Piaggio Group: first quarter 2024

Piaggio Group Managing Director – CEO Michele Colaninno: “Vespa, Moto Guzzi, Aprilia and Piaggio: our brands are admired around the world as Italian symbols of elegance, sportiness and advanced technology.
Constant monitoring of costs and productivity has enabled the Piaggio Group to reach its highest margins ever in the last few months: profitability remains the key driver for the future and our ambitious goal is to confirm these results for full-year 2024, independently of possible temporary slowdowns on some markets.
The revenue downturn reported by the Group in the first quarter stems from sales trends on the Asian markets, which, conversely, in the first three months of 2023, turned in their strongest performance to date. Furthermore, the comparison with the year-earlier period reflects the necessary rebalancing of stocks by the world distribution networks in anticipation of the new emissions laws due to come into force between 2024 and 2025 for two-, three- and four-wheel vehicles.
After a number of slower months, since March the Far East has been showing signs of steadying and we expect to see a moderate improvement in sales during the year.
Healthy signs of recovery are also emerging on the Indian market, whose good performance will be consolidated by political stability after the elections.
The geopolitical situation, as is well known, is affecting the movement of goods; the Piaggio Group has decided in the past few months to temporarily boost the stock of vehicles in its warehouses in order to deal with possible shortages of components should the situation in the Red Sea worsen.
We have drawn up important investment plans in Italy for the coming years so that we will also be ready for the current energy transition. Our decision for an intelligent verticalisation of the development and production of strategic assets will be the key for efficient management of the new technologies.”


  • Consolidated net sales 428 million euro (-21.3%, 543.9 €/mln at 31.03.2023)
  • Industrial gross margin 130.1 million euro (145.4 €/mln at 31.03.2023)
    Return on net sales 30.4% (26.7% at 31.03.2023)
  • EBITDA 75.3 million euro (-7.1%, 81 €/mln at 31.03.2023)
    EBITDA margin 17.6% (14.9% at 31.03.2023)
  • EBIT 41.3 million euro (44.9 €/mln at 31.03.2023)
    EBIT margin 9.7% (8.2% at 31.03.2023)
  • Profit before tax 28.3 million euro (36.5 €/mln at 31.03.2023)
  • Net profit 18.7 million euro (-22.5%, 24.1 €/mln at 31.03.2023)
  • NFP -498 million euro (434 €/mln at 31.12.2023)
  • 120,300 vehicles sold worldwide (154,900 vehicles at 31.03.2023)
  • Capital expenditure approximately 38.9 million euro (+20%, 4 €/mln at 31.03.2023)

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Pontedera, 09 May 2024 – At a meeting today chaired by Matteo Colaninno, the Board of Directors of Piaggio & C. S.p.A. (PIA.MI) examined and approved the interim report on operations as at and for the three months to 31 March 2024.

Piaggio Group business and financial performance at 31 March 20241

Group consolidated net sales totalled 428 million euro (-21.3% from 543.9 million euro at 31 March 2023).

The industrial gross margin was 130.1 million euro (-10.5% from 145.4 million euro at 31 March 2023). The return on net sales was 30.4% (26.7% at 31 March 2023).

Group operating expense was 88.7 million euro (100.5 million euro at 31 March 2023).

The changes in the income statement described above generated consolidated EBITDA of 75.3 million euro (-7.1%; 81.0 million euro at 31 March 2023). The EBITDA margin was 17.6% (14.9% at 31 March 2023).

EBIT amounted to 41.3 million euro (-7.8%; 44.9 million euro at 31 March 2023). The EBIT margin was 9.7% (8.2% at 31 March 2023).

Pre-tax profit for the first quarter was 28.3 million euro (-22.5%; 36.5 million euro at 31 March 2023). Income tax for the period was 9.6 million euro, with an impact on pre-tax profit of 34%.

In the first three months of 2024 the Piaggio Group reported a net profit of 18.7 million euro (-22.5%; 24.1 million euro at 31 March 2023).

Net financial debt at 31 March 2024 was 498 million euro (434 million euro at 31 December 2023).

Group shareholders’ equity at 31 March 2024 was 436.4 million euro (416 million euro at 31 December 2023).

Business performance in the first quarter of 2024

During the first quarter, the Piaggio Group sold 120,300 vehicles worldwide(-22.3%; 154,900 in the year-earlier period), to report consolidated net sales of 428 million euro (-21.3%; 543.9 million euro at 31 March 2023).


