LETTER FROM THE CHAIRMAN3
REPORT ON OPERATIONS6
KEY OPERATING AND FINANCIAL DATA8
HISTORY 10
GROUP PROFILE12
PIAGGIO AND THE FINANCIAL MARKETS 19
SIGNIFICANT EVENTS DURING THE YEAR23
FINANCIAL POSITION AND PERFORMANCE OF THE GROUP 26
BACKGROUND 32
RESULTS BY TYPE OF PRODUCT47
RISKS AND UNCERTAINTIES55
EVENTS OCCURRING AFTER THE END OF THE PERIOD 62
OPERATING OUTLOOK 63
TRANSACTIONS WITH RELATED PARTIES 64
CORPORATE GOVERNANCE 65
OTHER INFORMATION 67
RECONCILIATION OF SHAREHOLDERS' EQUITY AND PROFIT FOR THE PERIOD
OF THE PARENT COMPANY AND CONSOLIDATED COMPANIES70
CONSOLIDATED SUSTAINABILITY STATEMENT 71
GENERAL INFORMATION73
ENVIRONMENTAL INFORMATION120
SOCIAL INFORMATION 170
GOVERNANCE INFORMATION226
CERTIFICATION OF SUSTAINABILITY REPORT PURSUANT TO ARTICLE 81-TER,
PARAGRAPH 1, OF CONSOB REGULATION NO. 11971 OF 14 MAY 1999 AS AMENDED 240
INDEPENDENT AUDITORS' REPORT ON CONSOLIDATED SUSTAINABILITY REPORTING -
LEGISLATIVE DECREE NO. 125 OF 6 SEPTEMBER 2024 241
CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2025 245
CONSOLIDATED FINANCIAL STATEMENTS 247
CONSOLIDATED INCOME STATEMENT247
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME248
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 249
CHANGES IN SHAREHOLDERS' EQUITY251
CONSOLIDATED STATEMENT OF CASH FLOWS252
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS254
ATTACHMENTS338
PIAGGIO GROUP COMPANIES338
INFORMATION PURSUANT TO ARTICLE 149-DUODECIES OF THE CONSOB REGULATION ON ISSUERS341
CERTIFICATION OF THE CONSOLIDATED FINANCIAL STATEMENTS PURSUANT
TO ARTICLE 154-BIS OF LEGISLATIVE DECREE 58/98343
INDEPENDENT AUDITOR'S REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS344

SEPARATE FINANCIAL STATEMENTS OF THE PARENT COMPANY AS OF 31 DECEMBER 2025352
FINANCIAL STATEMENTS354
INCOME STATEMENT 354
STATEMENT OF COMPREHENSIVE INCOME355
STATEMENT OF FINANCIAL POSITION356
CHANGES IN SHAREHOLDERS' EQUITY357
CASH FLOW STATEMENT358
NOTES TO THE FINANCIAL STATEMENTS360
ATTACHMENTS441
PIAGGIO GROUP COMPANIES441
INFORMATION PURSUANT TO ARTICLE 149-DUODECIES OF THE CONSOB REGULATION ON ISSUERS441
INFORMATION ON THE MANAGEMENT AND COORDINATION OF COMPANIES441
CERTIFICATION OF THE FINANCIAL STATEMENTS PURSUANT TO ARTICLE 154-BIS
OF LEGISLATIVE DECREE 58/98 444
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS OF THE PARENT COMPANY 445
REPORT OF THE AUDIT COMMITTEE ON THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2025454

LETTER FROM THE CHAIRMAN

Dear Stakeholders,

2025 was a complex year. We are in a historical phase of constant uncertainty where the world order based on multilateral and shared rules is today in crisis. The diversification of sales markets, a key point of our Group's strategy, is set against a context characterised by competitive divergences and price pressures. Inflation, for the year 2025, has stabilised even if a cautious attitude remains on the part of consumers; in the second half of the year there were timid signs of recovery for some markets.

In this context, despite the reduction in volumes and turnover, the Piaggio Group has once again managed to consolidate the good levels of margins and productivity achieved in recent years, thanks to efficient operational management, continuing investments in

new models and technologies, while always maintaining a focus on the sustainability of processes and products.

In fact, 2025 saw the introduction of new, increasingly high-performance and efficient models for all the Group's trademarks.

Vespa continues to evolve, having collaborated with some of the most prominent figures in art and architecture to support the Italian edition of the Special Olympics in 2025. It has now introduced the new Granturismo, equipped with a 310 cc singlecylinder engine – the most powerful in its history. The Vespa Snake and the focus on design – with the inauguration of The Empty Space in Milan – are a testament to the brand's continuous search for quality and excellence.

Aprilia, which has shown an extraordinary competitive capacity in the Moto GP world championship and off-road competitions, has expanded the range with the Tuareg Rally and the Tuono in the new 457cc engine, dedicated to young motorcyclists, and has renewed the Factory family, which includes the RS 660, the Tuono 660, the Tuono V4 and the RSV4.

Moto Guzzi presented the new V7 family, including the V7 sport, a special Stelvio version dedicated to the eponymous mountain pass, the V100 Wind Tunnel and the V100 PFF equipped with advanced active safety systems.

The Piaggio brand unveiled the new and fully updated range of its best-selling Liberty scooters, alongside the introduction of new engines for the Beverly and Medley models. Additionally, a fresh version of the Piaggio MP3 has been launched, featuring a 310hpe engine that boasts exceptional agility and lightness.

Piaggio Commercial, in Italy, after the success of the Piaggio Porter NP6, launched Porter NPE, a fully electric 4-wheel vehicle, in line with the European Green Deal strategy. At the same time, Piaggio India continues the Production and development of light Commercial Vehicles dedicated to the transport of people and goods, specific to that enormous country and to the export markets.

2026 will be a historic year with two peak moments: the city of Rome is set to welcome Vespa as it celebrates its eightieth anniversary, while in Mandello del Lario on the shores of Lake Como, Moto Guzzi will unveil its new factory, complete with a revamped museum and the creation of captivating areas of exceptional beauty. We believe that the imaginative design of the new Mandello complex will both celebrate the heritage and shape the future of Moto Guzzi.

Innovation, investment, competitiveness, safety, sustainability and social responsibility continue to be central to the Group's development strategy, steering it in its mission to provide ever more sophisticated solutions to the evolving transportation needs of individuals in both developed and developing nations, and in both metropolitan areas and regional districts. The Piaggio Group will continue to invest along these lines, while further reaffirming its dedication to ESG.

