2026 TARGETS ANNOUNCED IN MAY CONFIRMED

***

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).

***

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%).

Published on: 29 July 2026, 17:50 CET

***

Milan, 23 July 2026 - Pirelli won “2026 Top Graduate Employer Brands” recognition in China from 51job – a leading Chinese human resources company – for the excellent results achieved in the attraction and selection of talented university students, skills’ development and employer branding enhancement.

Launched by 51job in 2018, the "Top Graduate Employer Brands" award employs a rigorous dual-track evaluation mechanism that combines input from both employers and talented young candidates to ensure its credibility. The 2026 edition – named “Without Boundaries” - assessed participants from various perspectives, including employer brand influence on campuses, graduate training programs, culture of young talent development, depth of university-industry collaboration, and compensation & benefits competitiveness.

Pirelli's award is a powerful testament to the company's brand appeal among talented young people as well as further recognition of the company’s long-term campus talent strategy, aimed at developing upcoming generations and consolidating relationships with universities.

Year-round Campus Recruitment and In-depth University Partnerships

Pirelli has built a year‑round, deeply integrated talent strategy for its university collaborations. The company has campus recruitment drives in both spring and autumn, with targeted outreach to Science and Engineering, Chemical Engineering, Mechanical Engineering, Business, and Design Institutes through structured interviews, assessment centers, and real‑life business case challenges.

For the class of 2027, Pirelli offers opportunities across multiple functions: motorsports, R&D, quality, data analytics, production management, lean manufacturing, supply chain, electrical engineering, and HSE.

Structured Onboarding and Development System for Recent Graduates

For recent graduates and young new hires, Pirelli offers a two-year Warming Up @Pirelli onboarding program. The program consists of four main steps: an official welcome to understand Pirelli culture and strategy; a journey through the company functions to gain a deeper grasp of its processes; a chance to acquire effective tools and ways of working; and a final moment of self-reflection to put their initial experience in Pirelli into perspective and consider their future within the company.

Key features of the program include internationality and cross-functionality, top management speeches and interviews, exercises and simulations for on-the-job practice, and a 24/7 online digital library. For longer-term development, Pirelli has established a global training system built on four pillars: Professional Academies, School of Management, Global Activities, and Local Education. The Professional Academies deliver continuous professional training across multiple disciplines, including R&D, manufacturing, commercial, quality, supply chain, purchasing, finance, human resources, digital, and HSE.  

The company also collaborates with world-class universities and business schools to continuously advance innovation-driven talent development, which includes launching localized talent programs and offering market-specific training aligned to local business needs and employee growth paths, supporting employees' skill enhancement and career progression.

Inclusive and Diverse Corporate Culture and Employee Care

Pirelli is committed to fostering an open, fair, and inclusive international working environment. The company upholds the key values of "Inclusion, Enhancement and Equal Opportunities," valuing each employee's uniqueness and skills. In terms of people care, Pirelli has launched the global “MORE” welfare program, built on three pillars “FOR YOU”, “FOR YOUR FAMILY” and “FOR YOUR COMMUNITY”, providing comprehensive health support, family care, and community volunteering opportunities.

Published on: 23 July 2026, 12:02 CET

22 July 2026 – Pirelli, Pyrum, Synthos and BASF are jointly advancing a tyre-to-tyre circular economy initiative in Europe, driving the development of an industrial ecosystem designed to increase the use of recycled materials derived from end-of-life and scrap tyres.

The process draws on end‑of‑life tyres collected across Germany, from some Driver retail outlets and motorsport activities, as well as scrap tyres collected from Pirelli's Breuberg plant. They are processed through an industrial chain designed to maximize their inner value, converting them into secondary raw materials – including synthetic rubber – certified under the ISCC PLUS scheme. This ensures traceability along the value chain and enables the circular materials’ reintroduction into the manufacturing of new Pirelli tyres, maintaining their highest standards of quality and performance.

Within this process, Pyrum converts end‑of‑life and scrap tyres through a pyrolysis process — a high-temperature thermal decomposition of materials in the absence of oxygen — into two valuable secondary raw materials: recovered carbon black (rCB) and tyre pyrolysis oil (TPO). The recovered carbon black is upgraded in quality and directly reintroduced into Pirelli’s European production, partially replacing virgin carbon black.

At the same time, the TPO is supplied to BASF, where it is co-fed with fossil-based feedstock into the production process of chemical products such as butadiene and styrene. A mass balance approach enables attributing the recycled content to the ISCC PLUS-certified Ccycled® products. These circular materials are then used by Synthos to produce ISCC PLUS‑certified synthetic rubber for high-performance tire applications, which Pirelli reintroduces into its production processes, closing the loop.

The project perfectly reflects that genuine product circularity cannot be achieved by a single company acting alone. It requires creating industrial ecosystems involving players with complementary expertise, each contributing to different phases of the transformation process around a shared material loop. Through collaboration and the combination of technological innovation, material science, and certified processes, the partners, driven by Pirelli, build a coordinated system in which materials are recovered, transformed and reused by maximizing their inner value.

The European tyre‑to‑tyre project represents the most comprehensive application of this approach to date, demonstrating how end‑of‑life tyres can become a valuable resource within a structured and traceable industrial loop.

About Pirelli

Established in Milan in 1872, Pirelli is a major player in the tyre industry and the only global manufacturer focused solely on the Consumer tyre market, which includes tyres for cars, motorcycles and bicycles. With a distinctive positioning in High Value tyres, the Group stands as a global brand known for its cutting-edge technology, high-end production excellence and passion for innovation that draws heavily on its Italian roots. Pirelli’s technological excellence is also nourished by the innovation and competencies derived from sporting competitions, in which it has been active for over 115 years. At present, the company participates in over 350 car and motorcycle sport events and since 2011 it has been the Global Tyre Partner to the Formula One™ World Championship.

About Pyrum

Pyrum Innovations AG has revolutionized the recycling market for end-of-life tires. Since 2008, the company has been developing an innovative thermolysis technology that enables end-of-life tires and plastics to be recycled with virtually no emissions. The process can recover high-quality products such as pyrolysis oil and recovered carbon black (rCB) which are used by renowned partners to manufacture new products. In this way, the company closes the material cycle and pursues a sustainable business model in line with climate targets. Prestigious certifications such as REACH and ISCC Plus prove the quality and sustainability of the products.

About BASF

At BASF, we create chemistry for a sustainable future. Our ambition: We want to be the preferred chemical company to enable our customers’ green transformation. We combine economic success with environmental protection and social responsibility. Around 95,000 employees in the BASF Group contribute to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio comprises, as core businesses, the segments Chemicals, Materials, Industrial Solutions, and Nutrition & Care; our standalone businesses are bundled in the segments Surface Technologies and Agricultural Solutions. BASF generated sales of around €60 billion in 2025. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the United States. Further information at www.basf.com.

About Synthos

Synthos is the largest producer of synthetic rubber in Europe, the world’s leading producer of solution styrene-butadiene rubber (SSBR), and the leading European producer of expanded polystyrene (EPS). Through its synthetic rubber technologies and ISCC PLUS-certified solutions, Synthos supports tire manufacturers in meeting demanding performance requirements while enabling the use of certified circular feedstock routes. The company’s portfolio includes synthetic rubber, insulation materials, dispersions, adhesives, and crop protection products. Synthos is part of the MS Galleon Group, owned by Michał Sołowow, one of Poland’s leading private investors and industrial entrepreneurs. The company has six production sites in Poland, Germany, the Czech Republic, the Netherlands, and France, four research and development centres, and employs around 3,600 people. Further information at www.synthosgroup.com.

Pirelli Media Contact

Tel. +39 02 6442 4270 - pressoffice@pirelli.com - www.pirelli.com

Pyrum Media Contact

Tel +49 221 9140 970 - presse@pyrum.net - www.pyrum.net

BASF Media Contact

Tel. +49 1525 6449978 - birgit.hellmann@basf.com - www.basf.com

Synthos Media Contact

Tel. +49 170 4547548 marjolein.groeneweg@synthosgroup.com - www.synthosgroup.com

Published on: 22 July 2026, 12:10 CET

CLAUDIA PARZANI ELECTED LEAD INDEPENDENT DIRECTOR WITH MAJORITY

MEMBERS OF BOARD COMMITTEES AND SUPERVISORY BODY NOMINATED

INTERNATIONAL ADVISORY BOARD INSTITUTED WITH MAJORITY VOTE

***

NEW BOARD INFORMED OF A MULTI-YEAR INVESTMENT PLAN FOR THE UNITED STATES OF BETWEEN APPROXIMATELY 1 AND 1.2 BILLION DOLLARS, ALREADY EXAMINED DURING THE PREVIOUS MANDATE

COMPANY MANAGEMENT WILL SEEK APPROVAL FOR THE PLAN AT AN UPCOMING BOARD OF DIRECTORS’ MEETING

***

BOARD ACKNOWLEDGES THAT MARCO TRONCHETTI PROVERA HAS DECLARED CONTROL OF PIRELLI

***

Milan, 30 June 2026 – The Board of Directors of Pirelli & C. SpA, nominated on 25 June 2026, met today for the first time and the majority nominated Marco Tronchetti Provera as Executive Chairman, with the contrary vote of board member Zhang Haitao and abstention of board members Xi Xiaohong and Wang Kun. 

The Board also elected with a majority Giovanni Tronchetti Provera as Vice Chairman, with the contrary votes of Zhang Haitao, Xi Xiaohong and Wang Kun. 

The Board unanimously confirmed Andrea Casaluci as Chief Executive Officer (CEO).

The Board acknowledged that the Executive Chairman holds the legal representation of the Company and the other powers foreseen in the current Bylaws, giving him power in relation to general strategies, also financial and organizational and supervision of the proposal, activation and implementation of the budget and the multi-year strategic, industrial and financial plans of Pirelli and its group by the Chief Executive Officer of Pirelli, as well as the powers relative to communication, shareholder relations and national and international institutional relations.

The CEO’s powers, as foreseen in the current Bylaws, were confirmed, as well as all the powers for the operational management of Pirelli. The CEO was also given the powers to manage and develop the areas of sustainability and Motorsport, supported in these areas by the Vice-Chairman.

The Board of Directors acknowledged, notwithstanding the legal evaluations that it will be called upon to carry out, the communication received yesterday from Marco Tronchetti Provera & C. S.p.A. regarding the existence of control over the Company by Mr. Marco Tronchetti Provera (through the company Marco Tronchetti Provera & C. S.p.A.  (“MTP&C S.p.A.”) that in turn controls Camfin S.p.A., Camfin Alternative Assets S.r.l. and Longmarch Holding S.r.l.), following the Shareholders' Meeting held on 25 June, which saw the slate presented by MTP&C S.p.A., together with Camfin S.p.A., Camfin Alternative Assets S.r.l. and Longmarch Holding S.r.l., express the majority of the members of the board of directors and all executive officers.

The Board of Directors also ascertained, on the basis of the available information and statements issued by the interested parties – the existence of the requisites asked to directors to hold the role and in particular of independence (both in accordance with D.Lgs. 58/1998 and Code of Corporate Governance for listed companies, and the internal “Independence Criteria” procedure adopted by the Company) for Michele Carpinelli, Alessia Carnevale, Roberto Diacetti, Moroello Diaz della Vittoria Pallavicini, Costanza Esclapon de Villeneuve, Claudia Parzani, Veronica Squinzi, Michela Zeme, Xi Xiaohong and Wang Kun (in total 10 independent directors out of 15 board members), while the director Luca Rovati, declared that he no longer qualifies as an independent director because of his role as a shareholder in Camfin, following the declaration of control of the company by Mr. Marco Tronchetti Provera through MTP&C S.p.A.

The Board is thus composed: Marco Tronchetti Provera (Executive Chairman), Giovanni Tronchetti Provera (Vice-Chairman), Andrea Casaluci (Chief Executive Officer), Alessia Carnevale (independent), Michele Carpinelli (independent), Roberto Diacetti (independent), Moroello Diaz della Vittoria Pallavicini (independent), Costanza Esclapon de Villeneuve (independent), Claudia Parzani (independent), Luca Rovati, Veronica Squinzi (independent), Michela Zeme (independent), Zhang Haitao, Xi Xiaohong (independent) and Wang Kun (independent). The curricula of the directors are available online at www.pirelli.com. 

The Board with a majority vote nominated Claudia Parzani as Lead Independent Director, with the abstention of board member Zhang Haitao. 

Board Committees and Supervisory Body

Given the new composition of the Board of Directors, the Board proceeded to nominate the members of the Board Committees that, in respect of the recommendations of the Code of Corporate Governance and the measures of the Prime Ministerial Decree of 10 April 2026, DPCM Golden Power, are therefore composed as follows:

-     Strategies Committee: Marco Tronchetti Provera (Chairman), Andrea Casaluci (Deputy-Chairman), Michele Carpinelli, Claudia Parzani, Luca Rovati, Veronica Squinzi, Giovanni Tronchetti Provera;

-     Sustainability Committee: Giovanni Tronchetti Provera (Chairman), Veronica Squinzi (Deputy-Chairman), Michele Carpinelli, Costanza Esclapon de Villenueve, Xi Xiaohong;

-     Remunerations Committee (to which are attributed the main functions established for the Nomination Committee by the Code of Corporate Governance): Claudia Parzani (Chairman), Veronica Squinzi (Deputy-Chairman), Alessia Carnevale, Roberto Diacetti, Wang Kun;

-     Audit, Risks and Corporate Governance Committee: Alessia Carnevale (Chairman), Roberto Diacetti (Deputy-Chairman), Moroello Diaz della Vittoria Pallavicini, Costanza Esclapon de Villenueve, Michela Zeme;

-     Related-Party Transactions Committee: Roberto Diacetti (Chairman), Moroello Diaz della Vittoria Pallavicini (Deputy-Chairman), Alessia Carnevale, Costanza Esclapon de Villenueve, Michela Zeme.

