Piaggio & C. S.p.a. · MIL:PIA
Piaggio & C — H1 2024 Earnings Presentation
28 slides from Piaggio & C's earnings presentation, Jul 29, 2024
Slide 1: First Half of 2024 Financial Results
1. First Half of 2024 Financial Results | July 29th 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 Half of 2024 Financial Results
3. First Half of 2024 Financial Results | July 29th 2024
Slide 4: H1 2024 - Highlights
H1 2024 - Highlights Strong cash generation and record margins despite the tough comparison base and demand headwinds… Net Sales €m H1 '23 * 1,167 - 15.2% H1 '24 990 Gross Margin % H1 '23 28.1% + 170 bps Back at H1 '24 29.8% peak levels EBITDA Margin % H1 '23 16.4% ù bps + 117 Best Ever H1 '24 17.5%
Slide 5: H1 2024 - Highlights
H1 2024- Highlights … confirming the long-term trajectory toward heightened profitability. H1 GROSS Margin % H1 EBITDA Margin % H1 EBIT Margin % 0.2 0.316 0.12 17.5% 10.5% 30.6% 0.18 10.1% 0.306 0.1 16.4% 16.4% 9.2% 16.0% 8.9% 29.8% 0.16 8.1% 0.296 0.08 29.1% 14.5% 28.6% 13.8% 0.14 0.286 0.06 28.1%
Slide 6: First Half of 2024 Financial Results
6. First Half of 2024 Financial Results | July 29th 2024
Slide 7: First Half of 2024 Financial Results
7. First Half of 2024 Financial Results | July 29th 2024
Slide 8: First Half of 2024 Financial Results
8. First Half of 2024 Financial Results | July 29th 2024
Slide 9: First Half of 2024 Financial Results
9. First Half of 2024 Financial Results | July 29th 2024
Slide 10: First Half of 2024 Financial Results
10. First Half of 2024 Financial Results | July 29th 2024
Slide 11: First Half of 2024 Financial Results
11. First Half of 2024 Financial Results | July 29th 2024
Slide 12: First Half of 2024 Financial Results
12. First Half of 2024 Financial Results | July 29th 2024
Slide 13: First Half of 2024 Financial Results
13. First Half of 2024 Financial Results | July 29th 2024
Slide 14: First Half of 2024 Financial Results
14. First Half of 2024 Financial Results | July 29th 2024
Slide 15: First Half of 2024 Financial Results
15. First Half of 2024 Financial Results | July 29th 2024
Slide 16: H1 2024 Financial Results
H1 2024 FINANCIAL RESULTS 16. First Half of 2024 Financial Results | July 29th 2024
Slide 17: H1 2024 - Key market demand
H1 2024 - Key market demand Highlights EUROPE USA 2- Wheelers (k units) 2-Wheelers (k units) 886 +0.5% 890 - 6.2% Europe & Americas 315 European demand ended slightly above prior year, despite a challenging basis for -17.0% 296 385 14 12 396 -2.6% comparison, underpinned by the positive dynamic of o
Slide 18: First Half of 2024 Financial Results
18. First Half of 2024 Financial Results | July 29th 2024
Slide 19: H1 2024 - Evolution by business
H1 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 APAC and N.A. and prudent management of dealers’ stock. -16.8% -15.2% 324.6 1,167.2 -14.6% excl. FX 5
Slide 20: First Half of 2024 Financial Results
20. First Half of 2024 Financial Results | July 29th 2024
Slide 21: H1 2024 - Evolution by product
H1 2024 - Evolution by product Volume evolution by product (k units) Highlights Net Sales evolution by product (€m) Top line decline mitigated by the strong rebound of motorbikes and Indian LCV in Q2. Strong brands and improved mix kept average revenue per unit broadly in line with -15.2% -16.8% 1,1
Slide 22: First Half of 2024 Financial Results
22. First Half of 2024 Financial Results | July 29th 2024
Slide 23: H1 2024 - EBITDA Evolution
H1 2024 - EBITDA Evolution EBITDA evolution (€m) Highlights Positive contribution across all geographies Strong improvement of % Gross margin and containment of Cash Opex drove the EBITDA margin uplift to 17.5%, representing an 191.2 *(16.4%) all-time high. 173.8 *(17.5%) Notably % Gross margin rose
Slide 24: First Half of 2024 Financial Results
24. First Half of 2024 Financial Results | July 29th 2024
Slide 25: H1 2024 - To sum up
H1 2024 - To sum up P&L (€m) Highlights Change 2024 vs. 2023 20231 2024 Absolute % % excl. FX2 Net Sales 1,167.2 990.3 (176.9) -15.2% -14.6% Gross Margin 327.8 295.0 (32.8) -10.0% -11.0% % on Net Sales 28.1% 29.8% 1.7 EBITDA 191.2 173.8 (17.4) -9.1% -11.3% % on Net Sales 16.4% 17.5% 1.2 Depreciation
Slide 26: First Half of 2024 Financial Results
26. First Half of 2024 Financial Results | July 29th 2024
Slide 27: H1 2024 - Net Financial Position Evolution & Debt Maturity Profile
H1 2024 - Net Financial Position Evolution & Debt Maturity Profile NFP 2024 evolution (€m) Highlights Debt Maturity Profile (€m) YE ´23 Operating Change CapEx Change H1 ´24 Cash Flow Working Equity & 350 Capital Other Strong Cash Flow generation in Q2 of ~90 €m driven by healthy Operating Cash Flow
Slide 28: 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 28. First Half of 2024 Financial Results | July 29th 2024