Piaggio (PIA) Q3 2026 earnings summary

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.