Slides
Page 1
First Half of 2026 Financial Results|July 28th 20261. PIAGGIO GROUP First Half of 2026 Financial Results
Page 2
First Half of 2026 Financial Results|July 28th 20262. 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.
Page 3
MORE THAN 140 YEARS c h a n g i n gthe way people m o v e
Page 4
First Half of 2026 Financial Results|July 28th 20264.
Page 5
First Half of 2026 Financial Results|July 28th 20265. BUSINESS HIGHLIGHTS
Page 6
First Half of 2026 Financial Results|July 28th 20266. 842 853 H1 '26 H1 '25 17.7% 17.3% H1 '26 H1 '25 31.6% 30.4% H1 '26 H1 '25 96H1 '26 H1 '25 31.6% 30.3% Q2 '26 Q2 '25 115 58 Q2 '26 Q2 '25 500 482 Q2 '26 Q2 '25 Q2* – H1 2026 - Highlights Highest cash generation to date, with margins at peak levels. ù Net Sales €m EBITDA Margin % Gross Margin % +135 bps +3.8% 18.2% 17.7% Q2 '26 Q2 '25 At peak levels +56 bps + ~7% ex. FX *Consistent with the preliminary figures published on July 9th, Q2 data presented in this deck have been calculated as the difference between the first-half and first-quarter results. Cash Flow €m + 57 €m H1 Best ever Solid growth at constant currencies Best ever +122 bps -1.2 % +40 bps +3.2 % ex. FX + 97 €m
Page 7
First Half of 2026 Financial Results|July 28th 20267. H1 2026 - Highlights Profitability path H1 EBITDA Margin % H1 GROSS Margin % 13.8% 16.0% 14.5% 16.4% 17.5% 17.3% 17.7% 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 2026 28.6% 29.1% 26.3% 28.1% 29.8% 30.4% 31.6% 0.24 0.25 0.26 0.27 0.28 0.29 0.3 0.31 0.32 2020 2021 2022 2023 2024 2025 2026
Page 8
First Half of 2026 Financial Results|July 28th 20268. WE ARE MORE THAN A GROUP OF BRANDS…
Page 9
First Half of 2026 Financial Results|July 28th 20269. … WE ARE A BALANCED MIX OF DIFFERENT CONSUMER EXPERIENCES AND EVERY BRAND REPRESENTS AN ASSET WITH A DEDICATED SPACE AND ITS OWN PERSONALITY.
Page 10
First Half of 2026 Financial Results|July 28th 202610.
Page 11
First Half of 2026 Financial Results|July 28th 202611.
Page 12
First Half of 2026 Financial Results|July 28th 202612.
Page 13
First Half of 2026 Financial Results|July 28th 202613.
Page 14
First Half of 2026 Financial Results|July 28th 202614.
Page 15
First Half of 2026 Financial Results|July 28th 202615.
Page 16
First Half of 2026 Financial Results|July 28th 202616. Where we stand with robotics
Page 17
First Half of 2026 Financial Results|July 28th 202617. 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.
Page 18
First Half of 2026 Financial Results|July 28th 202618. 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
Page 19
First Half of 2026 Financial Results|July 28th 202619. 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.
