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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Pirelli & C.
Pirelli & C. (PIRC) investor relations material
Pirelli & C. Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
9M 2026 revenue was €5,278.0m, up 1.6% reported and 2.7% organically; High Value reached 82% of sales, from 79%.
Adjusted EBIT was €840.8m at a 15.9% margin; net income rose 7.4% to €430.2m.
High Value growth, price/mix and efficiencies offset softer demand, inflation, FX and geopolitical headwinds; FY 2026 targets were confirmed.
Financial highlights
9M sales were €5,278.0m (+1.6% YoY; +2.7% organic); Q3 sales were €1,783.5m (+5.1%), including 3.0% organic growth.
Adjusted EBITDA was €1,227.6m (+3.6%), with a 23.3% margin; adjusted EBIT was €840.8m versus €835.5m.
Reported EBIT was €740.0m (+4.5%); net income was €430.2m versus €400.6m, while adjusted net income was €474.9m versus €481.4m.
9M sales bridge: price/mix +3.2%, volumes -0.5%, FX -0.8% and perimeter -0.3%.
Price/mix (+€100.6m) and structural efficiencies (+€109.4m) outweighed production-factor inflation (-€104.4m), FX (-€37.9m) and weaker demand (-€11m) in adjusted EBIT.
Outlook and guidance
FY 2026 revenue guidance is €6.85bn–€6.95bn; adjusted EBIT margin ~16%, CapEx ~€450m and net cash flow ~€500m before dividends and China transactions.
FY-end net financial position target is ~-€1.2bn, with net debt/adjusted EBITDA ~0.75x; CapEx is ~6.5% of sales.
Assumptions: volumes -0.5%, price/mix +3% to +3.5%, and FX/perimeter impact -1.0% to -0.5%.
High Value replacement demand is expected to remain resilient; OE and Standard markets are weaker than expected, with no Q4 global OE recovery anticipated.
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Latest events from Pirelli & C.
- Stable revenues, higher margins, and strong High Value growth drive robust H1 2026 results.PIRC
Q2 2026 - Q1 2026 delivered strong High Value growth, higher margins, and raised 2026 guidance.PIRCQ1 2026
- 2025 net profit up 5.9% to €530.7M, record High Value growth, and €0.34/share dividend proposed.PIRCQ4 2025
- Net profit up 8% to €400.6M, High Value sales at 79%, 2025 targets confirmed.PIRCQ3 2025
- Strong H1 2025 growth, 80% High Value sales, and 16% EBIT margin with resilient outlook.PIRCQ2 2025
- High Value segment growth and margin gains drive strong 2024 results and confirm guidance.PIRCQ3 2024
- High Value growth and margin expansion drove strong H1 2024 results and positive outlook.PIRCQ2 2024
- Strong Q1 growth in sales, margins, and net income, with robust High Value segment performance.PIRCQ1 2025
- 2024 saw record margins, cash flow, and High Value growth, with resilient 2025 guidance.PIRCQ4 2024
Next Pirelli & C. earnings date
Q4 202625 Feb, 2027
Pirelli & C.
Next Pirelli & C. earnings date
Q4 202625 Feb, 2027
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Frequently asked questions
Pirelli & C. S.p.A. designs, manufactures, and markets tires for cars, motorcycles, and bicycles. The company focuses on high-performance and premium tire segments, supplying products for both original equipment and replacement markets. It operates production facilities and a distribution network globally. The company is headquartered in Milan, Italy, and its shares are listed on the BIT.