Pirelli closes on first half of 2026 with growing results e confirms the objectives for the whole year. The tire group is still banking on the high value-added segment, which continues to represent the main driver of growth, allowing us to maintain profitability despite a context marked by weak demand, geopolitical tensions and increasing costs.
The board of directors approved the results by majority vote. For the second consecutive time, the three advisors appointed by Sinochem – Zhang Haitao, Xi Xiaohong and Wang Kun – have voted against the financial report, confirming the dissent linked to the declaration of control of Mtp Spa contained in the document.
Pirelli's accounts
The Net income In the first six months, revenue rose to 299 million euros, up 13,3% compared to 264 million in the same period of 2025. This result was supported above all by the reduction in financial expenses and the group's ability to defend margins through greater commercial selectivity and the strengthening of premium products.
I revenues stood at 3,49 billion euros, substantially in line with the previous year: net of the exchange rate effect, hyperinflation and the change in the consolidation perimeter, linked to the sale of Däckia ABOrganic growth was 2,5%, while exchange rate and perimeter changes accounted for -2,1% and -0,5%, respectively. In the second quarter, revenue amounted to €1,76 billion, an organic increase of 1,4%, while quarterly net profit reached €142,2 million, up 4%.
Profitability remained stable: the radjusted operating profit amounted to 557,8 million euros, with a margin of 16% on revenues, while theAdjusted Ebitda rose by 2,7% to 814,5 million euros.
Efficiency initiatives also supported the results, generating benefits of approximately €81 million in the first half of the year, in addition to an improved product mix. These effects partially offset the negative impact of exchange rates, rising costs, and tensions related to the Middle East crisis.
Another important contribution came from financial management: the net financial charges fell to 94,1 million euros from 122,7 million in the same period of 2025. The average cost of debt it went from 4,4% at the end of 2025 to 3,89% in June 2026.
The contribution of equity investments was also positive, amounting to 29,1 million euros, mainly thanks to the revaluation of the Chinese joint venture Xushen Tire of Shanghai.
On the front of investmentsPirelli has increased its investments from 128 to 177 million euros, earmarked for the development of premium products, innovation and automation of its plants. cash generation before dividends and the impact of the Chinese joint venture was negative by 556,9 million euros, compared to -547,1 million in the first half of 2025.
Instead, it improves the net financial positionNet debt stands at 1,9 billion euros, compared to 2,67 billion twelve months earlier.
The weight of premium products is growing
The weight of the continues to grow high value-added tiresIn the first half of the year theHigh Value reached 82% of overall turnover, compared to 80% in the same period in 2025.
I volumes Cars and Motorcycles of the segment are increased by 3,5%, supported both by the original equipment channel, thanks to partnerships with premium manufacturers, and by the aftermarket. On the other hand, the volumes of Standard are decreased by 8%, as part of the strategy to reduce exposure to lower-margin products and channels. Overall, the group's volumes remained stable, while the improved product and geographic mix led to a 2,5% increase in the price/mix.
On the front innovation, Pirelli has obtained approximately 200 new approvals over the first half of the year, with leading premium and prestige manufacturers. 90% of these are for tires with rim diameters of 19 inches or larger, and 60% are for electrified vehicles.
Targets for 2026 confirmed
In light of the half-year results, Pirelli has confirmed the whole guidance for 2026, but updating some market hypotheses.
Pirelli confirmed its targets for 2026, updating some assumptions related to the market scenario. revenues between 6,75 and 6,95 billion euros are expected. volume growth is expected to be between 0% and 1%, compared to the previous estimate of 1-2%, while the price/mix is confirmed at around 2,5% to 3%. Expectations for the impact of exchange rates and changes in scope have improved, forecast between -2,5% and -1,5%, compared to the previous indication of -4% to -2%.
The other objectives remain confirmed: adjusted Ebit margin around 16%, investments of approximately 450 million euros, Cash generation before dividends and the impact of the Chinese joint venture is approximately 500 million, negative net financial position for approximately 1,2 billion and a ratio between net debt and adjusted EBITDA of approximately 0,75 times.
The company expects that the impact of the crisis in the Middle East can be contained thanks to the mitigation measures already adopted and a possible normalization of raw material costs.
