FINANCIAL HIGHLIGHTS

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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

Last revised: 6 Mar 2024

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