Piaggio Group Managing Director – CEO Michele Colaninno: “The Piaggio Group achieved excellent margins in 2024 thanks to careful management of productivity in a highly anomalous economic situation. The downturn in revenues is the direct consequence of the correct strategy employed by dealers all over the world to reduce their inventories. This enabled us to maintain the profitability of the distribution network and simultaneously prepare for 2025 from a pragmatic perspective. A reversal in global economic trends that would generate a solid recovery in consumer spending similar to the one experienced until 2023 has not yet emerged: high interest rates and the surge in inflation of the last two years have braked spending. The Asian high-end market experienced the largest contraction.
There was no slowdown in the year’s investments in the products of our iconic brands, in research and technology, and in our manufacturing sites, and for now this is the direction we shall continue to follow for 2025.
Of course we need to keep cash generation under control until the markets are able to return to growth.
We believe that, like 2024, 2025 will be characterised by many variables but at the same time it will show an improvement compared with last year.”
- Consolidated net sales 1,701.3 million euro (1,985.1 €/mln at 31.12.20231).
- Industrial gross margin 1 million euro (565.2 €/mln at 31.12.2023), for a 29.2% return on net sales (28.5% at 31.12.2023)
- EBITDA 286.7 million euro (325 €/mln at 31.12.2023). The highest EBITDA margin ever recorded, 16.9% (16.4% at 31.12.2023)
- EBIT 147.7 million euro (180.7 €/mln at 31.12.2023). EBIT margin 8.7% (9.1% at 31.12.2023)
- Pre-tax profit 97.4 million euro (135.3 €/mln at 31.12.2023)
- Net profit 67.2 million euro (91.1 €/mln at 31.12.2023)
- Net financial position -534 €/mln (-434 €/mln at 31.12.2023)
- 481,600 vehicles sold worldwide (559,500 at 31.12.2023)
- Capital expenditure 182.7 million euro, +12.2% (162.9 €/mln at 31.12.2023)
- ESG: the MSCI ESG AA rating confirmed for the ninth consecutive year, top position in the Morningstar Sustainalytics ranking (automotives), and a “B” rating (Climate Change and Water Security) from the CDP (Carbon Disclosure Project)
- Dividend: proposed final per-share dividend 4 eurocents (total dividend for the year, including the interim payout, 15.5 eurocents per share)
* * *
- Authorisation for the purchase and disposal of own shares
- Shareholders called to the Annual General Meeting in ordinary session
Pontedera, 04 March 2025 – At a meeting today chaired by Matteo Colaninno, the Board of Directors of Piaggio & C. S.p.A. (PIA.MI) examined and approved the draft financial statements and the Piaggio Group consolidated financial statements as at and for the year ended 2024 and the consolidated sustainability report at 31 December 20242.
Piaggio Group business and financial performance at 31 December 20243
Group consolidated net sales in 2024 totalled 1,701.3 million euro (-14.3% from 1,985.1 million euro in 2023). A generalised downturn was reported at geographical level reflecting the dealers’ policy to reduce inventories and the contraction in the premium market in the APAC region: EMEA & Americas reported -11.8%, Asia Pacific -32.4% (-30.4% at constant exchange rates), and India -3.9% (-2.6% at constant exchange rates).
The industrial gross margin was 497.1 million euro (-12% from 565.2 million euro in 2023), for a 29.2% return on net sales (28.5% in 2023).
Group operating expense for the year to 31 December 2024 was 349.4 million euro (-9.1% from 384.5 million euro in 2023).
The changes in the income statement described above generated consolidated EBITDA of 286.7 million euro (-11.8% from 325 million euro in 2023). The EBITDA margin, at 16.9%, was the best ever recorded by the Group (16.4% at 31 December 2023).
EBIT amounted to 147.7 million euro (-18.2% from 180.7 million euro in 2023). The EBIT margin was 8.7% (9.1% at 31 December 2023).
Pre-tax profit for the year was 97.4 million euro (-28.1% from 135.3 million euro in 2023).
Income tax for the period was 30.1 million euro, with an impact on pre-tax profit of 31%.
The Piaggio Group reported a net profit for 2024 of 67.2 million euro (4% of net sales), a reduction of 26.2% from 91.1 million euro for 2023 (4.6% of net sales).
Net financial debt at 31 December 2024 was 534 million euro (434 million euro at 31 December 2023). The temporary increase reflects the reduction in trade payables and the trend in capital expenditure.
Piaggio Group capital expenditure amounted to 182.7 million euro in 2024, an increase of 12.2% from 162.9 million euro in 2023.