This commitment is reflected by the second place among 85 players in the automotive sector in Morningstar's Sustainalytics ranking, as well as the 'AA' rating for the tenth consecutive year by Morgan Stanley Capital International (MSCI) Research (one of the leading ESG rating agencies that assesses the environmental, social and Governance (ESG) performance of major companies worldwide), and the 'B' rating (Climate Change and Water Security) obtained from CDP (Carbon Disclosure Project). Results that reflect the medium-term path undertaken by the Group worldwide to concretely contribute to achieving the UN Sustainable Development Goals (SDGs).

While the creation of forecasts remains influenced by ever-shifting geopolitical factors, we reaffirm our long-term product strategies in two-wheeler mobility, commercial vehicles, and advanced robotics, blending development and innovation to steadily enhance the strength and value of our brands as they establish a presence across diverse international markets.

Matteo Colaninno Chairman of the Piaggio Group

REPORT ON OPERATIONS

KEY OPERATING AND FINANCIAL DATA8
HISTORY 10
GROUP PROFILE12
PIAGGIO AND THE FINANCIAL MARKETS 19
SIGNIFICANT EVENTS DURING THE YEAR23
FINANCIAL POSITION AND PERFORMANCE OF THE GROUP 26
BACKGROUND 32
RESULTS BY TYPE OF PRODUCT47
RISKS AND UNCERTAINTIES55
EVENTS OCCURRING AFTER THE END OF THE PERIOD 62
OPERATING OUTLOOK 63
TRANSACTIONS WITH RELATED PARTIES 64
CORPORATE GOVERNANCE 65
OTHER INFORMATION 67
RECONCILIATION OF SHAREHOLDERS' EQUITY AND PROFIT FOR THE PERIOD
OF THE PARENT COMPANY AND CONSOLIDATED COMPANIES70

KEY OPERATING AND FINANCIAL DATA

	2025	2024
IN MILLIONS OF EUROS
Operating highlights
Net revenues	1,501.9	1,701.3
Industrial gross margin1	457.6	497.1
Operating income	101.2	147.7
Profit before tax	51.6	97.4
Net profit	34.0	67.2
.Non-controlling interests
.Group	34.0	67.2

Financial highlights
Net Capital Employed (NCE)	974.0	952.1
Consolidated Net Financial Debt1	(577.6)	(534.0)
Shareholders' equity	396.3	418.2

Financial ratios
Gross margin as a percentage of net revenues (%)	30.5%	29.2%
Net profit as a percentage of net revenues (%)	2.3%	4.0%
R.O.S. (Operating income/net revenues)	6.7%	8.7%
R.O.E. (Net profit/shareholders' equity)	8.6%	16.1%
R.O.I. (Operating income/NCE)	10.4%	15.5%
EBITDA1	250.8	286.7
EBITDA/net revenues (%)	16.7%	16.9%

Other information
Sales volumes (unit/000)	445.2	481.6
Investment in property, plant and equipment and intangible assets	140.6	182.7
Employees at year-end (number)	5,502	5,721

ESG Indicators
Carbon Disclosure Project Score Climate Change	B	B
Carbon Disclosure Project Score Water Security	B	B
MSCI ESG Research	AA	AA
Sustainalytics ESG Risk Rating	11.4	8.2

1 Please refer to the section on 'Alternative Non-Gaap Performance Measures' for the definition of the parameter.

Results by operating segments

		EMEA AND AMERICAS	INDIA	ASIA PACIFIC 2W	TOTAL

	2025	209.5	138.7	97.0	445.2
Sales volumes	2024	234.5	146.3	100.9	481.6
(units/000)	Change	(25.0)	(7.6)	(3.9)	(36.4)
	Change %	-10.7%	-5.2%	-3.8%	-7.6%

	2025	980.9	299.4	221.6	1,501.9
Net revenues	2024	1,095.4	348.2	257.7	1,701.3
(million Euros)	Change	(114.5)	(48.8)	(36.1)	(199.4)
	Change %	-10.5%	-14.0%	-14.0%	-11.7%

	2025	3,387.3	1,334.8	1,023.7	5,745.7
Average number	2024	3,541.1	1,405.8	1,138.8	6,085.7
of employees (no.)	Change	(153.8)	(71.1)	(115.1)	(340.0)
	Change %	-4.3%	-5.1%	-10.1%	-5.6%

Investments in	2025	110.2	21.4	9.0	140.6
property, plant and	2024	144.1	23.7	14.9	182.7
equipment and intangible assets	Change	(33.9)	(2.3)	(5.9)	-42.1
(million Euros)	Change %	-23.5%	-9.9%	-39.4%	-23.0%

HISTORY

1884

Rinaldo establishes his own company, Società Rinaldo Piaggio, and chooses ship outfitting as its core business

2003

Immsi S.p.A. takes over financial control of the Piaggio Group's Italian and foreign operations

2004

2018

Piaggio enters the motorcycle business with the acquisition of the Aprilia and Moto Guzzi brands

1916

1990

The aviation business begins

The Pontedera plant turns out the Sfera, the first scooter to feature a

Piaggio & C. shares are listed on the Milan Stock Exchange. The first three-wheeler scooter, the Piaggio MP3, is presented

1924/1937

The company abandons licensed manufacture and starts producing engines and vehicles based on its own patents

1967

Is the year of the Ape, a compact light transport vehicle Ciao moped is born and goes on to become the forefather of contemporary mopeds

1947

2007

Vietnam – inauguration of the site where the Piaggio Group production plant will be built.

2009

Piaggio is the first and only manufacturer in the world to offer hybrid technology on a scooter

2017

The Piaggio Group and Foton Motor Group form a strategic partnership for the joint development of innovative solutions for the light commercial vehicles market

2015

2006

plastic bodywork

2021

100 years"

Aprilia Racing makes a return to the top world motorcycle racing class, Moto GP

"Road to 2121: Moto Guzzi's next

2015

The Piaggio Group presented a new range of 4-wheel light commercial vehicles, the Porter NP6

2022

On 23 November, the Piaggio Group's new manufacturing facility was opened in Jakarta

In November Piaggio Group launches Vespa Elettrica

Commercialization of the 140 years of Piaggio Group electric version of the Porter NPE.

