Piaggio Group CEO Michele Colaninno: “Although current market conditions are certainly challenging and far from straightforward, in the first half of year, despite slower demand, the Piaggio Group achieved positive margins and improved its gross margin with respect to 2024.
In periods like the present, marked by international trade disputes and extensive geopolitical tensions, it is vital to retain flexibility while keeping liquidity and financial management under control.
As far as our products are concerned, we are moving ahead with strategies that combine commitment with investment in development and innovation, and continuing to expand the strength and value of our iconic two-wheeler and commercial-vehicle brands on global markets.
The continuing international crises and widening geopolitical tensions dictate caution and financial rigour; nevertheless, we recorded high levels of investment, especially in our production facilities in Italy and in the development of our product range.
During the second quarter, timid signs of a recovery emerged in south-east Asia, suggesting, if the international situation does not worsen, a period of consolidation in consumer propensity to spend.
The Piaggio Group will be ready to satisfy the most sophisticated mobility requirements and changing customer preferences, undertaking to guarantee high-quality sustainable products, in line with its historic legacy.”
- Consolidated net sales 852.5 million euro (990.3 €/mln at 30.06.2024, -13.9%)
- Industrial gross margin 259 million euro (295 €/mln at 30.06.2024)
4% return on net sales (29.8% at 30.06.2024)
- EBITDA 147.1 million euro (173.8 €/mln at 30.06.2024)
EBITDA margin 17.3% (17.5% at 30.06.2024)
- EBIT 70.5 million euro (104.1 €/mln at 30.06.2024).
EBIT margin 8.3% (10.5% at 30.06.2024)
- Profit before tax 45.6 million euro (77.8 €/mln at 30.06.2024)
- Net profit 30.1 million euro (52.1 €/mln at 30.06.2024, -42.2%)
- NFP -534.7 million euro (-534 €/mln at 31.12.2024)
- 238,400 vehicles sold worldwide (270,100 at 30.06.2024)
- Capital expenditure 76 million euro (77.3 €/mln in the first half of 2024)
- 200 million euro Revolving Credit Facility converted into a Sustainability Linked Facility
- 2025 interim dividend of 4 eurocents per ordinary share
(2024 interim dividend 11.5 eurocents)
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Pontedera, 29 July 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 half-year report on operations as at and for the six months to 30 June 2025.
Piaggio Group business and financial performance at 30 June 20251
Group consolidated net sales totalled 852.5 million euro (990.3 million euro at 30 June 2024, -13.9%).
The industrial gross margin was 259 million euro (295 million euro in the first half of 2024, -12.2%), for a higher return on net sales of 30.4% (29.8% at 30 June 2024).
Group operating expense was 188.5 million euro (190.9 million euro at 30 June 2024).
The changes in the income statement described above generated consolidated EBITDA of 147.1 million euro (173.8 million euro at 30 June 2024, -15.3%). The EBITDA margin was 17.3% (17.5% at 30 June 2024).
EBIT amounted to 70.5 million euro (104.1 million euro at 30 June 2024, -32.3%). The EBIT margin was 8.3% (10.5% at 30 June 2024).
Pre-tax profit for the first six months was 45.6 million euro (77.8 million euro at 30 June 2024, -41.3%). Income tax for the period was 15.5 million euro, with an impact on pre-tax profit of 34%.
In the first half of 2025 the Piaggio Group reported a net profit of 30.1 million euro (52.1 million euro at 30 June 2024, -42.2%).
Net financial debt at 30 June 2025 was 534.7 million euro (534 million euro at 31 December 2024; 408 million euro at 30 June 2024).
Group shareholders' equity at 30 June 2025 was 409.7 million euro (418.2 million euro at 31 December 2024).
In the first half, Piaggio Group capital expenditure amounted to 76 million euro (77.3 million euro in the first half of 2024).
Business performance in the first six months to 30 June 2025
In the first half to 30 June 2025, the Piaggio Group sold 238,400 vehicles worldwide (270,100 in the first half of 2024, -11.7%), and reported consolidated net sales of 852.5 million euro (990.3 million euro at 30 June 2024).
Two-wheelers:
In the first half of 2025, the Group sold 184,900 two-wheelers worldwide (211,200 in the first half of 2024, -12.5%), generating net sales of 685 million euro (788 million euro at 30 June 2024, -13.1%).
The figure includes spares and accessories, on which turnover totalled 77.5 million euro (80.9 million euro in the first half of 2024, -4.1%).
At geographical level, the largest volume downturn was recorded in the EMEA & Americas area, due to the significant fall in market demand, caused in Europe by the move from the “EURO 5” to the “EURO 5+” standard.
