The Board of Directors approves FY 2024 preliminary results, which mark another year of solid performance, and recommends an annual cash dividend of 0.33 per common share<\/strong><\/p>\n The Board is considering separating the Defence business during 2025<\/strong> Consolidated revenues<\/strong> amounted to 15,289 million<\/strong> compared to 15,978 million in 2023. Net<\/strong>\u00a0revenues of Industrial Activities<\/strong> were 14,948<\/strong>\u00a0million<\/strong> compared to 15,640 million in 2023, with positive price realisation partially offsetting lower volumes in Truck and Powertrain.<\/p>\n Adjusted EBIT <\/strong>was 982<\/strong> million<\/strong> (11\u00a0million increase compared to 2023) with a 6.4<\/strong>%<\/strong> margin <\/strong>(up 30 bps compared to 2023). Adjusted EBIT of Industrial Activities<\/strong> was 851<\/strong>\u00a0million<\/strong> (849\u00a0million in 2023), with positive price realisation more than offsetting lower volumes. Adjusted EBIT margin of Industrial Activities<\/strong> was 5.7%<\/strong> (up 30 bps compared to 2023), with margin improvements in Bus, Defence and Powertrain.<\/p>\n Adjusted net income<\/strong> was 569 million<\/strong> (up 181\u00a0million compared to 2023) after excluding from the 394 million reported net income, primarily the loss of 145\u00a0million 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<\/strong> was 2.09<\/strong>, up 0.74 compared to 2023. <\/p>\n Net financial expenses<\/strong> amounted to 211 million<\/strong> (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.<\/p>\n Reported income tax expense was 69 million, with an adjusted Effective Tax Rate<\/strong> (adjusted ETR) of 26%<\/strong> in 2024. The adjusted ETR reflects the different tax rates applied in the jurisdictions where the Group operates and some other discrete items. <\/p>\n Free cash flow of Industrial Activities<\/strong> was positive <\/strong>at 402<\/strong>\u00a0million<\/strong> (450 million in 2023) as a result of an optimised management of production levels to adapt to a lower industry demand, and an effective hedging strategy to reduce the Argentinian foreign exchange exposure. <\/p>\n Available liquidity<\/strong> was 5,474 million<\/strong> as of 31st<\/sup> December 2024, up 726\u00a0million from 31st<\/sup> December 2023, including 1,900\u00a0million of undrawn committed facilities.<\/p>\n (*) 2024 financial data shown refers to Continuing Operations only, unless otherwise stated. Continuing Operations exclude the Fire Fighting business which, following the signing of a definitive agreement for the transfer of its ownership, has been classified as Discontinued Operations; the transfer was completed on 3rd<\/sup>\u00a0January\u00a02025. 2023 comparative figures have been recast consistently.<\/p>\n \n Attachment<\/strong>\n<\/p>\n
through a spin-off<\/strong><\/p>\n
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