2025 2024

Matteo and Michele Colaninno are appointed Chairman and CEO of Piaggio Group, respectively

Launch of electric vehicle Piaggio 1

2014

2021

1946

The first Vespa was produced in Pontedera and immediately put on the market

GROUP PROFILE

The Piaggio Group, based in Pontedera (Pisa, Italy) is one of the world's largest manufacturers of two-wheeler motor vehicles and an international leader in the commercial vehicles sector. Today the Piaggio Group has three distinct core segments:

two-wheelers, scooters and motorcycles from 50cc to 1,100cc. flanked by the Fashion division, set up following the launch in January 2024 of the Fashion & Apparel project, created to create a Vespa collective that unites art, fashion and culture;
light commercial vehicles, 3- and 4-wheelers;
the robotic division with Piaggio Fast Forward, the Group's research centre dedicated to the mobility of the future, based in Boston.

MISSION

We are dedicated to the mobility of people and things through high-value products and services that redesign and improve our lifestyles.

We are committed to broadening the horizons of our brands and products by constantly promoting technological innovation, uniqueness of design, attention to quality and safety, respecting communities and the environment.

The customer's satisfaction, safety, pleasure and emotions come first. We develop products to customer requirements, accompanying the changes in the ecosystem within which customers move.

We believe in people as our fundamental heritage, in their skills and genius, and we do so consistently with our deepest values, such as integrity, transparency, equal opportunities, respect for individual dignity and diversity.

For these reasons, we are not just vehicle manufacturers.

Through technological and social progress, we champion global mobility, in a responsible and sustainable way. Our aim is to make the quality of our life and that of future generations better.

COMPANY STRUCTURE AT 31 DICEMBER 2025

COMPANY BOARDS

BOARD OF DIRECTORS

MEMBER	MANAGEMENT CONTROL COMMITTEE	APPOINTMENT PROPOSAL AND REMUNERATION COMMITTEE	INTERNAL CONTROL RISK AND SUSTAINABILITY COMMITTEE	RELATED-PARTY TRANSACTIONS COMMITTEE
Matteo Colaninno Executive Chairman
Michele Colaninno4 Chief Executive Officer
Patrizia Albano Independent Director
Rita Ciccone Independent Director
Andrea Formica Independent Director
Alessandro Lai5 Independent Director
Paola Mignani Independent Director
Raffaella Annamaria Pagani Independent Drector
Micaela Vescia Independent Director
Graziano Gianmichele Visentin Independent Director
Ugo Ottaviano Zanello Independent Director
Carlo Zanetti Director

SUPERVISORY BODY

MEMBER
Antonino Parisi
Giovanni Barbara
Fabio Grimaldi

CHIEF FINANCIAL OFFICER AND EXECUTIVE IN CHARGE OF FINANCIAL REPORTING AND SUSTAINABILITY RE-PORTING

Alessandra Simonotto

INDEPENDENT AUDITORS Deloitte & Touche S.p.A.

Chairman of the Committee Committee Member

4 Director responsible for the internal control system and risk management.

5 Lead Independent Director.

ORGANISATIONAL STRUCTURE

As at 31 December 2025, Piaggio's organisation is structured through the following First-Level Functions:

Finance Department: responsible for the administration, finance, planning and control and information technology functions and for the coordination and reporting of sustainability activities.
Legal & Tax: responsible for support activities concerning legal aspects, providing assistance in contractual matters, managing the Group's litigation issues, ensuring the global protection of the Group's brands, ensuring the management of corporate legal obligations, as well as those relating to tax, customs and intercompany matters.
Human Resources Department: responsible for the selection, management and development of human resources, as well as the management of industrial relations.
Marketing and Communication Department: responsible for managing and coordinating global commercial communication, digital marketing and customer experience activities, as well as overseeing brand image and awareness for the Group's brands and the management of the Museums and Historic Archives of the Group's brands. It also manages and coordinates communication activities and relations with the media and end consumers, and ensures the global management and coordination of relations with product and racing media.
Product Development and Marketing Division: responsible for identifying market/customer needs, opportunities arising from technological innovation and regulatory developments, in order to support vehicle concept definition activities as part of the evolution of the product range; also responsible for design activities globally for the Group's brands.
Racing: responsible for racing activities.
2-Wheeler R&D Department: responsible for technological innovation, engineering, reliability and quality activities related to scooters, motorcycles and 2-wheeler engines, as well as for ensuring the protection of industrial property related to the Group's technical patents and models.
3-4 Wheeler Product Development Department: responsible for styling, engineering, reliability and quality activities related to commercial vehicles and 3-4 wheeler engines.
Product Manufacturing Department: responsible for ensuring the production and quality of products, managing production technologies, infrastructures and facilities, ensuring after-sales activities, spare parts sales and distribution of spare parts and accessories, guaranteeing the achievement of turnover.
Purchasing: responsible for purchasing activities and supplier management, including in-bound logistics activities and supplier inspection.
Materials Management: responsible for managing vehicle distribution logistics activities and optimising commercial and production planning processes.
Italy, EMEA and America 2-Wheeler Department,
Emea and Emerging Markets 3-4 Wheeler Department: each Department, for the area and products within its competence, is responsible for the achievement of sales objectives, defining pricing policies for individual markets and identifying appropriate actions for the development of the sales network, through the co-ordination of sales companies present in Europe, as well as the management of corporate sales to Major Customers and Central Public Administrations at a European level.
Asia Pacific 2-Wheeler: responsible for ensuring the coordination of Piaggio Vietnam, Piaggio Asia Pacific, Piaggio Group Japan, PT Piaggio Indonesia, PT Piaggio Indonesia Industrial and Piaggio Philippines Corporation to guarantee the commercial and industrial profitability, turnover, market share and customer satisfaction of the Group's 2-wheeler vehicles, through the management of production and sales on reference markets.
China: responsible for overseeing operations in the area through the coordination of the Foshan Piaggio Vehicles Technology Research & Development Company.
Piaggio Vehicles Private Limited: responsible for ensuring the commercial and industrial profitability, turnover, market share and customer satisfaction of the Group's commercial vehicles and scooters in India, through the management of production and sales in the relevant markets.
Accessories & Merchandising Division: responsible for organising processes and scheduling activities related to the accessories, merchandising, fashion and lifestyle business.
Internal Audit: responsible for developing all activities pertaining to and functional to internal auditing to improve the effectiveness and efficiency of the internal control system and assess its functionality.
Corporate Press Office: responsible for managing and coordinating relations with the media for corporate activities, getting newspapers to participate in institutional events, drafting information messages and disseminating press releases.
Investor Relations: responsible for promoting the Piaggio share and handling relations with the national and international financial community.
Regulatory Affairs: responsible for monitoring regulatory developments worldwide, ensuring consistency at Group level.

