Pirelli publishes its preliminary 2025 results and hits its targets. The year, in fact, closes with a net profit of 530,7 million euros, up 5,9% compared to €501,1 million in 2024. The result is also above the consensus, which indicated a profit of €510 million. Revenues stood at €6,776 billion (at the high end of the 2025 target of €6,7-6,8 billion), remaining essentially stable compared to 2024, but with organic growth of 4,2% excluding the exchange rate effect (-3,8%) and the deconsolidation of Dackia (-0,4%). High Value represents 79% of total turnover, further growing compared to 76% in 2024, while the price/mix records an increase of +3,8%.
Adjusted EBIT in 2025 rises to 1,081 billion (from 1.06 billion), with an Adjusted EBIT margin improving to 16% (15,7% in 2024). TheAdjusted Ebitda Net debt amounted to €1.548,3 million, up 1,9% compared to €1.519,5 million in 2024. Debt declined sharply: the net financial position fell to -€1.102 million (-€1.925,8 million at December 31, 2024), better than the target of approximately -€1,6 billion. The adjusted net financial position/EBITDA ratio was 0,71 times (approximately 1 times better than the 2025 target). net cash flow before dividends in 2025 was positive by 1.073,8 million euros. In line with the dividend policy of the previous year, equal to approximately 50% of consolidated net profit, the Pirelli board of directors will propose the distribution of a dividend per share equal to 0,24 euros, for a total of approximately 260 million euros.
“In light of the positive results achieved in the 2025 financial year – explains the press release issued by Pirelli – and the reduction of financial leverage, the board of directors will also propose the payment of a additional dividend for the current year equal to 0,10 euros per share, for approximately 109 million, also from distributable profit reserves". , reads the note. Overall, therefore, the proposal of total dividend amounts to 0,34 euros per share, equal to a dividend amount of approximately 369 million euro.
The following are expected for 2026: revenues expected between 6,7 and 6,9 billion euros, with an Adjusted EBIT Margin of 16%, slightly improved compared to the 2025 financial year; net cash flow before dividends of €0,50 billion; net financial position at the end of 2026 of €1,2 billion, with a Net Financial Position/Adjusted EBITDA ratio of 0,75 times.
