Pirelli & C

Regulatory News Service • Jul 31, 2025

July 31st, 2025 1H 2025 Results

PIRELLI 1H 2025 RESULTS Thursday, 31 July, 2025

Milan

1H 2025 KEY MESSAGES

2 PIRELLI & C. – 1H 2025 RESULTS
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3	FY 2025 OUTLOOK AND TARGETS
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4 APPENDIX
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PIRELLI 1H 2025 RESULTS Thursday, 31 July, 2025

Key messages

1H'25 results: solid execution in a challenging external environment

• Sound organic growth: +4.4% YoY supported by our commercial performance
• Best-in-class Profitability: internal levers successfully offset FX, raw mat/inflation and tariffs impacts
• Solid cash flow generation in 2Q due to Operating Performance & disciplined Working Capital Management

FY 2025 outlook and targets update:

• The external context remains volatile, with uncertainties on tariffs and greater-than-expected depreciation of the USD
• Consumer Demand still holding, with High Value outperforming Standard
• Profitability and cash targets confirmed thanks to a solid organic growth and the effectiveness of our tariffs' mitigations plan

2	PIRELLI & C. – 1H 2025 RESULTS

3 FY 2025 OUTLOOK AND TARGETS
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4 APPENDIX
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PIRELLI 1H 2025 RESULTS Thursday, 31 July, 2025

1H 2025 Financial Results confirming a solid execution in a tough environment

NET SALES	3,448 STD H.V. 77% 1H'24	3,499 80% 1H'25		+1.5% YoY	+4.4% organic growth supported by a solid commercial performance
ADJ. EBIT	539 1H'24	558 1H'25		+3.6% YoY	16% adj. EBIT margin (+0.4pp yoy) tariffs mitigation actions already effective in 2Q
NET INCOME	231 1H'24	264 1H'25		+14% YoY	Earnings growth due to operating performance & lower financial expenses
NET FINANCIAL POSITION	2,978 1H'24	1,926 FY'24	2,679 1H'25	-€299M YoY	Deleveraging in progress yoy €193M positive NCF bef. dividends in 2Q'25 (€154M in 2Q'24), stable YoY excluding the sale of Däckia

1H 2025 Sustainability results in line with the long term plan

Thursday, 31 July, 2025

5

PEOPLE	-3% Accident Frequency Index1 vs FY 24	Driven by a continuous focus on health & safety
CLIMATE	Scope 3 absolute emissions - 16.5% yoy on track with 2025 target Scope 1+2 emissions (- 27% vs 2018)	Progressing towards our target NET ZERO by 2040 (Scope 1+2+3) - SBTi approved
PRODUCT	>70% Bio-based and Recycled Materials on best product (P-Zero developed for JLR)	Maximum transparency for consumers: 2 - FSC and ISCC certified Pirelli logo for bio-based & recycled materials3 - Claim verified by third party vs ISO140214 -
NATURE	-7.2% Water specific withdrawal5 (group) vs FY 24	Water dependency reduction – a key priority in our Biodiversity action plans
Leading the tyre sector in major Sustainability Rankings & Initiatives	1. Frequency Index calculated on 1.000.000 worked hours;	SUSTAINALYTICS

1. Specific water withdrawal is the amount of water withdrawn (m3) per ton of finished product produced (tyres) in the timeframe considered..

2. Pirelli logo identifying products containing at least 50% of bio-based and recycled materials.

3. Claim verified at start of productions.

1H'25 Results: strengthening our Leadership through key strategic programs

Strengthening our leadership in the High Value Market

Gaining share on Car ≥18'' in both channels, while further reducing the exposure to Standard

Leveraging on best-in-class technology and partnerships with leading Premium & Prestige OEMs

1H'25 NEW HOMOLOGATIONS WITH LEADING PRESTIGE & PREMIUM OEMS

PZERO 5th generation: further rising the benchmark in UHP thanks to virtual design and AI

The Iconic Tyre leading the UHP evolution in the last 40 years, fitting racing and the most prestigious cars

INNOVATION

Leader of homologations Already chosen by best car manufacturers with >150 active homologations and >380 on the way

Peak of technological innovation

Developed with virtual design and AI to provide superior performances and control.

