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

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: investorrelations@piaggio.com 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

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.

1st quarter

2025

Financial Statements

1 Please refer to the section on 'Alternative Non-Gaap Performance Measures' for the definition of the parameter.

Results by operating segment

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 Directors2

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.

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.

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 20225.

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 tCO2eq.

6 For the revenues share of electric vehicles, please refer to the Report on Operations, section "Results by Product Type".

Consolidated Income Statement

1st Quarter 2026 1st Quarter 2025 Change

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).

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

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

Consolidated statement of financial position8

As of 31

Change

As of 31 March 2026 December 2025

In millions of Euros

Statement of financial position

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.

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 receivables9 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.

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

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 positioning10

In the European market11, 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

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 positioning12

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.

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.

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.

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..

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

Consolidated Statement of Comprehensive Income

Consolidated Statement of Financial Position

As of 31 March 2026 As of 31 December 2025

of which related

of which related

As of 31 March

2026

of which related

As of 31

December 2025

of which related

Changes in Consolidated Shareholders' Equity

Movements 1 January 2026 / 31 March 2026

Share capital and reserves

Movements 1 January 2025 / 31 March 2025

Reserve for

Consolidated

Share capital and reserves attributable

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

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.

1. Scope of consolidation

   The scope of consolidation has not changed compared to the Consolidated Financial Statements as of 31 December 2025.

2. 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