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IRELLI PRESS RELEASE PIRELLI & C. SPA BOARD APPROVES CONSOLIDATED RESULTS TO 31 MARCH 2021 PIRELLI : MARKED GROWTH IN REVENUES ( + 18.4 % ) AND EBIT ( + 19.6 % ) HIGH VALUE STRENGTHENED , + 33.3 % CAR VOLUMES ≥18 " ( MARKET + 20 % ) NET PROFIT RISES TO 42.2 MILLION EURO IMPROVED CASH FLOW COMPARED WITH FIRST QUARTER 2020 Revenues : 1,244.7 million euro , an increase of 18.4 % compared with first quarter 2020 ( organic variation + 24.5 % ) . High Value revenues reach 72.6 % of total revenues , +3 basis points compared with the first quarter of 2020 Total volumes grew 22.2 % : + 33.3 % Car volumes ≥18 " ( market + 20 % ) with the performance in Apac double the market and + 39 % volumes ≥19 " ( market + 26 % ) Price / mix + 2.3 % in first quarter 2021 ( -1.3 % in the first quarter 2020 ) thanks to the over- performance of High Value and improved product mix Adjusted ebit : + 19.6 % to 168.8 million euro ( 141.1 million in first the quarter 2020 ) , with a margin at 13.6 % ( 13.4 % in the first quarter 2020 ) The adjusted Ebit margin , in line with company expectations , discounts the impact of some costs with a seasonality concentrated in the first quarter . Profitability seen improving in the coming quarters thanks to the contribution of internal levers and the normalization of the seasonality of costs Net profit : + 9.6 % to 42.2 million euro ( +38.5 million euro in the first quarter 2020 ) Net cash flow : -653.5 million euro , an improvement compared with -753.5 million euro in the first quarter 2020 ) thanks to the operating performance and management of working capital Net financial position : -3,911.9 million euro ( -3,258.4 million euro on 31 December 2020 and - 4,260.7 million euro on 31 March 2020 ) because of the usual seasonality of working capital *** 2021 TARGETS Confirms 2021 targets issued on 31 March with presentation of Industrial Plan 2021-2022 2025 *** Milan , 12 May 2021 -The Board of Directors of Pirelli & C. Spa met today and approved the consolidated results through 31 March 2021 , in line with the course indicated in the industrial plan 2021-2022 | 2025 and which reflect the first evidence of “ key programs ” launched at the beginning of 2021. In detail : Commercial program : in the context of a general recovery , Pirelli registered a performance better than the global performance of the High Value market , with growth of + 33 % in volumes of Car ≥18 " ( market + 20 % ) , and of + 39 % of volumes of Car ≥19 " ( market + 26 % ) thanks to a portfolio of products 1