Italy · Delayed Price · Currency is EUR Piaggio & C. SpA Earnings Call Transcripts
Fiscal Year 2026
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Revenue and sales volumes grew in H1 2026, with record gross and EBITDA margins. Market share gains in India and stable performance in Europe support a positive outlook, with management reaffirming year-end financial targets.
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Q1 2026 saw a slight volume increase and strong India growth, but net sales fell 7.8% due to forex. April started Q2 with nearly 20% volume growth, and new product launches plus the Philippines subsidiary are expected to boost results.
Fiscal Year 2025
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Margins reached record highs in 2025 despite lower revenues, with gross margin at 30.5% and EBITDA margin at 16.7%. European and Indian markets showed strong demand, and free cash flow is expected to improve in 2026 as major investments wind down.
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Despite a EUR 153 million revenue decline, gross margin hit a record 30.4% and cash generation improved. Focus remains on value over volume, with continued investment in products, technology, and selective market expansion, while navigating global risks and competition.
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Gross margin and EBITDA margins reached historic highs in Q2 2025 despite a 13% revenue decline, with stable net financial position and strong cost management. Market share in Europe fell 1% year-over-year, but new product launches and end of Euro 5 stocking are expected to support recovery.
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Q1 2025 saw global market declines and lower revenues, but gross margin hit a record 30.5% due to operational improvements. EBITDA for 2025 is forecast at EUR 290 million, with a focus on cash management and inventory reduction amid ongoing market and geopolitical uncertainties.
Fiscal Year 2024
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Record EBITDA and gross margin achieved despite revenue decline from EUR 110 million dealer destocking. CapEx and debt increased for plant upgrades and electrification, with stable dividend payout and positive cash flow. Outlook for 2025 is cautious but expects inventory and top-line improvements.
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Nine-month EBITDA margin reached a record 17.3% despite global market declines, with strong performance in India and stable market share in Europe and the U.S. Full-year EBITDA is expected around €300 million, supported by new product launches and disciplined pricing.
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Revenue declined in H1 2024, mainly due to Asia and the USA, but margins and cash flow improved. Europe focused on dealer stock management, India showed steady growth, and new product launches are planned for H2. Margins are expected to remain stable despite cost pressures.