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First Half of 2025 Financial Results |July 29th 20251.
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First Half of 2025 Financial Results |July 29th 20252. Disclaimer This presentation contains forward-looking statements regarding future events and future results of Piaggio & C S.p.A. (the “Com pany”) that are based on the current expectations, estimates, forecasts and projections about the industries in which the Company operates, and on the beliefs and assumptions of the management of the Company. In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs, return on equity, risk management, competition, changes in business strategy and the acquisition and disposition of assets are forward -looking in nature. Words such as ‘expects’, ‘anticipates’, ‘scenario’, ‘outlook’, ‘targets’, ‘goals’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘es timates’, as well as any variation of such words and similar expressions, are intended to identify such forward-looking statements. Those forward-looking statements are only assumptions and are subject to risks, uncertainties and assumptions that are difficult to predict because they relate to events and depend upon circumstances that will occur in the future. Therefore, actual results of the Company may differ materially and adversely from those expressed or implied in any forward -looking statement and the Company does not assume any liability with respect thereto. Factors that might cause or contribute to such differences include, but are not limited t o, global economic conditions, the impact of competition, or political and economic developments in the countries in which the Company operates. Any forward -looking statements made by or on behalf of the Company speak only as of the date they are made. The Company does not undertake to update forward -looking statements to reflect any change in its expectations with regard thereto, or any change in events, conditions or circumstances which any such statement is based on. The reader is advised to consult any further disclosure that may be made in documents filed by the Company with Borsa Italiana S.p.A (Italy). The Manager in Charge of preparing the Company financial reports hereby certifies pursuant to paragraph 2 of art. 154 -bis of the Consolidated Law on Finance (Testo Unico della Finanza), that the accounting disclosures of this document are consistent with the accounting documents, ledgers and entries. This presentation has been prepared solely for the use at the meeting/conference call with investors and analysts at the date shown below. Under no circumstances may this presentation be deemed to be an offer to sell, a solicitation to buy or a solicitation of an offer to buy securities of any kind in any jurisdiction where such an offer, solicitation or sale should follow any registration, qualification, notice, disclosure or application under the securi ties laws and regulations of any such jurisdiction.
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MORE THAN 140 YEARS c h a n g i n gthe way people m o v e
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First Half of 2025 Financial Results |July 29th 20254.
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First Half of 2025 Financial Results |July 29th 20255.
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First Half of 2025 Financial Results |July 29th 20256. H1 2025 - Highlights Margins at peak levels despite widespread demand headwinds ù Net Sales €m EBITDA Margin % Gross Margin % +59 bps -13.9% Second best ever 853 990 H1 '25 H1 '24 17.3% 17.5% H1 '25 H1 '24 30.4% 29.8% H1 '25 H1 '24 Net Debt €m Under control At peak levels 535 534 H1 '25 DEC '24 Mostly reflecting demand headwinds -29 bps ~ +1
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First Half of 2025 Financial Results |July 29th 20257. H1 2025 - Highlights Profitability path H1 EBITDA Margin % H1 GROSS Margin % 13.8% 16.0% 14.5% 16.4% 17.5% 17.3% 0.1 0.11 0.12 0.13 0.14 0.15 0.16 0.17 0.18 0.19 0.2 2020 2021 2022 2023 2024 2025 28.6% 29.1% 26.3% 28.1% 29.8% 30.4% 0.24 0.25 0.26 0.27 0.28 0.29 0.3 0.31 0.32 2020 2021 2022 2023 2024 2025
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First Half of 2025 Financial Results |July 29th 20258. WE ARE MORE THAN A GROUP OF BRANDS…
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First Half of 2025 Financial Results |July 29th 20259. … WE ARE A BALANCED MIX OF DIFFERENT CONSUMER EXPERIENCES AND EVERY BRAND REPRESENT AN ASSET WITH A DEDICATED SPACE AND ITS OWN PERSONALITY
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First Half of 2025 Financial Results |July 29th 202517. Where we stand with robotics
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First Half of 2025 Financial Results |July 29th 202518. It’s important that users, and more importantly bystanders, don’t need to adapt their behavior to machines. The most basic behavior expected of a robot is that it won’t collide with you but, after that, we learned it is the ability to follow in a way that is familiar and comfortable. From there we gained an understanding of other aspects of human awareness that comes from people living and working in the world with one another, for example how to travel through a door that’s being held open. We may be the only company in the world with this as our first priority and we wish more companies would work in this direction and we look forward to integrating our technology on other companies robots.
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First Half of 2025 Financial Results |July 29th 202519. As we work toward machines that are able to understand, adapt to, and respect human behavior, we are not only advancing current technology, but we are building systems that can enhance human wellbeing, improve equity, and support safer and more inclusive communities. Socially aware robots are closely aligned with the United Nations Sustainable Development Goals, offering tangible contributions to global priorities in health, innovation, and sustainable cities. UN Sustainable Development Goals
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First Half of 2025 Financial Results |July 29th 202520. The Intimate Space of Human Interaction Socially Aware Robots Understand people and accompany them everywhere, assisting them to do more. A familiar, intuitive and safe operating system for both users and bystanders, by encoding pedestrian etiquette into robots’ behaviors. Socially aware robots need a deep understanding of human motion behavior to safely interact in intimate and personal manner that people typically live and work with one another. PFF specializes in safely operating collaborative robots in proximity to people that other robots avoid.