STRATEGY AND LINES OF DEVELOPMENT

Business strategy

The Piaggio Group aims to create value through a strategy of:

strengthening its leadership position in the European two-wheeler and Indian light commercial vehicle markets, also with a view to climate change related to the transition towards the use of renewable energy sources;
growth on international markets, with particular reference to the Asian region;
increased operational efficiency across all business processes, with a focus on industrial productivity.

EMEA and Americas

Europe 2-Wheeler - making the most of the market recovery by leveraging its leading position in the scooter sector. Focussing on the Aprilia and Moto Guzzi brands to improve sales and profitability in the motorcycle sector. Expansion of the electricpowered vehicle range, leveraging technology and design leadership, as well as the strength of the distribution network. America 2-Wheeler - growth through the introduction of premium Aprilia and Moto Guzzi products and the strengthening of the sales network.

Europe Commercial Vehicles - maintenance based on eco-sustainable solutions, with a product range developed for new engines featuring a low or zero-environmental impact and reduced consumption.

India

2-Wheeler - strengthening the position in the scooter market through the expansion of the Vespa and Aprilia branded range and growth in the motorcycle segment in the wake of the Aprilia RS 457 successfully introduced and named 'Bike of the Year' in 2024.

Commercial Vehicles - growth in volumes and profitability, consolidating the strong competitive position in the local threewheeler market and boosting vehicle exports to Africa and Latin America.

Asia Pacific 2W

Development: the aim is to increase scooter sales throughout the region (Vietnam, Indonesia, Thailand, Malaysia, Taiwan, Philippines), explore opportunities for medium-sized motorcycles, and strengthen penetration in the premium segment of the Chinese market.

Key Assets

The Group will consolidate its business position by levering and investing in the potential of its key assets:

distinctive brands, recognised worldwide;
an extensive sales network in the relevant markets;
research and development expertise, focusing on innovation, safety and the environment;
a strong international presence, with local operations for all core company processes, from marketing to research and development, production and purchasing.

Sustainability strategy

The Group's strategic sustainability objectives, integrated and strongly related to the development of the Multiannual Plan and the Decarbonization Plan, are described in the Consolidated Sustainability Report.

Investor Relations Shareholding structure Share performance Main share indicators Group ratings Dividends

PIAGGIO AND THE FINANCIAL MARKETS

INVESTOR RELATIONS

Piaggio believes that financial communication is of crucial importance in building a relationship of trust with the financial market.

In particular, the Investor Relations function engages institutional and individual investors as well as financial analysts in an ongoing dialogue, producing transparent, timely and accurate information to promote a correct perception of the Group's value.

During 2025, numerous opportunities for dialogue with the financial community were promoted through participation in roadshows and conferences held predominantly in virtual mode, in order to minimise the environmental impact of the Investor Relations activity.

In addition, there are conference calls managed by the IR function and institutional events to announce quarterly results.

To ensure adequate reporting and compliance with Borsa Italiana and Consob regulations, the Company's website is promptly and continually updated with all information concerning the Group and key corporate documents, published in both Italian and English.

In particular, press releases disclosed to the market, the Company's periodic financial reports, data on business and financial performance, material used in meetings with the financial community, the Piaggio share consensus, as well as corporate governance documents (articles of association, insider trading and material concerning shareholders' meetings) are all published online.

Contact Investor Relations Office

Raffaele Lupotto - Executive Vice President, Head of Investor Relations Email: [email protected] Tel: +39 0587 272286 Fax: +39 0587 276093

OWNERSHIP STRUCTURE

As of 31 December 2025, the share capital is divided among 354,632,049 ordinary shares. As of the same date, the ownership structure, according to the results of the shareholders' register, supplemented by the notices received pursuant to Article 120 of Legislative Decree no. 58/1998 and other available information, was composed as follows:

Investor Relations Shareholding structure Share performance Main share indicators Group ratings Dividends

SHARE PERFORMANCE

Since 11 July 2006, Piaggio & C. SpA has been listed on the Milan Stock Exchange. In 2025, the Piaggio share registered a 16% drop.

PRICE AND DAILY VOLUMES

Price

Investor Relations Shareholding structure Share performance Main share indicators Group ratings Dividends

MAIN SHARE INDICATORS

	2025	2024
Official share price on the last day of trading (euro)	1.822	2.180
Number of shares (no.)	354,632,049	354,632,049
Treasury shares (no.)	2,236,161	1,036,661
Earnings per share (euro)
Basic earnings	0.096	0.190
Diluted earnings	0.096	0.190
Shareholders' equity per share (euro)	1.12	1.18
Market capitalisation (millions of Euros)6	646.1	773.1

GROUP RATING

	31/12/2025	31/12/2024
Standard & Poor's
Corporate	BB-	BB-
Outlook	Negative	Stable

Moody's
Corporate	Ba3	Ba3
Outlook	Stable	Stable
MSCI ESG Research	AA	AA
Sustainalytics ESG Risk Rating7	11.4	8.2

DIVIDENDS

Since 2019, Piaggio has adopted a new policy to distribute dividends with the distribution of an interim dividend during the year (rather than a single distribution), to align with other international companies in the two-wheeler sector, also with the aim of optimising cash flow management, considering the seasonal nature of the business.

SUMMARY OF DIVIDENDS PAID BY PIAGGIO & C. S.P.A.

	DIVIDEND PAID IN THE YEAR
		TOTAL			PER SHARE
	2025	2024	2023	2025	2024	2023
	€/000	€/000	€/000	€	€	€
Of the previous year's result	14,107	28,336	35,461	0.04	0.08	0.100
Interim dividend for current year's result	14,101	40,734	44,295	0.04	0.115	0.125

7 In June 2025, the Piaggio Group received an ESG rating of 11.4 (low risk) from Sustainalytics, on a rating scale ranging from 0 (negligible risk) to +40 (high risk).

⁶ Source: Borsa Italiana.

SIGNIFICANT EVENTS DURING THE YEAR

12 January 2025 - Jacopo Cerutti with Aprilia Tuareg triumphed in the Africa Eco Racer 2025 competition for the second consecutive year.

24 February 2025 - The new Piaggio Liberty was launched on the market, the latest version of the high-wheeled bestseller, with a considerably more modern design, refined in all areas, with engines updated to Euro 5+ standards.

28 February 2025 – Pre-booking opens for the two most anticipated new motorcycles for 2025: the Aprilia Tuono 457, a new naked bike aimed at an audience of young motorcyclists, and the Moto Guzzi V7 Sport, a more evolved and technological version of the iconic V7 range.

4 March 2025 – On the occasion of the event held at the Armani/Teatro in Milan, just a few days before the opening ceremony of the Special Olympics World Winter Games, unique Vespa models, hand-painted by internationally renowned artists, were put up for auction, with the proceeds donated to support the Games.

