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Finance

Iveco's defence business sees order boost in short term from EU's SAFE plan

Published by Global Banking and Finance Review

Posted on December 4, 2025

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ROME, Dec 4 (Reuters) - The defence business of truck-maker Iveco sees an acceleration in its orders in the short term, pushed by the European Union's Security Action for Europe (SAFE) programme, the head of the unit said on Thursday.

"The upcoming launch of the SAFE programme could generate a non-linearity in our order intake and require us to be able to significantly accelerate our production," Iveco Defence Vehicles (IDV) CEO Claudio Catalano said at a defence conference hosted by financial daily Il Sole 24 Ore in Rome.

The SAFE scheme is a joint borrowing scheme, backed by the EU budget to boost the bloc's defence capabilities, address any gaps, and buy defence products to prepare for any threat of military aggression from Russia or Belarus.

Catalano said that IDV, which is being sold by Iveco to state-controlled aerospace and defence group Leonardo, looked at this growth with both enthusiasm and apprehension "because we know that we must be ready to respond to the needs of our European allies", pushing the group's production capacity.

He added that the group was investing heavily in its production sites, in the cities of Bolzano and Piacenza, and had set up a division dedicated to propulsion engines for defence in Turin.

Asked about synergies with Leonardo, Catalano said that the deal would allow "a rounder and better offer for clients".

The deal, which gives the business an enterprise value of 1.7 billion euros ($2 billion) is expected to be completed in the first quarter of 2026.($1 = 0.8566 euros)

(Reporting by Giulia SegretiEditing by Keith Weir)