Page 20
First Half of 2026 Financial Results|July 28th 202620. FINANCIAL RESULTS
Page 21
First Half of 2026 Financial Results|July 28th 202621. *Actual data & management estimates **SIAM sell-in data; LCV excluding e-rickshaw and e-cart, 2-Wheelers excluding mopeds H1 2026 - Key market demand Highlights 430 497 371 421 2025 2026 EUROPE 2-Wheelers (k units) Bikes Scooters 801 919 +13.5% +15.7% +14.7% 3.1 3.1 1.3 1.4 2.1 2.2 ASEAN 5* 2-Wheelers (m units) Indonesia Vietnam Others 6.5 6.7 +5.9% +6.5% +3.6% +0.8% 278 357 58 75 2025 2026 INDIA** Commercial Vehicles (k units) Pax Cargo 336 432 +28.4% 261 266 8 7 2025 2026 USA 2-Wheelers (k units) Bikes Scooters 269 273 -13.8% +2.0% 1.6% 2025 2026 CHINA Scooters (m units) 1.0 1.2 +12.9% 5.7 6.7 3.3 4.4 2025 2026 INDIA** 2-Wheelers (m units) Bikes Scooter 9.0 11.1 +33.4% +17.3% +23.2% More than 90% mass market & cheap vehicles More than 90% mass market & cheap vehicles India Indian strong momentum continued across quarters, both in Light Commercial Vehicles and 2 Wheelers. Notably, Electric vehicles drove growth across both the Scooter and Light Commercial Vehicle segments, respectively growing by approximately 66% and 74%. Healthy market share performance strengthened across the semester with share gains in both Pax and Cargo LCV. Asia Pacific ASEAN-5 countries showed uneven although improving demand trends across the semester, supporting a constructive outlook for the coming quarters. Premium product segment kept underperforming total market ending with flat total demand. Demand in China remained positive, continuing the improvement seen in 2025. Europe & Americas The rebound in European demand following the 2025 decline caused by the transition to EURO 5+, moderated in Q2 across all markets and segments. Likewise, U.S. overall demand trend softened in Q2, while scooters recorded their 12th consecutive quarterly decline. Solid market share performance despite an increasingly competitive environment. Scooter market share improved sequentially in both Europe and the U.S., with Europe ending H1 in line with the prior year and the U.S. well above prior-year levels. +29.6% +28.1%
Page 22
First Half of 2026 Financial Results|July 28th 202622.
Page 23
First Half of 2026 Financial Results|July 28th 202623. Q2* Volume evolution by business (k units) 2-Wheelers: EMEA & Americas Asia Pacific India IndiaEMEA & AmericasLight Commercial Vehicles: Q2 & H1 2026 – Volumes Evolution by business Highlights 72.1 74.1 25.6 28.2 8.5 11.03.7 3.9 21.8 33.1 2025 2026 +2.8% 150.3 131.6 +5.5% +14.2% +29.4% +51.9% +10.3% Of which Americas 6.3 (+10.6%) CV India Q1's strong volume growth accelerated further in Q2, with domestic sales surging ahead of the market and exports more than doubling, led by African markets. 2W India The strong volume trend gained further momentum in Q2, with growth across both scooters and motorcycles. 2W Asia Pacific Healthy Q2 growth, despite unsupportive demand for premium products, was largely driven by Indonesia, Thailand and Cambodia, lifting YTD volumes above prior -year levels and boding well for the coming quarters. 2W EMEA & Americas The back-end-loaded start to the year reversed in Q2, supported by model changeovers and new product launches, while dealer inventories remained prudently below prior-year levels. Germany, the U.S. and Italy were the main drivers of Q2 growth. CV EMEA & Americas Good performance in both 3-Wheeler and 4-Wheeler continued across the semester. Q1's positive volume trend accelerated in Q2, with broad-based growth across all geographies and business segments. H1 Volume evolution by business (k units) 117.7 114.4 49.8 49.8 17.5 21.4 7.0 7.6 46.5 65.5 2025 2026 -2.8% 258.7 238.4 +8.4% +8.5% +22.3% +40.9% +0.2% Of which Americas 9.8 (+1.8%) * Consistent with the preliminary figures published on July 9th, Q2 data presented in this deck have been calculated as the difference between the first-half and first-quarter results.
