Q4 2025 Iveco Group NV Earnings Call Transcript
Key Points
- Iveco Group NV (IVCGF) maintained a strong competitive position in the European Bus market, with a 58.2% market share in the Intercity segment during Q4 2025.
- The Powertrain business unit showed signs of recovery with an 11% increase in engine volumes in Q4 2025, supporting profitability improvements.
- The company maintained pricing discipline and effective inventory management in the Truck segment, entering 2026 with healthy channel inventory levels in Europe.
- Iveco Group NV (IVCGF) achieved a 1-2 podium finish at the Dakar 2026, showcasing the performance and reliability of its Powertrain engines.
- The Bus order intake increased by 28% in Q4 2025, providing long-term visibility through 2026.
- The company faced a challenging year with declining market demand in Europe for both light and heavy-duty trucks, impacting volumes and profitability.
- Free cash flow was negatively impacted by EUR200 million due to delays in production ramp-up at the Annonay plant and supply delays.
- Consolidated net revenues decreased by 7% to EUR13.4 billion in 2025, with Industrial Activities net revenue down 17% compared to the previous year.
- The adjusted EBIT margin for Industrial Activities decreased to 4.8% from 6.2% last year, reflecting lower profitability.
- Order intake in South America declined significantly, with a 60% drop in Light Commercial Vehicles and a 48% drop in Medium & Heavy Trucks in Q4 2025.
Good day, ladies and gentlemen, and welcome to today's Iveco Group 2025 fourth quarter and full year results conference call and webcast. We would like to remind you that today's conference is being recorded. (Operator Instructions)
At this time, I would like to turn the call over to Federico Donati, Head of Investor Relations. Please go ahead, sir.
Thank you, Ratia. Good morning, everyone. I would like to welcome you to this webcast and conference call for Iveco Group fourth quarter and full-year financial results for the period ending December 31, 2025.
This call is being broadcast live on our website and is copyrighted by Iveco Group. I'm sure you appreciate that any other use, recording, or transmission of any portion of this broadcast without the consent of Iveco Group is not allowed.
Hosting today's call are Iveco Group CEO, Olof Persson; and our CFO, Anna Tanganelli. Please note that any forward-looking statement we make during today's call are subject to the risk
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