The Board of Pirelli & C. Spa Reviewed Consolidated Results to 30 September 2024

PIRELLI: 2024 TARGETS CONFIRMED

REVENUES INCREASE THANKS TO VOLUMES (+2.2%) AND PRICE/MIX (+2.7%) SUPPORTED BY THE PERFORMANCE OF HIGH VALUE

ADJUSTED EBIT MARGIN RISES TO 15.7%, NET CASH FLOW IMPROVED YEAR OVER YEAR 
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IN THE THIRD QUARTER REVENUES INCREASE WITH VOLUMES (+3.0%) AND PRICE/MIX (+2.5%)

ADJUSTED EBIT MARGIN RISES TO 15.9%, NET CASH FLOW BEFORE DIVIDENDS +162.4 MLN

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Nine months 2024

• Revenues at 5,184.5 million with organic growth of 4.9% (excluding forex impact at -4.4%), +0.5% compared with the first nine months of 2023 including effect of forex
• Further strengthening of High Value (76% of sales, 74% in first nine months of 2023)
• Volumes: +2.2% supported by the performance of High Value 
• Price/Mix: +2.7% mainly thanks to improvement of the product mix
• Adjusted Ebit: 815.9 million euro, growth of +4.3% compared with the first nine months of 2023 thanks to the solid commercial performance (volumes and price/mix) and efficiencies
• Adjusted Ebit margin rose to 15.7% (15.2% in first nine months of 2023)
• Net profit 371.1 million euro (411.0 million in the first nine months of 2023 which included the positive impacts of around 40 million euro linked to the Patent Box for the 3-year period 2020-2022)
• Net cash flow before dividends: -356.8 million euro, an improvement compared with -367.7 million in the first nine months of 2023
• Net Financial Position: -2,816.2 million euro (-2,978.0 million on 30 June 2024 and -2,261.7 million on 31 December 2023)
• SBTi validates targets for Net Zero by 2040, the most ambitious of the tyre sector

Third quarter 2024

• Revenues at 1,737.0 million euro with organic growth of 5.5% (excluding forex effect at -4.7%), +0.8% compared with 1,722.7 million euro in third quarter of 2023
• Volumes: +3.0% thanks to the marked growth of High Value
• Price/Mix: +2.5% thanks to improvement of the product mix
• Adjusted Ebit: 276.8 million euro, an increase of +4.4% compared with the third quarter of 2023 thanks to the performances of volumes, price/mix and efficiencies
• Adjusted Ebit margin rose to 15.9% (15.4% in the third quarter of 2023)
• Net profit: +139.8 million euro (+168.4 million euro in the third quarter of 2023 which included positive impacts of 40 million euro linked to the patent box for 2020-2022)
• Net cash flow before dividends: +162.4 million euro (+167.2 million euro in the third quarter of 2023)

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2024 TARGETS

• 2024 Targets announced in August confirmed

• Decision to call ordinary and extraordinary shareholders’ meeting to modify by-laws
• Calendar of 2025 company events approved

The Board of Directors of Pirelli & C. Spa met today and approved results to 30 September 2024 which show a solid operating performance, notwithstanding the difficult external context, confirming the effectiveness of the business model and of the key programs of the Industrial Plan.