13 March 2025 - Piaggio Fast Forward (PFF), the Piaggio Group company based in Boston, focussed on robotics and mobility for the future, developed two innovative technologies to considerably increase productivity in goods handling: the new Forward Following technology and the Trips per kilo™ functionality, both designed to improve collaboration between humans and robots.

20 March 2025 - Aprilia presented Tuareg Rally, an adventure bike dedicated to maximum off-road performance and in many respects extremely close to the competition version. Aprilia Tuareg Rally was created on the basis of the experience gained by Aprilia Racing in developing the Tuareg competition bike, carried out in technical collaboration with GCorse. Aprilia Racing's official rider Jacopo Cerutti, winner of the African race, riding an Aprilia Tuareg, was also involved in the bike's development.

25 May 2025 - Marco Bezzecchi claimed victory in the MotoGP race at Silverstone, securing his first win of the season and giving the Noale-based manufacturer its 299th victory in MotoGP.

1 June 2025 - The fifth edition of Aprilia All Stars was an overwhelming success, breaking all the records of previous years. Over twenty thousand motorcycling and motorsport fans, often travelling by motorcycle from throughout Europe, came to the Misano World Circuit to celebrate Aprilia and the history of this European brand that has won the most MotoGP titles.

2 June 2025 – Jacopo Cerutti and the Aprilia Tuareg Racing Team delivered a historic performance at the Hellas Rally Raid 2025, claiming not only victory in the M5 class but also success in the overall classification. An extraordinary result for the team, which sealed its dominance with a hat-trick in the M5 class, thanks to Marco Menichini and Francesco Montanari finishing second and third respectively.

29 July 2025 - In line with the Group's commitment to sustainability as a guiding principle of its corporate strategy, Piaggio has activated the Sustainability option in the €200 million revolving credit facility signed in November 2023 with a pool of banks. Some key performance indicators have been identified and some goals for the 2025-2027 period defined, which will trigger a margin-adjustment mechanism on the Facility.

5 September 2025 – The RSV4 X-GP, a special edition born directly from the cutting-edge know-how of Aprilia Racing in MotoGP, was presented at the Grand Prix of Catalunya. The bike, produced in a limited edition, was created to celebrate ten years since the debut of the RS-GP in the top class of the Motorcycle World Championship.

22 September 2025 – Aprilia Tuareg Racing and Jacopo Cerutti, for the third consecutive year, won the Italian Motorally Championship, confirming the competitiveness of the Tuareg Rally and the excellence of the work done by the team.

15 October 2025 - The Piaggio Group continued its focus on internationalisation, setting up a direct sales structure in the Philippines. This new affiliate will import and sell into the Philippines the Group's scooters (Vespa, Piaggio and Aprilia), Aprilia and Moto Guzzi motorcycles, spare parts and accessories, with a possible future interest in the light commercial vehicles market as well.

19 October 2025 - At Australia's Phillip Island race track, Raul Fernandez won the MotoGP on an Aprilia, riding for the Trackhouse MotoGP Team. This was Aprilia Racing's three hundredth MotoGP victory, marking it as the European manufacturer with the most wins.

4 November 2025 - The Piaggio Group was the star at EICMA in Milan, showcasing a number of important new features for all its brands. Vespa, which will celebrate its eightieth anniversary in 2026, presented a special version of the Primavera and GTs, an exclusive series with custom livery, set off by superb quality details. The new Vespa 2026 was also unveiled, with dual disc brakes, a keyless configuration as standard, as well as new technical, functional and design features. Aprilia showcased its new SR GT 400 scooter, ideal for metropolitan mobility or more adventurous journeys For fans of high wheel scooters, a special version of the Piaggio Beverly was unveiled, to celebrate 25 years since the first model came onto the market. Lastly, some of the other new features included the new Moto Guzzi and Aprilia designs and liveries, that will be on the road worldwide next year, were unveiled.

FINANCIAL POSITION AND PERFORMANCE OF THE GROUP

CONSOLIDATED INCOME STATEMENT

Consolidated income statement (reclassified)

		2025		2024		CHANGE
	IN MILLIONS OF EUROS	ACCOUNTING FOR A %	IN MILLIONS OF EUROS	ACCOUNTING FOR A %	IN MILLIONS OF EUROS	%
Net revenues	1,501.9	100.0%	1,701.3	100.0%	(199.4)	-11.7%
Cost to sell8	1,044.3	69.5%	1,204.2	70.8%	(159.9)	-13.3%
Industrial gross margin8	457.6	30.5%	497.1	29.2%	(39.5)	-7.9%
Operating expenses	356.4	23.7%	349.4	20.5%	7.1	2.0%
Operating income	101.2	6.7%	147.7	8.7%	(46.5)	-31.5%
Result of financial items	(49.6)	-3.3%	(50.4)	-3.0%	0.7	-1.5%
Profit before tax	51.6	3.4%	97.4	5.7%	(45.8)	-47.0%
Income taxes	17.5	1.2%	30.1	1.8%	(12.6)	-41.8%
Net profit (loss) for the period	34.0	2.3%	67.2	4.0%	(33.2)	-49.4%

Operating income	101.2	6.7%	147.7	8.7%	(46.5)	-31.5%
Amortisation/depreciation and impairment costs	149.6	10.0%	138.9	8.2%	10.6	7.7%
EBITDA8	250.8	16.7%	286.7	16.9%	(35.9)	-12.5%

NET REVENUES

	2025	2024	CHANGE
IN MILLIONS OF EUROS
EMEA and Americas	980.9	1,095.4	(114.5)
India	299.4	348.2	(48.8)
Asia Pacific 2W	221.6	257.7	(36.1)
Total	1,501.9	1,701.3	(199.4)

Two-wheelers	1,155.4	1,298.3	(142.9)
Commercial Vehicles	346.6	403.0	(56.5)
Total	1,501.9	1,701.3	(199.4)

In terms of consolidated revenues, the Group closed 2025 with net revenues down compared to 2024 (-11.7%). All markets showed a decline: EMEA and Americas –10.5%, Asia Pacific (-14.0%; -8.4% at constant exchange rates) and India (-14.0%; -6.6% at constant exchange rates).

With regard to the type of vehicles sold, both Two-wheelers (-11.0%) and Commercial Vehicles (-14.0%) decreased. The percentage of Two-wheelers accounting for total turnover rose from 76.3% in 2024 to the current 76.9%; conversely, the percentage of Commercial Vehicles has fallen from 23.7% in 2024 to the current 23.1%.

