Informazione
Regolamentata n.
0206-73-2026Data/Ora Inizio Diffusione 29 Luglio 2026 17:41:24Euronext Milan
Societa' :PIRELLI & C.
Utenza - referente :PIRELLISPAN08 - Sacchetti Alberto Tipologia :REGEM; 1.2 Data/Ora Ricezione :29 Luglio 2026 17:41:24 Data/Ora Inizio Diffusione :29 Luglio 2026 17:41:24
Oggetto :PIRELLI BOARD MAJORITY APPROVES
CONSOLIDATED RESULTS TO 30 JUNE 2026
Testo del comunicato
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1
PRESS RELEASE
PIRELLI BOARD MAJORITY APPROV ES CONSOLIDATED RESULTS TO 30 JUNE 2026
PIRELLI: H1 NET PROFIT +13.3% TO 299 MI LLION EURO , ADJUSTED EBIT MARGIN AT 16%
2026 TARGETS ANNOUNCED IN MAY CONFIRMED
*** First Half 2026
- Revenues : 3,494.5 million euro, with organic growth of +2.5% e xcluding effect of forex and hyper -inflation (-2.1%) and variation of the scope of consolidation (-0.5%). Includ ing these effects , revenues were stable compared with first half 2025 (3 ,498.6 million euro);
- Further strengthening of High Value (82% of sales , 80% in first half 2025);
- Price/Mix: +2 .5% support ed by the ongoing improvement of the product mix and the positive contribution of the regional mix ;
- Adjusted Ebit: 557.8 million euro (558.3 million euro in first half 2025) , with margin stable at 1 6%;
- Net profit : +13.3% to 299.0 million euro (264.0 million euro in first half 2025) thanks also to lower financial charges ;
- Net cashflow before dividends and consolidation of Xushen Tyre of -556.9 million euro, ( -547.1 million euro in first half 2025 excluding the positive impact of the disposal of Dakia AB );
- Net Financial Position : -1,915.9 million euro (-2,678.7 million euro on 30 June 2025 and -1,102.0 million euro on 31 December 2025);
- Partnerships s tipulated in the sustainability area linked to materials’ circularity .
Second quarter 2026
- Revenues : 1,757.3 million euro, with organic growth of 1.4% e xcluding the effect of forex and hyper -inflation (+0.4%) and the variation of the scope of consolidation (-0.8%). Includ ing these effects, growth was 1.0% compared with 1,740.0 in the second quarter of 2025 ;
- Price/Mix: +2 .9% thanks to the improvement of the product mix and positive contribution of the regional mix ;
- Adjusted Ebit: 280 .4 million euro, +0.7% compared with 278.5 million euro in second quarter
2025;
- Adjusted Ebit Margin stable a t 16% ;
- Net profit : +3.9% a t 142.2 million euro (136 .8 million in second quarter 2025) .
***
2 Milan 29 July 2026 – The Board of Directors of Pirelli & C. Spa met today and majority approved results to 30 June 2026, with the contrary vote of board members Zhang Haitao, Xi Xiaohong and Wang Kun because of the declaration of control by MTP Spa contained in the financial report .
The results of the first half of 2026 conf irm the resilience of Pirelli’s business model and the effective implementation of the strategic pro grams , despite an economic context still characterized by elevated volatility and persistent geopolitical tension s.
In particular :
- Commercial Program In the first half of 2026 Pirelli further consolidated its leadership in High Value , the Car and Moto volumes of which grew by 3.5%, with increased market share in both business es. The performance was supported by both the Original Equipment channel, thanks to partnerships with the principal carmakers in North America and APAC, and the Replacement channel, thanks to the strength of the Brand, quality of the offering and continuing consumer appreciation for Pirelli products .
Standard volumes decreased by -8% reflecting the strategy of growing selectivity, particularly in South America, through the reduction of exposure to segments with lower margins .
The performance described above translates for Pirelli into stable total volumes in the first half of 2026 .
