Pirelli & C. S.p.a. · MIL:PIRC
Pirelli & C — Pirelli & C Spa Azioni — Q1 2026 Earnings Presentation
29 slides from Pirelli & C's earnings presentation, May 7, 2026
Slide 1: 1Q 2026 Results
1Q 2026 Results Milan, May 7th, 2026 PIRELLI 1Q 2026 RESULTS 0 Thursday, 7 May, 2026
Slide 2: Agenda
Agenda 1 1Q 2026 KEY MESSAGES 2 PIRELLI & C. – 1Q 2026 RESULTS 3 FY 2026 OUTLOOK AND TARGETS 4 APPENDIX PIRELLI 1Q 2026 RESULTS 1 Thursday, 7 May, 2026
Slide 3: Key messages
Key messages 1Q’26: Consistent execution in a challenging environment ▪ High Value positioning enhanced through market share gain across businesses ▪ Solid profitability confirmed with internal levers offsetting external headwinds (FX, inflation and US tariffs) ▪ Cash flow trend in line with busines
Slide 4: 1Q 2026 Results: resilient business model in action
1Q 2026 Results: resilient business model in action 1,759 1,737 -1.2% YoY STD NET +3.5% organic growth H.V. SALES 81% 82% driven by solid commercial performance 1Q’25 1Q’26 280 277 -0.9% YoY 16% adj. EBIT margin (+0.1pp yoy) ADJ. EBIT with internal levers offsetting €81M of external headwinds (FX, i
Slide 5: Agenda
Agenda 1 1Q 2026 KEY MESSAGES 2 PIRELLI & C. – 1Q 2026 RESULTS 3 FY 2026 OUTLOOK AND TARGETS 4 APPENDIX PIRELLI 1Q 2026 RESULTS 4 Thursday, 7 May, 2026
Slide 6: 1Q 2026 Results: strengthening leadership in a challenging external environment
1Q 2026 Results: strengthening leadership in a challenging external environment Market share gain across businesses & regions HIGH VALUE ▪ Car: expanding OE opportunities & focus on specialties GROWTH ▪ Moto: outperformance driven by new products Technological leadership confirmed: INNOVATION ▪ Homo
Slide 7: High Value growth on both Car and Moto
High Value growth on both Car and Moto Exploit technological & market opportunities Car: Leveraging leadership on EV and Specialties HV Volumes Car+Moto PRODUCT MIX YoY growth IMPROVEMENT Moto: increasing weight on high-tech segment (e.g. +4% Hypersport & Custom-touring) Strengthening the Partnershi
Slide 8: Advancing product innovation in 1Q to reinforce High Value leadership
Advancing product innovation in 1Q to reinforce High Value leadership Leveraging OE to secure future growth Innovation-led product pipeline for Replacement ~ 120 new homologations Launched 3rd gen. of ~90% on ≥19” with Premium & Prestige OEMs Leader in homologations for high-end SUVs ~80% Specialtie
Slide 9: Cyber-Tyre ecosystem development: partnerships on vehicle dynamics & autonomous driving
Cyber-Tyre ecosystem development: partnerships on vehicle dynamics & autonomous driving RELEVANCE FOR Specialized in computer vision & AI-based road monitoring agents Accelerating partnerships with Swedish tech Real-time road data gathered by onboard cameras & Cyber Tyres. infrastructure operators &
Slide 10: 1Q 2026 Sales bridge
1Q 2026 Sales bridge Solid organic growth, driven by both volumes & price/mix improvement. Forex headwinds discount unfavorable comparison YoY € million +1.5% +2.0% +3.5% -4.5% -0.2% -1.2% 1,759 36 1,737 26 (79) (4) STD H.V. 81% 82% 1Q25 Δ Volumes Δ Price/mix Organic Growth Δ Forex Δ Perimeter 1Q26
Slide 11: 1Q 2026 Adjusted EBIT
1Q 2026 Adjusted EBIT Solid commercial performance and efficiencies almost offsetting €81M of external headwinds (FX, inflation and tariffs) € milion 280 21 15 (40) 43 (28) (5) 277 10 (19) 1Q 2026 margin 15.9% 16.0% 1Q’25 Volume Price/mix Raw Mat. FX Effic. Inflation D&A Other 1Q’26 commodities only
Slide 12: 1Q 2026 Net Income
1Q 2026 Net Income Earnings improvement supported by lower financial expenses and higher income from equity participations € million (10) 157 14 127 22 (2) 6 0 1Q’25 Δ adj. EBIT Δ amortization non recurr. / Δ Net Income / Δ Financial Δ Taxes 1Q’26 from PPA restr. costs loss from equity income / % of
Slide 13: 1Q 2026 Net Financial Position
1Q 2026 Net Financial Position Operating cash flow absorption in line with business seasonality, NFP records JV debt consolidation for ~210M€ € million Net Cash Flow before dividends & JV debt consolidation: -704 (-697 in 1Q’25) 2,017 (37) 210 34 51 1,102 939 (404) 87 34 NFP EBITDA CapEx Increase in
Slide 14: Gross Debt structure as of March 31st 2026
Gross Debt structure as of March 31st 2026 Liquidity margin covering > 3 years of debt maturity, protecting the company in current volatile markets € million Net Financial Position Gross Debt maturity 3,198 (1,181) Liquidity position 1,268 Loan 1,196 (1,011) Bond 599 (170) 2,017 IFRS 16 724 644 Othe
Slide 15: Agenda
