REVIEW OF PRELIMINARY RESULTS TO 31 DECEMBER 2024 AND APPROVAL OF 2025 BUDGET
PIRELLI EXCEEDS 2024 TARGETS
REVENUES 6.77 BILLION EURO, ADJUSTED EBIT 1.06 BILLION WITH A MARGIN OF 15.7% AND CASH FLOW BEFORE DIVIDENDS OF +534 MILLION EURO
NET PROFIT 501 MILLION EURO
IN 2024 FURTHER IMPROVEMENT OF SUSTAINABILTY PERFORMANCES
Full-year 2024
- Revenues: 6,773.3 million euro (2024 target ~6.7 billion euro), +1.9% compared with 6,650.1 million euro in 2023, organic variation +4.4% excluding forex effect of -2.5%
- Price/Mix: +2.5% thanks to mix improvement (in line with target of around +2.5%)
- Adjusted Ebit: 1,060.5 million euro (~1,040 million euro implicit in profitability targets), +5.9% compared with 1,001.8 million euro in 2023. Improvement of price/mix and efficiencies more than offset the negative impact of raw materials and inflation
- Adjusted Ebit Margin 15.7% (target ~15.5%)
- Net profit: 501.1 million euro, an increase of 1.0% compared with 495.9 million euro in 2023
- Net cash flow before dividends: +533.9 million euro (+508.9 million euro in 2023) exceeding target of “between ~500 and ~520 million euro”
- Net Financial Position: -1,925.8 million euro on 31 December 2024 (-2,816.2 million euro on 30 September 2024 and -2,261.7 million on 31 December 2023) above target of ~1.95 billion euro. Nfp/Adjusted Ebitda ratio ~1.27x (target ~1.32/~1.26x)
- Research and Development Spend: 289.5 million euro in 2024 (4.3% of total revenue), of which 272.8 million euro devoted to High Value (5.3% of High Value revenues)
- In 2024 further improvement in sustainability performance
Fourth Quarter 2024
- Revenues: 1,588.8 million euro, +6.6% compared with 1,489.9 million in fourth quarter 2023 (organic variation +2.3% excluding the positive forex effect of +4.3%)
- Price/Mix: +1.8% thanks to the product mix
- Adjusted Ebit: 244.6 million euro, an increase of 11.5% compared with 219.3 million euro in the fourth quarter of 2023. The positive effect of price/mix, efficiencies and exchange rates more than offset the negative impact of raw materials and inflation
- Adjusted Ebit Margin 15.4% (14.7% in fourth quarter 2023)
- Net profit: 130.0 million euro (an increase of 53.1% compared with 84.9 million euro in fourth quarter 2023) also thanks to the positive evolution of a fiscal dispute relative to prior years
- Net cash flow before dividends: +890.7 million euro (+876.6 million euro in 2023)
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2025 TARGETS
PIRELLI CONFIRMS TARGETS FORESEEN IN INDUSTRIAL PLAN DESPITE THE HIGHER VOLATILITY OF THE EXTERNAL CONTEXT
- Revenues seen between ~6.8 and ~7.0 billion euro, Adjusted Ebit Margin at ~16%
- Net cash flow before dividends between ~0.55 and ~0.57 billion euro
- Net Financial Position ~1.6 billion euro at end 2025, with Nfp/Adjusted Ebitda ratio ~1 times
- A plan to mitigate the impact of potential US tariffs is being prepared with the goal of guaranteeing cash generation and deleveraging targets and the lower end of Adjusted Ebit guidance
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Milan, 26 February 2025 – The Board of Directors of Pirelli & C. Spa met today and approved preliminary, unaudited results to 31 December 2024 and the 2025 budget. The results obtained in 2024, which exceeded targets, confirm the efficacy of the business model and the implementation of strategic programs in a challenging external context.