Piaggio (PIA) Q2 2026 earnings summary

Executive summary

• Achieved record cash generation and peak margins in H1 2026, with sales volumes up 8.5% and revenues up 3.2% at constant FX rates year-over-year; net revenues at current rates were €841.9 million, down 1.2% year-over-year.

• Highest-ever EBITDA margin at 17.7% and gross margin at 31.6%, with net profit rising to €30.4 million (+1% YoY).

• Strong operational performance across all business segments and geographies, with India and Africa leading volume growth.

• Interim dividend of 5.7 eurocents per share approved, up from 4 eurocents in 2025.

• The Group advanced its Decarbonisation Plan, targeting a 42% reduction in Scope 1 and 2 emissions by 2030, and expanded its electric vehicle offerings.

Financial highlights

• H1 2026 consolidated net sales: €841.9M (-1.2% YoY), €880.1M at constant rates (+3.2%); vehicle sales volumes: 258,700 units (+8.5%).

• Gross margin: €266M (31.6%, up 1.2pp YoY); EBITDA: €148.6M (17.7%, up 0.4pp YoY); EBIT: €74.4M (8.8%, up 0.5pp YoY).

• Net profit: €30.4M (+1% YoY); EPS: €0.086.

• Net financial debt reduced to €481.7M from €534.7M YoY; record cash flow generation of €115M in H1 2026.

• Capex: €49.8M in H1 2026, down 34.5% YoY.

Outlook and guidance

• Management confirms alignment with 2026 consensus for double-digit revenue growth by year-end, with guidance dependent on geopolitical and economic stability.

• Focus on liquidity, productivity, and flexible investment in brands, R&D, and manufacturing in H2 2026.

• Volume trends in July and expectations for the second half are in line with internal forecasts, with stable or slightly improving volumes in Western countries.

• Net financial position target of around EUR 500 million by year-end is reaffirmed.

• Market share gains expected to continue, especially in scooters and light commercial vehicles.