Pirelli Q3 Results: Revenues Up +28.6%

• Revenues: +28.6% to 3,979.3 million euro (organic variation +31.0%). High Value revenues accounted for 71.4% of total revenues (71.2% in the first 9 months of 2020) in line with targets
• Total volumes grew 24.7%: High Value volumes +27.8%, Car ≥18” volumes +31% (market +21%) with strengthening of market shares in all Regions. More sustained trend in Car ≥19’’with 38% growth (market +27%)
• Price/Mix: +6.3% in the first 9 months of 2021 thanks to price increases and improved product mix, particularly in High Value
• Adjusted Ebit: +113.6% to 598.8 million euro (280.4 million in the first 9 months of 2020), with an Adjusted Ebit Margin of 15.0% (9.1% in the first 9 months of 2020) thanks to the contribution of internal levers
• Net result: +236.2 million euro (-17.8 million euro in the first 9 months of 2020)
• Net cash flow before dividends: -376.7 million euro, an improvement of 368.6 million euro compared to -745.3 million euro in first 9 months of 2020 Net financial position: -3,714.9 million euro (-3,258.4 million euro on 31 December 2020, -4,252.5 million euro on 30 September 2020)
• Liquidity margin: 1,540 million euro on 30 September 2021, maturities on financial debts guaranteed until the end of first half 2023

2021 TARGETS

• Upward revision of revenue and cash generation targets, all other 2021 targets confirmed
• Revenues expected at between ~5.1 and ~5.15 billion euro, (follows upward revision in August to between ~5.0 and ~5.1 billion euro), with volumes expected at between ~+14% and ~+15% (in line with the previous indication which was revised up in August) …

Source: Pirelli