The Group's industrial gross margin showed a decrease in absolute terms compared to the previous year (-€39.5 million) but an increase in relation to turnover, amounting to 30.5% (29.2% in 2024).

Amortisation/depreciation included in the industrial gross margin was equal to €37.6 million (€39.0 million in 2024).

Operating expenses incurred in 2025 amounted to €356.4 million, up from the previous year (€349.4 million in 2024).

⁸ Please refer to the section on 'Alternative Non-Gaap Performance Measures' for the definition of the parameter.

The changes in the income statement described above resulted in a consolidated EBITDA of €250.8 million, decreasing over the previous year (€286.7 million in 2024). In relation to net revenues, EBITDA was equal to 16.7%, (16.9% in 2024).

Operating income (EBIT), at €101.2 million, also decreased compared to 2024 (-€46.5 million); in relation to net revenues, EBIT is equal to 6.7% (8.7% in 2024).

The result from financial assets improved compared to the previous year by €0.7 million, recording Net Expenses of €49.6 million (€50.4 million in 2024). The improvement is mainly related to the reduction in debt rates, which more than offset the effect of the higher debt, and to the positive contribution of currency management, which netted the lower interest capitalisation.

Taxes for the period amounted to €17.5 million, whereas they came to €30.1 million in 2024. In 2025, taxes as a percentage of profit before tax amounted to 34.0% (31.0% in 2024).

Net profit amounted to €34.0 million (2.3% of turnover), down from the previous year's result of €67.2 million (4.0% of turnover).

Operating data

VEHICLES SOLD

	2025	2024	CHANGE
IN THOUSANDS OF UNITS
EMEA and Americas	209.5	234.5	(25.0)
India	138.7	146.3	(7.6)
Asia Pacific 2W	97.0	100.9	(3.9)
Total	445.2	481.6	(36.4)

Two-wheelers	329.0	359.9	(30.9)
Commercial Vehicles	116.2	121.7	(5.5)
Total	445.2	481.6	(36.4)

In 2025, the Piaggio Group sold 445,200 vehicles worldwide, with a decrease in volume of approximately 7.6% compared to the previous year, when 481,600 vehicles were sold.

With regard to product type, sales of both Two-wheelers (-8.6%) and Commercial Vehicles (-4.5%) declined. For a more detailed analysis of market trends and results, please refer to the specific sections.

R&D

Also in 2025, the Piaggio Group continued its policy aimed at maintaining technological leadership in the sector, allocating total resources of €54.2 million to R&D, of which €36.3 million were capitalised under intangible assets as development costs. The decrease from 2024 can be attributed to the extraordinary figures recorded in the previous year, which were also affected by the design work on the electric model of the Porter NPE and the development of the ADAS and ARAS safety systems. The Piaggio Group is convinced of the importance of exchanging knowledge and ideas, and of the resulting encouragement that can lead to improvements in technologies, methodologies and products. This is why the Group has always been involved on many fronts, with the aim of strengthening synergies between research and its industrial environment.

The Group has ongoing exchange and research relations with universities and research centres. In particular, the objective of supporting continual innovation has been pursued in recent years through:

– partnerships in research and development projects;

participation in European Projects;
experimental research dissertations.

R&D COSTS

IN MILLIONS OF EUROS			2025			2024
	CAPITALISED	EXPENSES	TOTAL	CAPITALISED	EXPENSES	TOTAL
Two-wheelers	26.4	15.2	41.5	33.0	15.5	48.5
Commercial Vehicles	9.9	2.7	12.7	14.2	3.0	17.2
Total	36.3	17.9	54.2	47.2	18.5	65.7
EMEA and Americas	24.7	16.1	40.8	35.3	16.6	51.9
India	8.1	1.1	9.2	7.3	1.3	8.6
Asia Pacific 2W	3.5	0.8	4.2	4.6	0.6	5.3
Total	36.3	17.9	54.2	47.2	18.5	65.7

*The figures shown do not include research, development and prototyping costs incurred by Piaggio Fast Forward.

The intense research and development carried out by the Group at its research centres has continually led to patent registrations in the countries where Piaggio operates.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION9

STATEMENT OF FINANCIAL POSITION	AS OF 31 DECEMBER 2025	AS OF 31 DECEMBER 2024	CHANGE
IN MILLIONS OF EUROS
Net working capital	(77.0)	(127.6)	50.5
Property, plant and equipment	294.5	304.5	(10.0)
Intangible assets	779.4	793.6	(14.3)
Rights of use	25.9	33.7	(7.8)
Financial assets	4.5	7.1	(2.6)
Provisions	(53.3)	(59.2)	5.9
Net capital employed	974.0	952.1	21.8
Consolidated Net financial debt	577.6	534.0	43.7
Shareholders' equity	396.3	418.2	(21.8)
Sources of financing	974.0	952.1	21.8
Non-controlling interests	(0.1)	(0.1)	0.0

Net working capital as of 31 December 2025 was negative and amounted to €77.0 million, with approximately €50.5 million cash used during 2025.

Property, plant and equipment amounted to €294.5 million, decreasing by approximately €10.0 million compared to 31 December 2024. The change is mainly due to the change in exchange rates (- €17.4 million). Investments for the period (approximately €60.1 million) more than offset the impacts generated by depreciation (approximately €51.5 million) and disposals (€1.2 million).

Intangible assets totalled €779.4 million, down by approximately €14.3 million compared to 31 December 2024. This reduction is due to the change in exchange rates (-€6.4 million) and to amortisation for the period, the value of which exceeded investments by approximately €7.5 million and disposals (approximately €0.4 million).

Rights of use, equal to €25.9 million, decreased by approximately €7.8 million compared to figures as of 31 December 2024.

Financial assets totalled €4.5 million, decreasing compared to figures for the previous year (€7.1 million).

Provisions totalled €53.3 million, down compared to 31 December 2024 (€59.2 million).

⁹ For the definition of the individual items in the table, please refer to the section on 'Non-GAAP Alternative Performance Measures".

As fully described in the next section on the 'Condensed Consolidated Statement of Cash Flows', Consolidated Net Financial Debt as of 31 December 2025 was equal to €577.6 million, compared to €534.0 million as of 31 December 2024, up by around €43.7 million.

Shareholders' equity as of 31 December 2025 amounted to €396.3 million, a decrease of approximately €21.8 million compared to 31 December 2024.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

The consolidated statement of cash flows prepared in accordance with the IFRS format is included in the 'Consolidated Financial Statements and Notes as of 31 December 2025'. The following is a commentary, with reference to the condensed form presented below.

