PIRELLI BOARD MAJORITY APPROVES CONSOLIDATED RESULTS TO 30 SEPTEMBER 2026
PIRELLI: 9 MONTH NET PROFIT +7.4% AT 430.2 MILLION EURO, REVENUES GROW
ADJUSTED EBIT MARGIN AT 15.9% IN LINE WITH 2026 TARGET OF AROUND 16%
TARGETS COMMUNICATED IN JULY CONFIRMED NOTWITHSTANDING THE WORSENING OF
THE EXTERNAL CONTEXT
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BOARD APPROVES NEW EMTN PROGRAM OF 2 BILLION EURO
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First nine months 2026
- Revenues: 5,278.0 million euro, with organic growth of 2.7% excluding the combined effect of forex and hyper-inflation (-0.8%) and change of scope of consolidation (-0.3%). Including these effects, +1.6% compared with first nine months of 2025 (5,195.2 million euro);
- Further strengthening of High Value (82% of sales, 79% in first nine months of 2025);
- Price/Mix: +3.2%, supported by ongoing improvement of product mix and regional mix, and by price component;
- Adjusted Ebit: 840.8 million euro (835.5 million euro in first nine months of 2025), with a substantially stable margin at 15.9%;
- Net profit: +7.4% at 430.2 million euro (400.6 million euro in first nine months of 2025);
- Net cash flow before dividends and corporate transactions in China at -383.9 million euro (-362.5 million euro in first nine months of 2025);
- Net financial position: -2,162.9 million euro (-2,537.9 million euro on 30 September 2025 and -1,102.0 million euro on 31 December 2025).
Third quarter 2026
- Revenues: 1,783.5 million euro, with organic growth of 3.0% compared with the same period in 2025 excluding the combined effect of forex and hyper-inflation (+2.1%). Including these effects, +5.1% compared with third quarter 2025 (1,696.6 million euro);
- Price/Mix: +4.6%, thanks to the ongoing improvement of the product, geographical and channel mix and the positive contribution of the price component;
- Adjusted Ebit: +2.1% at 283.0 million euro (277.2 million euro for third quarter 2025), with a margin at 15.9%;
- Net profit: 131.2 million euro (136.6 million euro in third quarter 2025);
- Net cash flow before dividends and corporate transactions in China: +173.0 million euro (+141.2 million euro in third quarter 2025).
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Milan, 5 November 2026 – The Board of Directors of Pirelli & C. S.p.A. met today and majority approved the results to 30 September 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 in the first nine months of 2026 confirm the solidity and resilience of Pirelli’s business model in a context characterized by persisting geopolitical tensions, slowing demand and inflationary pressure on the key input costs.
In particular:
- Commercial Program
In the first nine months of 2026 Pirelli consolidated its leadership in the High Value segment, recording total growth in High Value Car and Moto volumes of around 3%, gaining market share in both businesses. The performance was underpinned by the Replacement channel, with volumes growing by 4% and an acceleration in the third quarter (+6%, compared with +3% in the first half), a confirmation of the strength of the brand, of the high quality of the offering and the continuing appreciation of Pirelli products by consumers. In Original Equipment, volumes in the nine months grew by 1% after +5% in the first half and -7% in the third quarter. The performance in the third quarter was impacted by an unfavorable basis of comparison (when Original Equipment sales were supported by solid performances in North America and APAC), and the weakness of car production in Europe, North America and China, that latter also following the cessation of government incentives. In Standard volumes fell -9% in the first nine months and 11% in the third quarter, in line with the strategy of growing selectivity above all in South America because of the reduction of exposure to segments with lower margins.
The performance described above translates into slightly lower total volumes in the first nine months (-0.5%).
In the third quarter, volumes declined by 1.6%, in line with the second quarter, reflecting the persisting weakness of demand in the Original Equipment channel and the above-mentioned reduction in Standard exposure
- Innovation Program
In the first nine months of 2026 Pirelli garnered around 350 new homologations with the main Premium and Prestige car makers, with a marked focus on rim sizes ≥19 inches (90% of the total), Specialties (70%) and electric vehicles (60% between BEV and PHEV). The new homologations include those for the Ferrari Luce, the marque’s first electric model, Rivian R2S, the new Audi Q7 and Q9 SUVs, BMW iX4, Range Rover Electric, the Aito 9 and Zeekr 9X. In the third quarter, in addition, the product portfolio was further broadened with the launch in Europe, in Car replacement, of the new Scorpion Winter 3, developed through virtualization and driving simulators. Pirelli’s technological leadership was further confirmed in leading European comparative tests, including the first-place position of the Cinturato Winter 3 in the ADAC tests, the biggest European automobile club. Further, the development of the Cyber Tyre through strategic partnerships with Univrses, RideSense and Niulinx, with the goal of further strengthening the technological platform. The agreement with ABET HTS extends the application of technology to vehicles for defense and rescue in extreme environments, integrating data coming from the tyres with those generated by optic sensors and from the vehicle, to enable advanced real time monitoring and predictive functions through artificial intelligence.
- Efficiencies Program
In the first nine months of 2026 the group achieved gross benefits of 109.4 million euro, equal to 73% of the annual target and in line with expectations. The result reflects progress in product design and the improvement of industrial productivity. In light of the Middle East crisis and the consequent impact of the cost of raw materials, energy and transport, the company also successfully implemented mitigation initiatives, including actions on prices and further cost containment measures.
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In the first nine months of 2026 Pirelli registered positive performances in the main economic indicators.
Revenues were 5,278.0 million euro, with organic growth of +2.7% excluding the combined effect of forex and the application of hyper-inflation accountancy (equal to -0.8%), as well as change in the scope of consolidation (-0.3% impact on revenues) following the sale of Däckia in the second quarter of 2025. Including these effects, revenues increased by +1.6% compared with the first nine months of 2025 (5,195.2 million euro). High Value represents 82% of total sales (79% in the first nine months of 2025).
In the third quarter of 2026 revenues amounted to 1,783.5 million euro, with organic growth of +3.0% excluding the combined effect of forex and the application of hyper-inflation accountancy (in total equal to +2.1%). Including these effects, revenues grew by +5.1% compared with 1,696.6 million euro in the third quarter of 2025.