Piaggio accelerates in the second quarter and sends a positive signal to shareholders. The Pontedera group, owner of brands such as Vespa, Aprilia and Moto Guzzi, recorded growth in sales, an improvement in operating profitability and particularly robust cash generation.
The data that most attracted the market’s attention is the progress of Ebitda in the second quarter, which increased by more than 7% compared to the same period in 2025. The company also announced an intermediate dividend higher than that distributed last year. The reaction on the stock market was positive, with Piaggio shares rising after the release of the results.
The numbers describe a company that is recovering ground after a first quarter still affected by the strength of the euro, the weakness of some international markets and the uncertainties linked to duties and geopolitical tensions. Risks remain to be monitored, but the second part of the semester shows a clear change of pace.
Piaggio sells more vehicles and recovers in the second quarter
Between April and June Piaggio sold approximately 150,400 vehicles, compared to 131,700 in the same period of 2025. The increase is, therefore, close to 14%.
In the entire first half of the year, approximately 258,500 vehicles were sold, up 8.5% compared to the 238,400 recorded a year earlier. The improvement in volumes allowed the group to almost entirely recover the decline experienced in the first three months of the year.
Revenues also show two different readings. At current exchange rates, half-yearly turnover stood at around 842 million euros, slightly lower than the previous year. At constant exchange rates, however, revenues rise to around 880 million, with growth close to 3%.
In the second quarter alone, consolidated net sales amounted to approximately 500 million euros at current exchange rates and 515 million at constant exchange rates, with organic growth close to 7%.
Because margins are the most important data
The increase in volumes is positive, but it is not the real distinctive element of the half-yearly report. For investors, what matters above all is Piaggio’s ability to transform sales into profitability.
In the second quarter, Ebitda, i.e. the operating result before interest, taxes and depreciation, grew by more than 7%. The group therefore improved its operating result despite the unfavorable currency environment and cost pressures.
Already in the first quarter, Piaggio had maintained an Ebitda margin of 16.8%, one of the highest levels in its history, despite the presence of declining revenues at current exchange rates. The company had attributed the stability of margins to the management of raw materials, distribution costs and operating expenses, without resorting to general increases in price lists.
High margins do not necessarily mean that all problems are solved. However, they indicate that the company is able to better manage costs, product mix and distribution. For shareholders it is a more significant signal than simple growth in turnover.
Cash improves and debt goes down
The other strong element of the results is cash generation.
In the second quarter, Piaggio produced approximately 112 million euros in cash, while in the entire half-year the figure was approximately 93 million. According to the group, these are the best results ever achieved in the two reporting periods.
The difference between the quarterly and half-yearly data depends on the seasonality of the sector. In fact, in the first months of the year, vehicle manufacturing companies tend to absorb liquidity to prepare production and distribution in view of the more favorable season.
The strong cash generation of the second quarter allowed net financial debt to be reduced to approximately 485 million euros as of June 30, 2026. At the end of December 2025 the debt amounted to 577.6 million, while a year earlier it was 534.7 million.
In six months, therefore, the net financial position improved by over 90 million euros. Debt reduction gives the group more flexibility to finance new models, technologies and factories, but also to support shareholder remuneration.
Piaggio dividend, because the increase matters
The improvement in profitability and cash flow pushed the board of directors to indicate a higher intermediate dividend than last year. In 2025 Piaggio had distributed an advance payment of 0.04 euros per share.
For shareholders, the increase in the dividend represents a sign of confidence from management. It means that the company believes its liquidity and financial prospects are sufficiently strong to return a greater portion of capital to shareholders.
How Piaggio shares reacted
The market welcomed the results. After the release of the half-yearly report, Piaggio shares recorded a rise, gaining around 2% during the session.
The title, however, comes from a period that is not without difficulties. On the eve of the results it showed a positive performance on a monthly basis, but still negative compared to a year earlier. This means that the market continues to ask for confirmation on the group’s ability to maintain the recovery in the coming quarters.
What changes for the group’s prospects
The half-yearly report does not eliminate uncertainties, but strengthens Piaggio’s position in view of the second part of the year.
For the group, the priority will now be to maintain cost discipline without slowing down investments. In fact, Piaggio continues to focus on new products, technologies and production plants, preserving the premium positioning of the brands.
For shareholders, the results point to a firmer company than at the end of 2025, but still exposed to external factors that are difficult to control. The increase in the dividend is a positive sign, while the sustainability of the recovery will depend on the ability to confirm volumes, margins and cash also in the third quarter.
