AI Terminal
Iveco Group N.V.
Earnings Release • Feb 7, 2025
7333_iss_2025-02-07_0c0475bf-0382-474d-a6eb-1abe20aad47c.pdf
Earnings Release
Open in ViewerOpens in native device viewer
PRESS RELEASE
ù Iveco Group 2024 Full Year Results
The Board of Directors approves FY 2024 preliminary results, which mark another year of solid performance, and recommends an annual cash dividend of €0.33 per common share
The Board is considering separating the Defence business during 2025 through a spin-off
| EU-IFRS FINANCIAL MEASURES | NON-EU-IFRS FINANCIAL MEASURES (1) | |||||||
|---|---|---|---|---|---|---|---|---|
| (€ million) | FY 2024 | FY 2023 | Change | FY 2024 FY 2023 (€ million) |
Change | |||
| Consolidated EBIT | 674 | 866 | -192 | Adjusted EBIT 982 971 |
+11 | |||
| of which EBIT of Industrial Activities | 545 | 730 | -185 | of which Adjusted EBIT of Industrial Activities 851 849 |
+2 | |||
| Profit/(loss) for the period | 394 | 268 | +126 | Adjusted net income 569 388 |
+181 | |||
| Diluted EPS € | 1.44 | 0.91 | +0.53 | Adjusted diluted EPS € 2.09 1.35 |
+0.74 | |||
| Cash flow from operating activities | 1,306 | 1,366 | -60 | Free cash flow of Industrial Activities 402 450 |
-48 | |||
| Cash and cash equivalents(2) | 3,513 | 2,698 | +815 | Available liquidity(2) 5,474 4,748 |
+726 |
"We ended the year with solid results, continuing our journey to achieve our business plan financial targets. Financial performance in 2024 benefited from positive price realisation and diligent cost management, which largely offset the impact of lower volumes experienced by some of the industries where we compete. The Adjusted EBIT margin of Industrial Activities stood at 5.7%, 30 basis points higher than full year 2023. Our free cash flow generation ended the year at €402 million.
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. 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.
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.
Bus continued to execute on its strong order book and ramped up deliveries of electric city buses, which reached 14.2% of the European market by year end – ranking it second in the segment. Powertrain continued managing its cost base, enabling it to end the year with an adjusted EBIT margin up year-overyear, while continuing to increase third-party customers. Defence saw double-digit margins as the business unit is delivering its full multi-year order book.
In 2025 and 2026 we will accelerate the implementation of our Efficiency Programme and reprioritise certain investments with the aim of reducing our operational spending without affecting our product plan – equating to saving of €300 million (CapEx and OpEx) compared to full year 2024 actuals.
Furthermore, in view of the different trends in the commercial vehicles and defence markets, and the increasingly different requirements for the long-term success of both businesses, the Board of Directors is considering separating Iveco Group's Defence business, comprising the IDV and ASTRA brands and related activities, during 2025 through a spin-off. A separation could simplify the Group structure, increase management focus and create strategic flexibility for both businesses. The Board will provide an update on the outcome of this assessment in the coming months. Any steps post the assessment remain subject to the required internal and regulatory approvals.
Finally, let me reconfirm that we are proceeding at full force into 2025 with an unwavering focus on quality, operational efficiency and diligent pricing management."
Olof Persson, Chief Executive Officer
2025 PRELIMINARY FINANCIAL GUIDANCE
| GROUP | ||
|---|---|---|
| Adjusted EBIT: | between €980 million - €1,030 million | |
| INDUSTRIAL ACTIVITIES | ||
| Net revenues(3): | flat vs FY 2024 | |
| Adjusted EBIT: | between €850 million - €900 million | |
| Free cash flow: | between €400 million - €450 million |
Notes:
Iveco Group consolidated financial results included in this press release are prepared in accordance with EU-IFRS.
On 13th March 2024, Iveco Group and Mutares SE & Co. KGaA announced the signing of a definitive agreement for the transfer of ownership of Magirus GmbH and its affiliates performing Fire Fighting business. The transfer was completed on 3rd January 2025. According to IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, as the sale became highly probable in March 2024, the Fire Fighting business met the criteria to be classified as a disposal group held for sale and discontinued operations. 2024 financial data shown in this press release refers to continuing operations only, unless otherwise stated. In accordance with applicable accounting standards, the figures in the Income Statement and Statement of Cash Flows for 2023 comparative periods have been recast consistently.
(1) Non-EU-IFRS financial measures: refer to the "Non-EU-IFRS Financial Information" section of this press release for information regarding non-EU-IFRS financial measures. Refer to the specific table in the "Other Supplemental Financial Information" section of this press release for the reconciliation between the non-EU-IFRS financial measure and the most comparable EU-IFRS financial measure.
(2) Comparison vs 31st December 2023. (3) Including currency translation effects.
Dividends and Share Buyback
The Board of Directors of Iveco Group N.V. intends to recommend to the Company's shareholders an annual cash dividend of €0.33 per common share, totalling approximately €90 million. The proposed dividend remains subject to formal Board approval and the approval of the Annual General Meeting which will take place on 16th April 2025. If shareholders approve the annual dividend at the Annual General Meeting, it is anticipated that the record date for the dividend will be 23rd April 2025, with an ex-dividend date of 22nd April 2025 and payment on 24th April 2025.
The Board of Directors intends to submit to the same Annual General Meeting the authorisation to repurchase up to 10 million common shares for a total amount of up to €130 million, subject to market and business conditions, inter alia to serve the Company's equity incentive plans. The programme will replace the existing one (due to expire in October 2025) and will be funded by the Company's liquidity; it will last 18 months starting from the Shareholders' approval. Details of the programme will be disclosed in accordance with applicable laws and regulations.
2024 FY Group Performance and Results by Business Unit(1)
Consolidated revenues amounted to €15,289 million compared to €15,978 million in 2023. 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 (€11 million increase compared to 2023) with a 6.4% margin (up 30 bps compared to 2023). Adjusted EBIT of Industrial Activities was €851 million (€849 million in 2023), with positive price realisation more than offsetting lower volumes. Adjusted EBIT margin of Industrial Activities was 5.7% (up 30 bps compared to 2023), with margin improvements in Bus, Defence and Powertrain.
Adjusted net income 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.
Net financial expenses amounted to €211 million (€443 million in 2023), an improvement of €232 million compared to 2023 mainly due to a more contained cost of hedge impact in Argentina, resulting from the implemented hedging strategy, and an improvement in the Argentinian hyperinflation accounting impact.
Reported income tax expense was €69 million, with an adjusted Effective Tax Rate (adjusted ETR(2)) of 26% in 2024. The adjusted ETR reflects the different tax rates applied in the jurisdictions where the Group operates and some other discrete items.
Free cash flow of Industrial Activities was positive at €402 million (€450 million in 2023) as a result of an optimised management of production levels to adapt to a lower industry demand, and an effective hedging strategy to reduce the Argentinian foreign exchange exposure.
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.
