PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 20260 1H 2026 Results Milan, July 29th, 2026
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 20261
Agenda
1 KEY MESSAGES
2 PIRELLI & C. –1H 2026 RESULTS
3 FY 2026 OUTLOOK AND TARGETS
4 APPENDIX
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 20262Key messages 1H'26: Resilient performance supported by solid execution ▪Further strengthening of High Value positioning through market share gains ▪Sound profitability sustained across quarters, with price/mix and efficiencies offsetting external headwinds (FX, Middle East impact and US tariffs) ▪Cash flow performance in line with business seasonality and FY26 expectations FY 2026 targets confirmed ▪Macro backdrop remains challenging amid persistent geopolitical uncertainties ▪Demand trends expected to soften in Car production and Standard, while High Value continues to outperform the market ▪FY26 targets confirmed, reflecting the resilience of the business model and the effectiveness of management actions
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 20263
Agenda
1 KEY MESSAGES
2 PIRELLI & C. –1H 2026 RESULTS
3 FY 2026 OUTLOOK AND TARGETS
4 APPENDIX
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 20264 1H2026 RESULTS |Delivering through a challenging environment +2.5% organic growth Sound High Value growth supported by share gains and continuous mix improvement 16% adj. EBIT margin flat yoy internal levers offsetting external headwinds (FX, Middle East impact & tariffs)
Earnings growth
benefiting from lower financial expenses and higher income from equity participations +€148 Net cash flow before dividends and M&A in 2Q’26 1H'26 NFP includes Xushen Tyre (Shenzhou) consolidation impact: €210M JV debt +€47M call option cash out in 2Q’26STD H.V.
80%
1H’2582%
1H’263,499 3,495
558 558
1H’25 1H’26
264 299
1H’25 1H’26
1H’25 FY’25 1H’262,679
1,1021,916NET
SALES
ADJ.
EBIT
NET
INCOME
NET
FINANCIAL
POSITION-0.1% YoY
flatYoY
-€763M YoY+13.2% YoY
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 20265
HEALTH &
SAFETY
SCOPE 1+2
EMISSIONS
SCOPE 3
EMISSIONS
MATERIALS &
CIRCULARITY
WATER 1H 2026 SUSTAINABILITY ACHIEVEMENTS |Execution on track across all sustainability pillars
-54%
Accident Frequency
Index1vs 1H 2025 -13.5% vs 1H’25 Scope 3 emissions on track with 2027 target (-28% vs 2018)2
-6.7%
Water specific
withdrawal6(group)
vs 1H 25Continuous index decrease Program Leading Health & Safety Value ongoing in all plants to sustain structural and proactive safety culture Progressing towards our target NET ZERO by 2040 (Scope 1+2+3) -SBTi approved Advancing Circular Materials ’ supply chains through partnerships (Bolder in US for Carbon black3- Xingda in China for recycled steel4 – Pyrum , BASF and Synthos in Germany for synthetic rubber5) Water saving driven by water efficiency projects7and electrification of curing presses8 1. Frequency Index calculated on 1.000.000 worked hours; 2. This target will be restated to reflect the perimeter change due to consolidation of the Chinese JV Xushen Tyre (Shenzhou ) in early 2026;
3.PIRELLI NORTH AMERICA RECYCLING INITIATIVE : 4,PIRELLI DRIVES THE CERTIFICATION OF RECYCLED STEEL FOR TYRES PRODUCTION, PROMOTING THE ISCC PLUS PILOT PROJECT WITH XINGDA ; 5. PIRELLI, PYRUM, SYNTHOS AND BASF PARTNER TO TRANSFORM END -OF-LIFE AND SCRAP TYRES INTO RECYCLED MATERIALS FOR NEW PRODUCTS 6. Specific water withdrawal is the amount of water withdrawn (m3) per ton of finished product produced (tyres) in the timeframe considered; 7. In 1H new cooling towers installed, existing coo ling towers revamping, water network revamping; plants involved are in Italy, Mexico, Romania; 8. In 1H plants involved are in Europe and China.
