Piaggio & C. SpA

Good afternoon, this is the Coruscall conference operator. Welcome and thank you for joining the Piaggio full-year 2025 financial results conference call. As a reminder, all participants are in listen-only mode. And after the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Raffaele Lupotto, Investor Relations of Piaggio. Please go ahead, sir.

Hello, everyone, and welcome to Piaggio Group's full year 2025 financial results conference call. Joining us today are Matteo Colanino, Chairman of Board of Directors of Piaggio Group, and Alessandra Simonotto, Group Chief Financial Officer. The slides supporting today's presentation are available on the Piaggio Group website. Before we begin, I would like to remind you that during today's call, we may make forward-looking statements based on Piaggio's current expectations and projections about future events. By their nature, these statements are subject to risks, uncertainties, and other factors that could cause after-results to differ materially from those expressed or implied. These factors are discussed in the safe harbor statement on page two of today's presentation. With that, I would like to end the poll over to our chairman, Matteo Colagnino, for his opening remarks.

Thank you. Good evening to everybody. Welcome. Just a few words because I would like to underline that we are in the middle of a historical phase of constant uncertainty. where the world order based on shared and multilateral use is now in crisis, as we know. As far as the Piaggio Group is concerned, internationalization and diversification of our market, the power and the strength of our brands are key elements of Piaggio's resilience. In this context, despite the reduction in revenues, in terms of ratio, once again, Piaggio Group achieved healthy margins and profitability over the last few years thanks to efficient management of its operation. If you can see, we came as far as ground margin is concerned in terms of ratio, We came from 28.3% of 2020 years to 27.7%, 26.6% in 2022, 28.5% in 2023, 29.2% in 2024, and the best ever is this year, actual year, with 30.5% of gross margin. As far as EBDA's margin is concerned, we came from 40.2% of 2020 through 14.4, 14.3, 16.4 year 2023, 16.9 in 2024, and actual 2025, 16.7 is the second best ever EBDA margin. So today we can confirm investment in new models, technologies, while maintaining focus on process and product profitability. The past year, 2025, saw the introduction of new models across all the group's brands. Let me say we have fantastic brands, as you know. Vesta, I can say it's the best scooter of the world, continue to evolve. We have a new power engine, 310 single cylinder engine. Aprilia, we see a triumphant opening of the 2026 MotoGP season. And as you know, last time we have won the Grand Prix with Marco Berzechi in Thailand. And four Aprilia in the first five positions. That means that we had continuously on air by sport television throughout the world focused on the brands Aprilia. Motoguzzi, Piaggio, Piaggio Commercial. So we have fantastic brands. So before to give the floor to our CFO, I would like to So stress again, innovation, investments, competitiveness, sustainability remain the strategic compass of the Piaggio Group's development.