Piaggio Group: 2025 Draft Financial Statements
Piaggio Group Chief Executive Officer, Michele Colaninno: "2025 was certainly a complex year worldwide, with considerable, exogenous macroeconomic factors, such as new trade tariffs, the rising cost of raw materials, and international currency trends, which showed a marked degree of instability."
Group consolidated net sales in 2025 totalled 1,501.9 million euro (-11.7% from 1,701.3 million euro in 2024, -9% at constant exchange rates). A generalised downturn was reported at geographical level reflecting the slide in demand on the European and US markets and the contraction in the premium market in the APAC region: EMEA & Americas reported -10.5%, Asia Pacific -14% (-8.4% at constant exchange rates), and India -14% (-6.6% at constant exchange rates).
Two-wheelers:
In the year ended 31 December 2025, the Group sold 329,000 two-wheelers worldwide, generating net sales of 1,155.4 million euro (359,900 two-wheelers were sold in 2024, for net sales of 1,298.3 million euro).
The figure includes also spares and accessories, on which turnover totalled 148.8 million euro (153.3 million euro in 2024).
Once again, the figures were adversely affected by the contraction in European market demand after the introduction of the new EURO 5+ regulation, which led to significant vehicle registrations in the fourth quarter of 2024 that were absorbed during 2025.
In Europe, the Piaggio Group obtained an overall market share of 10.2%, positioning itself as one of the leading market players in the scooter segment, with a 17.5% share.
On the North American scooter market, the market share was 34.7%. In North America the Group also continued to consolidate its presence on the motorcycle market with the Aprilia and Moto Guzzi brands.
In the scooter segment, strong performance was reported by the high-wheel models, namely the Piaggio Liberty, which was completely renewed in 2025, and the Medley.
Vespa continued to evolve: after collaborating with leading personalities from the worlds of art and architecture in support of the Italian edition of the 2025 Special Olympics, it launched the new Granturismo, its most powerful scooter to date, with a 310cc single-cylinder engine. The Vespa Snake and the focus on style, with the opening of The Empty Space in Milan, reflect the brand's constant pursuit of quality and excellence.
In the motorcycle sector, in 2025 Aprilia saw growing volumes and revenues and was the top selling brand in Europe in terms of fairing sports bikes sales, with a segment share of 13%, thanks also to its wide range of products, from the RS 125, Aprilia's entry-level motorbike, to the queen of superbikes, the Aprilia RSV4.
In particular, the RS 660 was one of the best-selling sports bikes in Europe and the best-seller in Italy. The RS 457 also recorded excellent sales volumes, intercepting well the mobility, style and taste needs of young motorcyclists. In the United States, Aprilia is fifth in the number of sports bikes sold (and number one European manufacturer) and is also the fastest growing brand in 2025 (+30% compared to 2024).
At Moto Guzzi, sales rose for the V100 Mandello.
Significant events at and after 31 December 2025
On 15 January, we presented the Aprilia Racing team for the 2026 MotoGP season, composed for the second year running of Marco Bezzecchi and Jorge Martín on the RS-GP26, which features a new livery reproducing the iconic Aprilia Racing colours.
On 1 March, Marco Bezzecchi riding an Aprilia RS-GP26 won the Thai Grand Prix in Buriram, the first race in the season. This is the Italian rider’s third consecutive GP win (Portimão and Valencia in 2025, and Buriram) and his fourth victory in a top-class race with Aprilia, setting an all-time record. The finish line saw four Aprilia RS-GP bikes in the top five positions.
Piaggio & C. S.p.A.
The Board of Directors will ask the AGM not to distribute a dividend balance.
