Financials Pirelli & C. S.p.A.

Equities

PIRC

IT0005278236

Tires & Rubber Products

Real-time Borsa Italiana Other stock markets 11:26:01 2025-01-24 am EST			5-day change	1st Jan Change
5.850 ^EUR	+0.38%		+1.63%	+7.01%

Jan. 21	Global companies likely to be affected by Trump's promised tariffs	RE
Jan. 17	Blauer and Pirelli Launch a Capsule Collection of Four Outerwear Pieces for FW 25-26	CI

Projected Income Statement: Pirelli & C. S.p.A.

income-statement-evolution-chart PIRELLI-C-S-P-A

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,323	4,302	5,332	6,616	6,650	6,710	6,892	7,128
Change	-	-19.18%	23.93%	24.09%	0.52%	0.9%	2.71%	3.43%
EBITDA ¹	1,310	893	1,211	1,408	1,446	1,517	1,543	1,633
Change	-	-31.83%	35.58%	16.32%	2.68%	4.93%	1.69%	5.85%
EBIT ¹	917	501	815.8	977.8	1,002	1,051	1,113	1,164
Change	-	-45.37%	62.83%	19.86%	2.45%	4.89%	5.9%	4.62%
Interest Paid ¹	-109	-156	-144	-201.7	-194.1	-228.5	-192.7	-173
Earnings before Tax (EBT) ¹	622	57	436.8	595.6	630.1	672	781.1	867.2
Change	-	-90.84%	666.32%	36.36%	5.79%	6.64%	16.24%	11.02%
Net income ¹	438.1	29.78	302.8	435.9	479.1	476.8	548.8	606.8
Change	-	-93.2%	916.76%	43.96%	9.91%	-0.48%	15.1%	10.57%
Announcement Date	2/19/20	3/10/21	2/23/22	2/22/23	3/6/24	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	1,287	1,052	765	1,277	1,208	1,245	1,320	1,414	1,352	1,521	1,676	1,836	1,582	1,700	1,738	1,723	1,490	1,696	1,752	1,737	1,512
Change	-	-18.29%	-27.25%	66.93%	-5.4%	3.04%	6.06%	7.11%	-4.37%	12.48%	10.18%	9.57%	-13.83%	7.41%	2.24%	-0.87%	-13.51%	13.8%	3.33%	-0.86%	-12.98%
EBITDA ¹	332	244.2	24	309	315	266.5	307.4	320	316.8	333	362.2	383.9	329.1	359.7	379.4	376.7	330.3	376.3	392	388.7	345
Change	-	-26.45%	-90.17%	1,187.5%	1.94%	-15.4%	15.35%	4.1%	-1%	5.11%	8.77%	5.99%	-14.27%	9.3%	5.48%	-0.71%	-12.32%	13.93%	4.17%	-0.84%	-11.24%
EBIT ¹	232	141.1	-74	214	221	168.8	208.6	221	217.4	229	253.1	271.9	224.3	248.1	269.3	265.1	219.3	262.6	276.5	276.8	231.9
Change	-	-39.18%	-	-	3.27%	-23.62%	23.58%	5.94%	-1.63%	5.34%	10.52%	7.43%	-17.51%	10.61%	8.54%	-1.56%	-17.28%	19.74%	5.29%	0.11%	-16.21%
Charge d'intérêts ¹	-34	-	-	-40.17	-42.68	-	-31.84	-	-37	-	-	-55.5	-56.6	-52	-54.7	-43.3	-43.9	-	-65.97	-49.4	-32
Earnings before Tax (EBT) ¹	98	50.61	-185	111	81	57.31	121.5	-	115.8	150	168.1	172.3	105.4	160.8	178.5	187.7	103.1	-	184	198.4	179.5
Change	-	-48.36%	-	-	-27.03%	-29.25%	112%	-100%	-	29.53%	12.07%	2.5%	-38.83%	52.56%	11.01%	5.15%	-45.07%	-100%	-	7.83%	-9.53%
Net income ¹	65.47	37.22	-140.5	84	53.36	39.01	84.09	105	78.84	107.5	113.9	126.3	76.6	111.6	127.6	161	86.1	93.7	130.9	139.8	130.3
Change	-	-43.15%	-	-	-36.47%	-26.91%	115.58%	24.87%	-24.91%	36.35%	5.95%	10.89%	-39.35%	45.69%	14.34%	26.14%	-46.51%	8.83%	39.7%	6.8%	-6.82%
Announcement Date	2/19/20	5/13/20	8/5/20	11/11/20	3/10/21	5/12/21	8/5/21	11/11/21	2/23/22	5/10/22	8/4/22	11/3/22	2/22/23	5/11/23	7/27/23	11/9/23	3/6/24	5/9/24	8/1/24	11/7/24	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	1,816	2,486	2,565	2,767	3,197	3,419	3,438	3,213	3,448	3,258
Change	-	36.86%	3.17%	7.87%	15.55%	6.93%	0.55%	-6.54%	7.31%	-5.51%
EBITDA ¹	267.9	625.1	573.9	636.8	695.3	713	739.1	707	768.3	730.5
Change	-	133.33%	-8.19%	10.96%	9.19%	2.55%	3.66%	-4.34%	8.67%	-4.92%
EBIT ¹	66.7	434.3	377.4	438.4	481.6	496.2	517.4	484.4	539.1	507.5
Change	-	551.12%	-13.1%	16.16%	9.85%	3.03%	4.27%	-6.38%	11.29%	-5.86%
Charge d'intérêts ¹	-	-82.85	-71.84	-72.16	-	-112.1	-106.9	-87.2	-	-82
Earnings before Tax (EBT) ¹	-	191.6	178.7	258.1	317.9	277.7	339.3	290.8	306.4	358.5
Change	-	-	-6.7%	44.4%	23.17%	-12.65%	22.18%	-14.29%	5.36%	17%
Net income ¹	-103.3	-	123.1	-	221.4	-	242.6	-	231.3	252
Change	-	-100%	-	-100%	-	-100%	-	-100%	-	8.95%
Announcement Date	8/5/20	3/10/21	8/5/21	2/23/22	8/4/22	2/22/23	7/27/23	3/6/24	8/1/24	-

