Piaggio & C. S.p.a. · MIL:PIA
Piaggio & C — Q1 2025 Earnings Presentation
28 slides from Piaggio & C's earnings presentation, May 9, 2025
Slide 1: First Quarter of 2025 Financial Results
1. First Quarter of 2025 Financial Results |May 9th 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 Quarter of 2025 Financial Results
4. First Quarter of 2025 Financial Results |May 9th 2025
Slide 5: First Quarter of 2025 Financial Results
5. First Quarter of 2025 Financial Results |May 9th 2025
Slide 6: Q1 2025 - Highlights
Q1 2025 - Highlights Margins at peak levels despite demand headwinds in Western Countries and APAC Net Sales €m Q1 '24 428 - 13.4% Mostly reflecting Q1 '25 371 demand headwinds Gross Margin % Q1 '24 30.4% At + 10 bps Q1 '25 30.5% peak levels EBITDA Margin % Q1 '24 17.6% Second - 90ùbps Q1 '25 16.7%
Slide 7: Q1 2025 - Highlights: Profitability path
Q1 2025 - Highlights Profitability path Q1 GROSS Margin % Q1 EBITDA Margin % 0.32 0.2 0.19 0.31 30.4% 30.5% 17.6% 0.18 0.3 16.7% 0.17 28.9% 0.29 0.16 28.3% 14.9% 0.28 14.6% 0.15 0.14 26.7% 0.27 13.2% 12.8% 0.13 25.6% 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 Quarter of 2025 Financial Results |May 9th 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 Quarter of 2025 Financial Results |May 9th 2025
Slide 10: First Quarter of 2025 Financial Results
10. First Quarter of 2025 Financial Results |May 9th 2025
Slide 11: First Quarter of 2025 Financial Results
11. First Quarter of 2025 Financial Results |May 9th 2025
Slide 12: First Quarter of 2025 Financial Results
12. First Quarter of 2025 Financial Results |May 9th 2025
Slide 13: First Quarter of 2025 Financial Results
13. First Quarter of 2025 Financial Results |May 9th 2025
Slide 14: First Quarter of 2025 Financial Results
14. First Quarter of 2025 Financial Results |May 9th 2025
Slide 15: First Quarter of 2025 Financial Results
15. First Quarter of 2025 Financial Results |May 9th 2025
Slide 16: Q1 2025 Financial Results
Q1 2025 FINANCIAL RESULTS 16. First Quarter of 2025 Financial Results |May 9th 2025
Slide 17: Q1 2025 - Key market demand
Q1 2025 - Key market demand Highlights EUROPE USA 2-Wheelers (k units) 2-Wheelers (k units) 360 -17.2% 298 -10.2% Europe & Americas 119 150 As anticipated, European demand saw a temporary dip, following an exceptionally 4 107 -8.9% 137 -29.2% 3 strong Q4 2024 fueled by the upcoming transition from E
Slide 18: First Quarter of 2025 Financial Results
18. First Quarter of 2025 Financial Results |May 9th 2025
Slide 19: Q1 2025 - Evolution by business
Q1 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 weakness in N.A. and APAC. -13.4% -11.3% Widespread resilience in pricing enabled by strong brands. 120.
Slide 20: First Nine Months of 2022 Financial Results
20. First Nine Months of 2022 Financial Results | October 28th 2022
Slide 21: Q1 2025 - Evolution by product
Q1 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 -11.3% revenue per unit in line with prior year. -13.4% 428.0 120.3 52.5 106.8 370.7 29.0 -5.4% 49.7 -3.2
Slide 22: First Quarter of 2025 Financial Results
22. First Quarter of 2025 Financial Results |May 9th 2025
Slide 23: Q1 2025 - EBITDA Evolution
Q1 2025 - EBITDA Evolution EBITDA evolution (€m) Highlights Improvement in Gross Margin and containment of Cash Opex drove the EBITDA margin to 16.7%, the second-highest result to date. 75.3 3.2 2.3 Notably Gross Margin rose, mainly driven by *(17.6%) the combination of: (18.7) 62.0 *(16.7%) pricing
Slide 24: First Quarter of 2025 Financial Results
24. First Quarter of 2025 Financial Results |May 9th 2025
Slide 25: Q1 2025 - To sum up
Q1 2025 - To sum up P&L (€m) Highlights Change 2025 vs. 2024 2024 2025 Absolute % % excl. FX1 Net Sales 428.0 370.7 (57.4) -13.4% -13.5% Gross Margin 130.1 113.2 (16.9) -13.0% -12.7% % on Net Sales 30.4% 30.5% 0.1 EBITDA 75.3 62.0 (13.3) -17.7% -16.9% % on Net Sales 17.6% 16.7% -0.9 Depreciation (34
Slide 26: First Quarter of 2025 Financial Results
26. First Quarter of 2025 Financial Results |May 9th 2025
Slide 27: Q1 2025 - Net Financial Position Evolution & Debt Maturity Profile
Q1 2025 - Net Financial Position Evolution & Debt Maturity Profile NFP 2025 evolution (€m) Highlights Debt Maturity Profile (€m) YE ´24 Operating Change CapEx Change Q1 ´25 Cash Flow Working Equity & 350 Capital Other Q1 Net Debt dynamic mostly reflecting the usual seasonal Working Capital cash abso
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 Quarter of 2025 Financial Results |May 9th 2025