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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.
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Q3 2025 earnings summary6 Nov, 2025

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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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.

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