Slides
Page 1
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 0 1H 2026 Results Milan, July 29th, 2026
Page 2
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 1 Agenda 1 KEY MESSAGES 2 PIRELLI & C. – 1H 2026 RESULTS 3 FY 2026 OUTLOOK AND TARGETS 4 APPENDIX
Page 3
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 2 Key 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
Page 4
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 3 Agenda 1 KEY MESSAGES 2 PIRELLI & C. – 1H 2026 RESULTS 3 FY 2026 OUTLOOK AND TARGETS 4 APPENDIX
Page 5
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 4 1H 2026 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’26 STD H.V. 80% 1H’25 82% 1H’26 3,499 3,495 558 558 1H’25 1H’26 264 299 1H’25 1H’26 1H’25 FY’25 1H’26 2,679 1,102 1,916 NET SALES ADJ. EBIT NET INCOME NET FINANCIAL POSITION -0.1% YoY flat YoY -€763M YoY +13.2% YoY
Page 6
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 5 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 Index1 vs 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 25 Continuous 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 projects7 and 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
Page 7
PIRELLI 1Q 2026 RESULTS Thursday, 7 May, 2026 6 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 tyres Scope: 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 ISCC+ recycled steel in tyres across Pirelli's global production network. Tyre recycling technology company Synthetic rubber producer Global 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 PRODUCTS Pirelli key role in establishing ISCC PLUS-certified recycled steel for tyre applications Scope: end-of-life & scrap tyres transformed into ISCC PLUS-certified circular materials, including synthetic rubber, which are reintroduced into new tyre production, ensuring full traceability, performance & quality
Page 8
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 7 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 impact Market share gain across businesses & regions ▪ Car: expanding OE reach and specialty leadership ▪ Moto: innovation-driven outperformance INNOVATION EFFICIENCY & MITIGATION PLAN HIGH VALUE GROWTH
Page 9
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 8 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’26 4% 3% 3.5% HIGH VALUE (Car + Moto) 2Q reflecting a softer growth of Moto (after a strong 1Q) & Car OE 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% STANDARD1 Lower 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 LatAm 1Q’26 1H’262Q’26
Page 10
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 9 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 riding with Premium & 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
Page 11
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 10 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 conditions 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 interactions Unique 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
Page 12
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 11 1. Source: Kantar Brand Tracking for Pirelli – June 2026 – Focus on 18+ Consumers in Europe Multi-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 Speed Gaining momentum in the US… …enhanced through strategic partnerships One of the most prestigious stages in global tennis 11 FORMULA 1 partnership extended through 2028
Page 13
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 12 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 IIoT1 solutions 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
Page 14
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 13 1H 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 mix Volumes: 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 currencies 80% 1H’25 1 Δ Volumes 86 Δ Price/mix Organic Growth (72) Δ Forex (18) Δ Perimeter 82% 1H’26 3,499 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
Page 15
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 14 558 558 1H’25 0 Volume 50 Price/mix 32 Raw Mat. (44) FX 81 Effic. (65) Inflation (12) D&A (43) Other 1H’26 2Q/1H 2026 Adjusted 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 2026 278 280 2Q’25 (10) Volume 29 Price/mix 16 Raw Mat. (4) FX 38 Effic. (36) Inflation (7) D&A (23) Other 2Q’26 16.0%margin 16.0% commodities only on Raw Mat + consolidation € milion Net impact +2Net impact +41 Net impact +42 Net impact +16Net impact +38 Net impact +54 Energy & logistics costs hikes
Page 16
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 15 1H 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 sales 264 299 1H’25 0 Δ adj. EBIT 11 Δ amortization from PPA 2 non recurr. / restr. costs 13 Δ Net Income / loss from equity partecipations 29 Δ Financial income / expenses (19) Δ Taxes 1H’26
Page 17
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 16 1H 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 option Inventory 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 East 177 257 NFP FY’25 (815) EBITDA adjusted CapEx 52 Increase in rights of use ∆ Work. Cap. & other 86 Interests paid 100 Taxes Paid (45) Other JV Xushen Tyre (Shenzhou) debt cons. + call option NFP 1H’26 1,102 1,002 1,916 Net Cash Flow before dividends & extraordinary operations*: -557 (-547 in 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) 47 Net Cash Flow before dividends & extraordinary operations*: +148 (+150 in 2Q’25) Operating Cash Flow: -416 (-217 in 1H’25)
Page 18
