Piaggio Group Managing Director – CEO Michele Colaninno: “In the first quarter of 2026, the Piaggio Group recorded an increase in vehicle sales worldwide. This bucks the trend seen in previous quarters, which were affected by a sharp decline in consumer confidence caused by unpredictable geopolitical events that unfortunately persist and sometimes suddenly intensify.
Although organic revenue is down by seven percentage points at current exchange rates, it is broadly in line with last year at constant exchange rates, which gives us confidence for the rest of the year. The appreciation of the euro against other currencies is clearly having a negative effect on sales in India, the United States and Asia. That said, our internationalisation strategy remains central to our approach and must continue: indeed, it is reasonable to have production sites in markets where we see growth potential.
Furthermore, the North American market has been affected by the imposed tariffs and, in accordance with applicable regulations, the refund application procedure is currently under way.
We have responded to these events by effectively managing costs and productivity. The EBITDA margin has once again reached its highest level in recent years thanks to careful management of raw materials, distribution costs and operating expense in general. These results are even more impressive when you consider that they were achieved without raising prices, while maintaining balanced stock levels across the distribution networks.
In an international context where accurate forecasts are difficult to make due to ongoing unpredictable conflicts and which requires a rigorous management approach, the Group’s cash flows improved significantly by approximately 40 million euro (compared to the first quarter of 2025) and debt levels were essentially stable in the first quarter of 2026. This is not a foregone conclusion and confirms our focus on inventory management and the careful allocation of funds.
Finally, we continue to invest in two-, three- and four-wheeled vehicles, as well as in technology and production facilities worldwide. This business strategy delivers high added value for our brands, enabling us to avoid aggressive pricing policies in various markets and instead offer our customers worldwide premium vehicles.
Pontedera, 8 May 2026 – 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 as at and for the three months ended 31 March 2026.
Piaggio Group business and financial performance at 31 March 20261
Piaggio Group consolidated net sales totalled 364.9 million euro at constant exchange rates in the first quarter of 2026 (370.7 million euro at 31 March 2025, -1.6%), and 341.7 million euro at current exchange rates (-7.8% compared to the first quarter of 2025). They arise from the sale of 108,400 vehicles, up on the 106,800 vehicles sold in the first quarter of 2025.
Geographically, India grew by 3.8% (26.6% at constant exchange rates), whilst the results for EMEA & the Americas and APAC declined.
The industrial gross margin was 107.9 million euro (113.2 million euro in the first quarter of 2025, -4.7%), for a return on net sales of 31.6% (30.5% at 31 March 2025).
Group operating expense for the first quarter of 2026 was 88 million euro (88.7 million euro in the first quarter of 2025).
The changes in the income statement described above generated consolidated EBITDA of 57.5 million euro (-7.3% from 62 million euro in the first quarter of 2025). The EBITDA margin, at 16.8%, was one of the best to date (16.7% at 31 March 2025).
EBIT amounted to 19.9 million euro (24.4 million euro at 31 March 2025, -18.6%). The EBIT margin was 5.8% (6.6% at 31 March 2025).
Pre-tax profit for the first quarter of the year was 8.5 million euro (12.7 million euro at 31 March 2025, -33.1%). Income tax for the period was 3.2 million euro, with an impact on pre-tax profit of 38%.
In the first quarter of 2026, the Piaggio Group reported a net profit of 5.3 million euro (8.7 million euro at 31 March 2025, -39.5%).
Net financial debt at 31 March 2026 was 597 million euro. Compared with last March rolling figure (592.8 million at 31 March 2025, the net financial debt is essentially stable, while compared with 31 December 2025 (577.6 million euro), the net financial debt at 31 March 2026 increased due to the seasonal nature of the business, which ties up financial resources in the first few months of the year. However, this increase amounts to 19.4 million euro, a third of the increase recorded in the first quarter last year, when it stood at 58.8 million euro.
In the first quarter of the year, Piaggio Group capital expenditure amounted to 24.2 million euro (39.4 million euro in the first quarter of 2025).
Group shareholders’ equity at 31 March 2026 was 404.8 million euro (396.3 million euro at 31 December 2025).
Business performance in the first quarter of 2026
During the first quarter, the Piaggio Group sold 108,400 vehicles worldwide (106,800 vehicles at 31 March 2025, +1.5%). This result was achieved despite sell-in volumes being kept low in certain geographical areas in order to facilitate the launch of new models and products. Sales of these new models and products will begin to have a positive impact from the second quarter of the year. Sales in the first quarter of 2026 generated consolidated revenues amounting to 341.7 million euro (370.7 million euro at 31 March 2025).
Two-wheelers:
In the first quarter of 2026, the Group sold 72,300 two-wheelers worldwide (78,700 two-wheelers were sold in the first quarter of 2025), for net sales of 249,600 million euro (-12.1%, -8.3% at constant exchange rates compared to 283,900 million euro at 31 March 2025). The figure includes also spares and accessories, on which turnover totalled 32.3 million euro (35 million euro in the first quarter of 2025).
