Piaggio & C. S.p.a. · MIL:PIA
Piaggio & C — Q1 2024 Earnings Presentation
26 slides from Piaggio & C's earnings presentation, May 9, 2024
Slide 1: First Quarter of 2024 Financial Results
1. First Quarter of 2024 Financial Results | May 9th 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 Quarter of 2024 Financial Results
3. First Quarter of 2024 Financial Results | May 9th 2024
Slide 4: Q1 2024 - Highlights
Q1 2024 - Highlights Margins upsurged to new record highs despite the challenging base of comparison and demand headwinds… Net Sales €m Q1 '23 * 544 -21.3% Q1 '24 428 Gross Margin % Q1 '23 26.7% +366 bps Back at Q1 '24 30.4% peak levels EBITDA Margin % Q1 '23 14.9% ù bps + 269 Best Ever Q1 '24 17.6%
Slide 5: Q1 2024 - Highlights
Q1 2024- Highlights …adding another step in the path toward premiumization and heightened profitability. Q1 GROSS Margin % Q1 EBITDA Margin % Q1 EBIT Margin % 0.32 0.2 0.12 0.19 0.31 30.4% 9.7% 0.1 30.0% 17.6% 0.18 0.3 0.17 8.2% 28.9% 0.08 0.29 0.16 28.3% 14.9% 6.0% 6.1% 6.1% 0.28 14.6% 0.15 0.06 14
Slide 6: First Quarter of 2024 Financial Results
6. First Quarter of 2024 Financial Results | May 9th 2024
Slide 7: First Quarter of 2024 Financial Results
7. First Quarter of 2024 Financial Results | May 9th 2024
Slide 8: First Quarter of 2024 Financial Results
8. First Quarter of 2024 Financial Results | May 9th 2024
Slide 9: First Quarter of 2024 Financial Results
9. First Quarter of 2024 Financial Results | May 9th 2024
Slide 10: First Quarter of 2024 Financial Results
10. First Quarter of 2024 Financial Results | May 9th 2024
Slide 11: First Quarter of 2024 Financial Results
11. First Quarter of 2024 Financial Results | May 9th 2024
Slide 12: First Quarter of 2024 Financial Results
12. First Quarter of 2024 Financial Results | May 9th 2024
Slide 13: First Quarter of 2024 Financial Results
13. First Quarter of 2024 Financial Results | May 9th 2024
Slide 14: Q1 2024 Financial Results
Q1 2024 FINANCIAL RESULTS 14. First Quarter of 2024 Financial Results | May 9th 2024
Slide 15: Q1 2024 - Key market demand
Q1 2024 - Key market demand Highlights EUROPE USA 2- Wheelers (k units) 2-Wheelers (k units) - 0.2% 360 126 -5.6% 360 Europe & Americas 119 5 European solid start to the year, despite a challenging basis for comparison, dented -17.9% 4 156 150 - 3.8% by unfavorable calendar effect. Over 50cc segment
Slide 16: First Quarter of 2024 Financial Results
16. First Quarter of 2024 Financial Results | May 9th 2024
Slide 17: Q1 2024 - Evolution by business
Q1 2024 - Evolution by business Volume evolution by business (k units) Highlights Net Sales evolution by business (€m) Top line mostly affected by challenging basis of comparison, market weakness in -22.3% APAC and N.A. and prudent management of dealers’ stock. Widespread positive mix -21.3% 154.9 a
Slide 18: First Quarter of 2024 Financial Results
18. First Quarter of 2024 Financial Results | May 9th 2024
Slide 19: Q1 2024 - Evolution by product
Q1 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 -21.3% revenue per unit. 543.9 154.9 -22.3% 1.8 53.5 n.m. 30.2 428.0 -4.9% 120.3 91.8 1.6 14.5 -3.9% 50
Slide 20: First Quarter of 2024 Financial Results
20. First Quarter of 2024 Financial Results | May 9th 2024
Slide 21: Q1 2024 - EBITDA Evolution
Q1 2024 - EBITDA Evolution EBITDA evolution (€m) Highlights Positive contribution across all geographies EBITDA ended close to 2023 level, with 81.0 record margin at 17.6%, representing an *(14.9%) all-time high, benefitting from strong 75.3 *(17.6%) improvement of % Gross margin and containment of
Slide 22: First Quarter of 2024 Financial Results
22. First Quarter of 2024 Financial Results | May 9th 2024
Slide 23: Q1 2024 - To sum up
Q1 2024 - To sum up P&L (€m) Highlights Change 2024 vs. 2023 20231 2024 Absolute % % excl. FX2 Net Sales 543.9 428.0 (115.9) -21.3% -20.5% Gross Margin 145.4 130.1 (15.3) -10.5% -12.7% % on Net Sales 26.7% 30.4% 3.7 EBITDA 81.0 75.3 (5.7) -7.1% -11.5% % on Net Sales 14.9% 17.6% 2.7 Depreciation (36.
Slide 24: First Quarter of 2024 Financial Results
24. First Quarter of 2024 Financial Results | May 9th 2024
Slide 25: Q1 2024 - Net Financial Position Evolution & Debt Maturity Profile
Q1 2024 - Net Financial Position Evolution & Debt Maturity Profile NFP 2024 evolution (€m) Highlights Debt Maturity Profile (€m) YE ´23 Operating Change CapEx Change Q1 ´24 Cash Flow Working Equity & 350 Capital Other Q1 Net Debt dynamic mostly reflecting the usual seasonal Working Capital cash abso
Slide 26: 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 26. First Quarter of 2024 Financial Results | May 9th 2024