Pirelli & C. S.p.A. · MIL:PIRC
Pirelli & C — 9M 2026 Earnings Presentation
31 slides from Pirelli & C's earnings presentation, Nov 5, 2026
Slide 1: 9M 2026 Results
9M 2026 Results Milan, November 5th, 2026 PIRELLI 9M 2026 RESULTS 0 Thursday, 5 November, 2026
Slide 2: Key messages
Key messages 9M 2026: delivering solid results in a challenging macro environment ▪ Sound organic growth, driven by market share gain in High Value and sustained price/mix improvement EBITResilient ▪1H'26: margin at 15.9%, with internal performance levers more supported bythan offsetting solid softe
Slide 3: Agenda
Agenda 1 UPDATE ON STRATEGIC INITIATIVES FOR LONG TERM GROWTH 2 PIRELLI & C. – 9M 2026 RESULTS 3 FY 2026 OUTLOOK AND TARGETS 4 APPENDIX PIRELLI 9M 2026 RESULTS 2 Thursday, 5 November, 2026
Slide 4: US: capacity expansion to catch growth opportunities & de-risk operations
US: capacity expansion to catch growth opportunities & de-risk operations Expanding U.S. capacity to capture growth opportunities while preserving flexibility and cash generation RATIONALES THE PROJECT IN A NUTSHELL: 6M HV Tyres by 2033 Growth opportunities 1st phase Expansion of New MIRS1, 3M tyres
Slide 5: India: Seizing growth opportunities through a 2-step-investment (off-take and JV)
India: Seizing growth opportunities through a 2-step-investment (off-take and JV) A phased entry, starting with a low-risk model to build market presence, distribution and brand positioning ahead of the JV ASSET-LIGHT AND PHASED AGREEMENT Capturing Indian market growth… 1 2 annual growth in car regi
Slide 6: Agenda
Agenda 1 UPDATE ON STRATEGIC INITIATIVES FOR LONG TERM GROWTH 2 PIRELLI & C. – 9M 2026 RESULTS 3 FY 2026 OUTLOOK AND TARGETS 4 APPENDIX PIRELLI 9M 2026 RESULTS 5 Thursday, 5 November, 2026
Slide 7: 9M 2026 RESULTS | Solid execution in a challenging external scenario
9M 2026 RESULTS | Solid execution in a challenging external scenario 5,195 5,278 +1.6% YoY +2.7% organic growth NET STD SALES H.V. 79% 82% Sound High Value growth supported by share gains and continuous price/mix improvement 9M’25 9M’26 835 841 +0.6% YoY ADJ. 15.9% adj. EBIT margin substantially fla
Slide 8: 9M 2026 EXECUTION | Strengthening Leadership while navigating market headwinds
9M 2026 EXECUTION | Strengthening Leadership while navigating market headwinds Market shares gain across regions HIGH VALUE ▪ Car: regional high-tech products drive RT outperformance GROWTH ▪ Moto: innovation-driven outperformance Technological leadership confirmed: ▪ Homologation portfolio enriched
Slide 9: 9M 2026: High Value Replacement offsets weaker OE
9M 2026: HIGH VALUE REPLACEMENT OFFSETS WEAKER OE High Value Replacement outperformance offsets weaker OE, while on Standard the focus continued on value over volume 3Q’26 HIGHLIGHTS Volumes YoY growth CAR REPL: solid performance in EU, NA and China with market share gain across regions. 3.5% 3% HIG
Slide 10: 9M'26 Product Innovation: Technology leadership reinforcing High Value positioning
9M’26 PRODUCT INNOVATION: Technology leadership reinforcing High Value positioning Securing future growth through OE … Winning products, powered by innovation ~350 new homologations in 9M Scorpion Winter 3: winning from launch 1st place by ; developed through AI & simulation ~90% on ≥19” with Premiu
Slide 11: 9M 2026 Sales bridge
