PIRELLI BOARD MAJORITY APPROVES CONSOLIDATED RESULTS TO 30 JUNE 2026
PIRELLI: H1 NET PROFIT +13.3% TO 299 MILLION EURO, ADJUSTED EBIT MARGIN AT 16%
2026 TARGETS ANNOUNCED IN MAY CONFIRMED
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First Half 2026
- Revenues: 3,494.5 million euro, with organic growth of +2.5% excluding effect of forex and hyper-inflation (-2.1%) and variation of the scope of consolidation (-0.5%). Including these effects, revenues were stable compared with first half 2025 (3,498.6 million euro);
- Further strengthening of High Value (82% of sales, 80% in first half 2025);
- Price/Mix: +2.5% supported by the ongoing improvement of the product mix and the positive contribution of the regional mix;
- Adjusted Ebit: 557.8 million euro (558.3 million euro in first half 2025), with margin stable at 16%;
- Net profit: +13.3% to 299.0 million euro (264.0 million euro in first half 2025) thanks also to lower financial charges;
- Net cashflow before dividends and consolidation of Xushen Tyre of -556.9 million euro, (-547.1 million euro in first half 2025 excluding the positive impact of the disposal of Dakia AB);
- Net Financial Position: -1,915.9 million euro (-2,678.7 million euro on 30 June 2025 and -1,102.0 million euro on 31 December 2025);
- Partnerships stipulated in the sustainability area linked to materials’ circularity.
Second quarter 2026
- Revenues: 1,757.3 million euro, with organic growth of 1.4% excluding the effect of forex and hyper-inflation (+0.4%) and the variation of the scope of consolidation (-0.8%). Including these effects, growth was 1.0% compared with 1,740.0 in the second quarter of 2025;
- Price/Mix: +2.9% thanks to the improvement of the product mix and positive contribution of the regional mix;
- Adjusted Ebit: 280.4 million euro, +0.7% compared with 278.5 million euro in second quarter 2025;
- Adjusted Ebit Margin stable at 16%;
- Net profit: +3.9% at 142.2 million euro (136.8 million in second quarter 2025).
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Milan 29 July 2026 – The Board of Directors of Pirelli & C. Spa met today and majority approved results to 30 June 2026, with the contrary vote of board members Zhang Haitao, Xi Xiaohong and Wang Kun because of the declaration of control by MTP Spa contained in the financial report.
The results of the first half of 2026 confirm the resilience of Pirelli’s business model and the effective implementation of the strategic programs, despite an economic context still characterized by elevated volatility and persistent geopolitical tensions.
In particular:
- Commercial Program
In the first half of 2026 Pirelli further consolidated its leadership in High Value, the Car and Moto volumes of which grew by 3.5%, with increased market share in both businesses. The performance was supported by both the Original Equipment channel, thanks to partnerships with the principal carmakers in North America and APAC, and the Replacement channel, thanks to the strength of the Brand, quality of the offering and continuing consumer appreciation for Pirelli products.
Standard volumes decreased by -8% reflecting the strategy of growing selectivity, particularly in South America, through the reduction of exposure to segments with lower margins.
The performance described above translates for Pirelli into stable total volumes in the first half of 2026.
- Innovation Program
In the first half of 2026 Pirelli garnered around 200 new homologations with the principal Premium and Prestige carmakers, of which 90% for rim sizes ≥19 inches. Specialties account for 70% of new homologations, while 60% are for electric vehicles (BEV and PHEV). The high level of technological content in Pirelli products earns the constant recognition of the main Premium and Prestige carmakers – as testified by the homologations obtained in the first half for the Ferrari Luce, Rivian R2S and the new Audi Q7 and Q9 SUVs – both in comparative tests in the Car segment, where Pirelli achieved 8 victories in just the first half of 2026.
In terms of the product portfolio, the offering was further broadened with the launch, in the Car replacement segment, of the new Scorpion AS 4 in North America, in Moto with the marketing of the Metzeler Sportec 01 RS and in Cycling with the introduction of the new Cinturato Gravel RH and RM. In conclusion, the development of the Cyber Tyre continues through strategic partnerships with leading operators in the fields of connectivity and autonomous driving, such as Univrses, RideSense and Niulinx, with the goal of further strengthening of the technological platform.
- Efficiencies’ Program
In the first half of 2026 the Company achieved gross benefits of 81 million euro, equal to around 54% of the annual target, in line with expectations. The result reflects, in a particular manner, the progress of the product design program and the improvement of industrial productivity. Given the Middle East crisis and resulting impacts on the cost of raw materials, energy and transport, the company quickly activated mitigation initiatives which include price increases and additional cost containment measures.
In the first half of 2026 Pirelli registered positive performances in the principal economic indicators.
Revenues amounted to 3,494.5 million euro, with organic growth of +2.5% excluding the combined effect of forex and the application of hyper-inflation accounting (equal to -2.1% overall), as well as the variation to the scope of consolidation (-0.5%) following the sale of Däckia AB. Including these effects, stable (-0.1%) compared with the first half of 2025 (3,498.6 million euro).
High Value represents 82% of total sales (80% in the first half of 2025).
In the second quarter of 2026 revenues totaled 1,757.3 million euro, with organic growth of +1.4% compared with the same period of 2025. Growth of 1.0% compared with the first half of 2025 including the effect of forex and hyper-inflation (+0.4%) and the variation of the scope of consolidation (-0.8%).