Piaggio & C : 1Q (Piaggio Group 1%C2%B0Q 2026 inglese pubblicato 14 maggio)

About this update from Piaggio & C. S.p.a.

Interim report on operations as of 31 March 2026 This report is available on the Internet at: https://www.piaggiogroup.com Contacts Head of Investor Relations Raffaele Lupotto Email: [email protected] Tel. +390587 272286 Fax +390587 276093 Piaggio & C. SpA Viale Rinaldo Piaggio 25 56025 Pontedera (PI) Disclaimer This Interim Report on Operations as of 31 March 2026 has been translated into English solely for the convenience of the international reader. In the event of conflict or inconsistency between the terms used in the Italian version of the report and the English version, the Italian version shall prevail, as the Italian version constitutes the sole official document. Management and Coordination IMMSI S.p.A. Share capital €207,613,944.37 fully paid up Registered office: Viale R. Piaggio 25, Pontedera (Pisa) Pisa Register of Companies and Tax Code 04773200011 Pisa Economic and Administrative Index no. 134077 TABLE OF CONTENTS Report on Operations 5 Introduction 6 Key operating and financial data 7 Group profile 9 Significant events in the first three months of 2026 11 Decarbonisation and sustainability 12 Financial position and performance of the Group 13 Consolidated Income Statement 13 Operating data 15 Consolidated statement of financial position 16 Condensed Consolidated Statement of Cash Flows 18 Alternative non-GAAP performance measures 19 Results by type of product 21 Two-wheelers 21 Commercial Vehicles 24 Events occurring after the end of the period 26 Operating outlook 27 Transactions with related parties 28 Condensed Consolidated Interim Financial Statements as of 31 March 2026 29 Consolidated Financial Statements 30 Consolidated Income Statement 31 Consolidated Statement of Comprehensive Income 32 Consolidated Statement of Financial Position 33 Changes in Consolidated Shareholders' Equity 35 Consolidated Statement of Cash Flows 37 Notes to the Consolidated Financial Statements 38 Piaggio Group Report on Operations Introduction Article 154 ter (5) of the Consolidated Law on Finance, as amended by Legislative Decree 25/2016, no longer requires issuers to publish an interim report on operations for the end of the first and third quarter of the financial year. This provision gives CONSOB the power to require issuers, following a specific impact analysis and through its own regulation, to publish periodic financial information in addition to the annual and half-yearly financial reports. In view of this, the Piaggio Group has decided to continue to publish the interim report on operations for the end of the first and third quarters of each financial year on a voluntary basis, to ensure the continuity and regularity of disclosure to the financial community. This interim report on operations is unaudited. In some cases, data could be affected by rounding off defects due to the fact that figures are represented in millions; changes and percentages are calculated from figures in thousands and not from rounded off figures in millions. Key operating and financial data 1st quarter 2025 Financial Statements 2026 2025 In millions of Euros Operating highlights Net revenues 341.7 370.7 1,501.9 Industrial gross margin 1 107.9 113.2 457.6 Operating income 19.9 24.4 101.2 Profit before tax 8.5 12.7 51.6 Net profit (loss) for the period 5.3 8.7 34.0 .Non-controlling interests .Group 5.3 8.7 34.0 Financial highlights Net Capital Employed (NCE) 1,001.7 1,012.4 974.0 Consolidated Net Financial Debt 1 (597.0) (592.8) (577.6) Shareholders' equity 404.8 419.6 396.3 Financial ratios Gross margin as a percentage of net revenues (%) 31.6% 30.5% 30.5% Net profit as a percentage of net revenues (%) 1.5% 2.4% 2.3% R.O.S. (Operating income/net revenues) 5.8% 6.6% 6.7% R.O.E. (Net profit/shareholders' equity) 1.3% 2.1% 8.6% R.O.I. (Operating income/NCE) 2.0% 2.4% 10.4% EBITDA 1 57.5 62.0 250.8 EBITDA/net revenues (%) 16.8% 16.7% 16.7% Other information Sales volumes (unit/000) 108.4 106.8 445.2 Investment in property, plant and equipment and intangible assets 24.2 39.4 140.6 Employees at the end of the period (number) 6,167 6,074 5,502 1 Please refer to the section on 'Alternative Non-Gaap Performance Measures' for the definition of the parameter. Results by operating segment EMEA and AMERICAS INDIA ASIA PACIFIC 2W TOTAL Sales volumes 1-1/31-3-2026 44.0 42.7 21.6 108.4 (units/000) 1-1/31-3-2025 48.9 33.7 24.2 106.8 Change (4.9) 9.1 (2.6) 1.6 Change % -10.1% 27.0% -10.6% 1.5% Net revenues 1-1/31-3-2026 213.9 80.5 47.3 341.7 (millions of Euros) 1-1/31-3-2025 233.3 77.6 59.7 370.7 Change (19.5) 2.9 (12.4) (28.9) Change % -8.3% 3.8% -20.7% -7.8% Average number of employees 1-1/31-3-2026 3,355.3 1,424.7 971.0 5,751.0 (no.) 1-1/31-3-2025 3,471.3 1,349.7 1,060.0 5,881.0 Change (116.0) 75.0 (89.0) (130.0) Change % -3.3% 5.6% -8.4% -2.2% Investments in 1-1/31-3-2026 17.3 4.8 2.1 24.2 property, plant and equipment 1-1/31-3-2025 32.0 5.2 2.2 39.4 and intangible assets Change (14.7) (0.5) (0.0) (15.2) (millions of Euros) Change % -45.9% -9.4% -1.8% -38.6% Group profile The Piaggio Group, based in Pontedera (Pisa, Italy) is one of the world's largest manufacturers of two-wheeler motor vehicles and an international leader in the commercial vehicles sector. Today the Piaggio Group has three distinct core segments: two-wheelers, scooters and motorcycles from 50cc to 1,100cc. flanked by the Fashion division, set up following the launch in January 2024 of the Fashion & Apparel project, created to create a Vespa collective that unites art, fashion and culture; light commercial vehicles, 3- and 4-wheelers; the robotic division with Piaggio Fast Forward, the Group's research centre dedicated to the mobility of the future, based in Boston. Mission We are dedicated to the mobility of people and things through high-value products and services that redesign and improve our lifestyles. We are committed to broadening the horizons of our brands and products by constantly promoting technological innovation, uniqueness of design, attention to quality and safety, respecting communities and the environment. The customer's satisfaction, safety, pleasure and emotions come first. We develop products to customer requirements, accompanying the changes in the ecosystem within which customers move. We believe in people as our fundamental heritage, in their skills and genius, and we do so consistently with our deepest values, such as integrity, transparency, equal opportunities, respect for individual dignity and diversity. For these reasons, we are not just vehicle manufacturers. Through technological and social progress, we champion global mobility, in a responsible and sustainable way. Our aim is to make the quality of our life and that of future generations