Notes:
(1) On 14th March 2024, during its Capital Markets Day, Iveco Group released a new segment reporting structure for its Continuing Operations, expanding its reportable segments from three segments (Commercial & Specialty Vehicles, Powertrain and Financial Services) to five reportable segments (Truck, Bus, Defence, Powertrain and Financial Services). The Truck, Bus and Defence business units, along with the Fire Fighting business unit (now reported as discontinued operations), were previously part of the Commercial and Specialty Vehicles segment. The following data reflects the new reporting structure. Comparative data has been recast to conform to the current year presentation.
(2) Non-EU-IFRS financial measures: refer to the "Non-EU-IFRS Financial Information" section of this press release for information regarding non-EU-IFRS financial measures. Refer to the specific table in the "Other Supplemental Financial Information" section of this press release for the reconciliation between the non-EU-IFRS financial measure and the most comparable EU-IFRS financial measure.
Truck
| Net revenues (€ million) |
9,960 | 10,617 | -6.2% | |
|---|---|---|---|---|
| Adjusted EBIT (€ million) |
556 | 618 | -62 | |
| Adjusted EBIT margin |
5.6% | 5.8% | -20 bps | |
FY 2024 FY 2023 Change The European truck market was up 5% year-on-year, with Light-Duty Trucks (LCV) up 12% and Medium and Heavy-Duty Trucks (M&H) down 6%. The South American truck market was up 2% in LCV and up 17% in M&H. Iveco Group deliveries were down 13% vs 2023 (down 5% and 33% in LCV and in M&H, respectively) in Europe, and were up 13% (up 40% and 4% in LCV and in M&H, respectively) in South America. We still have a rather large and strong Truck order book, covering 8 weeks of production in LCV and 10-12 weeks in M&H. Worldwide Truck book-to-bill was 0.7 at the end of the year.
Net revenues were €9,960 million compared to €10,617 million in 2023, with positive price realisation partially offsetting lower volumes and an adverse foreign exchange rate impact.
The Adjusted EBIT was €556 million compared to €618 million in 2023, with positive price realisation and a reduction in product costs partially offsetting lower volumes and the adverse foreign exchange rate impact. The Adjusted EBIT margin was at 5.6% (5.8% in 2023).
Bus
| FY 2024 | FY 2023 | Change | Bus registrations were up 10% vs the previous year in Europe and up 8% in | |
|---|---|---|---|---|
| Net revenues (€ million) |
2,561 | 2,260 | +13.3% | South America. Iveco Group deliveries were down 7% in Europe and up 134% in South America compared to 2023. |
| Adjusted EBIT (€ million) |
140 | 108 | +32 | Net revenues were up 13.3% driven by higher volumes, a better mix and positive price realisation. |
| Adjusted EBIT margin |
5.5% | 4.8% | +70 bps | The Adjusted EBIT was €140 million, an increase of €32 million compared to |
| 2023 resulting from positive price realisation, higher volumes and a better mix. The Adjusted EBIT margin was at 5.5%, up 70 bps compared to 2023. |
Defence
| FY 2024 | FY 2023 | Change | |
|---|---|---|---|
| Net revenues | 1,133 | 984 | +15.1% |
| (€ million) Adjusted EBIT |
|||
| (€ million) | 113 | 76 | +37 |
| Adjusted EBIT margin |
10.0% | 7.7% | +230 bps |
Powertrain
| FY 2024 | FY 2023 | Change | Powertrain net revenues were €3,546 million compared to €4,258 million in | |
|---|---|---|---|---|
| Net revenues (€ million) |
3,546 | 4,258 | -16.7% | 2023 due to lower volumes. Sales to external customers accounted for 47% (52% in 2023). |
| Adjusted EBIT (€ million) |
221 | 252 | -31 | The Adjusted EBIT was €221 million compared to €252 million in 2023, with the reduction in product costs partially offsetting the impact of lower volumes. |
| Adjusted EBIT margin |
6.2% | 5.9% | +30 bps | The Adjusted EBIT margin was at 6.2%, up 30 bps compared to 2023. |
Financial Services
| FY 2024 | FY 2023 | Change | Financial Services net revenues were up 13.0% compared to 2023, mainly | |
|---|---|---|---|---|
| Net revenues (€ million) |
558 | 494 | +13.0% | driven by higher average receivables portfolio. The Adjusted EBIT was at €131 million, an increase of €9 million compared |
| Adjusted EBIT (€ million) |
131 | 122 | +9 | to 2023, primarily resulting from a higher average receivables portfolio. |
| Equity at year end (€ million) |
846 | 842 | +4 | The Iveco Group end of period managed portfolio (including unconsolidated joint ventures) was €8,343 million at the end of the year (of which retail was 40% and wholesale 60%). |
| Retail loan originations (€ million) |
1,943 | 1,641 | +302 | The receivable balance greater than 30 days past due as a percentage of the on-book portfolio was at 1.9% (2.0% as of 31st December 2023). |
Iveco Group 2024 Fourth Quarter Results
| EU-IFRS FINANCIAL MEASURES | NON EU-IFRS FINANCIAL MEASURES (1) | ||||||
|---|---|---|---|---|---|---|---|
| (€ million) | Q4 2024 | Q4 2023 | Change | (€ million) | Q4 2024 | Q4 2023 | Change |
| Consolidated EBIT | 93 | 225 | -132 | Adjusted EBIT | 248 | 262 | -14 |
| of which EBIT of Industrial Activities | 65 | 199 | -134 | of which Adjusted EBIT of Industrial Activities | 219 | 236 | -17 |
| Profit/(loss) for the period | 98 | (22) | +120 | Adjusted net income | 128 | 49 | +79 |
| Diluted EPS € | 0.38 | (0.10) | +0.48 | Adjusted diluted EPS € | 0.49 | 0.17 | +0.32 |
| Cash flow from operating activities | 1,579 | 1,594 | -15 | Free cash flow of Industrial Activities | 1,222 | 1,203 | +19 |
| Cash and cash equivalents(2) | 3,513 | 2,451 | +1,062 | Available liquidity(2) | 5,474 | 4,376 | +1,098 |
Truck
| Q4 2024 | Q4 2023 | Change | ||
|---|---|---|---|---|
| Net revenues (€ million) |
2,803 | 2,931 | -4.4% | |
| Adjusted EBIT (€ million) |
93 | 96 | -3 | |
| Adjusted EBIT margin |
3.3% | 3.3% | - bps |
Bus
| Q4 2024 | Q4 2023 | Change | ||
|---|---|---|---|---|
| Net revenues (€ million) |
988 | 887 | +11.4% | |
| Adjusted EBIT (€ million) |
59 | 61 | -2 | |
| Adjusted EBIT margin |
6.0% | 6.9% | -90 bps |
Defence
| Q4 2024 | Q4 2023 | Change | ||
|---|---|---|---|---|
| Net revenues (€ million) |
371 | 406 | -8.6% | |
| Adjusted EBIT (€ million) |
40 | 37 | +3 | |
| Adjusted EBIT margin |
10.8% | 9.1% | +170 bps |
Powertrain
| Q4 2024 | Q4 2023 | Change | ||
|---|---|---|---|---|
| Net revenues (€ million) |
855 | 1,058 | -19.2% | |
| Adjusted EBIT (€ million) |
59 | 72 | -13 | |
| Adjusted EBIT margin |
6.9% | 6.8% | +10 | bps |
Financial Services
| Q4 2024 | Q4 2023 | Change | ||
|---|---|---|---|---|
| Net revenues (€ million) |
139 | 151 | -7.9% | |
| Adjusted EBIT (€ million) |
29 | 26 | +3 |
Consolidated revenues amounted to €4,557 million compared to €4,782 million in Q4 2023. Net revenues of Industrial Activities were €4,491 million compared to €4,675 million in Q4 2023, due to lower volumes.
