Iveco Group results 2024 released. Bus deliveries grew 8%, order intake +6%
Iveco Group has released its financial results 2024. Consolidated revenues amounted to €15,289 million compared to €15,978 million in 2023 (down 4%). Net revenues of Industrial Activities were €14,948 million compared to €15,640 million in 2023, with positive price realisation partially offsetting lower volumes in Truck and Powertrain. Adjusted EBIT was €982 million (with a €11 million increase compared to 2023) with a 6.4% margin (up 30 […]
Iveco Group has released its financial results 2024. Consolidated revenues amounted to €15,289 million compared to €15,978 million in 2023 (down 4%). Net revenues of Industrial Activities were €14,948 million compared to €15,640 million in 2023, with positive price realisation partially offsetting lower volumes in Truck and Powertrain.
Adjusted EBIT was €982 million (with a €11 million increase compared to 2023) with a 6.4% margin (up 30 bps compared to 2023).
What is worth mentioning, Iveco group’s board of directors is considering separating the Defence business comprising the IDV and Astra brands and related activities through a spin-off in 2025.
Iveco Group results 2024, focus on buses
Focusing on the performance of Iveco Bus, during the presentation held in the morning of 7th February it was communicated that bus deliveries were 8% up and order intake 6% up versus FY 2023.
Book-to-bill ratio was at 1.00x at the end of 2024, roughly unchanged compared to FY 2023, the company states. Such a “strong B-to-B ratio provides significant future visibility, enabling robust supply chain management and the ability to address potential challenges proactively”.
Starting from Q1 2025, Iveco Bus plans to accelerate execution of the order book, particularly for electric city buses, by introducing a second shift at Annonay plant. The implementation of e-bus production in Annonay was announced in late 2024.
Iveco Bus maintained leadership in the intercity bus segment in Europe, confirming a 50.5% share, while significantly growing in the city bus segment, where Iveco Bus in 2024 hold a 2nd position with “19.6% market share full year (+6.9ppt vs 2023), with acceleration of deliveries in H2 2024“.
What is interesting the subsegment of electric city buses showed good performance, allowing Iveco Bus to “reach the 2nd position in the European market 2024 with 14.2%“, excluding United Kingdom and Ireland markets.
Iveco Group, on EBIT and incomes
The group continues: “Adjusted EBIT of Industrial Activities was €851 million (€849 million in 2023), with positive price realisation more than offsetting lower volumes. Adjusted EBIT margin of Industrial Activities was 5.7% (up 30 bps compared to 2023), with margin improvements in Bus, Defence and Powertrain“.
Adjusted net income of Iveco Group in 2024 was €569 million (up €181 million compared to 2023) after excluding from the €394 million reported net income, primarily the loss of €145 million from the transfer of the Fire Fighting business, €96 million in engine campaign costs, and a €94 million tax benefit due to the recognition of deferred tax assets in the German jurisdiction. Adjusted diluted earnings per share was €2.09, up €0.74 compared to 2023.
Net financial expenses amounted to €211 million (€443 million in 2023), an improvement of €232 million compared to 2023 mainly due to a more contained cost of hedge impact in Argentina, resulting from the implemented hedging strategy, and an improvement in the Argentinian hyperinflation accounting impact.
Available liquidity was €5,474 million as of 31st December 2024, up €726 million from 31st December 2023, including €1,900 million of undrawn committed facilities.