better. Company Boards Board of Directors 2 Member Management Control Committee Appointment Proposal and Remuneration Committee Internal Control Risk and Sustainability Committee Related-Party Transactions Committee Matteo Colaninno Executive Chairman Michele Colaninno 3 Chief Executive Officer Patrizia Albano Independent Director Rita Ciccone Independent Director Andrea Formica Independent Director Alessandro Lai 4 Independent Director Paola Mignani Independent Director Raffaella Annamaria Pagani Independent Director Micaela Vescia Independent Director Graziano Gianmichele Visentin Independent Director Ugo Ottaviano Zanello Independent Director Carlo Zanetti Director Supervisory Body Member Antonino Parisi Giovanni Barbara Fabio Grimaldi Chairman of the Committee Committee Member Chief Financial Officer and Executive in charge of Financial Reporting and Sustainability Reporting Alessandra Simonotto Independent Auditors Deloitte & Touche S.p.A. 2 All information relating to the powers reserved for the Board of Directors, the authority granted to the Executive Chairman and the chief executive officer, as well as the functions of the various Committees established within the Board of Directors, is available on the issuer's website https://www.piaggiogroup.com in the Governance section. 3 Director responsible for the internal control system and risk management. 4 Lead Independent Director. Significant events in the first three months of 2026 15 January 2026 - Aprilia Racing officially unveiled the new Aprilia RS-GP26 bike, entrusted for the second consecutive year to Marco Bezzecchi and Jorge Martín for the 2026 MotoGP season. An all-Italian motorcycle, boasting a robust technological prowess and a sporty character, epitomising the zenith of an ever-evolving project. 19 January 2026 - Piaggio & C S.p.A. and representatives of the main trade unions signed the renewal of the supplementary agreement for the Pontedera, Mandello del Lario and Noale sites. Among the main points of the agreement are the increase in the performance bonus to euro 720, greater powers for the Workplace Safety Committee and the Training Committee, and the establishment of the Classification Committee and the Welfare and Company Services Committee. March 2026 - Exciting start to the MotoGP Championship for Aprilia Racing and Marco Bezzecchi, who secured three consecutive wins in the first three races of the season. With the triumph at the Circuit of the Americas, Aprilia Racing achieved their eleventh top-class win, their fifth in a row, and their 305th in the MotoGP. Decarbonisation and sustainability With the Decarbonisation Plan presented at the end of 2023, the Group has committed to reducing emissions associated with production activities (Scope 1 and Scope 2 market-based) by 42% by 2030. Emission reduction targets were calculated with respect to 2022 5 . The actions envisaged in the Plan that should allow the achievement of this ambitious goal are the following: the restructuring of the Mandello del Lario production site according to sustainability criteria (completed in 2025); the installation of photovoltaic systems at the Pontedera and Mandello del Lario plants, with start up in late April 2026 and the coming months, respectively; the installation of a new painting system in Vietnam that will also allow for diesel to be replaced with LPG; the purchase of green energy for plants in Italy, India, Vietnam and Indonesia; the replacement of company cars with more energy-efficient models. Moreover, the Plan includes expanding the range of electric vehicles, aiming to achieve by 2030 an 18% share of total two-wheeler sales and 30% of commercial vehicle sales in both India and Europe. 6 Piaggio has already presented new products on the market that are representative of this latest target, such as the electric-powered Vespa and Piaggio 1 with and the electric Porter NP6. The Piaggio Group also aims to further reduce emissions generated by the use of its vehicles by customers through improvements to engines, changes in product design and the use of new-generation fuels called e-fuel and biofuels, for the use of which the engines currently fitted on Piaggio vehicles are already prepared. The technical feasibility of using recycled materials in vehicle manufacture will also be investigated. 5 In 2022, total Scope 1 + Scope 2 market-based emissions were 64,657 tCO 2 eq. 6 For the revenues share of electric vehicles, please refer to the Report on Operations, section "Results by Product Type". Financial position and performance of the Group Consolidated Income Statement 1st Quarter 2026 1st Quarter 2025 Change In millions of Euros Accounting for a % In millions of Euros Accounting for a % In millions of Euros % Consolidated Income Statement (reclassified) Net revenues 341.7 100.0% 370.7 100.0% (28.9) -7.8% Cost to sell 7 233.9 68.4% 257.5 69.5% (23.6) -9.2% Industrial gross margin 7 107.9 31.6% 113.2 30.5% (5.3) -4.7% Operating expenses 88.0 25.7% 88.7 23.9% (0.8) -0.9% Operating income 19.9 5.8% 24.4 6.6% (4.5) -18.6% Result of financial items (11.4) -3.3% (11.7) -3.1% 0.3 -2.7% Profit before tax 8.5 2.5% 12.7 3.4% (4.2) -33.1% Income taxes 3.2 0.9% 4.0 1.1% (0.8) -19.4% Net Profit (loss) for the period 5.3 1.5% 8.7 2.4% (3.4) -39.5% Operating income 19.9 5.8% 24.4 6.6% (4.5) -18.6% Amortisation/depreciation and impairment costs 37.6 11.0% 37.6 10.1% 0.0 0.1% EBITDA 2 57.5 16.8% 62.0 16.7% (4.5) -7.3% Net revenues 1st Quarter 2026 1st Quarter 2025 Change In millions of Euros EMEA and Americas 213.9 233.3 (19.5) India 80.5 77.6 2.9 Asia Pacific 2W 47.3 59.7 (12.4) TOTAL NET REVENUES 341.7 370.7 (28.9) Two-wheelers 249.6 283.9 (34.3) Commercial Vehicles 92.1 86.8 5.3 TOTAL NET REVENUES 341.7 370.7 (28.9) In terms of consolidated revenues, the Group ended the first three months of 2026 with net revenues down compared to the same period in 2025 (-7.8%). The only growing market was India (+3.8%; +26.6% at constant exchange rates). The remaining markets were down: EMEA and Americas (-8.3%), Asia Pacific (-20.7%; -10.3% at constant exchange rates). With regard to product type, the growth in Commercial Vehicles (+6.2%) only partially offset the contraction in the Two-Wheeler segment (-12.1%). 