Iveco Group 2026 Second Quarter Results(*)
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.
- Baca Juga Iveco Group 2026 First Quarter Results
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:
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| 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 forward-looking 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; 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 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 19 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 a global player in the automotive industry, built on a strong Italian heritage and with a consolidated international reach. The Group channels decades of engineering excellence and innovation into sustainable mobility and customer driven technologies. Its five brands play a leading role in their respective domains: IVECO, a pioneering commercial vehicles brand offering heavy, medium and light duty trucks; FPT, a global leader in advanced powertrain technologies in the agriculture, construction, marine, power generation and commercial vehicles sectors; IVECO BUS and HEULIEZ, renowned for their mass transit, premium bus and coach solutions; and IVECO CAPITAL, the Group’s financing arm supporting them all. Iveco Group employs 33,000 people and operates 16 industrial sites and 22 R&D centres. Further information is available on the Company’s website www.ivecogroup.com.
