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Piaggio closes the year with record profits

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Piaggio closes the year with record profits

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New records, in 2023, for Piaggio, with Ebitda reaching 325 million euros at the end of the financial year, 9% more than the previous year, with an incidence of 16.3 percent. Revenues are confirmed at around 2 billion euros (1.995 billion, down 4.4% compared to 2.087 billion the previous year) for a net profit of 91.1 million euros, the best result ever. The distribution of a final dividend of 8 cents per share is proposed, bringing the total coupon for 2023 to 20.5 cents.

«The global macroeconomic scenario becomes more difficult to interpret and somewhat unstable every quarter, a condition that will continue for the current financial year – explained the CEO of the Group, Matteo Colaninno -. That said, the year was characterized by consolidation in Europe and the United States, a slowdown in the Asian continent and a good recovery in the Indian continent. In these scenarios, Piaggio recorded a record net profit. The constant attention to company processes and the improvement of productivity have generated very interesting margins, exceeding 16% Ebitda margin”.

As of 31 December 2023, the Group sold 436,300 two-wheeled vehicles worldwide, for a net turnover of 1,535.9 million (516,200 two-wheeled vehicles sold in 2022, for a turnover of 1,683.8 million euros). The data also includes spare parts and accessories, which recorded a turnover of 157.1 million euros (+1% compared to 155.5 million in 2022). In the commercial vehicle sector, the Piaggio Group sold 123,300 units, an increase of 12.8% (109,300 as at 31 December 2022), achieving a net turnover of 458.7 million euros, up by 13.6% compared to 403.7 million euros as of 31 December 2022.

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The data includes spare parts and accessories, which recorded a turnover of 62 million euros (-3.2% compared to 64 million euros in 2022). At a geographical level, India showed a very positive trend (+14.9%), the EMEA and Americas area achieved stable turnover compared to the previous year, while the Asia Pacific area recorded a decline (- 23.8% at constant exchange rates). The industrial gross margin amounted to 574.7 million, up by 3.6%, with an impact on turnover of 28.8% (26.6% in 2022). The operating result (Ebit) amounted to 180.7 million euros, an increase of 13.8% (158.7 million euros in 2022); the Ebit margin is equal to 9.1% (7.6% at 31 December 2022). The pre-tax result for the period amounted to 135.3 million euros, up 6.4%. Net financial debt (NFP) at 31 December 2023 amounted to 434 million euros (368.2 million euros recorded at 31 December 2022).

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