Piaggio Group posts H1 2025 results, reports revenue drop
The Piaggio Group reported a 13.9% year-over-year decline in first-half 2025 revenue, citing ongoing geopolitical tensions, regulatory transitions, and weakening global demand for two- and three-wheel vehicles. Despite the slowdown, the company emphasized improved gross margin performance and continued investment in product innovation and sustainability initiatives.
Consolidated net sales for the first six months of 2025 totaled €852.5 million ($977.9 million USD), down from €990.3 million in the same period last year. Net profit fell 42.2% to €30.1 million. Vehicle shipments declined 11.7% to 238,400 units globally.
CEO Michele Colaninno acknowledged the turbulent environment during the conference call on July 29.
“Although current market conditions are certainly challenging and far from straightforward, the Piaggio Group achieved positive margins and improved its gross margin with respect to 2024,” he says. “It is vital to retain flexibility while keeping liquidity and financial management under control.” — CEO Michele Colaninno
U.S. and North America
In the North American market, Piaggio maintained a strong position in the scooter segment, with a market share of 33.9%. The company continued to expand its presence in the motorcycle market through its Aprilia and Moto Guzzi brands. The new Aprilia Tuono 457, along with models like the RSV4 and RS660, contributed to positive performance in this segment despite broader market headwinds.
Two-wheelers
Two-wheeler sales totaled 184,900 units in H1 2025 (down 12.5%), generating €685 million in revenue, including €77.5 million in parts and accessories. European demand dropped significantly due to a regulatory shift from EURO 5 to EURO 5+ standards, which had pulled forward sales into Q4 2024.
Commercial vehicle volumes also declined to 53,500 units (down 9.1%), with revenue falling 17.2% to €167.6 million. This segment also faced weakening demand, particularly in EMEA regions.
Innovations
Piaggio continued its push into future mobility through Piaggio Fast Forward (PFF), its Boston-based robotics division. PFF expanded marketing for its terrestrial robots — Gita, Gitamini, and the newly launched Kilo, which can carry up to 130 kg (286 lbs.) and autonomously navigate over 100 pre-mapped routes. These robots are produced in Boston and target the U.S. market.
The company is also integrating advanced rider assistance systems (ARAS) into several flagship models, including the Moto Guzzi Stelvio and Piaggio MP3 530, as part of a broader safety and technology upgrade strategy.
Despite the earnings decline, capital expenditures remained steady at €76 million. The company also converted a €200 million revolving credit facility into a sustainability-linked loan, aligning financing with ESG performance targets through 2027.
Outlook
Looking ahead, Piaggio remains cautious. “The guidance for 2025 is closely linked to the need for a level of geopolitical and economic stability,” the company said in a statement. “We will continue to manage liquidity prudently, invest in innovation and flexibility, and strengthen our iconic brands across global markets.”
For U.S. dealers, Piaggio’s performance underscores a broader cooling trend in the two-wheeler segment, tempered by ongoing product launches and strategic brand positioning in premium markets.