7 Please refer to the section on 'Alternative Non-Gaap Performance Measures' for the definition of the parameter. Consequently, the Commercial Vehicles' share of net revenues rose from 23.4% in the first three months of 2025 to the current figure of 27.0%; conversely, the share of Two-wheelers fell from 76.6% in the first three months of 2025 to the current figure of 73.0%. The industrial gross margin of the Group decreased in absolute terms compared to the first three months of the previous year (-€5.3 million) but increased in relation to net revenues (31.6% as of 31 March 2026 and 30.5% as of 31 March 2025). Amortisation/depreciation included in the industrial gross margin was equal to €8.7 million (€10.2 million in the first three months of 2025). Operating expenses incurred in the period were down slightly on the same period of the previous financial year amounting to €88.0 million (€88.7 million in the first three months of 2025). The change in the aforementioned income statement resulted in a decrease in consolidated EBITDA which was equal to €57.5 million (€62.0 million in the first three months of 2025). In relation to turnover, EBITDA increased slightly and was equal to 16.8% (16.7% in the first three months of 2025). Operating income ( EBIT ), at €19.9 million, decreased compared to the first three months of 2025; in relation to net revenues, EBIT was 5.8% (6.6% in the first three months of 2025). Financing assets showed a Net Expense of €11.4 million (€11.7 million as of 31 March 2025). The improvement is mainly related to currency management. Income taxes for the period are estimated to be €3.2 million, equivalent to 38% of profit before tax. Net profit stood at €5.3 million (1.5% of net revenues), down on the figure for the same period of the previous financial year, when it amounted to €8.7 million (2.4% of net revenues). Operating data Vehicles sold 1st Quarter 2026 1st Quarter 2025 Change In thousands of units EMEA and Americas 44.0 48.9 (4.9) India 42.7 33.7 9.1 Asia Pacific 2W 21.6 24.2 (2.6) TOTAL VEHICLES 108.4 106.8 1.6 Two-wheelers 72.3 78.7 (6.5) Commercial Vehicles 36.1 28.0 8.1 TOTAL VEHICLES 108.4 106.8 1.6 In the first three months of 2026, the Piaggio Group sold 108,400 vehicles worldwide, up by 1.5% from the first three months of the previous year, when 106,800 vehicles were sold. With regard to product type, the growth in Commercial Vehicles (+28.9%) more than offset the contraction in the Two-Wheeler segment (-8.2%). Staff In the first three months of 2026, the average workforce decreased overall (-130 units). Average number of company employees by geographic segment No. of people 1st Quarter 2026 1st Quarter 2025 Change EMEA and Americas 3,355.3 3,471.3 (116.0) of which Italy 3,123.4 3,213.0 (89.6) India 1,424.7 1,349.7 75.0 Asia Pacific 2W 971.0 1,060.0 (89.0) Total 5,751.0 5,881.0 (130.0) The Group's workforce amounted to 6,167 employees, up by a total of 665 compared to 31 December 2025 and by 93 compared to 31 March 2025. Breakdown of company employees by geographic segment As of 31 March As of 31 December As of 31 March No. of people 2026 2025 2025 EMEA and Americas 3,620 3,210 3,677 of which Italy 3,390 2,975 3,423 India 1,590 1,308 1,361 Asia Pacific 2W 957 984 1,036 Total 6,167 5,502 6,074 Consolidated statement of financial position 8 As of 31 Change As of 31 March 2026 December 2025 In millions of Euros Statement of financial position Net working capital (40.2) (77.0) 36.8 Property, plant and equipment 291.3 294.5 (3.2) Intangible assets 772.4 779.4 (7.0) Rights of use 26.3 25.9 0.4 Financial assets 4.6 4.5 0.0 Provisions (52.6) (53.3) 0.7 Net capital employed 1,001.7 974.0 27.8 Consolidated Net financial debt 597.0 577.6 19.3 Shareholders' equity 404.8 396.3 8.5 Sources of financing 1,001.7 974.0 27.8 Non-controlling interests (0.2) (0.1) (0.0) Net working capital as of 31 March 2026, which was negative by €40.2 million, used cash for approximately €36.8 million in the first three months of 2026. Property, plant and equipment amounted to €291.3 million as of 31 March 2026, with a decrease equal to approximately €3.2 million compared to 31 December 2025. This reduction is mainly due to the surplus of depreciation compared to investments for the period. Intangible assets total €772.4 million, a reduction of approximately €7.0 million compared to 31 December 2025. This reduction is mainly due to the surplus of amortisation compared to investments for the period. Rights of use , equal to €26.3 million, show an increase of approximately €0.4 million compared to figures as of 31 December 2025. Financial assets totalled €4.6 million, largely unchanged from the values as of 31 December 2025. Provisions totalled €52.6 million, down compared to 31 December 2025 (-€53.3 million). As fully described in the next section on the "Consolidated Statement of Cash Flows", Consolidated Net Financial Debt as of 31 March 2026 was equal to €597.0 million, compared to €577.6 million as of 31 December 2025. The increase is mainly linked to the seasonality of two-wheelers, which, as known, absorbs cash in the first part of the year and generates it in the second. Compared to 31 8 For the definition of the individual items in the table, please refer to the section on "Non-GAAP Alternative Performance Measures". March 2025, consolidated net financial debt rose by approximately €4.1 million, following the slowdown in operating activities. Group shareholders' equity as of 31 March 2026 amounted to €404.8 million, an increase of approximately €8.5 million compared to 31 December 2025. Condensed Consolidated Statement of Cash Flows The consolidated statement of cash flows prepared in accordance with the models provided by international financial reporting standards (IFRS) is shown in the "Condensed Consolidated Interim Financial Statements as of 31 March 2026"; the following is a commentary, with reference to the condensed form presented below. 1st quarter 1st Quarter 2026 2025 Change In millions of Euros Change in Consolidated Net Financial Debt Opening Consolidated Net Financial Debt (577.6) (534.0) (43.7) Cash Flow from Operating Activities 38.5 43.0 (4.5) (Increase)/Reduction in Net Working Capital (36.8) (64.7) 28.0 Net Investments (24.2) (39.4) 15.2 Other changes (0.0) 9.6 (9.6) Change in Shareholders' Equity 3.2 (7.3) 10.5 Total Change (19.3) (58.9) 39.6 Closing Consolidated Net Financial Debt (597.0) (592.8) (4.1) During the first half of 2026 the Piaggio Group used financial resources amounting to €19.3 million. Cash flow from operating activities , defined as net profit, minus non-monetary costs and income, was equal to €38.5 million. Net working capital used cash for approximately €36.8 million. In detail: the collection of trade receivables 9 used financial flows for a total of €27.4 million; stock management absorbed financial flows for a total of approximately €79.2 million; supplier payment trends generated financial flows of approximately €74.5 million; the movement of other non-trade assets and liabilities had a negative impact on financial flows by approximately €4.7 million. Investing activities absorbed financial resources totalling €24.2 million. Investments mainly concerned the capitalisation of development costs and know-how. As a result of the above financial dynamics, which led to a cash absorption of €19.3 million, the Piaggio Group has a consolidated net financial debt amounting to €597.0 million. 