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 17 Gross Debt structure as of June 30th 2026 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 margin 1,069 2,569 Committed lines not drawn 1,500 285 459 1,194 Gross Debt (1,069) (149) Fin. Assets Net Fin. Position 3,134 1,196 1,916 Fin. receivables & other Liquidity position Loan Bond Other IFRS 16 Dec’25 Jun’26 4.40% 3.89% % of total Gross Debt ~11% ~40% ~20% ~23%~5% ~1% 231 122 109 599 597 2026 9155 2027 598 68 2028 596 43 2029 25 2030 2031 & beyond 340 146 1,265 639 25 719 EUR 85% Other 3% CNY 2% RUB 1% BRL 4% GBP 3% RON 2% (1,218)
Page 19
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 18 Agenda 1 KEY MESSAGES 2 PIRELLI & C. – 1H 2026 RESULTS 3 FY 2026 OUTLOOK AND TARGETS 4 APPENDIX
Page 20
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 19 Macroeconomic Outlook update Source: S&P Global Insights July 2026, Bloomberg Ongoing 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 $/ton Raw materials Recent geopolitical tensions triggered a new raw material price spike in July; normalization expected during 3Q'26 20 30 40 50 60 70 Jan-26 Apr-26 Jul-26 1,600 1,800 2,000 2,200 2,400 Jan-26 Apr-26 Jul-26 50 60 70 80 90 100 110 120 130 Jan-26 Apr-26 Jul-26
Page 21
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 20 2026E 2026E Car 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 Standard Subdued 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 guidance July guidance ∆ vs previous O.E. O.E. & REPL.
Page 22
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 21 2026 Guidance Drivers updated based on current scenario € billion Net Sales 6.78 16%Adj. EBIT Margin CapEx % of sales 0.42 6.2% 2025 A Net Cash Flow bef. Dividends, conv. Bond and Xushen Tyre (Shenzhou) impact 0.58 Net Financial Position 1.1 Leverage Net debt / adj. EBITDA ~0.7x 2026 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
Page 23
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 22 Agenda 1 KEY MESSAGES 2 PIRELLI & C. – 1H 2026 RESULTS 3 FY 2026 OUTLOOK AND TARGETS 4 APPENDIX
Page 24
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 23 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%
Page 25
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 241 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
Page 26
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 25 Consolidated Balance Sheet 1, Total net financial debt = net financial position excluding non-current financial receivables and non-current derivative financial instruments (*) During interim periods net sales refer to the last 12 months € million
Page 27
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 26 Net Cash Flow € million -547.1M€ excluding the sale of Dackia Ab in 2Q 2025 (+43.4M€)
Page 28
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 27 1. 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, pollution, invasive species, climate change, land/water/sea use change; 6. PZEROE measure 255/50R20 - IPcode 42871 - thanks to a combination of physical segregation 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 2018 CARBON NEUTRALITY NET ZERO 2040 SBTi validated CO2 absolute emissions Scope 1+22 CO2 absolute 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 6 Efficiency & Safety Bio-based & Recycled reducing rolling resistance, never compromising on safety 29.8% 55.5%6 ≥80% constantly <1 Accident Frequency Index1 Global Sustainable engagement Index Safety 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 areas Freshwater Biodiversity reducing dependency and preserving water quality Biodiversity action Plan covering the five IPBES4 drivers5 - -30.8% vs 2015 -60% vs 2015-45.3% vs 2015 High water stress areas All group sites material innovation to increase non-fossil origin: PZERO E6, our lighthouse on the market: Sustainability: delivering on Plan targets Actual 2023 Actual 2025 Targets 2030 -27.5% 100% 83% -43.1% -63.3% >707 39.5% -54.3% 1.21 -57.1% vs 2018 -26.2% vs 2018 34.5% 58.5%6 83% 1.41 55% -34.6% vs 2015 -51.4% vs 2015 Actual 2024
Page 29
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 28 ESG Indices: a globally acknowledged sustainability leadership Source: third party official rankings Major rankings Positioning in the reference sector Dow Jones Best-in-Class Indices Top 1% - The only tyre maker Prime status - Top score Auto Components A LIST– Max score status @21/07/2026 Top Score Auto Components and Automotive sector S&P Sustainability Yearbook CDP – Climate List MSCI – ESG Ratings Sustainalytics – ESG Risk Rating ISS – ESG Corporate Rating CDP – Supplier Engagement A LIST– Max score Score 84 TOP 1% A A B+ 7.9Top score Tyre industry - Negligible risk; 2026 ESG Global, Regional, Industry LeaderSUSTAINALYTICS AMSCI FTSE Russell – FTSE4Good Index Series Top score Tires subsector 4.5
Page 30
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 29 Pirelli manufacturing footprint 1. 70% Joint Venture with the Hixih Group 2. 63% Joint Venture with PT Astra Otoparts U.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
Page 31
