Piaggio - 2024 first half net sales -15.2%
Piaggio reported consolidated net sales of € 990.3m (compared to € 1,167.2m in 2023, -15.2%) for the first half of its 2024 financial year, at a gross margin of € 295m (€ 327.8m in 2023) and 29.8% return on net sales (28.1% in 2023).
EBITDA was € 173.8m (compared to € 191.2m last year) at a margin of 17.5% (up from 16.4% in 2023); EBIT was € 104.1m (compared to € 117.6m in 2023) at a margin of 10.5% (up from 10.1% in 2023), with profit before tax of € 77.8m (€ 98.2m in 2023).
 |
| Piaggio Group Managing Director - CEO Michele Colaninno |
In the first half to 30 June 2024, the Piaggio Group sold 270,100 vehicles in total worldwide (324,600 in the first half of 2023, -16.8%).
In two-wheel terms, the Group sold 211,200 two-wheelers worldwide in the first half of 2024 (down from 267,400 in the first half of 2023, -21%), generating net sales of € 788m (€ 954.7m in 2023, -17.5%).
In Europe, the Piaggio Group had a 21.4% share of the scooter segment; on the North American scooter market its share was 27.2%.
Group Managing Director and CEO Michele Colaninno: "Once again Piaggio has reported very positive margins, in line with our targets. Our product strategy is proving correct, and our brands continue to strengthen well around the world. Moto Guzzi and Aprilia, for example, in the second quarter alone shipped a record 11,888 motorcycles in Europe.
"In terms of the markets, there was a slowdown, mainly in Asia and America. For the rest of the year, we expect soft but recovering markets in some regions of South-East Asia. The Indian continent performed well and is expected to continue reporting improvements with respect to 2024."