Group shareholders’ equity at 31 December 2024 was 418.2 million euro (416 million euro at 31 December 2023).
Business performance in the year ended 31 December 2024
In the year ended 31 December 2024, the Piaggio Group sold 481,600 vehicles worldwide (559,500 in 2023, -13.9%), and reported consolidated net sales of 1,701.3 million euro (1,985.1 million euro in 2023).
Two-wheelers:
In the year ended 31 December 2024, the Group sold 359,900 two-wheelers worldwide, generating net sales of 1,298,3 million euro (436,300 two-wheelers were sold in 2023, for net sales of 1,533.4 million euro).
The figure includes spares and accessories, on which turnover totalled 153.3 million euro (156.9 million euro in 2023).
The largest downturn at geographical level was in the Asia-Pacific region, affected by a fall in demand for the premium segment in China and Thailand (-30.8% sales volumes; -32.4% turnover; -30.4% at constant exchange rates). India reported an improvement in turnover (+10.3%, +11.8% at constant exchange rates) thanks to the introduction of the new Aprilia RS 457.
In the scooter segment, the Piaggio Group recaptured the leadership of the European market with a 21.4% share; its share of the North American market reached 28.1%. In North America the Group also continued to consolidate its presence on the motorcycle market with the Aprilia and Moto Guzzi brands.
In motorcycles, the market responded strongly to the new Aprila RS 457 and the Moto Guzzi Stelvio and V85. At Aprilia, 2024 was a year of outstanding results in motorcycle racing. As in 2023, the Aprilia Tuareg dominated the racing season, winning all the competitions it took part in, notably the Transanatolia Rally in Turkey and the Italian Motorally Championship, while rider Alessandro Di Mario on an Aprilia RS 660 won the MotoAmerica Twins Cup. In January 2025, Jacopo Cerutti triumphed for the second year running in the prestigious Africa Eco Race, once again riding an Aprilia Tuareg.
Commercial vehicles:
In commercial vehicles, the Piaggio Group reported 2024 sales volumes of 121,700 vehicles (123,300 in 2023), with net sales of 403 million euro (451.7 million euro at 31 December 2023). The figure includes spares and accessories, where turnover totalled 62.9 million euro (60.1 million euro in 2023).
At geographical level, EMEA & Americas reported a 6.9% increase in sales volumes, turning in a particularly strong performance in the 3-wheel segment of the American market.
Piaggio Fast Forward:
Piaggio Fast Forward (PFF), the Boston-based subsidiary of the Piaggio Group active in robotics and mobility for the future, continued marketing its terrestrial drones gita®, gitamini® and the new kilo™, a revolutionary robot featuring smart following technology, which was presented in March. With a payload of up to 130 kg, kilo™ is fitted with 4D radar imaging and the innovative package of sensors developed by PFF, enabling it to follow the operator, move autonomously, and travel along more than 100 paths stored in memory.
Gita®, gitamini® and kilo™ are produced in the Piaggio Fast Forward plant in Boston’s Charlestown district. The first marketing phase for the robots focuses on the US market, where the circulation of robots on city streets is already regulated.
PFF also designed and developed sensors with an innovative technology offering unparalleled safety, which have been fitted on the new Moto Guzzi Stelvio. Thanks to the integration of advanced rider assistance systems (ARAS), the new sensors play a vital role in accident prevention and rider protection.
Sustainability and Consolidated Sustainability Report:
At today’s meeting, the Board of Directors also approved the Consolidated Sustainability Report at 31 December 2024, drawn up in compliance with Lgs.Decree no. 125/2016 of 6 September 2024 (Corporate Sustainability Reporting Directive – CSRD). As highlighted in the Report, the Piaggio Group consolidated its sustainability positioning among the international leaders in the industry, achieving first place, over 88 automotive players, in the Morningstar Sustainalytics ranking, as well as confirming its “AA” rating from Morgan Stanley Capital International (MSCI) Research (one of the top ESG ratings agencies of the world’s largest corporations) for the ninth consecutive year, and obtaining a “B” rating (Climate Change and Water Security) from the CDP (Carbon Disclosure Project). These results reflect the medium-term action taken by the Group around the world to make a concrete contribution to the achievement of the UN Sustainable Development Goals.
Significant events in and after 2024
Supplementing the information published above or at the time of approval of the 2024 third-quarter results (directors’ meeting of 08 November 2024), this section illustrates key events in and after 2024.