The Board of Directors also instituted the International Advisory Board (“IAB”) with the aim of providing analyses, orientation and monitoring activities regarding the evolution of geopolitics, the economy, technologies, markets, supply chains, regulation and societal factors liable to influence the Groups’ strategy, competitiveness, resilience and sustainable value creation in the medium-to-long term. The IAB, nominated with a majority and the abstention of board members Zhang Haitao and Xi Xiaohong,  will be composed of Marco Tronchetti Provera (Chairman), Andrea Casaluci, Giovanni Tronchetti Provera, Luca Cordero di Montezemolo, Domenico De Sole, Charles Gordon-Lennox, Horacio Pagani and Mariangela Zappia.

The IAB will refer to the Board at least twice a year with a “Geopolitical & Strategic Outlook Report”. It does not have management or control functions or decision-making powers but will formulate non-binding analyses and non-binding opinions for the Board of Directors, relevant Committees and the Group’s top management.

The Board of Directors, with the prior favourable opinion of the Board of Statutory Auditors, confirmed Fabio Bocchio as the manager responsible for the preparation of the corporate financial documents and tasked him with the certification of the consolidated sustainability report.

The Board of Directors also nominated Carlo Secchi (Chairman), Andrea Pecchio (Deputy-Chairman), Maura Campra, Paolo Domenico Sfameni and Alberto Bastanzio as components of the supervisory body, which expired together with the Board that had nominated it.

It should be noted that to the Company’s knowledge, as of today, except for Mr. Marco Tronchetti Provera, who indirectly holds 26.49% of Pirelli, no one on the Board of Directors owns Pirelli shares.

***

In conclusion, it should be noted that – during today’s meeting – the Board was informed of a multi-year investment plan for the United States of between approximately 1 and 1.2 billion dollars, which had already been considered during the previous mandate. The investment will be on the agenda of an upcoming Board Meeting for approval and will deliver an increase of production capacity in the United States, including the development of Cyber™ Tyre technology. Pirelli, in fact, thanks to changes in its governance established by the DPCM Golden Power, was able to agree in principle to terms with the BIS (US Department of Commerce Bureau of Industry and Security) that will allow the introduction of the Cyber™ Tyre on the US market. The expansion plan will support the growth of the High Value segment in North America and strengthen the local-for-local strategy in this market, as already happens in China and Europe.

The investment is seen constituting an integral part of the next Industrial Plan and has no impact on 2026 targets. The project, which will be developed over the coming years, will not change the company’s investment profile, with the ratio between investments (capex) and revenues maintained at the usual level of around 7%.

Published on: 30 June 2026, 17:53 CET

DISTRIBUTION OF DIVIDEND OF EURO 0.34 PER SHARE RESOLVED

NEW BOARD OF DIRECTORS APPOINTED

REMUNERATION POLICY FOR 2026 AND NEW 2026-2028 LTI PLAN APPROVED

VOTE IN FAVOUR OF REPORT ON COMPENSATIONS PAID IN 2025

Milan, 25 June 2026 – The Shareholders’ Meeting of Pirelli & C. SpA (the “Company”) took place today, in ordinary session, at Studio Marchetti in Milan, with interventions of those entitled to vote exclusively through the Appointed Representative. The Shareholders’ Meeting was attended by 81.44% of the capital with voting rights.

The Shareholders’ Meeting approved the 2025 Annual Report, which closed with a net profit of EUR 285.2 million for the parent company and a consolidated net profit of EUR 530.7 million, with the favorable vote of approximately of 57.89% and the contrary vote of 41.97% of the capital represented at the Shareholders’ Meeting (that latter equal to 34.18% of the share capital, corresponding almost exclusively to the 34.1% stake held by Marco Polo International Italy S.r.l. controlled by Sinochem). The Shareholders’ Meeting also approved with the favourable vote of over 99.99% of the capital represented at the Shareholders’ Meeting the distribution of a total dividend of EUR 0.34 per ordinary share, also drawing on distributable retained earnings reserves, equal to a total dividend payout of approximately EUR 369 million, before any legal withholding: (i) approximately EUR 260 million euro, through the distribution of the entire amount of profit for the financial year ended 31 December 2025, remaining after the allocation of approximately EUR 25 million to the legal reserve; (ii) approximately EUR 109 million, through the partial distribution of an extraordinary dividend from the “Retained Earnings Reserve”, resulting from the financial statements as of 31 December 2025. The dividend will be paid on 22 July 2026 (ex-dividend date on 20 July 2026 and record date on 21 July 2026).

The Shareholders’ Meeting appointed the Board of Directors for the years 2026-2027-2028 (up to the approval of the results to 31 December 2028) through the slate voting system, determining 15 as the number of members, of whom 11 independents.

Based on the two lists presented, the following were appointed Directors of the Company:

· Marco Tronchetti Provera (Candidate in possession of the specific professional expertise required for the position of Chairman of the Board of Directors, whose appointment is entrusted to the Board of Directors)

· Andrea Casaluci (Candidate in possession of the specific professional expertise required for the position of Chief Executive Officer, whose appointment is entrusted to the Board of Directors)

· Michele Carpinelli (independent)

· Luca Rovati (independent)

· Giovanni Tronchetti Provera

· Alessia Carnevale (independent)

· Roberto Diacetti (independent) (Candidate indicated, following a thorough review conducted with the assistance of Crisci&Partners, an external and independent advisor, by the Management Committee to Marco Tronchetti Provera & C. S.p.A. and Camfin S.p.A. for evaluation for inclusion in the Slate)

· Moroello Diaz della Vittoria Pallavicini (independent) (Candidate indicated, following a thorough review conducted with the assistance of Crisci&Partners, an external and independent advisor, by the Management Committee to Marco Tronchetti Provera & C. S.p.A. and Camfin S.p.A. for evaluation for inclusion in the Slate)

· Costanza Esclapon de Villeneuve (independent) (Candidate indicated, following a thorough review conducted with the assistance of Crisci&Partners, an external and independent advisor, by the Management Committee to Marco Tronchetti Provera & C. S.p.A. and Camfin S.p.A. for evaluation for inclusion in the Slate)

· Claudia Parzani (independent)

· Veronica Squinzi (independent)

· Michela Zeme (independent)

Taken from the so-called majority slate (voted by approximately 58.07% of the share capital represented at the Shareholders’ Meeting) presented by Camfin S.p.A., together with Camfin Alternative Assets S.r.l., Longmarch Holding S.r.l. and Marco Tronchetti Provera & C. S.p.A.,

and:

· Zhang Haitao

· Xi Xiaohong (independent)

· Wang Kun (independent)

Taken from the so-called minority slate (voted by approximately 41.9% of the share capital represented at the Shareholders’ Meeting) presented by Marco Polo International Italy S.r.l.

The curricula of the Directors can be consulted on the Company’s website www.pirelli.com  

The Shareholders’ Meeting, with the favorable vote of approximately 99.82% of the share capital represented, resolved: (i) for each member of the Board of Directors an amount of EUR 75.000 gross per year for the position, in addition to reimbursement of expenses, (ii) for Directors who will serve as Chairpersons of the committees to be established by the Board of Directors, an annual gross amount of up to EUR 65,000 for the position, leaving the exact amount to be determined by the Board of Directors, and (iii) for each member of the committees to be established by the Board of Directors, an amount of up to EUR 45,000 gross per year for the position, with the exact amount to be determined by the Board of Directors.

The Shareholders’ Meeting also approved the remuneration Policy for 2026 (with 92.28% of the capital represented at the Shareholders’ Meeting) and expressed itself in favour (with 82.35% of the capital present) of the Report on compensation paid in 2025. The Shareholders’ Meeting also approved (with 96.61% of the capital represented) the adoption of the 3-year monetary incentive Plan for 2026-2028 (LTI Plan) for the management of the Pirelli group and approved (with 99.5% of the capital represented) the so-called “Directors and Officers Liability Insurance” insurance policy.

Finally, with regard to 3-year monetary incentive Plan for 2023-2025, 2024-2026 and 2025-2027, already approved by Shareholder Meetings respectively on 31 July 2023, 28 May 2024 and 12 June 2025, the Shareholders Meeting approved (with 96.87% of the capital represented) the normalization of the effects stemming from the extraordinary operation relative to one of the companies included in the reference table for the relative TSR target, with the aim of assessing its impact on the relative TSR.

During the Shareholders’ Meeting, Marco Tronchetti Provera, who presided at the meeting, thanked the Board of Directors, having concluded its mandate, and, in particular, the outgoing Chairman Jiao Jian and the outgoing Directors, Chen Aihua, Chen Qian, Paola Boromei, Alberto Bradanini, Domenico De Sole, Fan Xiaohua, Marisa Pappalardo, Giovanni Lo Storto and Grace Tang for their work for the Company and the results obtained.

***

Note that the Annual Financial Report to 31 December 2025 – including the draft financial statements, consolidated financial statements, management report, including the Consolidated Sustainability Reporting in accordance with Legislative Decree 125/2024, the certification pursuant to article 154-bis, subsections 5 and 5-ter, of the Legislative Decree of 24 February 1998, no. 58 (“TUF”), the annual Report on corporate governance and structure of share ownership and the Remuneration policy and compensation paid – together with the relevant reports of the Board of Statutory Auditors and the auditing company, has been made available to the public at the Company’s registered office in Milan, Viale Piero e Alberto Pirelli no. 25 and at the authorized storage mechanism eMarket Storage (emarketstorage.com), as well as published on the Company’s website www.pirelli.com.

The minutes of the Shareholders’ Meeting will be available to the public by 25 July 2026.

***

The first meeting of the new Board of Directors has been called for 30 June 2026 to deliberate regarding the Company’s governance and in particular the appointment of the Chairman and that of the Chief Executive Officer.

Published on: 25 June 2026, 15:15 CET

As part of this initiative, Pirelli played an active role in defining technical requirements and sustainability guidelines, supporting Xingda and its upstream suppliers, throughout the certification process under the ISCC PLUS scheme. This marks a further step in adapting the recycled steel supply chain for tyre applications to circular economy principles, based on independently verified certification standards.

According to ISCC, Pirelli is a pioneering tyre manufacturer in having promoted and taken part in this pilot project, and among the first tyre makers to introduce ISCC PLUS-certified recycled steel into tyre production. The project highlights the value of an industrial ecosystem in which a tyre manufacturer, suppliers, certification standard and certification body work collaboratively to enable innovation in materials and processes across the value chain.

The ISCC-certified recycled steel will be used in tyres produced by Pirelli in many plants all around the world through a controlled blending chain of custody approach, ensuring full traceability and transparent communication across the value chain on the origin and characteristics of the raw materials used in the Group's products.

This initiative reflects Pirelli’s broader strategy and its approach to circularity, with the objective of creating industrial ecosystems capable of valorizing waste by producing recovered materials - in this case recycled steel - to be reintegrated into tyre manufacturing across the Group’s production network.

By merging technological advancements and supplier collaboration, Pirelli is committed to expanding the use of recycled and bio-based materials with the goal to place on the market by 2030 a tyre with more than 80% of bio‑based and recycled materials, while reaching 40% on total raw materials use.

Published on: 5 June 2026, 12:55 CET

Published on: 4 June 2026, 10:40 CET

ROME, Ga., May 14^th, 2026 — Pirelli North America kicked off the first closed loop circular recycling initiative within Pirelli as part of its broader strategy to increase the use of recycled and bio-based materials in its products. The project has been recognized with Tire Recycling Foundation’s Value Chain Collaboration Award.

The initiative focuses on the recovery of scrap tires generated during the manufacturing process in North America. These materials are collected and processed by Bolder Industries using pyrolysis technology to produce ISCC PLUS-certified BolderBlack® recovered carbon black (rCB), which Pirelli then reuses in the North America production of new tires.The project is part of a broader Pirelli plan that will also involve additional facilities, with the objective of creating industrial ecosystems capable of valorizing waste by producing recovered materials to be reintegrated into tire manufacturing across the Group’s production network. In this particular case, BolderBlack can partially replace virgin carbon black in production, contributing to a more efficient use of resources.

Demonstrating this commitment, the initiative has also been recognized by the Tire Recycling Foundation with a Circle of Change Award in the Value Chain Collaboration category, a national recognition honoring organizations, teams, and individuals advancing tire recycling technologies, expanding end-use markets, and demonstrating leadership in sustainability and circular economy principles.

“The Rome plant is one of the most technologically advanced manufacturing facilities in Pirelli,” said Claudio Zanardo, CEO of Pirelli North America. “This initiative reflects an approach focused on increasing the use of recovered materials within existing production processes. It is part of a broader effort to gradually integrate raw materials derived from recycled resources into our products while maintaining consistency in performance and quality”.

"Our collaboration demonstrates that a traceable, mass-balance approach to tire-to-tire circularity is not only achievable, but it's ready to scale inside a premium manufacturing environment, meeting real performance and certification requirements at every step,” said Bolder Industries CEO Tony Wibbeler. “This is the kind of progress the industry has been working toward for many years."

This initiative represents one example of Pirelli’s broad approach to circularity, alongside ongoing efforts to expand the use of recycled and bio-based materials, with the target of reaching by 2030 over 80% of bio‑based and recycled materials in its best products available on the market and 40% in the total production.

