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Piaggio
Piaggio (PIA) investor relations material
Piaggio Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Net sales for the first nine months of 2025 declined 11.3% year-over-year to €1,204.4 million, mainly due to demand, FX headwinds, and external macroeconomic pressures.
Despite lower revenue, gross margin reached a record 30.4%, up from 29.7% year-over-year, and EBITDA margin was 16.7%, the second highest ever.
Net income fell 49.1% to €31.7 million, reflecting lower operating income, higher depreciation, and external factors such as US tariffs and commodity costs.
Maintained a strategy of prioritizing value over volume, refusing to engage in price wars despite increased competition from low-cost Asian brands.
Continued significant investments in factories, products, technology, robotics, and electromobility.
Financial highlights
Revenue declined by EUR 153 million year-over-year for the first nine months, with net sales at €1,204.4 million.
Gross margin improved to 30.4%, a record high, up 0.8 p.p. year-over-year.
EBITDA decreased 14.2% to €201 million, with margin at 16.7%.
Net debt reduced to €528 million from €534 million at December 2024, with free cash flow to equity at €36 million.
Capital expenditure totaled €102.5 million, down from €117.4 million year-over-year.
Outlook and guidance
Guidance for 2025 remains highly dependent on geopolitical and economic stability to support consumer spending.
Positive cash generation and inventory reduction position the group for improved performance.
Recovery momentum noted in Q3, especially in India and Asia Pacific.
CapEx expected around EUR 140–145 million in coming years, focused on new products and process improvements.
Net debt expected to remain stable by year-end.
Actions against unfair Asian competition
Robotics division: When will sales be material?
Brazil market entry: Geopolitical risk assessment
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Next Piaggio earnings date
Q4 20255 Mar, 2026
Piaggio
Next Piaggio earnings date
Q4 20255 Mar, 2026
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Frequently asked questions
Piaggio & C. SpA, commonly known as Piaggio, is an Italian manufacturer of two-wheeled motor vehicles and compact commercial vehicles. The company is best known for its range of scooters and motorcycles, including the iconic Vespa scooter. Piaggio's product line also encompasses mopeds and motorcycles under the Piaggio, Vespa, Gilera, Aprilia, and Moto Guzzi brands. Additionally, the company produces three- and four-wheeled light transport vehicles under the Ape, Porter, and Quargo series. These products cater to a variety of needs from personal mobility to light commercial transport. Piaggio serves a global market, with a significant presence in Europe and Asia. The company is headquartered in Pontedera, Tuscany, Italy, and its shares are listed on the Borsa Italiana.
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