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Piaggio (PIA) investor relations material

Piaggio Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary29 Jul, 2025

Executive summary

  • Net sales declined 13.9% year-over-year to €852.5M in H1 2025, mainly due to demand headwinds and regulatory changes in key markets.

  • Gross margin improved to 30.4%–34.4%, among the group's best, and EBITDA margin remained strong at 17%–17.3% despite lower revenues.

  • Net income fell 42.2% year-over-year to €30.1M, reflecting lower sales and higher depreciation.

  • Brand equity, global presence, and continued investment in products, technology, and production facilities supported resilience.

  • Flexibility, liquidity, and financial management prioritized amid international trade disputes and geopolitical tensions.

Financial highlights

  • Net financial position and net debt remained stable at €534.7M–€535M, with strong liquidity and no significant short-term maturities.

  • EBITDA margin held at 17%–17.3%, supported by disciplined pricing and cost control.

  • Gross margin increased to 30.4%–34.4% for H1.

  • EBIT dropped 32.3% to €70.5M; net income margin decreased to 3.5%.

  • CapEx maintained at €76M, supporting long-term strategy and innovation.

Outlook and guidance

  • Maintaining a 30% margin in H2 will be challenging but is actively pursued; Q3 is forecasted to show better top-line results and improved market share.

  • Guidance for 2025 remains closely tied to geopolitical and economic stability affecting consumer demand.

  • Company maintains flexibility in capital expenditure and liquidity management.

  • Signals of recovery are low in Asia, especially Vietnam and Thailand; destocking in Europe is largely complete.

  • European 2-wheeler market expected to remain challenging due to regulatory transitions, with some optimism in Italy, Spain, and Greece.

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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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