Geographically, India recorded a 15.6% increase in volumes, while revenue was impacted by unfavourable exchange rates (-5.2%; +11.4% at constant exchange rates). Markets in the EMEA, Americas and Asia-Pacific regions contracted.
In the European market, the Piaggio Group increased its share of the scooter segment to 15.6% (compared to 15.4% in the first quarter of 2025), while maintaining a stable 3% share of the motorcycle segment.
With respect to the Group’s position in the North American scooter market, Piaggio increased its market share from 29.9% in the first three months of 2025 to 30.7%.
In North America the Group also continued to consolidate its presence on the motorcycle market with the Aprilia and Moto Guzzi brands.
The Aprilia SR and SR GT models have performed well in the scooter sector. Vespa continues to evolve. In 2026, it will celebrate its 80th anniversary with special editions of the Primavera and the GTS 80th. A dedicated clothing and accessories collection will also be unveiled at The Empty Space, the new concept store in Milan.
Sales volumes and revenues in the Aprilia motorcycle sector increased, partly driven by the company’s success in motorsport. Aprilia offers a wide range of motorcycles, from the entry-level RS 125 to the flagship RSV4. The 457 and 660 models, which are designed for young riders, fall into the intermediate displacement category.
There has been a rise in sales of the revamped V7 range at Moto Guzzi, which comprises the V7 Stone, V7 Special and V7 Sport models, as well as the V100 Mandello roadster.
Commercial vehicles:
In commercial vehicles, the Piaggio Group reported 2026 first-quarter sales volumes of 36,100 vehicles (+28.9%; 28,000 in the year-earlier period), with net sales of 92.1 million euro (+6.2%; +20.4% at constant exchange rates compared to 86.8 million euro at 31 March 2025). The figure includes spares and accessories, where turnover totalled 13.4 million euro (15 million euro at 31 March 2025).
Geographically, the Indian market recorded double-digit growth in both volume and turnover. This was driven by increased sales of passenger vehicles (+15%), commercial vehicles (+25.3%) and electric three-wheelers, which grew significantly (+59.8%).
Piaggio Fast Forward:
Piaggio 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 at and after the reporting date
Supplementing the information published above or at the time of approval of the 2025 draft financial statements (board of directors’ meeting of 5 March 2026), this section illustrates the key events of the period and subsequent events.
On 29 March, Aprilia Racing secured its eleventh premier class victory, its fifth in a row, and its 305th World Championship victory at the Circuit of the Americas. This consolidates a strong start to the MotoGP season for Aprilia Racing and Marco Bezzecchi, who have claimed three consecutive victories in the first three races.
To mark Vespa’s 80th anniversary, celebrations kicked off on 23 April with an exclusive event at the “Empty Space” store in Milan, where the special edition Vespa Primavera and GTS 80th were launched. These two models bring the brand’s original spirit back to the fore.
On 30 April, President Sergio Mattarella opened the 2026 Labour Day celebrations by visiting the Piaggio factory in Pontedera, which is regarded as a symbol of Italian creativity and industriousness. Upon his arrival, President Mattarella was welcomed by Matteo Colaninno, the Chairman of the Piaggio Group, and Michele Colaninno, the Managing Director – CEO of the Piaggio Group.
He visited the factory workshop – the historic heart of the Group – with them and observed the various stages of scooter assembly on the production lines, including Vespa models. The tour concluded with a visit to the Piaggio Museum, where the ceremony speeches were delivered in the auditorium.
In his Labour Day speech, President Mattarella stated that “Vespa remains one of Italy’s most iconic symbols of creativity and industriousness around the world”.
On Friday morning, 8 May, the President of the European Parliament, Roberta Metsola, visited the Piaggio Group’s factory and production lines in Pontedera, accompanied by the Chairman and Managing Director – CEO of the Piaggio Group, Matteo and Michele Colaninno respectively.
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Outlook
Innovation, competitiveness, safety, sustainability and social responsibility remain at the heart of the Group’s development strategy, guiding it in its mission to offer increasingly advanced solutions to the changing mobility needs of people in advanced and developing countries, in large metropolitan areas and smaller communities alike.
In the current geopolitical and economic context, the Piaggio Group will therefore continue to work to grow and invest with this in mind, aiming to further consolidate its role among the leaders in the sector, also confirming its commitment to ESG issues.
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Conference call with analysts
The presentation of the financial results as at and for the three months ended 31 March 2026, 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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The Piaggio Group consolidated income statement, consolidated statement of financial position and consolidated statement of cash flows as at and for the three months ended 31 March 2026 are set out below.
The manager in charge of preparing the company accounts and the sustainability report, 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.
1The main alternative performance indicators used by the Piaggio Group, representing the data monitored by management, are as follows:
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EBITDA: earnings (EBIT) before amortisation and depreciation and impairment losses on property, plant and equipment, intangible assets, and right-of-use assets, as reflected in the consolidated income statement;
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Industrial gross margin: net sales less costs to sell;
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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.
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