Piaggio & C. S.p.a. · MIL:PIA
Piaggio & C — FY2025 Earnings Presentation
37 slides from Piaggio & C's earnings presentation, Mar 5, 2026
Slide 1: Piaggio Group Full Year 2025 Financial Results
PIAGGIO GROUP Full Year 2025 Financial Results 1. Full Year 2025 Financial Results |March 5th 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: Full Year 2025 Financial Results
4. Full Year 2025 Financial Results |March 5th 2026
Slide 5: Business Highlights
BUSINESS HIGHLIGHTS 5. Full Year 2025 Financial Results |March 5th 2026
Slide 6: FY 2025 - Highlights
FY 2025 - Highlights Margins at peak levels despite widespread demand and FX headwinds Net Sales €m FY '24 1,701 -11.7% Mostly reflecting FY '25 1,502 demand and FX headwinds Gross Margin % FY '24 29.2% +125 bps At peak FY '25 30.5% levels EBITDA Margin % FY '24 16.9% - 15ùbps Second best ever FY '2
Slide 7: FY 2025 - Highlights: Profitability path
FY 2025 - Highlights Profitability path FY GROSS Margin % FY EBITDA Margin % 0.31 0.18 30.5% 16.9% 16.7% 0.17 0.3 16.4% 0.16 29.2% 0.29 28.5% 0.15 28.3% 14.4% 14.3% 14.2% 0.14 27.7% 0.28 0.13 0.27 26.6% 0.12 0.26 0.11 0.25 0.1 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 7. Full Year
Slide 8: ESG: Best In-Class Ratings
ESG:BEST IN-CLASS RATINGS* SUSTAINALYTICS CCC B BB BBB A AA AAA 40+ 30 - 40 20 - 30 20 - 10 0 - 10 D- D C- C B- B A- A 9 years in a row with AA ranking 2nd place out of 86 players in automotive sector OUR SUSTAINABLE PRIORITIES *Most relevant ESG certifications 8. Full Year 2025 Financial Results |M
Slide 9: We are more than a group of brands
WE ARE MORE THAN A GROUP OF BRANDS… 9. Full Year 2025 Financial Results |March 5th 2026
Slide 10: We are 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 10. Full Year 2025 Financial Results |March 5th 2026
Slide 11: Triumphant opening of the 2026 MotoGP season
TRIUMPHANT OPENING OF THE 2026 MOTOGP SEASON 11. Full Year 2025 Financial Results |March 5th 2026
Slide 12: Full Year 2025 Financial Results
12. Full Year 2025 Financial Results |March 5th 2026
Slide 13: Full Year 2025 Financial Results
13. Full Year 2025 Financial Results |March 5th 2026
Slide 14: Full Year 2025 Financial Results
14. Full Year 2025 Financial Results |March 5th 2026
Slide 15: Full Year 2025 Financial Results
15. Full Year 2025 Financial Results |March 5th 2026
Slide 16: Nurturing brand community with ultimate client experiences
NURTURING BRAND COMMUNITY WITH ULTIMATE CLIENT EXPERIENCES 16. Full Year 2025 Financial Results |March 5th 2026
Slide 17: Full Year 2025 Financial Results
17. Full Year 2025 Financial Results |March 5th 2026
Slide 18: Full Year 2025 Financial Results
18. Full Year 2025 Financial Results |March 5th 2026
Slide 19: Full Year 2025 Financial Results
19. Full Year 2025 Financial Results |March 5th 2026
Slide 20: Where we stand with robotics
Where we stand with robotics 20. Full Year 2025 Financial Results |March 5th 2026
Slide 21: Users and bystanders shouldn'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 22: 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 23: 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 24: Financial Results
FINANCIAL RESULTS 24. Full Year 2025 Financial Results |March 5th 2026
Slide 25: FY 2025 - Key market demand
FY 2025 - Key market demand Highlights EUROPE USA 2-Wheelers (k units) 2-Wheelers (k units) 1,694 -13.0% -7.6% Europe & Americas 526 1,474 The European 2-wheeler market declined across segments, largely driven by the one-off 486 20 -27.8% 14 749 -5.9% transition from EURO5 to EURO5+ regulatory stand
Slide 26: Full Year 2025 Financial Results
26. Full Year 2025 Financial Results |March 5th 2026
Slide 27: FY 2025 - Evolution by business
FY 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. -7.6% Strong brand equity supported broad-based pricing resilience. -11.7% 481.6 1,701.3 -9.0% excl. FX 445.2
Slide 28: Full Year 2025 Financial Results
28. Full Year 2025 Financial Results |March 5th 2026
Slide 29: FY 2025 - Evolution by product
FY 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 -7.6% line-up upheld average revenue per unit despite market pressures. -11.7% 1,701.3 481.6 445.2
Slide 30: Full Year 2025 Financial Results
30. Full Year 2025 Financial Results |March 5th 2026
Slide 31: FY 2025 - EBITDA Evolution
FY 2025 - EBITDA Evolution EBITDA evolution (€m) Highlights Tariffs negative impact: EBITDA margin at 16.7%, the second-highest around 4€m YTD, of which around 1.5€m in Q4 result to date, despite around 4€m of costs related to tariffs, underpinned by improvement in Gross Margin and containment of Ca
Slide 32: Full Year 2025 Financial Results
32. Full Year 2025 Financial Results |March 5th 2026
Slide 33: FY 2025 - To sum up
FY 2025 - To sum up P&L (€m) Highlights Change 2025 vs. 2024 2024 2025 Absolute % Net Sales 1,701.3 1,501.9 (199.4) -11.7% Gross Margin 497.1 457.6 (39.5) -7.9% % on Net Sales 29.2% 30.5% 1.2 EBITDA 286.7 250.8 (35.9) -12.5% % on Net Sales 16.9% 16.7% -0.2 Depreciation (138.9) (149.6) (10.6) 7.7% 1
Slide 34: Full Year 2025 Financial Results
34. Full Year 2025 Financial Results |March 5th 2026
Slide 35: FY 2025 - Net Financial Position Evolution & Debt Maturity Profile
FY 2025 - Net Financial Position Evolution & Debt Maturity Profile NFP 2025 evolution (€m) Highlights Debt Maturity Profile (€m) YE ´24 Operating Change CapEx Change YE ´25 Cash Flow Working Equity & 350 Capital Other Net debt increased primarily due to negative working capital dynamics, driven by a
Slide 36: Last 10 years CapEx and R&D profiles
LAST 10 YEARS CAPEX AND R&D PROFILES CapEx evolution (€m; % on sales) Highlights R&D* (€m; % on sales) Recent years CapEx sustained investment effort driven by: One-off industrial investments (e.g. new Moto Guzzi plant & museum in Mandello, new 75 24.0% 200 production line for 4-Wheelers in Ponteder
Slide 37: 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 37. Full Year 2025 Financial Results |March 5th 2026