Adjusted EBIT was €248 million (€262 million in Q4 2023) with a 5.4% margin (5.5% in Q4 2023). Adjusted EBIT of Industrial Activities was €219 million compared to €236 million in Q4 2023, with positive price realisation partially offsetting lower volumes and higher product costs. Adjusted EBIT margin of Industrial Activities was 4.9% (5.0% in Q4 2023), with a margin improvement in Defence.
Adjusted net income was €128 million, an increase of €79 million compared to Q4 2023. Adjusted diluted earnings per share was €0.49, up €0.32 compared to Q4 2023.
Net financial expenses amounted to €80 million (€193 million in Q4 2023), an improvement of €113 million compared to Q4 2023, due to a more contained cost of hedge impact in Argentina.
Free cash flow of Industrial Activities was positive at €1,222 million, up €19 million compared to Q4 2023.
Notes:
(1) Non-EU-IFRS financial measures: refer to the "Non-EU-IFRS Financial Information" section of this press release for information regarding non-EU-IFRS financial measures. Refer to the specific table in the "Other Supplemental Financial Information" section of this press release for the reconciliation between the non-EU-IFRS financial measure and the most comparable EU-IFRS financial measure.
(2) Comparison vs 30th September 2024.
Non-EU-IFRS Financial Information
Iveco Group monitors its operations through the use of several non-EU-IFRS financial measures. Iveco Group's management believes that these non-EU-IFRS financial measures provide useful and relevant information regarding its operating results and enhance the readers' ability to assess Iveco Group's financial performance and financial position. Management uses these non-EU-IFRS measures to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions as they provide additional transparency with respect to our core operations. These non-EU-IFRS financial measures have no standardised meaning under EU-IFRS and are unlikely to be comparable to other similarly titled measures used by other companies and are not intended to be substitutes for measures of financial performance and financial position as prepared in accordance with EU-IFRS.
Iveco Group's non-EU-IFRS financial measures are defined as follows:
- Adjusted EBIT: is defined as EBIT before restructuring costs and non-recurring items. In particular, non-recurring items are specifically disclosed items that management considers rare or discrete events that are infrequent in nature and not reflective of on-going operational activities;
- Adjusted Net Income/(Loss): is defined as profit/(loss) for the period, less restructuring costs and non-recurring items, after tax;
- Adjusted Diluted EPS: is computed by dividing Adjusted Net Income/(Loss) attributable to Iveco Group N.V. by a weighted-average number of Common Shares outstanding during the period that takes into consideration potential Common Shares outstanding deriving from the Iveco Group share-based payment awards, when inclusion is not anti-dilutive. When Iveco Group provides guidance for adjusted diluted EPS, the Group does not provide guidance on an earnings per share basis because the EU-IFRS measure will include potentially significant items that have not yet occurred and are difficult to predict with reasonable certainty prior to yearend;
- Adjusted Income Taxes: is defined as income taxes less the tax effect of restructuring expenses and non-recurring items, and non-recurring tax charges or benefits. Adjusted Effective Tax Rate (Adjusted ETR): is computed by dividing a) adjusted income taxes by b) profit (loss) before income taxes, less restructuring expenses
- and non-recurring items;
- Free Cash Flow of Industrial Activities (or Industrial Free Cash Flow): refers to Industrial Activities, only, and is computed as consolidated cash flow from operating activities less: cash flow from operating activities of Financial Services; investments of Industrial Activities in property, plant and equipment and intangible assets; as well as other changes and intersegment eliminations;
- Net Cash (Debt) and Net Cash (Debt) of Industrial Activities: Net Cash (Debt) is defined as total Debt plus Derivative liabilities, net of Cash and cash equivalents, Derivative assets and other current financial assets (primarily current securities, short-term deposits and investments towards high-credit rating counterparties) and financial receivables from CNH deriving from financing activities and sale of trade receivables. Iveco Group provides the reconciliation of Net Cash (Debt) to Total (Debt), which is the most directly comparable EU-IFRS financial measure included in the Group's Consolidated Statement of Financial Position. Due to different sources of cash flows used for the repayment of the debt between Industrial Activities and Financial Services (by cash from operations for Industrial Activities and by collection of financing receivables for Financial Services), management separately evaluates the cash flow performance of Industrial Activities using Net Cash (Debt) of Industrial Activities; and
- Available Liquidity: is defined as cash and cash equivalents, including restricted cash, undrawn medium-term unsecured committed facilities, other current financial assets (primarily current securities, short-term deposits and investments towards high-credit rating counterparties), and financial receivables from CNH deriving from financing activities and sale of trade receivables.
Forward-looking statements
Statements other than statements of historical fact contained in this earning release, including competitive strengths; business strategy; future financial position or operating results; budgets; projections with respect to revenue, income, earnings (or loss) per share, capital expenditures, dividends, liquidity, capital structure or other financial items; costs; and plans and objectives of management regarding operations and products, are forward-looking statements. These statements may include terminology such as "may", "will", "expect", "could", "should", "intend", "estimate", "anticipate", "believe", "outlook", "continue", "remain", "on track", "design", "target", "objective", "goal", "forecast", "projection", "prospects", "plan", or similar terminology. Forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are difficult to predict and/or are outside the Company's control. If any of these risks and uncertainties materialise (or they occur with a degree of severity that the Company is unable to predict) or other assumptions underlying any of the forwardlooking statements prove to be incorrect, including any assumptions regarding strategic plans, the actual results or developments may differ materially from any future results or developments expressed or implied by the forward-looking statements. Factors, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: the continued uncertainties related to the unknown duration and economic, operational and financial impacts of ongoing and/or threatened international conflicts and geopolitical tensions; supply chain disruptions and global logistic constraints, including, industry capacity constraints, supplier viability issues, material availability and relevant price volatility; increased vulnerability to cybersecurity or data privacy incidents, also due to potential massive availability of Generative Artificial Intelligence; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products, including demand uncertainty caused by current macroeconomic and geopolitical issues; changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining to capital goods-related issues such as the environment, debt relief and subsidy program policies, trade and commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls and tariffs; volatility in international trade caused by the imposition of tariffs, sanctions, embargoes, and trade wars; actions of competitors in the various industries in which we compete; development and use of new technologies and technological difficulties; the interpretation of, or adoption of new, compliance requirements with respect to engine emissions, safety or other aspects of our products; production difficulties, including capacity and supply constraints and excess inventory levels; labour relations; interest rates and currency exchange rates; inflation and deflation; energy prices; our ability to obtain financing or to refinance existing debt; price pressure on new and used vehicles; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, follow-on private litigation in various jurisdictions after the settlement of the EU antitrust investigation of the Iveco Group announced on 19th July 2016, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of Iveco Group and its suppliers and dealers; security breaches with respect to our products; further developments of geopolitical threats which could impact our operations, supply chains, distribution network, as well as negative evolutions of the economic and financial conditions at global and regional levels; political and civil unrest; volatility and deterioration of capital and financial markets, including other pandemics, terrorist attacks or acts of war in Europe and elsewhere; our ability to realise the anticipated benefits from our business initiatives as part of our strategic plan; our failure to realise, or a delay in realising, all of the anticipated benefits of our acquisitions, joint ventures, strategic alliances or divestitures and other similar risks and uncertainties, and our success in managing the risks involved in the foregoing.