Published on: 14 May 2026, 14:30 CET

It is hereby recalled that on 23 April 2026, the Annual Financial Report at 31 December 2025, including the draft financial statements, the consolidated financial statements, the management report - including the Consolidated Sustainability Reporting in accordance with Legislative Decree 125/2024 - the certification pursuant to Article 154-bis, subsections 5 and 5-ter, TUF, the annual Report on corporate governance and structure of share ownership and the Report on the Remuneration policy and compensation paid, supported by the relative reports from the Board of Statutory Auditors and auditing company was made available to the public in the same manner as above.

With today’s publication of the notice of call, the remaining documentation relating to all items on the agenda has also been made available to the public at the Company’s registered office in Viale Piero e Alberto Pirelli n. 25, Milan, and on the authorized eMarket Storage mechanism (emarketstorage.com) as well as published on the Company’s website www.pirelli. com. 

The abstract of the notice of call, here attached, is published tomorrow, 9 May 2026, in the newspapers “Il Sole 24 Ore” and “Milano Finanza”. 

Published on: 8 May 2026, 18:20 CET

***

-       Revenues: 1,737.2 million euro, with organic growth of +3.5% excluding forex effect (-4.5%) and the deconsolidation of Däckia (-0.2%). Including these effects, the variation is -1.2% compared with 1,758.6 million euro in first quarter of 2025;

-       Volumes +1.5% thanks to positive performance of High Value;

-       Price/Mix: +2% supported by the continuous improvement of product mix;

-       High Value grows to 82% of revenues (81% in first quarter 2025);

-       Adjusted Ebit: 277.4 million euro (279.8 million euro in first quarter 2025), with margin improving to 16% (15.9% in first quarter 2025);

-       Net profit: +23.3% to 156.8 million euro (127.2 million euro in first quarter 2025) also thanks to lower financial charges;

-       Net cash flow before dividends and the consolidation of the Chinese JV Xushen Tyre was -704.5 million euro, substantially in line with the first quarter 2025. The impact of the consolidation of the Chinese JV was 210.2 million euro;

-       Net Financial Position: -2,016.7 million euro (-2,622.5 million euro to 31 March 2025 and -1,102.0 million to 31 December 2025) which includes the consolidation of the Xushen Tyre’s debt of 210.2 million euro.

***

2026 TARGETS

-       2026 targets updated because of the Middle East crisis, impact limited thanks to mitigation actions as already indicated on 16 April 2026;

-       Revenues expected between ~6.75 and ~6.95 billion euro, an increase compared with the February estimates due to improved price/mix;

-       Adjusted Ebit at ~16%;

-       Net cash generation before dividends and the impact Chinese JV Xushen (exercising of call option and its consolidation) confirmed at ~500 million euro

***

Milano 7 May 2026- The Board of Directors of Pirelli & C. Spa, met today and approved results to 31 March 2026.

Pirelli closes the first quarter of 2026 with solid results that confirmed the effectiveness of the business model.

In particular:

-       Commercial Program

In the first quarter of 2026 Pirelli further strengthened its market position in High Value which represents 82% of revenues (81% in the first quarter of 2025). The group posted total growth in Car and Moto volumes of +4%, with increases in market share in both segments. Positive performances were seen both in the Replacement channel and, to a more significant extent, in Original Equipment, supported by the strengthening of strategic partnerships with the main producers of four and two-wheel vehicles in North America and APAC. On the other hand, the group continued its strategy of increasing selectivity in Standard (-5.3%), particularly in South America, to concentrate on more profitable products and channels.

The performance described above translates for Pirelli into total volumes’ growth in the first quarter of +1.5%.

-       Innovation Program

In the first quarter of 2026 Pirelli totaled 116 new homologations, of which around 90% in rim sizes of ≥19”, in collaboration with the main producers of Prestige, traditional Premium and Chinese NEV Premium vehicles. Specialties accounted for 80% of new homologations, while around 65% was for electric models (BEV and PHEV). Further, the quarter saw the announcement of a partnership with Audi for the RS5 and RS3 competition limited models which will feature as original equipment the Pirelli P Zero R and P Zero Trofeo R.

The product offer was broadened in the different business segments, with a growing focus on advanced technologies, with 6 victories in Car in comparative tests. This segment saw the launch of the third generation of the Scorpion, point of reference for high-end SUV homologations. In Moto the marketing of the Metzeler Sportec 01 began, a tyre designed for high performance in wet conditions thanks to a patented adaptive tread, while in Cycling the P Zero SL-R was launched, the fastest and most aerodynamic of the range.  The development of the Cyber Tyre continued through strategic partnerships with examples of excellence in the field of connectivity and autonomous driving such as Univrses, RideSense and Niulinx, with the goal of further strengthening the technological platform.

-       Efficiency Program

In the first quarter of 2026 the Group achieved gross efficiencies of around 43 million euro (equal to around 29% of the annual target, in line with the timeline of projects’ development). The results reflect, particularly, progress in the program of product design and improvement in industrial productivity. Considering the Middle East crisis, with a consequent impact on the cost of raw materials, energy and transport, Pirelli speedily implemented mitigation initiatives which include price increases and additional cost containment measures.

Published on: 7 May 2026, 17:54 CET

Pirelli, the only tyre company included in both the “World” and “Europe” indices, achieved a score of 86 points in the 2025 S&P Global Corporate Sustainability Assessment, the highest in both the Auto Components and Automobiles sectors and significantly higher than the sector average of 34 points for auto components and 37 points for automobiles.

Pirelli earned top scores in several areas, including Business Ethics, commitment to Human Rights, Policies and Programs for Occupational Health and Safety, organization, and ESG assessment and development of the supply chain. Top scores were also achieved in environmental management – particularly regarding water, waste and energy – biodiversity protection, and the company’s pathway towards its ambitious Net Zero by 2040 target (validated by the Science Based Targets initiative).

Giovanni Tronchetti Provera, Executive Vice President Sustainability, New Mobility and Motorsport of Pirelli, stated: “The confirmation of Pirelli at the top of the Dow Jones Best‑in‑Class indices is a testament to the solidity of a journey built on industrial innovation and responsibility across the entire value chain. This approach is embedded in our strategic and operational decisions, from technology to processes, from supplier management to the protection of people, and contributes to strengthening the Group’s competitiveness while supporting its long‑term growth.”

The This recognition follows the one achieved in February 2026, when Pirelli was reconfirmed in the “Top 1%” of the S&P Global Sustainability Yearbook 2026, becoming the only tyre manufacturer worldwide to receive this distinction.

S&P Dow Jones indices were originally launched in 1999 as the first global “best‑in‑class” sustainability benchmark series available on the market and include global, regional and country‑level indices. The annual assessment covers 62 business sectors and involves more than 12,000 companies.

Published on: 2 May 2026, 12:24 CET

The Shareholders’ Meeting – to be held in ordinary session, on single call and exclusively through the Appointed Representative – shall resolve upon: 
− the approval of the 2025 financial statements, the allocation of results and distribution of dividends; 
− the renewal of the Board of Directors whose mandate has ended, determining in 15 (fifteen) the number of components of the administrative body, appointing the Board Members (through the slate based mechanism) and establishing the relative remuneration; 
− approve Policy regarding remuneration and, for the part linked to the Total Shareholder Return target, adopt the mid-long term monetary incentive plan for the 3-year period 2026-2028 (LTI 26-28) and the normalization of the same target included in the monetary incentive plans for the 3-year periods 2023 2025, 2024-2026 and 2025-2027, earmarked for group management; 
− the expression, via consultative vote, on the remuneration paid in 2025; 
− the renewal of the authorization to stipulate an insurance policy to cover the managerial risks of Directors and Statutory Auditors (so called D&O).

*** 

The Company announces that the Annual Financial Report to 31 December 2025, including the draft financial statements, the consolidated financial statements, the management report - including the Consolidated Sustainability Reporting in accordance with Legislative Decree 125/2024 - the certification pursuant to article 154-bis, subsections 5 and 5-ter, of the Legislative Decree of 24 February 1998, n. 58 (“TUF), the annual Report on corporate governance and structure of share ownership and the Report on the Remuneration policy and compensation paid, supported by the relative reports from the Board of Statutory Auditors and auditing company, is available to the public at the company’s headquarters in Milan at Viale Piero e Alberto Pirelli 25, through the authorized eMarket storage mechanism (emarketstorage.com), as well as being published on the company website www.pirelli.com, as indicated in the attached announcement, that shall be published tomorrow in the newspapers “Il Sole 24 Ore” and “MF”.

Further information on the above will be made available in the Board of Directors’ explanatory reports and in the documentation to be published ahead of the Shareholders’ Meeting, in accordance with the aforementioned procedures. 

Published on: 23 April 2026, 19:00 CET

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.

Published on: 16 April 2026, 18:02 CET

It should be noted that the preliminary and unaudited 2025 results were announced to the market on 25 February 2026.

Published on: 13 March 2026, 17:28 CET

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

***

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

***

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)

***

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

***

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.

Published on: 25 February 2026, 17:54 CET

Inclusion in the “Top 1%” of the 2026 Sustainability Yearbook represents the highest level of recognition provided by S&P Global and is based on the analysis of the ESG (Environmental, Social and Governance) performances of more than 9,200 companies globally.

The result reflects the score achieved by Pirelli in S&P Global’s 2025 Corporate Sustainability Assessment, when the company earned 86 points, the highest both in the Auto Components sector and in the Automobiles sector.

Giovanni Tronchetti Provera, Executive Vice President Sustainability, New Mobility and Motorsport at Pirelli, stated: “Pirelli’s confirmation in the Top 1% of the 2026 Sustainability Yearbook represents a great validation of the company’s journey. Innovative development and responsible growth specifically guide our operational choices: continuous investment in technology, transparent management of the entire value chain, and a strong focus on safety, skills and people development. This approach strengthens our competitiveness and our ability to create long-term value for all our stakeholders.”

Pirelli press office -Tel. +39 02 6442 4270 - pressoffice@pirelli.com – www.pirelli.com

Published on: 18 February 2026, 16:10 CET

The new lines - linked to the group’s Scopes 1, 2 and 3 decarbonization targets already announced to the market - will replace bank lines for the same amount expiring in 2027, thus allowing the extension of maturities to 2031. The new lines also provide for the possibility of further extensions of maturities, in agreement between the company and the financial institutions, for a maximum of additional 2 years - to 2033 - under the same contractual terms. 

In detail, the signed agreement provides for a term loan of 600 million euro and revolving lines of 1.5 billion euro.

The transaction - which is part of constant debt optimization efforts - will allow the group to further strengthen its liquidity profile, improving the overall debt structure and extending maturities. 

Published on: 23 January 2026, 08:25 CET

The “A” rating in the Climate section, the maximum possible score, was given to Pirelli based on its decarbonization strategy which aims to reduce emissions along the entire value chain through pro-active management of the risks and opportunities associated with climate change. To reach the goal of Net Zero by 2040 (target validated by SBTi), Pirelli is employing strategy initiatives that include the reduction of the carbon footprint along the supply chain, the electrification of machinery in its production processes and the development of innovative and high energy efficiency products.

Giovanni Tronchetti Provera, Executive Vice President Sustainability, New Mobility and Motorsport for Pirelli, stated: “The confirmation of Pirelli in the CDP Climate ‘A List’ di CDP is a recognition of our concrete commitment to the fight against climate change and of the capacity shown by Pirelli in the management of the risks and opportunities linked to the ecological transition. The development and employment of innovative solutions for the mitigation of climate change ensures a continuing improvement pf processes and products and contribute to the achievement of our goal of Net Zero by 2040”.

The CDP - whose goal is to help companies and governments reduce their greenhouse gas emissions, protect water resources and forests - collects data related to environmental impacts, risks and opportunities, for an independent assessment with regard to the methodology with which the score is calculated. At the request of 640 investors, with assets totaling over 127 trillion dollars, these data, in 2025, were communicated through the CDP platform by the companies involved.

Published on: 10 December 2025, 17:32 CET

***

9 MONTH REVENUES SAW ORGANIC GROWTH OF 3.7%. ADJUSTED EBIT RISES TO 16.1% NOTWITHSTANDING IMPACT OF FOREX, TARIFFS AND INFLATION OF INPUT COSTS

THIRD QUARTER ADJUSTED EBIT MARGIN GROWS TO 16.3%, NET CASH FLOW BEFORE DIVIDENDS POSITIVE 141 MILLION EURO

***

2025 TARGETS ANNOUNCED WITH FIRST HALF RESULTS IN JULY CONFIRMED

***

Nine months 2025

-      Revenues: 5,195.2 million euro, with organic growth of 3.7% excluding the effect of forex (-3.4%) and the deconsolidation of Däckia (-0.1%), +0.2% compared with 5,184.5 million euro in the first nine months of 2024;

-       Further strengthening of High Value (79% of sales compared with 76% a year earlier);

-       Price/Mix: +3.9% thanks particularly to the continuous improvement of the product and region mix;

-       Adjusted ebit: +2.4% to 835.5 million euro (815.9 million euro on 30 September 2024) thanks to the efficacy of internal levers;

-       Adjusted Ebit Margin rose to 16.1% (15.7% first nine months 2024);

-       Net profit: +8.0% to 400.6 million euro (371.1 million euro on 30 September 2024):

-       Net cash flow before dividends: -362.5 million euro (-356.8 million euro in same period 2024);

-       Net Financial Position: -2,537.9 million euro (-2,816.2 million euro on 30 September 2024 and -1,925.8 million on 31 December 2024).

