Italy · Delayed Price · Currency is EUR Piaggio & C. SpA Earnings Call Transcripts
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 margin and gross margin achieved despite revenue decline from dealer destocking. CapEx and debt rose due to investments and logistics disruptions, but operating cash flow remained strong. Outlook for 2025 focuses on inventory improvements and top-line growth.
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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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H1 2024 saw revenue declines due to Asia and US weakness, but margins and cash flow improved, with record bike sales in Europe and positive momentum in India. Strategic investments in electric mobility and digitalization continue, while cost pressures and geopolitical risks persist.