Piaggio Group reported declining revenue and profits for 2025 as weakening demand in Europe, North America and Asia weighed on motorcycle and scooter sales.
The Italian manufacturer posted consolidated net sales of €1.50 billion ($1.63 billion) for the year ended Dec. 31, 2025, down 11.7% from €1.70 billion ($1.85 billion) in 2024.
Group net profit fell nearly 50% to €34 million ($36.9 million) from €67.2 million ($72.9 million) the previous year.
Nevertheless, CEO Michele Colaninno said the company maintained strong margins despite the global economic headwinds.
“2025 was certainly a complex year worldwide, with considerable macroeconomic factors such as new trade tariffs, rising raw-material costs and currency instability,” Colaninno said in a statement. “This context notwithstanding, the Piaggio Group managed to maintain very positive margins and improve its gross margin percentage through productivity improvements.”
Piaggio sold 445,200 vehicles globally in 2025, down 7.6% from 481,600 units in 2024.
The majority of the company’s volume came from two-wheelers, where the group sold 329,000 motorcycles and scooters, compared with 359,900 units the previous year.
Two-wheeler revenue totaled €1.16 billion ($1.26 billion), including €148.8 million ($161.5 million) from parts and accessories.
Piaggio said the decline was driven in part by the EURO 5+ emissions regulation rollout in Europe, which led to heavy registrations in late 2024 and reduced demand in 2025 as the market absorbed that inventory.
Even with the slowdown, the company maintained a 10.2% overall two-wheeler market share in Europe and a 17.5% share of the European scooter segment.
In North America, Piaggio reported a 34.7% share of the scooter market while continuing to expand motorcycle sales under its Aprilia and Moto Guzzi brands.
Several premium models performed well despite the broader market decline. High-wheel scooters such as the Piaggio Liberty and Piaggio Medley posted strong results after product updates in 2025.
Meanwhile, the iconic Vespa lineup expanded with the introduction of the Vespa Granturismo, a new model featuring a 310cc engine — the most powerful Vespa produced to date.
In the motorcycle segment, Aprilia continued to gain traction in the sportbike category. The company said the Aprilia RS 660 ranked among Europe’s best-selling sport motorcycles, while the RS 457 performed strongly among younger riders.
Aprilia also reported growth in the U.S. sportbike market, where the brand ranked fifth overall and was the fastest-growing manufacturer in 2025, with sales increasing 30% year over year.
While revenue fell, Piaggio maintained a strong industrial gross margin of 30.5%, up from 29.2% the previous year.
However, operating profitability declined.
EBITDA: €250.8 million ($272.5 million), down 12.5%
EBIT: €101.2 million ($109.9 million), down 31.5%
Pre-tax profit: €51.6 million ($56 million), down 47%
Net financial debt rose to €577.6 million ($627 million) at the end of 2025, compared with €534 million ($580 million) a year earlier.
Capital expenditures totaled €140.6 million ($152.7 million) as the company continued investing in electrification and production upgrades.
Despite softer demand, the company said it will maintain its long-term strategy centered on two-wheelers, commercial vehicles and robotics.
The company continues to invest in electric powertrains and new production technologies, including motors aligned with the European Green Deal.
Piaggio also continues to develop mobility robotics through its Boston-based subsidiary Piaggio Fast Forward, which produces autonomous cargo robots.
Looking ahead, Colaninno said the company remains focused on innovation and brand strength.
“Although it is still difficult to provide precise guidance for the immediate future, the group confirms its long-term product strategies,” he says, adding that the goal is to further consolidate Piaggio’s position among global industry leaders.
RideNow Group reported improving profitability and same-store growth in the fourth quarter of 2025, even as full-year revenue and new unit sales declined amid a softer powersports retail environment.
The dealership group said same-store revenue rose 6.3% in the fourth quarter, driven by a 7.7% increase in unit sales, while gross profit in the powersports segment climbed 10.1% to $70.7 million.
Chairman, CEO and president Michael Quartieri said the results reflect progress in the company’s operational turnaround.
“I am proud of our team and the substantial progress we have made on our ‘back to our roots’ strategy, with momentum building through the fourth quarter,” Quartieri notes.