-       Sustainability plan proceeds in line with targets

Third quarter 2025

-      Revenues: 1,696.6 million euro, with organic growth of 2.4% excluding the effect of forex (-4.3%) and the deconsolidation of Däckia (-0.4%), -2.3% compared with 1,737.0 million euro in third quarter 2024;

-       Price/Mix: +3.9% thanks mainly to improved product mix;

-       Adjusted ebit: 277.2 million euro, stable compared with 276.8 million euro in third quarter 2024 thanks to the contribution of internal levers;

-       Adjusted Ebit Margin rose to 16.3% (15.9% in third quarter 2024);

-       Net profit: 136.6 million euro (139.8 million euro in third quarter 2024);

-       Net cash flow before dividends: +141.2 million euro (+162.4 million in third quarter 2024).

***

Milan, 6 November 2025 –The Board of Directors of Pirelli & C. Spa met today and majority approved results to 30 September 2025 with the favourable vote of 9 out of 14 board members present. Votes against were Board members Chen Aihua, Zhang Haitao, Chen Qian and Fan Xiaohua, while Grace Tang abstained.

The motivation of the board members who voted against the interim financial report was solely linked - in continuation with that which was done when the 2024 results were approved - to the declaration of the cessation of Sinochem’s control over Pirelli contained in the section of significant events in the report.

In a challenging context, characterized by geopolitical and commercial tensions and great forex volatility, the results of the first nine months of 2025 show a solid operating performance, confirming the effectiveness of the business model and the key programs of the Industrial Plan.

In particular:

-       Commercial Program

The first nine months of 2025 saw further strengthening of High Value. In Car ≥18” volume growth was +5% (market +4%), with an increase of the market share in the main geographical areas in the Replacement channel (Pirelli volumes +5% compared with market’s +4%) and in Original Equipment (Pirelli volumes +4%, market +3%) from the strengthening of partnerships with the major car makers in North America and Apac.

Further reduction in the exposure to Standard (Pirelli Car ≤17” volumes -11% compared with the market’s -1%), in line with the strategy of greater selectivity, particularly accentuated in South America, because of the focus on more profitable products and channels.

The performance described above translates into a slight fall in Car volumes (-1%), compared with a stable global market.

Elsewhere, the strategic partnership continues with Bosch GmbH to develop new software-based solutions and new driving functionalities, thanks to sensors embedded in the tyres and Pirelli proprietary software. The Cyber Tyre technology, already on the market, is integrated into selected high-end vehicle models and in an advanced development phase on Premium and Prestige platforms. In September Aston Martin and Pirelli announced the adoption of the Pirelli Cyber Tyre system in the English maker’s future models.

-       Innovation Program

In the first nine months of 2025 the company obtained around 210 new homologations with the main Prestige and Premium car makers, concentrated mainly in rim sizes ≥19” and Specialties.  Leadership in marked tyres was further consolidated: in Europe, for example, Pirelli can count on a portfolio of around 1,350 homologations in Car ≥19”, around 3.2 times greater than the average of the principal competitors.

In terms of product innovation, the offering was strengthened with the launch of 7 Car products (the fifth edition of the PZero at the global level, the UHP tyre of reference for the sector developed with artificial intelligence and virtualization; the new generation of the Cinturato – a summer tyre dedicated to the European market; the Scorpion All Season SF3 for Europe; the Scorpion XTM All Terrain for North America; the Cinturato P6 and Cinturato P9 All Season for the Apac market, the Carrier for South America), 2 for the Moto (Diablo Powercruiser and Scorpion MX32 Mid Soft, available in all regions) and 4 for Cycling (Cinturato EVO  and Pzero Race for the Road segment; Scorpion XC M and Scorpion XC RC for the mountain bike segment). 

Elsewhere, the strategic partnership continues with Bosch GmbH to develop new software-based solutions and new driving functionalities, thanks to sensors embedded in the tyres and Pirelli proprietary software. The Cyber Tyre technology, already on the market, is integrated into selected high-end vehicle models and in an advanced development phase on Premium and Prestige platforms. In September Aston Martin and Pirelli announced the adoption of the Pirelli Cyber Tyre system in the English maker’s future models.

In October, Pirelli Cyber Tyre was adjudicated the Vehicle-2-Everything Innovation of the Year at the 2025 AutoTech Breakthrough Awards. This recognition promoted by the Intelligence Tech Breakthrough platform that awards the most innovative groups and services in the automotive technology sector; this award is  reinforcing the positioning of the Cyber Tyre in the new mobility field where it represents a crucial element for Software-Defined Vehicles (SDV), supplying the vehicle’s electronics with detailed information on the state of the tyre and the conditions of the road surface, improving security, performance and efficiency.

In addition, the collaboration with Movyon continues, a company of the Autostrade per l’Italia group, for the monitoring of the road surface, as well as that with the Regione Puglia to activate a monitoring system for the road network in the region with the aim of mapping the roads’ “state of health”.

-       Operations Program

In the first nine months of 2025 gross efficiencies of 117 million euro were registered, in line with expectations and the timing of program’s roll out. In the Supply Chain, projects are ongoing to make the supply chain more integrated, sustainable and oriented to clients’ needs.

Published on: 6 November 2025, 17:47 CET

ZF (Process Innovation), Kuraray (Material Innovation), ServiceNow (Digital Transformation), Zincol Ossidi S.p.A. (Sustainability), Ergon (Quality), Helon Polytex (Excellence), Kuehne+Nagel Romania (Service Level)

Milan, 24 October 2025. Innovation, digitalization, and a focus on sustainability and the quality of raw materials and services were the central themes of Pirelli Supplier Day 2025, the annual event dedicated to its global suppliers. This year's event featured 85 “strategic suppliers”: a selection of Pirelli partners from 21 countries who contributed significantly to the company's success in achieving its targets. Among these, the 7 suppliers who stood out in the past year were recognized with the Supplier Award. The event took place yesterday at Pirelli's Headquarters in Milan, with the participation of Pirelli Executive Vice Chairman Marco Tronchetti Provera, CEO Andrea Casaluci, and Head of Value Chain Luca Galantina.

"Pirelli's leadership in the high-end segment is based on its ability to innovate and the pursuit of excellence. This is a result we can achieve and maintain thanks to a network of high-quality, cutting-edge suppliers with whom we share values ​​and objectives. Together, we are able to keep ahead of a rapidly changing market, achieving our goals in terms of technological innovation and sustainability, and strengthening our competitiveness," commented Marco Tronchetti Provera, Executive Vice Chairman of Pirelli.

INNOVATION AS A COMPETITIVE LEVER

One of the key criteria in selecting the winners was the ability to innovate, a central pillar of Pirelli's strategy. One example of this is the new P Zero, now in its fifth generation, designed using virtual development techniques and artificial intelligence. This is also true for the P Zero E, which recently won the ADI International Compasso d'Oro Award, one of the most prestigious international recognitions in the field of industrial design. In materials development, the Virtual Compounder was introduced. This tool, developed by Pirelli and based on generative AI, accelerates the identification of the best material combinations for new compounds, maximizing process efficiency from the laboratory to the factory and reducing the need for physical prototypes. Artificial intelligence has also been integrated into industrial processes to optimize planning, detect developments that could impact the quality of the finished product in real time, and improve safety and efficiency in factories.

ENVIRONMENTAL CARE IS THE KEY TO NEW PRODUCTS AND PROCESSES

Supplier Day 2025 was also an opportunity to reaffirm Pirelli's commitment to sustainability, as demonstrated by the recent launch of the first tyre for the global market made with over 70% bio-based and recycled materials, including FSC™ (Forest Stewardship Council™) [1] certified natural rubber, developed in a specific version for JLR (Jaguar Land Rover). All plants are also working to improve efficiency, reducing energy consumption per unit produced through the electrification of production processes, and to reduce absolute CO₂ emissions by purchasing electricity from renewable sources at 100% of the group's sites or using steam from renewable sources.

These are the winning companies in the 2025 edition of the Pirelli Supplier Awards by category:

• The Process Innovation award went to ZF, a supplier of indoor testing machinery, for its high level of precision, reliability, and innovations that have accelerated the synergies between indoor, outdoor, and virtual testing;

• In the Materials, the Material Innovation title was won by KURARAY, a supplier of liquid polymers and a partner in creating high-performance solutions using cutting-edge development approaches;

• The Digital Transformation Award went to SERVICENOW, a provider of innovative solutions that are contributing to the digitalization of IT processes;

• The Sustainability Award went to ZINCOL OSSIDI S.P.A., a supplier of chemicals committed to supporting the use of 100% recycled materials with a reduced carbon footprint;

• The Quality Award was given to ERGON, a supplier of process oils, for the high quality of its materials;

• Excellence Award goes to HELON POLYTEX, a supplier of textile reinforcements, for its excellent, 360° contribution to initiatives and projects critical to the success of the business;

• Service Level Award goes to KUEHNE + NAGEL ROMANIA for its successful start-up of operations at the Pirelli distribution center in Slatina (RO).

[1] FSC™ is an international, non-governmental, independent, and non-profit organization, established in 1993 to promote the responsible management of forests. License number: FSC™ N003618.

Natural rubber accounts for approximately 25% of the total weight of the tire (35837, size 285/45R22 XL P-ZERO(LR) ncs).

Published on: 24 October 2025, 13:03 CET

IN THE SECOND QUARTER ADJUSTED EBIT MARGIN GREW TO 16% DESPITE FOREX VOLATILITY AND TARIFF IMPACT

***

First Half 2025

-      Revenues: 3,498.6 million euro, with organic growth of 4.4% excluding forex impact (-2.9%), +1.5% compared with 3,447.5 million euro in first half 2024;

-       Further strengthening in High Value (80% of sales, 77% in first half 2024)

-       Price/Mix: +3.9% thanks in particular to the continual improvement of both the product and region mix;

-       Adjusted Ebit: +3.6% to 558.3 million euro (539.1 million euro in first half 2024) thanks to the effectiveness of internal levers;

-       Adjusted Ebit margin rose to 16% (15.6% in first half 2024);

-       Net profit: +14.1% to 264.0 million euro (231.3 million euro in first half 2024):

-       Net cash flow before dividends: -503.7 million euro, an improvement compared with -519.2 million euro in first half 2024;

-       Net financial position: -2,678.7 million euro (-2,978.0 million euro on 30 June 2024 and -1,925.8 million on  31 December 2024)

Second quarter 2025

-      Revenues: 1,740.0 million euro, with organic growth of 4% excluding forex effect (-4.7%), -0.7% compared with 1,752.0 million euro in second quarter 2024;

-       Price/Mix: +3.9% thanks above all to improved product mix;

-       Adjusted Ebit: 278.5 million euro, +0.7% compared with 276.5 million euro in second quarter 2024 thanks to the contribution of internal levers;

-       Adjusted Ebit margin rose to 16% (15.8% in second quarter 2024);

-       Net profit: +4.5% at 136.8 million euro (130.9 million euro in second quarter 2024);

-       Net cash flow before dividends: +193.0 million euro, +149.6 million excluding the impact of the Däckia disposal (+154.2 million euro in second quarter 2024);

***

2025 TARGETS

-       2025 revenues expected at ~6.7 and ~6.8 billion (previous indication ~6.8 and ~7.0 billion euro), because of the worsening of the forex scenario. Price/Mix revised upwards

-       Adjusted Ebit margin target confirmed at 16% and cash generation at ~550 million euro

-       Deleveraging target confirmed at around 1-time Net Debt / Adjusted Ebitda, with e Net Financial Position at ~1.6 billion euro

Published on: 31 Jul 2025, 17:49 CET

The tyre will feature the FSC™ marking along with the distinctive logo identifying Pirelli tyres made with more than 50% bio-based and recycled materials, as verified by the third-party certification body Bureau Veritas.

MATERIALS INNOVATION

The development of the new P Zero put a significant challenge for Pirelli’s Research & Development department: combining Ultra-High Performance (UHP) with a high content of bio-based and recycled materials, which include:

·         Recycled steel, partially sourced from the melting of scrap metal instead of virgin raw materials, while maintaining the mechanical properties of virgin steel.

·         Rice husk-derived silica, obtained from rice processing waste, used in tread compounds to ensure high performance in the wet.

·         Circular carbon black, produced through pyrolysis oil obtained from end-of-life tyres.

·         Bio-circular polymers, manufactured from monomers derived from used cooking oil or pyrolysis oil, replacing fossil-based polymers.

·         Bio-resins, plant-based plasticisers that help optimise the balance between dry and wet performance.

P ZERO AND INNOVATION

P Zero is the product line where Pirelli debuts its latest technologies: this renowned accent on innovation makes Pirelli the preferred choice of premium and prestige car manufacturers worldwide.

Back in 2021, Pirelli produced the very first tyre made with FSC™-certified natural rubber. The collaboration with JLR represents a new initiative to increase the share of recycled and bio-based materials in tyres, marking another step forward in the journey toward sustainability. Moreover, this product will also serve as a testing lab for materials innovation, as the percentage of components with low environmental impact is set to increase over time.

In 2024, JLR became the first car manufacturer ever to equip its vehicles with Pirelli tyres containing 100% FSC™-certified natural rubber.

*****

Pirelli Press Office

Tel. +39 02 6442 4270

pressoffice@pirelli.com – www.pirelli.com

^[1]   FSC™ is an international, non-governmental, independent, and non-profit organization, established in 1993 to promote the responsible management of forests. License number: FSC™ N003618.

Natural rubber accounts for approximately 25% of the total weight of the tire (35837, size 285/45R22 XL P-ZERO(LR) ncs).

Published on: 9 July 2025, 11:45 CET

The project, which does not require prerequisites for access, kicks off with an assessment phase that aims to measure the environmental and social impact of commercial partners at a given time, identifying areas for improvement to increase responsible practices within daily operations. The initiative also provides dedicated training to obtain the proprietary “Sustainability Journey Program” certification and to prepare to undertake the ISO 14001 (Environmental Management System) and 45001 (Occupational health and safety management systems) certifications.

