Piaggio & C. S.p.a. · MIL:PIA
Piaggio & C — Q1 2026 Earnings Presentation
31 slides from Piaggio & C's earnings presentation, May 8, 2026
Slide 1: First Quarter of 2026 Financial Results
PIAGGIO GROUP First Quarter of 2026 Financial Results 1. First Quarter of 2026 Financial Results|May 8th 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
MORE THAN 140 YEARS c hanging the way people m o v e
Slide 4: First Quarter of 2026 Financial Results|May 8 th 2026
4. First Quarter of 2026 Financial Results|May 8th 2026
Slide 5: Business Highlights
BUSINESS HIGHLIGHTS 5. First Quarter of 2026 Financial Results|May 8th 2026
Slide 6: Q1 2026 - Highlights
Q1 2026 - Highlights Lowest seasonal cash absorption on record, margins at peak levels. Net Sales €m Q1 '25 371 Mostly reflecting - 7.8% - 1.6% ex. FX Q1 '26 342 negative ForEx Gross Margin % Q1 '25 30.5% Best Q1 Q1 '26 31.6% + 103 bps on record EBITDA Margin % Q1 '25 16.7% + 9 ùbps Second Q1 '26 16
Slide 7: Q1 2026 - Highlights: Profitability path
Q1 2026 - Highlights Profitability path Q1 GROSS Margin % Q1 EBITDA Margin % 0.2 31.6% 0.32 0.19 0.31 30.4% 30.5% 17.6% 0.18 0.3 16.7% 16.8% 0.17 28.9% 0.29 0.16 28.3% 14.9% 0.28 14.6% 0.15 0.14 26.7% 0.27 13.2% 12.8% 0.13 25.6% 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 Quarter of 2026 Financial Results|May 8th 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 Quarter of 2026 Financial Results|May 8th 2026
Slide 10: First Quarter of 2026 Financial Results|May 8 th 2026
10. First Quarter of 2026 Financial Results|May 8th 2026
Slide 11: First Quarter of 2026 Financial Results|May 8 th 2026
11. First Quarter of 2026 Financial Results|May 8th 2026
Slide 12: First Quarter of 2026 Financial Results|May 8 th 2026
12. First Quarter of 2026 Financial Results|May 8th 2026
Slide 13: First Quarter of 2026 Financial Results|May 8 th 2026
13. First Quarter of 2026 Financial Results|May 8th 2026
Slide 14: First Quarter of 2026 Financial Results|May 8 th 2026
14. First Quarter of 2026 Financial Results|May 8th 2026
Slide 15: Where we stand with robotics
Where we stand with robotics 15. First Quarter of 2026 Financial Results|May 8th 2026
Slide 16: Users and bystanders don't need to adapt their behavior
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 17: 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 18: 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 19: Financial Results
FINANCIAL RESULTS 19. First Quarter of 2026 Financial Results|May 8th 2026
Slide 20: Q1 2026 - Key market demand
Q1 2026 - Key market demand Highlights EUROPE USA 2-Wheelers (k units) 2-Wheelers (k units) +18.2% 352 +3.3% Europe & Americas 107 110 298 European demand rebounded across all markets and segments, supported in part by 3 2 153 -16.2% 137 +11.7% a favorable comparison base following the sharp decline
Slide 21: First Quarter of 2026 Financial Results|May 8 th 2026
21. First Quarter of 2026 Financial Results|May 8th 2026
Slide 22: Q1 2026 - Evolution by business
Q1 2026 - Evolution by business Volume evolution by business (k units) Highlights Net Sales evolution by business (€m) The top line was primarily affected by adverse FX. +1.5% Strong brand equity supported broad-based pricing resilience. -7.8% 108.4 370.7 -1.6% excl. FX 106.8 CV India Strong volume
Slide 23: First Quarter of 2026 Financial Results|May 8 th 2026
23. First Quarter of 2026 Financial Results|May 8th 2026
Slide 24: Q1 2026 - Evolution by product
Q1 2026 - Evolution by product Volume evolution by product (k units) Highlights Net Sales evolution by product (€m) Top line decline mostly reflecting negative FX. Strong brand equity and product line- +1.5% up supported average revenue per unit amid market pressures. -7.8% 106.8 108.4 370.7 341.7 4
Slide 25: First Quarter of 2026 Financial Results|May 8 th 2026
25. First Quarter of 2026 Financial Results|May 8th 2026
Slide 26: Q1 2026 - EBITDA Evolution
Q1 2026 - EBITDA Evolution EBITDA evolution (€m) Highlights Tariffs negative impact around 1.4€m EBITDA margin at 16.8%, the second-highest result to date despite around 1.4€m of costs 2.3 related to tariffs, underpinned by improvement 62.0 2.8 *(16.7%) in Gross Margin and ongoing containment of 57.
Slide 27: First Quarter of 2026 Financial Results|May 8 th 2026
27. First Quarter of 2026 Financial Results|May 8th 2026
Slide 28: Q1 2026 - To sum up
Q1 2026 - To sum up P&L (€m) Highlights Change 2026 vs. 2025 2025 2026 Absolute % Net Sales 370.7 341.7 (28.9) -7.8% Gross Margin 113.2 107.9 (5.3) -4.7% % on Net Sales 30.5% 31.6% 1.0 EBITDA 62.0 57.5 (4.5) -7.3% % on Net Sales 16.7% 16.8% 0.1 Depreciation (37.6) (37.6) (0.0) 0.1% 1 EBIT was negati
Slide 29: First Quarter of 2026 Financial Results|May 8 th 2026
29. First Quarter of 2026 Financial Results|May 8th 2026
Slide 30: Q1 2026 - Net Financial Position Evolution & Debt Maturity Profile
Q1 2026 - Net Financial Position Evolution & Debt Maturity Profile NFP 2026 evolution (€m) Highlights Debt Maturity Profile (€m) YE ´25 Operating Change CapEx Change Q1 ´26 Cash Flow Working Equity & 350 Capital Other Record-low seasonal cash outflow (€19m vs. €59m in 2025), primarily driven by effe
Slide 31: 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 31. First Quarter of 2026 Financial Results|May 8th 2026