Pirelli 2024 financial results come in ahead of target

Milan, Italy – Pirelli achieved revenues of €6.77 billion and earnings (adjusted EBIT) of €1.06 billion in full-year 2024, the Italian tire maker has announced.

The revenues figure came in above the group’s previously issued target of around €6.7 billion and 1.9% higher than the level reached in 2023.

The gains reflected ‘organic variation’ of 4.4%, excluding a forex effect of -2.5% offset by a +2.5%price/mix improvement, Pirelli reported 26 Feb.

Full-year adjusted EBIT, which exceeded the targeted ~€1,040 million, increase by 5.9% year-on-year compared with 2023.

Pirelli linked the improvement to price/mix efficiencies, which it noted “more than offset the negative impact of raw materials and inflation.”

Other items reported included an R&D spend of €289.5 million in 2024, 4.3% of total revenue, of which €272.8 million was devoted to high-value products – and represented 5.3% of high-value revenues.

The results included a 6.6% year-on-year increase in fourth quarter sales to €1,588.8 million, with ‘organic variation’ of +2.3% excluding the positive forex effect of +4.3% and +1.8% price/mix effect linked to product-mix.

Fourth quarter adjusted EBIT at €244.6 million, increased 11.5% year-on-year as price/mix, efficiencies and exchange rates more than offset the negative impact of raw materials and inflation.

For 2025, Pirelli confirmed the targets outlines in its ‘industrial plan’ despite the higher volatility in trading conditions, with sales forecast to come in between ~€6.8 billion and ~€7.0 billion and adjusted EBIT margin of around 16%.

“A plan to mitigate the impact of potential US tariffs is being prepared with the goal of guaranteeing cash generation and deleveraging targets and the lower end of adjusted EBIT guidance, Pirelli concluded.