The phases of the Sustainability Journey Program: from assessment to certification

The points of sale that participate in the Sustainability Journey Program are supported from the beginning by specialized consultants to complete a questionnaire - divided into the three key areas of sustainability, namely environmental, social and governance - to obtain the score related to their level of preparation. Through the Sustainability Guidebook, which contains examples and best practices to improve in the areas under examination, the partners will be able to implement actions aimed at reaching the level necessary to obtain the Pirelli certification issued by TÜV SÜD. The certification will be accompanied by a plaque to be displayed in the point of sale and by an online recognition to enhance the achievement also externally. It is an evolutionary path that every year will allow the points of sale, with the support of Pirelli, to further improve their performance in terms of sustainability, and to give visibility of it to consumers, given their increasing attention to these aspects during the purchase phase.

“In a context in which sustainability, health and safety issues are of increasingly strategic importance, Pirelli offers its partners a concrete and cutting-edge response, that combines operational excellence, attention to people and environmental protection”. Matteo Battaini, Pirelli Head of Sustainability and Future Mobility said: “Pirelli is the first company to undertake this type of journey on the market and with this initiative wants to provide concrete support to its partners as they face the challenges of the future, together building an increasingly responsible way of working and in line with growing consumer demands”.

The Sustainability Journey Program has several benefits, both from a business and reputational point of view. The adoption of increasingly responsible practices, in particular, allows points of sale to increase operating efficiency, manage operational risks more effectively and improve the quality of the work environment, supporting the well-being of people while improving loyalty, as well as strengthening the attractiveness of the point of sale towards the labor market and consumers.

Published on: 19 June 2025, 13:00 CET

The agreement was presented this afternoon in Bari through a press conference held in the headquarters of Apulia regional government with the participation of the governor, Michele Emiliano, and the Executive Vice Chairman of Pirelli, Marco Tronchetti Provera.

The Pirelli Cyber Tyre hardware and software system can collect and process through innovative algorithms information that arrives through sensors placed in the inner part of the tread, analyzing factors like the roughness and irregularity of the asphalt. The Univrses technology, instead, through cameras, enables the monitoring of the roads and signage both horizontal and vertical. For this pilot project with the Apulia Region, Pirelli has combined two technologies starting from the functionalities of the Cyber Tyre and augmenting them with the visual sensors of Univrses to supply an unique and integrated service to deliver quicker and more efficient road maintenance and as a consequence improve the safety of the roadways.

The cyber-service vehicles of the Apulia Region, fitted with the combined system, will send to a cloud the data to map the road network, which, once processed, will be viewable by the Region through digital dashboards. The region will therefore have access to the data collected during the pilot phase. The first cars of the fleet, supplied to the Region by the rental company Ayvens, one of the leading companies in long-term rental services and fleet management, will be active from July 2025.

In addition to the project with the Apulia Region, Pirelli already has a variety of other initiatives under way, such as with Movyon – Gruppo Autostrade per l’Italia, to monitor freeway infrastructure, and others, still being established. 

The new agreement further strengthens the role of the Apulia Region in Pirelli’s research and development activities, which in Bari in 2022 launched the Digital Solutions Center (DSC), a software factory entirely focused on digital innovation. The DSC in Bari is an example of public-private collaboration, with the fundamental contribution also of the university world through the University of Bari the Bari Politecnico. With both institutions, in fact, Pirelli has already begun innovative projects to optimize factory production processes through smart manufacturing systems and support digitalization and artificial intelligence in the various phases of the tyre’s design.

“The Apulia Region is proud of this forward-looking agreement, as we always are when it comes to ensuring the safety of citizens. Technology can save lives. In this case it will be useful as a thermometer of the state of health of our roads. When you systematize factors such as innovation, intelligent and long-term planning, the exchange of best practices with a historic Italian and world tyre company the result is an historic agreement, which does not entail any charges for the Region and I am sure will bring significant results. It is not the first partnership with Pirelli, who I thank for their renewed trust in the Region which is always eager to capture the opportunities for development and wellbeing offered by technological innovation. I think of the Digital Solutions Center launched in Bari in 2022 with the valuable contribution of the academic world and of the brilliant minds of our youth. I am sure, it must be said, that there is still a long road ahead that the Apulia Region and Pirelli will travel together to guarantee maximum driving safety for the Apulian people,” said the president of the Apulia Region Michele Emiliano.  

Marco Tronchetti Provera, Executive Vice Chairman of Pirelli, stated: “The agreement and experimentation launched represent another important step on the path of research and innovation that for years we are carrying out together with the Apulia Region. Thanks to the support of the institutions, the university world and local partners, Apulia is becoming for Pirelli, in the digital sector, an important centre of expertise at the international level, perfectly integrated with other research and experimentation centres in the world. The Cyber Tyre, one of our lead edge technologies for the development of the connected and sustainable mobility of the future, is at the heart of this innovation and these activities. The Cyber Tyre hardware and software system, beyond enabling the connection between the terrain and a car’s control systems, also enables a precise analysis of the state of infrastructure. Thanks to what has been realized so far and the support of the Region, we are evaluating further investments also in this region once some issues of a corporate nature are behind us. The relationship between Apulia and Pirelli is destined to become even stronger making this Region and our country’s South a fundamental part of the path of technological innovation which sees Pirelli the world leader in the high value tyre sector”.

Published on: 10 June 2025, 17:36 CET

***

-      Revenues: 1,758.6 million euro, +3.7% compared with 1,695.5 million euro in first quarter 2024 (organic variation +4.7% excluding forex effect of -1%)

-      Volumes +0.8% led by market share gain in High Value. Reduced exposure to Standard

-       Price/Mix: +3.9% mainly thanks to mix improvement

-       Further strengthening in High Value, equal to 81% of revenues (77% in first quarter 2024)

-       Adjusted Ebit: 279.8 million euro, +6.5% compared with 262.6 million euro in first quarter 2024 thanks to a solid commercial performance (volumes and price/mix) and efficiencies

-       Adjusted Ebit Margin at 15.9% (15.5% in first quarter 2024)

-       Net profit: 127.2 million euro, +26.7% compared with 100.4 million euro in first quarter 2024

-       Net cash flow before dividends: -696.7 million euro (-673.4 million euro in first quarter 2024)

-       Net Financial Position: -2,622.5 million euro (-2,935.1 million euro on 31 March 2024 and -1,925.8 million on 31 December 2024)

***

2025 TARGETS

-       2025 targets already announced in February are confirmed

-       Uncertainty over the duration and the effective impact of tariffs in view of the constantly ongoing scenario, with negotiations between the USA and its main commercial partners

-       Mitigation plan launched to guarantee, in case current tariffs persist, Adjusted Ebit target and cash flow at the lower end of guidance, achieving the deleveraging target

***

-       Pirelli management: negotiations with shareholders have concluded, at present without a positive outcome

-       The company remains open to exploring solutions to ensure full compliance with U.S. regulations

-       Confident that with the support of its historic shareholders and the market, Pirelli’s interests will be fully protected 

Milan, 14 May 2025 – The Board of Directors of Pirelli & C. Spa met today and majority approved results to 31 March 2025 with the favourable vote of 9 out of 15 board members. Votes against were those of Chairman Jiao Jian and Board members Chen Aihua, Zhang Haitao, Chen Qian, Fan Xiaohua and Tang Grace.

The board members who expressed a contrary vote regarding the quarterly financial statement, were motivated in their dissent solely with regard to the declaration – included in the subsequent events section of the statement itself - of the end of Sinochem’s control of Pirelli, in accordance with the IFRS10, disagreeing with the relative motivations, also in consideration of the fact that the shareholder pact between Camfin and CNRC/MPI Italy is still in force and that, in their opinion, therefore CNRC/MPI Italy maintains control over Pirelli in accordance with article 93 of the TUF.

Published on: 14 May 2025, 17:48 CET

The Shareholders’ Meeting therefore will be call to resolve upon the:

1.      approval of the financial statements as at 31 december 2024 and connected decisions with regard to the dividend distribution;

2.      approval of the Policy regarding remuneration for 2025 as well as expressing itself, via a consultative vote, on the compensations paid for 2024;

3.      approval, for the part linked to the Total Shareholder Return, of the adoption of the medium- long term monetary incentive plan for the 3-years period 2025-2027 (LTI 25-27) for the Group management in general.

The Company, in compliance with the regulation in force and pursuant to the Company Bylaws, has made use of the option to have those entitled to vote at the Shareholders’ Meeting do so exclusively through the Appointed Representative, without the physical participation of the entitled persons. For further information regarding the Shareholders’ Meeting please refer to the notice of call and to what is indicated in the Company’s website in the dedicated section. 

Note, as already announced to the market on 30 April 2025, the Company announces that the Annual Financial Report to 31 December 2024 is available to the public at the company’s headquarters in Milan at Viale Piero e Alberto Pirelli 25, at Borsa Italiana S.p.A. and through the authorized eMarket storage mechanism (emarketstorage.com) as well as being published on the company website www.pirelli.com.

The Annual Financial Report includes the draft financial statements, the consolidated financial statements, the management report- including the Consolidated Sustainability Reporting in accordance with Legislative Decree 125/2024 - the certification pursuant to article 154-bis, subsections 5 and 5-ter, of the Legislative Decree of 24 February 1998, n. 58 (“TUF), the annual Report on corporate governance and structure of share ownership and the Remuneration Report, supported by the relative reports from the Board of Statutory Auditors and auditing company.

With the today publication of a notice of call, the documentation regarding the agenda items has been made available to the public at the Company headquarters in Milan in Viale Piero e Alberto Pirelli 25, at Borsa Italiana S.p.A., the authorized storage mechanism eMarket Storage (emarketstorage.com) and the Company website www.pirelli.com.

Published on: 6 May 2025, 17:40 CET

The Annual Financial Report includes the draft financial statements, the consolidated financial statements, the management report- including the Consolidated Sustainability Reporting in accordance with Legislative Decree 125/2024 - the certification pursuant to article 154-bis, subsections 5 and 5-ter, of the Legislative Decree of 24 February 1998, n. 58 (“TUF), the annual Report on corporate governance and structure of share ownership and the Remuneration Report, supported by the relative reports from the Board of Statutory Auditors and auditing company.

Published on: 30 April 2025, 18:45 CET

SINOCHEM GROUP’S CONTROL OVER PIRELLI ENDS IN ACCORDANCE WITH IFRS 10 ACCOUNTING PRINCIPLE, WITH A MAJORITY VOTE

 DIALOGUE WITH THE MAIN SHAREHOLDERS CONTINUES TO ALIGN GOVERNANCE WITH USA REGULATIONS

***

Milan, 28 April 2025 – The Board of Directors of Pirelli & C. Spa met today and majority approved results to 31 December 2024 with the favourable vote of 9 out of 15 board members. Votes against were the one of Chairman Jiao Jian and the Directors Chen Aihua, Zhang Haitao, Chen Qian and Fan Xiaohua, while Director Grace Tang abstained.

The financial report, upon the proposal of the Chief Executive Officer Andrea Casaluci, contains the disclosure according to which following the issuance of the DPCM Golden Power, the control of MPI Italy (and, therefore, of Sinochem) over Pirelli has ended pursuant to the IFRS 10. At the same time, Pirelli, pursuant to the afore mentioned accounting principle, is not subject to the control of any entity.

The verification of the existence of control by the Sinochem Group, through Marco Polo Italy (MPI Italy) was raised by the board of statutory auditors and management following the issuance of the DPCM Golden Power and the theme was analyzed in depth with the support of auditing and primary law firms. The decision was also taken in compliance with Consob’s provision which had returned the relevant evaluation to the Board of Directors to be conducted through the application of the IFRS 10 international accounting principle. The board members who expressed a contrary vote, or abstained, were motivated in their dissent solely with regard to the declaration of the end of Sinochem’s control of Pirelli, in accordance with the IFRS10, disagreeing with the relative motivations, also in consideration of the fact that the shareholder pact between Camfin and CNRC/MPI Italy is still in force and that, in their opinion, therefore CNRC/MPI Italy maintains control over Pirelli in accordance with article 93 of the TUF.

The management notes that the decision regarding the absence of control of the shareholder Sinochem represents a first, but not decisive, step on the path to the necessary adjustment of company governance to regulatory constraints in the USA, a key market in the High Value tyre segment and for the development and distribution of Cyber Tyre technology. Management therefore reaffirmed it will continue its dialogue with the main shareholders to align Pirelli’s governance with American regulations, particularly regarding connected vehicles, in the interests of the company and all its stakeholders.

2024 Financial Results

Full-year 2024, the unaudited and preliminary results of which were communicated to the market on 26 February 2025, closed with a consolidated net profit of 501.1 million euro, an increase of 1% compared with 495.9 million euro in 2023, and revenues increasing by 1.9% to 6,773.3 million euro. The year also saw a further improvement in the group’s sustainability performance: for more details refer to the press release of 26 February 2025.

The Board today also approved the results of the Parent Company Pirelli & C. Spa which in 2024 posted a net profit of 302.0 million euro, an increase of 24.3% compared with 242.9 million euro in 2023. The Board, in line with the dividend policy of the 2024-2025 Industrial Plan Update, which for 2024 called for the distribution equal to around 50% of the consolidated net result, will propose to the shareholders’ meeting the distribution of a dividend of 0.25 euro per share (0.198 euro per share for 2023) for an overall total of 250 million euro.

The dividend for 2024 will be paid from 25 June 2025 (coupon detachment 23 June 2025 and record 24 June 2025).

2025 Targets

Pirelli confirms – in view of the high level of uncertainty surrounding US tariffs – the targets communicated to the market on 26 February 2025. The company has already defined a mitigation plan for the impact of USA tariffs, should the measures currently announced come into effect, with the aim of guaranteeing the Adjusted Ebit target and cash generation at the lower end of guidance, therefore achieving the deleveraging target. 

