2-Wheelers revenue upsurge to all-time highs Q1 2023

2023 Moto Guzzi V100 Mandello

Piaggio Group Chairman and CEO Roberto Colaninno: “The Piaggio Group has closed another record-breaking quarter with the best results to date, the sixth consecutive quarter to report growth1. Net sales rose by 20%, to more than 500 million euro, EBITDA was 81 million euro, with an EBITDA margin of 14.8%, and net profit almost doubled from the year-earlier period, to reach 24.1 million euro. These results make us very satisfied with the effort we have put into our work and mean we can look ahead with confidence and optimism as we continue along the important growth path we have already mapped out, confirming the investments we have planned and our commitment to ESG issues. The key objective for 2023 is to conserve margins and make improvements wherever possible.”


  • Consolidated net sales up 20% to 546.8 million euro, the highest ever first-quarter result (455.8 €/mln at 31.03.2022)
  • Industrial gross margin 2 million euro, up 27% (116.8 €/mln at 31.03.2022), 27.1% return on net sales (25.6% at 31.03.2022)
  • EBITDA 81 million euro, the highest ever first-quarter result, with an improvement of 34.9% (60.1 €/mln at 31.03.2022). EBITDA margin 14.8% (13.2% at 31.03.2022)
  • EBIT 44.9 million euro, up 62.2% (27.7 €/mln at 31.03.2022). EBIT margin 8.2% (6.1% at 31.03.2022)
  • Profit before tax 36.5 million euro, up 78.7% (20.4 €/mln at 31.03.2022)
  • Net profit 24.1 million euro, the best-ever first-quarter result, almost double net profit of 7 €/mln at 31.03.2022
  • Net financial position -428 €/mln, an improvement of 13 €/mln from -441.1 €/mln at 31.03.2022
  • 154,900 vehicles shipped worldwide, up by 9.2% (141,800 at 31.03.2022)
  • Capital expenditure approximately 32.4 million euro, up 21.7% (26.6 €/mln at 31.03.2022)

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Pontedera, 05 May 2023 – At a meeting today chaired by Roberto Colaninno, the Board of Directors of Piaggio & C. S.p.A. (PIA.MI) examined and approved the interim report on operations as at and for the three months to 31 March 2023.

Piaggio Group business and financial performance at 31 March 20232

Group consolidated net sales amounted to 546.8 million euro, the best result ever reported for the first quarter, with an improvement of 20% from 455.8 million euro and growth in all the regions where the Group operates: EMEA and Americas (+19.5%), Asia Pacific (+12.4%) and India (+34.1%).

The industrial gross margin was 148.2 million euroan improvement of 27% (116.8 million euro in the year-earlier period), for a return on net sales of 27.1% (25.6% at 31 March 2022).

Group operating expense in the first quarter was 103.4 million euro (89.1 million euro in the first quarter of 2022). The rise in operating expense was linked to the increase in turnover and shipments.

The changes in the income statement described above generated consolidated EBITDA of 81 million euro, the best ever recorded, up by 34.9% (60.1 million euro at 31 March 2022). The EBITDA margin, at 14.8%, was the best to date (13.2% at 31 March 2022).

EBIT amounted to 44.9 million euro, rise of 62.2% from 27.7 million euro at 31 March 2022. The EBIT margin was 8.2% (6.1% at 31 March 2022).

Pre-tax profit for the quarter was 36.5 million euro, an increase of 78.7% (20.4 million euro in the year-earlier period). Income tax for the period was 12.4 million euro, with an impact on pre-tax profit of 34%.

The Piaggio Group’s net profit for the first quarter of 2023 was its best ever for the period, at 24.1 million euro, almost double (+90.2%) the figure of 12.7 million euro posted in the first quarter of 2022.

Net financial debt at 31 March 2023 stood at -428 million euro, an improvement of 13 million euro from -441.1 million euro at 31 March 2022. The increase compared with net debt at 31 December 2022 (-368.2 million euro) was due to the seasonal nature of the two-wheeler business, which absorbs resources in the first half of the year and generates resources in the second half.

Group shareholders’ equity at 31 March 2023 was 439.4 million euro (417.8 million euro at 31 December 2022).

Operations in the first three months to 31 March 2023

During the first quarter, the Piaggio Group sold 154,900 vehicles worldwide(141.800 in the first quarter of 2022), an increase of 9.2%, for consolidated net sales of 546.8 million euro (455.8 million euro in the year-earlier period). All the regions in which the Group operates made a positive contribution to growth.


In the first quarter to 31 March 2023, the Group sold 124,700 two-wheelers worldwide, an increase of 4.8% from 119,000 in the year-earlier period, generating net sales of 438 million euro, an increase of 17.1% from 374 million euro at 31 March 2022.

The figure includes spares and accessories, on which turnover totalled 38.7 million euro, (+31.4% from 29.4 million euro at 31 March 2022).