PIRELLI 1H 2026 RESULTS Wednesday, 29 July, 2026 30 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” and, together with its subsidiaries the “Group”). The Presentation is being furnished to you for information purposes only and for use in presentations of the results and strategies of the Group. No distribution of this Presentation. This Presentation is being furnished to you solely for your information and may not be reproduced, in whole or in part, or redistributed to any other individual or legal entity. Forward-looking statements. ““Forward-looking statements” (which expression shall include opinions, predictions or expectations about any future event) that may be contained in the Presentation are based on a variety of estimates and assumptions by the Group, including, among others, estimates of future operating results, the value of assets and market conditions. These estimates and assumptions are inherently uncertain and are subject to numerous potential risks that are outside of the Group’s control, including, but not limited to, the regulatory environment in Italy and internationally. There can be no assurance that the assumptions made in connection with the forward-looking statements will prove accurate, and actual results may differ materially. The inclusion of the forward-looking statements herein should not be regarded as an indication that the Group considers the forward-looking statements to be a reliable prediction of future events and the forward-looking statements should not be relied upon as such. Neither the Group nor any of its representatives has made or makes any representation to any person regarding the forward-looking statements and none of them intends to update or otherwise revise the forward-looking statements to reflect circumstances existing after the date when made or to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying the forward-looking statements are later shown to be in error. The forward-looking statements do not take into account any additional negative effects that may arise from impacts on the global market in which Pirelli operates and more generally on the macroeconomic scenario. No update. The information and opinions in this Presentation is provided to you as of the dates indicated and the Group does not undertake to update the information contained in this Presentation and/or any opinions expressed relating thereto after its presentation, even in the event that the information becomes materially inaccurate, except as otherwise required by applicable laws. Verbal explanation. This Presentation has to be accompanied by a verbal explanation. A simple reading of this Presentation without the appropriate verbal explanation could give rise to a partial or incorrect understanding. No offer to purchase or sell securities. The information, statements and opinions contained in this Presentation are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. None of the securities referred to herein have been, or will be, registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction of the United States or in Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would be unlawful (the “Other Countries”), and there will be no public offer of any such securities in the United States. This Presentation does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or the Other Countries. Rounding. Due to rounding, numbers presented throughout this Presentation may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. Miscellanea. This Presentation has been prepared on a voluntary basis. Pirelli is therefore not bound to prepare similar presentations in the future, unless where provided by law. Neither the Company nor any member of the Group nor any of its or their respective representatives, directors, employees or agents accept any liability whatsoever in connection with this Presentation or any of its contents or in relation to any loss arising from its use or from any reliance placed upon it. Fabio Bocchio, the manager in charge of preparing the corporate accounting documents, declares that, pursuant to art. 154-bis, paragraph 2, of the Legislative Decree no. 58 of February 24, 1998, the accounting information contained herein correspond to document results, books and accounting records. Non-IFRS and Other Performance Measures This Presentation contains certain items as part of the financial disclosure which are not defined under IFRS. Accordingly, these items do not have standardized meanings and may not be directly comparable to similarly-titled items adopted by other entities. Pirelli management has identified a number of “Alternative Performance Indicators” (“APIs”). These APIs (i) are derived from historical results of Pirelli and are not intended to be indicative of future performance, (ii) are unaudited non-IFRS financial measures derived from the Financial Statements, and (iii) are not an alternative to financial measures prepared in accordance with IFRS. The APIs presented herein are EBIT, EBIT margin, EBITDA, EBITDA margin, net income and net income margin. In addition, this Presentation includes certain measures that have been adjusted by us to present operating and financial performance net of any non-recurring events and non-core events. The adjusted indicators are EBITDA adjusted, EBIT adjusted and net income adjusted. In order to facilitate the understanding of our financial position and financial performance, this Presentation contains other performance measures, such as Net Financial Position, Operating Cash Flow, Net Cash Flow before Dividends and extraordinary Operations, Net Cash Flow before Dividends, Net Cash Flow, CapEx (Capital Expenditure), Liquidity Margin and ROIC (Return On Invested Capital). These measures are not indicative of our historical operating results, nor are they meant to be predictive of future results. These measures are used by our management to monitor the underlying performance of our business and operations. Similarly entitled non-IFRS financial measures reported by other companies may not be calculated in an identical manner, consequently our measures may not be consistent with similar measures used by other companies. Therefore, investors should not place undue reliance on this data.