Piaggio & C. SpA (OTCPK:PIAGF)

Q1 2026 Piaggio & C SpA Earnings Call Transcript

May 8, 2026 / 10:59 AM GMT

Release Date Price: $1.92

Transcript

Key Points

Positve

Piaggio & C. SpA (PIAGF) reported a growth in vehicle volumes for Q1 2026 compared to Q1 2025, indicating positive market and consumer confidence.
The company achieved a significant reduction in cash flow absorption, from EUR 58 million in Q1 2025 to EUR 19 million in Q1 2026, due to effective inventory and trade receivables management.
April 2026 saw a double-digit growth in volumes, close to 20%, with positive contributions from all geographic areas, aligning with forecasts and budgets.
The new subsidiary in the Philippines began contributing to sales, indicating successful international expansion efforts.
The company maintained a gross margin of 31.6%, demonstrating effective cost management despite inflationary pressures.

Negative

Net sales decreased by 7.8% in Q1 2026, primarily due to unfavorable foreign exchange effects, particularly related to the USD.
The EBIT was negatively impacted by EUR 1.5 million due to new tariffs in the U.S. and a EUR 3 million depreciation of land in India.
The tax rate was notably high in Q1 2026, with expectations for the full year remaining uncertain.
The EMEA market experienced a strategic slowdown in dealer push, awaiting new product launches, which may have affected short-term sales.
Cost inflation remains a concern, with the company needing to work hard to maintain margins without increasing product prices.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PIA.MI - Piaggio & C SpA
Q1 2026 Piaggio & C SpA Earnings Call
May 08, 2026 / NTS GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon. This is the Carus Call Conference Operator. Welcome and thank you for joining the Piaggio First Quarter 2026 Financial Results Conference Call.

As a reminder, all participants are in this and only mode.

After the presentation, there will be an opportunity to ask a question.

Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone.

At this time, I would like to turn the conference over to Mr. Raffaele Luppotto, Investor Relations or Piaggio. Please go ahead.

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Unidentified_2 [2]
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