Piaggio Group: results at 30 september 2022

PRESS RELEASE

PIAGGIO GROUP: RESULTS AT 30 SEPTEMBER 2022

Piaggio Group Chairman and CEO Roberto Colaninno: "Although the macroeconomic situation continues to be extremely complex, the Piaggio Group closed the first nine months of 2022 with its best results ever and double-digit growth, driven primarily by excellent performance in the APAC area, which will be further boosted by the new manufacturing facility we shall be opening in Indonesia next month. We have a portfolio of unique worldwide brands, the most advanced range of scooters and motorcycles ever, whose innovative safety systems, electronics and engines deliver improved performance with a lower environmental impact. In this last quarter of 2022 we shall continue with our important growth program, confirming our planned investments and strengthening our commitment on ESG issues."

• Consolidated net sales 1,626.9 million euro, an increase of 23.3% (1,319.2 €/mln at 30.09.2021), the best-evernine-month result
• Industrial gross margin 428.9 million euro, up 17.3% (365.6 €/mln at 30.09.2021), 26.4% return on net sales
• EBITDA 236.7 million euro, the best result achieved in the period, with an improvement of 22.7% (192.9 €/mln at 30.09.2021). EBITDA margin 14.5%
• EBIT 134.9 million euro, reflecting strong growth of 38.4% (97.4 €/mln at 30.09.2021). EBIT margin 8.3%
• Profit before tax 114.3 million euro, up 37.4% (83.2 €/mln at 30.09.2021)
• Net profit 70.9 million euro, the best-evernine-month result, with an improvement of 37.4% (51.6 €/mln at 30.09.2021)
• Net financial position -369.9 €/mln, an improvement of 10.4 €/mln from -380.3 €/mln at 31.12.2021
• 490,400 vehicles shipped worldwide, up by 13.9% (430,600 at 30.09.2021)
• Capital expenditure 101.4 million euro

Pontedera, 28 October 2022 - At a meeting today chaired by Roberto Colaninno, the Board of Directors of Piaggio & C. S.p.A. (PIA.MI) examined and approved the Interim Report on Operations as at and for the nine months to 30 September 2022.

Piaggio Group business and financial performance at 30 September 20221

Group consolidated net sales totalled 1,626.9 million euro, the best-evernine-month result, with growth of 23.3% from 1,319.2 million euro at 30 September 2021.

1 The main alternative performance indicators used by the Piaggio Group, representing the data monitored by management, are as follows:

• EBITDA: earnings (EBIT) before amortisation and depreciation and impairment losses on property, plant and equipment, intangible assets, and rights of use, as reflected in the consolidated income statement;
• Industrial gross margin: net sales less costs to sell;
• Net financial position: gross financial debt less cash and cash equivalents, and other current financial receivables. Determination of the net financial position does not include other financial assets and liabilities arising from measurement at fair value, derivatives designated or not as hedges, fair value adjustments of the related hedged items and related accruals.

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The industrial gross margin was 428.9 million euro, an increase of 17.3% compared to 365.6 million euro at 30 September 2021. The return on net sales was 26.4% (27.7% at 30 September 2021).

Group operating expense in the first nine months to 30 September 2022 was 294.1 million euro, an increase of 26 million euro from the year-earlier period, due to the growth in turnover and vehicle sales.

The income-statementfigures described above produced EBITDA of 236.7 million euro, the best result for the first nine months, with an increase of 22.7% from 192.9 million euro in the year- earlier period. The EBITDA margin was 14.5%, in line with the margin at 30 September 2021.

EBIT amounted to 134.9 million euro, an improvement of 38.4% from 97.4 million euro at 30 September 2021. The EBIT margin was 8.3% (7.4% at 30 September 2021).

Pre-taxprofit for the first nine months was 114.3 million euro, up 37.4% from 83.2 million euro at 30 September 2021. Income tax for the period was 43.4 million euro, with an impact on pre-tax profit of about 38%.

The Piaggio Group posted a net profit of 70.9 million euro, its best-evernine-month result, with an improvement of 37.4% against 51.6 million euro in the first nine months of 2021.

Net financial debt at 30 September 2022 stood at 369.9 million euro, an improvement of 10.4 million euro from 380.3 million euro at 31 December 2021 and of 2.9 million euro from 372.7 million euro at 30 September 2021.

Group shareholders' equity at 30 September 2022 was 414.6 million euro (404.1 million euro

at 31 December 2021).

