Michele Colaninno, Piaggio Group Managing Director – CEO: “The results for the first nine months of 2026 confirm the soundness of the Piaggio Group’s strategic direction, with the Group posting a respectable performance despite a complex global macroeconomic and geopolitical environment characterised by a sudden surge in inflation.
Our various production and commercial sites around the world allow us to offset the current high production costs arising from energy, freight transport and increasing raw material costs, while taking into account the consequences of persisting protectionist tensions.
The growth in worldwide vehicle sales (+12.2%), driven by strong performance on the Indian market, a widening presence in the Americas and broadly stable performance in Europe and Asia (despite fierce competition), boosted revenues to 1,236 million euro and reflects the positive effects of internationalisation.
Our focus on productivity enabled us to improve our margins, taking our EBITDA margin to 16.9%, and raising net profit by 17.7% to 37.3 million euro. This financial performance fuelled solid cash generation, helping us to reduce net debt with an improvement of almost 108 million euro compared to the end of 2025. Looking ahead, we are focusing on the value of our iconic brands: the double-digit success of Vespa in its eightieth anniversary year, the celebration of Moto Guzzi in Mandello del Lario and Aprilia Racing’s results in the MotoGP championship show that continuous investment in innovation, technology and safety – vital elements also developed through the robotic solutions of Piaggio Fast Forward – is our most effective response as we prepare to meet the upcoming challenges in light mobility and commercial vehicles.”
Pontedera, 06 November 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 interim report on operations for the nine months to 30 September 2026.
Piaggio Group business and financial performance at 30 September 20261
Group consolidated net sales in the first nine months to 30 September 2026 totalled 1,281.3 million euro at constant exchange rates, 1,236.4 million euro at current exchange rates (+6.4% and +2.7% respectively from 1,204.4 million euro at 30 September 2025).
The industrial gross margin in the first nine months of 2026 was 381.2 million euro, an improvement of 4% from 366.6 million euro in the year-earlier period, for a return on net sales of 30.8%, up from 30.4% at 30 September 2025.
Group operating expense at 30 September 2026 was 282.5 million euro (281.4 million euro at 30 September 2025), standing at 22.9% of net sales (23.4% at 30 September 2025).
The changes in the income statement described above generated consolidated EBITDA for the first nine months of 2026 of 214.3 million euro at constant exchange rates, 208.8 million euro at current exchange rates (+6.6% and +3.9% respectively from 201.0 million euro at 30 September 2025). The EBITDA margin was 16.9% (16.7% at 30 September 2025).
EBIT in the first nine months of 2026 amounted to 98.7 million euro, up 15.8% from 85.2 million euro in the year-earlier period. The EBIT margin was 8% (7.1% at 30 September 2025).
Pre-tax profit for the nine months was 61.1 million euro (+27.3% from 48 million euro at 30 September 2025). Income tax for the period was 23.8 million euro, with an impact on pre-tax profit of 39%.
For the first nine months of 2026, the Piaggio Group reported net profit of 37.3 million euro, an increase of 17.7% from 31.7 million euro in the year-earlier period.
Positive cash flow took net financial debt at 30 September 2026 to 469.7 million euro, an improvement of 107.9 million euro from 577.6 million euro at 31 December 2025 and an improvement of 58.4 million euro from 528.2 million euro at 30 September 2025.
Group shareholders’ equity at 30 September 2026 was 418.7 million euro (396.3 million euro at 31 December 2025).
In the first nine months of 2026, Piaggio Group capital expenditure amounted to 76.8 million euro down 25 per cent from the 102.5 million euro recorded as at 30 September 2025, the year in which capital expenditure relating to the launch of the Porter Electric and investments in cyber security were completed.
Business performance in the nine months to 30 September 2026
In the first nine months to 30 September 2026, the Piaggio Group sold 388,800 vehicles worldwide, an improvement of 12.2% compared with 346,500 vehicles sold in the year-earlier period, and reported consolidated net sales of 1,236.4 million euro (+2.7% from 1,204.4 million euro in the year-earlier period).
Two-wheelers:
In the first nine months, the Group sold 273,600 two-wheelers worldwide, a rise of 4% from 263,100 in the first nine months of 2025, generating net sales of 943.5 million euro (951.9 million euro in the year-earlier period, -0.9%).
The figure includes spares and accessories, on which turnover totalled 114 million euro (116.9 million euro at 30 September 2025, -2.4%).
At geographical level, India reported double-digit growth in sales volumes and revenues (volumes +31.0%, revenues +13.8%, +28.2% at constant exchange rates). Americas and Asia Pacific reported a positive trend in sales volumes, but revenues reflected the exchange-rate effect: EMEA and Americas (volumes +0.4%, revenues -1.2%, -0.7% at constant exchange rates), Asia Pacific (volumes +2.3%, revenues -2.4%; +3.4% at constant exchange rates).
On the European scooter market, the Piaggio Group maintained a stable market share of 17.8% over the first nine months (substantially unchanged from 30 September 2025), while market share in the motorcycle segment in the period was 3% (3.5% at 30 September 2025).