Forward-looking statements are based upon assumptions relating to the factors described in this earnings release, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Actual results may differ materially from the forward-looking statements as a result of a number of
risks and uncertainties, many of which are outside Iveco Group's control. Except as otherwise required by applicable rules, Iveco Group expressly disclaims any intention to provide, update or revise any forward-looking statements in this announcement to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Further information concerning Iveco Group, including factors that potentially could materially affect Iveco Group's financial results, is included in Iveco Group's reports and public filings under applicable regulations.
About Iveco Group
Iveco Group N.V. (EXM: IVG) is the home of unique people and brands that power your business and mission to advance a more sustainable society. The seven brands are each a major force in its specific business: IVECO, a pioneering commercial vehicles brand that designs, manufactures, and markets heavy, medium, and light-duty trucks; FPT Industrial, a global leader in a vast array of advanced powertrain technologies in the agriculture, construction, marine, power generation, and commercial vehicles sectors; IVECO BUS and HEULIEZ, mass-transit and premium bus and coach brands; IDV, for highly specialised defence and civil protection equipment; ASTRA, a leader in largescale heavy-duty quarry and construction vehicles; and IVECO CAPITAL, the financing arm which supports them all. At of 31st December 2023, Iveco Group employed more than 36,000 people around the world and had 20 industrial sites and 31 R&D centres. Further information is available on the Company's website www.ivecogroup.com.
Slides Presentation, Conference Call and Webcast
Today, at 11:00 am CET / 10:00 am GMT, management will hold a conference call to present the fourth quarter and full year 2024 financial results to financial analysts and institutional investors. The call can be followed live online at Q4 2024 Iveco Group Webcast and a recording will be available later on the Company's website www.ivecogroup.com. The slides presentation of the quarterly and yearly results and 2025 Preliminary Financial Guidance, including commentary in the form of notes pages, is being made available on the Company's website.
Contacts
Media: Investor Relations: Francesco Polsinelli, Tel: +39 335 1776091 Federico Donati, Tel: +39 011 0073539 Fabio Lepore, Tel: +39 335 7469007 E-mail: [email protected] E-mail: [email protected]
Condensed Consolidated Income Statement for the three months and years ended 31st December 2024 and 2023 (Unaudited)
| Three months ended 31stDecember | Year ended 31st December | |||
|---|---|---|---|---|
| (€ million) | 2024 | 2023 | 2024 | 2023 |
| Net revenues | 4,557 | 4,782 | 15,289 | 15,978 |
| Cost of sales | 3,867 | 4,047 | 12,637 | 13,295 |
| Selling, general and administrative costs | 274 | 269 | 1,000 | 996 |
| Research and development costs | 164 | 189 | 617 | 611 |
| Result from investments: | 1 | 8 | 18 | 14 |
| Share of the profit/(loss) of investees accounted for using the equity method |
9 | 8 | 26 | 14 |
| Other income/(expenses) from investments | (8) | - | (8) | - |
| Gains/(losses) on the disposal of investments | 1 | - | 1 | - |
| Restructuring costs | 10 | 24 | 24 | 36 |
| Other income | 14 | 13 | 41 | 52 |
| Other expenses | 165 | 49 | 397 | 240 |
| EBIT | 93 | 225 | 674 | 866 |
| Net financial income/(expenses) | (80) | (193) | (211) | (443) |
| Financial income | 25 | 3 | 108 | 93 |
| Financial expenses | 105 | 196 | 319 | 536 |
| PROFIT/(LOSS) BEFORE TAXES | 13 | 32 | 463 | 423 |
| Income tax (expense) benefit | 85 | (54) | (69) | (155) |
| PROFIT/(LOSS) FROM CONTINUING OPERATIONS | 98 | (22) | 394 | 268 |
| PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX | (7) | 2 | (42) | (34) |
| PROFIT/(LOSS) FOR THE PERIOD | 91 | (20) | 352 | 234 |
| PROFIT/(LOSS) FOR THE PERIOD ATTRIBUTABLE TO: | ||||
| Owners of the parent | 90 | (25) | 349 | 218 |
| Non-controlling interests | 1 | 5 | 3 | 16 |
| (in €) | ||||
| Basic Earnings/(loss) per Common Share from Continuing Operations | 0.38 | (0.10) | 1.46 | 0.92 |
| BASIC EARNINGS/(LOSS) PER COMMON SHARE | 0.34 | (0.10) | 1.31 | 0.81 |
| Diluted Earnings/(loss) per Common Share from Continuing Operations | 0.38 | (0.10) | 1.44 | 0.91 |
| DILUTED EARNINGS/(LOSS) PER COMMON SHARE | 0.34 | (0.10) | 1.29 | 0.80 |
Condensed Consolidated Statement of Financial Position as of 31st December 2024 and 2023 (Unaudited)
| (€ million) | 31st December 2024 | 31st December 2023 |
|---|---|---|
| ASSETS | ||
| Intangible assets | 2,039 | 1,841 |
| Property, plant and equipment and Leased assets | 3,240 | 3,261 |
| Inventories | 2,871 | 2,868 |
| Receivables from financing activities | 5,185 | 5,802 |
| Cash and cash equivalents | 3,513 | 2,698 |
| Other receivables and assets | 2,185 | 1,856 |
| Assets held for sale(1) | 404 | 59 |
| TOTAL ASSETS | 19,437 | 18,385 |
| EQUITY AND LIABILITIES | ||
| Issued capital and reserves attributable to owners of the parent | 2,699 | 2,354 |
| Non-controlling interests | 70 | 36 |
| Total Equity | 2,769 | 2,390 |
| Debt | 6,306 | 6,100 |
| Other payables and liabilities | 10,099 | 9,836 |
| Liabilities held for sale(1) | 263 | 59 |
| Total Liabilities | 16,668 | 15,995 |
| TOTAL EQUITY AND LIABILITIES | 19,437 | 18,385 |
Notes:
(1) At 31st December 2024, Assets held for sale and Liabilities held for sale mainly include the assets and the liabilities, respectively, of the Fire Fighting business classified as a disposal group held for sale and as Discontinued Operations whose transfer was completed on 3rd January 2025. At 31st December 2023, these items included the assets and the liabilities, respectively, of IVECO Nordic distribution and retail operations whose transfer was completed on 4th November 2024.
Iveco Group N.V.
