and sells commercial vehicles, powertrains, and related services. Its portfolio includes trucks, buses, firefighting vehicles, and industrial engines. The company serves transportation, logistics, and construction sectors in global markets. The company is headquartered in Turin, Italy, and its shares are listed on the BIT.
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