CHANGE IN CONSOLIDATED NET FINANCIAL DEBT	2025	2024	CHANGE
IN MILLIONS OF EUROS
Opening Consolidated Net Financial Debt	(534.0)	(434.0)	(99.9)
Cash Flow from Operating Activities	168.5	197.7	(29.3)
(Increase)/Reduction in Working Capital	(50.5)	(51.1)	0.5
Net Investments	(140.6)	(182.7)	42.1
Other changes	34.9	1.2	33.7
Change in Shareholders' Equity	(55.8)	(65.0)	9.2
Total Change	(43.7)	(99.9)	56.3
Closing Consolidated Net Financial Debt	(577.6)	(534.0)	(43.7)

During the first half of 2025 the Piaggio Group used financial resources amounting to €43.7 million. Cash flow from operating activities, defined as net profit adjusted for non-monetary costs and income, was €168.5 million.

Working capital absorbed approximately €50.5 million of cash; in detail:

the collection of trade receivables10 used financial flows for a total of €3.3 million;
stock management generated financial flows for a total of approximately €49.7 million;
supplier payment trends absorbed financial flows of approximately €95.0 million;
the movement of other non-trade assets and liabilities had a negative impact on financial flows by approximately €1.9 million.

Investing activities used financial resources totalling €140.6 million, of which €36.3 million in capitalised development costs and €104.3 million in property, plant and equipment and intangible assets.

Dividends paid during the year amounted to €28.2 million and included the interim dividend paid in September 2025. Other changes mainly include other movements recorded in fixed assets and rights of use.

As a result of the above financial dynamics, which led to a cash absorption of €43.7 million, the Piaggio Group has a Consolidated net financial debt amounting to €577.6 million.

ALTERNATIVE NON-GAAP PERFORMANCE MEASURES

In accordance with Consob Communication DEM/6064293 of 28 July 2006 as amended (Consob Communication no. 0092543 of 3 December 2015 that enacts ESMA/2015/1415 guidelines on alternative performance measures), and for an easier understanding of the Group's financial position and performance, Piaggio refers to some alternative performance measures (Non-GAAP Measures), in its Report on Operations, in addition to IFRS financial measures.

These measures are also tools to assist directors in identifying operating trends when making decisions concerning investments, the allocation of resources and other operating decisions. For a correct interpretation of these Alternative Performance Measures (APMs), the following information is provided:

the Alternative Performance Measures are not envisaged by international accounting standards (IFRS), and, although they are taken from the Group's consolidated financial statements, they are not audited;
the Alternative Performance Measures must not be considered as replacements of the measures envisaged by applicable accounting standards (IFRS);
for their correct interpretation, these APMs must be read in conjunction with the Group's financial information taken from the consolidated financial statements;
the definitions of the indicators used by the Group, as they are not derived from relevant accounting standards, may not be uniform with those used by other entities; therefore, the APM values calculated by the Group and presented in this document may not be comparable with those published by other groups/companies;
the APMs used by the Group were prepared with a continuity and uniform definition and representation for all accounting periods presented in these Financial Statements.
In particular the following alternative performance measures were used:
EBITDA: defined as 'Operating income' before the amortisation/depreciation and impairment costs of intangible assets, property, plant and equipment and rights of use, as resulting from the consolidated income statement;
Industrial gross margin: defined as the difference between net revenues and cost to sell;
Cost to sell: this includes costs for materials (direct and consumables), accessory purchase costs (transport of incoming material, customs, warehousing), employee costs for direct and indirect manpower and related expenses, work carried out by third parties, energy costs, depreciation of property, plant, machinery and industrial equipment, maintenance and cleaning costs net of sundry cost recovery recharged to suppliers;
Consolidated net financial debt: represented by the algebraic sum of financial payables, any significant financial component of trade and other non-current payables net of cash and cash equivalents and current financial receivables. Consolidated net financial debt does not include other financial assets and liabilities arising from the fair value measurement of financial derivatives used as hedging and otherwise, and the fair value adjustment of related hedged items and associated deferrals. The Notes to the Consolidated Financial Statements include a table indicating the statement of financial position items used to determine the measure;
Net Capital Employed: determined as the algebraic sum of Net fixed assets, Net working capital and Provisions.

In this regard, it should be noted that net fixed assets are represented by:

Property, plant and equipment: which consist of property, plant, machinery and industrial equipment, net of accumulated depreciation;
Intangible assets: which consist of capitalised development costs, costs for patents and know-how and goodwill arising from acquisition/merger operations carried out by the Group;
Rights of use: refer to the discounted value of lease payments due, as provided for by IFRS 16;
Financial assets: defined by the Directors as the sum of investments, other non-current financial assets and the fair value of financial liabilities;
Net working capital: defined as the net sum of: Trade receivables, Other current and non-current receivables, Inventories, Trade payables, Other current and non-current payables, Current and non-current tax receivables, Deferred tax assets, Current and non-current tax payables and Deferred tax liabilities;
Provisions: consist of the sum of retirement funds and employee benefits, other non-current provisions, and current portion of other non-current provisions.

BACKGROUND

MACROECONOMIC FRAMEWORK

In 2025 the world economy continued to expand at a moderate pace, with global GDP growth estimated at around 3.2%, broadly in line with the previous year. Economic activity has shown resilience, supported by the production and trade forecasts, significant investments in the artificial intelligence sector and the expansionary orientation of fiscal and monetary policies. During the second quarter of the year, however, world trade growth slowed and the increase in customs duties is expected to gradually translate into an increase in prices, with negative effects on household consumption growth and business investment. Economic surveys confirmed a strengthening of the services sector, in the face of manufacturing still conditioned by weak demand and high levels of inventories. For 2026, forecasts indicate slightly lower global growth, around 2.9%, reflecting structural factors and still significant geopolitical risks.

In 2025, the US economy recorded GDP growth estimated at around 2%, slowing down compared to 2.8% in 2024, marking a phase of normalisation of the business cycle. Domestic demand continued to be the main driver of growth, supported by private consumption, albeit at a slower pace than in previous years. Investments showed a weaker dynamic, influenced by the still high level of real interest rates and a more cautious business environment. Overall inflation, already above the 2% objective set by the Federal Open Market Committee, registered a slight increase after the effects of the introduction of tariffs began to be felt. The labour market has shown signs of gradual cooling, with employment growth and nominal wages moderating. On the currency side, the dollar showed contained volatility, influenced by interest rate expectations and capital flows. For 2026, growth is expected to be around 1.7%, as the strong growth in investments in the high-tech sectors will be largely offset by the increase in tariffs and the sharp decrease in net immigration.