9 Net of customer advances. Alternative non-GAAP performance measures In accordance with Consob Communication DEM/6064293 of 28 July 2006 as amended (Consob Communication no. 0092543 of 3 December 2015 that enacts ESMA/2015/1415 guidelines on alternative performance measures), and for an easier understanding of the Group's financial position and performance, Piaggio refers to some alternative performance measures (Non-GAAP Measures), in its Report on Operations, in addition to IFRS financial measures. These measures are also tools to assist directors in identifying operating trends when making decisions concerning investments, the allocation of resources and other operating decisions. For a correct interpretation of these Alternative Performance Measures, the following information is provided: the Alternative Performance Measures are not envisaged by international accounting standards (IFRS), and, although they are taken from the Group's consolidated financial statements, they are not audited; the Alternative Performance Measures must not be considered as replacements of the measures envisaged by applicable accounting standards (IFRS); for their correct interpretation, these APMs must be read in conjunction with the Group's financial information taken from the consolidated financial statements; the definitions of the indicators used by the Group, as they are not derived from relevant accounting standards, may not be uniform with those used by other entities; therefore, the APM values calculated by the Group and presented in this document may not be comparable with those published by other groups/companies; the APMs used by the Group were prepared with a continuity and uniform definition and representation for all accounting periods presented in these Financial Statements. In particular the following alternative performance measures were used: EBITDA : defined as 'Operating income' before the amortisation/depreciation and impairment costs of intangible assets, property, plant and equipment and rights of use, as resulting from the consolidated income statement; Industrial gross margin: defined as the difference between net revenues and cost to sell; Cost to sell: this includes costs for materials (direct and consumables), accessory purchase costs (transport of incoming material, customs, warehousing), employee costs for direct and indirect manpower and related expenses, work carried out by third parties, energy costs, depreciation of property, plant, machinery and industrial equipment, maintenance and cleaning costs net of sundry cost recovery recharged to suppliers; Consolidated net financial debt: represented by the algebraic sum of financial payables, any significant financial component of trade and other non-current payables net of cash and cash equivalents and current financial receivables. Consolidated net financial debt does not include other financial assets and liabilities arising from the fair value measurement of financial derivatives used as hedging and otherwise, and the fair value adjustment of related hedged items and associated deferrals. The Notes to the Consolidated Financial Statements include a table indicating the statement of financial position items used to determine the measure; Net Capital Employed: determined as the algebraic sum of Net fixed assets, Net working capital and Provisions. In this regard, it should be noted that net fixed assets are represented by: Property, plant and equipment : which consist of property, plant, machinery and industrial equipment, net of accumulated depreciation; Intangible assets: which consist of capitalised development costs, costs for patents and know-how and goodwill arising from acquisition/merger operations carried out by the Group; Rights of use : refer to the discounted value of lease payments due, as provided for by IFRS 16; Financial assets: defined by the Directors as the sum of investments, other non-current financial assets and the fair value of financial liabilities; Net working capital: defined as the net sum of: Trade receivables, Other current and non-current receivables, Inventories, Trade payables, Other current and non-current payables, Current and non-current tax receivables, Deferred tax assets, Current and non-current tax payables and Deferred tax liabilities; Provisions: consist of the sum of retirement funds and employee benefits, other non-current provisions, and current portion of other non-current provisions. Results by type of product The Piaggio Group is structured into and operates by geographic segments (EMEA and Americas, India and Asia Pacific 2W), for the development, manufacture and distribution of two-wheeler and commercial vehicles. For details of the final results for each operating segment, reference is made to the explanatory notes to the condensed consolidated interim financial statements. The volumes and net revenues in the three geographic segments, also by product type, are analysed below. Two-wheelers 1st Quarter 2026 1st Quarter 2025 Change % Change Two- Volumes Net Sell-in revenues (millions (units/000) of Euros) Volumes Net Sell-in revenues (millions (units/000) of Euros) Volumes Net Sell-in revenues Volumes Net Sell-in revenues wheelers EMEA and Americas 40.3 190.7 45.6 211.9 -11.7% -10.0% (5.3) (21.3) of which EMEA 36.7 169.7 41.6 191.3 -11.7% -11.3% (4.9) (21.6) (of which Italy) 11.2 49.1 14.7 63.8 -23.7% -23.1% (3.5) (14.7) of which Americas 3.6 20.9 4.0 20.6 -10.7% 1.4% (0.4) 0.3 India 10.4 11.7 9.0 12.3 15.6% -5.2% 1.4 (0.6) Asia Pacific 2W 21.6 47.3 24.2 59.7 -10.6% -20.7% (2.6) (12.4) TOTAL 72.3 249.6 78.7 283.9 -8.2% -12.1% (6.5) (34.3) Scooters 62.0 146.0 68.9 180.2 -10.0% -19.0% (6.9) (34.2) Combustion engine 61.9 145.3 68.7 179.5 -10.0% -19.0% (6.8) (34.2) Electric engine 0.2 0.7 0.2 0.7 -7.6% -7.7% (0.0) (0.1) Motorcycles Spare Parts and Accessories 10.2 71.1 32.3 9.8 69.0 35.0 4.3% 3.0% -7.8% 0.4 2.1 (2.7) Other 0.2 (0.4) -166.1% 0.6 Gita 0.1 0.0 0.1 Other 0.2 (0.4) 0.5 TOTAL 72.3 249.6 78.7 283.9 -8.2% -12.1% (6.5) (34.3) Two-wheelers can be grouped mainly into two product segments: scooters and motorcycles. Alongside these is the related spare parts and accessories business, the sale of engines to third parties, participation in major two-wheeler sports competitions, and after-sales services. In the global two-wheeler market, two macro-areas can be identified, distinctly different in terms of characteristics and scale of demand: economically advanced countries (Europe, United States, Japan) and emerging nations (Asia Pacific, China, India, Latin America). In the first macro area, which is a minority segment in terms of volumes, the Piaggio Group has a historical presence, with scooters meeting the need for mobility in urban areas and motorcycles for recreational purposes. In the second macro