Best UHP Test winner¹

1 st place in comparative test of Ultra High Performance (UHP) tyres, thanks to excellent balance between safety & performance

Sustainability leader

>70% Bio-based and Recycled Materials for the P Zero developed for JLR

NEW PZEROTM GENERATION EVENT

Milan HQ & Monza Circuit – May 2025

Global participation ~300 guests from all continents

Extensive Media & Press attendance

~100 journalists from 19 countries, global coverage on press, digital channels and TVs

High Social media coverage

engagement of influencers producing contents with >6M views

INNOVATION

Two Wheels Product innovation: 2 new Moto products and 4 Cycling in 1H'25

Strengthening our positioning on both Moto and Cycling business

Our strengths and positioning

• Product performance leadership
• Constant range renewal
• Equipping the best pro teams
• Innovation rate at the highest levels in the industry
• Partnership with most relevant top teams such as Trek and Alpecin
• Brand value boosted by wins in top competitions (Paris Roubaix, Milano-Sanremo, Tour de France)

Cyber Tyre: Technology development is speeding up

Renewed partnership agreement with

New OE integration projects with Premium and Prestige OEMs already active and others ongoing

• Infrastructure monitoring agreements concluded with:
  • Movyon for mapping the motorway sections of ASPI (Autostrade per l'Italia)
  • Puglia Region for mapping the regional road network NEW

INNOVATION

Brand power further enhanced by strategic partnerships

Amplifying our reach through sponsorships in global competitions

Exclusive global tyre partner F1 gaining audience worldwide

Sole Tyre Supplier from 2027 Highest level of motorbike competition

Official Tyre Partner Olympic fleet Tyre supplier

New 2025

Sponsor & Technical Partner Virtualization, modelling & innovative materials

New 2025

Official tyre partner of Australian Open Presence in the Grande Slam from 2025

1H'25 Efficiencies in line with programs development

Efficiencies achieved ~45% of the annual target; R&D and manufacturing programs expected to drive second half benefits

	FY 2025 GUI	1H 2025	MAIN PROJECTS
Product Cost		~40% of FY	Design Modularity (tyre structure, weight and cost optimization).
			High tech automated solutions in finishing, handling and material flow
Manufacturing		~35% of FY	Digital solutions to increase productivity, quality and flexibility
			Energy efficiency through curing electrification and B.E.M.S.1
SG&A		~70% of FY	Warehouse efficiencies and distribution optimization
			Supplier base rationalization and centralization
Organization		~65% of FY	Upskilling and change in the mix of competences
Total Gross Impact	~€150M	~€70M, ~45% of FY
PIRELLI 1H 2025 RESULTS Thursday, 31 July, 2025	1. Building Energy Management System	Crash program to be added on top	13

Focus on Manufacturing Program: transformation leading current and future efficiencies

Leveraging on automation & digitization to improve our manufacturing performance

development phase execution phase

CONTROL TOWER

Benefits: real-time monitoring of factory data to optimize operations & boost efficiency (quality, waste, interruptions)

DIGITAL TWIN

Benefits: enhancing capabilities & plant efficiency (faster developments, predictive maintenance, waste reduction)

INTRALOGISTICS & STOCK HANDLING

Benefits: higher efficiency, remote & flexible control of handling system

CURING ELECTRIFICATION

Benefits : -80% energy consumption in curing phase for each press (kWh/pcs)

B.E.M.S.¹

Benefits: centralized, real-time monitoring and optimization of energy consumption

Automation Process Innovation

TYRE DEFECT DETECTION

Benefits: higher precision, faster processes

Enhancing our Supply Chain: more resilient, sustainable and customer-oriented

OPERATIONS

Leveraging on Integrated approach, local-for-local, digitization and suppliers' engagement

