Iveco Group (IVG) AGM 2025 summary

Opening remarks and agenda

• The meeting was chaired by Dirk-Jan Smit, with key executives and the external auditor present, and proceedings held in English with translation available.

• Shareholders could participate in person or via webcast, with clear guidelines for orderly discussion and voting procedures.

Financial performance review

• 2024 net revenues were EUR 15.3 billion, with industrial activities at EUR 14.9 billion, down 4% year-over-year due to lower volumes, offset by positive pricing.

• Adjusted EBIT margin improved to 6.4% for the group and 5.7% for industrial activities, both up 30 basis points.

• Net financial expenses dropped to EUR 211 million, a EUR 232 million improvement, mainly from hedging and hyperinflation accounting.

• Adjusted net income rose to EUR 569 million, up EUR 181 million, with adjusted diluted EPS at EUR 2.09.

• Free cash flow reached EUR 402 million, and liquidity stood at EUR 5.5 billion at year-end.

Board and executive committee updates

• Olof Persson was appointed CEO in July 2024, succeeding Gerrit Marx, and was also appointed as Executive Director.

• The Board was expanded to nine directors, with reappointments and new appointments confirmed for both executive and non-executive roles.