- Innova tion Program In the first half of 2026 Pirelli garnered around 200 n ew homologations with the principal Premium and Prestige carmakers , of which 90% for rim sizes ≥19 inches . Specialties account for 70% of new homologations, while 60% are for electric vehicles (BEV and PHEV) . The high level of technological content in Pirelli products earns the constant recognition of the main Premium and Prestige carmakers – as testified by the homologations obtained in the first half for the Ferrari Luce, Rivian R2S and the new Audi Q7 and Q9 SUVs – both in comparative tests in the Car segment, where Pirelli achieved 8 victories in just the first half of 2 026.
In term s of the product portfolio, the offering was further broadened with the launch , in the Car replacement segment , of the new Scorpion AS 4 in Nor th America, in Moto with the marketing of the Metzeler Sportec 01 RS and in Cycling with the introduction of the new Cinturato Gravel RH and RM. In conclusion , the development of the Cyber Tyre continues through strategic partnerships with leading operators in the fields of connectivity and autonomous driving, such as Univrses, RideSense and Niulinx, with the goal of further strengthening of the technolog ical platform .
- Efficiencies’ Program In the first half of 2026 the Company achieved gross benefits of 81 million euro, equal to around 54% of the annual target , in line with expectations. The result reflects, in a particular manner, the progress of the product design program and the improvement of industrial productivity .
Given the Middle East crisis and resulting impacts on the cost of raw materials, energy and transport , the company quickly activated mitigation initiatives which include price increases and additional cost containment measures .
In the first half of 2026 Pirelli regist ered positive performances in the principal economic indicators .
Revenues amounted to 3,494.5 million euro, with organic growth of +2.5% e xcluding the combined effect of forex and the application of hyper -inflation accounting (equal to -2.1% overall ), as well as the variation to the scope of consolidation (-0.5%) following the sale of Däckia AB. Includ ing these effects , stable (-0.1%) compared with the first half of 2025 (3 ,498.6 million euro) .
High Value represents 82% of total sales (80% in the first half of 2025).
In the second quarter of 2026 revenues totaled 1,757.3 million euro, with organic growth of +1.4% compared with the same period of 2025. Growth of 1.0% compared with the first half of 2025 includ ing the effect of forex and hyper -inflation (+0.4%) and the variation of the scope of consolidation (-0.8%).
3 Revenue variants 1 QTR
2026 2 QTR
2026 H1 2026
Volum es
+1.5%
-1.5%
0.0%
Price/Mix +2.0% +2.9% +2.5%
Varia tion like -for-like +3.5% +1.4% +2.5%
Forex/Hyper -inflation in Argentina and Turkey -4.5% +0.4% -2.1% Perimeter variation – Däkia AB
-0.2%
-0.8% -0.5%
Total varia tion -1.2% +1.0% -0.1%
Volumes in the first half of 2026 were stable compared with the first half of 2025 , with opposing dynamics in High Value and Standard. In partic ular, in Car ≥18’’, Pirelli outperformed the market earning market share in both channels (Original Equipment and Replacement ), while in Car ≤17’’ the strategy of reducing exposure to less profitable products and channels continued .
In the second quarter of 2026 volum es saw a slight decrease (-1.5%) because of the diverging performances of High Value (Car and Moto volumes grew +3% ) and Standard (Pirelli volumes -11% , with a more marked decline compared with the first quarter, in line with the cited strategy of selectivity ).
In the first half of 2026 the price/mix registered an increase of +2.5% led by the continuous improvement of the product mix and the positive contribution of the regional mix .
In the second quarter of 2026 the price/mix was +2.9%, an improvement compared with the first quarter (+2.0%), support ed by the continuous improvement of the product mix and the positivity of the regional mix, driven by solid performances in Europ e, Nor th America and APAC, while demand in South America was weaker .
The effect of exchange rates in the first half of 2026 had a negative impact of -2.1% mainly because of the devaluation of the US dollar compared with the first half of 2025.