Piaggio Group capital expenditure for the first nine months was 101.4 million euro, substantially in line with the year-earlier period.

Operations in the first nine months to 30 September 2022

In the first nine months to 30 September 2022, the Piaggio Group sold 490,400 vehicles worldwide (+13.9% from 430,600 in the year-earlierperiod), and reported consolidated net sales of 1,626.9 million euro. The growth in volumes arose in all geographical regions: vehicle sales rose by 4.6% in EMEA and Americas, 7.5% in India and 39.8% in Asia Pacific 2 wheelers.

Two-wheelers:

In the nine months to 30 September 2022, the Piaggio Group sold 410,000 two-wheelers worldwide (+12% from 366,000 at 30 September 2021), generating net sales of 1,338.9 million euro, an increase of 20.6% from 1,110.2 million euro in the year-earlierperiod.

The figure includes spares and accessories, on which turnover totalled 117.2 million euro, an increase of 10.8% from 105.8 million euro in the year-earlierperiod.

Turnover from two-wheeler sales was particularly strong in Asia Pacific (+55.1%), followed by the Americas (+44.4%) and EMEA (+7.7%), and remained steady on the Indian two-wheeler market (+1%).

In Europe, the Piaggio Group confirmed and consolidated its leadership in the scooter segment with a share of 23.5% (23.1% in the first nine months of 2021) and further strengthened its positioning on the North American scooter market, with a share of 34.9% (34.5% at 30

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September 2021). In North America the Group is also working to consolidate its presence on the motorcycle market with the Aprilia and Moto Guzzi brands.

The scooter sector saw double-digit growth in global sales volumes, driven in particular by the

Vespa brand, which reported a double-digit improvement in turnover and record nine-month sales volumes, and by Aprilia scooters.

Performance was also very positive in motorcycles, where the Aprilia and Moto Guzzi brands both achieved record sales in the first nine months of the year, reporting their highest-ever volumes and turnover. There was a strong market response to the new Aprilia RS and Aprilia Tuono bikes with 660 cc engines, and to the Moto Guzzi V7 and V85TT.

Commercial vehicles:

In commercial vehicles, the Piaggio Group reported sales volumes of 80,300 vehicles, up 24.4% compared to 64,600 at 30 September 2021, with net sales of 288 million euro (+37.8% from 209.1 million euro at 30 September 2021. The figure includes spares and accessories, on which turnover totalled 44.5 million euro, an increase of 30.1% from 34.2 million euro in the year- earlier period.

At geographical level, the Indian market reported a recovery with turnover from commercial vehicles rising 56.7% and sales volumes up 37.4%.

The PVPL subsidiary had an overall share of 19.4% of the Indian three-wheeler market and maintained a strong position in the Cargo segment with a share of 33%.

Piaggio Fast Forward:

Piaggio Fast Forward (PFF), the Piaggio Group robotics and future mobility company based in Boston, expanded its product portfolio with the addition of gitamini®, a new robot that condenses the technology and functions of gita®, its revolutionary "big brother", in a lighter, more compact design.

Gita® and gitamini® are made in the Piaggio Fast Forward plant in Boston's Charlestown district. The first marketing phase for the robots focuses on the US market, where the circulation of robots on city streets is already regulated.

PFF moved ahead with a series of pilot programs, together with partners active in various business sectors, to test further applications for gita® in the travel, residential and retail sectors and in last-miledelivery. PFF also announced an agreement with Trimble, a Nasdaq-listed company, to develop robots and machines to follow humans and other devices in industrial applications.

PFF has designed and developed sensors with an innovative technology, which made their debut on the new Piaggio MP3 three-wheel scooter, to deliver unparalleled safety. Thanks to the integration of advanced rider assistance systems (ARAS), the new sensors play a vital role in accident prevention and rider protection.

Significant events in and after the first nine months of 2022

Supplementing the information published above or at the time of approval of the interim report at 30 June 2022 (directors' meeting of 28 July 2022), this section illustrates key events in and after the first nine months of 2022.

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On 2 September, the presentation was held of the new Aprilia RSV4 XTrenta, a special edition combining Aprilia Racing engineering and MotoGP technology produced in a limited numbered series of 100 bikes to celebrate the 30th anniversary of Aprilia's first championship victory.

From 8 to 11 September, the centenary edition of GMG - Giornate Mondiali Moto Guzzi was organised in Mandello Del Lario, attracting more than 60,000 Guzzi bikers from around the world, including British actor Ewan McGregor, who has always been a great fan of Moto Guzzi bikes.

