Pirelli & C. S.p.a. · MIL:PIRC
Pirelli & C — Pirelli & C Spa Azioni — 1H 2026 Earnings Presentation
31 slides from Pirelli & C's earnings presentation, Jul 29, 2026
Slide 1: 1H 2026 Results
1H 2026 Results Milan, July 29th, 2026 PIRELLI 1H 2026 RESULTS 0 Wednesday, 29 July, 2026
Slide 2: Agenda
Agenda 1 KEY MESSAGES 2 PIRELLI & C. – 1H 2026 RESULTS 3 FY 2026 OUTLOOK AND TARGETS 4 APPENDIX PIRELLI 1H 2026 RESULTS 1 Wednesday, 29 July, 2026
Slide 3: Key messages
Key messages 1H'26: Resilient performance supported by solid execution ▪ Further strengthening of High Value positioning through market share gains ▪ Sound profitability sustained across quarters, with price/mix and efficiencies offsetting external headwinds (FX, Middle East impact and US tariffs) ▪
Slide 4: Agenda
Agenda 1 KEY MESSAGES 2 PIRELLI & C. – 1H 2026 RESULTS 3 FY 2026 OUTLOOK AND TARGETS 4 APPENDIX PIRELLI 1H 2026 RESULTS 3 Wednesday, 29 July, 2026
Slide 5: 1H 2026 Results | Delivering through a challenging environment
1H 2026 RESULTS | Delivering through a challenging environment STD 3,499 3,495 -0.1% YoY +2.5% organic growth NET H.V. SALES 80% 82% Sound High Value growth supported by share gains and continuous mix improvement 1H’25 1H’26 558 558 flat YoY 16% adj. EBIT margin flat yoy ADJ. EBIT internal levers of
Slide 6: 1H 2026 Sustainability Achievements
1H 2026 SUSTAINABILITY ACHIEVEMENTS | Execution on track across all sustainability pillars -54% Continuous index decrease HEALTH & Accident Frequency SAFETY Program Leading Health & Safety Value ongoing in all plants Index1 vs 1H 2025 to sustain structural and proactive safety culture SCOPE 1+2 -13.
Slide 7: Advancing Circular raw-material supply chains
Advancing Circular raw-material supply chains Three partnerships, across key geographies and materials: carbon black, steel and synthetic rubber. Scope: Scaling the use of recovered carbon black derived from end-of- CARBON life tyres Recovered carbon black producer from end-of- BLACK life & scrap ty
Slide 8: 1H'26 Execution | Strengthening Leadership and navigating market headwinds
1H’26 EXECUTION | Strengthening Leadership and navigating market headwinds Market share gain across businesses & regions HIGH VALUE ▪ Car: expanding OE reach and specialty leadership GROWTH ▪ Moto: innovation-driven outperformance Technological leadership confirmed: ▪ Homologation portfolio enriched
Slide 9: 1H'26 Commercial Performance | Disciplined Value Management
1H’26 COMMERCIAL PERFORMANCE | Disciplined Value Management Market share gain in High Value, further Standard exposure reduction in Q2 to safeguard value and profitability Volumes YoY growth 2Q reflecting a softer growth of Moto (after a strong 1Q) & Car OE 4% 3.5% 3% HIGH VALUE Outperformance vs. m
Slide 10: 1H'26 Product Innovation
1H’26 PRODUCT INNOVATION | Strengthening differentiation and future High Value growth Locking-in future growth through OE Car: new products driving HV leadership ~200 new homologations in 1H In 2Q launched Scorpion AS 4 in North America Improved mileage, comfort & control thanks to virtual design ~9
Slide 11: Cyber Tyre | Showcasing Pirelli's Technology Leadership
CYBER TYRE | Showcasing Pirelli's Technology Leadership Through On-Track Test Drives Exclusive event at Pirelli’s track enabling journalists to experience the safety benefits of Cyber Tyre under demanding conditions Unique physical sensing capabilities… … tested on challenging conditions Immediate &
Slide 12: Brand | Distinctive positioning, growing global recognition
BRAND | Distinctive positioning, growing global recognition A unique brand positioning, associated to1: High-Tech Prestige Motorsport +29% +26% +38% Pirelli Avg. other Pirelli Avg. other Pirelli Avg. other Tier 1 brands Tier 1 brands Tier 1 brands Gaining momentum in the US… …enhanced through strate
Slide 13: Transformative Efficiency | AI boosting innovation
TRANSFORMATIVE EFFICIENCY | AI boosting innovation & reshaping industrial cost base A deep-dive on Virtual Compounder PIRELLI MAIN PROGRAMS PRODUCT DESIGN MANUFACTURING ▪ Digitalization ▪ Modularity IIoT1 solutions to raise productivity, quality & flexibility design for competitiveness to reduce fac
Slide 14: 1H 2026 Sales bridge
1H 2026 Sales bridge Solid mix contribution, HV confirmed at ~82%. Forex improving quarter-on-quarter € million +0.0% +2.5% +2.5% -2.1% -0.5% -0.1% 3,499 3,495 1 86 (72) (18) STD H.V. 80% 82% 1H’25 Δ Volumes Δ Price/mix Organic Growth Δ Forex Δ Perimeter 1H’26 2Q’26 -1.5% +2.9% +1.4% +0.4% -0.8% +1.
