Piaggio Group Chief Executive Officer, Michele Colaninno: "2025 was certainly a complex year worldwide, with considerable, exogenous macroeconomic factors, such as new trade tariffs, the rising cost of raw materials, and international currency trends, which showed a marked degree of instability.
This context notwithstanding, the Piaggio Group nevertheless managed to maintain very positive margins and once again improve its gross margin percentage with respect to the year-earlier period, through processes aimed at improving business productivity.
Cash flow management remains one of the key elements in maintaining flexibility across all markets, given the complexity of analysing contingent events.
The increase in depreciation during the year is mainly due to the start of production of electric motors required by the European Green Deal.
Investments in production sites are proceeding according to plan, allowing us to allocate production in such a way as to efficiently serve different markets.
Although it is still difficult to provide precise guidance for the immediate future, the Group confirms its long-term product strategies in two-wheelers, commercial vehicles and advanced robotics, which are intended to combine development and innovation, so highlighting the strength and value of our brands on world markets to further consolidate our position among the world's leading market leaders.”
- EXCELLENT SUSTAINABILITY PERFORMANCE AGAIN IN 2025:
- AA rating from MSCI ESG, for the ninth consecutive year;
- Second place in the Morningstar Sustainalytics rating (automotives);
- “B” rating (Climate Change and Water Security) from the CDP (Carbon Disclosure Project)
- DIVIDEND: the Board resolved not to distribute a dividend balance (interim dividend, already approved on July 29, 2025, equal to 4 cents per share).
- SUPPLEMENTARY LABOUR AGREEMENT: agreement at the Group’s production sites in Italy. 89.5% of votes in favour. Key points of the agreement:
- increase in the performance bonus by a total of EUR 720 over three years;
- greater responsibilities for the Workplace Safety Commission and the Training Commission, training events boosted;
- formation of an Organisation Commission and a Corporate Welfare and Services Commission;
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- Authorisation for the purchase and disposal of own shares
- Shareholders called to the Annual General Meeting in ordinary and extraordinary session
Pontedera, 05 March 2026 – 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 31 December 20251, and the consolidated sustainability report at 31 December 2025.
Piaggio Group business and financial performance at 31 December 20252
Group consolidated net sales in 2025 totalled 1,501.9 million euro (-11.7% from 1,701.3 million euro in 2024, -9% at constant exchange rates). A generalised downturn was reported at geographical level reflecting the slide in demand on the European and US markets and the contraction in the premium market in the APAC region: EMEA & Americas reported -10.5%, Asia Pacific -14% (-8.4% at constant exchange rates), and India -14% (-6.6% at constant exchange rates).
The industrial gross margin was 457.6 million euro (-7.9% from 497.1 million euro in 2024), for a 30.5% return on net sales (29.2% in 2024).
Group operating expense for the year to 31 December 2025 was 356.4 million euro (349.4 million euro in 2024).
The changes in the income statement described above generated consolidated EBITDA of 250.8 million euro (-12.5% from 286.7 million euro in 2024). The EBITDA margin was 16.7% (16.9% at 31 December 2024).
EBIT amounted to 101.2 million euro (-31.5% from 147.7 million euro in 2024). The EBIT margin was 6.7% (8.7% at 31 December 2024).
Pre-tax profit for the year was 51.6 million euro (-47% from 97.4 million euro in 2024). Income tax for the period was 17.5 million euro, with an impact on pre-tax profit of 34%.
The Piaggio Group reported a net profit for 2025 of 34 million euro, a reduction of 49.4% from 67.2 million euro posted as at 31 December 2024.
Net financial debt at 31 December 2025 was 577.6 million euro (534 million euro at 31 December 2024). The increase arose largely as a result of the reduction in trade payables.
In the reference period, Piaggio Group capital expenditure amounted to 140.6 million euro (182.7 million euro at 31 December 2024).
Group shareholders’ equity at 31 December 2025 was 396.3 million euro (418.2 million euro at 31 December 2024).
Business performance in the year ended 31 December 2025
In the year ended 31 December 2025, the Piaggio Group sold 445,200 vehicles worldwide (481,600 in 2024, -7.6%), and reported consolidated net sales of 1,501.9 million euro (1,701.3 million euro in 2024).
Two-wheelers:
In the year ended 31 December 2025, the Group sold 329,000 two-wheelers worldwide, generating net sales of 1,155.4 million euro (359,900 two-wheelers were sold in 2024, for net sales of 1,298.3 million euro).
The figure includes also spares and accessories, on which turnover totalled 148.8 million euro (153.3 million euro in 2024).
Once again, the figures were adversely affected by the contraction in European market demand after the introduction of the new EURO 5+ regulation, which led to significant vehicle registrations in the fourth quarter of 2024 that were absorbed during 2025.
In Europe, the Piaggio Group obtained an overall market share of 10.2%, positioning itself as one of the leading market players in the scooter segment, with a 17.5% share.
On the North American scooter market, the market share was 34.7%. In North America the Group also continued to consolidate its presence on the motorcycle market with the Aprilia and Moto Guzzi brands.
In the scooter segment, strong performance was reported by the high-wheel models, namely the Piaggio Liberty, which was completely renewed in 2025, and the Medley.
Vespa continued to evolve: after collaborating with leading personalities from the worlds of art and architecture in support of the Italian edition of the 2025 Special Olympics, it launched the new Granturismo, its most powerful scooter to date, with a 310cc single-cylinder engine. The Vespa Snake and the focus on style, with the opening of The Empty Space in Milan, reflect the brand's constant pursuit of quality and excellence.
