2020 FINANCIAL TARGETS

2020 Financial Targets

€ billion

2020-2022 Plan targets will be revised within 4Q 2020


Based on the new economic context and taking into account the actions implemented, Pirelli estimates for 2020:

  • Revenues of ~€4.3 ÷ €4.4 billion (prior indication ~€5.4 billion), with total volumes falling by between -18% ÷ -20% (prior indication between 0% ÷ +1%). In the High Value segment the expected decline is -14% (prior indication + 8%) with a performance of Car New Premium of ~-11.5% (-14% fall expected for ≥18” market) and a fall of ~ -26% in the Standard segment (previous indication -6%);
  • Adjusted EBIT Margin of between 14% and 15% (~17% margin implicit in the targets presented on February 19) thanks to above mentioned cost containment actions and a more favourable scenario for raw materials and energy costs;
  • Investments of ~€130 million (prior indication ~€300 million) mainly for plant management and improvement of mix and quality;
  • Net Financial Position confirmed at ~-€3.3 billion with net cash generation of ~€230-€260 million (the corresponding implicit level in the previous guidance ~€220 million), assuming the cancelled distribution of dividends.

In the fourth quarter of the year, in light of the situation’s evolution, there will be a revision of the 2022 outlook formulated in the context of the 2020-2022 Industrial Plan.

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At the following page is available the press release and presentation

Last revised: 14 Apr 2020