Pirelli & C. S.p.a. · MIL:PIRC
Pirelli & C — Pirelli & C Spa Azioni — FY 2025 Earnings Presentation
36 slides from Pirelli & C's earnings presentation, Feb 25, 2026
Slide 1: FY 2025 Preliminary Results
FY 2025 Preliminary Results FY 2025 Results Milan, February 25th, 2026 TYRE PARTNER OF MILANO CORTINA 2026 PIRELLI FY 2025 PRELIMINARY RESULTS Wednesday, 25 February, 2026
Slide 2: Agenda
Agenda 1 KEY MESSAGES 2 PIRELLI & C. – FY 2025 PRELIMINARY RESULTS 3 FY 2026 OUTLOOK AND TARGETS 4 APPENDIX PIRELLI FY 2025 PRELIMINARY RESULTS 1 Wednesday, 25 February, 2026
Slide 3: Key messages
Key messages 2025 results: Outstanding execution in a challenging environment • High Value position strengthened, with market share gains across channels and regions • Top profitability among Tier 1, with price/mix and efficiencies more than offsetting external headwinds • Deleveraging above targets
Slide 4: Agenda
Agenda 1 KEY MESSAGES 2 PIRELLI & C. – FY 2025 PRELIMINARY RESULTS 3 FY 2026 OUTLOOK AND TARGETS 4 APPENDIX PIRELLI FY 2025 PRELIMINARY RESULTS 3 Wednesday, 25 February, 2026
Slide 5: Solid execution in a challenging external environment
Solid execution in a challenging external environment… € million Guidance: 6,773 6,776 6.7 ÷ 6.8B STD NET +4.2% organic growth H.V. SALES 76% 79% supported by the solid commercial performance FY’24 FY’25 1,061 1,081 Profitability improvement ADJ. EBIT margin 15.7% 16.0% ~16% Internal lever (p/mix, e
Slide 6: … with continued progress on Sustainability
… with a continued progress on Sustainability Accident NET ZERO @ 2040 >80% weight of bio-based & Reduce water specific Goals Frequency Index1 SBTi2 validated recycled materials by 2030 withdrawal by 60% by 2030 @ 2030 <1 (best product on the market) (all group sites) 2025 -63.3% Scope 1+2 1.211 -27
Slide 7: 2025 Results overview: leadership enhanced through key strategic programs
2025 Results overview: leadership enhanced through key strategic programs HV share gains across regions & channels COMMERCIAL ▪ OE: expanding partnerships PROGRAM ▪ Replacement: faster portfolio renewal and top-ranked products Innovation Leadership confirmed: INNOVATION ▪ Top position in product tes
Slide 8: Strengthening our leadership in the High Value Market
COMMERCIAL Strengthening our leadership in the High Value Market Share gain in both channels of Car ≥18’’, while keeping reducing the exposure to Standard TOTAL CAR ≥18” 4Q’25 HIGHLIGHTS Market Pirelli FY’25 4Q’25 FY’25 4Q’25 MARKET 11% ▪ Total: slightly better trend supported by High Value 8% and O
Slide 9: A Superior Portfolio of Homologations to Secure Future Growth
COMMERCIAL INNOVATION A Superior Portfolio of Homologations to Secure Future Growth Leveraging best-in-class technology and partnerships with leading Premium & Prestige OEMs ~ 320 new homologations in 2025 Most iconic models introduced in 2025, fitting Pirelli tyres Some examples ~90% on ≥19” Ferrar
Slide 10: Leadership in High-End segment with a renewed and distinctive offering
INNOVATION Leadership in High-End segment with a renewed and distinctive offering CAR TWO WHEELS New Car Product Lines Main product families Record year for Car product tests success Summer For Custom-Touring motorbikes PZERO E Compasso d’Oro Award For motocross racing Superior performance PZERO Tes
Slide 11: Cyber Tyre gains worldwide recognition
INNOVATION Cyber Tyre gains worldwide recognition Vehicle-to-Everything (V2X) Innovation of the Year “Cyber Tyre is a key technology for the future of smart mobility, which includes autonomous driving, connected vehicles, and the digitalisation of infrastructures” Pirelli named “Company of the Year”
Slide 12: Efficiency program delivery above target
OPERATIONS Efficiency program delivery above target Efficiencies supported profitability improvement, with benefits above inflation. Product cost & Manufacturing the main contributors FY 2025 ACT MAIN PROJECTS Product Cost ~40% of total Design Modularity (tyre structure, weight and cost optimization
Slide 13: FY 2025 Sales bridge
FY 2025 Sales bridge Solid organic growth supported by sound price/mix improvement offsetting forex headwinds. HV Sales Reach 79% of Total Sales € million +0.4% +3.8% +4.2% -3.8% -0.4% +0.0% 6,773 6,776 28 261 (258) (28) STD H.V. 76% 79% FY’24 Δ Volumes Δ Price/mix Organic Growth Δ Forex Δ Perimeter
Slide 14: FY 2025 adjusted EBIT
FY 2025 adjusted EBIT Internal levers (p/mix, efficiencies & tariffs mitigation actions) drive profitability growth, offsetting external headwinds for ~€320M € million Net impact +69 Net impact +32 Net impact +37 1,061 173 (56) (85) 158 (121) 1,081 11 (26) (33) FY o/w US Gross Tariffs -55 margin 15.