In the second quarter of 2026 the effect of exchange rates had a positive performance of +0.4% (-4.5% in first quarter ) following the reduced devaluation of the US dollar and strengthening of the Chinese renminbi and the Brazilian real.
Profitability
Profitability (euro millions ) 30/06/2026 % of revenues 30/06/2025 % of revenues Varia tion y/y Adjusted Ebitda 814.5 23.3% 792.9 22.7% +2.7% Ebitda 794.5 22.7% 771.1 22.0% +3.0% Adjusted Ebit 557.8 16.0% 558.3 16.0% -0.1% Ebit 492.2 14.1% 479.6 13.7% +2.6%
Adjusted Ebitda in the first half of 2026 was 814.5 million euro, with growth of +2.7% compared with 792.9 million euro in the same period of 2025.
Adjusted Ebit in the first half of 2026 was 557.8 million euro (558 .3 million euro in the same period of 2025), with an adjusted Ebit margin of 16.0%, stab le compared with the first half of 2025 thanks to the effectiveness of internal levers .
4 Adjusted Ebit reflects :
- positiv e contribution of price/mix (+50.2 million euro) and efficien cies (+81.3 million euro) that more than offset the negativ e impact of forex (-44.4 million euro) and the inflation of input costs (-64.6 million euro), due to the Middle East crisis ;
- positive contribution of raw materials (+31.5 million euro) ;
- negative impact of greater amortizations of -12.2 million euro;
- increase of other costs (-42.5 million euro) , principal ly linked to the impact of US tariffs .
In the second quarter of 2026, Adjusted Ebit amounted to 280.4 million euro (+0 .7% compared with 278.5 million euro in the same period of 2025), with a margin of 16.0%, stable year on year . In the quarter , the positive contribution of price/mix (+28.8 million euro) more than offset the negative effect of forex (-4.3 mi llion euro) and the performance of volum es (-10.2 mi llion euro). The contribution of efficien cies was positive ( +38.0 million euro), which more than offset the inflation of input costs (-36.4 million euro). The contribution of raw materials was positive ( +16.0 million euro), while there was an increase on an annual basis of amortizations (-6.8 million euro) and other costs (-23.2 million euro, including the impact of tariffs ).
Ebit in the first half of 2026 was 492.2 million euro, an increase compared with 479.6 million euro of the first half of 2025 and include s amort ization of intangible asset s identifi ed in the context of PPA of 45.6 million euro (56 .9 million euro in the first half of 2025 ) and one -time, non -recurring and restructuring charges of 20.0 million euro (21 .8 million euro in the first half of 2025 ).
The result from equity holdings was positive for 29.1 million euro ( + 16.0 million euro in first half 2025) and mainly refers to the fair value revaluation of the Xushen Tyre (Shanghai) Co. Ltd. joint venture following its consolidation .
Net financial charges in the first half of 2026 amounted to 94.1 million euro, a significant improvement compared with 122.7 million euro in the first half of 2025 , mainly thanks to the reduction of gross debt, as well as the lower weight of financial debt in high -interest -rate countries .
This latter effect also contributed to the reduction of the cost of debt , calculated as the average of the last 12 months, which on 30 June 2026 s tood at 3.89% compared with 4.40% on 31 December 2025.
Fiscal charges in the first half of 2026 amounted to 128.2 million euro, with a tax rate of 30.0%. The value in the first half of 2 025 was 108.9 million euro, with a tax rate of 29.2%.
Net profit in the first half of 2026 grew by +13.3% to 299.0 million euro, compared with 264.0 million regist ered in the first half of 2025.
The second quarter of 2026 saw an increase in net profit of +4% to 142.2 million euro (136 .8 million euro in the same period of 2025).
Net cash flow before dividends and the consolidation /exercise of call option of Xushen Tyre in the first half of 2026 was -556.9 million euro, compared with -503.7 million euro in the first half of 2025 ( -547.1 million euro, e xcluding the +43.4-million-euro impact of the disposal of Däckia AB to CTS).
