Q4 2025 Piaggio & C SpA Earnings Call Transcript
Key Points
- Piaggio & C. SpA (PIAGF) achieved a record gross margin of 30.5% in 2025, marking the best performance in its history.
- The company reported a strong EBITDA margin of 16.7% for 2025, the second-best ever for Piaggio.
- New models were introduced across all Piaggio Group brands, enhancing their product lineup.
- The company experienced positive demand trends in Europe, with market growth around 9% in January and 13% in February.
- Piaggio's performance in India was strong, with significant growth in both light commercial vehicles and two-wheelers, gaining market share.
- Piaggio & C. SpA (PIAGF) experienced a reduction in revenues in terms of ratio, despite maintaining healthy margins.
- Net debt increased materially for the third consecutive year, raising concerns about cash flow management.
- The company absorbed EUR40 million in cash flow in 2025, partly due to investments in Mandello Del Lario.
- The inventories and trade payables were lower than the previous year, impacting the net financial position.
- The company decided not to distribute additional dividends beyond what was already paid in September.
Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Piaggio full-year 2025 financial results conference call. (Operator Instructions)
At this time, I would like to turn the conference over to Mr. Raffaele Lupotto, Investor Relations of Piaggio. Please go ahead.
Hello everyone, and welcome to Piaggio Group full year 2025 financial results conference call. Joining us today are Matteo Colaninno, Chairman of Board of Directors of Piaggio Group; and Alessandra Simonotto, Group Chief Financial Officer. The slides supporting today's presentation are available on the Piaggio Group website.
Before we begin, I would like to remind you that during today's call, we may make forward-looking statements based on Piaggio's current expectations and projections about future events. By their nature, these statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from
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