Pirelli & C. (PIRC) Q3 2026 earnings summary

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.