In the first quarter to 31 March 2024, the Group sold 91,400 two-wheelers worldwide (-26.7%; 124,700 two-wheelers sold in the year-earlier period) for net sales of 331.7 million euro (-24.1%; 437.2.2 million euro in the first quarter of 2023).

The figure includes spares and accessories, on which turnover totalled 34.9 million euro (-9.5%; 38.6 million euro at 31 March 2023).

The Piaggio Group obtained a 19.6% share of the scooter segment in Europe and further strengthened its positioning on the North American scooter market, with a share of 27.3%. In North America the Group continued work to consolidate its presence on the motorcycle market with the Aprilia and Moto Guzzi brands.

Commercial vehicles:

In commercial vehicles, the Piaggio Group reported 2024 first-quarter sales volumes of 29,000 vehicles (-3.9%; 30,200 in the year-earlier period), with net sales of 96.4 million euro (-9.7%; 106.7 million euro at 31 March 2023). The figure includes spares and accessories, where turnover totalled 16 million euro (+7.1%; 14.9 million euro in the first quarter of 2023).<

At geographical level, performance was positive in the Americas, where, thanks to the rise in sales volumes (+52.7%), turnover increased by 40.3%.

Piaggio Fast Forward:

Piaggio Fast Forward (PFF), the Boston-based subsidiary of the Piaggio Group active in robotics and mobility for the future, continued sales of 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® 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 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.

Significant events in and after the first quarter of 2024

Supplementing the information published above or at the time of approval of the 2023 draft financial statements (directors’ meeting of 4 March 2024), this section illustrates key events in and after the first quarter of 2024.

On 27 March, the President of the Italian Republic, Sergio Mattarella, received the Executive Chairman of the Piaggio Group, Matteo Colaninno, and the Group Chief Executive Officer, Michele Colaninno, at the Quirinale Palace on the occasion of the 140th anniversary of the foundation of the Piaggio company.

On 15 April 2024, Italy’s Ministry for Enterprise and Made in Italy approved a development contract submitted by the Piaggio Group setting out an investment plan for approximately 112 million euro to expand production at the Piaggio factory in Pontedera (Pisa). Under the “E-Mobility” industrial development program, a new range of electric engines intended for new-generation zero-emission vehicles, and five industrial research and experimental development projects, are to be introduced.

On 15 April, Maverick Viñales riding an Aprilia bike won the Grand Prix of the Americas, giving the Noale-based constructor its 298th Grand Prix motorcycle racing victory.

On 17 April, the Piaggio & C. S.p.A. AGM approved amendments to the Articles of Association for the introduction of the one-tier governance and control model.

From 18 to 21 April, as part of the celebrations marking the 140th anniversary of the Piaggio company, for the first time the town of Pontedera, where the Group is based and where the Vespa was developed, hosted the annual rally of world Vespa Clubs. The event was attended by more than 30,000 Vespa enthusiasts and official representatives from 55 national Vespa Clubs.

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In the absence of further critical factors in the global macroeconomic picture, Piaggio, thanks to its portfolio of iconic brands, admired around the world as symbols of Italian elegance, sportiness and advanced technology, has the goal to maintain the profitability of the last few months, independently of possible temporary slowdowns on some markets.

The current difficulties in international transport and the related rise in transport costs and times will continue to be managed through careful inventory and procurement management and planning, while working to improve efficiency.

In light of this, Piaggio confirms the investments planned in new products in the two-wheeler sector and in commercial vehicles, and the consolidation of its commitment to ESG issues. Important investment plans have been drawn up for the coming years in Italy, to be ready for the current energy transition. The decision to verticalise the development and production of strategic assets will be the key for efficient management of the new technologies.

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Today, the Board of Directors also acknowledged that the Management Control Committee checked that all its members met the independence requirements pursuant to the Articles of Association, paragraph 3 of art. 148 of Legislative decree no. 58/1998, art. 16 of the Market Regulations adopted by Consob Resolution no. 20249/2017 and art. 2 of the Corporate Governance Code, thus confirming the checks already carried out by the Board and communicated on 22 April 2024.

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Conference call with analysts

The presentation of the financial results as at and for the first three months to 31 March 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.

1The 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.

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