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Winner, Winner: The Chicken McNugget Story
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Piaggio
Piaggio (PIA) investor relations material
Piaggio Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary6 Nov, 2026
Executive summary
9M 2026 net sales rose 2.7% to €1,236.4m; worldwide shipments increased 12.2% to 388,800 units.
EBITDA increased 3.9% to €208.8m, net profit rose 17.7% to €37.3m, and net financial debt fell €107.9m from year-end to €469.7m.
Management is working toward 2026 consensus of €1.56bn revenue, €265m EBITDA and a 16.9% EBITDA margin, alongside the year-end net-debt target.
Financial highlights
Q3 net sales were €394.4m, up 12.1% reported and ~14% excluding FX; EBITDA was €60.2m, up 11.7%.
9M industrial gross margin rose 4.0% to €381.2m; EBIT increased to €98.7m and net profit to €37.3m.
At constant FX, 9M sales increased 6.4% to €1,281.3m and EBITDA rose 6.6% to €214.3m, versus reported growth of 2.7% and 3.9%.
Record 9M cash generation was €108m, versus €6m in 9M 2025.
Outlook and guidance
2026 consensus targets remain €1.56bn revenue, €265m EBITDA and a 16.9% margin; year-end net debt expectation is roughly €500m.
Management did not assure a 16.9% EBITDA margin in 2027, citing external conditions and a focus on maximizing EBITDA and sustaining efficiency.
India is expected to grow across two-wheelers and light commercial vehicles; new scooters are planned, with preliminary October trends positive.
2027 CapEx is estimated at about €120m for regular product and engine renewal; a new engine or vehicle typically requires 24 months of R&D.
Guidance depends on geopolitical and economic stability supporting consumer spending; liquidity and productivity remain priorities.
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Latest events from Piaggio
- Record profits and wider margins offset falling sales as APAC weakness clouded outlook.PIA
Q4 2023 - Record EBITDA margin, strong sales growth, and higher interim dividend in H1 2026.PIAQ2 2026
- Record cash flow and higher sales volumes drove improved financials in the first half of 2026.PIATrading update
- Sales and profits fell, but gross margin hit a record and investments in innovation continued.PIAQ3 2025
- Sales and profit declined, but gross margin and investment levels remained strong.PIAQ2 2025
- Record 17.3% EBITDA margin achieved despite sharp sales and profit declines.PIAQ3 2024
- Net sales and profit declined, but margins and cash flow improved; net debt reduced.PIAQ2 2024
- Net sales fell 13.4% in Q1 2025, but gross margin held at 30.5% amid weak demand.PIAQ1 2025
- Record margins achieved despite sales decline; Moto Guzzi and Aprilia drove brand strength.PIAQ4 2024
Next Piaggio earnings date
Q4 20264 Mar, 2027
Piaggio
Next Piaggio earnings date
Q4 20264 Mar, 2027
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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.