Turnover on first-quarter two-wheeler sales was particularly strong in the EMEA & Americas area (+21.9%), with very healthy performance on the Italian market (+40.3%) and the American market (+58.2%), followed by Asia Pacific (+12.4%).

In Europe, the Piaggio Group reported a 21.7% share of the scooter segment (21% at 31 March 2022) and further strengthened its positioning on the North American scooter market, with a share of 26.4% (24.6% at 31 March 2022). In North America the Group is also working to consolidate its presence on the motorcycle market with the Aprilia and Moto Guzzi brands.

The scooter sector reported a 16.8% rise in worldwide turnover, led by the Vespa brand, which recorded a turnover increase of almost 18%, by the Piaggio MP3 three-wheeler and by the Piaggio Beverly, Medley and Liberty high-wheel scooters.

The motorcycle sector closed the first quarter of 2023 with a 12.7% turnover improvement and record results. Moto Guzzi reported its best-ever first quarter, with sales volumes up by more than 30% and turnover improving 55%, with an important contribution from the new Moto Guzzi V100 Mandello. The Aprilia brand enjoyed an excellent first three months, thanks to sales of the RSV4 super sports model, the Aprilia RS 660, the Tuono 660 and 1100, and the Tuareg 600, which also achieved important results in rally competitions.

Commercial vehicles:

In commercial vehicles, the Piaggio Group reported 2023 first-quarter sales volumes of 30,200 vehicles, up 32.4% (22,800 in the year-earlier period), with net sales of 108.8 million euro, up 32.9% from 81.8 million euro at 31 March 2022. The figure includes spares and accessories, where turnover totalled 15.4 million euro (+21.1% from 12.7 million euro in the first quarter of 2022).

At geographical level, the Indian market gained strength with turnover from commercial vehicles rising 54% and sales volumes up 36.1%. The EMEA & Americas region reported an improvement in turnover, and a 7.7% increase in sales volumes.

Piaggio Fast Forward:

Piaggio Fast Forward (PFF), the Piaggio Group robotics and future mobility company based in Boston, expanded its product portfolio with the addition of gitamini®, a new robot that condenses the technology and functions of gita®, its revolutionary “big brother”, in a lighter, more compact design.

Gita® and gitamini® are made in the Piaggio Fast Forward plant in Boston’s Charlestown district. The first marketing phase for the robots focuses on the US market, where the circulation of robots on city streets is already regulated.

PFF moved ahead with a series of pilot programs, together with partners active in various business sectors, to test further applications for gita® in the travel, residential and retail sectors and in last-mile deliveryPFF also announced an agreement with Trimble, a Nasdaq-listed company, to develop robots and machines to follow humans and other devices in industrial applications.

PFF has designed and developed sensors with an innovative technology, which made their debut on the new Piaggio MP3 three-wheel scooter, to deliver unparalleled safety. Thanks to the integration of advanced rider assistance systems (ARAS), the new sensors play a vital role in accident prevention and rider protection.

Significant events in and after the first quarter of 2023

Supplementing the information published above or at the time of approval of the 2022 draft financial statements (directors’ meeting of 2 March 2023), this section illustrates key events in and after the first quarter of 2023.

On 10 March the presentation was held of the Aprilia Racing team for the MotoGP 2023 world championship. The project continues to develop, and the first season will see four RS-GP bikes and four top-level riders on the circuits: Aleix Espargaró and Maverick Viñales – confirmed as official riders – Miguel Oliveira and Raul Fernandez for the satellite Aprilia RNF CryptoData team.

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Although it is still difficult to provide guidance given the continuing difficulties caused by geopolitical tensions, thanks to its unique brand portfolio Piaggio will continue its growth program, confirming its planned investments in new products and new facilities and strengthening its commitment to ESG issues.

In this general situation, Piaggio will continue as ever to work to meet its commitments and objectives, keeping a constant focus on efficient management of its economic and financial structure so that it can respond immediately and in a flexible manner to the challenges and uncertainties of 2023.

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Conference call with analysts

The presentation of the financial results as at and for the three months to 31 March 2023, which will be illustrated during a conference call with financial analysts, is available on the corporate website at www.piaggiogroup.com/it/investor.

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Piaggio S.p.A. said that the Interim Report on Operations as at and for the three months to 31 March 2023 will be published and made available to the public at the company registered office, in the “eMarket STORAGE” authorised storage mechanism at www.emarketstorage.com and on the issuer’s website www.piaggiogroup.com (section “Investors/Financial Reports/2023”) by 15 May 2023.

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The Piaggio Group consolidated income statement, consolidated statement of financial position and consolidated statement of cash flows as at and for the three months to 31 March 2023 are set out below.

The manager in charge of preparing the company accounts and documents, Alessandra Simonotto, certifies, pursuant to paragraph 2 of art. 154 bis of the Consolidated Finance Act, that the accounting disclosures in this statement correspond to the accounting documents, ledgers and entries.

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