>70%
Bio-based
and Recycled Materials on best product on the market P-Zero on supply for JLR
PIRELLI 1Q 2026 RESULTS
Thursday, 7 May, 20266 Advancing Circular raw-material supply chains Three partnerships, across key geographies and materials: carbon black, steel and synthetic rubber.
CARBON
BLACK
STEEL
SYNTHETIC
RUBBER
Recovered carbon black producer from end -of-
life & scrap tyres Leading supplier of
steel reinforcement
materials for tyresScope : Scaling the use of recovered carbon black derived from end -of-
life tyres
Recognized with Tyre Recycling Foundation’s Value Chain
Collaboration Award
Scope : Increasing adoption of IS CC+ recycled steel in tyres across Pirelli's global production network.
Tyre recycling technology
company
Synthetic rubber producerGlobal chemicals company Press Releases: . PIRELLI NORTH AMERICA RECYCLING INITIATIVE :PIRELLI DRIVES THE CERTIFICATION OF RECYCLED STEEL FOR TYRES PRODUCTION, PROMOTING THE ISCC PLUS PILOT PROJECT WITH XINGDA : PIRELLI, PYRUM, SYNTHOS AND BASF PARTNER TO TRANSFORM END -OF-LIFE AND SCRAP TYRES INTO RECYCLED MATERIALS FOR NEW PRODUCTSPirelli key role in establishing ISCC PLUS -certified recycled steel for
tyreapplications
Scope: end-of-life & scrap tyres transformed into ISCC PLUS -certified circular materials, including synthetic rubber, which are reintroduced into new tyreproduction, ensuring full traceability, performance & quality
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 20267 1H’26 EXECUTION | Strengthening Leadership and navigating market headwinds Technological leadership confirmed:
▪Homologation portfolio enriched and new products launch ▪Cyber Tyre: industry -leading technology with proven safety benefits in real driving conditions Boosting competitiveness amid external challenges:
▪€81M efficiency gain (54% of FY target) ▪Mitigation actions in place, in addition to the efficiency plan, to offset Middle East crisis impactMarket share gain across businesses & regions ▪Car: expanding OE reach and specialty leadership ▪Moto: innovation -driven outperformance
INNOVATION
EFFICIENCY &
MITIGATION PLANHIGH VALUE
GROWTH
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 20268 1H’26 COMMERCIAL PERFORMANCE | Disciplined Value Management Market share gain in High Value, further Standard exposure reduction in Q2 to safeguard value and profitability 1. Including non -core products (e.g. semifinished) and controlled distribution sales.Volumes
YoY growth
1Q’26 2Q’26 1H’264%
3%3.5%
HIGH VALUE
(Car + Moto)2Q reflecting a softer growth of Moto (after a strong 1Q) & CarOE Outperformance vs. market confirmed across channels in both quarters 2H'26 performance to improve, driven by solid Replacement demand in Europe, recovering trends in North America & resilient demand in China -4% -11%-8%STANDARD1Lower QoQ performance reflecting a disciplined value -over -volume strategy 2H'26 performance expected to gradually normalize , though still negative, also benefiting from favorable YoY comparison Reduced exposure to low-margin products & channels especially in LatAm1Q’26 1H’26 2Q’26
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 20269 1H’26 PRODUCT INNOVATION |Strengthening differentiation and future High Value growth
1. BEV+PHEV
In 2Q launched Scorpion AS 4 in North America Improved mileage, comfort & control thanks to virtual design
Launched
SPORTEC 01 RS
Forged in the races, built for the road~90% on ≥19”
~70%Specialties
~60%EV1
Launched
Designed to meet demand of racing -oriented gravel ridingwithPremium & Prestige OEMs mainly~200 new homologations in 1H RH and RM
Exploiting technology
R2S
Q7 & Q9
8 Victories in tyre tests reflecting technological leadership 5 products awarded: R & Trofeo RS C3 & SF3 ;Locking -in future growth through OE Car: new products driving HV leadership Fitting the most advanced EVs & SUVs 2 wheels: racing technology for riders
