Pirelli & C Spa Azioni (PLLIF) Q2 2026 Earnings Call

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WEBVTT 00:00:02.024 -- 00:00:07.126 Ladies and gentlemen, welcome to Pirelli's conference call, in which Pirelli 00:00:07.126 -- 00:00:13.107 Top Management will present companies' first half 2026 results. 00:00:13.107 -- 00:00:17.949 A live webcast of the event and the presentation slides are available in the investor 00:00:17.949 -- 00:00:21.730 relations section of the Pirelli website. 00:00:21.730 -- 00:00:25.431 I remind you that the Q&A session will follow the presentation. 00:00:25.431 -- 00:00:29.312 Now, I would like to introduce Mr. Marco Tronchetti Provera. 00:00:29.312 -- 00:00:31.947 Please, go ahead, sir. 00:00:31.947 -- 00:00:34.128 Thank you. Good evening, ladies and gentlemen. 00:00:34.128 -- 00:00:39.409 The first half results confirm Pierelli's ability to generate 00:00:39.409 -- 00:00:42.310 value in an uncertain environment 00:00:42.310 -- 00:00:46.631 marked by growing geopolitical tensions. 00:00:46.832 -- 00:00:51.993 We have further consolidated our leadership in the high-value segment by leveraging 00:00:51.993 -- 00:00:58.725 on the strength of our brand, technological innovation, and a distinctive product portfolio. 00:00:58.725 -- 00:01:04.086 The resilience of our business model and implementation of strategic priorities allowed 00:01:04.086 -- 00:01:09.488 us to maintain a profitability among the best in the industry, offsetting the negative 00:01:09.488 -- 00:01:12.629 effects of pension in the Middle East, U.S. 00:01:12.629 -- 00:01:16.129 tariffs and exchange rate volatility. 00:01:16.129 -- 00:01:21.231 Cash flow generation remains in line with the seasonality of the business and with 00:01:21.231 -- 00:01:27.200 the expectations for the full year reflecting the group's financial discipline. 00:01:27.200 -- 00:01:31.903 The second h...