Net cash flow from operations in the first half of 2026 was negativ e -416.1 million euro ( -217.0 million euro in the same period of 2025) and mainly discounts increased investments (tangible and intangible ) and greater cash absorption linked to the dynamics of commercial debt . In det ail:
- operating perf ormance saw an improvement compared with the same period a year earlier (Adjusted Ebitda of 814.5 million euro in the first half of 2026 compared with 792.9 million euro in the first half of 2025);
- tangible and intangible investments amount to 177.2 million euro (128 .0 million euro in the same period of 2025), destined mainly to High Value activities , technological upgrade and automation of factories ;
- “increases in right of use ” were 51.6 million euro (71 .6 million euro in the first half of 2025);
5
- Greater cash absorption linked to “functional capital and other ” (-1,001.8 million euro compared with -810.3 million euro in the first half of 2 025). T his dynamic principally reflects greater cash absorption relative to commercial debts compared with the first half of 2025 because of the greater concentration of investments in the last quarter of 2025 which resulted in the relative payments in the first half of the year . Commercial credits are following the business’s usual seasonality with a limited additional negative impact as an effect of the situation in the Middle East. Inventory management was positive, higher as a percentage of revenues over the last 12 months than for the same period in 2025 (22.4% compared with 21.2%) which reflects the rigorous management of finished product volumes (weighed down by the cost of raw materials and the constitution of “safety stock ” because of the conflict in the area of the Golf).
Net cash flow before dividends in the first half of 2026 was -813.9 million euro and, beyond the dynamics described above of operations , reflects :
- impact of -257.0 million euro relativ e to the consolidation and increase to 70% of Xushen Tyre (Shanghai) Co., Ltd. (respectively -210.2 million euro and -46.8 million euro );
- finan cial charges paid of -85.7 million euro, lower than the 31.0 million euro of the previous year ;
- taxes paid of -99.6 million euro, 33.0 million euro higher than the previous year ;
- payments linked to non -recurring and restructuring charges of -27.4 million euro.
The net financial position to 30 June 2026 was -1,915.9 million euro compared with -2,678.7 million euro on 30 June 2025 and -1,102.0 million euro on 31 December 2025.
On 30 June 2026 the liquidit y margin was 2,569.4 million euro and guarantees the coverage of debt maturities with banks and other financiers beyond the third quarter of 2029.
***
2026 TARGET S
Market o utlook With the Middle East crisis continuing to weigh on global growth, inflation and the cost of raw materials , Pirelli ha s updated the 2026 market outlook and now foresees global Car tyre demand between “-3% and -1%” compared with the “-2% to stable” indicat ed in May . In detail :
- the performance of the Standard segment is seen as “negative mid -single -digit” (compared with negative low -single -digit in May );
- the demand in Original Equipment seen falling by about 3% (in line with car production ) compared with around -2% estimated in May .
In High Value, the expectations are :
- in the Replacement channel, mid-single -digit demand with performance improving in the second half supported by the demand trends in Europ e and APAC as well as the recovery in North
America;
- in Original Equipment , a slight decline year on year (compared with pr ior forecasts of low single digit growth), which reflects the weak performance of China following the cessation of government incentives which underpinned demand last year .
2026 Target s
In this sc enario, Pirelli expects to gain market share in the High Value segment and to continue to reduce its exposure to Standard.
The company therefore confirms the 2026 target s announced in May , updating some drivers on the basis on the external sc enario.
