Iveco Group 2026 Second Quarter Results

资讯来源:Iveco Group N.V. / 2026-07-30

The Board of Directors approves Q2 and H1 2026 preliminary results

Strong growth in revenues led by higher volumes in Europe; Q2 profitability reflects planned investments in quality

Tata Motors’ Tender Offer expected to be launched in early September 2026
with closure envisaged by early November 2026

EU-IFRS FINANCIAL MEASURES					NON-EU-IFRS FINANCIAL MEASURES (1)
	(€ million)	Q2 2026	Q2 2025	Change		(€ million)	Q2 2026	Q2 2025	Change
	Consolidated EBIT	121	169	-48		Adjusted EBIT	131	171	-40
	of which EBIT of Industrial Activities	94	141	-47		of which Adjusted EBIT of Industrial Activities	104	143	-39
	Profit/(loss) for the period	38	79	-41		Adjusted net income	46	79	-33
	Diluted EPS €	0.14	0.28	-0.14		Adjusted diluted EPS €	0.17	0.29	-0.12
	Cash flow from operating activities	(462)	95	-557		Free cash flow of Industrial Activities	(45)	119	-164
	Cash and cash equivalents(2)	2,514	3,582	-1,068		Available liquidity(2)	4,432	5,498	-1,066

In the second quarter, Iveco Group recorded a strong increase in consolidated revenues of €3,764 million (+7.3%) and also in industrial revenues of €3,696 million (+7.9%), in particular thanks to higher European volumes. Industrial Activities generated an Adjusted EBIT of €104 million. Free Cash Flow represented an outflow of €45 million, while Available Liquidity remained solid at €4.4 billion as of 30th June 2026, following payment of the ~€1,550 million extraordinary interim dividend on 22nd April 2026 from the proceeds of the Defence business disposal.

Truck reaffirmed its leadership position in the upper-end and chassis-cab segments of the light commercial vehicle market, while maintaining disciplined pricing in European heavy-duty vehicles. Compared with the second quarter of 2025, European industry volumes were broadly stable in light-duty and increased by 9% in medium- and heavy-duty. Order intake remained strong, increasing 21% in light-duty and 47% in medium- and heavy-duty. The European heavy-duty book-to-bill ratio improved by 33 basis points year-over-year, while light commercial vehicles remained steady. Profitability was affected by the additional resources dedicated to quality, partially offset by higher volumes and positive pricing.

IVECO BUS retained its number one position in the European electric bus market and consolidated its number two ranking overall, with a market share of more than 25%. Bus deliveries increased by 8%, supported by the Annonay plant operating at full capacity. Profitability was affected by rework costs associated with the last batch of unfinished city buses carried over from 2025, now fully deployed, partially offset by higher volumes and positive pricing. This rework is now complete, removing the related cost impact from the second half of the year.

In Powertrain, overall engine volumes increased by 9% compared with the second quarter of 2025, driven by increased small-engine deliveries in Europe across on-road and off-road applications. Profitability was affected by an unfavourable product mix, primarily reflecting fewer large-engine deliveries in the Americas, and the previously mentioned investments in quality. These impacts were partially offset by disciplined cost control and continued operational efficiency.

Consistent with the Company’s ambition to become a premium partner, Model Year 26 truck range was launched in the first week of July at IVECO Experience 2026, with the participation of 2,000 customers, dealers, suppliers, partners, media representatives and employees. IVECO restated its commitment to supporting customers throughout the entire vehicle lifecycle, through best-in-class, end-to-end quality, innovation and close customer relationships. It also showcased the next stage of the journey that began two years ago, guided by the ‘Spirito in Movimento’ ambition and its three pillars: Motion by Design, Motion through Experience and Motion as Family.

Looking ahead, the Company expects a gradual recovery in profitability during H2 2026, reflecting the weaker industry demand for LCV towards the end of the year, particularly in the upper end, and increased macroeconomic uncertainties that will negatively impact the full year performance of our industrial activities. These are expected to be partially offset by the actions implemented in H1 2026 and the acceleration of our Efficiency Programme. H2 2026 is also expected to deliver solid Free Cash Flow generation.

