Piaggio & C. S.p.a. · MIL:PIA
Piaggio & C — Q3 2024 Earnings Presentation
24 slides from Piaggio & C's earnings presentation, Nov 8, 2024
Slide 1: First Nine Months of 2024 Financial Results
1. First Nine Months of 2024 Financial Results |November 8th 2024
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: First Nine Months of 2024 Financial Results
3. First Nine Months of 2024 Financial Results |November 8th 2024
Slide 4: 9M 2024 - Highlights
9M 2024 - Highlights Outstandings margins despite top-line decline Net Sales €m 9M '23 * 1,619 - 16.2% 9M '24 1,357 Gross Margin % 9M '23 28.5% + 113 bps Back at 9M '24 29.7% peak levels EBITDA Margin % 9M '23 16.6% + 63ù bps Best Ever 9M '24 17.3% EBIT Margin % 9M '23 9.9% - 36 bps At peak levels 9
Slide 5: 9M 2024 - Highlights: Profitability path
9M 2024- Highlights Profitability path 9M GROSS Margin % 9M EBITDA Margin % 9M EBIT Margin % 0.13 0.317 0.195 0.11 17.3% 0.307 30.3% 0.175 9.9% 9.5% 16.6% 29.7% 0.09 0.297 15.7% 8.3% 8.3% 15.1% 0.155 7.4% 28.8% 14.6% 14.5% 28.5% 0.287 6.4% 0.07 0.135 27.7% 0.05 0.277 0.115 26.4% 0.267 0.03 0.257 0.0
Slide 6: First Nine Months of 2024 Financial Results |November 8 th 2024
6. First Nine Months of 2024 Financial Results |November 8th 2024
Slide 7: First Nine Months of 2024 Financial Results |November 8 th 2024
7. First Nine Months of 2024 Financial Results |November 8th 2024
Slide 8: First Nine Months of 2024 Financial Results |November 8 th 2024
8. First Nine Months of 2024 Financial Results |November 8th 2024
Slide 9: First Nine Months of 2024 Financial Results |November 8 th 2024
9. First Nine Months of 2024 Financial Results |November 8th 2024
Slide 10: First Nine Months of 2024 Financial Results |November 8 th 2024
10. First Nine Months of 2024 Financial Results |November 8th 2024
Slide 11: First Nine Months of 2024 Financial Results |November 8 th 2024
11. First Nine Months of 2024 Financial Results |November 8th 2024
Slide 12: 9M 2024 Financial Results
9M 2024 FINANCIAL RESULTS 12. First Nine Months of 2024 Financial Results |November 8th 2024
Slide 13: 9M 2024 - Key market demand
9M 2024 - Key market demand Highlights EUROPE USA 2- Wheelers (k units) 2-Wheelers (k units) +0.5% - 6.3% 1,310 1,316 Europe & Americas 453 424 Europe posted robust demand, despite a challenging basis for comparison, 22 -20.9% 17 599 -1.5% 589 underpinned by the positive dynamic of the over 50cc seg
Slide 14: First Nine Months of 2024 Financial Results |November 8 th 2024
14. First Nine Months of 2024 Financial Results |November 8th 2024
Slide 15: 9M 2024 - Evolution by business
9M 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, market weakness in APAC and N.A. and hefty reduction of dealers’ stock in EMEA ahead of EURO5+ 454.4 -16.4% introductio
Slide 16: First Nine Months of 2024 Financial Results |November 8 th 2024
16. First Nine Months of 2024 Financial Results |November 8th 2024
Slide 17: 9M 2024 - Evolution by product
9M 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 revenue per unit and drove a widespread rise in margins. -16.2% 454.4 -16.4% 1,619.2 5.0 89.5 168.1 n.m
Slide 18: First Nine Months of 2024 Financial Results |November 8 th 2024
18. First Nine Months of 2024 Financial Results |November 8th 2024
Slide 19: 9M 2024 - EBITDA Evolution
9M 2024 - EBITDA Evolution EBITDA evolution (€m) Highlights Positive contribution Strong improvement of % Gross margin and across all geographies containment of Cash Opex drove the EBITDA 269.3 margin uplift to 17.3%, representing an *(16.6%) all-time high. 234.3 *(17.3%) Notably % Gross margin rose
Slide 20: First Nine Months of 2024 Financial Results |November 8 th 2024
20. First Nine Months of 2024 Financial Results |November 8th 2024
Slide 21: 9M 2024 - To sum up
9M 2024 - To sum up P&L (€m) Highlights Change 2024 vs. 2023 20231 2024 Absolute % % excl. FX2 Net Sales 1,619.2 1,357.2 (262.0) -16.2% -15.5% Gross Margin 461.8 402.4 (59.4) -12.9% -13.5% % on Net Sales 28.5% 29.7% 1.1 EBITDA 269.3 234.3 (35.0) -13.0% -14.5% % on Net Sales 16.6% 17.3% 0.6 Depreciat
Slide 22: First Nine Months of 2024 Financial Results |November 8 th 2024
22. First Nine Months of 2024 Financial Results |November 8th 2024
Slide 23: 9M 2024 - Net Financial Position Evolution & Debt Maturity Profile
9M 2024 - Net Financial Position Evolution & Debt Maturity Profile NFP 2024 evolution (€m) Highlights Debt Maturity Profile (€m) YE ´23 Operating Change CapEx Change 9M ´24 Cash Flow Working Equity & 350 Capital Other Of which: Net Debt kept broadly in line with YE 2023, with 300 Receivables -34 Inv
Slide 24: 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 24. First Nine Months of 2024 Financial Results |November 8th 2024