Slide 1: Full Year of 2024 Financial Results
1. Full Year of 2024 Financial Results |March 4th 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 changing the way people move
MORE THAN 140 YEARS c hanging the way people m o v e
Slide 4: Full Year of 2024 Financial Results |March 4 th 2025
4. Full Year of 2024 Financial Results |March 4th 2025
Slide 5: Full Year of 2024 Financial Results |March 4 th 2025
5. Full Year of 2024 Financial Results |March 4th 2025
Slide 6: FY 2024 - Highlights
FY 2024 - Highlights Margins at peak levels despite top-line decline. Temporary Net Debt increase. Net Sales €m FY '23* 1,985 Partially reflecting FY '24 1,701 - 14.3% dealers’ de-stocking Gross Margin % FY '23 28.5% + 75 bps Back at FY '24 29.2% peak levels EBITDA Margin % FY '23 16.4% + 48ù bps Be
Slide 7: FY 2024 - Highlights: Profitability path
FY 2024- Highlights Profitability path FY GROSS Margin % FY EBITDA Margin % FY EBIT Margin % 0.13 0.195 0.12 30.2% 0.185 0.11 0.175 16.9% 0.1 29.2% 16.4% 9.1% 0.165 8.7% 0.09 28.5% 15.0% 0.155 7.6% 0.08 28.3% 14.4% 14.3% 6.9% 14.2% 0.145 6.7% 0.07 27.7% 0.135 0.06 5.4% 0.125 0.05 26.6% 0.115 0.04 0.
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 1st place out of 88 players in automative sector OUR SUSTAINABLE PRIORITIES *Most relevant ESG certifications 8. Full Year of 2024 Financial Results
Slide 9: We are more than a group of brands
WE ARE MORE THAN A GROUP OF BRANDS… 9. Full Year of 2024 Financial Results |March 4th 2025
Slide 10: 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 of 2024 Financial Results |March 4th 2025
Slide 11: Full Year of 2024 Financial Results |March 4 th 2025
11. Full Year of 2024 Financial Results |March 4th 2025
Slide 12: Full Year of 2024 Financial Results |March 4 th 2025
12. Full Year of 2024 Financial Results |March 4th 2025
Slide 13: Full Year of 2024 Financial Results |March 4 th 2025
13. Full Year of 2024 Financial Results |March 4th 2025
Slide 14: Nurturing brand community with ultimate client experiences
NURTURING BRAND COMMUNITY WITH ULTIMATE CLIENT EXPERIENCES ON TRACK, ON ROADS AND ON TRAILS 14. Full Year of 2024 Financial Results |March 4th 2025
Slide 15: Full Year of 2024 Financial Results |March 4 th 2025
15. Full Year of 2024 Financial Results |March 4th 2025
Slide 16: Full Year of 2024 Financial Results |March 4 th 2025
16. Full Year of 2024 Financial Results |March 4th 2025
Slide 17: Full Year of 2024 Financial Results |March 4 th 2025
17. Full Year of 2024 Financial Results |March 4th 2025
Slide 18: Full Year of 2024 Financial Results |March 4 th 2025
18. Full Year of 2024 Financial Results |March 4th 2025
Slide 19: Full Year 2024 Financial Results
FULL YEAR 2024 FINANCIAL RESULTS 19. Full Year of 2024 Financial Results |March 4th 2025
Slide 20: FY 2024 - Key market demand
FY 2024 - Key market demand Highlights EUROPE USA 2-Wheelers (k units) 2-Wheelers (k units) +8.2% -4.5% 1,694 Europe & Americas 551 526 1,566 European positive demand trend accelerated in Q4 inflated by self-registrations 25 -20.8% 20 725 +3.3% 749 ahead of the introduction of the EURO5+engines. ICE
Slide 21: Full Year of 2024 Financial Results |March 4 th 2025
21. Full Year of 2024 Financial Results |March 4th 2025
Slide 22: FY 2024 - Evolution by business
FY 2024 - Evolution by business Volume evolution by business (k units) Highlights Net Sales evolution by business (€m) Top line mostly affected by challenging basis for comparison, premium market weakness in APAC and N.A. and hefty reduction of dealers’ stock in EMEA ahead of -13.9% EURO5+ introduct
Slide 23: Full Year of 2024 Financial Results |March 4 th 2025
23. Full Year of 2024 Financial Results |March 4th 2025
Slide 24: FY 2024 - Evolution by product
FY 2024 - Evolution by product Volume evolution by product (k units) Highlights Net Sales evolution by product (€m) Despite the top line decline, strong brands and improved mix underpinned average -14.3% -13.9% revenue per unit and drove a widespread rise in margins. 559.5 1,985.1 5.4 123.3 216.9 n.
Slide 25: Full Year of 2024 Financial Results |March 4 th 2025
25. Full Year of 2024 Financial Results |March 4th 2025
Slide 26: FY 2024 - EBITDA Evolution
FY 2024 - EBITDA Evolution EBITDA evolution (€m) Highlights Positive contribution across all geographies Improvement of % Gross margin and containment of Cash Opex drove the EBITDA margin uplift to 16.9%, representing an 325.0 29.5 *(16.4%) all-time high. 18.5 286.7 *(16.9%) Notably % Gross margin r
Slide 27: Full Year of 2024 Financial Results |March 4 th 2025
27. Full Year of 2024 Financial Results |March 4th 2025
Slide 28: FY 2024 - To sum up
FY 2024 - To sum up P&L (€m) Highlights Change 2024 vs. 2023 20231 2024 Absolute % % excl. FX2 Net Sales 1,985.1 1,701.3 (283.7) -14.3% -13.7% Gross Margin 565.2 497.1 (68.0) -12.0% -12.5% % on Net Sales 28.5% 29.2% 0.7 EBITDA 325.0 286.7 (38.3) -11.8% -12.9% % on Net Sales 16.4% 16.9% 0.5 Depreciat
Slide 29: Full Year of 2024 Financial Results |March 4 th 2025
29. Full Year of 2024 Financial Results |March 4th 2025
Slide 30: FY 2024 - Net Financial Position Evolution & Debt Maturity Profile
FY 2024 - Net Financial Position Evolution & Debt Maturity Profile NFP 2024 evolution (€m) Highlights Debt Maturity Profile (€m) YE ´23 Operating Change CapEx Change YE ´24 Cash Flow Working Equity & 350 Capital Other Temporary Net Debt growth mainly reflecting: Of which: the negative Working Capita
Slide 31: 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) Step up mostly driven by Recent years CapEx sustained investment product launches & effort driven by: new regulation framework heightened focus on new product launches 24.0% 75 200 compliance with
Slide 32: 2025 - Priorities
2025 – PRIORITIES FINANCIALS Strong net debt reduction driven by the combination of: - higher operating cash flow - working capital improvement - containment of CapEx GROWING BRAND’S DESIRABILITY AND UNCOMPROMISED QUALITY DEALER NETWORK REINFORCEMENT: - expansion in APAC and India - strengthening in
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. Full Year of 2024 Financial Results |March 4th 2025