Iveco Group 2025 Third Quarter Results

Core Insights - The Iveco Group's Q3 2025 results indicate a decline in consolidated revenues and adjusted EBIT compared to Q3 2024, reflecting challenges in the Truck segment and adverse foreign exchange impacts [2][3]. Financial Performance - Consolidated revenues for Q3 2025 were €3,115 million, down from €3,230 million in Q3 2024. Net revenues from Industrial Activities were €3,044 million, compared to €3,137 million in Q3 2024, with higher volumes in Bus partially offsetting lower Truck volumes and foreign exchange impacts [2]. - Adjusted EBIT for Q3 2025 was €111 million, a decrease from €183 million in Q3 2024, resulting in a margin of 3.6% compared to 5.7% in Q3 2024. The adjusted EBIT for Industrial Activities was €76 million, down from €144 million in Q3 2024, primarily due to lower volumes and negative fixed cost absorption in Truck [3]. - Adjusted net income for Q3 2025 was €40 million, down from €94 million in Q3 2024, with adjusted diluted earnings per share of €0.15 compared to €0.35 in Q3 2024 [4]. Cash Flow and Liquidity - Free cash flow for Industrial Activities was negative at €513 million, worsening from negative €283 million in Q3 2024, driven by lower sales [5]. - As of September 30, 2025, available liquidity for Continuing Operations was €3,988 million, including €1,890 million of undrawn committed facilities, while available liquidity for Discontinued Operations was €316 million [5]. Operational Context - The financial data for 2025 pertains only to Continuing Operations, excluding the Defence business, which has been classified as Discontinued Operations following a definitive agreement for its sale [6].