On 21 September, the world preview was held of the Moto Guzzi V100 Mandello Aviazione Navale, in the spectacular setting of the flight deck of the Cavour aircraft carrier. The model is a special limited-number edition of the latest motorcycle from Moto Guzzi, celebrating the manufacturer's special ties with the Italian Navy.

On 5 October, the new range of Vespa GTS scooters was presented, in four versions: the classic Vespa GTS, the contemporary GTS Super, the feisty GTS SuperSport and the hyper-tech Vespa GTS SuperTech.

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Russia - Ukraine crisis

The Piaggio Group continues to pay close attention to developments in the Russia - Ukraine conflict, which has begun to trigger rises in the costs of raw materials and energy with significant repercussions for the world economy and the upturn in inflation, to contain which the Western central banks have decided to raise interest rates. The extreme geographical diversification of the Group's sales and procurements means that its exposure in the area of the conflict is substantially non-existent. As regards the indirect effects of the war, the Group has been affected by the price rises in energy, especially in its European factories, and in raw materials, which have been mitigated in part by agreements with its suppliers.

Outlook

The first nine months of 2022 was characterised by complex macroeconomic conditions, stemming essentially from developments in the Covid 19 pandemic and the Russia-Ukraine war. The conflict has created international geopolitical tensions, driving an increase in transportation costs, raw material prices and an exponential rise in energy costs.

Nevertheless, thanks to its unique brand portfolio, in the fourth quarter of 2022 Piaggio will proceed along its growth path with a constant focus on efficient and flexible management of its business and financial structure, confirming its planned investments in new products and new facilities and strengthening its commitment to ESG issues.

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During the meeting, the Board of Directors conferred powers on Deputy Chair Matteo Colaninno in the area of institutional relations at national and international level.

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Conference call with analysts

The presentation of the financial results as at and for .the nine months to 30 September 2022, which will be illustrated during a conference call with financial analysts, is available on the

corporate website atwww.piaggiogroup.com/it/investor

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Piaggio S.p.A. said that the Interim Report on Operations as at and for the nine months to 30 September 2022 will be published and made available to the public at the company registered office, in the "eMarket STORAGE" authorised storage mechanism at www.emarketstorage.comand on the issuer's website www.piaggiogroup.com(section "Investors/Financial Reports/2022") by 14 November 2022.

The Piaggio Group consolidated income statement, consolidated statement of financial position and consolidated statement of cash flows as at and for the nine months to 30 September 2022 are set out below.

The manager in charge of preparing the company accounts and documents, Alessandra Simonotto, certifies, pursuant to paragraph 2 of art. 154 bis of Legislative Decree no. 58/1998 (Consolidated Finance Act), that the accounting disclosures in this statement correspond to the accounting documents, ledgers and entries.

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In line with the recommendations in the ESMA/2015/1415 guidelines of 5 October 2015, attention is drawn to the fact that this press release contains a number of indicators that, though not yet contemplated by the IFRS ("Non-GAAP Measures"), are based on financial measures envisaged by the IFRS. These indicators - presented in order to assist assessment of the Group's business performance - should not be considered as alternatives to those envisaged by the IFRS and are consistent with those in the Piaggio Group 2021 Annual Report and in the quarterly and half-year reports. Furthermore, since determination of such indicators is not specifically regulated by the IFRS, the methods used may not coincide with those adopted by other companies/groups, and consequently the indicators in question may not be comparable. In compliance with Consob Communication no. 9081707 of 16 September 2009, it should be noted that the alternative performance indicators ("Non-GAAP Measures") have not been audited by the independent auditors, nor have the accounting schedules attached hereto.

This press release may contain forward-looking statements relating to future events and Piaggio Group business and financial results. By their nature, these statements are subject to inherent risks and uncertainties since they relate to events and depend on circumstances that may or may not occur or exist in the future. Actual results may differ materially from those expressed in such statements as a result of a variety of factors.

For more information:

Piaggio Group Corporate Press Office		Piaggio Group Investor Relations
Director Diego Rancati		Director Raffaele Lupotto
Via Broletto, 13 - 20121 Milan		Viale Rinaldo Piaggio, 25
[phone]		56025 Pontedera (PI)
[e-mail]		[phone]
		[e-mail]
Image Building		piaggiogroup.com
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[phone] - [e-mail]

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