For plenty of motorcycle and powersports manufacturers, 2024 was a year to forget, financially speaking. KTM all but imploded, and the cost-saving measures employed by Polaris are bleeding into 2025. So how, then, in the midst of all this, did Piaggio Group—owner of Vespa, Aprilia, Moto Guzzi, Derbi, Gilera, Scarabeo brands—manage to post record margins, despite an "anomalous" economy?
Italy's Piaggio reported an annual core profit margin of 16.9%, which, according to the manufacturer, is its highest ever. But the company didn't achieve this by riding a wave of good fortune. In fact, Piaggio accomplished this in the face of adversity.
The company had a 12% fall in its earnings before interest, taxes, depreciation and amortisation, which in absolute terms amounts to €286.7 million ($302.4 million). So you'd think recording a record high would be completely unimaginable, but apparently it's all down to productivity management.
