Piaggio Group shares first nine months results

According to Piaggio Group’s managing director and CEO, Michele Colaninno, the first nine months of 2024 have been similar to other OEMs battling to stay ahead of a challenging global economy, with sales in the U.S. down (-6.3%).

“The current economic situation has affected the purchasing power of global consumers, and the sales trends of the first nine months of 2024 are the direct consequence. Even so, the Piaggio Group achieved its highest-ever EBITDA margin, and we aim to maintain these levels, a difficult but not impossible objective; the figure is significant given the productivity of all our factories and comforting as regards the high value of our Italian brands,” he says.

Piaggio increased its investments in new products and in its factories in the the first nine months, Colaninno adds: “The Moto Guzzi plant in Mandello del Lario is one of the most fascinating projects in motorcycling. Over the next few years, geopolitical and economic stability will be vital so that we no longer have to chase after unstable markets and can focus our financial resources on growth.”

Highlights:

• 380,000 vehicles sold worldwide (454,400 at 30.09.2023)
• Capital expenditure 117.4 million euro (103.7 €/mln at 30.09.2023)
• Group consolidated net sales totalled 1,357.2 million euro (1,619.2 million euro September 2023, -16.2%).
• The industrial gross margin was 402.4 million euro (461.8 million euro in the year-earlier period, -12.9%), for a higher return on net sales of 29.7% (28.5% at September 2023).
• Group operating expense was 273.1 million euro (301.7 million euro September 2023, -9.5%).

Two-wheelers:

In the first nine months to September 2024, the Group sold 290,300 two-wheelers worldwide (364,900 in the year-earlier period, -20.5%), including 40,000 motorcycles (+4.4%), generating net sales of 1,060.6 million euro (1,291.6 million euro at 30 September 2023, -17.9%). The figure includes spares and accessories, on which turnover totalled 119.9 million euro (123.7 million euro in the first nine months of 2023, -3.1%).

In Europe, the Piaggio Group obtained a 21.3% share of the scooter segment, and a 3.9% share of the over 50 motorcycle segment, for an overall 11.6% share of the two-wheeler market. Its share of the North American scooter segment was 27.5%. Piaggio also continued work to consolidate its presence in North America with the Aprilia and Moto Guzzi brands.

Signficant events:

In November, the Piaggio Group showcased new models for all its brands at EICMA. Aprilia presented its completely new lineup motorcycles, with the Tuareg Rally and the Tuono 457, as well as the new Factory range, which includes the RS 660, the Tuono 660, the Tuono V4 and the RSV4. Moto Guzzi presented the new V7 family, with the V7 sport, a special version of the Stelvio bike dedicated to the mountain pass, the V100 Wind Tunnel and the V100 PFF. Vespa presented the GTS 310, its most powerful and responsive scooter to date. The scooters for the Piaggio brand include the new Liberty, the Beverly with a new 310 engine and the Medley 200.

In September, Alessandro Di Mario, riding an Aprilia RS 660 won the MotoAmerica Twins Cup championship.

September, the new Piaggio MP3 310 was presented to the international press at an event in Cannes on the French Riviera. In Europe, the Piaggio MP3 310 can be driven with a standard driving licence. It features a completely new engine, the 310 hp with Euro 5+ type approval.

October, Aprilia Racing announced that Fabiano Sterlacchini would take over as technical director of the Aprilia team. Sterlacchini’s arrival is another important step in strengthening the MotoGP project, following the signing of riders Jorge Martín and Marco Bezzecchi.

Outlook

Piaggio says its outlook for Q4 is closely linked to geopolitical and economic stability, which will have an impact on consumers’ purchasing power. However, due to its portfolio of brands, Piaggio Group will continue to pursue its profit and productivity goals in all of its markets, focusing its financial resources on growth. Light mobility is emerging as a game-changer for the increasing problems of large urban centers, and the group believes this is an opportunity for growth.