Condensed Consolidated Statement of Cash Flows for the years ended 31st December 2024 and 2023 (Unaudited)
| Year ended 31st December | |||
|---|---|---|---|
| (€ million) | 2024 | 2023 | |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR | 2,698 | 2,288 | |
| Profit/(loss) from Continuing Operations | 394 | 268 | |
| Adjustment to reconcile profit/(loss) from Continuing Operations to cash flows from/(used in) operating activities from Continuing Operations |
912 | 1,098 | |
| CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS | 1,306 | 1,366 | |
| CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS | (108) | (30) | |
| TOTAL | 1,198 | 1,336 | |
| CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS | (319) | (2,216) | |
| CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS | 35 | (8) | |
| TOTAL | (284) | (2,224) | |
| CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS | (98) | 1,456 | |
| CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS | 166 | 33 | |
| TOTAL | 68 | 1,489 | |
| Translation exchange differences | (58) | (191) | |
| TOTAL CHANGE IN CASH AND CASH EQUIVALENTS | 924 | 410 | |
| Less: Cash and cash equivalent at end of the period – included within Assets held for sale at end of the year | 109 | - | |
| CASH AND CASH EQUIVALENTS AT END OF THE YEAR | 3,513 | 2,698 | |
Supplemental Consolidated Statements of Operations for the three months ended 31st December 2024 and 2023 (Unaudited)
| Three months ended 31stDecember 2024 | Three months ended 31stDecember 2023 | |||||||
|---|---|---|---|---|---|---|---|---|
| (€ million) | Industrial Activities(1) |
Financial Services |
Eliminations | Consolidated | Industrial Activities(1) |
Financial Services |
Eliminations | Consolidated |
| Net revenues | 4,491 | 139 | (73) (2) | 4,557 | 4,675 | 151 | (44) (2) | 4,782 |
| Cost of sales | 3,847 | 93 | (73) (3) | 3,867 | 3,983 | 108 | (44) (3) | 4,047 |
| Selling, general and administrative costs |
250 | 24 | - | 274 | 246 | 23 | - | 269 |
| Research and development costs | 164 | - | - | 164 | 189 | - | - | 189 |
| Result from investments: | (5) | 6 | - | 1 | 2 | 6 | - | 8 |
| Share of the profit/(loss) of investees accounted for using the equity method |
3 | 6 | - | 9 | 2 | 6 | - | 8 |
| Other income/(expenses) from investments |
(8) | - | - | (8) | - | - | - | - |
| Gains/(losses) on the disposal of investments |
1 | - | - | 1 | - | - | - | - |
| Restructuring costs | 9 | 1 | - | 10 | 24 | - | - | 24 |
| Other income | 14 | 2 | (2) | 14 | 12 | 1 | - | 13 |
| Other expenses | 166 | 1 | (2) | 165 | 48 | 1 | - | 49 |
| EBIT | 65 | 28 | - | 93 | 199 | 26 | - | 225 |
| Net financial income/(expenses) | (80) | - | - | (80) | (193) | - | - | (193) |
| Financial income | 25 | - | - | 25 | 3 | - | - | 3 |
| Financial expenses | 105 | - | - | 105 | 196 | - | - | 196 |
| PROFIT/(LOSS) BEFORE TAXES | (15) | 28 | - | 13 | 6 | 26 | - | 32 |
| Income tax (expense) benefit | 92 | (7) | - | 85 | (47) | (7) | - | (54) |
| PROFIT/(LOSS) FROM CONTINUING OPERATIONS |
77 | 21 | - | 98 | (41) | 19 | - | (22) |
| PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS, NET |
||||||||
| OF TAX | (7) | - | - | (7) | 2 | - | - | 2 |
| PROFIT/(LOSS) FOR THE PERIOD | 70 | 21 | - | 91 | (39) | 19 | - | (20) |
Notes:
(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes Truck, Bus, Defence and Powertrain business units, as well as the holding company Iveco Group N.V. and the Fire Fighting business unit (classified as Discontinued Operations).
(2) Elimination of Financial Services' interest income earned from Industrial Activities.
(3) Elimination of Industrial Activities' interest expense to Financial Services.
Supplemental Condensed Consolidated Statements of Operations for the years ended 31st December 2024 and 2023 (Unaudited)
| Year ended 31st December 2024 | Year ended 31st December 2023 | |||||||
|---|---|---|---|---|---|---|---|---|
| (€ million) | Industrial Activities(1) |
Financial Services |
Eliminations | Consolidated | Industrial Activities(1) |
Financial Services |
Eliminations | Consolidated |
| Net revenues | 14,948 | 558 | (217) (2) | 15,289 | 15,640 | 494 | (156) (2) | 15,978 |
| Cost of sales | 12,501 | 353 | (217) (3) | 12,637 | 13,156 | 295 | (156) (3) | 13,295 |
| Selling, general and administrative costs |
908 | 92 | - | 1,000 | 910 | 86 | - | 996 |
| Research and development costs | 617 | - | - | 617 | 611 | - | - | 611 |
| Result from investments: | (2) | 20 | - | 18 | (5) | 19 | - | 14 |
| Share of the profit/(loss) of investees accounted for using the equity method |
6 | 20 | - | 26 | (5) | 19 | - | 14 |
| Other income/(expenses) from investments |
(8) | - | - | (8) | - | - | - | - |
| Gains/(losses) on the disposal of investments |
1 | - | - | 1 | - | - | - | - |
| Restructuring costs | 22 | 2 | - | 24 | 36 | - | - | 36 |
| Other income | 39 | 4 | (2) | 41 | 48 | 4 | - | 52 |
| Other expenses | 393 | 6 | (2) | 397 | 240 | - | - | 240 |
| EBIT | 545 | 129 | - | 674 | 730 | 136 | - | 866 |
| Net financial income/(expenses) | (211) | - | - | (211) | (443) | - | - | (443) |
| Financial income | 108 | - | - | 108 | 93 | - | - | 93 |
| Financial expenses | 319 | - | - | 319 | 536 | - | - | 536 |
| PROFIT/(LOSS) BEFORE TAXES | 334 | 129 | - | 463 | 287 | 136 | - | 423 |
| Income tax (expense) benefit | (35) | (34) | - | (69) | (118) | (37) | - | (155) |
| PROFIT/(LOSS) FROM CONTINUING OPERATIONS |
299 | 95 | - | 394 | 169 | 99 | - | 268 |
| PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS, |
||||||||
| NET OF TAX | (42) | - | - | (42) | (34) | - | - | (34) |
| PROFIT/(LOSS) FOR THE PERIOD | 257 | 95 | - | 352 | 135 | 99 | - | 234 |
Notes:
(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes Truck, Bus, Defence and Powertrain business units, as well as the holding company Iveco Group N.V. and the Fire Fighting business unit (classified as Discontinued Operations).
(2) Elimination of Financial Services' interest income earned from Industrial Activities.
(3) Elimination of Industrial Activities' interest expense to Financial Services.
