In an unpredictable international context characterised by ongoing and sometimes sudden escalation of geopolitical events, Immsi Group ended the first quarter of 2026 with consolidated net sales at constant exchange rates up on the same period last year (down by four percentage points at current exchange rates). Furthermore, cash flows rose considerably by over 50 million euro compared with the same period last year, while indebtedness dropped. Results that highlight the subsidiaries’ focus on inventory management and the careful use of financial resources.
The Group’s gross operating (EBITDA) margin for the period was one of the highest on record, reflecting the efforts carried out to improve productivity.
The shipbuilding sector experienced significant growth in net sales, which nearly doubled, as well as in net operating profit (EBIT). The latter was driven mainly by the defence division, with an EBIT margin of 8.5%.
The substantial order book of approximately 1.2 billion euro resulting from successful past work indicates further increases in turnover and strong profit margins. Furthermore, again with respect to the defence division, the probable need for the world’s leading navies to reinforce their minehunter fleets, the possible consolidation of Europe's seabed warfare and surveillance industries and the need to modernise coastal patrol fleets present intriguing opportunities to optimise and bolster the relevant strategic assets.
Despite the decline in net sales at current exchange rates, mainly due to the appreciation of the euro against other currencies, Piaggio Group has managed to maintain positive profit margins in the industrial sector, improving its gross margin compared with the previous year. The number of vehicles sold worldwide has increased, bucking the trend seen in recent quarters.
Investments are being made in the hotel sector to strengthen businesses.
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Mantua, 13 May 2026 – At a meeting today chaired by Matteo Colaninno, the Board of Directors of Immsi S.p.A. (IMS.MI) examined and approved the interim report on operations as at and for the three months ended 31 March 2026.
Immsi Group business and financial performance at 31 March 2026
Immsi Group consolidated net sales totalled 392.2 million euro at constant exchange rates in the first quarter of 2026 (+1.8% compared with 385.2 million euro in the first quarter of 2025); and 369.1 million euro at current exchange rates (-4.2% compared with the balance for the first quarter of 2025).
Immsi Group consolidated EBITDA amounted to 58.4 million euro (60.5 million euro in the first quarter of 2025; -3.5%). The EBITDA margin, at 15.8%, was one of the best to date (15.7% at 31 March 2025).
Consolidated EBIT amounted to 19.7 million euro (22.2 million euro at 31 March 2025; -11,2%). The EBIT margin was 5.3% (5.8% at 31 March 2025).
Pre-tax profit for the first quarter of the year was 2.1 million euro (4.8 million euro at 31 March 2025; -55.8%) and was subject to taxes totalling 2.1 million euro (3.3 million euro in the first quarter of the previous year).
Net profit before minority interests amounted to 0.1 million euro (1.4 million euro at 31 March 2025) and included the portion attributable to minority interests amounting to 1.2 million euro (2.4 million euro at 31 March 2025).
Immsi Group net financial debt at 31 March 2026 was 1,003.5 million euro. Compared with last March rolling figure (1,018.2 million euro at 31 March 2025), the net financial debt improved by 14.7 million euro, while compared with 31 December 2025 (986.6 million euro at 31 December 2025), the net financial debt at 31 March 2026 improved due to the seasonal nature of the business in the industrial and tourism-hospitality sectors, which tie up financial resources in the first few months of the year. However, this increase amounts to 16.9 million euro, which is more than a quarter less than the increase recorded in the first quarter of last year, when it stood at 70.9 million euro.
In the first quarter of the year, Immsi Group capital expenditure amounted to 25.8 million euro (40.8 million euro in the first quarter of 2025).
Business performance in the first quarter of 2026
Industrial Sector: Piaggio Group
During the first quarter, the Piaggio Group sold 108,400 vehicles worldwide (106,800 vehicles at 31 March 2025, +1.5%), generating consolidated revenues amounting to 364.9 million euro at constant exchange rates, or 341.7 million euro at current exchange rates. The gross profit amounted to 107.9 million euro, accounting for 31.6% of net sales. Consolidated EBITDA was 57.5 million euro, with an EBITDA margin of 16.8%, one of the highest figures ever recorded. EBIT was 19.9 million euro, with an EBIT margin of 5.8% and the net profit was 5.3 million euro. In the first quarter of the year, Piaggio Group capital expenditure amounted to 24.2 million euro. Net financial debt at 31 March 2026 was 597 million euro.
Naval Sector: Intermarine S.p.A.
In the first quarter of 2026, the subsidiary Intermarine S.p.A. net sales amounted to 27 million euro, almost twice the 14.1 million euro recorded in the first quarter of 2025. They comprise 25 million euro attributable to the Military Sector (11.1 million euro in the first quarter of 2025) and 2 million euro relating to the Fast Ferries division, mainly pertaining to activities carried out at the Messina shipyard (3 million euro at 31 March 2025).
Intermarine is currently working on orders relating to its existing contracts, particularly the major contract with the Italian Navy (Navarm), which is a joint venture with Leonardo S.p.A. for the supply of five next-generation coastal minesweepers and related ancillary services. Furthermore, in February 2026, it announced that work had begun on developing an innovative unmanned surface vehicle (USV) for the Italian Navy. This vehicle will feature high modularity, enabling the integration of a wide range of systems and sensors.
Meanwhile, the company has continued to develop its investment plan, which is aimed at upgrading the production capacity of the Sarzana shipyard on a structural level.
Real Estate and Holding sector
In the first quarter, which is usually a period of preparation for the hotel business that only begins in the second quarter of the year, the Real Estate and Holding sector recorded sales revenues of 0.4 million euro, unchanged from the same period in the previous year. The subsidiary Is Molas has completed major refurbishment work on the existing tourist and hotel facilities to align the services with those expected by the target customer base.
