Iveco Group 2024 Third Quarter Results

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The following is an excerpt from the news release “Iveco Group 2024 Third Quarter Results”.^(*). The full press release can be accessed by visiting the press section of the Iveco Group corporate website: or by contacting the accompanying PDF:

A quarter of new product introductions. Guidance for the full year is confirmed

Consolidated income it was €3,446 million compared to 3,710 million euros in Q3 2023. Net income from Industrial Activities be €3,355 millions compared to 3,623 million euros in Q3 2023, with positive price gains partially offset by lower volumes in Truck and Powertrain.

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Adjusted EBIT it was €206
millions (€ 224 million in Q3 2023) with 6.0%
margin (corresponding to Q3 2023). Adjusted EBIT for Industrial Operations it was €167 millions compared to 191 million euros in Q3 2023, with positive price gains partially offset by lower volumes. Adjusted EBIT margin for Industrial Operations it was 5.0% (5.3% in Q3 2023), with improved margins in Bus and Protection.

Adjusted income it was €106 millionan increase of ten million Euros compared to Q3 2023. Diluted adjusted earnings per share it was €0.39increased by €0.07 compared to Q3 2023.

Financial expenses it was €61 million compared to 96 million euros in Q3 2023, a better year-on-year performance mainly due to the more contained costs of the hedging effect in Argentina due to the hedging strategy used, and the improvement of the calculation effect of Argentinian hyperinflation.

Reported income tax expense was €38 million, with Adjusted Effective Tax Rate (adjusted ETR) of 27% in Q3 2024. The adjusted ETR reflects the different tax rates applied in the areas where the Group operates and other different items.

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Free cash flow for Industrial Jobs it was negative of €286 millionsan improvement of 56 million Euros compared to Q3 2023 resulting from the absorption of lower operating costs and driven by the partial recovery of the Q2 one-off impact related to the 2024 Model Year.

Available liquidity it was €4,376 million at 30^th September 2024, increased by €199 million from 30^th June 2024, including €1,900 million of undrawn dedicated areas.

The 2024 financial data shown is a Going concern only, unless otherwise stated. Continuing Operations does not include the Fire Fighting business which, following the now announced signing of the definitive agreement for the transfer of its ownership, has been classified as Discontinued Operations. The comparative figures for 2023 have been multiplied consistently.

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