Q2 2025 Piaggio & C SpA Earnings Call Transcript
Key Points
- Piaggio & C. SpA (PIAGF) achieved a gross margin of 30.4%, one of the best in the group's history.
- The company maintained a strong EBITDA margin of 17.7% in the second quarter.
- Piaggio & C. SpA (PIAGF) successfully managed costs and margins without engaging in price wars.
- The company is focusing on brand equity and differentiation across its 2-wheel, 3-wheel, and 4-wheel vehicles.
- Piaggio & C. SpA (PIAGF) is investing in new technologies and assets, including a robotics division in Boston.
- Revenues declined by approximately 13% in the first half of 2025, with significant drops in Europe, the US, and China.
- The company lost 1% market share in Europe due to destocking of EURO 5 vehicles.
- Logistic costs remain high, with no significant reduction expected in the near term.
- The market share in India's LCV segment continues to decline, affected by government subsidies for electric vehicles.
- The performance in commercial vehicles in EMEA and Americas showed a negative trend in revenue terms despite positive volume performance.
Good afternoon. This is the Chorus Call conference operator.
Welcome and thank you for joining the Piaggio first-half 2025 financial results conference call. (Operator Instructions) At this time, I would like to turn the conference over to Mr. Raffaele Lupotto, Investor Relator of Piaggio.
Please go ahead, sir.
Yes, hello. Thank you very much.
Hello, everyone, and welcome to the first-half 2025 financial results conference call. The conference call will be hosted by Michele Colaninno, Piaggio Group Chief Executive Officer; and Alessandra Simonotto, Piaggio Group CFO.
Today, we have also the pleasure to have with us the Group Executive Chairman, Michele Colaninno. You can access the slides supporting this conference call on the Internet at Piaggio Group website. As you may expect, before starting the presentation, I need to remind you that during today's conference call, we may use forward-looking statements subject to risks and uncertainties.
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