Iveco Group (IVG) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues grew slightly to €2,828 million, driven by higher Bus volumes but offset by declines in Truck (notably South America) and FX headwinds.

• Adjusted EBIT swung to a loss of €90 million (margin -3.3%), mainly due to higher production and rework costs, especially in Bus.

• Net profit for the period was €1,170 million, driven by a €1,254 million net gain from the Defence business sale, with an extraordinary interim dividend of €1,551 million paid in April 2026.

• Leadership maintained in European LCV and electric bus markets, with strong order intake in Europe.

• Industrial volatility, especially in South America, and rework costs in Bus affected results.

Financial highlights

• Consolidated net revenues: €2.83bn, up 1% year-over-year; Industrial Activities revenues at €2,766 million.

• Adjusted EBIT: -€90mn (down from €82mn in Q1 2025); margin at -3.3%.

• Adjusted diluted EPS: -€0.28; adjusted net loss: -€74mn.

• Free cash flow of industrial activities: -€681mn, a €166mn improvement year-over-year.

• Available liquidity: €5,498 million as of March 31, 2026, before extraordinary dividend.

Outlook and guidance

• Profitability expected to recover in H2 2026, supported by efficiency programs and H1 actions.

• Merger with Tata Motors expected to close by Q3 2026, pending regulatory approvals.

• Management focused on cash preservation and operational efficiency amid macroeconomic and geopolitical uncertainties.