Premium SUVs
XTM AT
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 202610
CYBER
TYRE | Showcasing Pirelli's Technology Leadership Through On -Track Test Drives Exclusive event at Pirelli’s track enabling journalists to experience the safety benefits of Cyber Tyre under demanding condi tions The on -track experience reinforced the perception of Cyber Tyre as a breakthrough technology, delivering tangible benefits and redefining the interaction between the vehicle, the tyre and the road
Tyre Pressure
Tyre ID
Temperature
Accelerations
Immediate & accurate
direct measurement
Ensuring the vehicle always uses correct tyre parameters Real-time monitoring improves braking response & safety Allow understanding tire -ground forces interactionsUnique physical sensing capabilities… Fast cornering on wet… tested on challenging conditions Emergency Braking Test (100-0 km/h) CYBER ON: car followed the
set trajectory
CYBER OFF: car required demanding steering corrections as it skidded CYBER ON: -4.91m difference on dry
Aquaplaning
CYBER ON: not even a sign of instability, car remained fully controllable CYBER OFF: car “floated”, losing steering control and hitting the obstacle
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 202611 1. Source: Kantar Brand Tracking for Pirelli –June 2026 –Focus on 18+ Consumers in EuropeMulti -year partnership with Reinforcing brand association to renowned European competitions and events BRAND |Distinctive positioning, growing global recognition A unique brand positioning, associated to1:
High -Tech
Pirelli Avg. other Tier 1 brands+29% Pirelli Avg. other Tier 1 brands+26% Pirelli Avg. other Tier 1 brands+38%
Prestige Motorsport
24 Hours of Spa Goodwood Festival of SpeedGaining momentum in the US… …enhanced through strategic partnerships One of the most prestigious stages in global tennis 11 FORMULA 1 partnership extended through 2028
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 202612 TRANSFORMATIVE EFFICIENCY | AI boosting innovation & reshaping industrial cost base A deep -dive on Virtual Compounder
PRODUCT DESIGN
MANUFACTURING
▪Virtualization & Simulation accelerating innovation pace while reducing costs▪Modularity design for competitiveness to reduce factory complexity
▪Digitalization
IIoT1solutions to raise productivity, quality & flexibility
▪Electrification
Improving efficiency with curing electrification & B.E.M.S.2
▪Automation
High tech solutions in finishing, handling & material flow
VIRTUAL COMPOUNDER
Generative AI
generates & optimizes
compound formulations
Physics -Informed AI
simulates performance
before physical testing-20%physical prototypes -30%compound development time >80%bio-based & recycled materials in flagship products by 2030
PIRELLI MAIN PROGRAMS
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 2026131H 2026 Sales bridge Solid mix contribution, HV confirmed at ~82%. Forex improving quarter -on-quarter
+2.5%
+0.0%
+2.5%
-2.1%
-0.1%
STD
H.V.€ million
Price/Mix: better mix trend vs. Q1, supported by product and regional mixVolumes: sustained HV growth in Car & Moto (+3.0%), with accelerated Standard reduction ( -8.8% vs. -5.5% in Q1) amid weaker
market conditions
Forex: q-o-q improvement driven by stronger US$ & related cross currencies80%
1H’251
Δ Volumes86
Δ Price/mix Organic Growth(72)
Δ Forex(18)
Δ Perimeter82%
1H’263,499 3,495
2Q DYNAMICS
-0.5%
perimeter due to Däckia AB de -consolidation+1.4% -1.5% +2.9% +0.4% +1.0% -0.8% 2Q’26
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 202614558 558
1H’250
Volume50
Price/mix32
Raw Mat.(44)
FX81
Effic.(65)
Inflation(12)
D&A(43)