9M 2026 Sales bridge ~82% HV sales mix confirms the effectiveness of the business model. Forex improving thanks to stronger USD. € million -0.5% +3.2% +2.7% -0.8% -0.3% +1.6% 5,195 5,278 (27) 164 (37) (18) STD H.V. 79% 82% 9M’25 Δ Volumes Δ Price/mix Organic Growth Δ Forex Δ Perimeter 9M’26 3Q’26 -1
Slide 12: 3Q/9M 2026 Adjusted EBIT
3Q/9M 2026 Adjusted EBIT Strong Price/Mix execution and efficiency measures are mitigating the impact of inflation and softer demand conditions € milion Net impact +22 Net impact +27 Net impact -5 277 (30) 28 7 (40) 283 50 7 3Q 2026 (11) (6) 1 Energy & logistics costs hikes margin 16.3% 15.9% 3Q’25
Slide 13: 9M 2026 Net Income
9M 2026 Net Income Improved earnings supported by lower non-recurring & financial charges, despite higher tax expenses. € million 401 20 -27 430 15 11 5 5 9M’25 Δ adj. EBIT Δ amortization non recurr. / Δ Net Income / Δ Financial Δ Taxes 9M’26 from PPA restr. costs loss from equity income / % of sale
Slide 14: 9M 2026 Net Financial Position
9M 2026 Net Financial Position Net Cash Flow bef. Dividends and corporate transactions in China in line with seasonality and improving in Q3 YoY € million Net Cash Flow bef. Dividends and corporate transactions in China: -384 (-363 in 9M’25) 2,163 369 Operating Cash Flow: -122 (+43 in 9M’25) 308 182
Slide 15: China corporate transactions impact on Net Financial Position
China corporate transactions impact on Net Financial Position CHINA OWNERSHIP TODAY 1 CHINA OWNERSHIP REORGANIZATION Yanzhou & Shenzhou are two distinct legal entities operating as FOR MORE BALANCED & EFFECTIVE ASSET MANAGEMENT one integrated industrial platform in Shandong province Aligning interes
Slide 16: Gross Debt structure as of September 30th 2026
Gross Debt structure as of September 30th 2026 Strong liquidity margin covers maturities beyond 3Q’29 € million Net Financial Position Gross Debt maturity 3,041 (878) Liquidity position 1,261 Loan (679) Bond 1,196 2,163 599 (199) IFRS 16 715 634 Other 1,194 Fin. receivables 598 247 598 596 & other 1
Slide 17: Agenda
Agenda 1 UPDATE ON STRATEGIC INITIATIVES FOR LONG TERM GROWTH 2 PIRELLI & C. – 9M 2026 RESULTS 3 FY 2026 OUTLOOK AND TARGETS 4 APPENDIX PIRELLI 9M 2026 RESULTS 16 Thursday, 5 November, 2026
Slide 18: Macroeconomic Outlook update
Macroeconomic Outlook update Global GDP forecasts revised upward, supported by resilient US demand and AI-driven investments, while inflation expectations increased due to persistent energy, geopolitical and supply-chain pressures Real GDP growth Raw materials Worsening geopolitical tensions pushed
Slide 19: Car Tyre Market update
Car Tyre Market update High Value Replacement demand confirms its resilience despite challenging macroeconomic environment. Weaker OE in line with car production outlook Global car tyre market Car ≥18’’ YoY % growth RT: mid-single digit growth confirmed -3% ÷ -1% ~ -2% ∆ vs previous OE: negative low
Slide 20: 2026 Guidance update
2026 Guidance update Targets confirmed, with stronger p/mix and easing FX headwinds offsetting both weaker OE & Standard demand and higher raw material and inflation 2025 A 2026 E 2026 E € billion July Guidance Nov Guidance Volumes: ~ -0.5% Net Sales 6.78 ~ 6.75 ÷ 6.95 ~ 6.85 ÷ 6.95 (old +0% ÷ +1%)
Slide 21: Agenda