All targets are therefore confirmed :
- Revenues between ~6.75 and ~6.95 billion euro, with:
• Volum es expected at “~+0% / ~+1%” (previous indication between ~+1% / ~+2% );
• price/mix conf irmed at “~+2 .5% /~+3%”;
• impa ct of forex and perimeter variation (deconsolida tion of Däckia) expected to im prove to between “-2.5% / -1.5%” ( previous indication -4% / -2%);
6
- Adjusted Ebit ~16% ;
- Investment s at ~450 mi llion euro (~6.5% of revenues );
- Net cash generation before dividends and impact of Chinese jv Xushen Tyre at ~500 mi llion
euro;
- Net financial position at ~-1.2 billion euro;
- Rapporto fra NFP/ Ebitda Adjusted pari a ~0 .75 volte
The targets incorporate the impact of the Middle East crisis which, as announced in May , is expected to have an impact limited to 20 mi llion euro on Adjusted Ebit, thanks to the mitigation actions underway and forecasts of a progressive normalization of commodity prices in the third quarter of 2026.
*** Progress of the Sustainability Plan
The company made significant progress in support of the targets of the Plan in the areas of People, Climate, Product and Nature.
In the context of the People program, of which health and safety in the workplace are fundamental pillars , the index of accident frequency at the end of the first half had fallen by 54% compared with the first half of the previous year .
In the area of Climate , the Decarbonization plan continues in line with expectations, thanks to energy efficiency projects and electrification of factory machinery and with 100% of the electric energy purchased by the Group coming from renewal sources already in 2025. A t the end of the first half there was a consolidation of a reduction in absolute emissions of Scope 1 and 2 of 13.5% compared with the first half of the prior year . The reduction of absolute Scope 3 emissions (supply chain ) continues in line with the 2027 target (-28% compared with 2018).
The roadmap of the Product program in the first half saw the launch of partnership s in materials’ circularity , oriented to the construction of industrial supply chains that are scalable, economically sustainable, traceable and certified according to internationally recognized sustainability frameworks .
In particular, Pirelli:
- In the USA the company launched a partnership with Bolder Industries for the recovery of Carbon Black by pyrolysis , certifi ed ISCC PLUS, for its relative re -use in new tyres .
- In China, together with Xingda , ISCC PLUS certification was introduced for the recycled steel supply chain ;
- In Germa ny, together with Pyrum Innovations, BASF and Synthos , Pirelli guided the Tyre-to-Tyre project, through the constitution of a European supply chain which recovers end -of-life products and transforms them into Carbon Black and synthetic rubber to be re -used in the production of new tyres on an industrial scale and with a completely traceable process that is ISCC PLUS certified .
In the Nature program , the specific drawing of water was further reduced by 6.7% a t the group level , compared with the first half of the previous year. These results benefitted from the positive impact of ongoing efficiency projects and the progress of the electrification program , replacing steam, for vulcanization presses .
At the end of the first half of 2026 the Company was re -confirmed at the top of its sector at the global level in the principal indices and ESG ratings including :
- S&P Dow Jones Best -in-Class World and Dow Jones Best -in-Class Europe
- “Top 1%” in Sustainability Yearbook 2026 of S&P Global
- CDP - Climate A list
- CDP - Supplier Engagement Assessment A List
- ISS – ESG Corporate Rating - Prime Status
- Sustainalytics – ESG Risk Rating - Neglig ible risk
- FTSE Russell – FTSE4Good Index Series
***
7 Significant events after 30 June 2026
For significant events after 30 June 2026 please refer to the dedicated section in the half year financial report on the Company’s website www.pirelli.com
*** The financial report to June 2026 will be available to the public on 31 July 2026 at the company’s legal headquarters and published on the Company website (www.pirelli.com ) as well as at eMarket Storage (www.emarketstorage.com ).
***
Bond issues
In compliance with the rules of Borsa Italiana the Company announces that, in the 18 months following the closure of the period to 30 June 2026 , it does not have bond loans maturing .
***
Conference call
The results to 30 June 2026 will be illustrated today, 29 July 2026, in a conference call at 6.30 pm with the participation of the Executive Chairman of Pirelli, Marco Tronchetti Provera , the CEO, Andrea Casaluci , and top management. Journalists will be able to follow the presentation by telephone, with the possibility os asking questions, at +39 02 802 09 27. The presentation will also be webcast in real time on www.pirelli.com in the Investors section , where the slides can also be seen .