Other 1H’262Q/1H 2026 A djusted EBIT Price/mix and efficiencies more than offsetting the external headwinds (forex, inflation and tariffs) 16.0% margin 16.0%1H 2026 commodities only on Raw Mat +
consolidation€ milion
2Q 2026278 280
2Q’25(10)
Volume29
Price/mix16
Raw Mat.(4)
FX38
Effic.(36)
Inflation(7)
D&A(23)
Other 2Q’2616.0% margin 16.0% commodities only on Raw Mat +
consolidation€ milion
Net impact +2 Net impact +41Net impact +42 Net impact +16 Net impact +38Net impact +54Energy & logistics
costs hikes
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 2026151H 2026 Net Income Earnings improvement driven by lower financial expenses and higher income from equity participations Net Financial Charges decreased YoY to -€94M (from -€123M in 1H’25), driven by a lower cost of debt
€ million
Tax rate at 30.0% (vs 29.2% in 1H’25) , increasing as expected but benefitting from non-taxable incomes and one -off events Net Income from equity participations mainly related to 1Q’26 revaluation at fair value of the 49% stake in Xushen Tyre (Shenzhou) 8.5% 7.5% % of sales264299
1H’250
Δ adj. EBIT11
Δ amortization
from PPA2
non recurr. /
restr. costs13
Δ Net Income / loss from equity
partecipations29
Δ Financial
income /
expenses(19)
Δ Taxes 1H’26
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 2026161H 2026 Net Financial Position Cash flow absorption in line year -on-year, Net Financial Position records JV debt consolidation & call option for ~257M€ (*) Note: excluding the sale of Dackia AB and JV Xushen Tyre (Shenzhou) debt consolidation & the exercise of the call optionInventory at ~22.4% (vs 21.2% in 1H’25) discounting raw materials inflation and “safety stock” building due to the Middle East crisis Receivables at ~14.5% (vs 13,1% in 1H’25), reflecting business seasonality & some delays related to Middle East177257 NFP
FY’25(815)
EBITDA
adjustedCapEx52
Increase in
rights of use∆ Work.
Cap. & other86
Interests paid100
Taxes Paid(45)
Other JV Xushen Tyre
(Shenzhou) debt
cons. + call optionNFP
1H’261,102
1,0021,916Net Cash Flow before dividends & extraordinary operations* : -557 (-547in 1H’25) Payables at ~23% on sales. Higher cash absorption due to capex concentration in Q4’25 & Q1’26€ million (410) 2Q’26 90 17 63 51 48 (8) 47Net Cash Flow before dividends & extraordinary operations* : +148 (+150 in 2Q’25)Operating Cash Flow: -416 (-217 in 1H’25)
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 202617Gross Debt structure as of June 30th2026 Liquidity margin covering > 3 years of debt maturity, protecting the company in current volatile markets 1.Including assets at FV through P&L 2. Based on average gross debt and hedging of intragroup financing€ million Gross Debt maturity Net Financial Position
Liquidity profile
Cost of debt (last 12 months) Break -down by currency2
Liquidity position1
Liquidity margin1,069
2,569Committed lines not drawn 1,5002854591,194
Gross
Debt(1,069 )
(149)
Fin.
AssetsNet Fin.
Position3,134
1,196
1,916
Fin. receivables
& otherLiquidity position
Loan
Bond
OtherIFRS 16
Dec’25 Jun’264.40%3.89%% of total Gross Debt~11% ~40% ~20% ~23% ~5% ~1%231122109599 597
20269155
2027598
68
2028596
43
202925
2030 2031
& beyond340
1461,265
639
25719
EUR 85%Other 3%
CNY 2%
RUB 1%
BRL 4%GBP 3%RON 2%(1,218 )
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 202618
Agenda
1 KEY MESSAGES
2 PIRELLI & C. –1H 2026 RESULTS
3 FY 2026 OUTLOOK AND TARGETS
4 APPENDIX
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 202619 Macroeconomic Outlook update Source: S&P Global Insights July 2026, BloombergOngoing Middle East tensions weigh on global growth, inflation and raw material prices. US GDP remains relatively resilient, supported by AI -related investment, while Europe faces a more pronounced slowdown amid energy -related headwinds.
