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DIVIDENDS

DIVIDEND POLICY

On March 6, 2024, Pirelli's Board of Directors resolved to propose to the Shareholders' Meeting the distribution of a dividend of euro 0.198 per share, for a total of euro 198 million, equal to 40% of the Group's net result.

For the 2025 financial year, based on the solid cash generation prospects provided for in the Industrial Plan also presented on March 6, 2024, the Board of Directors also resolved to revise upwards the dividend policy that assumes the distribution of 50% of the 2024 consolidated net result.

​
2023 DIVIDEND


Group Net Income Reported (€ million)
 496
 Dividend Payment Schedule
payout (% of group net income reported)
40.0% — Coupon Detachment: June 24th, 2024
DPS (€)
0.198 — Dividend Payment: June 26th, 2024, record date June 25th
# of shares (million)
1,000.0  
dividends (€ million)
198  
 

 

    1. 2022 dividends

      1. ​

        Dividend Proposal to be filed with Pirelli & C. Annual General Meeting (June 29th), 2023)

         


        Group Net Income Reported (€ million)
        		 436
        		 +35%
        		 Dividend Payment Schedule
        payout (% of group net income reported)
        50.0%   — Coupon Detachment: July 24th, 2023
        DPS (€)
        0.218 +35%
        		 — Dividend Payment: July 26th, 2023, record date July 25th
        # of shares (million)
        1,000.0    
        dividends (€ million)
        218 +35%
        		  
         

    1. 2021 dividends

      1. ​

        Dividend Proposal to be filed with Pirelli & C. Annual General Meeting (May 18th, 2022)

         


        Net Income Reported (€ million)
        		322
        		 Dividend Payment Schedule
        payout (% of net income reported)
        50.0% — Coupon Detachment: May 23rd, 2022
        DPS (€)
        0.161 — Dividend Payment: May 25th, 2022, record date May 24th
        # of shares (million)
        1,000.0  
        dividends (€ million)
        161  
         

    1. 2020 dividends

      1. ​

        The Shareholders’ Meeting (link to press release.) decided for the distribution of a dividend, also drawn in part from profits set aside in previous years, of €0.08 per ordinary share for a total pay-out of €80 million gross of withholdings required by law.
         
        Net Income reported (€ million) 44.0        
        Allocation          
        Legal reserve (€ million) 0.0   DPS (€) # of ord. shares (million)  
        Dividend (€ million) 80.0   0.08 1,000.0  
        of which          
        Net result (€ million) 44.0        
        Retained earnings (€ million) 36.0        
         
        Dividend payment schedule:
        — Coupon Detachment: June 21st, 2021
        — Dividend Payment: June 23rd, 2021, record date June 22nd

    1. 2019 dividends* (CANCELLED)

      1. ​

        2019 dividend distribution was cancelled, as part of the COVID-19 containment measures announced on April 3rd, 2020 (link to press release).

        Just as a reference, please find below the original 2019 dividend approved by the Board of Directors on February 19th, 2020.

         


        Net Income Reported (€ million)
        		458
        		 Dividend Payment Schedule
        payout (% of net income reported)
        40.0% — Coupon Detachment: June 22nd, 2020
        DPS (€)
        0.183 — Dividend Payment: June 24th, 2020, record date June 23rd
        # of shares (million)
        1,000.0  
        dividends (€ million)
        183  
         
        * in line with the Company dividend policy which was adopted at the IPO, starting from the approval of the financial report at December 31 2018, with an average pay-out of 40% of consolidated Net Income for the period 2018-20.

    1. DIVIDEND HISTORY

      1. Listed below are the dividends paid by Pirelli & C. S.p.A. before delisting in 2015. No dividends have been paid based on results for fiscal years 2015, 2016 and 2017.

        Fiscal year 1 Dividend paid on Ordinary Shares (€/share)2 Dividend paid on Saving Shares (€/share)2,3 Payout Ratio
        2011 0.270 0.340 41%4
        2012
        		 0.320 0.390 40%5
        2013 0.320 0.390 43%6
        2014 0.367 0.431 40.5%7
        1. 1. Fiscal year based on whose results dividends were calculated. Payment occurred in the following year after the approval of the Annual General Meeting.
        2. 2. Before the required withholding taxes.
        3. 3. Saving shares were converted to Special shares in February 2016. Special shares were later converted to Ordinary shares in June 2017. For more information please refer to the Share Capital section.
        4. 4. Based on group net income adjusted (net of non recurring items: equity participations, Bolivar devaluation impact and Steel Cord capital gain).
        5. 5. Based on group net income adjusted (net of impact from equity participations).
        6. 6. Based on group net income post minorities.
        7. 7. Based on group net income adjusted (net of non recurring items: equity participations, Bolivar devaluation impact and Steel Cord capital gain).

        For further information regarding Pirelli’s share capital evolution please refer to the relative section.

    1. 2018 dividends*


      		1.


        Net Income Reported (€ million)
        		442
        		 Dividend Payment Schedule
        payout (% of net income reported)
        40.0% — Coupon Detachment: May 20th, 2019
        DPS (€)
        0.177 — Dividend Payment: May 22nd, 2019, record date May 21st
        # of shares (million)
        1,000.0  
        dividends (€ million)
        177.0  
         
        * in line with the Company dividend policy which was adopted at the IPO, starting from the approval of the financial report at December 31 2018, with an average pay-out of 40% of consolidated Net Income for the period 2018-20.

Last revised: 6 Mar 2024