FINANCIAL HIGHLIGHTS
Revenues
€ million
| Revenues drivers | ∆ '19 vs. '18 | ∆ '20 vs. '19 | ∆ '21 vs. '20 | ∆ '22 vs. '21 | ∆ '23 vs. '22 |
| Volumes | -2.0% | -15.3% | 15.7% | -1.0% | -1.8% |
| Price/Mix | 4.2% | 1.2% | 9.1% | +19.7% | +8.6% |
| Foreign Exchange / IAS 29 Argentina | 0.3% | -5.1% | -0.9% | +5.4% | -6.3% |
| Total | 2.5% | -19.2% | 23.9% | +24.1% | +0.5% |
Adjusted2 EBIT
€ million
| € million | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | ∆ '23 vs. '22 |
| Revenues | 5,323 | 4,302 | 5,331 | 6,616 | 6,650 | +0.5% |
| Of which High Value | 67% | 70% | 71% | 71% | 75% | |
| Of which Standard | 33% | 30% | 29% | 29% | 25% | |
| Adjusted1 EBITDA | 1,310 | 893 | 1,211 | 1,408 | 1,446 | +2.7% |
| Adjusted2 EBITDA margin | 24.6% | 20.7% | 22.7% | 21.3% | 21.7% | |
| Adjusted2 EBIT | 917 | 501 | 816 | 978 | 1,002 | +2.5% |
| Adjusted2 EBIT margin | 17.2% | 11.6% | 15.3% | 14.8% | 15.1% | |
| Net Income (loss) from continuing operations | 458 | 43 | 322 | 436 | 496 | |
| Net Income adjusted3 | 514 | 246 | 469 | 570 | 595 | |
| Net Income adjusted3 margin | 9.7% | 5.7% | 8.8% | 8.6% | 9.0% | |
| Adjusted1 EBITDA - CapEx | 920 | 753 | 865 | 1,011 | 1,040 | |
| Cash conversion ratio4 | 70% | 84% | 71% | 72% | 72% | |
| CapEx on Revenues | 7.3% | 3.3% | 6.5% | +6.0% | +6.1% | |
| Net Financial Position5 | 3,507 | 3,258 | 2,907 | 2,553 | 2,262 | |
| Research & Development costs | 232 | 195 | 240 | 264 | 289 | |
| R&D costs / Revenues | 4.4% | 4.5% | 4.5% | 4.0% | 4.3% |
- 1. Adjusted EBITDA: calculated by adjusting EBITDA for non-recurring and restructuring expenses, the contribution to the consolidated financial statements made by Pirelli Venezuela C.A. and the contribution to the consolidated financial statements made by the Steelcord activities.
- 2. Adjusted EBIT: calculating by adjusting Operating profit (EBIT) for amortization of intangible assets included in PPA, non-recurring and restructuring expenses, the contribution to the consolidated financial statements made by Pirelli Venezuela C.A. and the contribution to the consolidated financial statements made by the Steelcord activities.
- 3. Net income adjusted: calculated by adjusting Total net income (loss) for EBIT adjustments, the Venezuela deconsolidation, Net financial expenses and Tax.
- 4. Cash conversion ratio: calculated by dividing Adjusted EBITDA - CapEx by Adjusted EBITDA.
- 5. Including IFRS 16 impact from 2019
Revenues
€ million
| Revenues drivers | ∆ YoY |
| Volumes | +2.2% |
| Price/Mix | +2.7% |
| Foreign Exchange / IAS 29 Argentina | -4.4% |
| Total | +0.5% |
Adjusted2 EBIT
€ million
| € million | 9M 2023 | 9M 2024 | ∆ YoY |
| Revenues | 5,160 | 5,185 | +0.5% |
| Of which High Value | 3,832 | 3,963 | +3.4% |
| Of which Standard | 1,329 | 1,221 | -8.1% |
| Adjusted1 EBITDA | 1,116 | 1,157 | +3.7% |
| Adjusted1 EBITDA margin | 21.6% | 22.3% | |
| Adjusted2 EBIT | 783 | 816 | +4.3% |
| Adjusted2 EBIT margin | 15.2% | 15.7% | |
| Net income | 411 | 371 | -9.7% |
| Net Income margin | 8.0% | 7.2% | |
- 1. Adjusted EBITDA: calculated by adjusting EBITDA for non-recurring and restructuring expenses.
- 2. Adjusted EBIT: calculating by adjusting Operating profit (EBIT) for amortization of intangible assets included in PPA, non-recurring and restructuring expenses.