area, which in terms of sales, accounts for most of the world market and is the Group's target for expanding operations, two-wheeler vehicles are the primary mode of transport. Background India, the most important two-wheeler market, reported an increase in the first three months of 2026, closing with sales of over 5.8 million vehicles, up by 26.4% compared to the corresponding period of 2025. The scooter market saw a rise (+36.1%) in the first three months of 2026, ending with about 2.2 million units sold. In the motorcycle market, India saw a rise (+20.7%) in the first three months of 2026, with about 3.4 million vehicles sold. The People's Republic of China recorded a decline during the first three months of 2026 (-5.1%), closing at 948 thousand units sold. The data of the countries of the ASEAN 5 area show, in detail: Malaysia: a decrease of 5.4% compared to the first three months of 2025, amounting to just over 137,000 units; Philippines: a growth of 10.9%, amounting to almost 497,000 units; Indonesia (the main market in the area): a decrease of 4.1% in the first three months of 2026, amounting to just over 1.6 million vehicles; Thailand: a slight increase with over 468,000 units sold (+2.9% compared to the first three months of 2025); Vietnam: an increase in registrations (just over 729,000 units sold; +8.3% compared to the same period of 2025). The other APAC countries (Singapore, Hong Kong, South Korea, Japan, Taiwan, New Zealand and Australia) as a whole recorded a decrease of around 2.5% compared to the first three months of 2025, closing at over 290,000 units. Finally, the Japanese market in the same period of the year also showed a decrease (-11.9%), amounting to just over 77,000 units sold. The North American market showed an increase compared to the first three months of 2025 (+3.6%), reaching 121,458 vehicles sold. Europe, which is the reference area for the Piaggio Group's operations, recorded an overall increase in sales in the two-wheelers market (+18.2%) compared to the first three months of 2025 (+23.7% for the motorcycle segment and +11.7% for scooters). Among scooters, over 50cc showed an increase of 13.9%, and 50cc of 2.7%. All sectors of the motorcycle market showed positive trends: the 50cc segment recorded a growth of 29.2%, 51-125cc motorcycles growth of 34.1%, medium-sized motorcycles (126-750cc) growth of 26.3% and the over 750cc segment growth of 18.5%. The Electric scooter segment reported a decrease (-4.0% compared to the same period in 2025), and with 11,059 units sold, accounts for 7.2% of the total scooter market (down on the figure of 8.4% in the first three months of 2025). Main results In the first three months of 2026, the Piaggio Group sold a total of 72,300 two-wheeler vehicles worldwide, accounting for net revenues equal to approximately €249.6 million, including spare parts and accessories (€32.3 million, -7.8%). Overall, volumes decreased by 8.2%, while net revenues fell by 12.1%. As shown in the table, positive trends were recorded only in India with regard to volumes and in the Americas with regard to revenues: EMEA and Americas (volumes -11.7%, net revenues -10.0%, -8.9% at constant exchange rates), Asia Pacific (volumes -10.6%, net revenues -20.7%; -10.3% at constant exchange rates) and India (volumes +15.6%, turnover -5.2%; +11.4% at constant exchange rates). Market positioning 10 In the European market 11 , the Piaggio Group has increased its share in the scooter segment to 15.6% (15.4% in the first three months of 2025) and kept its motorcycle segment share steady at 3.0%. Overall, the Group achieved a share of 8.4% in the first three months of 2026 (compared to 8.7% in the corresponding period of 2025). In Italy, the Piaggio Group achieved an overall market share of 10.8% (11.8% in the first three months of 2025) and 15.6% in the scooters segment (17.1% in the first three months of 2025). As for the Group's positioning on the North American Scooters market, Piaggio achieved a share of 30.7%, up from 29.9% in the first three months of 2025. 10 The market share figures for the first three months of 2025 might differ from those published the previous year, due to some countries publishing updated final registration data with a few months' delay. 11 Italy, France, Spain, Germany, United Kingdom, Belgium, Holland, Greece, Croatia, Portugal, Switzerland, Austria, Finland, Sweden, Norway, Denmark, Czech Republic, Hungary and Slovenia. Commercial Vehicles 1st Quarter 2026 1st Quarter 2025 Change % Change Commercial Volumes Sell-in Net revenues (millions of Volumes Sell-in Net revenues (millions Volumes Sell-in Net revenues Volumes Sell-in Net revenues Vehicles (units/000) Euros) (units/000) of Euros) EMEA and Americas 3.7 23.2 3.3 21.4 11.8% 8.3% 0.4 1.8 of which EMEA 0.8 18.7 0.9 17.0 -9.4% 9.8% (0.1) 1.7 (of which Italy) 0.6 12.9 0.7 12.4 -12.3% 4.2% (0.1) 0.5 of which Americas 2.9 4.5 2.4 4.4 19.6% 2.7% 0.5 0.1 India 32.4 68.9 24.7 65.3 31.2% 5.4% 7.7 3.6 TOTAL 36.1 92.1 28.0 86.8 28.9% 6.2% 8.1 5.3 Ape 35.3 64.2 27.3 59.8 29.4% 7.4% 8.0 4.4 Combustion engine 32.2 55.8 23.3 46.2 38.1% 20.7% 8.9 9.6 Electric engine 3.1 8.3 4.0 13.5 -21.6% -38.4% (0.9) (5.2) Porter 0.8 14.5 0.7 12.0 8.0% 21.0% 0.1 2.5 Combustion engine 0.7 12.6 0.7 12.0 -0.4% 4.9% (0.0) 0.6 Electric engine 0.1 1.9 0.0 0.0 100.0% 100.0% 0.1 1.9 Spare Parts and Accessories 13.4 15.0 -10.5% (1.6) TOTAL 36.1 92.1 28.0 86.8 28.9% 6.2% 8.1 5.3 The Commercial Vehicles category includes three- and four-wheelers with a maximum mass below 3.5 tons (category N1 in Europe) designed for commercial and private use, and related spare parts and accessories. Background Europe In the first three months of 2026, the European Commercial Vehicles market (gross vehicle weight less than or equal to 3.5 t), excluding the UK, recorded sales of approximately 360,650 units, registering an increase of 2.3% compared to the corresponding period in 2025. Specifically the cab sector in which Piaggio Commercial vehicles operates sold approximately 39,800 units. Going into detail regarding the served market, registrations in the main European reference markets (Spain, France, Italy and Germany) amounted to approximately 21,150 units, with an increase of 1.2% compared to the same period of the previous year. India Sales on the Indian three-wheeler market, where Piaggio Vehicles Private Limited, a subsidiary of Piaggio & C. S.p.A. operates, went up from 174,769 units in the first three months of 2025 to 222,170 units in the same period of 2026, registering a 27.1% increase. On this market, the passenger vehicles segment recorded an increase in units (+15.0%), from 105,517 in the first three months of 2025 to 121,346 in the first three months of 2026. The cargo segment increased (+25.3%), from 28,532 units in the first three months of 2025 to 35,764 units