Piaggio Group reports lower sales and profit in 2025

Piaggio Group reported declining revenue and profits for 2025 as weakening demand in Europe, North America and Asia weighed on motorcycle and scooter sales.

The Italian manufacturer posted consolidated net sales of €1.50 billion ($1.63 billion) for the year ended Dec. 31, 2025, down 11.7% from €1.70 billion ($1.85 billion) in 2024.

Group net profit fell nearly 50% to €34 million ($36.9 million) from €67.2 million ($72.9 million) the previous year.

Despite the downturn, CEO Michele Colaninno said the company maintained strong margins despite global economic headwinds.

“2025 was certainly a complex year worldwide, with considerable macroeconomic factors such as new trade tariffs, rising raw-material costs and currency instability,” Colaninno said in a statement. “This context notwithstanding, the Piaggio Group managed to maintain very positive margins and improve its gross margin percentage through productivity improvements.”

Unit sales decline

Piaggio sold 445,200 vehicles globally in 2025, down 7.6% from 481,600 units in 2024.

The majority of the company’s volume came from two-wheelers, where the group sold 329,000 motorcycles and scooters, compared with 359,900 units the previous year.

Two-wheeler revenue totaled €1.16 billion ($1.26 billion), including €148.8 million ($161.5 million) from parts and accessories.

Piaggio said the decline was driven in part by the EURO 5+ emissions regulation rollout in Europe, which led to heavy registrations in late 2024 and reduced demand in 2025 as the market absorbed that inventory.

Even with the slowdown, the company maintained a 10.2% overall two-wheeler market share in Europe and a 17.5% share of the European scooter segment.

In North America, Piaggio reported a 34.7% share of the scooter market while continuing to expand motorcycle sales under its Aprilia and Moto Guzzi brands.

Premium model growth

Several premium models performed well despite the broader market decline. High-wheel scooters such as the Piaggio Liberty and Piaggio Medley posted strong results after product updates in 2025.

Meanwhile, the iconic Vespa lineup expanded with the introduction of the Vespa Granturismo, a new model featuring a 310cc engine — the most powerful Vespa produced to date.

In the motorcycle segment, Aprilia continued to gain traction in the sportbike category. The company said the Aprilia RS 660 ranked among Europe’s best-selling sport motorcycles, while the RS 457 performed strongly among younger riders.

Aprilia also reported growth in the U.S. sportbike market, where the brand ranked fifth overall and was the fastest-growing manufacturer in 2025, with sales increasing 30% year over year.

Profitability pressures

While revenue fell, Piaggio maintained a strong industrial gross margin of 30.5%, up from 29.2% the previous year.

However, operating profitability declined.

• EBITDA: €250.8 million ($272.5 million), down 12.5%
• EBIT: €101.2 million ($109.9 million), down 31.5%
• Pre-tax profit: €51.6 million ($56 million), down 47%

Net financial debt rose to €577.6 million ($627 million) at the end of 2025, compared with €534 million ($580 million) a year earlier.

Capital expenditures totaled €140.6 million ($152.7 million) as the company continued investing in electrification and production upgrades.

Strategy unchanged

Despite softer demand, Piaggio said it will maintain its long-term strategy centered on two-wheelers, commercial vehicles and advanced robotics.

The company continues to invest in electric powertrains and new production technologies, including motors aligned with the European Green Deal.

Piaggio also continues to develop mobility robotics through its Boston-based subsidiary Piaggio Fast Forward, which produces autonomous cargo robots including gita, gitamini and kilo.

Looking ahead, Colaninno said the company remains focused on innovation and brand strength.

“Although it is still difficult to provide precise guidance for the immediate future, the group confirms its long-term product strategies,” he says, adding that the goal is to further consolidate Piaggio’s position among global industry leaders.