Published on: 28 April 2025, 16:49 CET

Pirelli will provide UMT with the strength of its brand and its knowledge of the over 160 markets where it currently operates globally, while UMT, having acquired the activities of Cycl-e Around, will exploit its expertise in the field of new mobility and its network of international partners to offer an even more efficient and widespread service.

“This collaboration represents a further step towards alternative forms of mobility to traditional means. Thanks to the synergy between the strength of our brand, known throughout the world, and UMT's specialization in light electric mobility, users will have access to an advanced and accessible service, simultaneously promoting environmental sensitivity and active living." – declared Giovanni Tronchetti Provera, Executive Vice President Sustainability, New Mobility and Motorsport Pirelli.

The Co-founders of UM Technologies BV added: “This collaboration allows us to further expand our presence on the business market, building on the success achieved in the world of Hospitality, and to strengthen our commitment to the decarbonisation of companies and private communities. Our goal is to make sustainable mobility the norm in micro communities, offering cutting-edge solutions that combine technology, efficiency and sustainability."

***

Pirelli Press Office
Tel. +39 02 6442 4270
pressoffice@pirelli.com
www.pirelli.com

Pirelli, founded in 1872, is today one of the world’s biggest tyre manufacturers, and the only one to be entirely focused on the Consumer market, with products and services for cars, motorcycles and bicycles. With a distinctive positioning at the top and very high end - the "High Value" segment - Pirelli is a global brand with strong Italian roots, known for its cutting-edge technologies, manufacturing excellence and passion for innovation. To achieve the highest level of performance, safety and reduction of environmental impact, Pirelli has always been committed to research and development, in which it invested 5.3% of High Value revenues in 2024. Pirelli is also constantly engaged in sustainability initiatives that have earned it top positions in the major world rankings for years and inclusion in the most relevant indices, such as the Dow Jones Sustainability World and Europe. Present in the world of motorsports since 1907, it is now active in over 350 competitions and since 2011 has been the Global Tyre Partner of the Formula 1® World Championship, for which it has renewed the exclusive relationship until at least 2027.

UM Technologies BV:
press@unicornmobility.com
CDR Communication

Angelo Brunello

Founded in 2022 by Ludovico Tessari, Gianluca Iorio and Guy delle Piane, UM Technologies BV offers integrated solutions that combine electric vehicles with charging infrastructure and other energy efficiency technologies. UMT boasts a network of 250 partners in Italy, Greece, Spain and Portugal, as well as the United Arab Emirates and Saudi Arabia. The UMT fleet includes over 2,000 light electric vehicles which have traveled over 200,000 km, contributing to a saving of 37,000 kg of CO2. The company aims to decarbonise private communities, starting from sustainable mobility and expanding its offer with new integrated solutions, including charging infrastructure for electric vehicles and green technologies for energy efficiency.

Published on: 13 March 2025, 11:40 CET

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)

***

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

***

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.

Published on: 26 February 2024, 17:50 CET

The result is based on Pirelli’s score in S&P Global’s the 2024 Corporate Sustainabilty Assessment, where the company obtained the top score (84 points) both in the Auto Components and Automotive sectors, together with its confirmation in the Dow Jones Sustainability World and Europe Indices.

Marco Tronchetti Provera, Pirelli’s Executive Vice Chairman, commented: “The recognition received again this year in the 2025 Sustainability Yearbook rewards Pirelli’s ability to transform challenging goals into tangible results. It confirms the effectiveness of our industrial strategy which is based on concrete and measurable actions which encompass the entire value chain".

Published on: 11 February 2024, 14:30 CET

Pirelli, the only tyre company included in both the World and Europe indices, obtained a score of 84 points in the context of the 2024 S&P Corporate Sustainability Assessment, the highest in both the Auto Components and Automobiles sectors, significantly higher that the component and auto sector averages of 29 points and 35 points respectively.

Pirelli earned top scores in several areas, including Business Ethics, attention to Human Rights, Programs and Policies for health and safety in the workplace, ESG management and classification of the supply chain. It also received top scores for activities that are part of the company’s path towards the ambitious goal of Net Zero by 2040 (validated by SBTi), that is for low-carbon Products, Management of climate change, the environment and biodiversity.

Marco Tronchetti Provera, Executive Vice Chairman of Pirelli, commented: “The confirmation of Pirelli in the Dow Jones Sustainability indices again this year, with the best results in the sector at the global level, highlights the solidity of our sustainable development strategy. Ours is a continuous, day-by-day effort, based on actions that are concrete and measurable, to reach the challenging goals we have set which include the entire value chain.”

Launched in 1999, the Dow Jones Sustainability Indices of S&P Global are among the most important indicators of sustainability at the global level. The annual analysis covers 62 sectors and extends to more than 13,500 companies.

Published on: 23 December 2024, 13:00 CET

In extraordinary session, the Shareholders’ Meeting approved the amendments to the Company Bylaws aimed at adopting some recent regulatory changes.

In particular, the Shareholders’ Meeting approved, with more than 79% of the capital represented, the amendments to articles 7 and 8 of the Company Bylaws providing that participation in Shareholders’ Meetings and the exercise of voting rights may occur, following a resolution of the Board of Directors, exclusively through the Appointed Representative.

The Shareholders’ Meeting also approved, almost unanimously, the amendments to articles 11 and 12 of the Company Bylaws providing that the attestation of compliance of the sustainability reporting may be made, if appointed, by a person other than the manager responsible for the preparation of the corporate financial documents.

In ordinary session, the Shareholders’ Meeting approved, with more than 79% of the capital represented, the amendment to the Shareholders’ Meeting Regulation in order to adapt its contents to the new text of the Bylaws.

The minutes of the Shareholders’ Meeting will be made available to the public at the registered office of the Company, Viale Piero e Alberto Pirelli No. 25, Milan, at Borsa Italiana S.p.A. and at the authorised storage mechanism eMarket Storage (emarketstorage.com) as well as published on the Company's website www.pirelli.com by 11 January 2025.

Published on: 12 December 2024, 12:46 CET

REVENUES INCREASE THANKS TO VOLUMES (+2.2%) AND PRICE/MIX (+2.7%) SUPPORTED BY THE PERFORMANCE OF HIGH VALUE

ADJUSTED EBIT MARGIN RISES TO 15.7%, NET CASH FLOW IMPROVED YEAR OVER YEAR 
***

IN THE THIRD QUARTER REVENUES INCREASE WITH VOLUMES (+3.0%) AND PRICE/MIX (+2.5%)

ADJUSTED EBIT MARGIN RISES TO 15.9%, NET CASH FLOW BEFORE DIVIDENDS +162.4 MLN

***
Nine months 2024

• Revenues at 5,184.5 million with organic growth of 4.9% (excluding forex impact at -4.4%), +0.5% compared with the first nine months of 2023 including effect of forex
• Further strengthening of High Value (76% of sales, 74% in first nine months of 2023)
• Volumes: +2.2% supported by the performance of High Value 
• Price/Mix: +2.7% mainly thanks to improvement of the product mix
• Adjusted Ebit: 815.9 million euro, growth of +4.3% compared with the first nine months of 2023 thanks to the solid commercial performance (volumes and price/mix) and efficiencies
• Adjusted Ebit margin rose to 15.7% (15.2% in first nine months of 2023)
• Net profit 371.1 million euro (411.0 million in the first nine months of 2023 which included the positive impacts of around 40 million euro linked to the Patent Box for the 3-year period 2020-2022)
• Net cash flow before dividends: -356.8 million euro, an improvement compared with -367.7 million in the first nine months of 2023
• Net Financial Position: -2,816.2 million euro (-2,978.0 million on 30 June 2024 and -2,261.7 million on 31 December 2023)
• SBTi validates targets for Net Zero by 2040, the most ambitious of the tyre sector

Third quarter 2024

• Revenues at 1,737.0 million euro with organic growth of 5.5% (excluding forex effect at -4.7%), +0.8% compared with 1,722.7 million euro in third quarter of 2023
• Volumes: +3.0% thanks to the marked growth of High Value
• Price/Mix: +2.5% thanks to improvement of the product mix
• Adjusted Ebit: 276.8 million euro, an increase of +4.4% compared with the third quarter of 2023 thanks to the performances of volumes, price/mix and efficiencies
• Adjusted Ebit margin rose to 15.9% (15.4% in the third quarter of 2023)
• Net profit: +139.8 million euro (+168.4 million euro in the third quarter of 2023 which included positive impacts of 40 million euro linked to the patent box for 2020-2022)
• Net cash flow before dividends: +162.4 million euro (+167.2 million euro in the third quarter of 2023)

***
2024 TARGETS

• 2024 Targets announced in August confirmed

• Decision to call ordinary and extraordinary shareholders' meeting to modify by-laws
• Calendar of 2025 company events approved

***

Milan, 7 November 2024 – The Board of Directors of Pirelli & C. Spa met today and approved results to 30 September 2024 which show a solid operating performance, notwithstanding the difficult external context, confirming the effectiveness of the business model and of the key programs of the Industrial Plan.

Published on: 7 November 2024, 17:50 CET

Milan, October 11, 2024 – Sustainability, continuous innovation, competitiveness, quality of raw materials and services: these key themes are fundamental pillars for Pirelli and took centre stage at the 2024 Supplier Day. The traditional annual event staged by Pirelli for its suppliers took place yesterday at the company's headquarters in Milan, in the presence of Executive Vice President Marco Tronchetti Provera and Chief Executive Officer Andrea Casaluci.
Selected from among the large, medium, and small companies that partner with Pirelli worldwide, 80 suppliers participated in the 2024 Supplier Day. These ‘strategic suppliers’ came from 22 countries, representing around 40% of the Group’s annual global purchases. The seven that stood out during the last year were presented with awards by Pirelli's Chief Purchasing Officer and Head of Supply Chain, Luca Galantina.
Marco Tronchetti Provera, Pirelli’s Executive Vice President, said: “Working with partners that share Pirelli's vision is crucial to maintaining our leadership in the high-perfomance tyre offer. Behind these ambitious challenges there always lies teamwork, particularly when it comes to our objectives of technological innovation and sustainability. That’s why each year we are very glad to reward the suppliers that truly stand out.”
Collaboration with suppliers is an integral part of Pirelli’s road to sustainability, particularly when it comes to tackling challenging objectives such as reducing CO2 emissions across the supply chain (Scope 3) . In September 2024, the Science Based Targets initiative (SBTi) approved Pirelli's Net Zero goals for 2040 as well as its near-term goals, which foresee an 80% reduction in total greenhouse gas emissions by 2030 compared to 2018 (Scopes 1 and 2), and a 30% reduction in emissions resulting from the purchase of raw materials, services and transport by 2030 (compared to the base year 2018).
In addition to sustainability, two other key themes emerged at the Supplier Day: innovation and quality. Innovation is particularly reflected in Pirelli’s work in research and development, as well as throughout the broader digital transformation programme involving all process and products (Cyber Tyre, to mention an example). When it comes to quality, excellence includes both the product and service level.
The companies recognised at the 2024 Pirelli Supplier Awards were:

• Sustainability Award: PIBRA TRASPORTI, a logistics supplier that has started to use trucks running on alternative fuels – namely battery electric and biomethane – for the activities related to Pirelli.
• Process Innovation: VMI HOLLAND B.V., a supplier of machinery used in tyre manufacturing.
• Material Innovation: ASAHI KASEI CORPORATION, a supplier of synthetic rubber, as well as a research partner in the development of new tyre production materials.
• Quality Award: SHANDONG YANGGU HUATAI CHEMICAL CO, a supplier of chemicals used in tyre compounds.
• Service Level Award: SHANGHAI INOAC POLYMER PRODUCTS CO, a supplier of polyurethane foams used in tyre production.
• Digital Transformation: SALESFORCE.COM, a provider of innovative CRM solutions for processes and platforms. 
• Excellence: JIANGSU XINGDA STEEL TYRE CORD GROUP CORP, a supplier of metal reinforcements.

The ceremony was also attended by Mario Isola, Pirelli's Motorsport Director, who highlighted Pirelli's leadership in motorsport, starting with Formula 1 – where teamwork is the recipe for success. Pirelli has introduced further innovation into Formula 1 this year by exclusively using competition tyres that contain FSC™-certified natural rubber.

Published on: 11 October 2024, 13:28 CET

NEAR-TERM TARGETS ON THE REDUCTION OF ABSOLUTE GREENHOUSE GAS EMISSIONS ALSO APPROVED

Milan, 19 September 2024 – Science Based Targets initiative (SBTi) has approved the near-term and long-term targets on the reduction of absolute greenhouse gas (GHG) emissions by Pirelli which were communicated last March during the presentation of the 2024-2025 Business Plan update.

In particular, SBTi - which defines and promotes science-based best practices for reducing emissions - has validated Pirelli's ‘long term’ target of Net Zero by 2040, the most challenging among tyre makers, to reduce absolute Scope 1, 2 and 3^[1] greenhouse gas emissions by at least 90% compared to the base year 2018.

These actions were deemed in line with the Paris Agreement’s target of limiting global warming to within 1.5°C.

SBTi also endorsed the other ‘near-term’ decarbonisation targets which foresee an 80% reduction in absolute greenhouse gas emissions by 2030 compared to 2018 (Scopes 1 and 2), and a 30% reduction in emissions from the purchase of raw materials, services and transport by 2030 compared to 2018 (Scope 3).

Marco Tronchetti Provera, Executive Vice Chairman of Pirelli, commented: “The validation of our 2040 Net Zero targets by the Science Based Targets initiative makes us proud as it confirms the scientific soundness of the path we are committed to along the entire value chain. A pathway that is part of a complex global context and a transition process whose resilience must be supported by realistic and sustainable targets.”