With regard to the Tata Motors’ Tender Offer for the proposed acquisition of the Iveco Group, the regulatory process is reaching its final stage, with only one pending approval to be received by Tata Motors. Based on the information received from Tata Motors, following its interactions with the competent Authority, all requests have been addressed and final clearance is expected to be received by end of August 2026. Accordingly, the Tender Offer is expected to be launched in early September 2026 with an expected closure by early November 2026.

“Our positive top line performance during this quarter is a strong indicator of the continuing resilience of our industrial businesses. Our deliberate focus on investments in quality – in line with the priorities we set out for the year – has had its impact on short-term profitability but is expected to deliver lasting benefits going forward across the full range of our products and services. These deliberate and positive actions to improve the core efficiency of our business will ensure that Iveco Group enters the next phase of its development as a strong and confident contributor to our transformational deal with Tata Motors that continues to make good progress in securing all the necessary approvals.”

Olof Persson, Chief Executive Officer

Notes:
Iveco Group consolidated financial results included in this press release are prepared in accordance with EU-IFRS.
(*)      2026 and 2025 financial data shown in this press release refer to Continuing Operations only (ie. excluding Defence business), unless otherwise stated. In particular, on 18th March 2026, Iveco Group transferred the full ownership of its Defence business (IDV and ASTRA brands) to Leonardo S.p.A., as per the terms of the agreement announced on 30th July 2025. In accordance with IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations, as the sale became highly probable in July 2025, the Defence business met the criteria to be classified as a disposal group held for sale since that date; it also met the criteria to be classified as Discontinued Operations. In accordance with applicable accounting standards, the figures in the Income Statement and Statement of Cash Flows for Q2 and H1 2025 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 March 2026.

Q2 2026 Performance of Continuing Operations and Results by Business Unit

Consolidated revenues amounted to €3,764 million compared to €3,507 million in Q2 2025, up 7.3%. Net revenues of Industrial Activities were €3,696 million compared to €3,426 million in Q2 2025, up 7.9%, mainly due to higher volumes in Europe.

Adjusted EBIT was €131 million compared to €171 million in Q2 2025, with a margin of 3.5% (4.9% in Q2 2025). Adjusted EBIT of Industrial Activities was €104 million (€143 million in Q2 2025), mainly resulting from unfavourable production costs due to a strengthened focus on quality across businesses and rework costs in Bus, partially offset by higher volumes. Adjusted EBIT margin of Industrial Activities was 2.8% (4.2% in Q2 2025).

Adjusted Net Income was €46 million (€79 million in Q2 2025) and adjusted Diluted Earnings per share was €0.17 (€0.29 in Q2 2025).

Net financial expenses amounted to €70 million, in line with Q2 2025.

Reported income tax expense was €13 million, with an adjusted Effective Tax Rate (adjusted ETR(1)) of 25% in Q2 2026, which 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 negative at €45 million compared to positive €119 million in Q2 2025, mainly due to working capital absorption and increased investments driven by an enhanced focus on quality.

Available Liquidity was €4,432 million as of 30th June 2026, after the extraordinary interim dividend distribution of ~€1,550 million, which occurred on 22nd April 2026, on the net proceeds from the sale of Defence business. Available Liquidity also included €1,900 million of undrawn committed facilities.

Truck

	Q2 2026	Q2 2025	Change		The European Truck market was up 2% year-over-year, with Light-Duty Vehicles (LCV) down 1% and Medium- and Heavy-Duty Trucks (M&H) up 9%. The South American Truck market was up 1% in LCV and down 2% in M&H. Iveco Group deliveries were up 19% vs Q2 2025 in Europe (up 24% and 4% in LCV and in M&H, respectively) and were down 6% in South America (up 18% in LCV and down 19% in M&H). Worldwide Truck book-to-bill was 0.91 at the end of the quarter. Net Revenues were €2,443 million, up 4.2% compared to Q2 2025, mainly due to higher volumes and a better mix. The Adjusted EBIT was €74 million compared to €129 million in Q2 2025, resulting mainly from higher production costs for increased resources dedicated to quality, partially offset by higher volumes and mix. The Adjusted EBIT margin was at 3.0% (5.5% in Q2 2025).
Net revenues (€ million)	2,443	2,345	+4.2%
Adjusted EBIT (€ million)	74	129	-55
Adjusted EBIT margin	3.0%	5.5%	-250	bps

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.

