PONTEDERA (PISA) (ITALPRESS) – Piaggio’s Board of Directors, meeting under the chairmanship of Matteo Colaninno, reviewed and approved the Piaggio Group’s Draft Financial Statements and Consolidated Financial Statements for the year 2024, as well as the Consolidated Sustainability Report as of December 31, 20241. The Group’s consolidated net revenues in 2024 were €1,701.3 million (down 14.3 percent from €1,985.1 million in 2023).
Geographically, there was a general downturn reflecting the policy of inventory reduction by dealers and the contraction of the premium market in APAC: Emea and Americas posted -11.8%, Asia Pacific -32.4% (-30.4% at constant exchange rates) while India -3.9% (-2.6% at constant exchange rates). Industrial gross margin was €497.1 million (down 12% from €565.2 million recorded in 2023), accounting for 29.2% of sales (28.5% in 2023).
Operating expenses incurred by the Group as of December 31, 2024 amounted to 349.4 million euros (-9.1% compared to 384.5 million euros in 2023). The evolution of the income statement leads to a consolidated EBITDA of 286.7 million euros (-11.8% compared to 325 million euros in 2023). EBITDA margin was 16.9 percent, the highest result ever (16.4 percent as of December 31, 2023). Operating income (EBIT) was 147.7 million euros (down 18.2% from 180.7 million euros in 2023). EBIT margin was 8.7% (9.1% as of December 31, 2023). Pre-tax income for the period was EUR 97.4 million (-28.1 compared to EUR 135.3 million in 2023).
Taxes for the period amounted to 30.1 million euros, accounting for 31 percent of pretax income. In 2024, the Piaggio Group reported a positive net income of 67.2 million euros (4 percent of sales), down 26.2 percent from 91.1 million euros as of December 31, 2023 (4.6 percent of sales). Net financial debt (NFP) as of December 31, 2024 was 534 million euros (434 million euros recorded as of December 31, 2023). The temporary increase reflects the reduction in trade debt and the investment trend.
Le parole di Colaninno
“The Piaggio Group consolidated excellent margins in 2024 through careful management of productivity in an economic moment dense with many anomalies. The contraction in sales is a direct consequence of the correct strategy of reducing inventories by dealers worldwide. This decision allowed us to keep the distribution network profitable and at the same time to prepare for 2025 with pragmatism.” Michele Colaninno, Managing Director – CEO of the Piaggio Group, said in a note. “The global economic situation has not yet shown the turnaround that could bring back solid consumption growth, similar to that recorded until 2023: high interest rates and the sudden surge in the inflation rate in the last two years have slowed spending. Asia’s high-end market suffered the biggest contraction. The year’s investments in the products of our iconic brands, in research and technology, and in the production hubs have not slowed down, and we will continue on this track for the current fiscal year as well,” he adds. “Obviously, it is incumbent on us to maintain control over cash generation until positive market trends can be registered. We believe that 2025 will also be defined by multiple variables but at the same time may show growth compared to the year just ended.”
– Piaggio press office photo –
(ITALPRESS).
