Piaggio Group reports net profit of Euro 68 million for first half of 2023

Piaggio Group has reported a net profit of 68 million euro for the first half of 2023, which is the Italian motor vehicle manufacturer’s best first-half performance, up 43.4% from 45.2 million euros, on 30 June, 2022.

The company reported consolidated net sales, up 11.3% to 1,172 million euro, the best result ever reported for the first half. The company’s consolidated net sales were 1,053.1 million euro on 30 June, 2022.

The industrial gross margin was 332.6 million euro, up 20.1%. It reported industrial gross margins of 227.1 million euro, with a  28.4% return on net sales. (26.3% on 30 June 2022).

Group operating expense was 215 million euro (191.3 million euro in the first half of 2022). The rise in operating expense was linked to the increase in turnover and shipments.

In the first half to 30 June 2023, the Piaggio Group sold 324,600 vehicles worldwide (320,600 in the first half of 2022), an increase of 1.2%, and reported consolidated net sales of 1,172 million euro (1,053.1 million euro at 30 June 2022).

In the first half to 30 June 2023, the Group sold 267,400 two-wheelers worldwide (-1.5% from 271,600 in the year-earlier period), but the different product mix generated a 9.2% increase in net sales to 956.1 million euro (875.8 million euro at 30 June 2022). The figure includes spares and accessories, on which turnover totalled 84.2 million euro (+14% from 73.9 million euro in the first half of 2022).

Turnover on two-wheeler sales in the first six months was particularly strong in the EMEA & Americas area (+15.1%), with very healthy performance on the Italian market (+30%), followed by the American market (+9.2%).

In Europe, the Piaggio Group boosted its share of the scooter segment, with 23.3% of the total market (22.6% in the first half of 2022), while its share of the North American scooter market was 29.3%. In North America the Group is also working to consolidate its presence on the motorcycle market with the Aprilia and Moto Guzzi brands. T

The scooter sector reported a 12.2% improvement in global turnover, led by the Piaggio Beverly, Medley and Liberty high-wheel scooters and the Piaggio MP3 three-wheeler, which achieved an overall turnover increase of almost 50%, and by the Vespa brand, with an improvement of more than 10%.

In motorcycles, Moto Guzzi reported strong performance, with turnover up by approximately 30%, thanks in part to the new Moto Guzzi V100 Mandello, while first-half sales at Aprilia were driven specifically by the RSV4 super sports model, the Aprilia RS 660, the Tuono 660 and 1100, and the Tuareg 600, with the latter also achieving important results in rally competitions.

In commercial vehicles, the Piaggio Group reported 2023 first-half sales volumes of 57,100 vehicles, up 16.6% (49,000 in the year-earlier period), with net sales of 215.9 million euro, up 21.8% from 177.3 million euro at 30 June 2022. The figure includes spares and accessories, where turnover totalled 30.8 million euro (+11.8% from 27.5 million euro in the first half of 2022).

At the geographical level, the Indian market regained strength with turnover from commercial vehicles rising 34.7% and sales volumes up 20%. The EMEA & Americas region as a whole reported a 2% improvement in turnover.

Piaggio Group Chair and CEO Roberto Colaninno said, "The Piaggio Group has closed the seventh consecutive quarter to report growth, with its best results to date. At 30 June, net sales had risen by more than 11%, to over one billion euro, EBITDA was 191.2 million euro, with an EBITDA margin of 16.3%, and net profit was a first-half record of 64.8 million euro. For the rest of the year, all our factories will be applying the management productivity system that has enabled us to achieve larger profit margins without substantial price increases. We shall continue to move ahead with the investments set out in our strategic plans for electric mobility and ESG issues.”