Piaggio (PIA) Trading update summary

Sales performance

• Second-quarter 2026 sales volumes reached approximately 150,000 vehicles, up 14% year-on-year.

• First-half 2026 sales totaled around 258,500 vehicles, an 8.5% increase from the prior year.

Revenue and financials

• Second-quarter 2026 net sales were about €515 million at constant exchange rates, up 7% from the previous year.

• First-half 2026 consolidated net sales reached approximately €880 million at constant exchange rates, a 3% rise year-on-year.

• Net financial debt improved to approximately €485 million at 30 June 2026, down from €577.6 million at year-end 2025 and €534.7 million at 30 June 2025.

Cash flow and operational highlights

• Cash generation was approximately €112 million in Q2 2026 and €93 million in the first half, both record results.

• Productivity improvements and global sales expansion offset unfavorable exchange rates.

• Strong cash flow positions the group to manage potential inflationary pressures.