Piaggio Group: results at 30 September 2023

Oct 30 2023 12:31
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Piaggio Group CEO Michele Colaninno: "Although the global macroeconomic scenario is becoming more complex from one quarter to the next, the Piaggio Group’s correct international expansion strategy allows us to counterbalance the temporary slowdowns in some markets against the favourable response of more dynamic areas. The improvement in customer perception of our brands and products around the world has enabled us to achieve very interesting margins (which we should consolidate in the coming years) and also to report a net profit of 85.7 million euro, our highest ever for the first nine months. New technologies, design and productivity are the drivers of our global growth today and above all for the future. The Group is consolidating and implementing its investments in green mobility and in ESG issues, in line with its plans.” 

  • Consolidated net sales 1,626.2 million euro, steady with the year-earlier period (1,626.9 €/mln at 30.09.2022)
  • Industrial gross margin 8 million euro, +9.3% (428.9 €/mln at 30.09.2022), with a 28.8% return on net sales (26.4% at 30.09.2022)
  • EBITDA 269.3 million euro, the highest ever result for the period, with an improvement of 13.8% (236.7 €/mln at 30.09.2022). EBITDA margin 16.6% (14.5% at 30.09.2022)
  • EBIT 160.1 million euro, +18.7% (134.9€/mln at 30.09.2022).
    EBIT margin 9.8% (8.3% at 30.09.2022)
  • Profit before tax 129.9 million euro, +13.6% (114.3 €/mln at 30.09.2022)
  • Net profit 85.7 million euro, the best-ever nine-month result, +20.9% (70.9 €/mln at 30.09.2022)
  • Net financial position -389.2 €/mln (-368.2 €/mln at 31.12.2022)
  • 454,400 vehicles sold worldwide (490,400 at 30.09.2022)
  • Capital expenditure approximately 103.7 million euro (+2.2%, 101.4 €/mln at 30.09.2022)

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Pontedera, 30 October 2023At 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 2023.

Piaggio Group business and financial performance at 30 September 20231

Group consolidated net sales were 1,626.2 million euro, in line with the first nine months of 2022 (1,626.9 million euro at 30 September 2022).

The increase recorded in the EMEA and Americas region (+4.3%) and India (+13.6%; +22.9% at constant exchange rates) offset the slowdown in the Asia Pacific region (-19.4%; -15.9% at constant exchange rates).

The industrial gross margin was 468.8 million euro, an improvement of 9.3% (428.9 million euro in the year-earlier period), for a return on net sales of 28.8% (26.4% at 30 September 2022).

Group operating expense in the first nine months to 30 September 2023 was 308.7 million euro (294.1 million euro in the year-earlier period).

The changes in the income statement described above generated consolidated EBITDA of 269.3 million euro, the best ever for the period, with an increase of 13.8% (236.7 million euro at 30 September 2022), and an EBITDA margin of 16.6% (14.5% at 30 September 2022).

EBIT amounted to 160.1 million euro, an improvement of 18.7% from 134.9 million euro at 30 September 2022. The EBIT margin was 9.8% (8.3% at 30 September 2022).

Pre-tax profit for the first nine months was 129.9 million euro, an increase of 13.6% (114.3 million euro in the year-earlier period). Income tax for the period was 44.2 million euro, with an impact on pre-tax profit of 34%.

At 30 September 2023 the Piaggio Group reported net profit of 85.7 million euro, its highest ever result for the nine-month period, with an improvement of 20.9% (70.9 million euro at 30 September 2022).

Net financial debt at the end of September 2023 was 389.2 million euro (368.2 million euro at 31 December 2022).

Group shareholders’ equity at 30 September 2023 was 417.9 million euro (417.8 million euro at 31 December 2022).

Piaggio Group capital expenditure in the first nine months amounted to 103.7 million euro (101.4 million euro in the year-earlier period).

Operations in the first nine months to 30 September 2023

In the nine months to 30 September 2023, the Piaggio Group sold 454,400 vehicles worldwide (490,400 in the year-earlier period), and reported consolidated net sales of 1,626.2 million euro (1,626.9 million euro at 30 September 2022).


As of 30 September 2023, the Group had sold 364,900 two-wheelers worldwide (-11% from 410,000 in the first nine months of 2022), generating net sales of 1,293.6 million euro (-3.4% from 1,338.9 million euro in the year-earlier period). The figure includes spares and accessories, on which turnover totalled 123.9 million euro (+5.7% from 117.2 million euro in the first nine months of 2022).

