PRESS RELEASE: PIAGGIO GROUP 2024 DRAFT FINANCIAL STATEMENTS
Pontedera, 04 March 2025 – At a meeting today chaired by Matteo Colaninno, the Board of Directors of Piaggio & C. S.p.A. (PIA.MI) examined and approved the draft financial statements and the Piaggio Group consolidated financial statements as at and for the year ended 2024 and the consolidated sustainability report at 31 December 2024.
Group consolidated net sales in 2024 totalled 1,701.3 million euro (-14.3% from 1,985.1 million euro in 2023). A generalised downturn was reported at geographical level reflecting the dealers’ policy to reduce inventories and the contraction in the premium market in the APAC region: EMEA & Americas reported -11.8%, Asia Pacific -32.4% (-30.4% at constant exchange rates), and India -3.9% (-2.6% at constant exchange rates).
The industrial gross margin was 497.1 million euro (-12% from 565.2 million euro in 2023), for a 29.2% return on net sales (28.5% in 2023). Group operating expense for the year to 31 December 2024 was 349.4 million euro (-9.1% from 384.5 million euro in 2023).
The Piaggio Group reported a net profit for 2024 of 67.2 million euro (4% of net sales), a reduction of 26.2% from 91.1 million euro for 2023 (4.6% of net sales).
In the year ended 31 December 2024, the Group sold 359,900 two-wheelers worldwide, generating net sales of 1,298,3 million euro (436,300 two-wheelers were sold in 2023, for net sales of 1,533.4 million euro). The largest downturn at geographical level was in the Asia-Pacific region, affected by a fall in demand for the premium segment in China and Thailand (-30.8% sales volumes; -32.4% turnover; - 30.4% at constant exchange rates). India reported an improvement in turnover (+10.3%, +11.8% at constant exchange rates) thanks to the introduction of the new Aprilia RS 457.
In the scooter segment, the Piaggio Group recaptured the leadership of the European market with a 21.4% share; its share of the North American market reached 28.1%.
In North America the Group also continued to consolidate its presence on the motorcycle market with the Aprilia and Moto Guzzi brands.
In motorcycles, the market responded strongly to the new Aprila RS 457 and the Moto Guzzi Stelvio and V85. At Aprilia, 2024 was a year of outstanding results in motorcycle racing. As in 2023, the Aprilia Tuareg dominated the racing season, winning all the competitions it took part in, notably the Transanatolia Rally in Turkey and the Italian Motorally Championship, while rider Alessandro Di Mario on an Aprilia RS 660 won the MotoAmerica Twins Cup.
