REVIEW OF PRELIMINARY RESULTS TO 31 DECEMBER 2025 AND 2026 BUDGET
PIRELLI: HITS 2025 TARGETS, NET PROFIT +5.9% TO 530.7 MILLION EURO
BOARD PROPOSES EXTRAORDINARY DIVIDEND THANKS TO POSITIVE RESULTS AND DECREASED FINANCIAL LEVERAGE
TOTAL DIVIDEND OF 0.34 EURO PER SHARE OF WHICH 0.10 EURO EXTRAORDINARY
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IN 2025 REVENUES SAW ORGANIC GROWTH OF 4.2%, WITH ADJUSTED EBIT MARGIN RISING TO 16% NOTWITHSTANDING IMPACT OF FOREX, TARIFFS AND INPUT COST INFLATION
NET FINANCIAL POSITION FALLS TO -1.1 BILLION EURO (TARGET ~-1.6 BILLION), NET FINANCIAL POSITION/ADJUSTED EBITDA RATIO AT 0.71 TIMES (2025 TARGET ~1 TIME)
IN 2025 RECOGNIZED AS SECTOR LEADER IN KEY FINANCIAL SUSTAINABILITY INDICES
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Full-year 2025
- Revenues: 6,776.2 million euro (at higher end of 2025 target of “between 6.7 and ~6.8 billion”), with organic growth of +4.2% excluding forex effect (-3.8%) and deconsolidation of Däckia (-0.4%); including these effects, revenues were stable compared with 6,773.3 million euro in 2024;
- Further strengthening of High Value (79% of sales compared with 76% in 2024);
- Price/Mix: +3.8% thanks especially to the ongoing improvement of product and region mix (2025 target between ~+3.5% / ~+4%);
- Adjusted Ebit: +2.0% to 1,081.4 million euro thanks to the efficacy of internal levers;
- Adjusted Ebit Margin rises to 16% (in line with 2025 target of ~16%), compared with 15.7% in 2024;
- Net profit: +5.9% to 530.7 million euro (501.1 million euro in 2024);
- Net cash flow before dividends: +1,073.8 million euro (+533.9 million in 2024); +577.3 million euro (2025 target ~550 million euro) excluding impact of bond loan conversion of 496.5 million euro;
- Net Financial Position: -1,102 million euro (-1,925.8 milion on 31 December 2024), better than target of ~ -1.6 billion euro. NFP/Adjusted Ebitda ratio at 0.71 times (better than 2025 target of ~1 time);
- In 2025 recognized as sector leader in principle sustainable finance indices
Fourth quarter 2025
- Revenues: 1,581 million euro, with organic growth of 6.1% excluding the forex effect (-5.3%) and the deconsolidation of Däckia (-1.3%); total variation -0.5% compared with 1,588.8 million euro in fourth quarter 2024;
- Price/Mix: +3.7% supported by the continuous improvement of the product mix and despite a negative channel mix;
- Adjusted Ebit: 245.9 million euro, stable compared with 244.6 million euro in fourth quarter 2024 thanks to the contribution of internal levers;
- Adjusted Ebit Margin rises to 15.6% from 15.4% in fourth quarter 2024;
- Net profit: 130.1 million euro (130.0 million euro in 2024);
- Net cash flow before dividends: +1,436.3 million euro, +939.8 million euro excluding the impact of the conversion of the bond loan of 496.5 million euro (+890.7 million in fourth quarter 2024)
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2026 TARGETS
- Revenues seen between ~6.7 and ~6.9 billion euro, with an Adjusted Ebit Margin of ~16%, a slight improvement compared with 2025
- Net cash flow before dividends ~0.50 billion euro
- Net financial position at end 2026 of ~1.2 billion euro, with a NFP/Adjusted Ebitda ratio of ~0.75 times
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Milan, 25 February 2026 – The Board of Directors of Pirelli & C. Spa met today and approved preliminary and unaudited results to 31 December 2025 and 2026 budget.
In a challenging context, characterized by geopolitical and commercial tensions and marked forex volatility, Pirelli closed 2025 with better results compared with the previous year and in line with the targets announced to the market, confirming the efficacy of the business model and key programs of the Industrial Plan.