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Iveco Group (IVG) investor relations material
Iveco Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
2025 was marked by challenging market conditions, with declining European truck demand and production ramp-up delays in the bus segment impacting volumes, profitability, and cash flow.
Powertrain segment showed recovery in H2, supporting overall profitability.
Order books across segments remain solid, providing visibility into FY 2026.
Major transactions, including the Defence business sale to Leonardo and Tata Motors tender offer, are progressing as planned.
Financial highlights
Consolidated net revenues for continuing operations were €13.4 billion, down 7% year-over-year; adjusted EBIT margin was 4.8%, down from 6.2%.
Industrial Activities net revenues were €13.1 billion, down 7% year-over-year; adjusted EBIT at €528 million.
Adjusted net income for continuing operations was €312 million; adjusted diluted EPS was €1.16.
Free cash flow for continuing operations was -€109 million, mainly due to a €200 million one-off bus inventory effect.
Available liquidity stood at €4.7 billion at year-end, with €1.9 billion in undrawn committed facilities.
Outlook and guidance
No formal financial guidance for 2026 due to ongoing extraordinary transactions.
Preliminary outlook: European truck market expected flat or slightly up, South America expected down 10%; bus demand slightly down in both regions.
Delayed bus deliveries to be completed in 2026, with ramp-up costs expected to decrease in H1 2026.
Efficiency programme acceleration planned for 2026, targeting further OpEx savings.
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