Agenda 1 1Q 2026 KEY MESSAGES 2 PIRELLI & C. – 1Q 2026 RESULTS 3 FY 2026 OUTLOOK AND TARGETS 4 APPENDIX PIRELLI 1Q 2026 RESULTS 14 Thursday, 7 May, 2026
Slide 16: Macroeconomic Outlook update
Macroeconomic Outlook update Middle East crisis is weighing on global growth, inflation and raw mat prices Real GDP growth Raw materials Spot prices expected to peak in 2Q and then normalize in 2H although at higher levels compared to pre-war in Middle East -0.1pp Oil Brent $/barrel TTF Gas €/MWh -0
Slide 17: Car Tyre Market update
Car Tyre Market update High value demand confirms its resilience despite a challenging macroeconomic environment Global car tyre market YoY % growth Car ≥18’’: mid-single digit growth in Repl., low single digit in OE with car production expected to recover in 2H -1% ÷ +1% -2% ÷ flat ∆ vs previous ≥1
Slide 18: Addressing the Middle East Crisis: Our Actions on the Ground
Addressing the Middle East Crisis: Our Actions on the Ground PIRELLI IN MIDDLE EAST ACTIONS Ensured the safety of personnel operating in the region Pirelli Close and ongoing collaboration with local partners Regional HQ Dubai Re-routing inbound logistics through Western Saudi Arabia and Oman STATUS
Slide 19: Addressing the Middle East Crisis: Mitigation Plan already in place
Addressing the Middle East Crisis: Mitigation Plan already in place Assuming commodities price spike in 2Q, progressively normalizing in 2H. Impact on P&L with a lag of 3 to 4 months. IMPACT MITIGATION PLAN Raw materials cost increase Price increases already announced to the market Energy cost hikes
Slide 20: Targets update
Targets update February guidance did not factor in the Middle East conflict impact 2025 A 2026 E 2026 E € billion Feb Guidance Volumes: May Guidance Volumes: ~ +1% ÷ +2% ~ +1% ÷ +2% Price/Mix: Price/Mix: Net Sales 6.78 ~ 6.7 ÷ 6.9 ~ +2% ~ 6.75 ÷ 6.95 ~ +2.5 ÷ +3% Organic growth: Organic growth: +3%
Slide 21: Agenda
Agenda 1 1Q 2026 KEY MESSAGES 2 PIRELLI & C. – 1Q 2026 RESULTS 3 FY 2026 OUTLOOK AND TARGETS 4 APPENDIX PIRELLI 1Q 2026 RESULTS 20 Thursday, 7 May, 2026
Slide 22: Car Tyre Market 1Q 2026
Car Tyre Market 1Q 2026 Global car tyre market CAR ≥18’’ HIGHLIGHTS YoY % growth High value segment continuing to outperform Standard OE: weak start of the year +1% -4% RT: slightly positive, discounting a mixed trend by region ≥18" +5% +1% OE flattish market EU flat -6% Replacement double-digit gro
Slide 23: Economic results summary
Economic results summary € million PIRELLI 1Q 2026 RESULTS 1 Adjustments refers to one-off, non recurring and restructuring expenses to the amount of €83.5M (€43.8M in 2024). With reference only to EBIT, amortization of intangible assets recognized as a consequence of Business Combinations amounting
Slide 24: Consolidated Balance Sheet
Consolidated Fixed assets Balance Sheet 9,021.6 8,593.1 8,723.1 Inventories 1,485.2 1,455.5 1,503.3 Trade receivables 943.7 628.5 1,001.2 Trade payables (1,487.1) (2,082.4) (1,606.4) € million 31/03/2026 31/12/2025 31/03/2025 Operating net working capital 941.8 1.6 898.1 % of net sales* 13.9% 0.0% 1
Slide 25: Net Cash Flow
Net Cash Flow € million PIRELLI 1Q 2026 RESULTS 24 Thursday, 7 May, 2026
Slide 26: Sustainability: delivering on Plan targets
Sustainability: delivering on Plan targets 2023 2024 2025 2030 Actual Actual Actual Targets Accident Safety first Towards zero accident at work Frequency Index1 1.69 1.41 1.21 <1 Engagement & leveraging on employees Global Sustainable 83% 83% 83% ≥80% Retention listening and experience engagement In
Slide 27: ESG Indices: a globally acknowledged sustainability leadership
ESG Indices: a globally acknowledged sustainability leadership status @05/05/2026 Major rankings Positioning in the reference sector Score Top Score Auto Components Dow Jones Best-in-Class Indices 86 and Automotive sector S&P Sustainability Yearbook Top 1% - The only tyre maker TOP 1% CDP – Climate
Slide 28: Pirelli manufacturing footprint
Pirelli manufacturing footprint U.K. Germany Romania Burton – Semi-finished Breuberg – Slatina – Car Carlisle – Car Car / Moto U.S. Rome – Car Russia Kirov – Car Voronezh – Car China Mexico Yanzhou – Car / Moto Italy Silao – Car Jiaozuo – Car Bollate – Cycling Shenzhou – Car
Slide 29: Disclaimer
Disclaimer In General. This disclaimer applies to this document and any oral comments of any person presenting it. This document, taken together with any such oral comments, is referred to herein as the “Presentation”. This document has been prepared by Pirelli & C. S.p.A. (“Pirelli” or the “Company
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