Iveco Group 2023 Third Quarter Results

The following is an extract from the “Iveco Group 2023 Third Quarter Results” press release. The complete press release can be accessed by visiting the media section of the Iveco Group corporate website: or consulting the accompanying PDF:

Iveco Group consolidated revenues of €3.8 billion (up 7% year-on-year).

Adjusted EBIT of €213 million (up €112 million) and adjusted net income of €84 million.

Net cash of Industrial Activities at €725 million.

Full year 2023 financial guidance increased.

The Company announces its Capital Markets Day to be held 14th March 2024.

Consolidated revenues of €3,757 million, up 6.7%. Net revenues of Industrial Activities of €3,671 million, up 5.8%, mainly due to positive price realisation and better mix.

Adjusted EBIT of €213 million (€112 million increase compared to Q3 2022), with a 5.7% margin (up 280 bps compared to Q3 2022). Adjusted EBIT of Industrial Activities of €180 million (€64 million in Q3 2022) and margin at 4.9% (up 310 bps compared to Q3 2022), reflecting a strong price realisation in the quarter.

Adjusted net income of €84 million (€54 million increase compared to Q3 2022). Adjusted diluted earnings per share of €0.28 (up €0.18 compared to Q3 2022).

Financial expenses of 97 million (€65 million in Q3 2022), increasing mainly as a consequence of higher interest rates and the impact of hyperinflation accounting primarily in Argentina.

Reported income tax expense of €15 million, with adjusted effective tax rate (adjusted ETR) of 28% reflecting different tax rates applied in the jurisdictions where the Group operates and some other discrete items.

Net cash of Industrial Activities at €725 million (€1,727 million at 31st December 2022). Free cash flow of Industrial Activities negative for €375 million (negative for €232 million in Q3 2022) primarily due to higher working capital absorption partially offset by positive price realisation.

Available liquidity at €3,506 million as of 30th September 2023, down €258 million from 30th June 2023, including €2,000 million of undrawn committed facilities.


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