Supplemental Condensed Consolidated Statement of Financial Position as of 31st December 2024 and 2023 (Unaudited)
| 31st December 2024 | 31st December 2023 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (€ million) | Industrial Activities(1) |
Financial Services |
Eliminations | Consolidated | Industrial Activities(1) |
Financial Services |
Eliminations | Consolidated | ||
| ASSETS | ||||||||||
| Intangible assets | 2,018 | 21 | - | 2,039 | 1,824 | 17 | - | 1,841 | ||
| Property, plant and equipment and Leased assets |
3,159 | 81 | - | 3,240 | 3,200 | 61 | - | 3,261 | ||
| Inventories | 2,870 | 1 | - | 2,871 | 2,864 | 4 | - | 2,868 | ||
| Receivables from financing activities | 778 | 5,842 | (1,435) | (2) | 5,185 | 1,041 | 6,183 | (1,422) | (2) | 5,802 |
| Cash and cash equivalents | 3,326 | 187 | - | 3,513 | 2,447 | 251 | - | 2,698 | ||
| Other receivables and assets | 1,888 | 374 | (77) | (3) | 2,185 | 1,505 | 431 | (80) | (3) | 1,856 |
| Assets held for sale | 404 | - | - | 404 | 59 | - | - | 59 | ||
| TOTAL ASSETS | 14,443 | 6,506 | (1,512) | 19,437 | 12,940 | 6,947 | (1,502) | 18,385 | ||
| EQUITY AND LIABILITIES | ||||||||||
| Total Equity | 1,923 | 846 | - | 2,769 | 1,548 | 842 | - | 2,390 | ||
| Debt | 2,271 | 5,470 | (1,435) | (2) | 6,306 | 1,624 | 5,898 | (1,422) | (2) | 6,100 |
| Other payables and liabilities | 9,986 | 190 | (77) | (3) | 10,099 | 9,709 | 207 | (80) | (3) | 9,836 |
| Liabilities held for sale | 263 | - | - | 263 | 59 | - | - | 59 | ||
| Total Liabilities | 12,520 | 5,660 | (1,512) | 16,668 | 11,392 | 6,105 | (1,502) | 15,995 | ||
| TOTAL EQUITY AND LIABILITIES | 14,443 | 6,506 | (1,512) | 19,437 | 12,940 | 6,947 | (1,502) | 18,385 |
Notes:
(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes Truck, Bus, Defence and Powertrain business units, as well as the holding company Iveco Group N.V. and the Fire Fighting business unit (classified as Discontinued Operations at 31st December 2024).
(2) This item includes the elimination of receivables/payables between Industrial Activities and Financial Services.
(3) This item includes the reclassification of the deferred tax assets/liabilities in the same jurisdiction and the elimination of intercompany activities between Industrial Activities and Financial Services.
Supplemental Condensed Consolidated Statement of Cash Flows for the year ended 31st December 2024 (Unaudited)
| Year ended 31st December 2024 | ||||
|---|---|---|---|---|
| (€ million) | Industrial Activities(1) |
Financial Services |
Eliminations | Consolidated |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR | 2,447 | 251 | - | 2,698 |
| Profit/(loss) from Continuing Operations | 299 | 95 | - | 394 |
| Adjustment to reconcile profit/(loss) from Continuing Operations to cash flows from/(used in) operating activities from Continuing Operations |
1,026 | 2 | (116) | 912 |
| CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS | 1,325 | 97 | (116) | 1,306 |
| CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS | (108) | - | - | (108) |
| TOTAL | 1,217 | 97 | (116) | 1,198 |
| CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS | (309) | (17) | 7 | (319) |
| CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS | 35 | - | - | 35 |
| TOTAL | (274) | (17) | 7 | (284) |
| CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS | (63) | (144) | 109 | (98) |
| CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS | 166 | - | - | 166 |
| TOTAL | 103 | (144) | 109 | 68 |
| Translation exchange differences | (58) | - | - | (58) |
| TOTAL CHANGE IN CASH AND CASH EQUIVALENTS | 988 | (64) | - | 924 |
| Less: Cash and cash equivalent at end of the period – included within Assets held for sale at end of the year |
109 | - | - | 109 |
| CASH AND CASH EQUIVALENTS AT END OF THE YEAR | 3,326 | 187 | - | 3,513 |
Notes:
(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes Truck, Bus, Defence and Powertrain business units, as well as the holding company Iveco Group N.V. and the Fire Fighting business unit (classified as Discontinued Operations).
Iveco Group N.V.
Supplemental Condensed Consolidated Statement of Cash Flows for the year ended 31st December 2023 (Unaudited)
| Year ended 31st December 2023 | ||||||
|---|---|---|---|---|---|---|
| (€ million) | Industrial Activities(1) |
Financial Services |
Eliminations | Consolidated | ||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR | 2,100 | 188 | - | 2,288 | ||
| Profit/(loss) from Continuing Operations | 169 | 99 | - | 268 | ||
| Adjustment to reconcile profit/(loss) from Continuing Operations to cash flows from/(used in) operating activities from Continuing Operations |
1,248 | (109) | (41) | 1,098 | ||
| CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS | 1,417 | (10) | (41) | 1,366 | ||
| CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS | (30) | - | - | (30) | ||
| TOTAL | 1,387 | (10) | (41) | 1,336 | ||
| CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS | (1,167) | (1,055) | 6 | (2,216) | ||
| CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS | (8) | - | - | (8) | ||
| TOTAL | (1,175) | (1,055) | 6 | (2,224) | ||
| CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS | 293 | 1,128 | 35 | 1,456 | ||
| CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS | 33 | - | - | 33 | ||
| TOTAL | 326 | 1,128 | 35 | 1,489 | ||
| Translation exchange differences | (191) | - | - | (191) | ||
| TOTAL CHANGE IN CASH AND CASH EQUIVALENTS | 347 | 63 | - | 410 | ||
| Less: Cash and cash equivalent at end of the period – included within Assets held for sale at end of the year |
- | - | - | |||
| CASH AND CASH EQUIVALENTS AT END OF THE YEAR | 2,447 | 251 | - | 2,698 |
Notes:
(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes Truck, Bus, Defence and Powertrain business units, as well as the holding company Iveco Group N.V. and the Fire Fighting business unit (classified as Discontinued Operations).
(Unaudited)
| Three months ended 31st December 2024 | |||||||
|---|---|---|---|---|---|---|---|
| Bus | Defence | Powertrain | Unallocated items, eliminations and other |
Total Industrial Activities |
Financial Services |
Eliminations | Total |
| 58 | 40 | 57 | (177) | 65 | 28 | - | 93 |
| 1 | - | 2 | - | 9 | 1 | - | 10 |
| - | - | - | 145 | 145 | - | - | 145 |
| 59 | 40 | 59 | (32) | 219 | 29 | - | 248 |
| Truck 87 6 - 93 |
| Truck | Bus | Defence | Powertrain | items, eliminations and other |
Total Industrial Activities |
Financial Services |
Eliminations | Total | |
|---|---|---|---|---|---|---|---|---|---|
| EBIT | 79 | 61 | 36 | 66 | (43) | 199 | 26 | - | 225 |
| Adjustments: | |||||||||
| Restructuring costs | 17 | - | 1 | 6 | - | 24 | - | - | 24 |
| Other discrete items(1) |
- | - | - | - | 13 | 13 | - | - | 13 |
| Adjusted EBIT | 96 | 61 | 37 | 72 | (30) | 236 | 26 | - | 262 |
(1) In the three months ended 31st December 2024, this item mainly includes the negative impact of €30 million loss from the transfer of the Fire Fighting business, €96 million costs for actions related to EPA/CARB newly-introduced post-sale in field verification program on North America market, as well as €20 million related to the reorganisation of the Chinese operations. In the three months ended 31st December 2023, this item mainly included €7 million costs related to certain claims arising from the EU Commission's 2016 antitrust settlement and FPT emissions investigation closure, as well as €5 million separation costs related to the spin-off of the Iveco Group business.