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First Half of 2025 Financial Results |July 29th 202521. H1 2025 FINANCIAL RESULTS
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First Half of 2025 Financial Results |July 29th 202522. *Actual data & management estimates **SIAM sell-in data; LCV excluding e-rickshaw and e-cart, 2-Wheelers excluding mopeds H1 2025 - Key market demand Highlights Asia Pacific Demand showed diverging trends: - ASEAN-5 countries positive demand trend faded across the semester, with Indonesia still unable to reach 2024 levels. Notably, demand for premium product segments remained well below the prior year’s level across the board. - China and Taiwan demand continued declining as the previous years. India Demand trends slowed significantly, with two-wheelers turning negative. Notably, Electric vehicles drove growth across both the Scooter and Light Commercial Vehicle segments, the latter surging by approximately 58%. Europe & Americas As anticipated, the European 2-Wheeler market declined, still negatively impacted by the transition from EURO5 to EURO5+ standards. In this scenario, Italy, Spain and Greece showed positive market dynamics in the first half of the year, offering a hopeful outlook for the remainder of 2025. In contrast, the U.S. market continued the negative trend observed in previous quarters. 505 430 385 372 2024 2025 EUROPE 2-Wheelers (k units) Bikes Scooters 890 801 -3.6% -14.9% -10.0% 3.2 3.1 1.2 1.3 2.0 2.1 2024 2025 ASEAN 5* 2-Wheelers (m units) Indonesia Vietnam Others 6.4 6.5 +4.2% +6.4% +1.5% -2.2% 261 279 59 58 2024 2025 INDIA** Commercial Vehicles (k units) Pax Cargo 321 337 -0.5% +6.2% +5.0% 284 261 12 8 2024 2025 USA 2-Wheelers (k units) Bikes Scooters 296 269 -32.6% -8.1% -9.1% 2024 2025 CHINA Scooters (m units) 1.0 1.0 -5.6% 6.1 5.7 3.1 3.3 2024 2025 INDIA** 2-Wheelers (m units) Bikes Scooter 9.2 9.0 +5.6% -6.5% -2.4% More than 90% mass market & cheap vehicles More than 90% mass market & cheap vehicles
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First Half of 2025 Financial Results |July 29th 202523.
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First Half of 2025 Financial Results |July 29th 202524. Volume evolution by business (k units) Net Sales evolution by business (€m) 2-Wheelers: EMEA & Americas Asia Pacific India IndiaEMEA & AmericasLight Commercial Vehicles: H1 2025 - Evolution by business Highlights 135.1 117.7 56.1 49.8 20.0 17.5 6.7 7.0 52.2 46.5 2024 2025 -12.9% 238.4 270.1 +4.9% -11.7% -12.6% -10.9% -11.3% 622.1 542.1 141.3 119.6 24.6 23.2 57.3 48.3 145.0 119.3 2024 2025 -13.9% -12.9% -15.7% -17.7% -15.3% 990.3 852.5 -12.9% excl. FX -14.1% excl. FX -5.7% -1.5% excl. FX -13.0% excl. FX CV India Negative performance reflecting a subdued performance in the electric segment mostly due to model changeover. 2W India Subdued performance in Scooters, while the new Aprilia motorbikes achieved solid double-digit growth despite overall market weakness. 2W Asia Pacific Negative performance mostly reflected the still unsupportive market demand for premium products. Among countries, Vietnam saw revenue growth, shedding a positive light on the upcoming quarters. 2W EMEA & Americas Performance was impacted by a sharp one-off drop in European demand due to the transition from EURO5 to EURO5+ standards and prolonged market weakness in the USA. Average revenue per unit held up well, reflecting product portfolio enhancements and the premium positioning of our brands. CV EMEA & Americas Revenue performance still affected by the decline in the 4 -wheeler segment due to model changeover. Top line mostly affected by temporary demand decline in Europe and continued weakness in N.A. and APAC. Widespread resilience in pricing enabled by strong brands. Of which Americas 9.7 (+1.7%) Of which Americas 51.0 (-16.3%)
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First Nine Months of 2022 Financial Results | October 28th 202225.