in the same period of 2026. Electric 3-wheelers showed a marked growth (+59.8%). Main results During the first three months of 2026, the commercial vehicles business generated revenues of approximately €92.1 million, up by 6.2% compared to the same period of the previous year. The EMEA and Americas markets showed contrasting trends with regard to volumes (Americas up +19.6% and EMEA down -9.4%). In terms of turnover, the entire area showed positive results. CGU India showed strong volume growth (+31.2%) and more contained turnover growth (+5.4%; +23.5% at constant exchange rates). The Indian affiliate Piaggio Vehicles Private Limited (PVPL) sold 26,824 three-wheelers on the Indian market (21,927 in the first three months of 2025). Sales of three-wheeled electric vehicles declined , dropping from 3,970 units in the first three months of 2025 to 3,113 units in the current period. The same affiliate also exported 5,569 three-wheeler vehicles (2,771 in the first three months of 2025). Market positioning 12 The Piaggio Group operates in Europe and India in the light commercial vehicles market, with a range of products designed as solutions to short-range mobility needs for both urban and extra-urban areas. Piaggio holds a 13.2% share of the Indian three-wheeler market (13.3% in the first three months of 2025). Analysing in detail, Piaggio achieved a market share of 29.6% (27.3% in the first three months of 2025) in the Cargo segment. In the Passenger segment, it achieved a 12.9% share (11.0% in the first three months of 2025). In the electric 3-wheeler segment, Piaggio's share fell to 4.7% (9.6% in the same period of 2025). 12 The market share figures for the first three months of 2025 might differ from those published the previous year, due to some countries publishing updated final registration data with a few months' delay. Events occurring after the end of the period 30 April 2026 - The President of the Republic, Sergio Mattarella, opened the 2026 Labour Day celebrations with a visit to the Piaggio factory in Pontedera (PI), a symbol of Italian creativity and industriousness. Upon arrival, the Head of State was welcomed by Matteo Colaninno and Michele Colaninno, respectively the Executive Chairman and CEO of Piaggio Group S.p.A. Together with them, he visited the factory workshop, the historic heart of the Group, observing the assembly lines and stages of scooter assembly, including the Vespa, which turns 80 this year. The tour ended with a visit to the Piaggio Museum. Operating outlook Innovation, competitiveness, safety, sustainability and social responsibility continue to be central to the Group's development strategy, steering it in its mission to provide ever more sophisticated solutions to the evolving transportation needs of individuals in both developed and developing nations, and in both metropolitan areas and regional districts. In the current geopolitical and economic context, the Piaggio Group will therefore continue to work to grow and invest in this perspective, aiming to further consolidate its role among industry leaders, also confirming its commitment to ESG issues. Transactions with related parties Revenues, costs, receivables and payables as of 31 March 2026 involving parent, subsidiary and associate companies, relate to sales of goods or services that are part of the normal activities of the Group. Transactions are carried out at normal market values, depending on the characteristics of the goods and services provided. Information on related-party transactions, including those required by Consob communication no. DEM/6064293 of 28 July 2006, is presented in the explanatory notes to the condensed consolidated interim financial statements. Investments of members of the board of directors and members of the control committee At the date of this report, the Chairman and the Chief Executive Officer respectively held 125,000 and 225,000 shares of the Parent Company Piaggio & C. S.p.A.. Piaggio Group Condensed Consolidated Interim Financial Statements as of 31 March 2026 Consolidated Financial Statements The following consolidated financial statements are a part of the Condensed Consolidated Interim Financial Statements. Consolidated Income Statement First Quarter 2026 First Quarter 2025 of which related of which related Total parties Total parties In thousands of Euros Notes Net revenues 4 341,747 370,655 21 Costs for materials 5 200,315 4,302 225,403 4,828 Cost for services and use of third-party assets 6 54,387 603 58,754 326 Employee costs Depreciation and impairment costs of property, plant and equipment 7 8 58,946 11,869 60,590 13,778 Amortisation and impairment costs of intangible assets 8 21,866 21,181 Depreciation of rights of use 8 3,862 2,614 Other operating income Impairment of trade and other receivables, net 9 10 33,010 135 105 40,992 (662) 152 Other operating costs 11 3,774 4,253 2 Operating income 19,873 24,412 Results of associates - Income/(losses) 12 (129) (129) (296) (296) Financial income 13 375 311 Financial costs 13 11,904 66 11,679 69 Net exchange-rate gains/(losses) 13 305 (6) Profit before tax 8,520 12,742 Income taxes 14 3,237 4,014 Net Profit (loss) for the period 5,283 8,728 Attributable to: Owners of the Parent Company 5,283 8,728 Non-controlling interests 0 0 Earnings per share (figures in €) 15 0.015 0.025 Diluted earnings per share (figures in €) 15 0.015 0.025 Consolidated Statement of Comprehensive Income In thousands of Euros Notes 1st Quarter 2026 1st Quarter 2025 Net Profit (loss) for the period (A) 5,283 8,728 Items that will not be reclassified in the income statement Remeasurements of defined benefit plans 39 319 156 Total 319 156 Items that may be reclassified in the income statement Exchange gain (losses) arising on translation of foreign operations 39 (485) (4,178) Share of Other Comprehensive Income/(loss) of associates valued with the equity method 39 168 (240) Total profits (losses) on cash flow hedges 39 3,475 (1,536) Total 3,158 (5,954) Other comprehensive income/(loss) (B)* 3,477 (5,798) Total comprehensive income (loss) for the period (A + B) 8,760 2,930 * Other Profits (and losses) take account of relative tax effects. Attributable to: Owners of the Parent Company 8,770 2,934 Non-controlling interests (10) (4) Consolidated Statement of Financial Position As of 31 March 2026 As of 31 December 2025 of which related of which related Total parties Total parties In thousands of Euros Notes ASSETS Non-current assets Intangible assets 16 772,350 779,388 Property, plant and equipment 17 291,344 294,502 Rights of use 18 26,297 25,892 Investments 32 4,565 4,525 Other financial assets 33 16 16 Tax receivables 23 8,210 9,632 Deferred tax assets 19 75,602 75,511 Trade receivables 21 Other receivables 22 17,001 18,061 Total non-current assets 1,195,385 1,207,527 Current assets