¹EUR in Million

Estimates

Forecast Balance Sheet: Pirelli & C. S.p.A.

balance-sheet-analysis-chart PIRELLI-C-S-P-A

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,507	3,258	2,907	2,553	2,262	1,972	1,533	1,174
Change	-	-7.1%	-10.77%	-12.18%	-11.4%	-12.81%	-22.26%	-23.42%
Announcement Date	2/19/20	3/10/21	2/23/22	2/22/23	3/6/24	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Pirelli & C. S.p.A.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	391	140	346	477.4	506.9	407.2	441.8	449.4
Change	-	-64.19%	147.14%	37.98%	6.18%	-19.66%	8.48%	1.72%
Free Cash Flow (FCF) ¹	632.2	440.5	448	561.4	517.7	518.5	571.7	664.4
Change	-	-30.33%	1.71%	25.31%	-7.78%	0.15%	10.26%	16.21%
Announcement Date	2/19/20	3/10/21	2/23/22	2/22/23	3/6/24	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Pirelli & C. S.p.A.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	24.61%	20.76%	22.71%	21.29%	21.75%	22.62%	22.39%	22.91%
EBIT Margin (%)	17.23%	11.65%	15.3%	14.78%	15.06%	15.66%	16.15%	16.33%
EBT Margin (%)	11.69%	1.32%	8.19%	9%	9.48%	10.01%	11.33%	12.17%
Net margin (%)	8.23%	0.69%	5.68%	6.59%	7.2%	7.11%	7.96%	8.51%
FCF margin (%)	11.88%	10.24%	8.4%	8.49%	7.78%	7.73%	8.3%	9.32%
FCF / Net Income (%)	144.29%	1,479.04%	147.95%	128.79%	108.06%	108.75%	104.17%	109.48%
Profitability
ROA	3.26%	1.78%	2.33%	3.14%	3.49%	3.62%	4.05%	4.54%
ROE	9.53%	0.65%	6.88%	8.52%	8.86%	9.06%	9.56%	10.3%
Financial Health
Leverage (Debt/EBITDA)	2.68x	3.65x	2.4x	1.81x	1.56x	1.3x	0.99x	0.72x
Debt / Free cash flow	5.55x	7.4x	6.49x	4.55x	4.37x	3.8x	2.68x	1.77x
Capital Intensity
CAPEX / Current Assets (%)	7.35%	3.25%	6.49%	7.22%	7.62%	6.07%	6.41%	6.3%
CAPEX / EBITDA (%)	29.85%	15.68%	28.58%	33.9%	35.05%	26.84%	28.63%	27.51%
CAPEX / FCF (%)	61.85%	31.78%	77.23%	85.04%	97.91%	78.55%	77.28%	67.65%
Items per share
Cash flow per share ¹	1.023	0.6184	0.7403	0.972	1.026	0.9991	1.003	0.9616
Change	-	-39.53%	19.71%	31.3%	5.61%	-2.67%	0.37%	-4.1%
Dividend per Share ¹	0.183	0.08	0.161	0.218	0.198	0.2248	0.2707	0.2828
Change	-	-56.28%	101.25%	35.4%	-9.17%	13.56%	20.38%	4.48%
Book Value Per Share ¹	4.724	4.447	4.908	5.324	5.494	5.746	6.03	6.331
Change	-	-5.86%	10.36%	8.47%	3.2%	4.58%	4.93%	4.99%
EPS ¹	0.438	0.03	0.3	0.42	0.48	0.4716	0.5438	0.604
Change	-	-93.15%	900%	40%	14.29%	-1.74%	15.31%	11.07%
Nbr of stocks (in thousands)	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
Announcement Date	2/19/20	3/10/21	2/23/22	2/22/23	3/6/24	-	-	-