*** The Manager responsible for the preparation of the company accounting documents of Pirelli & C. S.p.A., Mr. Fabio Bocchio, de clares that in accordance with paragraph 2 of article 154 bis of the Testo Unico della Finanza that the accounting information cont ained in this press release corresponds to the documentary results, books and accounting scripts .
*** Pirelli Press Office – Tel. +39 02 64424270 – pressoffice@pirelli.com Pirelli Investor Relations – Tel. +39 02 64422949 – ir@pirelli.com
www.pirelli.com
8 Pirelli – Economic data to 30 June 2026
Pirelli – Balance sheet to 30 June 2026
(in millions of euro) 1 HY 2026 1 HY 2025 Net sales 3.494,5 3.498,6 EBITDA adjusted (°) 814,5 792,9 % of net sales 23,3% 22,7%
EBITDA 794,5 771,1
% of net sales 22,7% 22,0% EBIT adjusted 557,8 558,3 % of net sales 16,0% 16,0% Adjustments: - amortisation of intangible assets included in PPA (45,6) (56,9)
- one-off, non-recurring and restructuring expenses (20,0) (21,8)
EBIT 492,2 479,6
% of net sales 14,1% 13,7% Net income/(loss) from equity investments 29,1 16,0 Financial income/(expenses) (94,1) (122,7) Net income before taxes 427,2 372,9 Taxes (128,2) (108,9) Tax rate % 30,0% 29,2% Net income 299,0 264,0 Net income attributable to Owners of the Parent Company 273,1 246,5 Earnings per share (in euro per basic share) 0,25 0,25 Net income adjusted 318,6 320,2 (°) The adjustments refer to one-off, non-recurring and restructuring expenses to the amount of euro 20.0 million (euro 21.8 million for the first half-year of 2025).
(in millions of euro) 06/30/2026 12/31/2025 06/30/2025 Fixed assets 9.027,2 8.593,1 8.571,9 Inventories 1.519,5 1.455,5 1.445,5 Trade receivables 978,9 628,5 896,5 Trade payables (1.558,9) (2.082,4) (1.573,7) Operating net working capital 939,5 1,6 768,3 % of net sales (*) 13,9% 0,0% 11,3% Other receivables/other payables (415,1) (71,5) 10,4 Net working capital 524,4 (69,9) 778,7 % of net sales (*) 7,7% (1,0%) 11,4% Net invested capital 9.551,6 8.523,2 9.350,6 Equity 6.685,0 6.456,7 5.702,9 Provisions 950,7 964,5 969,0 Net financial (liquidity)/debt position 1.915,9 1.102,0 2.678,7 Equity attributable to Owners of the Parent Company 6.396,6 6.277,8 5.542,2 Investments in intangible and owned tangible assets (CapEx) 177,2 419,7 128,0 Increases in right of use 51,6 112,9 71,6 Research and development expenses 161,2 312,7 152,4 % of net sales 4,6% 4,6% 4,4% Research and development expenses - High Value 154,5 299,5 145,9 % of High Value sales 5,4% 5,6% 5,2% Employees (headcount at end of period) 30.704 29.915 30.820 Tyre production sites (number) 18 18 18 (*) During interim periods net sales refer to the last twelve months.
9
Cashflow statement
ALTERNATIVE PERFORMANCE INDICATORS
This document, in addition to the financial measures provided for by the International Financial Reporting Standards (IFRS), presents some measures derived from the latter, but not provided for by the IFRS (Non -GAAP Measures), in compliance with the ESMA G uidelines on Alternative Performance Indicators (ESMA/2015/1415 Guidelines) published on October 5, 2015. These measures are presented in order to allow for a better assessment of the Group's operating performance, and should not be considered as alternatives to those provided for by the IFRS.