Page 24
First Half of 2026 Financial Results|July 28th 202624. H1 Net Sales evolution by business (€m) Q2 & H1 2026 – Revenues Evolution by business Highlights 542.1 519.0 119.6 109.6 23.2 24.2 48.3 51.3 119.3 137.8 2025 2026 -1.2% -4.3% +6.3% +15.5% -8.4% 852.5 841.9 +3.2% excl. FX +32.5% excl. FX +4.5% +20.6% excl. FX -0.6% excl. FX Of which Americas 58.1 (+14.1%) CV India Surging volume growth, hampered by material FX headwinds and domestic/export mix effect. 2W India Healthy volume performance, hampered by material FX headwinds. 2W Asia Pacific Revenues uptick in Q2, stemming from positive volume dynamic coupled with sound pricing power, drove YTD performance in line with prior year at constant exchange rates. 2W EMEA & Americas Revenue positive dynamic softened by segment mix and FX effect, whilst average revenue per unit held up well, reflecting pricing discipline, product portfolio enhancements and the premium positioning of our brands. CV EMEA & Americas Healthy volume performance dented by slightly dilutive mix effect. The top line growth was primarily hampered by adverse FX. Strong brand equity supported broad-based pricing resilience. -3.5% excl. FX +7.7% excl. FX Q2* Net Sales evolution by business (€m) 330.2 328.3 60.0 62.3 10.9 12.6 26.9 28.1 54.0 68.9 2025 2026 +3.8% -0.6% +4.6% +27.6% +3.9% 481.9 500.2 +~7% excl. FX +15.4% Of which Americas 37.2(+22.7%) 2-Wheelers: EMEA & Americas Asia Pacific India IndiaEMEA & AmericasLight Commercial Vehicles: * Consistent with the preliminary figures published on July 9th, Q2 data presented in this deck have been calculated as the difference between the first-half and first-quarter results.
Page 25
First Half of 2026 Financial Results|July 28th 202625.
Page 26
First Half of 2026 Financial Results|July 28th 202626. 407.2 412.0 199.1 165.4 137.7 161.1 108.5 103.5 2025 2026 156.2 161.0 28.8 24.6 53.5 73.1 2025 2026 +3.1% +36.6% -14.4% +1.2% -16.9% H1 2026 - 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 +17.0% 9.5% 28.3% 62.2% ∆ ± p.p. Vs. 2025 -2.6 p.p. +5.8 p.p. -3.3p.p. 12.3% 19.6% 19.1% 48.9% ∆ ± p.p. Vs. 2025 -4.6% -0.4 p.p. -3.7 p.p. +1.2p.p. +3.0 p.p. -1.2% Highlights 852.5 841.9 Scooters Strong rebound in Q2, with double-digit growth across all geographies, drove YTD volumes and revenues above prior-year levels. Vespa and Aprilia led the rebound, benefiting from the initial success of recent model changeover and product launches, which bodes well for the remainder of the year. Revenue per unit and margins remained resilient, underscoring the strength of our lifestyle brands. Bikes Revenues decline was affected by new product launches dynamics as well as an unfavorable mix effect. Conversely, the average revenue per unit held up well amid heightened market competition. Outstanding LCV performance and the rebound in scooters during Q2 drove volume growth and revenues above prior-year levels at constant exchange rates. Strong brand equity and a compelling product lineup supported resilient revenue per unit despite market pressures. 258.7 238.4 +8.5% +3.2% excl. FX
Page 27
First Half of 2026 Financial Results|July 28th 202627.
Page 28
First Half of 2026 Financial Results|July 28th 202628. 5.9 5.0 (4.9) EBITDA 2024 Net Sales improvement Gross Margin % effect Cash OpEx net change EBITDA 2025Net Sales Effect Cash OpEx Net Change Gross Margin % Effect Highlights**Q2 EBITDA evolution (€m) Q2 - H1 2026 - EBITDA Evolution 2026 91.2 *(18.2%) * % On Net Sales ** Consistent with the preliminary figures published on July 9th, Q2 data presented in this deck have been calculated as the difference between the first-half and first-quarter results. 2025 85.1 *(17.7%) Q2 top-line growth, coupled with continued strong gross margin improvement, drove the EBITDA uplift, with the EBITDA margin reaching a record H1 level. Notably Gross margin rose, mainly driven by: pricing discipline richer product mix improved operating efficiency The temporary increase in Cash OpEx, driven by front-loaded costs, is expected to reverse over the coming quarters. IEEPA tariff refunds of around $3m are expected over the coming quarters. (3.5) 7.6 (2.6) EBITDA 2025 Net Sales improvement Gross Margin % effect Cash OpEx net change EBITDA 2026 H1 EBITDA evolution (€m) 2026 148.6 *(17.7%) Gross Margin % Effect2025 Net Sales Effect 147.1 *(17.3%) Cash OpEx Net Change Tariffs negative impact around 2.9 €m Tariffs negative impact around 1.5 €m
Page 29
First Half of 2026 Financial Results|July 28th 202629.
