Piaggio & C : 1st Half Report - June 30, 2023

TABLE OF CONTENTS

REPORT ON OPERATIONS	2
INTRODUCTION	4
HEALTH EMERGENCY - COVID-19	5
RUSSIA-UKRAINE CRISIS	6
KEY OPERATING AND FINANCIAL DATA	7
GROUP PROFILE	9
SIGNIFICANT EVENTS DURING THE FIRST HALF OF 2023	14
FINANCIAL POSITION AND PERFORMANCE OF THE GROUP	16
RESULTS BY TYPE OF PRODUCT	23
RISKS AND UNCERTAINTIES	34
EVENTS OCCURRING AFTER THE END OF THE PERIOD	41
OPERATING OUTLOOK	42
TRANSACTIONS WITH RELATED PARTIES	43
ECONOMIC GLOSSARY	44
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS AS OF 30 JUNE 2023	46
CONSOLIDATED FINANCIAL STATEMENTS	48
CONSOLIDATED INCOME STATEMENT	49
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	50
CONSOLIDATED STATEMENT OF FINANCIAL POSITION	51
CONSOLIDATED STATEMENT OF CASH FLOWS	52
CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY	53
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS	54
ATTACHMENTS	102
PIAGGIO GROUP COMPANIES	102
CERTIFICATION OF THE CONSOLIDATED FINANCIAL STATEMENTS PURSUANT
TO ARTICLE 154-BIS OF LEGISLATIVE DECREE 58/98	107
REPORT OF THE INDEPENDENT AUDITORS ON THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS	108

REPORT

ON

OPERATIONS

REPORT

ON OPERATIONS

INTRODUCTION	4
HEALTH EMERGENCY - COVID-19	5
RUSSIA-UKRAINE CRISIS	6
KEY OPERATING AND FINANCIAL DATA	7
GROUP PROFILE	9
SIGNIFICANT EVENTS DURING THE FIRST HALF OF 2023	14
FINANCIAL POSITION AND PERFORMANCE OF THE GROUP	16
RESULTS BY TYPE OF PRODUCT	23
RISKS AND UNCERTAINTIES	34
EVENTS OCCURRING AFTER THE END OF THE PERIOD	41
OPERATING OUTLOOK	42
TRANSACTIONS WITH RELATED PARTIES	43
ECONOMIC GLOSSARY	44

Introduction

INTRODUCTION

This Half-Year Financial Report as of 30 June 2023 has been prepared in accordance with Article 154-ter of Legislative Decree 58/1998 and includes the Interim Directors' Report, the Condensed Consolidated Half-Yearly Financial Report and the Certification required by Article 154-bis of Legislative Decree 58/98.

The Condensed Consolidated Interim Financial Statements were prepared in compliance with international accounting standards (IAS/IFRS) that are applicable pursuant to Regulation (EC) no. 1606/2002 of the European Parliament and of the Council of 19 July 2002 and in particular IAS 34 - Interim Financial Reporting, as well as measures issued implementing Article 9 of Legislative Decree 38/2005. The structure and content of the reclassified consolidated financial statements contained in the Interim Directors' Report and mandatory statements included in this Report are in line with those prepared for the annual Financial Statements.

The notes have been prepared in compliance with provisions in IAS 34 - Interim Financial Reporting, also considering the provisions of Consob in its communication no. 6064293 of 28 July 2006. The information in this Report is not therefore similar to the information of complete financial statements prepared in accordance with IAS 1.

In some cases, data could be affected by rounding off defects due to the fact that figures are represented in millions; changes and percentages are calculated from figures in thousands and not from rounded off figures in millions.

4	PIAGGIO GROUP