On the North American scooter market, the Piaggio Group share was 39.5%, up from 33.9% in the first nine months of 2025.
The Group also continued to consolidate its presence on the North American motorcycle market with the Aprilia and Moto Guzzi brands.
In the scooter sector, the Aprilia SR and SR GT models put in excellent performances, as did Vespa with a double-digit increase in sales in its 80th anniversary year.
Aprilia sales volumes and revenues rose, assisted in part by its motor-racing victories. Aprilia offers a wide range of motorbikes, from the entry-level RS 125 to the flagship Aprilia RSV4, and including the mid-range 457 and 660 models designed for young motorcyclists.
Moto Guzzi sales were led by the evergreen V7 models, followed by the Moto Guzzi V85TT. At the opening of the new factory in Mandello del Lario, designed by US architect Greg Lynn, Moto Guzzi presented the special editions marking its 105-year history.
Commercial vehicles:
In commercial vehicles, the Piaggio Group reported 2026 nine-month sales volumes of 115,200 vehicles, up +38.2% from 83,400 in the year-earlier period, generating net sales of 292.9 million euro, up 16.0% from 252.5 million euro at 30 September 2025. The figure includes spares and accessories, where turnover totalled 43.3 million euro, a small downturn from 44.7 million euro in the first nine months of 2025.
At geographical level, on the Indian market the Piaggio Group reported strong increases in sales volumes, +41.5%, and in revenues (+33.7% at constant exchange rates, +19.5% at current rates). Performance was also positive on the EMEA & Americas markets (sales volumes +13.5%, revenues +7.6% at constant exchange rates, +6.8% at current rates).
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.
kilo™ robots are also being used, with excellent results, at the new Moto Guzzi factory. At the end of the production line, the robots transport the motorbikes autonomously to the final testing stage, minimising the physical strain on workers and ensuring their safety.
Gita®, gitamini® and kilo™ are produced in the Piaggio Fast Forward plant in Boston’s Charlestown district.
PFF has 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 nine months of 2026
Supplementing the information published above or at the time of approval of the nine-month report at 30 September 2026 (directors’ meeting of 28 July 2026), this section illustrates key events in and after the first nine months of 2026.
On 3 November the Piaggio Group was a headliner at the EICMA motorcycle show in Milan with a series of important new entries for all its brands, starting with Moto Guzzi, which unveiled The Trip, its new 500 roadster, the only bike in its category equipped with a modern parallel-twin engine delivering 48 CV and compatible with an A2 driving licence. Moto Guzzi also presented the V85 TT Napapijri, a special edition developed jointly by the two iconic Italian brands as an all-terrain motorbike for travel lovers. A new, state-of-the-art electric motor for Vespa, a masterpiece of design and engineering, developed and manufactured entirely in Italy by the Piaggio Group. A motor that is completely free from components made with rare earth elements, for enhanced eco-friendliness. Aprilia launched the Aprilia RSV4 Obscure Spe. Ed., a limited edition of 500 numbered units of the RSV4, the world’s most powerful mass-produced superbike, the Aprilia RS 660 Phillip Island Tribute, dedicated to the legendary Australian circuit where Aprilia has secured 10 victories in the various classes of the World Motorcycle Championship, and the Aprilia SR GT scooter in 125cc and 200cc engine sizes.
For scooter enthusiasts, the most eagerly awaited announcement for younger riders was the return of the legendary Piaggio Typhoon 125, a modern reinterpretation of the two-wheeler that transformed the mode of transport for thousands of young people in the 1990s.
On 2 September, after almost 5 years of work and investments totalling more than 50 million euro, the new home of Moto Guzzi – still proudly located, as it has been since its foundation in 1921, in Mandello del Lario, on the Lecco side of Lake Como – made its debut. The project, by US architect Greg Lynn, is one of the most ambitious initiatives in the recent history of industrial architecture. It is not just a new factory, nor simply a new museum, but a place where ingenuity and technology, legend and passion come together to generate new ideas, to imagine and build the future. The presentation was followed, from 3 to 6 September, by Moto Guzzi World Days, which attracted a remarkable turnout of more than 60,000 enthusiasts from all over the world.
Aprilia Racing, the Piaggio Group’s motor-racing team is enjoying an outstanding 2026 MotoGP championship: with three races still to go in the current season, it has secured eight first places and four clean sweeps of the podium.
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Outlook
The guidance drawn up for 2026 is still closely linked to the need for a level of geopolitical and economic stability that can have a positive impact on consumer propensity to spend.
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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Conference call with analysts
The presentation of the financial results as at and for the nine months to 30 September 2026, 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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Piaggio S.p.A. said that the consolidated Interim Report as at and for the nine months to 30 September 2026 would be published and made available to the public at the Company registered office, in the “eMarket STORAGE” authorised storage mechanism at www.emarketstorage.it and on the issuer’s website www.piaggiogroup.com (section Investors/Results/2026) as required by law.
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The consolidated income statement, consolidated statement of comprehensive income, consolidated statement of financial position and consolidated statement of cash flows as at and for the nine months to 30 September 2026 are set out below.
The manager in charge of preparing the company accounts and documents, 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 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.