| Imagery Source: Wikimedia Commons / Ema vinadio |
| Information Source: Pirelli & C. Spa |
| PIRELLI: REVENUES GREW IN THE QUARTER, ADJUSTED EBIT MARGIN ROSE TO 15.9% AND NET PROFIT WAS 127.2 MILLION (+26.7%) |
- Revenues: 1,758.6 million euro, +3.7% compared with 1,695.5 million euro in first quarter 2024 (organic variation +4.7% excluding forex effect of -1%)
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- Volumes +0.8% led by market share gain in High Value. Reduced exposure to the Standard
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- Price/Mix: +3.9%, mainly thanks to mix improvement
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- Further strengthening in High Value, equal to 81% of revenues (77% in the first quarter of 2024)
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- Adjusted Ebit: 279.8 million euro, +6.5% compared with 262.6 million euro in the first quarter of 2024 thanks to a solid commercial performance (volumes and price/mix) and efficiencies
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- Adjusted Ebit Margin at 15.9% (15.5% in first quarter 2024)
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- Net profit: 127.2 million euro, +26.7% compared with 100.4 million euro in the first quarter of 2024
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- Net cash flow before dividends: -696.7 million euro (-673.4 million euro in first quarter 2024)
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- Net Financial Position: -2,622.5 million euro (-2,935.1 million euro on 31 March 2024 and -1,925.8 million on 31 December 2024)
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| 2025 TARGETS |
- 2025 targets already announced in February are confirmed
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- Uncertainty over the duration and the effective impact of tariffs given the constantly ongoing scenario, with negotiations between the USA and its main commercial partners
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- Mitigation plan launched to guarantee, in case current tariffs persist, Adjusted Ebit target and cash flow at the lower end of guidance, achieving the deleveraging target
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- Pirelli management: negotiations with shareholders have concluded, at present, without a positive outcome
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- The company remains open to exploring solutions to ensure full compliance with U.S. regulations
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- Confident that with the support of its historic shareholders and the market, Pirelli’s interests will be fully protected
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| The Board of Directors of Pirelli & C. Spa met today and the majority approved the results to 31 March 2025 with the favourable vote of 9 out of 15 board members. Votes against were those of Chairman Jiao Jian and Board members Chen Aihua, Zhang Haitao, Chen Qian, Fan Xiaohua and Tang Grace. |
| The board members who expressed a contrary vote regarding the quarterly financial statement, were motivated in their dissent solely about the declaration – included in the subsequent events section of the statement itself - of the end of Sinochem’s control of Pirelli, by the IFRS10, disagreeing with the relative motivations, also in consideration of the fact that the shareholder pact between Camfin and CNRC/MPI Italy is still in force and that, in their opinion, therefore CNRC/MPI Italy maintains control over Pirelli by article 93 of the TUF. |
| For the full document, click the link below |
| Pirelli & C. Spa |
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