Piaggio (PIA) investor relations material

Executive summary

• Achieved solid revenue and sales growth in H1 2026, with sales up 8.5% and revenues up 3.2% at constant FX rates year-over-year, and record cash generation and peak margins across all business segments and geographies.

• Highest-ever EBITDA margin at 17.7% and gross margin at 31.6%, reflecting improved productivity and strong operational performance.

• Net profit for H1 2026 reached €30.4 million, up 1% year-over-year, with net financial position and cash generation at best-ever levels.

• Interim dividend of 5.7 eurocents per share approved, up from 4 eurocents in 2025.

• Volume growth accelerated in Q2, driven by robust domestic and export sales, especially in India and Africa.

Financial highlights

• H1 2026 consolidated net sales: €880.1M at constant rates (+3.2%), €841.9M at current rates (-1.2%) year-over-year.

• Industrial gross margin: €266M (31.6%, +1.2pp YoY); EBITDA: €148.6M (17.7%, +0.4pp YoY); EBIT: €74.4M (+5.5%).

• Net income for H1 2026 was €30.4M (+1.0% YoY); net income margin: 3.6%.

• Record cash flow generation of €115M in H1 2026, nearly doubling the prior year.

• Net financial debt reduced to €481.7M from €534.7M year-over-year; leverage improved to 1.9x.

Outlook and guidance

• Management confirms alignment with 2026 consensus for double-digit revenue growth by year-end, with volume trends and expectations for H2 in line with forecasts.

• Market share gains expected to continue, especially in scooters and light commercial vehicles, with constructive demand trends in Asia Pacific and India.

• 2026 guidance remains dependent on geopolitical and economic stability impacting consumer spending.

• Net financial position target of around EUR 500 million by year-end is reaffirmed.

• Focus on liquidity, productivity, and flexible investment in brands, R&D, and manufacturing in H2 2026.