Turin, 9th February 2024

Iveco Group 2023 Full Year Results

Iveco Group consolidated revenues of €16 billion (up 13% year-on-year).
Adjusted EBIT of €940 million (up €413 million compared to 2022) and adjusted net income of €352 million
(up €127 million compared to 2022). Positive free cash flow of Industrial Activities of €412 million.
Recommended annual cash dividend of €0.22 per common share.
Capital Markets Day to be held on 14th March 2024.


“In our Transformational second year as an independently listed group, our turnover exceeded 16 billion euros, supported by solid price realisation and positive volume and mix. The adjusted EBIT from Industrial Activities came in at 818 million euros, with a margin of 5.2%, 2.2 percentage points above 2022. Customers perceive and appreciate our positive development, demanding our trucks, buses and engines, while we are phasing in our new Model Year 2024 in all truck segments and shortening our order books in a normalising market environment. The sudden Argentine peso devaluation in December 2023 negatively impacted our financial expenses and net industrial cash position, which landed at 1.9 billion euros on the back of a positive free cash flow of 412 million euros. We expect our diversified set of businesses to counterbalance the challenging industry environment forecasted for 2024, delivering EBIT and cash flow results on a comparable level as in 2023. We will provide more granularity on the strategy of each of our Business Units - now regrouped under Commercial and Specialty Vehicles – and on our financial targets for the coming years at our Capital Markets Day on 14th March.”

Gerrit Marx, Chief Executive Officer

2023 Full Year Results(1)

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



Consolidated EBIT of which EBIT 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

(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-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.