WS Investor
26 Feb 2026, 18:40
Pirelli met its 2025 targets, delivering higher profitability, improved margins and a sharp reduction in leverage, while proposing an extraordinary dividend following strong financial performance.
For the full year 2025, revenues reached €6,776.2 million, at the upper end of guidance, with organic growth of 4.2%. Including negative forex effects and the deconsolidation of Däckia, revenues were broadly stable year-on-year. The High Value segment strengthened further, accounting for 79% of total sales (2024: 76%). Price/mix improved by 3.8%, reflecting a continued shift toward premium products and favorable regional mix.
Adjusted EBIT rose 2.0% to €1,081.4 million, with the adjusted EBIT margin increasing to 16.0% (2024: 15.7%), despite headwinds from foreign exchange, tariffs and input cost inflation. Net profit increased 5.9% to €530.7 million. Net cash flow before dividends more than doubled to €1,073.8 million. Net financial position improved significantly to -€1.1 billion, well ahead of the ~-€1.6 billion target, with the net financial position/adjusted EBITDA ratio falling to 0.71x.
In the fourth quarter, revenues were €1,581 million, with organic growth of 6.1%. Adjusted EBIT was stable at €245.9 million, while the margin rose to 15.6%. Net profit totaled €130.1 million.
Reflecting strong results and reduced leverage, the Board will propose a total dividend of €0.34 per share, including an extraordinary dividend of €0.10 per share.
For 2026, Pirelli targets revenues between approximately €6.7 billion and €6.9 billion, an adjusted EBIT margin of around 16% (slightly higher than 2025), net cash flow before dividends of about €0.5 billion, and a year-end net financial position of roughly €1.2 billion, corresponding to a leverage ratio of around 0.75x.
For the full year 2025, revenues reached €6,776.2 million, at the upper end of guidance, with organic growth of 4.2%. Including negative forex effects and the deconsolidation of Däckia, revenues were broadly stable year-on-year. The High Value segment strengthened further, accounting for 79% of total sales (2024: 76%). Price/mix improved by 3.8%, reflecting a continued shift toward premium products and favorable regional mix.
Adjusted EBIT rose 2.0% to €1,081.4 million, with the adjusted EBIT margin increasing to 16.0% (2024: 15.7%), despite headwinds from foreign exchange, tariffs and input cost inflation. Net profit increased 5.9% to €530.7 million. Net cash flow before dividends more than doubled to €1,073.8 million. Net financial position improved significantly to -€1.1 billion, well ahead of the ~-€1.6 billion target, with the net financial position/adjusted EBITDA ratio falling to 0.71x.
In the fourth quarter, revenues were €1,581 million, with organic growth of 6.1%. Adjusted EBIT was stable at €245.9 million, while the margin rose to 15.6%. Net profit totaled €130.1 million.
Reflecting strong results and reduced leverage, the Board will propose a total dividend of €0.34 per share, including an extraordinary dividend of €0.10 per share.
For 2026, Pirelli targets revenues between approximately €6.7 billion and €6.9 billion, an adjusted EBIT margin of around 16% (slightly higher than 2025), net cash flow before dividends of about €0.5 billion, and a year-end net financial position of roughly €1.2 billion, corresponding to a leverage ratio of around 0.75x.