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Piaggio
Piaggio (PIA) investor relations material
Piaggio Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Mar, 2026
Executive summary
Net sales declined 11.7% year-over-year to €1,501.9m, mainly due to demand, FX headwinds, and global macroeconomic challenges, but gross margin improved due to efficient operations and strong brand positioning.
EBITDA margin reached 16.7%, the second-highest on record, despite market challenges and lower sales.
Net income dropped 49.4% year-over-year to €34.0m, reflecting lower sales and higher depreciation.
Maintained long-term strategy focused on internationalization, diversification, innovation, sustainability, and brand strength.
Launched new models across all brands, including Vespa and Aprilia, supporting brand strength and visibility.
Financial highlights
Gross margin improved to 30.5% in 2025, up from 29.2% in 2024, despite lower sales.
EBITDA decreased by 12.5% to €250.8m, with margin stable at 16.7%.
EBIT fell 31.5% to €101.2m, and net income margin declined from 4.0% to 2.3%.
Net debt increased for the third consecutive year, reaching €578m, mainly due to reduced payables and investments.
CapEx was €140.6m, down from €182.7m in 2024, reflecting ongoing investment in new products and regulatory compliance.
Outlook and guidance
Consensus for 2026 targets mid-single digit revenue growth and single-digit EBITDA growth, with management confirming alignment.
Free cash flow expected to materially improve in 2026 as major one-off investments conclude.
Positive momentum in India’s 2-wheelers and light commercial vehicles supports a favorable 2026 outlook.
Healthy liquidity profile with gross cash of ~€400m ensures coverage of upcoming maturities.
No change in pricing strategy; no intention to engage in a price war.
Reason for not distributing a final dividend
Explain drivers for record 30.5% gross margin
Strategy for recovering European scooter share
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Next Piaggio earnings date
Q1 20268 May, 2026
Piaggio
Next Piaggio earnings date
Q1 20268 May, 2026
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Frequently asked questions
Piaggio & C. SpA, commonly known as Piaggio, is an Italian manufacturer of two-wheeled motor vehicles and compact commercial vehicles. The company is best known for its range of scooters and motorcycles, including the iconic Vespa scooter. Piaggio's product line also encompasses mopeds and motorcycles under the Piaggio, Vespa, Gilera, Aprilia, and Moto Guzzi brands. Additionally, the company produces three- and four-wheeled light transport vehicles under the Ape, Porter, and Quargo series. These products cater to a variety of needs from personal mobility to light commercial transport. Piaggio serves a global market, with a significant presence in Europe and Asia. The company is headquartered in Pontedera, Tuscany, Italy, and its shares are listed on the Borsa Italiana.
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