Iveco, the commercial vehicle company that the holding company Exor will soon sell to the Indian group Tata Motors, closed the first quarter of 2026 with a net loss of 74 million euros: in the same period a year ago, it had reported a profit of 60 million.
The result of the Industrial Activities segment was also negative, with a loss of 90 million compared to a profit of 82 million in the first quarter of 2025.
IVECO’S RESULTS IN THE FIRST QUARTER OF 2026
In the January-March 2026 period Iveco recorded consolidated revenues of 2.8 billion (slightly up year-on-year), but an adjusted EBIT negative by 55 million (against a positive result of 117 million). The margin went from +4.2 percent to -1.9 percent.
Among the positive notes was the performance of the Bus division: deliveries increased by 45 percent and the factory in Annonay, France, is operating at full capacity with production doubled year-on-year. Iveco Bus, moreover, achieved the top position in the European electric vehicle market with a share of about 23 percent.
As for trucks, orders in Europe grew by 31 percent for light commercial vehicles and by 5 percent for medium and heavy vehicles.
THE TIMING OF THE DEAL WITH TATA MOTORS
After the sale of the Defense unit to Leonardo last March, Iveco announced that the public tender offer by Tata Motors will be completed in the third quarter of 2026, no longer in the second.
Exor – the financial holding controlled by the Agnelli family – will therefore sell to the Indian group its 27.1 percent stake in the Turin manufacturer, which guarantees it over 40 percent of the voting rights, as part of what appears to be a plan to detach from the automotive sector and focus more on healthcare.
At the end of the transaction, Iveco will be removed from listings on the Italian stock exchange. The headquarters will remain in Turin and there will be – as guaranteed – no significant restructurings or plant closures.
The acquisition of Iveco will allow Tata Motors to internationalize its commercial vehicle division and will ensure it a greater presence in the European vehicle market, eighteen years after absorbing the British car manufacturer Jaguar Land Rover in 2008.
THE EXTRAORDINARY DIVIDEND
Last April 22 an extraordinary dividend of 1.5 billion (5.8 euros per share) from the proceeds of the sale of the Defense division to Leonardo. As of March 31, the company’s available liquidity was about 5.5 billion, including credit lines of 1.9 billion.