2.9%2.4% 2.3% 2.1% 2.1% 2.0%1.5% 0.8%0.4%4.9%4.5% 4.5% -0.1pp
-0.4pp
2025 2026 (April estimates ) 2026 (July estimates )Real GDP growth
3.2%3.7% 3.8%
2.7%3.4% 3.4%
2.1%2.7% 2.7%
0.0%0.8% 1.0%Inflation (CPI) Oil Brent $/barrel TTF Gas €/MWh Natural Rubber $/tonRaw materials Recent geopolitical tensions triggered a new raw material price spike in July; normalization expected during 3Q'26
203040506070
Jan-26 Apr-26 Jul-26
1,6001,8002,0002,2002,400
Jan-26 Apr-26 Jul-265060708090100110120130 Jan-26 Apr-26 Jul-26
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 202620 2026E 2026ECar Tyre Market update High Value demand confirms its resilience despite challenging macroeconomic environment & weak car production outlook Global car tyre market YoY % growth Car ≥18’’: mid-single digit growth in Replacement, slightly negative in OE (previous indications positive low single digit )
China
NA EU
OE substantially flat , with improving trend in 2H Replacement expected to grow double digit Flattish OE market Replacement confirms its resilience, recovering from weak 1H Pirelli expects to outgrow the market, gaining share in High Value, while it keeps on reducing exposure to StandardSubdued OE demand, discounting lower EVs government incentives Replacement demand remains positive mid single digit+Low-to-mid single digit-3% ÷-1%
Negative
mid-
single
digit≥18"
≤17"+ Mid single
digit-2% ÷flat
Negative
low-
single
digit
May
guidanceJuly
guidance∆ vs previous O.E.
O.E.
& REPL.
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 2026212026 Guidance Drivers updated based on current scenario
€ billion
Net Sales 6.78 16% Adj. EBIT Margin
CapEx
% of sales0.42
6.2%2025 A
Net Cash Flow bef. Dividends, conv. Bond and Xushen Tyre (Shenzhou) impact0.58 Net Financial Position 1.1
Leverage
Net debt / adj. EBITDA~0.7x2026 E
Volumes :
~+0% ÷+1%
(old +1% ÷+2%)
Price/Mix :
~ +2.5 ÷+3% Forex & perimeter :
-2.5% ÷-1.5%
(old -4% ÷-2%)July Guidance ~ 6.75 ÷6.95
~ 16%
~ 0.45
~ 6.5%
~ 0.5
~ 1.2
~ 0.75x
2026 targets incorporate the impact of the Middle East conflict, assuming a commodity price progressive normalization in Q3
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 202622
Agenda
1 KEY MESSAGES
2 PIRELLI & C. –1H 2026 RESULTS
3 FY 2026 OUTLOOK AND TARGETS
4 APPENDIX
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 202623 Car Tyre Market 1H 2026 Global car tyre market YoY % growth
CAR ≥18’’ HIGHLIGHTS
China
NA EU
OE weak market Replacement double -digit growth supported by higher EV penetration & All-Season volumes OE broadly stable demand Replacement suffering extreme weather conditions in 1Q and weaker consumer sentiment OE declines mid -single digit affected by reduction in government subsidies Replacement resilient demand, supported by the early stages of the replacement cycle for EV OE: -2.5% due to softer demand in EU and a weaker trend in China RT: +2.5% with a mixed trend by region
1H 2025 1H 2026+1%
≥18"
≤17"+0,5%
-3%+5%
flat
High value segment continuing to outperform Standard -2%
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 2026241 Adjustments refers to one -off, non recurring and restructuring expenses to the amount of €83.5M (€ 43.8M in 2024). With reference only to EBIT, amortization of intangible assets recognized as a consequence of Business Combinations amounting to € 106.7M (€ 113.7M in 2024).Economic results summary
€ million
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 202625Consolidated Balance Sheet 1, Total net financial debt = net financial position excluding non -current financial receivables and non -current derivative fina ncial instruments (*) During interim periods net sales refer to the last 12 months€ million
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 202626Net Cash Flow
€ million
-547.1M€ excluding
the sale of Dackia Ab in 2Q 2025 ( +43.4M€)