In the motorcycle sector, in 2025 Aprilia saw growing volumes and revenues and was the top selling brand in Europe in terms of fairing sports bikes sales, with a segment share of 13%, thanks also to its wide range of products, from the RS 125, Aprilia's entry-level motorbike, to the queen of superbikes, the Aprilia RSV4.
In particular, the RS 660 was one of the best-selling sports bikes in Europe and the best-seller in Italy. The RS 457 also recorded excellent sales volumes, intercepting well the mobility, style and taste needs of young motorcyclists. In the United States, Aprilia is fifth in the number of sports bikes sold (and number one European manufacturer) and is also the fastest growing brand in 2025 (+30% compared to 2024).
At Moto Guzzi, sales rose for the V100 Mandello.
Commercial vehicles:
In commercial vehicles, the Piaggio Group reported 2025 sales volumes of 116,200 vehicles (121,700 at 31 December 2024), with net sales of 346.6 million euro (403 million euro at 31 December 2024). The figure includes spares and accessories, where turnover totalled 59.9 million euro (62.9 million euro in 2024).
After the success of the Piaggio Porter NP6, in 2025 Piaggio Commercial launched the Porter NPE, a full-electric 4-wheeler aligned with the European Green Deal strategy. Meanwhile, Piaggio India continued production and development of light commercial passenger and goods vehicles, intended specifically for that great country and export markets.
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 gita® and gitamini® terrestrial drones and 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® e 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 Moto Guzzi Stelvio, the Moto Guzzi V100 Mandello and the Mp3 530 scooter. 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 2025, drawn up in compliance with Lgs.Decree no. 125 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 second place, among 85 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 ratings agencies for the ESG performance of the world’s largest corporations) for the ninth consecutive year, and 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 at and after 31 December 2025
Supplementing the information published above or at the time of approval of the 2025 third-quarter results (directors’ meeting of 05 November 2025), this section illustrates key events in and after the fourth quarter of 2025.
On 15 January, we presented the Aprilia Racing team for the 2026 MotoGP season, composed for the second year running of Marco Bezzecchi and Jorge Martín on the RS-GP26, which features a new livery reproducing the iconic Aprilia Racing colours.
On 19 January, the company signed the renewal of the supplementary labour agreement with the main trades unions for the Pontedera, Mandello del Lario and Noale sites, which was approved during the union assemblies in February with a large majority of votes in favour (89.5%). Among the main points of the agreement are an increase in the performance bonus to euro 720, greater powers for the Workplace Safety Committee and the Training Committee, enhanced training initiatives, and the establishment of the Classification Committee and the Welfare and Company Services Committee.
On 17 February, the new Vespa 946 Horse was presented, a special edition in the “Lunar Year” series dedicated to the year of the horse. Together with the Vespa 946 Horse, IN SELLA, the third drop of the AL VENTO collection made its debut, opening a new chapter in the project.
On 1 March, Marco Bezzecchi riding an Aprilia RS-GP26 won the Thai Grand Prix in Buriram, the first race in the season. This is the Italian rider’s third consecutive GP win (Portimão and Valencia in 2025, and Buriram) and his fourth victory in a top-class race with Aprilia, setting an all-time record. The finish line saw four Aprilia RS-GP bikes in the top five positions.
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Piaggio & C. S.p.A.
In 2025, the parent company reported net sales of 963.4 million euro and net profit of 35.3 million euro.
The Board of Directors will ask the AGM not to distribute a dividend balancein addition to the interim dividend of 4 euro cents paid on 24.09.2025, ex-dividend date 23.09.2025) Therefore, the total dividend for the 2025 financial year amounted to €14,100,515.52.
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Outlook
Innovation, competitiveness, safety, sustainability and social responsibility remain at the heart of the Group's development strategy, guiding it in its mission to offer increasingly advanced solutions to the changing mobility needs of people in advanced and developing countries, in large metropolitan areas and smaller communities alike.
In the current geopolitical and economic context, the Piaggio Group will therefore continue to work to grow and invest with this in mind, aiming to further consolidate its role among the leaders in the sector, also confirming its commitment to ESG issues.
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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 15 April 2025, which is due to expire on 14 October 2026. 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 2,285,007 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.
Proposed Cancellation of Treasury Shares
The Board of Directors carried a resolution to propose to the Shareholders Meeting in extraordinary session the cancellation of 2,285,007 own shares in portfolio (representing 0.6443% of share capital), without variation to current share capital.
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The Board of Directors agreed to convene an Ordinary and extraordinary session of the Annual General Meeting to discuss ordinary business for 15 April 2026, on first call, and 16 April 2026, on second call.
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Conference call with analysts
The presentation of the financial results as at and for the year ended 31 December 2025, which will be illustrated during a conference call with financial analysts, is available on the corporate website at www.piaggiogroup.com/it/investor.
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The Piaggio Group consolidated income statement, consolidated statement of financial position and consolidated statement of cash flows as at and for the year ended 31 December 2025 are set out below.
The manager in charge of preparing the company accounts and the sustainability report, Alessandra Simonotto, certifies, pursuant to paragraph 2 of art. 154-bis of the Consolidated Finance Act, that the accounting disclosures in this statement correspond to the accounting documents, ledgers and entries.
1The 2025 draft financial statements and the Piaggio Group 2025 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.
2The main alternative performance indicators used by the Piaggio Group, representing the data monitored by management, are as follows:
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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;
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Industrial gross margin: net sales less costs to sell;
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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.