Piaggio Group CEO: Downward trend in consumer propensity to spend

Board Meeting and ApprovalPontedera, 7 November 2025 – At a meeting today chaired by Matteo Colaninno, the Board of Directors of Piaggio & C. S.p.A. (PIA.MI) examined and approved the interim report on operations for the nine months to 30 September 2025.Piaggio Group Business and Financial Performance at 30 September 2025Group consolidated net sales totalled 1,204.4 million euro (1,357.2 million euro at 30 September 2024, -11.3%).The industrial gross margin was 366.6 million euro (402.4 million euro in the year-earlier period, -8.9%), with an increase in the return on net sales to 30.4% (29.7% at 30 September 2024).Group operating expense was 281.4 million euro (273.1 million euro at 30 September 2024, +3.1%).The changes in the income statement described above generated consolidated EBITDA of 201 million euro (234.3 million euro at 30 September 2024, -14.2%). The EBITDA margin was 16.7% (17.3% at 30 September 2024).EBIT amounted to 85.2 million euro (129.4 million euro at 30 September 2024, -34.1%). The EBIT margin was 7.1% (9.5% at 30 September 2024).Pre-tax profit for the first nine months was 48 million euro (90.8 million euro at 30 September 2024, -47.2%). Income tax for the period was 16.3 million euro, with an impact on pre-tax profit of 34%.In the first nine months to 30 September 2025, the Piaggio Group reported a net profit of 31.7 million euro (62.2 million euro at 30 September 2024, -49.1%).Net financial debt at 30 September 2025 was -528.2 million euro (-534 million euro at 31 December 2024; -461.2 million euro at 30 September 2024).Group shareholders’ equity at 30 September 2025 was 394.7 million euro (418.2 million euro at 31 December 2024).In the first nine months of 2025, Piaggio Group capital expenditure amounted to 102.5 million euro (117.4 million euro at 30 September 2024).Footnotes on Performance Indicators:

• EBITDA: Earnings (EBIT) before amortisation and depreciation and impairment losses on property, plant and equipment, intangible assets, and rights of use, as reflected in the consolidated income statement.
• Industrial gross margin: Net sales less costs to sell.
• Net financial position: Gross financial debt less cash and cash equivalents, and other current financial receivables. Determination of the net financial position does not include other financial assets and liabilities arising from measurement at fair value, derivatives designated or not as hedges, fair value adjustments of the related hedged items and related accruals.