Slide 15: 2Q/1H 2026 Adjusted EBIT
2Q/1H 2026 Adjusted EBIT Price/mix and efficiencies more than offsetting the external headwinds (forex, inflation and tariffs) € milion Net impact +42 Net impact +41 Net impact +2 278 16 (4) 38 (36) (7) 280 2Q 2026 (10) 29 (23) Energy & logistics costs hikes margin 16.0% 16.0% 2Q’25 Volume Price/mix
Slide 16: 1H 2026 Net Income
1H 2026 Net Income Earnings improvement driven by lower financial expenses and higher income from equity participations € million (19) 299 264 29 0 11 2 13 1H’25 Δ adj. EBIT Δ amortization non recurr. / Δ Net Income / Δ Financial Δ Taxes 1H’26 from PPA restr. costs loss from equity income / % of sal
Slide 17: 1H 2026 Net Financial Position
1H 2026 Net Financial Position Cash flow absorption in line year-on-year, Net Financial Position records JV debt consolidation & call option for ~257M€ € million Net Cash Flow before dividends & extraordinary operations*: -557 (-547 in 1H’25) 1,916 Operating Cash Flow: -416 (-217 in 1H’25) 257 100 (
Slide 18: Gross Debt structure as of June 30th 2026
Gross Debt structure as of June 30th 2026 Liquidity margin covering > 3 years of debt maturity, protecting the company in current volatile markets € million Net Financial Position Gross Debt maturity 3,134 (1,218) Liquidity position 1,265 Loan Bond 1,196 (1,069) 599 (149) 1,916 719 IFRS 16 639 Other
Slide 19: Agenda
Agenda 1 KEY MESSAGES 2 PIRELLI & C. – 1H 2026 RESULTS 3 FY 2026 OUTLOOK AND TARGETS 4 APPENDIX PIRELLI 1H 2026 RESULTS 18 Wednesday, 29 July, 2026
Slide 20: Macroeconomic Outlook update
Macroeconomic Outlook update Ongoing Middle East tensions weigh on global growth, inflation and raw material prices. US GDP remains relatively resilient, supported by AI-related investment, while Europe faces a more pronounced slowdown amid energy-related headwinds. Real GDP growth Raw materials Rec
Slide 21: Car Tyre Market update
Car Tyre Market update High Value demand confirms its resilience despite challenging macroeconomic environment & weak car production outlook Global car tyre market YoY % growth Car ≥18’’: mid-single digit growth in Replacement, slightly negative in OE (previous indications positive low single digit)
Slide 22: 2026 Guidance
2026 Guidance Drivers updated based on current scenario 2025 A 2026 E € billion July Guidance Volumes: ~ +0% ÷ +1% Net Sales 6.78 ~ 6.75 ÷ 6.95 (old +1% ÷ +2%) Price/Mix: ~ +2.5 ÷ +3% Adj. EBIT Margin 16% ~ 16% Forex & perimeter: -2.5% ÷ -1.5% (old -4% ÷ -2%) CapEx 0.42 ~ 0.45 % of sales 6.2% ~ 6.
Slide 23: Agenda
Agenda 1 KEY MESSAGES 2 PIRELLI & C. – 1H 2026 RESULTS 3 FY 2026 OUTLOOK AND TARGETS 4 APPENDIX PIRELLI 1H 2026 RESULTS 22 Wednesday, 29 July, 2026
Slide 24: Car Tyre Market 1H 2026
Car Tyre Market 1H 2026 Global car tyre market CAR ≥18’’ HIGHLIGHTS YoY % growth High value segment continuing to outperform Standard OE: -2.5% due to softer demand in EU and a weaker trend in China +1% -2% RT: +2.5% with a mixed trend by region ≥18" +5% +0,5% OE weak market EU flat -3% Replacement
Slide 25: Economic results summary
Economic results summary € million PIRELLI 1H 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 26: Consolidated Balance Sheet
Consolidated Balance Sheet € million PIRELLI 1H 2026 RESULTS 1, Total net financial debt = net financial position excluding non-current financial receivables and non-current derivative financial instruments 25 Wednesday, 29 July, 2026 (*) During interim periods net sales refer to the last 12 months
Slide 27: Net Cash Flow
Net Cash Flow € million -547.1M€ excluding the sale of Dackia Ab in 2Q 2025 (+43.4M€) PIRELLI 1H 2026 RESULTS 26 Wednesday, 29 July, 2026
Slide 28: 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 29: ESG Indices: a globally acknowledged sustainability leadership
ESG Indices: a globally acknowledged sustainability leadership status @21/07/2026 Major rankings Positioning in the reference sector Score Top Score Auto Components Dow Jones Best-in-Class Indices 84 and Automotive sector S&P Sustainability Yearbook Top 1% - The only tyre maker TOP 1% CDP – Climate
Slide 30: 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 Shenzhou – Car (JV)1 Bollate – Cycling Jiaozuo
Slide 31: 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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