Iveco Group (IVG) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 1.4% YoY to €3.158bn; Industrial Activities revenue increased 1.5% to €3.091bn. Quality initiatives and adverse mix reduced Industrial Activities adjusted EBIT to nil.

• Quality efforts reached their planned peak in Q3 and are expected to ease gradually; profitability is expected to recover in Q4 2026, with solid seasonal Industrial Activities free cash flow generation.

• The tender offer was completed, and the business became part of Tata Motors.

Financial highlights

• Consolidated adjusted EBIT was €30mn versus €111mn; Industrial Activities adjusted EBIT was nil versus €76mn.

• Adjusted net profit attributable to shareholders was a €33mn loss versus €40mn profit; adjusted diluted EPS was -€0.12 versus €0.15.

• Continuing-operations loss was €45mn versus profit of €16mn; Q3 operating cash flow was negative €113mn.

• Industrial Activities free cash flow was an outflow of €656mn versus €513mn, driven by lower adjusted EBITDA, working-capital absorption and higher investment.

• 9M revenue was €9.750bn versus €9.428bn; adjusted EBIT was €106mn versus €399mn, and adjusted net loss was €60mn versus adjusted net income of €179mn.

Outlook and guidance

• Q4 2026 profitability is expected to recover as quality initiatives gradually ease, despite weaker LCV demand, macro uncertainty and adverse mix.

• Industrial Activities free cash flow generation is expected to be solid in Q4, consistent with usual seasonality.

• Bus order visibility was solid for Intercity in H1 2027 and Citybus for FY 2027.