Piaggio

Piaggio - Q1 PTW unit sales +4.8%

Group Chairman and CEO Roberto Colaninno: "The Piaggio Group has closed another record-breaking quarter with the best results to date, the sixth consecutive quarter to report growth. Net sales rose by +20%, to more than € 500m, EBITDA was € 81m, with an EBITDA margin of 14.8%, and net profit almost doubled from the year-earlier period, to reach € 24.1m. 

"These results make us very satisfied with the effort we have put into our work and mean we can look ahead with confidence and optimism as we continue along the important growth path we have already mapped out, confirming the investments we have planned and our commitment to ESG issues. The key objective for 2023 is to conserve margins and make improvements wherever possible."

Two-wheelers:

In Q1 to 31 March 2023, the Group sold 124,700 two-wheelers worldwide, an increase of +4.8% from 119,000 in the year-earlier period, generating net sales of € 438m, an increase of +17.1%. This includes € 38.7m (+31.4%) of spares and accessories.

Turnover on Q1 PTW sales was "particularly strong in the EMEA and Americas areas (+21.9%), with a very healthy performance on the Italian market (+40.3%) and the American market (+58.2%), followed by Asia Pacific (+12.4%).

In Europe, the Piaggio Group reported a 21.7% share of the scooter segment (21% for Q1, 2022) and "further strengthened its positioning on the North American scooter market, with a share of 26.4%. The scooter sector reported a +16.8% rise in worldwide turnover, led by the Vespa brand (+18%), the MP3 three-wheeler and by the Piaggio Beverly, Medley and Liberty high-wheel scooters."

The motorcycle sector closed the first quarter of 2023 with a +12.7% turnover improvement and record results. 

This included a best ever first quarter for Moto Guzzi, with sales volumes up by more than +30% and turnover improving by +55% - "with an important contribution from the new Moto Guzzi V100 Mandello." 

The Aprilia brand "enjoyed an excellent first three months, thanks to sales of the RSV4 super sports model, the Aprilia RS 660, the Tuono 660 and 1100, and the Tuareg 600, which also achieved important results in rally competitions."

Commercial vehicles - Q1 sales volumes of 30,200 vehicles was up by +32.4% (22,800 Q1, 2022) with net sales of € 108.8m (+32.9%). Turnover from commercial vehicles were +54% in India (units +36.1%); EMEA & Americas reported an improvement in turnover, and a +7.7% increase in unit sales volumes.

Piaggio Fast Forward - The Boston based robotics and future mobility company, expanded its product portfolio with the addition of gitamini, a new robot that condenses the technology and functions of gita, its "revolutionary big brother", in a lighter, more compact design - both are made in the PFF factory in Boston's Charlestown district. The first marketing phase for the robots focuses on the US market, where the circulation of robots on city streets is already regulated.

Corporate - Consolidated net sales up +20% to € 546.8m, the highest ever first-quarter result (455.8 € /mln for Q1, 2022). Industrial gross margin was € 2m, up +27% (116.8 € /mln at 31.03.2022), a 27.1% return on net sales.

EBITDA was € 81m, the highest ever first-quarter result, with an improvement of +34.9%; EBITDA margin was 14.8%; EBIT € 44.9m, +62.2%; EBIT margin 8.2%; Profit before tax € 36.5m, +78.7%.

Net profit of € 24.1m was the best-ever first-quarter result, almost double net profit of 7 € /m for Q1, 2022. A total of 154,900 vehicles were shipped worldwide, up by +9.2%; capital expenditure was approx. € 32.4m (+21.7%).