Tariffs, raw materials and currencies halve Piaggio's profit

Setback for Piaggio's profitability. The group posted a positive net profit of €34 million in 2025, down 49.4% from a year ago, against revenues of €1,501.9 million (down 11.7% from €1,701.3 million in 2024). The company announced this in a note, with the board of directors resolving not to distribute a balance on the dividend (the interim dividend, already resolved on 29 July 2025, amounted to 4 cents per share). The industrial gross margin for the period was EUR 457.6 million (-7.9%), representing 30.5% of sales (29.2% in 2024). Finally, consolidated ebitda was EUR 250.8 million (-12.5%), while the ebitda margin was 16.7% (16.9% as at 31 December 2024). Net financial debt as at 31 December 2025 amounted to EUR 577.6 million (EUR 534 million recorded as at 31 December 2024). The increase mainly reflects the reduction in trade debt. During the reporting period, the Group budgeted investments of €140.6 million (€182.7 million as of 31 December 2024), while total worldwide sales amounted to 445,200 vehicles (-7.6% from 481,600 vehicles in 2024).

"2025 has certainly been a complex year at a global level" with factors such as "new trade tariffs, the increase in the cost of raw materials, and the trend in international currencies," commented Michele Colaninno, CEO of the Piaggio Group. "In this context, the Piaggio Group has nevertheless managed to consolidate interesting margins. Investments "in production sites are proceeding according to plan, and this allows us to allocate production so as to be able to follow the various markets efficiently - continued the CEO - Although it is still complicated to make precise forecasts regarding the near future, long-term product strategies are confirmed in light two-wheeler mobility, commercial vehicles and advanced robotics". Looking at the sectors, as of 31 December 2025 the Group had sold 329,000 two-wheelers worldwide for a net turnover of EUR 1,155.4 million (359,900 two-wheelers sold in 2024 for EUR 1,298.3 million). The figure also includes spare parts and accessories, which recorded sales of 148.8 million euro (153.3 million in 2024). In Europe, the Piaggio Group achieved an overall market share of 10.2%, ranking among the market leaders in the scooter segment with a 17.5% share. On the North American scooter market, a share of 34.7% was achieved. In the commercial vehicles segment in 2025, the Piaggio Group sold 116,200 units (121,700 as of 31 December 2024) with net sales of Euro 346.6 million (Euro 403 million as of 31 December 2024). The figure includes spare parts and accessories, which recorded sales of 59.9 million Euro (62.9 million Euro in 2024).