The Eurozone recorded GDP growth estimated at around 1.3%, an improvement compared to 2024. The economic expansion was moderate but more widespread among the main member countries, mainly supported by the services sector and a gradual recovery in domestic demand. The increase in employment and the recovery in real wages have helped to strengthen household disposable income, although consumption remains conditioned by a still high propensity to save. Investments showed a weak dynamic, penalised by political uncertainty in some countries and the persistent fragility of the manufacturing sector. Inflation continued to decline, approaching the objective of the European Central Bank, which initiated a gradual normalisation of monetary policy. The labour market remains solid overall, despite showing signs of a progressive easing. By 2026, euro area growth is expected to stabilise around 1%, in the presence of risks related to the geopolitical context and energy costs.

The Japanese economy recorded GDP growth estimated at around 1.3%, in line with the previous year. The recovery was mainly supported by foreign demand and an improvement in domestic spending, favoured by the strengthening of the labour market and the increase in real wages. Consumption inflation remained at levels close to 2%, reflecting both the increase in energy costs and the effect of the devaluation of the yen. The Bank of Japan continued the process of gradual revision of monetary policy in 2025, marking a gradual move away from the accommodative measures adopted in previous years. The yen continued to show some weakness against the dollar, supporting export competitiveness but contributing to import price pressures. By 2026, growth is expected to fall, to around 1%, conditioned by structural factors related to demography and productivity.

During 2025, the Chinese economy showed a slowdown in growth, with GDP estimated at around 4.9%, compared to around 5% in 2024. The economic dynamics were influenced by weak domestic consumption, still fragile consumer confidence and persistent difficulties in the real estate sector. Deflationary pressures have highlighted insufficient domestic demand to support stronger growth. Foreign trade continued to make a positive contribution, particularly through manufacturing exports, although increased exposure to protectionism and trade tensions is a risk factor. The authorities have taken targeted stimulus measures, while maintaining a prudent approach on the fiscal and financial front. By 2026, growth is expected to stabilise at around 4.5%, subject to the strengthening of structural reforms aimed at supporting consumption and investment.

In 2025, India remained among the fastest growing economies globally, with an estimated GDP increasing by about 6.7%, after 6.5% in 2024. Growth was mainly driven by strong domestic demand, infrastructure investments and the dynamism of the manufacturing and services sectors. The agricultural sector showed more subdued growth, while industrial and technological activities continued to expand. Inflation overall remained under control, within the central bank's target range, allowing for a relatively stable monetary policy. On the currency front, the rupee showed moderate weakness, while foreign investment continued to focus on high-potential sectors, such as renewable energies, semiconductors, and digitalisation. By 2026, growth is expected to remain sustained, at around 6.2%, supported by favourable structural and demographic reforms.

The Italian economy recorded GDP growth estimated at around 0.5%, in line with the euro area average, but lower than the main advanced economies. Growth was mainly supported by private consumption, helped by the recovery in disposable income and the improvement in real wages, while the manufacturing sector continued to show signs of weakness. Net exports made a small contribution, being affected by the slowdown in the main European economies. Inflation continued its decline, approaching levels close to 2%, thanks above all to the fall in energy prices. On the public finance front, the deficit-to-GDP ratio is expected to improve slightly, while public debt remains high, representing a structural constraint to growth. By 2026, GDP is expected to grow at a similar pace, in the absence of significant external shocks.

MARKET SCENARIO11

Two-wheelers

Below are the currently available data on the performance of two-wheelers (scooters and motorcycles) for the monitored markets.

India, recorded an increase in 2025, closing at just over 20.5 million vehicles sold, up by 4.9% from 2024.

The People's Republic of China posted a decline (-6.9%), closing at just over 4.3 million units sold.

The Asian region, called Asean 5, showed slight growth during 2025 (+1.4% compared to 2024), closing at over 13.1 million units sold. This increase was attributable to:

Indonesia, the largest market in this region (+1.3% compared to 2024 and sales of more than 6.4 million units);
Thailand (+0.3% compared to 2024 and over 1.7 million units sold);
Malaysia (-2.8% compared to last year and over 551,000 units sold);
Vietnam (-1.5% compared to 2024 and over 2.6 million units sold);
Philippines (+8.9% compared to 2024 and over 1.8 million units sold).

The other countries in the Asian region (Singapore, Hong Kong, South Korea, Japan, Taiwan, New Zealand and Australia) as a whole recorded a decrease compared to the previous year, closing at just under 1.3 million units (-2.8%). In particular, the Taiwanese market is once again declining, decreasing to around 687,000 units sold (-3.7% compared to 2024). Japan also shows a slight decrease with approximately 362,000 units sold (-1.6% compared to 2024).

The North American market recorded a decrease (-7.4%) compared to 2024 (548,091 vehicles sold in 2025).

Europe, the reference area for the Piaggio Group's operations, was down in 2025, recording an overall decrease in sales of 13.0% compared to 2024 (-18.6% in the motorcycle segment and -5.9% in scooters), closing at 1,474,083 units sold.

¹¹ The figures for registrations in 2024 might differ from those published the previous year, due to some countries publishing updated final registration data with a few months' delay.

The scooter market

Europe

In Europe, the scooters market stood at 705,007 registered vehicles in 2025, with a decrease in sales of 5.9% compared to 2024. It is worth noting the decline in the electric scooters segment (-21.1% compared to 2024), which fell to 56,399 units in 2025 and now represents 8% of the total market.

MARKET	VEHICLE REGISTRATIONS		CHANGE		CHANGE %
	2025	2024		OVERALL	≤ 50 CC	> 50 CC
Italy	207,851	200,532	7,319	3.6%	-20.8%	5.4%
of which electric	7,441	9,520	(2,079)	-21.8%	-27.8%	-18.4%
France	84,306	104,707	(20,401)	-19.5%	-23.6%	-16.0%
Spain	143,450	129,632	13,818	10.7%	-6.8%	12.0%
Holland	25,706	33,303	(7,597)	-22.8%	-25.0%	2.2%
Germany	54,694	68,855	(14,161)	-20.6%	4.6%	-27.5%
Greece	65,454	64,476	978	1.5%	-8.7%	2.1%
United Kingdom	22,097	27,362	(5,265)	-19.2%	-14.0%	-20.1%

Europe	705,007	748,897	(43,890)	-5.9%	-22.2%	-1.1%
of which electric	56,399	71,465	(15,066)	-21.1%	-21.4%	-20.6%