On 13 January, Piaggio presented the Vespa 946 Snake, a limited edition offering a fresh take on the iconic 946. The new scooter embodies the essence of winter and is accompanied by a winter capsule collection as part of the Vespa Empty Space lifestyle project, which and includes the opening of pop-up stores in a series of prestigious locations, including La Rinascente (Rome and Milan) and Galeries Lafayette in Paris.
On 16 January a press conference was held to present the Aprilia Racing team, during which reigning MotoGP world champion Jorge Martín and Marco Bezzecchi officially unveiled the Aprilia RS-GP25. A project whose strong and proudly Italian technical identity marks a new chapter in the Aprilia Racing story.
24 February saw the market launch of the new Piaggio Liberty, the latest version of the high-wheel bestseller, with a significantly more modern look, improvements in all areas and engines updated in line with the Euro 5+ standard.
On 28 February, pre-booking opened for the two most eagerly awaited new entries for 2025: the Aprilia Tuono 457, a new naked model for young bikers, and the Moto Guzzi V7 Sport, the most advanced and technological bike in the iconic V7 range.
* * *
Piaggio & C. S.p.A.
In 2023, the parent company reported net sales of 1,095.1 million euro and net profit of 66.8 million euro.
The Board of Directors will ask the AGM to approve payment of a final dividend of 4 eurocents, gross of taxes, to each entitled ordinary share (in addition to the interim dividend of 11.5 eurocents paid on 25.09.2024, ex-dividend date 23.09.2024), for a total dividend for 2024 of 15.5 eurocents, amounting overall to 44,305,557.81 euro. The ex-dividend date (coupon no. 24) is 22.04.2025, the record date is 23.04.2025 and the payment date is 24.04.2025.
* * *
Outlook
The formulation of guidance is closely linked to the need for a level of geopolitical and economic stability that can have a positive impact on consumer propensity to spend, with a trend reversal that takes us back to the conditions that prevailed until 2023.
Safety, sustainability, connectivity and competitiveness, together with a portfolio of iconic brands, investments in our products, research, technology and manufacturing sites – while maintaining constant control over our margins and productivity targets in overall cost management – will continue to be the distinguishing features of the Group’s operations around the world.
* * *
Authorisation for the purchase and disposal of own shares
At today’s meeting, the Board of Directors also agreed to present to the shareholders’ meeting a proposal for the renewal of the authorisation for the purchase and sale of own shares granted by the Annual General Meeting of 17 April 2024, which is due to expire on 16 October 2025. The proposal aims to provide the company with a useful strategic investment opportunity for the purposes allowed under law, including the purposes contemplated in art. 5 of EU Regulation 596/2014 (Market Abuse Regulation, hereinafter “MAR”) and in the practices allowed under art. 13 MAR, and also for purchases of own shares for subsequent cancellation.
Authorisation to purchase own sales will be requested for a period of 18 months, as from the shareholder resolution date; authorisation to sell own shares will be requested for an unlimited period. As of today, the company holds 1,086,661 own shares.
All information concerning the terms and procedures of the authorisation will be set out in the Illustrative Report on Own Share Purchases, to be made available to shareholders within the terms envisaged by current laws.
* * *
The Board of Directors agreed to convene the Annual General Meeting to discuss ordinary business for 15 April 2025, on first call, and 16 April 2025, on second call.
* * *
Conference call with analysts
The presentation of the financial results as at and for the year ended 31 December 2024, which will be illustrated during a conference call with financial analysts, is available on the corporate website at www.piaggiogroup.com/en/investor/results.
1As a result of the contractual changes made in 2024 to the sell-out promotions on the Indian market, the costs of the promotions, which previously were classified under services provided, are now deducted from revenue.
2The 2024 draft financial statements and the Piaggio Group 2024 consolidated financial statements have been prepared with the XHTML electronic format pursuant to Delegated Regulation (EU) 2019/815 (known as the ESEF Regulation); with the approval of the consolidated financial statements, the related mark-ups using XBRL tags have also been approved.
3The main alternative performance indicators used by the Piaggio Group, representing the data monitored by management, are as follows:
- EBITDA: earnings (EBIT) before amortisation and depreciation and impairment losses on property, plant and equipment, intangible assets, and rights of use, as reflected in the consolidated income statement;
- Industrial gross margin: net sales less costs to sell;
- Net financial position: gross financial debt less cash and cash equivalents, and other current financial receivables. Determination of the net financial position does not include other financial assets and liabilities arising from measurement at fair value, derivatives designated or not as hedges, fair value adjustments of the related hedged items and related accruals.