Piaggio & C. S.p.A.

Piaggio said first-half 2025 revenues declined by roughly 13% year over year. Management highlighted a first-half gross margin of 30.4% and said Q2 gross margin was 30.4%, while Q2 EBITDA margin was 17.3%, both among the best in company history. The CEO also said the net financial position did not worsen versus December 2024 despite lower revenues. Looking ahead, management expects better third-quarter top-line performance versus last year as EURO 5 destocking ends, but did not give formal full-year guidance.

Michele Colaninno framed the quarter as proof that Piaggio can preserve financial stability in a difficult global environment marked by wars, tariffs, FX moves and weak consumer demand. He said the company is defending gross margin and brand equity by avoiding price wars and continuing to invest in products, technology and new assets, including a robotics division in Boston. His tone was cautious but constructive: he said the outlook is not positive, but also not negative, and that some recovery signals are visible in Asia and in the end of EURO 5 destocking in Europe.

Alessandra Simonotto did not speak in the provided transcript excerpt, so no separate CFO remarks on margins, cash or capital allocation were given beyond the CEO’s comments on the net financial position and cash. Management said the NFP did not worsen versus December 2024, which the CEO linked to disciplined cost control and maintaining investment capacity. The call did not provide additional numerical detail on cash generation, capex, dividends or buybacks in the excerpt.

Analysts focused on Europe’s weak volumes, the 1% market share loss, and whether Q3 could bring a sequential recovery; management said the share weakness was mainly due to EURO 5 destocking, not a product issue, and expected better share as destocking ends. On India, management said thermic three-wheel market share was broadly stable, new vehicles launched in July should help second-half revenues, and electric vehicles remain a low-margin, subsidy-driven market. Questions on pricing and Chinese competition drew a response that Piaggio is not entering a price war, believes its brands remain stronger, and is leaning on dealer relationships and the multiplex distribution model. On logistics, management said costs are not improving and are assumed to remain roughly in line with the first half.