Reconciliation of EBIT to Adjusted EBIT by business unit (€ million)
| Year ended 31st December 2024 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Truck | Bus | Defence | Powertrain | Unallocated items, eliminations and other |
Total Industrial Activities |
Financial Services |
Eliminations | Total | |||
| EBIT | 542 | 138 | 113 | 216 | (464) | 545 | 129 | - | 674 | ||
| Adjustments: | |||||||||||
| Restructuring costs | 14 | 2 | - | 5 | 1 | 22 | 2 | - | 24 | ||
| Other discrete items(1) |
- | - | - | - | 284 | 284 | - | - | 284 | ||
| Adjusted EBIT | 556 | 140 | 113 | 221 | (179) | 851 | 131 | - | 982 |
| Year ended 31st December 2023 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Truck | Bus | Defence | Powertrain | Unallocated items, eliminations and other |
Total Industrial Activities |
Financial Services |
Eliminations | Total | |
| EBIT | 594 | 108 | 75 | 241 | (288) | 730 | 136 | - | 866 |
| Adjustments: | |||||||||
| Restructuring costs | 24 | - | 1 | 11 | - | 36 | - | - | 36 |
| Other discrete items(1) |
- | - | - | - | 83 | 83 | (14) | - | 69 |
| Adjusted EBIT | 618 | 108 | 76 | 252 | (205) | 849 | 122 | - | 971 |
(1) In the year ended 31st December 2024, this item mainly includes the negative impact of €145 million loss from the transfer of the Fire Fighting business, €96 million costs for actions related to EPA/CARB newly-introduced post-sale in field verification program on North America market, €20 million costs related to certain claims arising from the EU Commission's 2016 antitrust settlement and FPT emissions investigation closure, €20 million related to the reorganisation of the Chinese operations, as well as €5 million separation costs related to the spin-off of the Iveco Group business. In the year ended 31st December 2023, this item mainly included €43 million from the acquisition of full ownership of Nikola Iveco Europe GmbH, €19 million costs related to certain claims arising from the EU Commission's 2016 antitrust settlement and FPT emissions investigation closure, as well as €8 million positive impact from the release of provisions related to the Russia and Ukraine conflict, and €12 million separation costs.
(Unaudited)
| Reconciliation of Total (Debt) to Net Cash (Debt) (€ million) |
||||||
|---|---|---|---|---|---|---|
| Consolidated | Industrial Activities | Financial Services | ||||
| 31st December 2024 |
31st December 2023(6) |
31st December 2024 |
31st December 2023(6) |
31st December 2024 |
31st December 2023 |
|
| Third party (debt) | (6,155) | (5,768) | (1,584) | (1,191) | (4,571) | (4,577) |
| Intersegment notes payable(1) | - | - | (687) | (431) | (748) | (991) |
| (Debt) payable to CNH(2) | (151) | (332) | - | (2) | (151) | (330) |
| Total (Debt) | (6,306) | (6,100) | (2,271) | (1,624) | (5,470) | (5,898) |
| Cash and cash equivalents | 3,513 | 2,698 | 3,326 | 2,447 | 187 | 251 |
| Intersegment financial receivables(1) | 24 | - | 772 | 991 | 687 | 431 |
| Financial receivables from CNH(3) | 61 | 133 | 2 | 7 | 59 | 126 |
| Other current financial assets(4) | 59 | 43 | 59 | 43 | - | - |
| Derivative assets(5) | 23 | 27 | 25 | 30 | 2 | 1 |
| Derivative liabilities(5) | (61) | (41) | (63) | (42) | (2) | (3) |
| Net Cash (Debt) of Continuing Operations | (2,687) | 1,850 | (4,537) | |||
| Net Cash (Debt) of Discontinued Operations | 20 | 20 | - | |||
| Total Net Cash (Debt) | (2,667) | (3,240) | 1,870 | 1,852 | (4,537) | (5,092) |
(1) As a result of the role played by the central treasury, debt for Industrial Activities also includes funding raised by the central treasury on behalf of Financial Services (included under Intersegment financial receivables). Intersegment financial receivables for Financial Services, on the other hand, represent loans or advances to Industrial Activities – for receivables sold to Financial Services that do not meet the derecognition requirements – as well as cash deposited temporarily with the central treasury. At 31st December 2024, Intersegment notes payable and Intersegment financial receivables of Industrial Activities and Financial Services also include the balance towards Discontinued Operations.
(2) This item includes payables related to purchases of receivables or collections with settlement in the following days.
(3) This item includes receivables related to sales of receivables or collections with settlement in the following days. (4) This item includes short-term deposits and investments towards high-credit rating counterparties.
(5) Derivative assets and Derivative liabilities include, respectively, the positive and negative fair values of derivative financial instruments.
(6) Balances at 31st December 2023 include the Fire Fighting business.
| Reconciliation of Cash and cash equivalents to Available liquidity (€ million) |
||
|---|---|---|
| 31st December 2024 | 31st December 2023 | |
| Cash and cash equivalents | 3,513 | 2,698 |
| Undrawn committed facilities | 1,900 | 2,000 |
| Other current financial assets(1) | 59 | 43 |
| Financial receivables from CNH(2) | 2 | 7 |
| Available liquidity | 5,474 | 4,748 |
| (1) This item includes short-term deposits and investments towards high-credit rating counterparties. |
(2) This item includes financial receivables from CNH deriving from financing activities and sale of trade receivables.
(Unaudited)
| Change in Net Cash (Debt) of Industrial Activities (€ million) |
||||
|---|---|---|---|---|
| Year ended 31st December | Three months ended 31st December | |||
| 2024 | 2023 | 2024 | 2023 | |
| 1,852 | 1,727 | Net Cash (Debt) of Industrial Activities at beginning of the period(1) |
661 | 725 |
| (34) | (38) | Less: Net Cash (Debt) of Industrial Activities from Discontinued Operations at beginning of the period |
(106) | (84) |
| 1,886 | 1,765 | Net Cash (Debt) of Industrial Activities from Continuing Operations at beginning of the period |
767 | 809 |
| 851 | 849 | Adjusted EBIT of Industrial Activities | 219 | 236 |
| 674 | 591 | Depreciation and amortisation | 197 | 165 |
| 231 | 234 | Depreciation of assets under operating leases and assets sold with buy-back commitments |
54 | 59 |
| (273) | (226) | Cash interests and taxes | (113) | (101) |
| (109) | (388) | Changes in provisions and similar (2) |
109 | (104) |
| (49) | 357 | Change in working capital | 1,156 | 1,391 |
| 1,325 | 1,417 | Operating cash flow of Industrial Activities from Continuing Operations |
1,622 | 1,646 |
| (932) | (958) | Investments in property, plant and equipment, and intangible assets(3) |
(402) | (426) |
| 9 | (9) | Other changes | 2 | (17) |
| 402 | 450 | Free Cash Flow of Industrial Activities from Continuing Operations |
1,222 | 1,203 |
| (179) | (97) | Capital increases, dividends and share buy-backs | (28) | (58) |
| (259) | (232) | Currency translation differences and other | (111) | (68) |
| (36) | 121 | Change in Net Cash (Debt) of Industrial Activities from Continuing Operations |
1,083 | 1,077 |
| 1,850 | 1,886 | Net Cash (Debt) of Industrial Activities from Continuing Operations at end of the period |
1,850 | 1,886 |
| (34) | (38) | Net Cash (Debt) of Industrial Activities from Discontinued Operations at beginning of the period |
(106) | (84) |
| (114) | (34) | Free Cash Flow of Industrial Activities from Discontinued Operations | (14) | 50 |
| 168 | 38 | Other from Discontinued Operations | 140 | - |
| 54 | 4 | Change in Net Cash (Debt) of Industrial Activities from Discontinued Operations |
126 | 50 |
| 20 | (34) | Net Cash (Debt) of Industrial Activities from Discontinued Operations at end of the period |
20 | (34) |
| 1,870 | 1,852 | Net Cash (Debt) of Industrial Activities at end of the period(1) | 1,870 | 1,852 |
(1) The balances at 1st January 2024, 1st January 2023, 30th September 2024, 30th September 2023, 31st December 2024 and 31st December 2023 shown in this item include the Fire Fighting business. (2) Including other cash flow items related to operating lease and buy-back activities.
