Piaggio & C. S.p.A.
PIAGF · OTC
Company research
Piaggio & C. S.p.A. (OTC: PIAGF) is a leading Italian manufacturer of two-wheeled and light commercial vehicles, founded in 1884 and headquartered in Pontedera, Italy. The company designs, produces, and markets a diverse portfolio of scooters, motorcycles, and mopeds under iconic brands such as Vespa, Aprilia, Moto Guzzi, Gilera, Derbi, and Piaggio, as well as three- and four-wheeled light commercial vehicles under the Ape and Porter names. With a global presence spanning Europe, the Americas, Asia Pacific, India, the Middle East, and Africa, Piaggio distributes its products through an extensive network of dealers and importers across more than 100 countries, while also developing innovative robotic transportation solutions. Operating as a subsidiary of IMMSI S.p.A. and led by CEO Michele Colaninno, the company employs approximately 5,500 people and generated revenues of approximately €1.5 billion, holding a market capitalization of roughly $680 million USD.
Research reports
Intermonte’s Italian equity research note reviews Piaggio’s 4Q25 results, highlighting a sharper-than-expected revenue decline driven by FX and volume weakness, higher net debt, but stronger margins, and maintains a neutral stance with a €1.90 target price as it expects a 2026 recovery led by volume growth (especially in India) while flagging competition in Europe, adverse regional mix, and limited macro visibility as key uncertainties.
S&P Global Ratings · August 7, 2025Outlook On Italian Light Mobility Manufacturer Piaggio ‘BB-’ Rating Revised To Negative On Tough Market ConditionsThis S&P Global Ratings research update revises Piaggio’s credit outlook to negative while affirming the ‘BB-’ rating, citing revenue declines tied to the Euro 5 to Euro 5+ transition, weak Asia-Pacific demand, and intense competition, and forecasts constrained cash generation with FFO-to-debt in the 15–20% range in 2025 before a tentative recovery, emphasizing that leverage, market share pressure, and macro uncertainty create downside risk to the credit profile.