Page 30
First Half of 2026 Financial Results|July 28th 202630. Q2 * 2026 % chg vs Q2 25 H1 2025 H2 2026 Change 2026 vs. 2025 Absolute % Net Sales 500.2 3.8% 852.5 841.9 (10.6) -1.2% Gross Margin 158.1 8.4% 259.0 266.0 7.0 2.7% % on Net Sales 31.6% 1.4 p.p. 30.4% 31.6% 1.2 p.p. EBITDA 91.2 7.1% 147.1 148.6 1.5 1.0% % on Net Sales 18.2% 0.6 p.p. 17.3% 17.7% 0.4 p.p. Depreciation (36.7) -6.0% (76.6) (74.3) 2.3 -3.0% EBIT 54.5 18.2% 70.5 74.4 3.9 5.5% % on Net Sales 10.9% 1.3 p.p. 8.3% 8.8% 0.6 p.p. Financial Expenses (13.1) -0.5% (24.9) (24.5) 0.4 -1.5% Earning before tax 41.4 25.7% 45.6 49.9 4.2 9.3% Tax (16.2) 40.9% (15.5) (19.5) (3.9) 25.4% Net Income 25.1 17.5% 30.1 30.4 0.3 1.0% % on Net Sales 5.0% 0.6 p.p. 3.5% 3.6% 0.1p.p. P&L (€m) 1 2 Highlights Q2 – H1 2026 - To sum up EBIT was negatively impacted by approximately €4.5m due to: €2.9m of tariff-related costs €1.5m higher D&A from a one-off write-down of land right of use in India. 1 2 Tax rate up 5 p.p. vs. H1 2025, mostly affected by geographical mix. * Consistent with the preliminary figures published on July 9th, Q2 data presented in this deck have been calculated as the difference between the first-half and first-quarter results.
Page 31
First Half of 2026 Financial Results|July 28th 202631.
Page 32
First Half of 2026 Financial Results|July 28th 202632. 99.6 40.9 (49.8) 5.2 Of which: Receivables -64 (-69 P.Y.) Inventories -71 (-22 P.Y.) Payables +166 (+59 P.Y.) Other +10 (+19 P.Y.) H1 2026 - Net Financial Position Evolution & Debt Maturity Profile HighlightsNFP 2026 evolution (€m) H1 ´26YE ´25 Operating Cash Flow Change Working Capital CapEx Change Equity & Other (534.0) YE ‘24 H1 ‘25 101.1 (76.0) (12.7) (534.7)(13.2) NFP 2025 evolution (€m) - 1.5 +54.1 + 26.2 + 17.9 ∆26/25 (577.6) (481.7) Debt Maturity Profile (€m) Record cash generation (+€96m vs. -€1m in 2025), primarily driven by effective working capital and CapEx containment, pushed down Leverage to 1.9x casting positive light for YE 2026. CapEx dynamic consistent with the full-year planned trajectory. Solid debt profile, with weighted average life of around 2.8 years. 2026 & 2027 maturities already fully covered. Healthy liquidity profile with Gross Cash* at ~487€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 2026 2027 2028 2029 2030 Beyond Bank loans Short term debt Bond Undrawn RCF
Page 33
First Half of 2026 Financial Results|July 28th 202633. 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