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Share buyback program
In connection with the authorisation for the purchase and disposal of own shares given by the Immsi S.p.A. AGM held on 05 May 2026, the Board of Directors approved the launch of a share buyback program, which represents a useful strategic investment opportunity for the purposes allowed under law, including the purposes contemplated in art. 5 of EU Regulation 596/2014 (Market Abuse Regulation, “MAR”), among which the purchase of own shares for subsequent cancellation, and in the practices allowed by Consob under art. 13 MAR.
Share purchase transactions under the program will be performed in the manner and in compliance with the limits set out in the aforementioned shareholder resolution, specifically:
- up to 10,000,000 no-par Immsi ordinary shares may be purchased, for a maximum outlay of 10,000,000 euro, thus within the legal limits (20% of share capital, pursuant to art. 2357, par 3, Italian Civil Code;
- share buybacks shall take place within the limits of distributable earnings and available reserves as reflected in the most recent financial statements (including interim financial statements) approved at the time of implementation of the transaction;
- share buybacks shall be effected on the regulated market in a manner that ensures shareholder equality of treatment pursuant to art. 132 of Lgs.Decree58/1998), with the graduality deemed to be in the interests of the company and in accordance with current laws, adopting the procedures envisaged by art. 144-bis, paragraph 1, head b) of Consob Regulation 11971/1999 as subsequently amended, and taking into account the conditions relating to trading as per art. 3 of the Delegated Regulation (EU) 1052/1052 (“Regulation 1052”) enacting the MAR and the practices allowed by Consob compliantly with art. 13 MAR, where applicable (i) for a consideration that shall not be higher than the greater of the price of the most recent independent transaction and the price of the highest independent offer on the trading markets where the buyback is made, without prejudice to the condition that the per-share consideration shall not in any case be more than 20% below or 10% above the mean official Immsi share price in the ten trading days before each single purchase transaction; (ii) for volumes not exceeding 25% of the average daily volume of Immsi S.p.A. shares traded on the regulated market where the buyback is made, determined on the basis of the parameters as per art. 3 of Regulation 1052;
- the buyback program may be implemented, in one or more tranches, through 04 November 2027.
As of today, the company does not hold any own shares.
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Significant events at and after the reporting date
Supplementing the information published above or at the time of approval of the 2025 draft financial statements (board of directors’ meeting of 23 March 2026), this section illustrates the key events of the period and subsequent events.
To mark Vespa’s 80th anniversary, celebrations kicked off on 23 April with an exclusive event at the “Empty Space” store in Milan, where the special edition Vespa Primavera and GTS 80th were launched. These two models bring the brand’s original spirit back to the fore.
On 30 April, President Sergio Mattarella opened the 2026 Labour Day celebrations by visiting the Piaggio factory in Pontedera, which is regarded as a symbol of Italian creativity and industriousness. Upon his arrival, President Mattarella was welcomed by Matteo Colaninno, the Chairman of the Piaggio Group, and Michele Colaninno, the Managing Director - CEO of the Piaggio Group.
He visited the factory workshop – the historic heart of the Group – with them and observed the various stages of scooter assembly on the production lines, including Vespa models. The tour concluded with a visit to the Piaggio Museum, where the ceremony speeches were delivered in the auditorium.
In his Labour Day speech, President Mattarella stated that “Vespa remains one of Italy’s most iconic symbols of creativity and industriousness around the world”.
On Friday, 8 May, the President of the European Parliament, Roberta Metsola, visited the Piaggio Group’s factory and production lines in Pontedera, accompanied by the Chairman and Managing Director - CEO of the Piaggio Group, Matteo and Michele Colaninno respectively.
On Sunday 10 May, Aprilia Racing, the racing team of Piaggio Group, achieved a historic milestone at the Le Mans Bugatti Circuit, securing its first-ever MotoGP podium lockout (one-two-three finish). After starting 7th, Jorge Martín made an extraordinary comeback to secure his first victory with Aprilia Racing. Marco Bezzecchi finished second after riding a solid and intelligent race, rounding out the Aprilia factory team's one-two. This is Bezzecchi's fifth consecutive podium since the beginning of the season, making him the first rider to achieve this feat since 2015 (a record previously set by Valentino Rossi). Ai Ogura also delivered an outstanding performance, securing third place for the Trackhouse MotoGP Team, rounding out a historic all-Aprilia podium. With this victory, Aprilia Racing now lies at 306 wins in MotoGP World Championship.
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Outlook
Innovation, competitiveness, safety, sustainability and social responsibility remain at the heart of Piaggio Group’s development strategy, guiding it in its mission to offer increasingly advanced solutions to the changing mobility needs of people in advanced and developing countries, in large metropolitan areas and smaller communities.
In the current geopolitical and economic context, Piaggio Group will therefore continue to work to grow and invest with this in mind, aiming to further consolidate its role among the leaders in the sector, also confirming its commitment to ESG issues.
With respect to the naval sector, Intermarine's objectives are to deliver recently secured contracts and commence the major contract with the Italian Navy. This will significantly increase the order book and create the conditions necessary to optimise production capacity in the coming years. Furthermore, the company will continue to engage in commercial activities across all its business operations in order to capitalise on favourable market opportunities.
In the real estate and tourism-hospitality sectors, the Is Molas subsidiary, in particular,
will continue marketing and rental activities on its venues as well as activities to increase the number of customers for its newly designed hospitality and golf facilities and the Is Molas Beach Club.