Bus

	Q2 2026	Q2 2025	Change		Bus registrations were up 19% in Europe and down 4% in South America compared to Q2 2025. Iveco Group deliveries were up 8% in Europe and up 20% in South America. Net Revenues were up 22.4% in the quarter, driven by higher volumes. The Adjusted EBIT was €29 million compared to €42 million in Q2 2025 resulting from rework costs in the Annonay plant to recover the 2025 product delay – now fully completed – and negative product mix, partially offset by higher volumes. The Adjusted EBIT margin was at 3.2% (5.6% in Q2 2025).
Net revenues (€ million)	919	751	+22.4%
Adjusted EBIT (€ million)	29	42	-13
Adjusted EBIT margin	3.2%	5.6%	-240	bps

Powertrain

	Q2 2026	Q2 2025	Change		Powertrain Net Revenues were €941 million, up 7.2% compared to Q2 2025, due to higher volumes and positive price realisation. Sales to external customers accounted for 45% (47% in Q2 2025). The Adjusted EBIT was €39 million, up €5 million compared to Q2 2025, primarily driven by higher volumes and positive price realisation. The Adjusted EBIT margin was at 4.1% (3.9% in Q2 2025).
Net revenues (€ million)	941	878	+7.2%
Adjusted EBIT (€ million)	39	34	+5
Adjusted EBIT margin	4.1%	3.9%	+20	bps

Financial Services

	Q2 2026	Q2 2025	Change	Financial Services Net Revenues were €109 million, compared to €113 million in Q2 2025, mainly due to lower wholesale portfolio receivables. The Adjusted EBIT was at €27 million, in line with Q2 2025. The end of period managed portfolio for Iveco Group (including unconsolidated joint ventures) was €8,102 million at the end of the quarter (of which retail was 42% and wholesale 58%), up €130 million compared to 30th June 2025. The receivable balance greater than 30 days past due as a percentage of the on-book portfolio was 2.2% (2.0% as of 30th June 2025).
Net revenues (€ million)	109	113	-3.5%
Adjusted EBIT (€ million)	27	28	-1
Equity at quarter end (€ million)	799	825	-26
Retail loan originations (€ million)	438	480	-42

Iveco Group 2026 First Half Results

EU-IFRS FINANCIAL MEASURES					NON EU-IFRS FINANCIAL MEASURES (1)
	(€ million)	H1 2026	H1 2025	Change		(€ million)	H1 2026	H1 2025	Change
	Consolidated EBIT	12	223	-211		Adjusted EBIT	76	288	-212
	of which EBIT of Industrial Activities	(50)	160	-210		of which Adjusted EBIT of Industrial Activities	14	225	-211
	Profit/(loss) for the period	(78)	93	-171		Adjusted net income/(loss)	(28)	139	-167
	Diluted EPS €	(0.30)	0.34	-0.64		Adjusted diluted EPS €	(0.11)	0.51	-0.62
	Cash flow from operating activities	(239)	(105)	-134		Free cash flow of Industrial Activities	(726)	(728)	+2
	Cash and cash equivalents(2)	2,514	2,953	-439		Available liquidity(2)	4,432	5,192	-760

Truck

	H1 2026	H1 2025	Change
Net revenues (€ million)	4,253	4,309	-1.3%
Adjusted EBIT (€ million)	3	187	-184
Adjusted EBIT margin	0.1%	4.3%	-420	bps

Bus

	H1 2026	H1 2025	Change
Net revenues (€ million)	1,535	1,229	+24.9%
Adjusted EBIT (€ million)	30	68	-38
Adjusted EBIT margin	2.0%	5.5%	-350	bps

Powertrain

	H1 2026	H1 2025	Change
Net revenues (€ million)	1,731	1,662	+4.2%
Adjusted EBIT (€ million)	61	77	-16
Adjusted EBIT margin	3.5%	4.6%	-110	bps

Financial Services

	H1 2026	H1 2025	Change
Net revenues (€ million)	212	227	-6.6%
Adjusted EBIT (€ million)	62	63	-1

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 31st December 2025.

