THE BOARD OF PIRELLI & C. SPA REVIEWS CONSOLIDATED RESULTS TO 30 JUNE 2024
PIRELLI: REVENUES STABLE IN THE SEMESTER, ADJUSTED EBIT MARGIN RISES TO 15.6%, NET PROFIT AT 231.3 MILLION EURO. IMPROVED NET CASH FLOW BEFORE DIVIDENDS
IN THE SECOND QUARTER ADJUSTED EBIT MARGIN AT 15.8% AND NET PROFIT GREW BY 2.6% TO 130.9 MILLION EURO
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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)
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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
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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.