Trade receivables 21 101,529 410 74,703 439 Other receivables 22 39,974 3,146 38,511 3,186 Tax receivables 23 19,260 17,067 Inventories 20 353,264 274,035 Other financial assets 33 839 Cash and cash equivalents 34 197,684 121,134 Total current assets 712,550 525,450 Total assets 1,907,935 1,732,977 As of 31 March 2026 of which related As of 31 December 2025 of which related Total parties Total parties In thousands of Euros Notes SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity Share capital and reserves attributable to the owners of the Parent Company 38 404,939 396,471 Share capital and reserves attributable to non-controlling interests 38 (156) (146) Total shareholders' equity 404,783 396,325 Non-current liabilities Financial liabilities 35 525,118 514,289 Financial liabilities for rights of use 35 13,097 3,387 11,146 3,723 Trade payables 25 Other non-current provisions 26 17,198 17,282 Deferred tax liabilities 27 5,580 5,515 Retirement funds and employee benefits 28 23,219 23,620 Tax payables 29 Other payables 30 14,812 14,969 Total non-current liabilities 599,024 586,821 Current liabilities Financial liabilities 35 249,763 165,570 Financial liabilities for rights of use 35 7,500 1,331 7,775 1,363 Trade payables 25 549,393 5,569 475,458 3,804 Tax payables 29 9,219 13,581 Other payables 30 76,060 3,786 75,017 3,354 Current portion of other non-current provisions 26 12,193 12,430 Total current liabilities 904,128 749,831 Total Shareholders' Equity and Liabilities 1,907,935 1,732,977 Changes in Consolidated Shareholders' Equity Movements 1 January 2026 / 31 March 2026 Share capital and reserves Notes Share capital Share premium reserve Legal reserve Reserve for measurement of financial instruments IAS transition reserve Group translation reserve Treasury shares Earnings reserve Net Profit (loss) for the period Consolidated Group shareholders' equity attributable to non-controlling interests TOTAL SHAREHOLDERS' EQUITY In thousands of Euros As of 1 January 2026 207,614 7,171 40,579 (3,600) (21,314) (66,448) (4,988) 217,549 19,908 396,471 (146) 396,325 Net Profit (loss) for the period 5,283 5,283 5,283 Other comprehensive income/(loss) 39 3,475 (307) 319 3,487 (10) 3,477 Total comprehensive income/(loss) for the period 0 0 0 3,475 0 (307) 0 319 5,283 8,770 (10) 8,760 Transactions with shareholders: Allocation of profits 38 19,908 (19,908) 0 0 Purchase of treasury shares 38 (302) (302) (302) As of 31 March 2026 207,614 7,171 40,579 (125) (21,314) (66,755) (5,290) 237,776 5,283 404,939 (156) 404,783 Movements 1 January 2025 / 31 March 2025 Reserve for Consolidated Share capital and reserves attributable Notes Share capital Share premium reserve Legal reserve measurement of financial instruments IAS transition reserve Group translation reserve Treasury shares Earnings reserve Net Profit (loss) for the period Group shareholders' equity to non-controlling interests TOTAL SHAREHOLDERS' EQUITY In thousands of Euros As of 1 January 2025 207,614 7,171 37,237 2,546 (21,314) (47,476) (2,694) 208,735 26,491 418,310 (146) 418,164 Net Profit (loss) for the period 8,728 8,728 8,728 Other comprehensive income/(loss) 39 (1,536) (4,414) 156 (5,794) (4) (5,798) Total comprehensive income/(loss) for the period (1,536) (4,414) 156 8,728 2,934 (4) 2,930 Transactions with shareholders: Allocation of profits 38 26,491 (26,491) 0 0 Purchase of treasury shares 38 (1,530) (1,530) (1,530) As of 31 March 2025 207,614 7,171 37,237 1,010 (21,314) (51,890) (4,224) 235,382 8,728 419,714 (150) 419,564 Consolidated Statement of Cash Flows This statement shows the factors behind changes in cash and cash equivalents, net of short-term bank overdrafts, as required by IAS 7. 1st Quarter 2026 1st Quarter 2025 Total of which related parties Total of which related parties In thousands of Euros Notes Operating activities Net Profit (loss) for the period 5,283 8,728 Income taxes 14 3,237 4,014 Depreciation of property, plant and equipment 8 11,869 13,778 Amortisation of intangible assets 8 21,866 21,181 Depreciation of rights of use 8 3,862 2,614 Provisions for risks and retirement funds and employee benefits 3,887 4,530 Impairments / (Reinstatements) (135) 662 Losses/(Gains) on tangible and intangible assets 0 (66) Financial income 13 (375) (311) Financial costs 13 11,904 11,679 Income from public grants (2,378) (1,907) Share of results of associates 129 296 Change in working capital: (Increase)/Decrease in trade receivables 21 (26,587) 29 (55,598) 9 (Increase)/Decrease in other receivables 22 (507) 40 5,227 18 (Increase)/Decrease in inventories 20 (79,229) (59,279) Increase/(Decrease) in trade payables 25 73,935 1,765 35,180 299 Increase/(Decrease) in other payables 30 886 432 7,721 196 Increase/(Decrease) in provisions for risks 26 (2,107) (2,487) Increase/(Decrease) in retirement funds and employee benefits 28 (2,409) (2,695) Other changes (806) 4,383 Cash generated from operating activities 22,325 (2,350) Interest paid (7,035) (6,888) Taxes paid (5,566) (6,648) Cash flow from operating activities (A) 9,724 (15,886) Investment activities Investment in property, plant and equipment 17 (9,056) (17,079) Proceeds from sale of property, plant and equipment 3 351 Investment in intangible assets 16 (15,116) (22,291) Proceeds from sales of intangible assets 6 216 Public grants collected 401 559 Dividends cashed 23 0 Interest received 318 241 Cash flow from investment activities (B) (23,421) (38,003) Financing activities Purchase of treasury shares 38 (302) (1,530) Loans received 35 140,020 96,724 Outflow for repayment of loans 35 (45,949) (38,680) Changes in other financial assets 33 (839) (2,654) Repayment of lease liabilities 35 (2,587) (434) (2,701) Cash flow from financing activities (C) 90,343 51,159 Increase / (Decrease) in cash and cash equivalents (A+B+C) 76,646 (2,730) Opening balance 120,661 148,252 Exchange differences 202 (4,652) Closing balance 197,509 140,870 Notes to the Consolidated Financial Statements A) GENERAL ASPECTS Piaggio & C. S.p.A. (the Company) is a joint-stock company established in Italy at the Register of Companies of Pisa. The address of the registered office is Viale Rinaldo Piaggio 25 - Pontedera (Pisa). The main activities of the company and its subsidiaries are set out in the Report on Operations. These Financial Statements are expressed in Euros (€) since this is the currency in which most of the Group's transactions take place. Transactions in foreign currency are recorded at the exchange rate in effect on the date of the transaction. Monetary assets and liabilities in foreign currency are translated at the exchange rate in effect at the reporting date. Scope of consolidation The scope of consolidation has not changed compared to the Consolidated Financial Statements as of 31 December 2025. Compliance with International Accounting Standards