Piaggio & C. SpA

Good afternoon. This is the Coral School Conference Operator. Welcome and thank you for joining the Piaggio First Half 2026 Financial Results Conference Call. As a reminder, all participants are in listen-only mode. 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, Head of Investor Relations of Piaggio. Please go ahead, sir.

Hello, everyone, and welcome to the Piaggio Group's first half of 2026 Financial Results Conference Code. The conference code will be hosted by Alessandra Simonotto, Piaggio Group CFO, and myself. 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 conference 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 will cause our core results to be materially different from those expressed or implied. These factors are discussed in the Safe Harbors Statement, on page two of today's presentation. With that, I would like to hand the call over to Alessandra.

Good afternoon to everybody and welcome to our conference for today. I believe that you have already seen our slides and our press release. As you can read there, the results of the first six of this first half of 2026 is Something that generates in every one of us a proudness for what we have done versus last year. The most important result is what we already communicated to the markets at the beginning of July in terms of revenues because we are facing a solid growth of the revenues Both in constant forex but also with the current forex we want to see. The growth margin at 31.6% is the best we've ever reached in the last six years. The EBITDA margin is in the first half the higher we get in our life. In about the next financial position, we got the best-ever results both in terms of the second quarter results and also on the first half results. So what happened in the six months? We faced, as Mr. Colaninno underlined in the press release, a period. in which the group got a growth in vehicle stores and revenues over the world with all the markets that more or less are recovering versus last year in the same period. The sales in the semester grew up about the 8.5% and the revenues of the 3.2%. We are facing There is a heavy period if we want to see what is happening overall in the market. We are waiting for new results about some impacts about inflection probably in the next 3-12 months. We don't know because the market is down. It's after the cost of gas of some precious metals. and so far can be different day by day. As of now, we get the results without any impact. We were able to manage all the situations, getting the better results that you see here. We think that we can work in the same way for the next month. This is our task, this is our goal, this is what we have already done, so this is something that we think we could maintain the same positioning that we got as of today.