(3) Excluding assets sold under buy-back commitments and assets under operating leases.
| Year ended 31st December | Three months ended 31st December | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| 1,306 | 1,366 | Net cash provided by (used in) Operating Activities from Continuing Operations |
1,579 | 1,594 |
| 19 | 51 | Less: Cash flows from Operating Activities of Financial Services net of eliminations |
43 | |
| 1,325 | 1,417 | Operating cash flow of Industrial Activities from Continuing Operations |
1,622 | 1,646 |
| (932) | (958) | Investments in property, plant and equipment, and intangible assets of Industrial Activities |
(402) | (426) |
| 9 | (9) | Other changes (1) | 2 | (17) |
| 402 | 450 | Free Cash Flow of Industrial Activities from Continuing Operations |
1,222 | 1,203 |
Reconciliation of Net cash provided by (used in) Operating Activities to Free Cash Flow of Industrial Activities
(Unaudited)
| Reconciliation of Adjusted net profit/(loss) from Continuing Operations and Adjusted income tax (expense) benefit from Continuing Operations to Profit/(loss) from Continuing Operations and to Income tax (expense) benefit from Continuing Operations and calculation of Adjusted diluted |
|||||
|---|---|---|---|---|---|
| (€ million, except per share data) | EPS from Continuing Operations and Adjusted ETR from Continuing Operations | ||||
| Year ended 31st December | Three months ended 31st December | ||||
| 2024 | 2023 | 2024 | 2023 | ||
| 394 | 268 | Profit/(loss) from Continuing Operations | 98 | (22) | |
| 308 105 |
Adjustments impacting Profit/(loss) before income tax (expense) benefit from Continuing Operations (a) | 155 | 37 | ||
| (133) 15 |
Adjustments impacting Income tax (expense) benefit from Continuing Operations (b) | (125) | 34 | ||
| 569 388 |
Adjusted net profit/(loss) from Continuing Operations | 128 | 49 | ||
| 566 | 368 | Adjusted net profit/(loss) attributable to Iveco Group N.V. from Continuing Operations | 132 | 45 | |
| 271 | 273 | Weighted average shares outstanding – diluted (million) | 267 | 271 | |
| 2.09 | 1.35 | Adjusted diluted EPS from Continuing Operations (€) | 0.49 | 0.17 | |
| 463 | 423 | Profit/(loss) before income tax (expense) benefit from Continuing Operations | 13 | 32 | |
| 308 | 105 | Adjustments impacting Profit/(loss) before income tax (expense) benefit from Continuing Operations (a) | 155 | 37 | |
| 771 | 528 | Adjusted profit/(loss) before income tax (expense) benefit from Continuing Operations (A) | 168 | 69 | |
| (69) | (155) | Income tax (expense) benefit from Continuing Operations | 85 | (54) | |
| (133) | 15 | Adjustments impacting Income tax (expense) benefit from Continuing Operations (b) | (125) | 34 | |
| (202) | (140) | Adjusted Income tax (expense) benefit from Continuing Operations (B) | (40) | (20) | |
| 26% | 27% | Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A) from Continuing Operations | 24% | 29% | |
| a) | Adjustments impacting Profit/(loss) before income tax (expense) benefit from Continuing | ||||
| O 24 | 36 | Restructuring costs | 10 | 24 | |
| 145 | - | Loss from the transfer of the Fire Fighting business | 30 | - | |
| 96 | - | Costs for actions related to EPA/CARB newly-introduced post-sale in field verification program on North American market |
96 | - | |
| 20 | 19 | Costs related to certain claims arising from the EU Commission's 2016 antitrust settlement and FPT emissions investigation closure |
1 | 7 | |
| 20 | - | Chinese operations reorganisation | 20 | - | |
| 5 | 12 | Spin-off costs | - | 5 | |
| - | 43 | Acquisition of full ownership of Nikola Iveco Europe GmbH | - | - | |
| - | (8) | Impacts from Russia and Ukraine conflict | - | - | |
| (2) | 3 | Other | (2) | 1 | |
| 308 | 105 | Total | 155 | 37 | |
| b) | Adjustments impacting Income tax (expense) benefit from Continuing Operations | ||||
| (39) | (26) | Tax effect of adjustments impacting Profit/(loss) before income tax (expense) benefit | (31) | (6) | |
| (94) | - | Release of valuation allowance on German deferred tax assets | (94) | - | |
| - | 41 | Valuation allowance on Argentinian deferred tax assets | - | 41 | |
| - | - | Other | - | (1) | |
| (133) | 15 | Total | (125) | 34 | |
Translation of financial statements denominated in a currency other than the Euro
The principal exchange rates used to translate into Euro the financial statements prepared in currencies other than the Euro were as follows:
| Average 2024 | At 31st December 2024 | Average 2023 | At 31st December 2023 | |
|---|---|---|---|---|
| U.S. dollar | 1.082 | 1.039 | 1.081 | 1.105 |
| Pound sterling | 0.847 | 0.829 | 0.870 | 0.869 |
| Swiss franc | 0.953 | 0.941 | 0.972 | 0.926 |
| Brazilian real | 5.830 | 6.435 | 5.401 | 5.350 |
| Polish Zloty | 4.307 | 4.273 | 4.543 | 4.348 |
| Czech Koruna | 25.120 | 25.185 | 24.004 | 24.724 |
| Argentine peso(1) | 1,070.806 | 1,070.806 | 892.924 | 892.924 |
| Turkish lira(2) | 36.769 | 36.769 | 32.603 | 32.603 |
(1) From 1st July 2018, Argentina's economy was considered to be hyperinflationary. After the same date, transactions for entities with the Argentine peso as functional currency were translated using the closing spot rate.
(2) As of 30th June 2022, the Company applied the hyperinflationary accounting in Türkiye, with effect from 1st January 2022. After 1st January 2022, transactions for entities with the Turkish lira as functional currency were translated using the closing spot rate.