Science Based Targets initiative

A collaboration between CDP, the UN Global Compact, the World Resources Institute (WRI) and the World Wildlife Fund for Nature (WWF), SBTi aims to guide companies in setting ambitious, science-based targets to curb the planet's rising temperatures.

_{^[1] Scope 1: direct greenhouse effect gas emissions coming from the direct combustion of fossil fuels within the perimeter of the organization}

_{Scope 2: indirect emissions of greenhouse effect gases deriving from use of electricity, heat and steam imported and consumed by the organization within its confines}

_{Scope 3: indirect emissions linked to activities upstream or downstream from company operations, calculated according to the GHG Protocol and in line with SBTi requirements.}

Published on: 19 September 2024, 16:45 CET

IN THE SECOND QUARTER ADJUSTED EBIT MARGIN AT 15.8% AND NET PROFIT GREW BY 2.6% TO 130.9 MILLION EURO

***

First half 2024

- Revenues: 3,447.5 million euro, stable compared with 3,437.5 million euro in first half 2023 (organic variation +4.6% excluding forex effect of -4.3%)

- Further strengthening of High Value (77% of sales, 74% in first half 2023)

- Price/Mix: +2.8% mainly thanks to improvement in product mix

- Adjusted Ebit: 539.1 million euro, an increase of +4.2% compared with first half 2023 thanks to a solid commercial performance (volumes and price/mix) and efficiencies

- Ebit margin rises to 15.6% (15.1% in first half 2023)

- Net profit at 231.3 million euro (242.6 million euro in first half 2023) which discounts the impacts stemming from hyper-inflation

- Net cash flow before dividends: -519.2 million euro, an improvement compared with -534.9 million euro in first half 2023

- Net Financial Position: -2,978.0 million euro (-2,261.7 million on 31 December 2023, -3,087.5 on 30 June 2023)

Second quarter 2024

- Revenues: 1,752.0 million euro, +0.8% compared with 1,737.8 million euro in the second quarter 2023 (organic variation +4.5% excluding forex effect of -3.7%)

- Price/Mix: +3.3% thanks to improved product and Region mix

- Adjusted Ebit: 276.5 million euro, an increase of +2.7% compared with the second quarter 2023 thanks to the performance of volumes, price/mix and efficiencies

- Adjusted Ebit Margin rises to 15.8% (15.5% in second quarter 2023)

- Net profit: +2.6% to +130.9 million euro (+127.6 million euro in second quarter 2023)

- Net cash flow before dividends: +154.2 million euro (+156.5 million euro in second quarter 2023)

***

TARGET 2024

- Targets announced in March 2024 confirmed, Adjusted Ebit Margin expected at the higher end of guidance at 15.5% thanks to greater contribution from price/mix 

***

Milan, 1 August 2024 – The Board of Directors of Pirelli & C. Spa met today and approved the results to 30 June 2024 which show a solid operating performance, thanks to the implementation of the key programs of the Industrial Plan.

Published on: 1 August 2024, 17:51 CET

Published on: 18 June 2024, 18:18 CET

NEW BOARD OF STATUTORY AUDITORS NOMINATED, RICCARDO FOGLIA TAVERNA CHAIRMAN

THEREMUNERATION POLICY FOR 2024 AND NEW LTI PLAN APPROVED

VOTE IN FAVOUR OF REPORT ON COMPENSATION PAID IN 2023

EXTERNAL ACCOUNTS AUDITOR APPOINTED FOR THE NINE-YEAR PERIOD 2026-2034

Milan, 28 May 2024 – The Shareholders’ Meeting of Pirelli & C. SpA took place today, in ordinary session, at Studio Marchetti in Milan, with the interventions of those having the right to vote exclusively through the Appointed Representative. The Shareholders’ Meeting was attended by 88.26% of the capital with voting rights.

The Shareholders’ Meeting approved, with more than 99.8% of the capital represented, the Annual Report for 2023, which closed with a Parent Company net profit of 242.9 million euro and a consolidated net profit of 495.9 million euro, approving the distribution of a dividend of 0.198 euro per ordinary share equal to a total dividend payout of 198 million euro before withholding taxes. The dividend will be payable on 26 June 2024 (ex-dividend of 24 June and record date 25 June).

The Shareholders’ Meeting appointed, using the slate voting system, the new Board of Statutory Auditors for the years 2024-2025-2026. It is composed by Riccardo Foglia Taverna, as Chairman, Maura Campra, Riccardo Perotta, Teresa Naddeo and Francesca Meneghel as standing auditors and Franca Brusco, Roberto Pirola and Enrico Holzmiller as alternate auditors. The Chairman of the Board of Statutory Auditors and the alternate auditor Franca Brusco were drawn from the minority slate (voted for by 17.16% of the capital represented at the Shareholders’ Meeting), presented by a group of savings management companies and institutional investors with stakes in Pirelli & C. SpA. The other auditors were drawn from the majority slate (voted for by 82.77% of the capital represented at the Shareholders’ Meeting) presented by Marco Polo International Italy Srl, also on behalf of Camfin SpA, Camfin Alternative Assets Srl and Longmarch Holding Srl. Compensation was set at 95,000 euro for standing auditor and 135,000 euro for the Chairman of the Board of Statutory Auditors.

The curricula of the auditors are available at the Company website www.pirelli.com

During the Shareholders’ Meeting, the Executive Vice Chairman Marco Tronchetti Provera, who chaired the meeting, expressed thanks, in particular, for the outgoing standing auditors Antonella Carù and Alberto Villani for their work for the Company.

Acting on a proposal of Board of Statutory Auditors, the Shareholders’ Meeting appointed KPMG S.p.A. (with 99.63% of the capital present) as External Auditor of the accounts of Pirelli & C. Spa for the period 2026-2034 and determined the related fees.

The Shareholders’ Meeting also approved the remuneration policy for 2024 (with 82.79% of capital present) and expressed itself in favour (with 83.16% of capital present) of the Report on compensation paid in 2023. The Shareholders’ Meeting also approved (with 83.22% of capital present) the adoption of the 3-year monetary incentive Plan for 2024-2026 (LTI Plan) for the management of the Pirelli Group.

The minutes of the Shareholders’ Meeting will be available to the public through the same modalities indicated above by 27 June 2024.

Published on: 28 May 2024, 13:00 CET

NET CASH FLOW IMPROVES AGAINST FIRST QUARTER 2023

***

- Revenues: 1,695.5 million euro, substantially stable compared with 1,699.7 million euro in first quarter 2023 (organic variation +4.6% excluding forex effect of -4.8%)

- Price/Mix: +2.3% thanks to improved product and channel mix

- Further strengthening in High Value: market share grows in Replacement channel

- Adjusted Ebit: 262.6 million euro, growth of +5.8% compared with first quarter 2023 thanks to solid commercial performance (volumes and price/mix) and efficiencies

- Adjusted Ebit margin 15.5% (14.6% in first quarter 2023)

- Net profit 100.4 million euro (115.0 million euro in first quarter 2023) which discounts impacts linked to hyper-inflation, the normalization of which is expected during the course of the year

- Net cash flow before dividends: -673.4 million euro, an improvement compared with -691.4 million euro in first quarter 2023

- Net Financial Position: -2,935.1 million euro (-2,261.7 million on 31 December 2023, -3,244.0 on 31 March 2023)

***

2024 TARGETS

- 2024 targets announced to the market on 6 March confirmed

***

Milan, 9 May 2024 – The Board of Directors of Pirelli & C. Spa met today and approved results to 31 March 2024 which show a solid operating performance, thanks to the implementation of the “key programs” of the Industrial Plan.

In particular:

-       Commercial Program

The first quarter of 2024 saw a further strengthening in High Value with a particular focus on Car ≥ 19’’ and Specialties. In Car ≥18”, Pirelli recorded volume growth of 6.8% (market +6.5%), in particular earning market share in the Replacement channel (Pirelli volumes +11.4% compared with market’s +10.1%). In Original Equipment Car ≥18” (Pirelli volumes +0.9% compared with market’s +1.5%). Pirelli continued with its strategic focus on bigger rim sizes (weight of ≥19” volumes grew around 3 percentage representing around 85% of those of Original Equipment ≥18”) and Specialties (weight of Specialties +1 percentage points, now equal to 82% of volumes Original Equipment ≥18”). Further reduction of exposure to Standard (volumes of Pirelli Car ≤17” -3.8% compared with market’s +0.8%).

The different dynamics of High Value and Standard led to a growth of Car volumes of +2.7% (market +2.1%)

-       Innovation Program

In the first quarter of 2024 Pirelli obtained 84 new technical homologations with the main Prestige and Premium car makers, mainly focused on rim sizes ≥19” and Specialties. In electric, Pirelli counts a portfolio of around 550 homologations at the global level with a market share in Premium Original Equipment of 30%. In addition, the homologations continue with the main Premium and Prestige car makers and with Chinese Premium electric vehicle producers. In terms of product innovation, in the Car All-Season segment, positioning has been reinforced with the launch in Europe of the Cinturato AS SF3 while Moto saw the launch at the global level of the Pirelli Scorpion Trail III.

-       Operations Program

In the first quarter of 2024, the group registered gross efficiencies of 32 million euro (23% of the annual target), in line with the expectations and the timing of project development. Actions were also taken to mitigate the impact of the crisis in the Red Sea with the aim of reinforcing the resilience of the value chain. At the industrial level, factory saturation stood at around 89% (97% in High Value) and the plant decarbonization program continued, through the use of renewable energy sources and energy efficiency program, as well as the definition of a road map for the development of a platform to support emissions’ reduction and the digitalization of sustainability processes. The company, in conclusion, continued to cover its main factories with Industrial Internet of Things technology (IioT) to improve the efficiency of production processes.

Published on: 9 May 2024, 17:45 CET

The new line, signed within the context of the usual activities of managing and optimizing the financial structure, will permit the early reimbursement of part of the debt maturing in 2025, reinforcing the liquidity margin and lengthening debt maturities.

The new credit line is linked to the new and more challenging targets, submitted to the Science Based Target initiative (SBTi), Pirelli set for itself in the 2024-25 Industrial Plan Update presented on 6 March. These include reducing Scope 1 and Scope 2 greenhouse gases by 60% by 2025 and 80% by 2030 compared with 2018, and for Scope 3 by 27% by 2025 and 30% by 2030 compared with 2018. In addition, the new sustainability targets make Pirelli the first tyre sector company to set itself the target of achieving Net Zero in 2040.

Published on: 22 March 2024, 21:55 CET

The Shareholders’ Meeting therefore will be call to resolve upon the:

1. approval of the financial statements as at 31 december 2023 and allocation of the result and connected decisions regarding the dividend distribution;

2. renewal of the Board of Statutory Auditors for the next 3-years period, appointing the Statutory and alternate Auditors and the Chairman as well as establishing the relative compensation;

3. appointment the external auditor for the period 2026-2034, establishing the relative compensation;

4. approval of remuneration policy for 2024 as well as expressing itself, via an advisory vote, on the compensations paid for 2023;

5. approval, for the part linked to the Total Shareholder Return, of the adoption of the long-term monetary incentive for the 3-years period 2024-2026 (LTI 24-26) for the Group management in general.

Today, with the publication of the notice of call for the Shareholders’ Meeting, the Annual Financial Report as at 31 december 2023,  including the draft financial statement, the consolidated financial statements, the management report and the certification pursuant to article 154-bis, paragraph 5, of Legislative Decree 24 February 1998 no. 58 (“TUF”), the Report on responsible management for the value chain, the annual Report on corporate governance and share ownership and the Report on remuneration policy and compensation paid - accompanied by the reports of the Board of Statutory Auditors and the external auditor, is made available to the public at the Company’s registered office in Milan, Viale Piero e Alberto Pirelli no. 25, at Borsa Italiana S.p.A. and at the authorised storage mechanism eMarket Storage (emarketstorage.com), as well as published on the Company’s website www.pirelli.com. In the same way mentioned above, the proposals of resolutions and the documentation regarding the items on the agenda have been made available to the public.

In connection with the renewal of the Board of Statutory Auditors (item 2 on the agenda), is made available to the public, in the same ways mentioned above, the named "Guidelines of the outgoing Board of Statutory Auditors of Pirelli & C. S.p.A. on the composition of the new control body”, drawn up by the outgoing Board of Statutory Auditors pursuant to the Rules of Conduct of the Boards of Statutory Auditors of Listed Companies issued by the Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili.

How the Shareholders Meeting will be conducted

The Company has made use of the option to have those entitled to vote at the Shareholders’ Meeting do so exclusively through the Appointed Representative, without the physical participation of the entitled persons. For further information regarding the Shareholders’ Meeting please refer to the notice of call and to what is indicated in the Company’s website in the section dedicated to the event. 

