THE BOARD OF PIRELLI MAJORITY APPROVES CONSOLIDATED RESULTS TO 30 SEPTEMBER 2025
PIRELLI: 9 MONTH NET PROFIT +8% TO 400.6 MILLION EURO, 2025 TARGETS CONFIRMED
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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
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2025 TARGETS ANNOUNCED WITH FIRST HALF RESULTS IN JULY CONFIRMED
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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).
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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.