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 2026271. Frequency Index(FI): ∑(Fatalities + Serious lost time injuries + Lost time injuries ) x 1.000.000/ worked hours . If calculated based on 200.000 hours worked , Index 2025 is 0,24, Index 2024 is 0,28, targets are ~ 0,2 @2025 and <0,2 @2030 ; 2.Science Based Targets initiative (SBTi) approved; 4, IPBES: Intergovernmental Science -Policy Platform on Biodiversity and Ecosystem Services –5 Drivers are: resources exploitation, pollu tion, invasive species, climate change, land/water/sea use change; 6. PZEROE measure 255/50R20 -IPcode 42871 -thanks to a combination of physical seg regation and mass balance approach. Bio -based materials are natural rubber, textile reinforcements, bio -chemicals, bio -resins and lignin, while recycled materials are metallic reinforcements, chemicals and -through mass balance -synthetic rubber, silica and carbon black; 7. IPcode 35837 285/45R22 XL LR ncs 114 Y P-ZERO Summer NCS -thanks to a combination of physical segregation and mass balance approach. Bio -based and recycled content is at least 31,7% and 38,3% respectively. Bio -based materials are natural rubber, textile reinforcements and bio -chemicals, while recycled materials are silica from rice husk ash, reclaimed rubber, recycled steel and –through mass balance –synthetic rubber, carbon black and silica.Full Pirelli sustainability plan and targets available on pirelli.com; Full 2025 sustainability related performances will be available in 2025 Pirelli Annual Report, Sustainability Statement section. -80%
vs 2018
-30%
vs 2018CARBON NEUTRALITYNET
ZERO
2040
SBTi
validatedCO2absolute
emissions Scope 1+22
CO2absolute
emissions Scope 32
NET ZERO @2040
(Scope 1+2+3,
SBTi validated)
100% of electricity purchased from the grid is renewable Primary data available covering >90% of RM suppliers’ total
emissions-45.0%
vs 2018
-25.0%
vs 2018
>50%
>80%Volumes A+B
(Rolling Resistance and
Wet Grip)
Best product available on the market 6Efficiency & Safety
Bio-based &
Recycled
reducing rolling resistance, never compromising on safety29.8%
55.5%6≥80%
constantly<1Accident
Frequency Index1
Global Sustainable
engagement IndexSafety first
Engagement &
Retention
Towards zero accident at work leveraging on employees listening and experience 83%1.69 100%-45% vs 2015
Specific water
withdrawal
% on all Pirelli Industrial sites & track test areasFreshwater
Biodiversity
reducing dependency and preserving water quality Biodiversity action Plan covering the five IPBES4drivers5 --30.8% vs 2015 -60% vs 2015 -45.3% vs 2015High water
stress areas
All group sitesmaterial innovation to increase non-fossil origin: PZERO E6, our lighthouse on the market:Sustainability : delivering on Plan targets
Actual2023
Actual2025
Targets2030
-27.5%
100%83%
-43.1%-63.3%
>70739.5%
-54.3%1.21
-57.1%
vs 2018
-26.2%
vs 2018
34.5%
58.5%683%1.41
55%-34.6% vs 2015 -51.4% vs 2015Actual2024
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 202628ESG Indices: a globally acknowledged sustainability leadership Source: third party official rankingsMajor rankings Positioning in the reference sector Dow Jones Best -in-Class Indices Top 1% -The only tyre maker Prime status -Top score Auto ComponentsA LIST –Max score
status @21/07/2026
Top Score Auto Components
andAutomotive sector
S&P Sustainability Yearbook CDP –Climate List MSCI –ESG Ratings Sustainalytics –ESG Risk Rating ISS–ESG Corporate Rating CDP –Supplier EngagementA LIST –Max score Score 84
TOP 1%
A A B+
7.9Top score Tyre industry -Negligible risk;
2026 ESG Global, Regional, Industry LeaderSUSTAINALYTICSAMSCI FTSE Russell –FTSE4Good Index Series Top score Tires subsector 4.5
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 202629Pirelli manufacturing footprint 1. 70% Joint Venture with the Hixih Group 2. 63% Joint Venture with PT Astra OtopartsU.S.
Rome –Car
Brazil
Campinas –Car / Moto Feira de Santana –Car
Argentina
Merlo –Car
Mexico
Silao –Car
U.K.