Slide 15: FY 2025 Net Income
FY 2025 Net Income Earnings growth supported by sound operating performance and lower financial expenses € million 501 103 (83) 531 21 (33) 21 FY’24 Δ adj. EBIT Δ non recurr. / Δ Net Income / Δ Financial Δ Taxes FY’25 restr. costs loss from equity income / % of sales 7.4% partecipations expenses 7.8
Slide 16: FY 2025 Net Financial Position
FY 2025 Net Financial Position Strong deleverage thanks to solid operating cash flow and equity bond conversion Net Cash Flow before dividends: +1,074 (+534 in FY’24) Operating Cash Flow: +1,024 (+989 in FY’24) 1,926 92 1,102 (1,548) 154 (497) 200 250 113 (9) 420 Net Debt / 1.27x 0.71x EBITDA NFP EB
Slide 17: Gross Debt structure as of December 31st 2025
Gross Debt structure as of December 31st 2025 In January 2026 completed the full refinancing of 2027 loan maturities and renewed the undrawn committed lines to 2031. 2025 Target of 100% of ESG debt at HQ level achieved. € million Net Financial Position Gross Debt maturity 2,960 (1,858) 1,265 Liquidi
Slide 18: Agenda
Agenda 1 KEY MESSAGES 2 PIRELLI & C. – FY 2025 PRELIMINARY RESULTS 3 FY 2026 OUTLOOK AND TARGETS 4 APPENDIX PIRELLI FY 2025 PRELIMINARY RESULTS 17 Wednesday, 25 February, 2026
Slide 19: Navigating a dynamic landscape characterized by uncertainty and structural transformations
Navigating a dynamic landscape characterized by uncertainty and structural transformations Regional Escalations Resilient World GDP growth RISING GEOPOLITICAL with easing inflation… Trade War TENSIONS Value chain disruptions Inflation (CPI) Real GDP 3.2% 2.9% 2.9% 2.9% 2025 2026E 2025 2026E Demand u
Slide 20: Pirelli's reference market expected to be resilient
Pirelli’s reference market expected to be resilient: High Value growing mid-single-digit Weak demand for ≤17'' in key Standard regions Global car tyre market YoY % growth Car ≥18’’: mid-single digit Repl. demand, car production expected to recover in 2H ~ +1% -1% ÷ +1% OE slightly positive (car prod
Slide 21: Three main priorities to strengthen leadership
Three main priorities to strengthen leadership & cope with a challenging external scenario… Car ≥18’’ Outperforming Market Pirelli HIGH VALUE TRANSFORMATIVE INNOVATION GROWTH EFFICIENCY Leveraging Pirelli’s Accelerating technology Digitalization, Automation, business model development to sustain Ele
Slide 22: Pervasive Digital Architecture integrated across the value chain
… leveraging a pervasive Digital Architecture integrated across the entire value chain, empowered by progressive AI introduction Digital Enablers INTEGRATED BUSINESS PLANNING New business evaluations NEW SALES & CRM PRODUCT LIFECYCLE MANAGEMENT (PLM) SUPPLY CHAIN OE & Replacement Technology & Produc
Slide 23: Exploit technological & market opportunities
GROWTH | Exploit technological & market opportunities Leverage leadership on EV and Specialties PRODUCT MIX Boosting regional offer to meet customer needs REINFORCING IMPROVEMENT HV POSITIONING Broader portfolio coverage in niche segments Car ≥18’’ Outperforming US OEMs Partnerships on Iconic Models
Slide 24: Leveraging an iconic brand beyond tyres
GROWTH | Leveraging an iconic brand beyond tyres Enlarging our reach through art, culture and strategic sponsorships STRATEGIC SPONSORSHIPS Exclusive global tyre partner Road to MotoGP: Sole Tyre Supplier from 2027 WORLDWIDE BRAND RECOGNITION Olympic Official Tyre Partner in prestige/sporty & 1st hi
