Iveco Group’s newly released financial results. Slight loss in revenues (-4%), adjusted EBIT up
Last year, consolidated revenues amounted to €15,289 million compared to €15,978 million in 2023 (down 4%). "We are reconfirming our full year 2025 preliminary forecast for heavy-duty trucks in Europe at between 280-290 thousand registrations, signalling a stabilisation of the market", said CEO Persson, also admitting the possible spin-off of the Defence business in 2025.
On February 7, Iveco Group released its financial results for the year 2024. Last year, consolidated revenues amounted to €15,289 million compared to €15,978 million in 2023 (down 4%). Net revenues of Industrial Activities were €14,948 million compared to €15,640 million in 2023, with positive price realisation partially offsetting lower volumes in Truck and Powertrain.
Adjusted EBIT was €982 million (with a €11 million increase compared to 2023). Additionally, Iveco group’s board of directors is considering separating the Defence business comprising the IDV and Astra brands and related activities through a spin-off in 2025.
Iveco Group CEO Persson speaking
“We are reconfirming our full year 2025 preliminary forecast for heavy-duty trucks in Europe at between 280-290 thousand registrations, signalling a stabilisation of the market”, said Iveco Group’s CEO, Olof Persson. “For medium-duty trucks we expect volumes to be slightly down vs 2024. For light-duty trucks, our European industry forecast is mainly flat vs 2024. These forecasts reflect our expectations for a two-speed year: lower activity in the first half, with recovery in the second”.
CEO Persson added: “During Q4 2024 we continued to introduce our Model Year 2024 product line-up for Truck, maintaining a strong pricing discipline. Feedback from customers was positive and confirmed by our heavy-duty truck order intake, which was substantially up both sequentially and year-over-year. We kept production capacity below market demand, supporting dealers with the phase-out of Model Year 2022. The transition to Model Year 2024 will be largely completed by the first quarter of 2025 – as communicated earlier”.
Adjusted net income up €181 million
Adjusted net income of Iveco Group in 2024 was €569 million (up €181 million compared to 2023) after excluding from the €394 million reported net income, primarily the loss of €145 million from the transfer of the Fire Fighting business, €96 million in engine campaign costs, and a €94 million tax benefit due to the recognition of deferred tax assets in the German jurisdiction. Adjusted diluted earnings per share was €2.09, up €0.74 compared to 2023.
Available liquidity was €5,474 million as of 31st December 2024, up €726 million from 31st December 2023, including €1,900 million of undrawn committed facilities.
