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IRELLI PRESS RELEASE 2021-2022 2025 INDUSTRIAL PLAN TWO - PHASE PLAN : IN 2022 RETURN TO PRE - COVID 2019 VALUES , IN 2025 LEADER IN HIGH VALUE SPECIALTIES WITH ELEVATED CASH GENERATION CENTRALITY OF HIGH VALUE CONFIRMED WITH FOCUS ON TYRES ABOVE 19 INCHES , SPECIALITIES AND ELECTRIC IN ORIGINAL EQUIPMENT CUSTOMER BASE SELECTIVE GROWTH , IN REPLACEMENT CAPITALISATION OF THE HOMOLOGATIONS PULL - THROUGH EFFECT ACCELERATION OF PROCESS AND PRODUCT INNOVATION WITH 44 NEW LINES BY 2025 PRESENCE IN NEW MOBILITY WITH TYRES FOR ELECTRIC VEHICLES , SENSOR - FITTED , AND CYCLING INVESTMENTS : IN THE 2 - YEAR PERIOD 21-22 BETWEEN ~ 710 AND ~ 730 MILLION EURO ESSENTIALLY FOR TECHNOLOGICIAL UPGRADE AND PRODUCTIVITY INCREASE . IN THE 3 - YEAR PERIOD 23-35 BETWEEN ~ 1.2 AND ~ 1.3 BILLION ALSO FOR NEW HIGH VALUE CAPACITY IN COUNTRIES WITH LOWER PRODUCTION COSTS COMPLETION OF COMPETITIVENESS PLAN WITH NET EFFICIENCIES OF ~ 170 MILLION EURO IN THE 2 - YEAR PERIOD 2021-2022 ( 110 MILLION IN 2020 ) . BY 2025 ADDITIONAL ~ 70 / ~ 100 MILLION MAINLY THANKS TO THE BENEFITS OF DIGITAL TRANSFORMATION SUSTAINABILITY AT THE CORE OF THE BUSINESS STRATEGY NEW MANAGEMENT INCENTIVE PLAN ( LTI ) TO SUPPORT INDUSTRIAL PLAN TARGETS TARGETS Targets for 2 - year period 2021-2022 REVENUES AT END 2022 BETWEEN ~ 5.1 AND ~ 5.3 BILLION EURO ADJUSTED EBIT MARGIN AT END 2022 BETWEEN > 16 % AND ~ 17 % NET CASH FLOW PRE - DIVIDEND FOR 2 - YEAR PERIOD 2021-2022 BETWEEN ~ 700 AND ~ 800 MILLION EURO NET FINANCIAL POSITION AT END 2022 BETWEEN ~ 2.75 AND ~ 2.65 BILLION EURO , EQUAL TO 2 TIMES ADJUSTED EBITDA Targets for 3 - year period 2023- 2025 REVENUES AT END 2025 BETWEEN ~ 5.7 AND ~ 6.2 BILLION EURO ADJUSTED EBIT MARGIN AT END 2025 BETWEEN ~ 19 % AND ~ 20 % NET CASH FLOW PRE - DIVIDEND FOR 3 - YEAR PERIOD 2023-2025 BETWEEN ~ 1.7 AND ~ 1.9 BILLION EURO 1