Specifically, the Non -GAAP Measures used were as follows:
- EBITDA : equal to the EBIT but excludes the depreciation and amortisation of property, plant and equipment and intangible assets. The EBITDA is used to measure the ability to generate results from operations, excluding the impacts deriving from investments;
- EBITDA adjusted : an alternative measure to the EBITDA which excludes non -recurring, restructuring and one -off expenses;
- EBITDA margin : calculated by dividing the EBITDA by revenues from sales and services. This measure is used to evaluate operating efficiency, excluding the impacts deriving from investments;
- EBITDA margin adjusted : calculated by dividing the EBITDA adjusted by revenues from sales and services. This measure is used to evaluate operating efficiency, excluding the impacts deriving from investments and the operating costs attributable to non -recurring, restructuring an d one -off expenses;
- EBIT : an intermediate measure which is derived from the net income/(loss), but which excludes taxes, financial income and financi al expenses and the net income/(loss) from equity investments. The EBIT is used to measure the ability to generate results from operations, including the impacts deriving from investments;
- EBIT adjusted : an alternative measure to the EBIT which excludes the amortisation of intangible assets relative to assets recognised as a consequence of Business Combinations and the operating costs attributable to non -recurring, restructuring and one -off
expenses;
- EBIT margin : calculated by dividing the EBIT by revenues from sales and services. This measure is used to evaluate operating efficiency;
- EBIT margin adjusted : calculated by dividing the EBIT adjusted by revenues from sales and services. This measure is used to evaluate operating efficiency, excluding the amortisation of intangible assets relative to assets recognised as a consequence of Business Combinations and the operating costs attributable to non -recurring, restructuring and one -off expenses;
- Net income/(loss) adjusted : calculated by excluding the following items from the net income/(loss):
o the amortisation of intangible assets relative to assets recognised as a consequence of Business Combinations and the operating costs attributable to non -recurring, restructuring and one -off expenses;
o non-recurring expenses/income recognised under net income/(loss) from equity investments;
o non-recurring expenses/income recognised under financial income and expenses;
o non-recurring expenses/income recognised under taxes, as well as the tax impact relative to the adjustments referred to in the previous points;
- Fixed assets : this measure is constituted by the sum of the Financial Statement items, “ Property, plant and equipment ”, “Intangible assets”, “Investments in associates and joint ventures”, “Other financial assets at fair value through other Comprehensive In come” and “Other non -current financial assets at fair value through the Income Statement”. Fixed assets represent the non -current assets included in the net invested capital;
- Net operating working capital : this measure is constituted by the sum of the items “Inventories”, “Trade receivables” and “Trade
payables” ;
- Net working capital : this measure is constituted by the net operating working capital and by other receivables and payables, including tax receivables and payables, and derivative financial instruments not included in the net financial position. This measure r epresents the s hort-term assets and liabilities included in the net invested capital, and is used to measure short -term financial stability;
- Net invested capital : this measure is constituted by the sum of (i ) fixed assets, and (ii) net working capital. Net invested capital is used to represent the investment of financial resources;