Q4 performance
For the fourth quarter ended Dec. 31, RideNow reported:
Total revenue: $256.9 million, down 4.7% year-over-year
Powersports revenue: $256.1 million
Gross profit: $70.9 million, up 5%
Adjusted EBITDA: $9.7 million, up from $2.2 million
Net loss: $6.4 million, compared with a $56.4 million loss in Q4 2024
New retail powersports unit sales declined 2.9% to 9,924 units, while pre-owned unit sales increased 5.1% to 4,125 units.
The company said improved gross profit per unit (GPU) helped offset the decline in new unit volume. Powersports GPU rose 10.8% to $5,032 during the quarter.
Same-store retail performance was stronger:
New unit sales: up 5.4%
Pre-owned unit sales: up 10.4%
Total same-store retail units: up 6.8%
Parts, service and accessories revenue also increased 2.8% to $48.5 million, while finance and insurance revenue rose 6.6% to $24.1 million.
For the full year, RideNow reported $1.08 billion in total revenue, down 10.5% from 2024, reflecting weaker industry demand.
Key full-year results included:
Powersports revenue: $1.07 billion, down 6.7%
Gross profit: $298 million, down 5.2%
Adjusted EBITDA: $46.2 million, up 40.4%
Net loss: $52.4 million, improved from a $78.6 million loss in 2024
New retail powersports unit sales fell 9.4% to 38,459 units, while pre-owned unit sales increased slightly to 18,416 units. While selling, general and administrative expenses declined 6.9% to $256.3 million, reflecting cost-cutting efforts.
RideNow also exited its vehicle transportation services business at the end of 2025, which resulted in a non-cash impairment charge during the year. The company said the move aligns with its renewed focus on core dealership operations.
At the end of 2025, RideNow reported:
Cash: $29.5 million
Long-term debt: $207.6 million
Operating cash flow: $15.9 million
Inventory increased $16.8 million during the year, while the company repaid $61.1 million in debt principal. RideNow also reported $123.1 million in availability under its powersports floorplan credit lines, giving the company continued access to inventory financing.
The results highlight several broader trends impacting powersports dealerships:
Used units remain a strong profit driver as pre-owned sales continue to rise.
Gross profit per unit is improving despite softer overall demand.
Parts, service and F&I remain stable revenue contributors.
Cost discipline is becoming a major focus for large dealership groups.
RideNow operates one of the largest powersports dealership networks in the United States, representing major brands across motorcycles, ATVs, side-by-sides, personal watercraft and snowmobiles.
A recent Ride Report by the Motorcycle Industry Council highlighted new data from the U.S. Bureau of Economic Analysis that showed outdoor recreation continued to play a significant role in the U.S. economy in 2024, with powersports ranking among the sector’s largest activities.
According to the bureau’s latest Outdoor Recreation Satellite Account, outdoor recreation generated $1.3 trillion in economic output in 2024, supporting 5.2 million American jobs and accounting for 2.4% of U.S. gross domestic product. The sector grew 2.7% in real terms (inflation-adjusted) over 2023, proving the demand for outdoor experiences throughout the country.
The motorcycling/ATVing category — which includes recreational OHVs like side-by-sides — ranked fourth among conventional outdoor recreation activities by current-dollar value added.
“Motorcycling/ATVing posted a slight increase from 2023 to 2024 in current-dollar values,” says Buckner Nesheim, director of research and statistics for the MIC’s, Recreational Off-Highway Vehicle Association (ROHVA), and Specialty Vehicle Institute of America. “Even when accounting for inflation, the industry held steady, reflecting the continued strength and enthusiasm for powersports recreation.”
States such as Wisconsin, New York, Ohio, Indiana, and Illinois recorded the largest increases in motorcycling/ATVing value added as a share of state GDP, while California, Wisconsin, Texas, Pennsylvania, and Georgia saw the largest overall economic contributions from motorcycling and ATV activity.
The data is part of BEA’s ongoing effort to measure the economic impact of outdoor recreation across the United States through its Outdoor Recreation Satellite Account.
“This data illustrates the importance that powersports plays in the broader outdoor recreation economy,” Nesheim says. “Our industry supports millions of jobs, fuels local businesses, and provides millions of Americans opportunities to explore and enjoy the outdoors.”