Iveco Group Reports 2024 Annual and Q4 Results

The Iveco Group has announced its preliminary results for the fiscal year 2024, reflecting a solid performance despite challenges in the market. The company's Board of Directors recommended a cash dividend of €0.33 per common share.

Financial Highlights

In 2024, consolidated revenues reached €15,289 million, a decrease from €15,978 million in 2023. The net revenues from Industrial Activities were reported at €14,948 million, down from €15,640 million the previous year. This decline was partially due to lower volumes in Truck and Powertrain sectors, even though price increases helped to cushion the impact.

Profitability

The adjusted EBIT for the year was €982 million, marking an increase of €11 million compared to 2023, resulting in a margin of 6.4%, which is up by 30 basis points. For the Industrial Activities, the adjusted EBIT remained stable at €851 million, also showing a margin improvement to 5.7%. Notable margin increases were seen in the Bus, Defence, and Powertrain divisions.

Net Income and Earnings Per Share

The adjusted net income for 2024 stood at €569 million, reflecting a substantial increase of €181 million from the previous year, after adjusting for a reported net income of €394 million. This figure includes various one-time items such as a €145 million loss linked to the Fire Fighting business transfer and a €96 million cost associated with engine campaigns. The adjusted diluted earnings per share was reported at €2.09, an increase of €0.74 compared to 2023.

Financial Management

Net financial expenses were reduced to €211 million, a notable decrease of €232 million from €443 million in 2023. This improvement was driven by a more effective hedging strategy in Argentina that mitigated foreign exchange costs.

Cash Flow and Liquidity

The free cash flow from Industrial Activities remained positive at €402 million, slightly down from €450 million in 2023. This performance was attributed to better management of production levels amid reduced industry demand and effective hedging strategies.

As of December 31, 2024, the Iveco Group reported available liquidity of €5,474 million, an increase of €726 million year-over-year, including €1,900 million in undrawn committed facilities.

This financial report also outlines that the Defence business is under consideration for a potential spin-off in 2025.

(*) The financial data presented for 2024 pertains solely to Continuing Operations, excluding the Fire Fighting business, classified as Discontinued Operations after its transfer completion on January 3, 2025, with the previous years' figures adjusted accordingly.

Iveco, Financials, Performance