Burton –Semi -finished
Carlisle –Car
Indonesia
Subang –Moto (JV2)
China
Yanzhou –Car / Moto Shenzhou –Car (JV)1
Jiaozuo –Car
Russia
Kirov –Car
Voronezh –Car
Turkey
Izmit –Car
Italy
Germany
Breuberg –
Car / Moto
Romania
Slatina –Car
Bollate –Cycling
Settimo –Car
PIRELLI 1H 2026 RESULTS
Wednesday, 29 July, 202630Disclaimer InGeneral .This disclaimer applies tothisdocument andanyoralcomments ofanyperson presenting it.This document, taken together with anysuch oralcomments, isreferred toherein asthe“Presentation ”.This document hasbeen prepared byPirelli &C.S.p.A.(“Pirelli ”orthe“Company ”and, together withitssubsidiaries the“Group ”).ThePresentation isbeing furnished toyouforinformation purposes only andforuseinpresentations oftheresults andstrategies of theGroup .
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Nooffer topurchase orsellsecurities .Theinformation, statements andopinions contained inthisPresentation areforinformation purposes only anddonotconstitute apublic offer under anyapplicable legislation oranoffer tosellor solicitation ofanoffer topurchase orsubscribe forsecurities orfinancial instruments oranyadvice orrecommendation withrespect tosuch securities orother financial instruments .None ofthesecurities referred toherein have been, orwill be,registered under theU.S.Securities Actof1933 ,asamended, orthesecurities laws ofanystate orother jurisdiction oftheUnited States orinAustralia, Canada orJapan oranyother jurisdiction where such anoffer orsolicitation would beunlawful (the“Other Countries ”),andthere willbenopublic offer ofanysuch securities intheUnited States .This Presentation does notconstitute orform apartofanyoffer orsolicitation topurchase orsubscribe forsecurities inthe United States ortheOther Countries .
Rounding .Due torounding, numbers presented throughout thisPresentation may notaddupprecisely tothetotals provided andpercentages may notprecisely reflect theabsolute figures .
Miscellanea .This Presentation hasbeen prepared onavoluntary basis .Pirelli istherefore notbound toprepare similar presentations inthefuture, unless where provided bylaw.Neither theCompany noranymember oftheGroup norany ofitsortheir respective representatives, directors, employees oragents accept anyliability whatsoever inconnection withthisPresentation oranyofitscontents orinrelation toanylossarising from itsuseorfrom anyreliance placed upon it.
Fabio Bocchio ,themanager incharge ofpreparing thecorporate accounting documents, declares that, pursuant toart.154-bis,paragraph 2,oftheLegislative Decree no.58ofFebruary 24,1998 ,theaccounting information contained herein correspond todocument results, books andaccounting records .
Non-IFRS andOther Performance Measures This Presentation contains certain items aspartofthefinancial disclosure which arenotdefined under IFRS .Accordingly, these items donothave standardized meanings andmay notbedirectly comparable tosimilarly -titled items adopted byother entities .
Pirelli management hasidentified anumber of“Alternative Performance Indicators” (“APIs”) .These APIs (i)arederived from historical results ofPirelli andarenotintended tobeindicative offuture performance, (ii)areunaudited non-IFRS financial measures derived from theFinancial Statements, and(iii)arenotanalternative tofinancial measures prepared inaccordance withIFRS .
TheAPIs presented herein areEBIT, EBIT margin, EBITDA, EBITDA margin, netincome andnetincome margin .
Inaddition, thisPresentation includes certain measures thathave been adjusted byustopresent operating andfinancial performance netofanynon-recurring events andnon-core events .Theadjusted indicators areEBITDA adjusted, EBIT adjusted andnetincome adjusted .Inorder tofacilitate theunderstanding ofourfinancial position andfinancial performance, thisPresentation contains other performance measures, such asNetFinancial Position, Operating Cash Flow, NetCash Flow before Dividends andextraordinary Operations, NetCash Flow before Dividends, NetCash Flow, CapEx (Capital Expenditure), Liquidity Margin andROIC (Return OnInvested Capital) .
These measures arenotindicative ofourhistorical operating results, norarethey meant tobepredictive offuture results .
These measures areused byourmanagement tomonitor theunderlying performance ofourbusiness andoperations .Similarly entitled non-IFRS financial measures reported byother companies may notbecalculated inanidentical manner, consequently ourmeasures may notbeconsistent withsimilar measures used byother companies .Therefore, investors should notplace undue reliance onthisdata.