Local-for-Local production Sustainable Value Chain End-to-End Value Chain approach KEY HIGHLIGHTS Driving supplier base towards Decarbonization targets of 2030 (scope 3): re-cycle raw materials and green energy sourcing as levers of competitiveness and innovation 86% Local-for-local footprint, enhancing operational resilience Building end-to-end integrated business planning from procurement to consumer sales thanks to integrated digital platforms supported by AI-powered algorithms. Logistics Excellence Service coverage already at 98% in 24h Working to improve efficiency, optimize processes through distribution network re-design and automation (e.g. virtual network warehouse, AGV handling, Control tower) MAIN PROJECTS

1H 2025 Sales bridge

Mid-single-digit organic growth supported by a solid commercial performance

Volumes: High Value growth more than offsetting Standard decline

Price/Mix: improvement driven by consistent product mix enhancement and slight price contribution

Forex trend: headwinds due to USD and emerging market currencies depreciation

1H 2025 Adjusted EBIT

Profitability improvement driven by internal levers. Tariffs mitigation actions already effective in 2Q

1H 2025 Net Income

Earnings growth supported by operating performance and lower financial expenses € million

Financial Income & Expenses: -€123M (-€176M in 1H'24) due to lower non-cash items

Taxes: higher than 1H'24 which was benefitting from positive effect of tax litigation settlement in addition to Patent Box incentive

1H 2025 Net Financial Position

Net Cash Flow in line with business seasonality. Däckia divestment (~€43M) partially offsetting FX and tariffs impact

Inventory at ~xx.x% (vs xx.x% in 1H'24 and xx.x% FY24). xxx NWC: Inventories at ~21% on sales, stable YoY. Receivables (~13% on sales) and Payables (~14% on sales) substantially in line with 1H 2024

Receivables at ~xx.x% and Payables at ~xx.x% xxxx Other: including positive effect from M&A activities and FX impact

Gross Debt structure as of June 30th 2025

Liquidity margin covers 3.5 years of debt maturity protecting the company in current volatile markets. ESG linked financings on track with 2025 targets

2 PIRELLI & C. – 1H 2025 RESULTS
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3 FY 2025 OUTLOOK AND TARGETS
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4 APPENDIX
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PIRELLI 1H 2025 RESULTS Thursday, 31 July, 2025

Car Tyre demand in 2025: outlook confirmed

Replacement Consumer Demand still holding. Potential impact of GDP slowdown to be monitored

• OE: flattish demand due to weak car production in EU & North America
• REPLACEMENT: flat / slightly positive in all High Value regions
• Car ≥18'': mid-single digit demand for Replacement and positive low-single digit growth of OE
• Car ≤17": demand declines YoY both in OE & Replacement

Pirelli expects to gain share in High Value, while reducing exposure to Standard

US Tariffs impact and mitigation plan

PIRELLI 1H 2025 RESULTS Thursday, 31 July, 2025

The tariff scenario is still being defined: an agreement was reached with the EU, discussions underway with Brazil

25% exempt being USMCA compliant Reciprocal duties (with % defined by country) under discussion ~40% ~55% PIRELLI IN US - KEY FIGURES US TARIFFS MITIGATION PLAN Operations Import flows and inventory optimization US commercial agreements review ~-€60M gross impact, ~-€30M post mitigation actions confirmed Cost cutting Crash program at Group level Georgia high-tech plant >20% of Group Revenues, mainly High Value US IMPORT FLOWS EU Brazil Mexico May 3rd - July 31st From Aug 1st 15% subject to ratification 25% Executive order under company review

FY 2025 Targets update: Profitability and Cash confirmed despite higher FX impact, thanks to solid organic growth and tariffs mitigation plan

	2024	2025
€ billion	Act	May Guidance	July Guidance
Net Sales	6.77	~ 6.8 ÷ 7.0	~ 6.7 ÷ 6.8	Volumes: ~ +1% (old +1% ÷ +2%) Price/Mix: ~ +3% ÷ +3.5% (old +2% ÷ +3%)
Adj. EBIT Margin	15.7%	~ 16%	~ 16%	Organic Growth: ≥ 4% (confirmed)
CapEx % of Sales	0.42 6.1%	~ 0.42 ~ 6%	~ 0.42 ~ 6%	Forex: ~-4.5% ÷ -4% (old: -2.5% ÷ -1.5%)
Net Cash Flow bef. Dividends	0.53	~ 0.55 ÷ 0.57	~ 0.55
Net Financial Position NFP / adj. EBITDA	1.93 1.27x	~ 1.6 ~ 1.0x	~ 1.6 ~ 1.0x
ROIC*	23.2%	~ 23%	~ 23%