Slide 25: Product Innovation in 2026
PRODUCT INNOVATION in 2026 Renewal of highly successful lines for specific segments/markets 9 NEW CAR Focus on safety & performance, incorporating our latest technologies PRODUCTS Leveraging modularity to reduce manufacturing complexity Addressing customers’ needs across segments 7 NEW TWO-WHEELS PR
Slide 26: Cyber Tyre ecosystem development is ongoing
PRODUCT INNOVATION | Cyber Tyre ecosystem development is ongoing Advanced smart infrastructure monitoring and safety through partnerships with top technology players & Institutions… Vehicle Dynamics + Partnerships Autonomous Driving Visual Sensor Sensing Predictive Fusion Maintenance Solution Ecosys
Slide 27: Transformative efficiency delivering ~€150M
TRANSFORMATIVE EFFICIENCY | delivering ~€150M mainly through product & manufacturing Programs leveraging Digitalization, Automation and AI introduction to enable a sustainable cost base transformation PRODUCT DESIGN Virtualization & Simulation: accelerating innovation pace while reducing costs >80%
Slide 28: FY 2026 Guidance
FY 2026 Guidance Targeting solid organic growth & profitability improvement, while sustaining sound cash generation despite higher taxes 2025 A 2026 E Guidance € billion Volumes: ~ +1% ÷ +2% Price/Mix: ~ +2% Net Sales 6.78 ~ 6.7 ÷ 6.9 Organic growth: +3% ÷ +4% Forex & perimeter: -4.5% ÷ -2.5% Adj.
Slide 29: Agenda
Agenda 1 KEY MESSAGES 2 PIRELLI & C. – FY 2025 PRELIMINARY RESULTS 3 FY 2026 OUTLOOK AND TARGETS 4 APPENDIX PIRELLI FY 2025 PRELIMINARY RESULTS 28 Wednesday, 25 February, 2026
Slide 30: Economic results summary
Economic results summary € million -0.1 p.p. PIRELLI FY 2025 PRELIMINARY 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 29 Wednesday, 25 Februar
Slide 31: Consolidated Balance Sheet
Consolidated Balance Sheet € million PIRELLI FY 2025 PRELIMINARY RESULTS 1. Total net financial debt = net financial position excluding non-current financial receivables and non-current derivative financial instruments 30 Wednesday, 25 February, 2026
Slide 32: Net Cash Flow
Net Cash Flow € million 1Q 2025 2Q 2025 3Q 2025 4Q 2025 4Q 2024 FY 2025 FY 2024 Budget FY’25 Adjusted Operating income (EBIT) 279.8 278.5 277.2 245.9 244.6 1,081.4 1,060.5 1,130.1 Amortiz. & depreciations (excl. PPA amortiz.) 119.2 115.4 115.1 117.2 117.9 466.9 459.0 480.8 Investments in tangible an
Slide 33: ESG Indices
ESG Indices: a globally acknowledged sustainability leadership status @19/02/2026 Major rankings 2025/early 2026 Positioning in the reference sector Score S&P Dow Jones Sustainability Top Score Auto Components 86 Indices and Automotive sector S&P Sustainability Yearbook Top 1% - The only tyre maker
Slide 34: Sustainability: deep dive on 2025 achievements
Sustainability: deep dive on 2025 achievements 2024 2025 2025 2030 Actual Actual Targets Targets Accident Safety first Towards zero accident at work Frequency Index1 1.41 1,21 ~1 <1 Engagement & leveraging on employees Global Sustainable 83% 83% ≥80% ≥80% Retention listening and experience engagemen
Slide 35: 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 36: 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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