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First Half of 2025 Financial Results |July 29th 202526. 481.0 407.2 223.4 199.1 170.5 137.7 115.4 108.5 2024 2025 181.4 156.2 29.8 28.8 58.9 53.5 2024 2025 -13.9% -9.1% -3.6% -15.3% -10.8% H1 2025 - Evolution by product Volume evolution by product (k units) Net Sales evolution by product (€m) Scooters, Wi-Bike, Kick-scooter Bikes Light Commercial Vehicles Spare parts, accessories & other -19.2% 12.1% 22.5% 65.5% ∆ ± p.p. Vs. 2024 +1.0 p.p. +0.6 p.p. -1.7 p.p. 12.7% 23.4% 16.2% 47.8% ∆ ± p.p. Vs. 2024 -6.0% +1.1 p.p. +0.8 p.p. -0.8 p.p. -1.1 p.p. -13.9% 852.5 990.3 Highlights 238.4 270.1 -11.7% Scooters The decline mostly reflects the drop in demand in Western Countries and prolonged weakness in premium segments in APAC. Average revenue per unit and margins held up, reflecting the strength of our lifestyle brands. Bikes Top-line decline was driven by the significant drop in demand in Europe and the USA, along with an unfavorable mix effect. Conversely, the average revenue per unit held up well. Aprilia posted a strong performance, also benefiting from the success of recent product launches. Despite the top line decline, strong brands & product line-up kept the average revenue per unit in line with prior year.
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First Half of 2025 Financial Results |July 29th 202527.
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First Half of 2025 Financial Results |July 29th 202528. (43.8) 8.1 9.1 EBITDA 2024 Net Sales improvement Gross Margin % effect Cash OpEx net change EBITDA 2025 HighlightsEBITDA evolution (€m) H1 2025 - EBITDA Evolution 2025 147.1 *(17.3%) * % On Net Sales Cash OpEx Net Change Gross Margin % Effect 2024 Net Sales Effect 173.8 *(17.5%) Strong improvement in Gross Margin and containment of Cash Opex drove the EBITDA margin to 17.3%, the second-highest result to date. Notably Gross Margin rose, mainly driven by the combination of: pricing discipline enriched product mix heightened operating efficiency Cash OpEx trimmed €9.1m below prior year level, reflecting continued implementation of cost efficiencies.
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First Half of 2025 Financial Results |July 29th 202529.
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First Half of 2025 Financial Results |July 29th 202530. (1) Figures at constant exchange rates are management estimates calculated using the average exchange rates for the correspondingperiod in the previous year. H1 2025 - To sum up 2024 2025 Change 2025 vs. 2024 Absolute % % excl. FX1 Net Sales 990.3 852.5 (137.7) -13.9% -12.9% Gross Margin 295.0 259.0 (36.0) -12.2% -12.5% % on Net Sales 29.8% 30.4% 0.6 EBITDA 173.8 147.1 (26.7) -15.3% -16.3% % on Net Sales 17.5% 17.3% -0.3 Depreciation (69.7) (76.6) (6.9) 9.9% EBIT 104.1 70.5 (33.6) -32.3% % on Net Sales 10.5% 8.3% (2.2) Financial Expenses (26.3) (24.9) 1.4 -5.5% Earning before tax 77.8 45.6 (32.1) -41.3% Tax (25.7) (15.5) 10.1 -39.5% Net Income 52.1 30.1 (22.0) -42.2% % on Net Sales 5.3% 3.5% (1.7) P&L (€m) Higher D&A reflects heightened capital expenditure in prior years. 1 1 2 2 Tax rate up 1 p.p. vs. H1 2024, mostly affected by lower EBT Highlights
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First Half of 2025 Financial Results |July 29th 202531.
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First Half of 2025 Financial Results |July 29th 202532. 101.1 (13.2) (76.0) (12.7) H1 2025 - Net Financial Position Evolution & Debt Maturity Profile HighlightsNFP 2025 evolution (€m) H1 ´25YE ´24 Operating Cash Flow Change Working Capital CapEx Change Equity & Other (434) YE ‘23 H1 ‘24 118.7 (77.3) (25.5) (408)10.2 NFP 2024 evolution (€m) -17.6 -23.3 +1.3 +12.9 ∆25/24 Of which: Receivables -69 (-75 P.Y.) Inventories -22 (-42 P.Y.) Payables +59 (+103 P.Y.) Other +19 (+24 P.Y.) (534) (535) Debt Maturity Profile (€m) Free Cash Flow generation brought H1 Net Debt to the year-end 2024 level. CapEx was in line with the prior year and consistent with the full-year planned trajectory, while maintaining flexibility to adjust investments in response to market dynamics. Solid debt profile, with no significant short-term maturities and weighted average life of around 3.2 years. Healthy liquidity profile with Gross Cash* at ~467€m, providing comfortable headroom to cover next years maturities. * Gross Cash calculated as liquidity plus committed undrawn credit lines 0 50 100 150 200 250 300 350 2025 2026 2027 2028 2029 Beyond Bank loans Short term debt Bond Undrawn RCF
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First Half of 2025 Financial Results |July 29th 202533. Investor Relations Office E: investorrelations@piaggio.com T: +39 0587 272286 W: www.piaggiogroup.com Raffaele Lupotto Executive Vice President Head of Investor Relations E: r.lupotto@piaggio.com T: +39 0587 272596