Published on: 18 March 2024, 18:55 CET

FURTHER STRENGTHENING OF LEADERSHIP IN HIGH VALUE SEGMENT

SUSTAINABILITY A KEY FACTOR: NET ZERO BY 2040, FIRST IN THE TYRE WORLD

FOCUS ON CONNECTIVITY AND CYBER^TM TYRE

LAUNCH OF 20 NEW PRODUCT LINES FORESEEN BETWEEN 2024 AND 2025

DELEVERAGING TARGET CONFIRMED: NFP/ADJUSTED EBITDA RATIO AT 1X IN 2025

TARGETS

IN 2024 REVENUES BETWEEN ~6.6 AND ~6.8 BILLION EURO WITH AN ADJUSTED EBIT MARGIN BETWEEN >15% AND ~15.5%

IN 2025 REVENUES BETWEEN ~6.8 AND ~7.0 BILLION EURO WITH AN ADJUSTED EBIT MARGIN OF ~16%

OVER THE TWO YEARS CASH FLOW BEFORE DIVIDENDS OF AROUND 1.1 BILLION EURO

INVESTMENTS IN THE 2-YEAR PERIOD 2024-2025 OF AROUND 820 MILLION EURO

NET FINANCIAL POSITION IN 2025 AT ~1.6 BILLION EURO (1X ADJUSTED EBITDA)

DIVIDENDS: PAY OUT REVISED UP TO 50% OF 2024 RESULT (FROM 40% OF PREVIOUS PLAN)

Milan, 6 March 2024 – The Board of Directors of Pirelli & C. has approved the update of the “Industrial Plan Update ’24-’25” which will be presented to the financial community today by the Executive Vice Chairman, Marco Tronchetti Provera, Chief Executive Officer, Andrea Casaluci, and Top Management.

The Industrial Plan Update 2024-2025 represents the updating of the Industrial Plan 2021-22|25 presented on 31 March 2021 to take into account the changed and volatile external context which has characterized the last three years: growing geopolitical tensions, significant slowdown of economic growth and demand, penalized by high inflation and rise of interest rates.

Pirelli has dealt with this scenario by leveraging on its resilient business model, focused on High-Value – the segment with the highest growth – its already optimized and always more local-for-local production and on an organization that is rapid in the implementation of mitigation actions. This has enabled Pirelli to end the 3-year period 2021-2023 with results above expectations and to consolidate its positioning in the industry as Leading High Value Consumer Tyre Player.

In particular, the company has:

• Reinforced its focus on High Value, which at the end of 2023 reached, two years ahead of schedule, a weight of 75% in group revenues (70% weight in 2020, reference basis of the previous plan)
• Improved profitability, with an Adjusted Ebit Margin of 15.1% in 2023 (growth of 3.5 basis points compared with 2020), and confirms place among the highest of Tier 1 thanks to the great contribution of internal levers (price/mix and efficiencies)
• Financial leverage more than halved in the 3-year period, with an Nfp/Adjusted Ebitda ratio at end 2023 of 1.56 times compared with 3.65 times at end 2020, thanks to strong cash generation
• Accelerated decarbonization path with a reduction of CO2 emissions for Scopes 1 and 2 of 51% in 2023 compared with the reference year 2015 (previous target -42% in 2025) and 18% for Scope 3 (previous target -9% in 2025).

Published on: 6 March 2024, 13:22 CET

NET PROFIT +13.8% TO 495.9 MILLION EURO

PROPOSES DIVIDEND OF 0.198 EURO PER SHARE, TOTAL DIVIDEND PAYOUT 198 MILLION

CONFIRMED LEADER IN KEY SUSTAINABILITY INDEXES AND ACHIEVED DECARBONIZATION TARGETS TWO YEARS AHEAD OF SCHEDULE

 Full Year 2023

- Revenues: at 6,650.1 million euro (2023 targets ~6.6 billion euro), +0.5% compared with 2022, organic variation +6.8% excluding forex impact of -6.3%

- Price/Mix: +8.6% thanks to price increases and mix improvement (target ~+8%)

- Adjusted Ebit: 1,001.8 million euro (figure implicit to profitability target ~985 million euro), +2.5% compared with 977.8 million euro in 2022. Improvement of price/mix and efficiencies more than offset the negative impact raw materials and inflation.

- Adjusted Ebit Margin 15.1% (target ~15%)

- Net profit: +13.8% to 495.9 million euro (435.9 million euro in 2022) thanks to the operating performance and benefit deriving from the Patent Box

- Net cash flow before dividends: +508.9 million euro (+515.5 million euro in 2022) above the “between ~450 and ~470 million euro” target

- Net Financial Position: -2,261.7 million euro (-2,552.6 million euro on 31 December 2022) better than target of ~-2.33 billion euro. Nfp/Adjusted ebitda ratio ~1.56x (better than target of between ~1.60 /~1.65 times)

- Research & Development Spend: 288.5 million euro in 2023 (4.3% of total revenues), of which 269.4 million euro earmarked for High Value activities (5.4% of High value revenues)

- In 2023 further improvement of sustainability performance

***

Milan, 6 March 2024 – The Board of Directors of Pirelli & C. Spa, met today and approved results to 31 December 2023 which were above the targets indicated in November 2023 which had been revised upwards during the year. These results confirm the effectiveness of the business model and implementation of strategic plans in line with the Industrial Plan.

In 2023 revenues were 6,650.1 million euro (target ~6.6 billion euro), with growth of 0.5% compared with 2022 thanks to the great improvement of price/mix. Organic revenue growth was +6.8% (impact of forex and hyperinflation in Argentina and Turkey -6.3%). High Value accounted for 75% of total sales (71% in 2022).

Published on: 6 March 2024, 13:12 CET

The insurance solution, developed with the support of Aon, by Pirelli and Generali, global sustainability leaders in their respective sectors, is based on Pirelli achieving specific targets aligned to SDGs 3 and 8 (“Good Health and Well Being” and “Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all”). These targets relate to product and occupational health and safety matters.

The key performance indicators (KPIs) to be measured will primarily target employee training, maintenance of quality, health, safety and environmental certifications (ISO9001, International Automotive Task Force IATF 16949, ISO45001 and ISO14001). Additionally, specific accreditations of certain Pirelli R&D laboratories and tyre performance in terms of wet grip will be assessed. Among the KPIs included in the agreement is the affirmation of Pirelli’s position as one of the leading companies in the Dow Jones Sustainability Index.

With this project, Pirelli, Generali GC&C Italy and Aon, each guided by their analyses, continue together in an innovative manner their journey in support of the UN Sustainable Development Goals (SDGs), which were established in 2015 with a target for 2030.

The initiative, part of a multi-year partnership between Pirelli, Generali GC&C Italy and Aon, currently covers the policies led by Generali concerning Italian Employers Liability, as well as the Recall and General Liability policies.

Franco Franzoso, Head of Generali GC&C Italy, said: “The insurance solution devised with Pirelli and AON represents one of Generali’s initiatives aimed at incorporating ESG components into its policies. GC&C Italy has long been dedicated to integrating sustainability into its business operations and processes, developing solutions that positively impact the environmental and social sphere. In addition to our support for risk prevention and mitigation, we have set more challenging goals aligned with the UN SDGs, demonstrating our Company's commitment to fostering a healthy, resilient and sustainable society. The agreement with Pirelli is a significant milestone along GC&C Italy’s journey as a Responsible Insurer, contributing to the ongoing transition toward sustainability.”

Vincenzo De Cesaris, Pirelli Head of Finance, M&A and Risk Management, has stated: “The agreement with Generali GC&C Italy and Aon underscores Pirelli's ability to integrate a responsible approach into all its business activities, including Risk Management, and represents a pivotal step in the company's strategic sustainability journey. Aligned with the UN Sustainable Development Goals guidelines, this project strives for continuous improvement of employee and product-related health and safety initiatives”.

Marco Dubini Daccò, Executive Chairman of Aon S.p.A., concluded by saying: “We are pride in collaborating with Pirelli and Generali GC&C Italy to develop this innovative solution. The agreement involves several insurance programmes, mostly international ones, introducing ambitious sustainability targets. Through this initiative, the three companies aim to make a meaningful contribution to safeguarding individuals, while increasingly prioritizing social and environmental issues within their business”. 

Published on: 20 Feburary 2024, 12:00 CET

The result comes after the score obtained by Pirelli in the 2023 Corporate Sustainability Assessment of the Dow Jones Sustainability Indices of S&P Global, in which the company earned first place in the Auto Components and Automotive sectors of the Dow Jones Sustainability World and Europe Indices with a score of 84 points (revised from the initial 83).

Marco Tronchetti Provera, Executive Vice Chairman and CEO of Pirelli, said:
“Being again recognized this year as one of the leaders in the Sustainability Yearbook confirms Pirelli’s capacity to integrate its sustainability strategy along the entire value chain.  These concrete results and challenging goals are only obtained with the commitment of all”.

Published on: 7 February 2024, 16:20 CET

The “A” rating is the highest score achievable in the Climate section and was awarded to only 346 companies out of the more than 21,000 participating, evaluated on the basis of decarbonization strategies and effectiveness of the actions implemented to reduce emissions and climate risks and to develop a low carbon emissions economy, as well as the completeness and transparency of the information supplied, and the adoption of best practices associated with environmental impact

The recognition of the CDP confirms Pirelli’s constant commitment to environmental sustainability, as testified by the results which exceeded expectations compared with the decarbonization targets of the industrial plan.  Pirelli, meanwhile, is defining new Science Based Targets for the short and medium term in line with its commitment to Net Zero.

Marco Tronchetti Provera, Executive Vice Chairman of Pirelli, said: “Obtaining the CDP's most important recognition in the fight against climate change confirms the concrete results supporting sustainable transition achieved by Pirelli and its entire value chain also thanks to new technologies and the constant commitment to innovation”.

CDP, whose goal is to guide companies and governments to reduce their greenhouse gas emissions, safeguard water resources and protect forests, gathers data regarding environmental impacts, risks and opportunities, for an independent evaluation applying the methodology with which point scores are calculated. At the request of over 740 investors with more than 136 trillion dollars in assets, these data, in 2023, were communicated through the CDP platform by the companies involved.

Published on: 6 February 2024, 10:55 CET

The new line, activated in the context of the usual activities of management and optimization of the Company’s financial structure, will enable the reinforcement of the liquidity margin which, on 30 September 2023, already guaranteed coverage of debt maturities to the end of 2025.

In the context of the agreement signed with the pool of banks, Pirelli could link the new credit line to the new and more challenging Science Based Targets - in line with its commitment to Net Zero – that the company is defining as part of the new industrial plan after having achieved, two years ahead of schedule, the decarbonization targets initially set for 2025.

Published on: 22 December 2023, 11:33 CET

Pirelli obtained the maximum score in a variety of areas, including Business Ethics, innovation, attention to human rights, health and safety, management of climate change. Top scores were also achieved in the reduction of CO₂ emissions, attention to the supplier codes of conduct, management of biodiversity, environmental and product sustainability, and cyber security. These results led to Pirelli obtaining a total score of 83 points, the highest of the Auto Components and Automotive sectors at the global level, significantly higher than the average of 26 points in the auto components sector and 33 in the Automotive sector.

Marco Tronchetti Provera, Executive Vice Chairman of Pirelli, commented: “The confirmation of Pirelli on the Dow Jones Sustainability Indexes is both an acknowledgement and a push to set ever more challenging sustainability goals. Companies have a very important role in the current complex international framework, to favor a sustainable transition in both economic and social terms”.  

Launched in 1999, the Dow Jones Sustainability Indexes of S&P Global are among the most important stock market indexes in terms of sustainability at the world level. The annual analysis covers 62 business sectors and is extended to more than 13,000 companies.

Published on: 9 December 2023, 10:35 CET

The 2023 event took place today at the company HQ in Milan, in the presence of Executive Vice Chairman, Marco Tronchetti Provera, and CEO Andrea Casaluci. A selection of large, medium and small companies from 18 countries were involved, more than 70 of which are considered "strategic suppliers" attended the event, representing approximately 40% of the Group's annual global purchases. The five that stood out during the year were given awards by Pirelli’s Chief Procurement Officer, Andrea Maganzani.

Marco Tronchetti Provera commented: “Our company always sets itself ambitious goals that would not be possible without the support of those who work alongside us. Sharing our company values and targets with the entire supply chain allows us to constantly improve, particularly when it comes to sustainability and innovation which are key, strategic elements that underpin our global leadership in the High Value Segment and sustainability indices.”

The 2023 Supplier Day was also an opportunity to highlight Pirelli's Open Innovation approach, which involves suppliers, universities and innovation hubs who continuously pioneer the development of new products, with an increasing emphasis on new bio-based and recycled materials as well as innovative nano polymers.

A particular spotlight was shone on the excellence and commitment off the entire supply chain which helps Pirelli achieve its stated targets. Sustainability was at the forefront, for example, in the company’s 2025 target for carbon neutrality and the reduction of fossil-based materials, thanks to innovation and research into renewable or recycled sources. Collaboration from the supply chain was instrumental in launching the P Zero E tyre this year, containing more than 55% natural and recycled materials, as validated by Bureau Veritas. Back in 2021, Pirelli already launched the very first FSC (Forest Stewardship Council) certified tyre in the world, for which total traceability of raw materials of forest origin is ensured throughout the entire supply chain. This guarantees that the plantations from which natural components come from are managed in such a way that preserves biological diversity and brings benefits to the lives of local communities and workers, boosting their economic sustainability.

The ceremony was also attended by renowned yachtsman Ambrogio Beccaria, who recently won the Transat Jacques Vabre – an Atlantic Ocean race of more than 5,000 miles along the ‘coffee route’ between France and Martinique – with his Class 40 “Alla Grande Pirelli” yacht. This boat is a testament to the value of teamwork, thanks to the skipper’s push for innovation and the unstinting efforts made by the shipyard that built it.

These are the companies that were recognised in the 2023 Pirelli Supplier Awards:

Sustainability

HIMILE Mechanical Science and Technology (Shandong) Co. LTD, supplier of vulcanization moulds.

Quality

Quechen Silicon Chemical Co., Ltd, silica supplier.

Innovation

VI-grade GmbH, virtual simulator supplier.

Performance

ABRASIVI & ADESIVI, supplier of adhesive bands.

Excellence Award

Indorama Ventures Mobility Cremona S.p.A, supplier of reinforced textiles.

Published on: 6 December 2023, 10:50 CET