Non-EU-IFRS Financial Information

Iveco Group monitors its operations through the use of several non-EU-IFRS financial measures including Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income/(Loss), Adjusted Diluted EPS, Adjusted Income Taxes, Adjusted Effective Tax Rate, Free Cash Flow of Industrial Activities, Net Cash (Debt) and Net Cash (Debt) of Industrial Activities, and Available Liquidity. Iveco Group’s management believes those measures provide useful and relevant information regarding Iveco Group’s operating results and enhance the readers’ ability to assess Iveco Group’s financial performance and financial position. Management uses these non-EU-IFRS financial measures to monitor the underlying performance of Iveco Group’s business and operations, to identify operational trends, as well as to make decisions regarding future spending, resource allocations and other operational decisions as they provide additional transparency with respect to Iveco Group’s 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, if any. 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 ongoing operational activities. The performance of Iveco Group is reviewed based on the Adjusted EBIT, which the management believes more fully reflects Iveco Group’s profitability, and, as such, Iveco Group uses Adjusted EBIT for internal reporting to assess performance as part of the forecasting, budgeting and decision-making process as it provides additional transparency regarding Iveco Group’s underlying operating performance. The management believes Adjusted EBIT is useful because it excludes items that management believes are not indicative of Iveco Group’s underlying operating performance between periods. The management also believes that Adjusted EBIT is useful for investors and analysts to better understand how management assesses Iveco Group’s underlying operating performance on a consistent basis. Accordingly, Iveco Group believes that Adjusted EBIT provides useful information to third party stakeholders in understanding and evaluating Group’s operations;
Adjusted EBIT margin; is computed by dividing a) Adjusted EBIT by b) Net revenues;
Adjusted Net Income/(Loss): is defined as profit/(loss) for the period, before restructuring costs and non-recurring items, if any, net of the related income tax effect. 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 ongoing operational activities. Iveco Group uses Adjusted Net Income/(Loss) to assess performance as part of its decision-making process as it provides additional insight into Iveco Group’s underlying overall performance, net of income tax. The management believes that Adjusted Net Income/(Loss) is also useful for investors and analysts to better understand how management assesses Iveco Group’s underlying overall performance on a consistent basis. Accordingly, Iveco Group believes that Adjusted Net Income/(Loss) provides useful information to third party stakeholders in understanding and evaluating Group’s operations;
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 year-end;
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 Tax (expense) benefit by b) Adjusted Profit/(Loss) before taxes. Adjusted Income Tax (expense) benefit represents income tax (expense) benefit, adjusted for the income tax (expense) benefit of restructuring costs and non-recurring items, if any, as well as any non-recurring tax expenses or benefits. Adjusted Profit/(Loss) before taxes represents profit/(loss) before taxes of the applicable period, adjusted for restructuring costs and non-recurring items, if any. Adjusted ETR fully reflects Iveco Group’s level of taxation, based on Group's Profit/(Loss) before taxes, removing extraordinary and non-recurring items. The management believes that this is useful for investors and analysts to better understand Iveco Group’s level of taxation on a consistent basis and enables them to compare Iveco Group’s level of taxation with that of other companies;
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. Iveco Group views Free Cash Flow as a useful measure for measuring its cash generation ability;
Net Cash (Debt) and Net Cash (Debt) of Industrial Activities: Net Cash (Debt) is defined as total Debt (including debt payable to CNH deriving from financing activities and sale of trade receivables) 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.

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https://www.globenewswire.com/news-release/2026/07/30/3335759/0/en/iveco-group-2026-second-quarter-results.html

Iveco Group 2026 Second Quarter Results

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