Piaggio & C. S.p.a. · MIL:PIA
Piaggio & C — H1 2025 Earnings Presentation
33 slides from Piaggio & C's earnings presentation, Jul 29, 2025
Slide 1: First Half of 2025 Financial Results
1. First Half of 2025 Financial Results |July 29th 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: First Half of 2025 Financial Results
4. First Half of 2025 Financial Results |July 29th 2025
Slide 5: First Half of 2025 Financial Results
5. First Half of 2025 Financial Results |July 29th 2025
Slide 6: H1 2025 - Highlights
H1 2025 - Highlights Margins at peak levels despite widespread demand headwinds Net Sales €m H1 '24 990 Mostly reflecting -13.9% H1 '25 853 demand headwinds Gross Margin % H1 '24 29.8% At peak +59 bps H1 '25 30.4% levels EBITDA Margin % H1 '24 17.5% H1 '25 17.3% ù -29 bps Second best ever Net Debt €
Slide 7: H1 2025 - Highlights: Profitability path
H1 2025 - Highlights Profitability path H1 GROSS Margin % H1 EBITDA Margin % 0.32 0.2 0.19 0.31 30.4% 17.5% 0.18 29.8% 0.3 17.3% 0.17 29.1% 16.4% 16.0% 28.6% 0.29 0.16 28.1% 14.5% 0.28 0.15 13.8% 0.14 0.27 26.3% 0.13 0.26 0.12 0.25 0.11 0.24 0.1 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024
Slide 8: We are more than a group of brands…
WE ARE MORE THAN A GROUP OF BRANDS… 8. First Half of 2025 Financial Results |July 29th 2025
Slide 9: We are a balanced mix of different consumer experiences
… WE ARE A BALANCED MIX OF DIFFERENT CONSUMER EXPERIENCES AND EVERY BRAND REPRESENT AN ASSET WITH A DEDICATED SPACE AND ITS OWN PERSONALITY 9. First Half of 2025 Financial Results |July 29th 2025
Slide 10: First Half of 2025 Financial Results
10. First Half of 2025 Financial Results |July 29th 2025
Slide 11: First Half of 2025 Financial Results
11. First Half of 2025 Financial Results |July 29th 2025
Slide 12: First Half of 2025 Financial Results
12. First Half of 2025 Financial Results |July 29th 2025
Slide 13: First Half of 2025 Financial Results
13. First Half of 2025 Financial Results |July 29th 2025
Slide 14: First Half of 2025 Financial Results
14. First Half of 2025 Financial Results |July 29th 2025
Slide 15: First Half of 2025 Financial Results
15. First Half of 2025 Financial Results |July 29th 2025
Slide 16: First Half of 2025 Financial Results
16. First Half of 2025 Financial Results |July 29th 2025
Slide 17: Where we stand with robotics
Where we stand with robotics 17. First Half of 2025 Financial Results |July 29th 2025
Slide 18: Users and bystanders shouldn'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 19: 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 20: 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 21: H1 2025 Financial Results
H1 2025 FINANCIAL RESULTS 21. First Half of 2025 Financial Results |July 29th 2025
Slide 22: H1 2025 - Key market demand
H1 2025 - Key market demand Highlights EUROPE USA 2-Wheelers (k units) 2-Wheelers (k units) -10.0% -9.1% 890 801 Europe & Americas 296 269 As anticipated, the European 2-Wheeler market declined, still negatively impacted 12 -32.6% 8 385 -3.6% by the transition from EURO5 to EURO5+ standards. 372 In
Slide 23: First Half of 2025 Financial Results
23. First Half of 2025 Financial Results |July 29th 2025
Slide 24: H1 2025 - Evolution by business
H1 2025 - Evolution by business Volume evolution by business (k units) Highlights Net Sales evolution by business (€m) Top line mostly affected by temporary demand decline in Europe and continued -11.7% weakness in N.A. and APAC. -13.9% 270.1 Widespread resilience in pricing enabled by strong brands
Slide 25: First Nine Months of 2022 Financial Results
25. First Nine Months of 2022 Financial Results | October 28th 2022
Slide 26: H1 2025 - Evolution by product
H1 2025 - Evolution by product Volume evolution by product (k units) Highlights Net Sales evolution by product (€m) Despite the top line decline, strong brands & product line-up kept the average -11.7% revenue per unit in line with prior year. -13.9% 270.1 990.3 238.4 115.4 58.9 852.5 -6.0% -9.1% 53
Slide 27: First Half of 2025 Financial Results
27. First Half of 2025 Financial Results |July 29th 2025
Slide 28: H1 2025 - EBITDA Evolution
H1 2025 - EBITDA Evolution EBITDA evolution (€m) Highlights Strong improvement in Gross Margin and containment of Cash Opex drove the EBITDA margin to 17.3%, the second-highest result to 173.8 date. *(17.5%) 9.1 8.1 147.1 Notably Gross Margin rose, mainly driven by *(17.3%) (43.8) the combination of
Slide 29: First Half of 2025 Financial Results
29. First Half of 2025 Financial Results |July 29th 2025
Slide 30: H1 2025 - To sum up
H1 2025 - To sum up P&L (€m) Highlights Change 2025 vs. 2024 2024 2025 Absolute % % excl. FX1 Net Sales 990.3 852.5 (137.7) -13.9% -12.9% Gross Margin 295.0 259.0 (36.0) -12.2% -12.5% % on Net Sales 29.8% 30.4% 0.6 EBITDA 173.8 147.1 (26.7) -15.3% -16.3% % on Net Sales 17.5% 17.3% -0.3 Depreciation
Slide 31: First Half of 2025 Financial Results
31. First Half of 2025 Financial Results |July 29th 2025
Slide 32: H1 2025 - Net Financial Position Evolution & Debt Maturity Profile
H1 2025 - Net Financial Position Evolution & Debt Maturity Profile NFP 2025 evolution (€m) Highlights Debt Maturity Profile (€m) YE ´24 Operating Change CapEx Change H1 ´25 Cash Flow Working Equity & 350 Capital Other Free Cash Flow generation brought H1 Net Debt to the year-end 2024 level. 300 Of w
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. First Half of 2025 Financial Results |July 29th 2025