These Condensed Consolidated Interim Financial Statements have been prepared in compliance with IAS 34 - Interim Financial Reporting. The Condensed Consolidated Interim Financial Statements must be read together with the Group Consolidated Financial Statements as of 31 December 2025 (the Group Consolidated Annual Financial Statements), prepared in compliance with International Accounting Standards (IFRS), issued by the International Accounting Standards Board (IASB) and approved by the European Union, as well as in compliance with the provisions provided by Consob in Communication no. 6064293 of 28 July 2006. During the drafting of these Condensed Consolidated Interim Financial Statements, the same accounting standards adopted in the drafting of the Group's Annual Financial Statements were applied, with the exception of the paragraph "New accounting standards, amendments and interpretations adopted from 1 January 2026". The preparation of the consolidated interim financial statements requires management to make estimates and assumptions which have an impact on the values of revenues, costs, consolidated balance sheet assets and liabilities and on the information regarding contingent assets and liabilities at the reporting date. If these management estimates and assumptions made by management based on the best valuations available at the reporting date, were to differ from actual circumstances, they would be changed as appropriate in the period in which the circumstances change. For a more detailed description of the most significant measurement methods of the Group, reference is made to the section "Use of estimates" of the Consolidated Financial Statements as of 31 December 2025. Lastly, it should be noted that some assessment processes, in particular the most complex ones such as establishing any impairment of fixed assets, are generally undertaken in full only when preparing the annual consolidated financial statements, when all the potentially necessary information is available, except in cases where there are indications of impairment which require an immediate assessment of any impairment loss. The Group's activities, especially those regarding two-wheeler products, are subject to significant seasonal changes in sales during the year. Income tax is recognised on the basis of the best estimate of the average weighted tax rate for the entire financial period. New accounting standards, amendments and interpretations adopted from 1 January 2026 On 30 May 2024, the IASB published 'Amendments to the Classification and Measurement of Financial Instruments-Amendments to IFRS 9 and IFRS 7'. The document clarifies some problematic issues that emerged from the post-implementation review of IFRS 9, including the accounting treatment of financial assets whose returns vary when ESG objectives are met (i.e. green bonds). In particular, the amendments aim to: clarify the classification of financial assets with variable returns related to environmental, social and corporate governance (ESG) objectives, and the criteria to use to assess the SPPI test; determine that the settlement date of liabilities through electronic payment systems is the date on which the liability is extinguished. However, an entity is permitted to adopt an accounting policy to eliminate a financial liability from the accounts before registering liquidity at the settlement date if certain, specific conditions are present. With these amendments, the IASB also introduced additional disclosure requirements concerning in particular investments in capital instruments designated at FVOCI. The application of these amendments did not give rise to any significant impacts either on values or on financial disclosure. On 18 July 2024, the IASB published a document called " Annual Improvements Volume 11 ". The document includes clarifications, simplifications, corrections and changes aimed at improving the consistency of different IFRS Accounting Standards. The modified standards are: IFRS 1 First-time Adoption of International Financial Reporting Standards; IFRS 7 Financial Instruments: Disclosures and related IFRS 7 implementation guidelines; IFRS 9 Financial Instruments; IFRS 10 Consolidated Financial Statements; and IAS 7 Statement of Cash Flows. The application of these amendments did not give rise to any significant impacts either on values or on financial disclosure. On 18 December 2024, the IASB published an amendment entitled 'Contracts Referencing Nature-dependent Electricity - Amendment to IFRS 9 and IFRS 7'. The document aims to support entities in reporting the financial effects of renewable electricity purchase agreements (often structured as Power Purchase Agreements). On the basis of these agreements, the amount of electricity generated and purchased can vary depending on uncontrollable factors such as weather conditions. The IASB has made targeted amendments to IFRS 9 and IFRS 7. These include: a clarification regarding the application of the 'own use' requirements to this type of agreements; the criteria for allowing such agreements to be accounted for as hedging instruments; and, new disclosure requirements to enable users of financial statements to understand the effect of these agreements on an entity's financial performance and cash flows. The Group does not currently have such contracts in place. Accounting standards, amendments and interpretations not yet endorsed by the European Union At the reporting date, the competent bodies of the European Union have not yet completed the endorsement process necessary for the adoption of the amendments and principles described below. On 9 April 2024, the IASB published a new standard ' IFRS 18 Presentation and Disclosure in Financial Statements' that will replace IAS 1 Presentation of Financial Statements . The new standard aims to improve the presentation of the main financial statements and introduces important changes with regard to the income statement. In particular, the new standard has the following requirements: requires revenues and costs to be classified into three, new categories (operating section, investment section and financial section), in addition to the tax and discontinued operations categories already present in the income statement; presents two new sub-totals, operating profit and earnings before interest and taxes (i.e. EBIT). The new standard also: requires greater disclosure on the performance indicators defined by management; introduces new criteria for the aggregation and disaggregation of information; introduces some amendments to the statement of cash flows, including the requirement to use operating income as a starting point for the presentation of the statement of cash flows prepared using the indirect method and the elimination of

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