(in millions of euro) 2026 2025 2026 2025 2026 2025 EBIT adjusted 277,4 279,8 280,4 278,5 557,8 558,3 Amortisation and depreciation (excluding PPA amortisation) 127,0 119,2 129,7 115,4 256,7 234,6 Investments in intangible and owned tangible assets (CapEx) (86,9) (60,0) (90,3) (68,0) (177,2) (128,0) Increases in right of use (34,3) (28,3) (17,3) (43,3) (51,6) (71,6) Change in working capital and other (938,9) (865,7) (62,9) 55,4 (1.001,8) (810,3) Operating net cash flow (655,7) (555,0) 239,6 338,0 (416,1) (217,0) Financial income / (expenses) paid (34,3) (49,1) (51,4) (67,6) (85,7) (116,7) Taxes paid (51,2) (31,6) (48,4) (35,0) (99,6) (66,6) Cash-out for one-off, non-recurring and restructuring expenses (14,0) (12,6) (13,4) (9,9) (27,4) (22,5) Dividends paid to minority shareholders - - (12,3) (0,4) (12,3) (0,4) Differences from foreign currency translation and other 56,5 (29,8) 38,8 (75,0) 95,3 (104,8) Net cash flow before dividends, extraordinary transactions and investments(698,7) (678,1) 152,9 150,1 (545,8) (528,0) Capital subscription Middle East and North Africa Tyre Company - (12,8) - - - (12,8) Daeckia disposal (0,6) - (0,2) 43,4 (0,8) 43,4 Other extraordinary transactions (5,2) (5,8) (5,1) (0,5) (10,3) (6,3) Net cash flow before dividends paid by the Parent Company and consolidation/exercise of the Call Option on Xushen Tyre(704,5) (696,7) 147,6 193,0 (556,9) (503,7) Consolidation and exercise of the Call Option on Xushen Tyre (210,2) - (46,8) - (257,0) -
Net cash flow before dividends paid by the Parent Company (914,7) (696,7) 100,8 193,0 (813,9) (503,7) Dividends paid by the Parent Company - - - (249,2) - (249,2) Net cash flow (914,7) (696,7) 100,8 (56,2) (813,9) (752,9) 1 Q 2 Q 1 HY
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- Provisions : this measure is constituted by the sum of the items “Provisions for liabilities and charges (current and non -current)”, “Provisions for employee benefit obligations (current and non -current)”, “Other non -current assets”, “Deferred tax liabilities” and “Deferred tax assets”;
- Net financial debt : calculated pursuant to the CONSOB Notice dated July 28, 2006 and in compliance with the ESMA Guidelines regarding disclosure requirements pursuant to the Prospectus Regulation applicable as of May 5, 2021. Net financial debt represents borrowings from banks and other financial institutions net of cash and cash equi valents, of other current financial assets at fair value through the Income Statement, of current financial receivables (included in the Financial Statements under “ Other receivables ”), and of the derivative instruments used for hedging items included in the net financial position and recognised in the Financial Statements under “Derivative financial instruments” as current assets, current liabilities and non -current liabilities;
- Net Financial Position : this measure represents the net financial debt less the non -current financial receivables (included in the Financial Statements under “Other receivables” ) and the non -current derivative instruments used for hedging items included in the net financial position and recognised in the Financial Statements under “Derivative financial instruments” as non-current assets. The net financial position is an alternative measure to net financial debt but which includes non -current financial
assets;
- Liquidity margin : this measure is constituted by the sum of the Financial Statement items, “ Cash and cash equivalents ”, “Other financial assets at fair value through the Income Statement” and the committed but unutilised credit facilities;
- Operating net cash flow : calculated as the change in the net financial position attributable to operations management;
- Net cash flow before dividends, extraordinary transactions and investments : calculated by adding the change in the net financial position due to financial and tax management, to the operating net cash flow;
- Net cash flow before dividends paid by the Parent Company and the consolidation/exercise of the Call Option on Xushen Tyre :
calculated by adding the change in the net financial position due to extraordinary transactions and the management of investm ents, to the net cash flow before dividends, extraordinary transactions and investments;
- Net cash flow before dividends paid by the Parent company : calculated by adding the change in net financial position due to the consolidation/exercise of the Call Option on Xushen Tyre to the net cash flow before dividends paid by the Parent Company and the consolidation/esercise of the Call Option on Xushen Tyre;
- Net cash flow : calculated by subtracting the dividends paid by the Parent company from the net cash flow before dividends paid by the Parent company;
- Investments in intangible and owned tangible assets (CapEx) : calculated as the sum of investments (increases) in intangible assets and investments (increases) in property, plant and equipment excluding any increases relative to the right of use;
- Increases in the right of use : calculated as the increases in the right of use related to lease contracts.
Fine Comunicato n.0206-73-2026 Numero di Pagine: 12