Agenda 1 UPDATE ON STRATEGIC INITIATIVES FOR LONG TERM GROWTH 2 PIRELLI & C. – 9M 2026 RESULTS 3 FY 2026 OUTLOOK AND TARGETS 4 APPENDIX PIRELLI 9M 2026 RESULTS 20 Thursday, 5 November, 2026
Slide 22: Car Tyre Market 9M 2026
Car Tyre Market 9M 2026 Global car tyre market CAR ≥18’’ HIGHLIGHTS YoY % growth High value segment continuing to outperform Standard OE: ~ -3% due to softer demand in EU and a weaker trend in China +1% -2% RT: ~ +4% with a mixed trend by region ≥18" +5% +1% OE weak market EU -1% -3% Replacement dou
Slide 23: Economic results summary
Economic results summary € million PIRELLI 9M 2026 RESULTS 1 Adjustments refers to one-off, non recurring and restructuring expenses to the amount of €32.4M (€43.8M in 2025). With reference only to EBIT, amortization of intangible assets recognized as a consequence of Business Combinations amounting
Slide 24: Consolidated Balance Sheet
Consolidated Balance Sheet € million 30/09/2026 31/12/2025 30/09/2025 Fixed assets 8,979.7 8,593.1 8,572.5 Inventories 1,529.7 1,455.5 1,405.3 Trade receivables 1,107.0 628.5 997.3 Trade payables (1,682.2) (2,082.4) (1,609.7) Operating net working capital 954.5 1.6 792.9 % of net sales* 13.9% 0.0% 1
Slide 25: Net Cash Flow
Net Cash Flow € million PIRELLI 9M 2026 RESULTS 24 Thursday, 5 November, 2026
Slide 26: Delivering on Plan targets
Delivering on Plan targets 2023 2024 2025 2030 Actual Actual Actual Targets Accident Safety first Towards zero accident at work Frequency Index1 1.69 1.41 1.21 <1d Engagement & leveraging on employees Global overall Sustainable engagement Index2 83% 83% 83% ≥80% Retention listening and experience co
Slide 27: Notes Targets verification and validation statements
Notes 1. (Fatal injuries + Serious lost-time injuries + Lost-time injuries) × 1,000,000 / Total hours worked by all employees across all Group entities; 2. Weighted average of the white-collar and blue-collar employee results recorded over the last two years. 3. Target achieved in 2025 and maintaine
Slide 28: 1H 2026 Sustainability Achievements
1H 2026 SUSTAINABILITY ACHIEVEMENTS | Execution on track across all sustainability pillars -54% Continuous index decrease HEALTH & Accident Frequency SAFETY Program Leading Health & Safety Value ongoing in all plants Index1 vs 1H 2025 to sustain structural and proactive safety culture SCOPE 1+2 -13.
Slide 29: ESG Indices: a globally acknowledged sustainability leadership
ESG Indices: a globally acknowledged sustainability leadership status @23/10/2026 Major rankings Positioning in the reference sector Score Top Score Auto Components Dow Jones Best-in-Class Indices 84 and Automotive sector S&P Sustainability Yearbook Top 1% - The only tyre maker TOP 1% CDP – Climate
Slide 30: Pirelli manufacturing footprint
Pirelli manufacturing footprint U.K. Germany Romania Burton – Semi-finished Breuberg – Slatina – Car Carlisle – Car Car / Moto U.S. Rome – Car Russia Kirov – Car Voronezh – Car China Mexico Yanzhou – Car / Moto Italy Silao – Car Shenzhou – Car (JV)1 Bollate – Cycling Jiaozuo
Slide 31: Disclaimer
Disclaimer In General. This disclaimer applies to this document and any oral comments of any person presenting it. This document, taken together with any such oral comments, is referred to herein as the “Presentation”. This document has been prepared by Pirelli & C. S.p.A. (“Pirelli” or the “Company