Piaggio & C. S.p.a. · MIL:PIA
Piaggio & C — Q2 2026 Earnings Presentation
33 slides from Piaggio & C's earnings presentation, Jul 28, 2026
Slide 1: First Half of 2026 Financial Results
PIAGGIO GROUP First Half of 2026 Financial Results 1. First Half of 2026 Financial Results|July 28th 2026
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements regarding future events and future results of Piaggio & C S.p.A. (the “Company”) that are based on the current expectations, estimates, forecasts and projections about the industries in which the Company operates, and on the beliefs an
Slide 3: More than 140 years changing the way people move
MORE THAN 140 YEARS c hanging the way people m o v e
Slide 4: First Half of 2026 Financial Results
4. First Half of 2026 Financial Results|July 28th 2026
Slide 5: Business Highlights
BUSINESS HIGHLIGHTS 5. First Half of 2026 Financial Results|July 28th 2026
Slide 6: Q2 – H1 2026 - Highlights
Q2* – H1 2026 - Highlights Highest cash generation to date, with margins at peak levels. Net Sales €m Q2 '25 482 +3.8% H1 '25 853 -1.2 % Solid growth at constant Q2 '26 500 + ~7% ex. FX currencies H1 '26 842 +3.2 % ex. FX Gross Margin % Q2 '25 30.3% H1 '25 30.4% +135 bps +122 bps Q2 '26 31.6% At pea
Slide 7: H1 2026 - Highlights: Profitability path
H1 2026 - Highlights Profitability path H1 GROSS Margin % H1 EBITDA Margin % 0.2 31.6% 0.32 0.19 0.31 30.4% 17.7% 17.5% 0.18 29.8% 0.3 17.3% 0.17 29.1% 16.4% 16.0% 28.6% 0.29 0.16 28.1% 14.5% 0.28 0.15 13.8% 0.14 0.27 26.3% 0.13 0.26 0.12 0.25 0.11 0.24 0.1 2020 2021 2022 2023 2024 2025 2026 2020 20
Slide 8: We are more than a group of brands…
WE ARE MORE THAN A GROUP OF BRANDS… 8. First Half of 2026 Financial Results|July 28th 2026
Slide 9: A balanced mix of different consumer experiences
… WE ARE A BALANCED MIX OF DIFFERENT CONSUMER EXPERIENCES AND EVERY BRAND REPRESENTS AN ASSET WITH A DEDICATED SPACE AND ITS OWN PERSONALITY. 9. First Half of 2026 Financial Results|July 28th 2026
Slide 10: First Half of 2026 Financial Results
10. First Half of 2026 Financial Results|July 28th 2026
Slide 11: First Half of 2026 Financial Results
11. First Half of 2026 Financial Results|July 28th 2026
Slide 12: First Half of 2026 Financial Results
12. First Half of 2026 Financial Results|July 28th 2026
Slide 13: First Half of 2026 Financial Results
13. First Half of 2026 Financial Results|July 28th 2026
Slide 14: First Half of 2026 Financial Results
14. First Half of 2026 Financial Results|July 28th 2026
Slide 15: First Half of 2026 Financial Results
15. First Half of 2026 Financial Results|July 28th 2026
Slide 16: Where we stand with robotics
Where we stand with robotics 16. First Half of 2026 Financial Results|July 28th 2026
Slide 17: Users and bystanders don't need to adapt to machines
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 g
Slide 18: UN Sustainable Development Goals
UN Sustainable Development Goals 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.
Slide 19: The Intimate Space of Human Interaction
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
Slide 20: Financial Results
FINANCIAL RESULTS 20. First Half of 2026 Financial Results|July 28th 2026
Slide 21: H1 2026 - Key market demand
H1 2026 - Key market demand Highlights EUROPE USA 2-Wheelers (k units) 2-Wheelers (k units) +14.7% 919 Europe & Americas 269 1.6% 273 801 The rebound in European demand following the 2025 decline caused by the transition 8 -13.8% 7 +13.5% 421 to EURO 5+, moderated in Q2 across all markets and segmen
Slide 22: First Half of 2026 Financial Results
22. First Half of 2026 Financial Results|July 28th 2026
Slide 23: Q2 & H1 2026 – Volumes Evolution by business
Q2 & H1 2026 – Volumes Evolution by business Q2* Volume evolution by business (k units) Highlights H1 Volume evolution by business (k units) +14.2% Q1's positive volume trend accelerated in Q2, with broad-based growth across all +8.5% 150.3 geographies and business segments. 258.7 CV India 238.4 131
Slide 24: Q2 & H1 2026 – Revenues Evolution by business
Q2 & H1 2026 – Revenues Evolution by business Q2* Net Sales evolution by business (€m) Highlights H1 Net Sales evolution by business (€m) +3.8% The top line growth was primarily hampered by adverse FX. -1.2% Strong brand equity supported broad-based pricing resilience. +~7% excl. FX +3.2% excl. FX 8
Slide 25: First Half of 2026 Financial Results
25. First Half of 2026 Financial Results|July 28th 2026
Slide 26: H1 2026 - Evolution by product
H1 2026 - Evolution by product Volume evolution by product (k units) Highlights Net Sales evolution by product (€m) +8.5% Outstanding LCV performance and the rebound in scooters during Q2 drove volume -1.2% growth and revenues above prior-year levels at constant exchange rates. +3.2% excl. FX 258.7
Slide 27: First Half of 2026 Financial Results
27. First Half of 2026 Financial Results|July 28th 2026
Slide 28: Q2 - H1 2026 - EBITDA Evolution
Q2 - H1 2026 - EBITDA Evolution **Q2 EBITDA evolution (€m) Highlights H1 EBITDA evolution (€m) 5.0 Q2 top-line growth, coupled with continued 7.6 5.9 strong gross margin improvement, drove the (4.9) EBITDA uplift, with the EBITDA margin reaching (2.6) 148.6 91.2 147.1 (3.5) *(17.7%) 85.1 *(18.2%) a
Slide 29: First Half of 2026 Financial Results
29. First Half of 2026 Financial Results|July 28th 2026
Slide 30: Q2 – H1 2026 - To sum up
Q2 – H1 2026 - To sum up P&L (€m) Highlights Q2 * % chg Change 2026 vs. 2025 H1 2025 H2 2026 2026 vs Q2 25 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% %
Slide 31: First Half of 2026 Financial Results
31. First Half of 2026 Financial Results|July 28th 2026
Slide 32: H1 2026 - Net Financial Position Evolution & Debt Maturity Profile
H1 2026 - Net Financial Position Evolution & Debt Maturity Profile NFP 2026 evolution (€m) Highlights Debt Maturity Profile (€m) YE ´25 Operating Change CapEx Change H1 ´26 350 Cash Flow Working Equity & Record cash generation (+€96m vs. -€1m in 2025), Capital Other primarily driven by effective wor
Slide 33: Investor Relations Office
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 33. First Half of 2026 Financial Results|July 28th 2026