July guidance includes current tariffs scenario, previously reflected by the low end of May guidance range

PIRELLI & C. – 1H 2025 RESULTS	2
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3 FY 2025 OUTLOOK AND TARGETS
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PIRELLI 1H 2025 RESULTS Thursday, 31 July, 2025

Economic results summary

emarket sdir scorage
CERTIFIED

€ million	2Q 2025	2Q 2024	∆ YoY	1H 2025	1H 2024	∆ YoY
Net Sales	1 740 0 ,	1 752 0 ,	-0 7%	3 498 6 ,	3 447 5 ,	+1 5%
Organic variation			+4 0%			+4 4%
EBITDA1 adjusted	393 9	392 0	5% +0	792 9	768 3	2% +3
% of net sales	22 6%	22 4%	+0 2 p.p	22 7%	22 3%	+0 4 p.p
reported EBITDA	383 6	384 1	-0 1%	771 1	752 7	+2 4%
% of net sales	22 0%	21 9%	+0 1 p.p	22 0%	21 8%	+0 2 p.p
EBIT1 adjusted	278 5	276 5	7% +0	558 3	539 1	6% +3
% of net sales	16 0%	15 8%	+0 2 p.p	16 0%	15 6%	+0 4 p.p
reported EBIT	239 7	240 1	-0 2%	479 6	466 6	+2 8%
% of net sales	8% 13	7% 13	+0 1 p.p	7% 13	5% 13	+0 2 p.p
Net income / (loss) from equity investments	10 2	9 9	+3 0%	16 0	15 9	+0 6%
Financial income / (expenses)	(63 2)	(66 0)	-4 2%	(122 7)	(176 1)	-30 3%
EBT	186 7	184 0	+1 5%	372 9	306 4	+21 7%
Taxes	(49 9)	(53 1)	0% -6	(108 9)	(75 1)	0% +45
Tax rate %	-26 7%	-28 9%		-29 2%	-24 5%
Net Income / (loss)	136 8	130 9	+4 5%	264 0	231 3	+14 1%
Earnings / (loss) share (€ share) per per	0 13 ,	0 13		0 25 ,	0 22
/ (loss) Net income adjusted	163 7 ,	156 8		320 2	283 0

Consolidated Balance Sheet

emarket sdir scorage
CERTIFIED

€ million	30/06/2025	31/12/2024	30/06/2024
Fixed assets	8 571 9 ,	8 771 6 ,	8 748 0 ,
Inventories	1 445 5 ,	1 467 7 ,	1 417 7 ,
Trade receivables	896 5	622 9	937 3
Trade payables	(1 573 7) ,	(2 081 6) ,	(1 499 1) ,
Operating net working capital	768 3	9 0	855 9
% of sales* net	11 3%	0 1%	12 9%
Other receivables / payables	10 4	42 2	114 6
Net working capital	778 7	51 2	970 5
% of sales* net	11 4%	0 8%	14 6%
Total invested capital net	9 350 6 ,	8 822 8 ,	9 718 5 ,
Equity	5 702 9 ,	5 912 3 ,	5 713 3 ,
Provisions	969 0	984 7	1 027 2 ,
Net financial position	2 678 7 ,	1 925 8 ,	2 978 0 ,
financing Total and shareholders' equity	9 350 6 ,	8 822 8 ,	9 718 5 ,
Attributable net equity	5 542 2 ,	1 5 756 ,	1 5 572 ,
debt1 Total financial net	2 784 8 ,	2 034 4 ,	3 098 6 ,

1, Total net financial debt = net financial position excluding non-current financial receivables and non-current derivative financial instruments

