Pirelli Board Approves Consolidated Results to 31 March 2026

- Revenues: 1,737.2 million euro, with organic growth of +3.5% excluding forex effect (-4.5%) and the deconsolidation of Däckia (-0.2%). Including these effects, the variation is -1.2% compared with 1,758.6 million euro in first quarter of 2025;

- Volumes +1.5% thanks to positive performance of High Value;

- Price/Mix: +2% supported by the continuous improvement of product mix;

- High Value grows to 82% of revenues (81% in first quarter 2025);

- Adjusted Ebit: 277.4 million euro (279.8 million euro in first quarter 2025), with margin improving to 16% (15.9% in first quarter 2025);

- Net profit: +23.3% to 156.8 million euro (127.2 million euro in first quarter 2025) also thanks to lower financial charges;

- Net cash flow before dividends and the consolidation of the Chinese JV Xushen Tyre was -704.5 million euro, substantially in line with the first quarter 2025. The impact of the consolidation of the Chinese JV was 210.2 million euro;

- Net Financial Position: -2,016.7 million euro (-2,622.5 million euro to 31 March 2025 and -1,102.0 million to 31 December 2025) which includes the consolidation of the Xushen Tyre’s debt of 210.2 million euro.

2026 TARGETS

- 2026 targets updated because of the Middle East crisis, impact limited thanks to mitigation actions as already indicated on 16 April 2026;

- Revenues expected between ~6.75 and ~6.95 billion euro, an increase compared with the February estimates due to improved price/mix;

- Adjusted Ebit at ~16%;

- Net cash generation before dividends and the impact Chinese JV Xushen (exercising of call option and its consolidation) confirmed at ~500 million euro

The Board of Directors of Pirelli & C. Spa, met today and approved results to 31 March 2026.

Pirelli closes the first quarter of 2026 with solid results that confirmed the effectiveness of the business model.

In particular:

- Commercial Program

In the first quarter of 2026 Pirelli further strengthened its market position in High Value which represents 82% of revenues (81% in the first quarter of 2025). The group posted total growth in Car and Moto volumes of +4%, with increases in market share in both segments. Positive performances were seen both in the Replacement channel and, to a more significant extent, in Original Equipment, supported by the strengthening of strategic partnerships with the main producers of four and two-wheel vehicles in North America and APAC. On the other hand, the group continued its strategy of increasing selectivity in Standard (-5.3%), particularly in South America, to concentrate on more profitable products and channels.

The performance described above translates for Pirelli into total volumes’ growth in the first quarter of +1.5%.

- Innovation Program

In the first quarter of 2026 Pirelli totaled 116 new homologations, of which around 90% in rim sizes of ≥19”, in collaboration with the main producers of Prestige, traditional Premium and Chinese NEV Premium vehicles. Specialties accounted for 80% of new homologations, while around 65% was for electric models (BEV and PHEV). Further, the quarter saw the announcement of a partnership with Audi for the RS5 and RS3 competition limited models which will feature as original equipment the Pirelli P Zero R and P Zero Trofeo R.

The product offer was broadened in the different business segments, with a growing focus on advanced technologies, with 6 victories in Car in comparative tests. This segment saw the launch of the third generation of the Scorpion, point of reference for high-end SUV homologations. In Moto the marketing of the Metzeler Sportec 01 began, a tyre designed for high performance in wet conditions thanks to a patented adaptive tread, while in Cycling the P Zero SL-R was launched, the fastest and most aerodynamic of the range. The development of the Cyber Tyre continued through strategic partnerships with examples of excellence in the field of connectivity and autonomous driving such as Univrses, RideSense and Niulinx, with the goal of further strengthening the technological platform.

- Efficiency Program

In the first quarter of 2026 the Group achieved gross efficiencies of around 43 million euro (equal to around 29% of the annual target, in line with the timeline of projects’ development). The results reflect, particularly, progress in the program of product design and improvement in industrial productivity. Considering the Middle East crisis, with a consequent impact on the cost of raw materials, energy and transport, Pirelli speedily implemented mitigation initiatives which include price increases and additional cost containment measures.