Piaggio Group reported a 17.7% increase in net profit for the first nine months of 2026 on Friday, November 6, as stronger vehicle sales helped the maker of Vespa scooters improve earnings and reduce debt.
Net profit reached €37.3 million, compared with €31.7 million a year earlier. Revenue increased 2.7% to €1.236 billion at current exchange rates. At constant exchange rates, which remove currency movements from the comparison, revenue rose 6.4% to €1.281 billion.
The Italian company sold 388,800 vehicles worldwide in January–September, up 12.2% from 346,500 in the same period of 2025. Chief Executive Michele Colaninno said growth was driven by India and an expanding presence in the Americas.
Operating profitability also improved. Earnings before interest, taxes, depreciation and amortisation rose 3.9% to €208.8 million, and the EBITDA margin increased to 16.9% from 16.7%. Operating profit rose 15.8% to €98.7 million.
Piaggio’s results distinguish growth in sales volumes from the slower increase in reported revenue. Currency movements were one reason the sales increase was stronger when measured at constant exchange rates.
Net financial debt stood at €469.7 million on September 30, down from €577.6 million at the end of 2025. Capital expenditure fell 25% to €76.8 million.
The company’s brands include Vespa, Aprilia and Moto Guzzi, alongside its commercial-vehicle operations. Colaninno said its production and commercial sites across different markets helped offset higher energy, freight and raw-material costs.
Piaggio did not provide a precise new full-year earnings target. It said the outlook remained tied to geopolitical and economic stability and the effect on consumers’ willingness to spend. The figures released Friday describe the nine months through September, rather than sales recorded in November.
Sources: Piaggio Group — September 30, 2026 results, released November 6: https://www.piaggiogroup.com/en/archive/press-releases/piaggio-group-results-30-september-2026 Reuters — Piaggio nine-month earnings: https://www.reuters.com/business/vespa-maker-piaggios-profit-jumps-18-growing-global-presence-2026-11-06/