Turnover on two-wheeler sales rose by 5.1% in the EMEA & Americas area, with very healthy performance on the Italian market (+13.2%), followed by the American market (+5.4%). Sales slowed in India and the Asia Pacific region.

On the European market, the Piaggio Group had a 23.1% share of the scooter market in the first nine months of 2023, confirming its leadership position. On the North American scooter market, its share was 29.5%. In North America the Group is also working to consolidate its presence on the motorcycle market with the Aprilia and Moto Guzzi brands.

Highlights in the scooter sector were the excellent sales performance of the Piaggio Beverly and Piaggio Medley high-wheel models, and the double-digit turnover growth for Vespa scooters on Western markets.

In motorcycles, there was a significant market response to the new Moto Guzzi V100 Mandello; at Aprilia, the new 660cc engine demonstrated its outstanding versatility by taking Jacopo Cerutti to victory in the Italian motorally championship on the Aprilia Tuareg 660, while the Aprilia RS 660 sportsbike was a protagonist in the Twins Cup category of the prestigious MotoAmerica championship, with two riders reaching the podium in the general scoreboard.

Commercial vehicles:

In commercial vehicles, the Piaggio Group reported 2023 nine-month sales volumes of 89,500 vehicles, up 11.4% (80,300 in the year-earlier period), with net sales of 332.7 million euro, up 15.5% from 288 million euro at 30 September 2022. The figure includes spares and accessories, where turnover totalled 45.7 million euro (+2.7% from 44.5 million euro in the first nine months of 2022).

At geographical level, the Indian market continued its recovery, with turnover from commercial vehicles rising 25.6% and sales volumes up 14.2%.

Piaggio Fast Forward:

Piaggio Fast Forward (PFF), the Piaggio Group robotics and future mobility company based in Boston, continued sales of the gita® terrestrial drone and the new gitamini® robot, which condenses the technology and functions of its revolutionary “big brother”, in a more compact design. The company is developing new products to expand its offer.

Gita® and gitamini® 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 has designed and developed sensors with an innovative technology, which made their debut on the new Piaggio MP3 three-wheel scooter, to deliver unparalleled safety. 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 2023

Supplementing the information published above or at the time of approval of the half-year report (directors’ meeting of 27 July 2023), this section illustrates key events in and after the first nine months of 2022.

On 1 September, at a meeting following the death of the Chair and CEO Roberto Colaninno, the Piaggio & C. S.p.A. Board of Directors established the new corporate governance structure. Director Matteo Colaninno was appointed to the post of Executive Chair and director Michele Colaninno to the post of Chief Executive Officer. The Board of Directors also coopted Carlo Zanetti as a new non-executive director.

On 3 September Aleix Espargarò and Maverick Viňales riding Aprilia bikes won, respectively, first and second place in the Barcelona MotoGP Grand Prix.

On 26 September, the Standard & Poor's Global Ratings agency said it had revised its outlook for the Piaggio Group (PIA.MI), upgrading it from negative to positive, and confirmed its “BB-” rating.

On 27 September Piaggio & C. S.p.A. successfully placed a 250 million euro 7-year unsecured senior bond on the high-yield market, with 6.5% fixed annual interest and a 100% issue price.

On 19 October, the Piaggio Group and Foton Motor Group signed a contract in Beijing for the joint development of a new range of electrically powered Porter models. The electric Porter will be produced in the Piaggio Group’s Pontedera factory in Italy. Sales will begin in the main European countries by the end of 2024.

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Although it is still difficult to provide guidance given the persistent difficulties caused by geopolitical tensions and the global macroeconomic situation, the Piaggio Group confirms that, thanks to its portfolio of iconic brands, it will continue to pursue profit margin and productivity goals in the management of its production, logistic and procurement costs and in the management of all its international markets. The productivity improvements will offset the temporary slowdown in Asia.
The Indian, European and US markets remain positive despite the increase in interest rates in the last 12 months.
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.

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Conference call with analyst

The presentation of the financial results as at and for the nine months to 30 September 2023, 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 Interim Report on Operations as at and for the nine months to 30 September 2023 will be published and made available to the public at the company registered office, in the “eMarket STORAGE” authorised storage mechanism at www.emarketstorage.com and on the issuer’s website www.piaggiogroup.com (section “Investors/Financial Reports/2023”) by 14 November 2023.

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The Piaggio Group 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 2023 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:

  • 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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