Business Performance in the First Nine Months to 30 September 2025In the nine months to 30 September 2025, the Piaggio Group sold 346,500 vehicles worldwide (380,000 in the year-earlier period, -8.8%), and reported consolidated net sales of 1,204.4 million euro (1,357.2 million euro at 30 September 2024).Two-WheelersIn the period under review, the Group sold 263,100 two-wheelers worldwide (290,300 in the first nine months of 2024, -9.4%), generating net sales of 951.9 million euro (1,060.6 million euro at 30 September 2024, -10.2%).The figure includes spares and accessories, on which turnover totalled 116.9 million euro (119.9 million euro in the year-earlier period, -2.5%).Once again, the figures were adversely affected by the contraction in European market demand after the introduction of the new EURO 5+ regulation, which led to significant vehicle registrations in the fourth quarter of 2024, which were absorbed during 2025.In Europe, the Piaggio Group obtained an overall market share of 10.3%, and confirmed its ranking as a leading market player in the scooter segment, with a 17.9% share.On the North American scooter market, the market share was 33.9%. In North America the Group also continued to consolidate its presence on the motorcycle market with the Aprilia and Moto Guzzi brands.In the scooter segment, the Piaggio Liberty and Medley high-wheel models, which were completely renewed in 2025, turned in a strong performance.In motorcycles, Aprilia reported higher sales volumes and revenues, thanks largely to its 660 engines (RS and Tuareg) and 457 engines (RS and the new Tuono, which made its market debut at the beginning of the year), as well as to the 125cc engines. At Moto Guzzi the evergreen V7 put in a notable performance, while sales rose for the V100 Mandello.Commercial VehiclesIn commercial vehicles, the Piaggio Group reported 2025 nine-month sales volumes of 83,400 vehicles (89,700 in the year-earlier period, -7.1%), for net sales of 252.5 million euro (296.6 million euro at 30 September 2024, -14.9%). The figure includes spares and accessories, where turnover totalled 44.7 million euro (46.8 million euro at 30 September 2024, -4.6%).Piaggio Fast ForwardPiaggio Fast Forward (PFF), the Boston-based subsidiary of the Piaggio Group active in robotics and mobility for the future, continued marketing its gita® and gitamini® terrestrial drones and kilo™, a revolutionary robot featuring smart following technology, which was presented in March.With a payload of up to 130 kg, kilo™ is fitted with 4D radar imaging and the innovative package of sensors developed by PFF, enabling it to follow the operator, move autonomously, and travel along more than 100 paths stored in memory.Gita®, gitamini® and kilo™ are produced 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 also designed and developed sensors with an innovative technology offering unparalleled safety, which have been fitted on the Moto Guzzi Stelvio, the Moto Guzzi V100 Mandello and the Mp3 530 scooter. 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 Nine Months of 2025Supplementing the information published above or at the time of approval of the half-year report at 30 June 2025 (directors’ meeting of 29 July 2025), this section illustrates key events in and after the first nine months of 2025.

• On 4 November, the Piaggio Group was a protagonist at the EICMA tradefair in Milan where it showed a number of important new entries for all its brands. Vespa, which celebrates its eightieth anniversary in 2026, presented a special celebration version of the Primavera and the GTs, an exclusive series with a special livery enhanced by high-quality details. It also unveiled the new Vespa Primavera and Vespa Sprint S, marking the debut of dual disk brakes, a standard keyless fob, plus other new technical, functional and design features. Aprilia launched the new SR GT 400 scooter, a perfect crossover for urban roads or adventure travel. For lovers of high-wheel scooters, a special version of the Piaggio Beverly was presented, celebrating 25 years since the original model appeared. Other highlights included the new designs and liveries of the Moto Guzzi and Aprilia two-wheelers, to be introduced on roads around the world starting next year.
• On 19 October 2025, Raul Fernandez riding an Aprilia for the Trackhouse MotoGP Team won first place in the MotoGP race at the Phillip Island racetrack in Australia. This is the three hundredth GP victory for Aprilia Racing, confirming its position as Europe’s most successful constructor.
• On 15 October 2025, the Piaggio Group announced the formation of a new subsidiary in the Philippines, consolidating its positioning in the Asia Pacific region. The new subsidiary will import Group scooters (Vespa, Piaggio and Aprilia), Aprilia and Moto Guzzi motorcycles, and spares and accessories, and sell them directly in the country. It will also explore a possible future interest in the light commercial vehicles market.
• On 22 September, the opening took place of VESPA THE EMPTY SPACE, the first Vespa concept store, which moves beyond the idea of a simple showroom to become a cultural centre, aesthetic experience and meeting place. VESPA THE EMPTY SPACE is not just a physical store, but a narrative display celebrating the essence of Vespa, an active container, a non-space to be filled with stories, visions, meetings, objects and people.
• Also on 22 September, Aprilia Tuareg Racing and Jacopo Cerutti won the Italian Motorally Championship for the third consecutive year, confirming the competitiveness of the Tuareg Rally and the excellent performance of the team.

OutlookThe guidance drawn up for 2025 is still closely linked to the need for a level of geopolitical and economic stability that can have a positive impact on consumer propensity to spend.We shall continue to respond to the current macroeconomic and geopolitical complexities with careful management of liquidity and productivity, and to take a flexible approach to growing investments in the products of our iconic brands and in research, technology and our manufacturing sites.