Done
Results released on Friday with markets open. The details:
• Revenue at €367mn (-20% YoY) vs our/cons. at €399/ 398mn, -8%/ -8%;
o Volumi 110k, -15% YoY vs our 112k
o ARPU €3.3k, -4% YoY vs our 3.6k
• EBITDA at €61mn (-22% YoY) vs our/cons. at €67/ 68mn, -9%/ -11%;
• EBITDA margin at 16.5% vs our/cons. at 16.7%/ 17.1%;
• EBIT at €25mn (-40% YoY) vs our/cons. at €30/ 31mn, -16%/ -18%;
• Net income at €10mn (+13% YoY) vs our/cons. at €14/ 13mn, -28%/ -22%;
• Net debt at €461mn vs our/cons. at €444/ 444mn.
Messages from the call:
• Q3 impacted by de-stocking in EMEA of ~14k units (~€60mn revenues and ~€18mn gross profit), ~3% annual value
• De-stocking expected to continue in Q4, but expected to end in 2024. De-stocking not linked to excess stock at the beginning of 2024
• Re-stocking not expected in 2025
• EBITDA margin seen around 17% for FY24, vs our/cons. 17.1/16.5%
• Prices seen as “stable”, negative mix effect for Aprilia 457 in motorcycles and commercial vehicles in the EU
• CapEx peak between end 24 and 1H25
• Market share at 21.3% in scooters in EU (-0.1pp vs 2Q, -1.8pp YoY). Greater level of competition from Asian players
• Rationalized the number of Point-of-Sale
Effect
The 3Q24 results were lower than expected (EBITDA €61 vs. our/year 67/68) due to a lower average revenue with volumes that remained…
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SEE PIAGGIO’S ANALYSIS