The scooter segment reported strong performance for the Piaggio Liberty and Piaggio Medley high-wheel models, with completely new versions introduced in 2025. In motorcycles, Aprilia reported an increase in volumes and turnover, driven largely by the new Tuono 457 launched at the beginning of the year, the RSV4, the Tuono 1100, the RS660 and the 125cc models.
In Europe, the Piaggio Group obtained an overall market share of 10%, and confirmed its ranking as a leading market player in the scooter segment, with an 18% share. Once again, the figures were adversely affected by the contraction in European market demand after the introduction of the new EURO 5+ standard, which led to significant vehicle registrations in the fourth quarter of 2024, which were absorbed in part in the first half of 2025.
On the North American scooter market, the market share was 33.9%. In North America the Group also continued to consolidate its presence on the motorcycle market with the Aprilia and Moto Guzzi brands.
Commercial vehicles:
In commercial vehicles, the Piaggio Group reported 2025 first-half sales volumes of 53,500 vehicles (58,900 in the year-earlier period, -9.1%), for net sales of 167.6 million euro (202.3 million euro at 30 June 2024, -17.2%). The figure includes spares and accessories, where turnover totalled 29.9 million euro (31.8 million euro in the first half of 2024, -6%).
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 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.
Significant events in and after the first half of 2025
Supplementing the information published above or at the time of approval of the interim report at 31 March 2025 (directors’ meeting of 9 May 2025), this section illustrates key events in and after the first half of 2025.
On 25 May, Marco Bezzecchi won the Silverstone race, scoring his first success of the season and giving Aprilia its 299th MotoGP Victory.
The fifth edition of Aprilia All Stars was held on 1 June. The hugely successful event beat all the records of the previous years, with more than 20,000 motorcycling and motorsport enthusiasts coming in, often on their bikes, from across Europe, to visit the Misano World Circuit and celebrate Aprilia and its history as the most successful European brand in MotoGP racing.
The Aprilia Tuareg Racing Team continued its successful season. After the victory, for the second year running, at the Africa Eco Race, Jacopo Cerutti won the Hellas Rally Raid 2025 and the Ro Rally Marathon in Romania.
During the first half of 2025, the Vespa lifestyle project “dressed” a series of exclusive localities. Its take-overs included the Is Molas Beach Club in Sardinia, a return to the Paraggi beach in Liguria, and the Baita Sofie hut in Ortisei, at an altitude of 2,410 metres in the heart of the Dolomites. It also recently took the spirit of freedom and Italian chic to the East End with the launch of Vespa by the Pool at EHP Resort & Marina, a favourite resort of New Yorkers set between the bay and the cedar-lined avenues of EastHampton.
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€ 200 million Revolving Credit Facility converted into a Sustainability Linked Facility
In line with the Group’s commitment to sustainability as a core value of its business strategy, in July Piaggio activated the sustainability option on the 200 million euro Revolving Credit Facility arranged in November 2023 with a consortium of banks. A series of Key Performance Indicators were established together with the targets for the period from 2025 to 2027, which will trigger a margin-adjustment mechanism on the Facility.
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Outlook
The guidance drawn up for 2025 is still closely linked to the need for a level of geopolitical and economic stability that can have a positive impact on consumers’ propensity to purchase.
We shall continue to respond to the current macroeconomic and geopolitical complexities with careful management of liquidity and productivity, and to take a flexible approach to growing investments in the products of our iconic brands and in research, technology and our manufacturing sites.
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Interim dividend
Having approved the financial statements as at and for the six months to 30 June 2025 and the directors’ report pursuant to art. 2344-bis of the Italian Civil Code, and received the opinion of the independent auditors, the Board of Directors authorised distribution of a gross interim dividend for 2025 of 4 eurocents to each entitled ordinary share (an interim dividend on ordinary shares of 11.5 eurocents was approved in 2024), for a total amount of Euro 14,100,515.52.
The ex dividend date (coupon 25) is 22.09.2025; the record date is 23.09.2025 and the payment date is 24.09.2025.
The financial statements, the directors’ report and the independent auditor’s opinion, required under art. 2433-bis of the Italian Civil Code, are available for shareholders at the Company’s headquarters (Viale Rinaldo Piaggio 25, Pontedera - PI).
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Conference call with analysts
The presentation of the financial results as at and for the six months to 30 June 2025, which will be illustrated during a conference call with financial analysts, is available on the corporate website at www.piaggiogroup.com/it/investor.
1The 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.