Piaggio & C. S.p.a. · MIL:PIA
Piaggio & C — Q3 2025 Earnings Presentation
34 slides from Piaggio & C's earnings presentation, Nov 7, 2025
Slide 1: First Nine Months of 2025 Financial Results
1. First Nine Months of 2025 Financial Results |November 7th 2025
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
MORE THAN 140 YEARS c hanging the way people m o v e
Slide 4: First Nine Months of 2025 Financial Results
4. First Nine Months of 2025 Financial Results |November 7th 2025
Slide 5: First Nine Months of 2025 Financial Results
5. First Nine Months of 2025 Financial Results |November 7th 2025
Slide 6: 9M 2025 - Highlights
9M 2025 - Highlights Margins at peak levels despite widespread demand and FX headwinds Net Sales €m 9M '24 1,357 -11.3% Mostly reflecting 9M '25 1,204 demand and FX headwinds Gross Margin % 9M '24 29.7% +79 bps At peak 9M '25 30.4% levels EBITDA Margin % 9M '24 17.3% -58ùbps Second best ever 9M '25
Slide 7: 9M 2025 - Highlights: Profitability path
9M 2025 - Highlights Profitability path 9M GROSS Margin % 9M EBITDA Margin % 0.32 0.2 0.19 0.31 30.4% 0.18 17.3% 29.7% 0.3 16.6% 16.7% 0.17 28.8% 0.29 28.5% 0.16 15.1% 27.7% 0.28 14.6% 14.5% 0.15 0.14 0.27 26.4% 0.13 0.26 0.12 0.25 0.11 0.24 0.1 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024
Slide 8: We Are More Than a Group of Brands
WE ARE MORE THAN A GROUP OF BRANDS… 8. First Nine Months of 2025 Financial Results |November 7th 2025
Slide 9: We Are a Balanced Mix of Different Consumer Experiences
… WE ARE A BALANCED MIX OF DIFFERENT CONSUMER EXPERIENCES AND EVERY BRAND REPRESENT AN ASSET WITH A DEDICATED SPACE AND ITS OWN PERSONALITY 9. First Nine Months of 2025 Financial Results |November 7th 2025
Slide 10: First Nine Months of 2025 Financial Results
10. First Nine Months of 2025 Financial Results |November 7th 2025
Slide 11: First Nine Months of 2025 Financial Results
11. First Nine Months of 2025 Financial Results |November 7th 2025
Slide 12: First Nine Months of 2025 Financial Results
12. First Nine Months of 2025 Financial Results |November 7th 2025
Slide 13: First Nine Months of 2025 Financial Results
13. First Nine Months of 2025 Financial Results |November 7th 2025
Slide 14: First Nine Months of 2025 Financial Results
14. First Nine Months of 2025 Financial Results |November 7th 2025
Slide 15: First Nine Months of 2025 Financial Results
15. First Nine Months of 2025 Financial Results |November 7th 2025
Slide 16: First Nine Months of 2025 Financial Results
16. First Nine Months of 2025 Financial Results |November 7th 2025
Slide 17: First Nine Months of 2025 Financial Results
17. First Nine Months of 2025 Financial Results |November 7th 2025
Slide 18: Where we stand with robotics
Where we stand with robotics 18. First Nine Months of 2025 Financial Results |November 7th 2025
Slide 19: It's important that users, and more importantly bystanders
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 20: 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 21: 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 22: First Nine Months of 2025 Financial Results
22. First Nine Months of 2025 Financial Results |November 7th 2025
Slide 23: 9M 2025 - Key Market Demand
9M 2025 - Key market demand Highlights EUROPE USA 2-Wheelers (k units) 2-Wheelers (k units) -7.3% -7.2% 1,316 1,220 Europe & Americas 424 394 The European 2-wheeler market declined, although the negative trend softened over 17 -29.5% 590 12 -1.7% 579 the quarters, mainly due to the transition to EUR
Slide 24: First Nine Months of 2025 Financial Results
24. First Nine Months of 2025 Financial Results |November 7th 2025
Slide 25: 9M 2025 - Evolution by Business
9M 2025 - Evolution by business Volume evolution by business (k units) Highlights Net Sales evolution by business (€m) The top line was primarily affected by demand headwinds and adverse FX. -8.8% Strong brand equity supported broad-based pricing resilience. -11.3% 1,357.2 380.0 -9.4% excl. FX CV In
Slide 26: First Nine Months of 2022 Financial Results
26. First Nine Months of 2022 Financial Results | October 28th 2022
Slide 27: 9M 2025 - Evolution by Product
9M 2025 - Evolution by product Volume evolution by product (k units) Highlights Net Sales evolution by product (€m) Top line decline mostly reflecting market dynamics and FX. Strong brands and product -8.8% line-up upheld average revenue per unit despite market pressures. -11.3% 380.0 1,357.2 346.5
Slide 28: First Nine Months of 2025 Financial Results
28. First Nine Months of 2025 Financial Results |November 7th 2025
Slide 29: 9M 2025 - EBITDA Evolution
9M 2025 - EBITDA Evolution EBITDA evolution (€m) Highlights Tariffs negative impact: around 2.5€m, of which EBITDA margin at 16.7%, the second-highest around 1.5€m in Q3 result to date, despite around 2.5€m of costs 234.3 related to tariffs, underpinned by improvement *(17.3%) 12.2 3.1 in Gross Marg
Slide 30: First Nine Months of 2025 Financial Results
30. First Nine Months of 2025 Financial Results |November 7th 2025
Slide 31: 9M 2025 - To Sum Up
9M 2025 - To sum up P&L (€m) Highlights Change 2025 vs. 2024 2024 2025 Absolute % Net Sales 1,357.2 1,204.4 (152.8) -11.3% Gross Margin 402.4 366.6 (35.8) -8.9% % on Net Sales 29.7% 30.4% 0.8 EBITDA 234.3 201.0 (33.3) -14.2% % on Net Sales 17.3% 16.7% -0.6 Depreciation (104.9) (115.7) (10.8) 10.3% 1
Slide 32: First Nine Months of 2025 Financial Results
32. First Nine Months of 2025 Financial Results |November 7th 2025
Slide 33: 9M 2025 - Net Financial Position Evolution & Debt Maturity Profile
9M 2025 - Net Financial Position Evolution & Debt Maturity Profile NFP 2025 evolution (€m) Highlights Debt Maturity Profile (€m) Operating Change Change YE ´24 Cash Flow Working CapEx Equity & 9M ´25 Despite lower revenue, the company delivered positive cash 350 Capital Other generation of ~ 6€m ver
Slide 34: 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 34. First Nine Months of 2025 Financial Results |November 7th 2025