Piaggio Group reports sales drop in 2024 financial results

Piaggio Group recently reported its 2024 sales totaling 1,701.3 million euros (-14.3% from 1,985.1 million euros in 2023). A generalized downturn was reported at the dealer level, which reflected the company’s policy to reduce inventories.

“The Piaggio Group achieved excellent margins in 2024 thanks to careful management of productivity in a highly anomalous economic situation. The downturn in revenues is the direct consequence of the correct strategy employed by dealers all over the world to reduce their inventories. This enabled us to maintain the profitability of the distribution network and simultaneously prepare for 2025 from a pragmatic perspective. A reversal in global economic trends that would generate a solid recovery in consumer spending similar to the one experienced until 2023 has not yet emerged: high interest rates and the surge in inflation of the last two years have braked spending. The Asian high-end market experienced the largest contraction.”

– Piaggio Group managing director and CEO Michele Colaninno

Colaninno says the company is continuing its investments in its brands, research, technology, and manufacturing to stay on the same track as the previous year.

“Of course, we need to keep cash generation under control until the markets can return to growth,” Colaninno adds. “We believe that, like 2024, 2025 will be characterized by many variables, but at the same time, it will show an improvement compared with last year.”

Piaggio’s drops in premium markets:

• EMEA & Americas reported -11.8%;
• Asia Pacific -32.4% (-30.4% at constant exchange rates); and
• India -3.9% (-2.6% at constant exchange rates).

The company’s gross margin was 497.1 million euros (-12% from 565.2 million euros in 2023), for a 29.2% return on net sales (28.5% in 2023). Meanwhile, operating expenses for the year were 349.4 million euro (-9.1% from 384.5 million euro in 2023). The company also reports that its EBITDA margin, at 16.9%, was its best ever recorded (vs. 16.4% in 2023).

The Piaggio Group reported a net profit for 2024 of 67.2 million euros (4% of net sales), a reduction of 26.2% from 91.1 million euros for 2023 (4.6% of net sales). Net financial debt in 2024 was 534 million euro (vs. 434 million euro in 2023). The company says the temporary increase reflects the reduction in trade payables and the trend in capital expenditure. Piaggio Group’s capital expenditure was 182.7 million euros in 2024, an increase of 12.2% from 162.9 million euros in 2023.

Unit Sales

In 2024, the Piaggio Group sold 481,600 vehicles worldwide (559,500 in 2023, -13.9%), and reported consolidated net sales of 1,701.3 million euro (1,985.1 million euro in 2023).

Two-wheelers:

The group sold 359,900 two-wheelers worldwide in 2024, generating net sales of 1,298,3 million euros (436,300 two-wheelers were sold in 2023, for net sales of 1,533.4 million euro). This includes spares and accessories, on which turnover totaled 153.3 million euros (156.9 million euros in 2023).

The largest downturn was in the Asia-Pacific region, which was affected by a fall in demand for the premium segment in China and Thailand (-30.8% sales volumes; -32.4% turnover; -30.4% at constant exchange rates). India reported an improvement in turnover (+10.3%, +11.8% at constant exchange rates) thanks to the introduction of the new Aprilia RS 457.

In the scooter segment, the Piaggio Group recaptured the European markeshare with a 21.4% share; its share of the North American market reached 28.1%. In North America the Group also continued to consolidate its presence in the motorcycle segement with the Aprilia and Moto Guzzi brands.

The market responded positively to the new Aprila RS 457 and the Moto Guzzi Stelvio and V85 in motorcycles. 2024 was a strong year in racing for Apirlia. As in 2023, the Aprilia Tuareg dominated the racing season, notably winning the Transanatolia Rally in Turkey and the Italian Motorally Championship, while rider Alessandro Di Mario on an Aprilia RS 660 won the MotoAmerica Twins Cup. In January 2025, Jacopo Cerutti triumphed for the second year running in the prestigious Africa Eco Race, once again riding an Aprilia Tuareg.

Commercial vehicles

In commercial vehicles, the Piaggio Group reported 2024 sales volumes of 121,700 vehicles (123,300 in 2023), with net sales of 403 million euros (451.7 million euros in 2023). These numbers include spares and accessories, where turnover totaled 62.9 million euros (60.1 million euros in 2023).

According to Piaggio’s reporting, EMEA & Americas reported a 6.9% increase in sales volumes, turning in a particularly strong performance in the 3-wheel segment of the American market.

Source: Piaggio Group