THE BOARD OF PIRELLI MAJORITY APPROVES CONSOLIDATED RESULTS TO 30 JUNE 2025
PIRELLI: REVENUES GREW IN THE SEMESTER, ADJUSTED EBIT MARGIN ROSE TO 16%, NET PROFIT +14.1% TO 264 MILLION EURO
IN THE SECOND QUARTER ADJUSTED EBIT MARGIN GREW TO 16% DESPITE FOREX VOLATILITY AND TARIFF IMPACT
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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);
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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