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Piaggio (PIA) investor relations material
Piaggio Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Net sales for the first nine months of 2025 declined 11.3% year-over-year to €1,204.4 million, mainly due to market downturns, lower consumer spending, and external macroeconomic pressures including wars, tariffs, FX, and regulatory changes like Euro 5+.
Despite lower revenues, gross margin reached a record 30.4%, up from 29.7% year-over-year, and EBITDA margin was 16.7%, the second highest ever.
Net income fell 49.1% to €31.7 million, reflecting lower operating income, higher depreciation, and external cost pressures.
Maintained a strategy of prioritizing value over volume, refusing to engage in price wars despite aggressive competition from Asian brands.
Continued significant investments in factories, products, safety, and technology, with capital expenditure above €100 million.
Financial highlights
Gross margin reached 30.4%, the highest ever for the group.
EBITDA margin was 16.7%, with EBITDA at €201 million, down 14.2% year-over-year.
EBIT dropped 34.1% to €85.2 million, with margin at 7.1%.
Net debt reduced to €528 million from €534 million at December 2024, with gross cash at ~€417 million.
Free cash flow to equity rose to €36 million, and cash generation improved to €6 million in the first nine months.
Outlook and guidance
Guidance for 2025 remains highly dependent on geopolitical and economic stability to support consumer spending.
Positive cash generation and inventory reduction position the group for improved performance.
Slight recovery expected in Asia for 2026, with India seen as a stable growth market and plans to enter the mass-market two-wheel segment.
CapEx expected to be around €140-145 million annually, focused on new products and process improvements.
Net debt expected to remain stable by year-end.
Actions against unfair Asian competition
Robotics division: When will sales be material?
Brazil market entry: Geopolitical risk assessment
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Q4 20252 Mar, 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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