Turin, 11th May 2023

Iveco Group 2023 First Quarter Results

Iveco Group consolidated revenues of €3.4 billion (up 11.5% year-on-year).
Adjusted EBIT of €162 million and adjusted net income of €63 million.
Net cash of Industrial Activities at €1.1 billion.
Full year 2023 Financial Guidance updated upward.

“We have started our ‘Transformation Year 2’ with another set of strong results. Our main commercial and financial indicators were positive, with our consolidated revenues up 11.5% year-on-year and consolidated adjusted EBIT margin at 4.8%, with also heavy-duty trucks profitable, side by side with our strongholds in light commercial vehicles and powertrains. As in prior first quarters, our operations absorbed cash, having been more acutely impacted by the ongoing supply chain disruptions and component shortages, but we will fully recover during the year. Recent accomplishments mark our steady performance improvement, including the success of our electric buses in conjunction with the inauguration of our low- to zero-emission bus plant in Foggia, Italy. We are also very excited to start the new chapter of partnership with Nikola, which sees us fully owning the European joint venture and producing our own fully electric heavy-duty vehicles. We have updated our full year guidance upwards, although we are remaining prudent and grounded in our fundamentals, working hard to continuously improve our products and services on all fronts, pushing ourselves to go beyond every single day.”

Gerrit Marx, Chief Executive Officer

2023 First Quarter Results(1)

(all amounts € million, unless otherwise stated – comparison vs Q1 2022)



Consolidated revenues
of which Net revenues of Industrial Activities




Adjusted EBIT
of which Adjusted EBIT of Industrial Activities




Profit/(loss) for the period




Adjusted net income




Diluted EPS €




Adjusted diluted EPS €




Cash flow from operating activities




Free cash flow of Industrial Activities




Cash and cash equivalents




Available liquidity




(*) comparison vs 31st December 2022.
(**) At 31st March 2023, it includes €21 million classified as “Assets held for sale” in the Condensed Consolidated Statement of Financial Position.



1) Iveco Group reports quarterly and annual consolidated financial results under EU-IFRS. The tables and discussion related to the financial results of the Company and its segments shown in this press release are prepared in accordance with EU-IFRS.


2) Non-IFRS financial measures: refer to the “Non-IFRS Financial Information” section of this press release for information regarding non-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-IFRS financial measure and the most comparable IFRS financial measure.