PIRELLI: 2025 RESULTS MAJORITY APPROVED
THANKS TO A MITIGATION PLAN TO CONTAIN THE IMPACTS OF THE CRISIS IN THE MIDDLE EAST, 2026 TARGETS CONFIRMED, WITH ADJUSTED EBIT AT THE LOWER END OF GUIDANCE
BOARD PROPOSES TO SHAREHOLDERS’ MEETING A 2025 DIVIDEND OF 0.34 EURO PER SHARE, OF WHICH 0.10 EURO EXTRAORDINARY, FOR A TOTAL OF AROUND 369 MILLION EURO
Milan, 16 April 2026 – The Board of Directors of Pirelli & C. Spa met today and majority approved results to 31 December 2025, the unaudited and preliminary consolidated version of which was communicated to the market on 25 February 2026. Of the 14 board members, there were 9 in favour while contrary votes were expressed by board members Chen Aihua, Zhang Haitao and Chen Qian whose dissent was solely due to the statement – recalled in the section of significant events herein – of the cessation of Sinochem’s control over Pirelli, in continuity with that which was already reported in the 2024 results. Fan Xiaohua and Tang Grace abstained.
2025 Results
The Board of Directors today approved the results of the parent group Pirelli & C. Spa, which in 2025 registered a net profit of 285.2 million euro (302.0 million euro in 2024). As already announced, the Board, in line with the dividend policy of the prior year, equal to around 50% of the consolidated net profit, will propose to the Shareholders’ Meeting the distribution of a dividend of 0.24 euro per share for a total of around 260 million euro. Given the positive results and reduction of financial leverage, the Board will also propose the payment of an added dividend, always referred to 2025 of 0.10 euro per share for around 109 million euro, also drawing on distributable profit reserves.
Overall, therefore, the total dividend proposal amounts to 0.34 euro per share, equal to dividend payout of around 369 million euro.
The dividend relative to 2025 will be in payment beginning from 22 July 2026 (coupon detachment on 20 July 2026 and record date on 21 July 2026).
Note that Pirelli ended 2025 with a consolidated net profit of 530.7 million euro, an increase of 5.9% compared with 501.1 million euro in 2024, on stable revenues of 6,776.2 million euro of which 79% generated by the High-Value segment (76% in 2024). For Research and Development, the basis of Pirelli’s technological innovation, the company earmarked 312.7 million euro in total (4.6% of total sales), of which 299.5 million euro was focused on High Value activities (5.6% of High Value revenues).
On 31 December 2025, debt stood at -1.1 billion euro, markedly better than the goal of around -1.6 billion euro and with a Nfp/Adjusted Ebitda ratio of 0.71 times, better than the 2025 target of around 1 time. In addition, the year also saw further improvement in the sustainability performance, the details of which were contained in the press release of 25 February 2026.
2026 Targets
The evolution of the Middle East crisis remains uncertain in terms of its duration and potential impact. The tensions in the area are translating into great pressure on the energy markets and raw materials, with significant price increases of oil and gas. This scenario, if prolonged, will translate into an increase in inflation with potential impacts of the performance of the economy and demand.
Pirelli’s exposure to the area is limited, equal to about 1% of group revenues, and immediately implemented a series of actions aimed at guaranteeing the safety of its people in loco, reinforcing its cooperation with local partners and optimizing logistics flows.
Further, to limit the effects of the Middle East crisis at the Group level, Pirelli has already activated a mitigation plan which entails:
- price increases;
- containment of additional costs compared with the existing efficiency plan;
- a review of logistics flows and temporary increases of back-up inventories of critical raw materials to ensure continuity of production;
- attentive management of working capital.
Taking these actions into account and given the volatility of input costs and raw materials, which may be expected to progressively normalize in the second half, Pirelli confirms the 2026 targets announced to the market on 25 February 2026, with Adjusted Ebit expected at the lower end of guidance.