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Pirelli & C. (PIRC) investor relations material
Pirelli & C. Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 3.7% organic revenue growth in the first nine months of 2025, with net sales of €5,195.2 million, driven by High Value segment expansion and effective commercial strategy despite challenging macroeconomic and geopolitical conditions.
Net profit increased by 8% to €400.6 million, with industry-leading profitability and an adjusted EBIT margin of 16.1%, supported by internal efficiencies, price/mix improvements, and lower financial expenses.
High Value products now represent 79% of sales, up from 76% a year earlier, with Car ≥18” volumes up 5% and market share gains in both Original Equipment and Replacement channels.
Technological leadership reinforced by Cyber Tyre innovation, industry awards, and new OEM partnerships, alongside advanced sustainability initiatives and product launches.
Strong cash generation in Q3, continued deleveraging, and a robust liquidity margin covering debt maturities through Q4 2027.
Financial highlights
Revenues reached €5,195.2 million, up 0.2% year-over-year, with 3.7% organic growth and price/mix improvement of 3.9%.
Adjusted EBIT for the first nine months was €835.5 million (margin 16.1%), up from 15.7% in the prior year.
Adjusted EBITDA was €1,185.2 million (22.8% margin), up from €1,157.0 million (22.3%) in 2024.
Net financial position at 30 September 2025 was -€2,537.9 million, improved from -€2,816.2 million a year earlier.
Cost of debt decreased to 4.66%, with a liquidity margin of €2,499.4 million and ~70% of gross debt ESG-linked.
Outlook and guidance
2025 revenue target confirmed at €6.7–€6.8 billion, with organic growth ≥4% and price/mix improvement of 3.5–4%.
Adjusted EBIT margin expected at ~16%, with investments of ~€420 million (~6% of revenues) and net cash flow before dividends forecast at ~€550 million.
Net financial position projected at ~-€1.6 billion; NFP/Adjusted EBITDA ratio at ~1.0x.
High Value segment expected to show mid-single digit growth, while Standard segment to decline.
Net impact of US and other tariffs for 2025 and 2026 estimated at €30–35 million after mitigation.
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