Results for the first quarter of 2022 of the Iveco group

The following is an excerpt from the “Iveco Group 2022 First Quarter Results” press release. The full press release is available by visiting the media section of the Iveco Group corporate site: or by consulting the attached PDF:

Iveco Group consolidated turnover of €3.0 billion (+2% year-on-year).
Adjusted net income of 42 million euros and adjusted EBIT of 102 million euros.
Free cash flow from Industrial Activities negative 166 million euros, 137 million euros better than in Q1 2021.

Consolidated turnover of €3,048 millionup 1.7%. Net revenue from Industrial Activities of €3,010 millionup 1.5%, mainly due to positive price realization and better mix.

Adjusted EBIT of 102 million euros (€134m in Q1 2021), with a 3.3% margin. Adjusted EBIT from industrial activities of 82 million euros (€116 million in Q1 2021), with a €34 million increase in Commercial and Specialized Vehicles. Powertrain adjusted EBIT of €45 million (€89 million in Q1 2021).

Adjusted net income of 42 million euros (adjusted net income of €69 million in Q1 2021), which excludes a negative post-tax impact of €51 million related to our operations in Russia and Ukraine, mainly due to the impairment of certain assets. Adjusted diluted earnings per share of €0.15 (adjusted diluted earnings per share of €0.21 in Q1 2021).

Published tax charge of 22 million euros, with adjusted effective tax rate (adjusted TER) of 38% in the first quarter of 2022. The adjusted ETR reflects the different tax rates applied in the jurisdictions where the Group operates, unbenefited losses in certain jurisdictions and other discrete elements.

Free cash flow from Industrial Activities been negative 166 € millionan improvement of €137 million compared to Q1 2021 due to lower seasonal working capital absorption, notwithstanding the impact of component shortages on inventory levels. Net cash from Industrial Activities to 765 € million (1,063 million euros at 31st December 2021).

Cash available to €3,390 million at 31st March 2022, up by 1,954 million euros compared to the 31st December 2021, of which €1,400 million of undrawn syndicated committed revolving credit facility (a €500 million syndicated term credit facility was executed and fully utilized in the first quarter of 2022) and revolving credit facilities undrawn commitments of €200 million signed in the first quarter of 2022.

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