Net Cash Flow

€ million	2Q 2025	2Q 2024	1H 2025	1H 2024
Operating (EBIT) Adjusted income	278 5	276 5	558 3	539 1
& (excl ) Amortiz depreciations PPA amortiz	115 4	115 5	234 6	229 2
Investments in tangible and intangible assets (Capex)	(68 0)	(90 2)	(128 0)	(143 6)
Increase in right of use	(43 3)	(26 1)	(71 6)	(41 4)
Change in working capital/other	55 4	(16 9)	(810 3)	(862 7)
Operating Cash Flow	338 0	258 8	(217 0)	(279 4)
Financial income/(expenses) paid	(67 6)	(45 7)	(116 7)	(108 9)
Taxes paid	(35 0)	(44 8)	(66 6)	(69 5)
Cash-out for recurring items and restructuring / other costs non	(9 9)	(9 5)	(22 5)	(29 9)
Dividend paid minorities to	(0 4)	(5 2)	(0 4)	(6 5)
Exchange difference/other rates	(75 0)	0 1	(104 8)	(2 5)
Net Cash Flow before extr / equity transactions / . oper. divid	150 1	153 7	(528 0)	(496 7)
Extraordinary operations	42 9	0 5	24 3	(22 5)
Cash before Net Flow dividends	193 0	154 2	(503 7)	(519 2)
Dividends paid by Parent	(249 2)	(197 1)	(249 2)	(197 1)
Cash Net Flow	(56 2)	(42 9)	(752 9)	(716 3)

Sustainability: delivering on Plan targets*

				2023	2024	2025	2030
PEOPLE	Safety first Engagement & Retention	Towards zero accident at work leveraging on employees listening and experience	Accident Frequency Index1 Global Sustainable engagement Index	1.69 83%	1.41 83%	~1 ≥80% constantly	<1 ≥80% constantly
CLIMATE	NET ZERO @2040 (Scope 1+2+3, SBTi approved)	95.6% of electricity purchased from the grid is renewable Primary data available covering >90% of RM suppliers' total emissions	CO2 absolute emissions Scope 1+22 CO2 absolute emissions Scope 32	-45.0% vs 2018 -25.0% vs 2018	-57.1% vs 2018 -26.2% vs 2018	-60% vs 2018 -27% vs 2018	-80% vs 2018 CARBON NEUTRALITY -30% vs 2018	NET ZERO 2040 SBTi approved
PRODUCT	Efficiency & Safety Bio-based & Recycled	reducing rolling resistance, material innovation to increase never compromising on safety non-fossil origin: PZERO E6 , our lighthouse on the market: material innovation to increase non-fossil origin: PZERO E3 , our lighthouse on the market:	Volumes A+B (Rolling Resistance and Wet Grip) Best product available on the market3	29.8% 55.5%3	34.5% 58.5%3	35% >70%	>50% >80%
NATURE	Freshwater Biodiversity	reducing dependency and preserving water quality Biodiversity action Plan covering the five IPBES4 drivers	High water Specific water stress areas withdrawal All group sites % on all Pirelli Industrial sites & track test areas	-30.8% vs 2015 -45.3% vs 2015 -	-34.6% vs 2015 -51.4% vs 2015 55%	-36% vs 2015 100%	-45% vs 2015 -60% vs 2015 100%

* Full Pirelli sustainability plan and targets available on pirelli.com; Full Plan targets performances 2024 available in Pirelli Sustainability Statement (CSRD) 2024

PIRELLI 1H 2025 RESULTS Thursday, 31 July, 2025

1. Frequency Index(FI): ∑(Fatalities + Serious lost time injuries + Lost time injuries ) x 1,000,000/ worked hours If calculated based on 200,000 hours worked, Index 2024 is 0.28, ~ 0.2 @2025 and <0.2 @2030; 2. Science Based Targets initiative (SBTi) approved; 3. PZERO E measure 255/50R20 - IPcode 42871 - thanks to a combination of physical segregation and mass balance approach. Bio-based materials are natural rubber, textile reinforcements, bio-chemicals, bio-resins and lignin, while recycled materials are metallic reinforcements, chemicals and - through mass balance - synthetic rubber, silica and carbon black; 4. Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) – Five Drivers are: resources exploitation, pollution, invasive species, climate change, land/water/sea use change.

ESG Indices: a globally acknowledged sustainability leadership

Update @ 21/07/25

Major rankings	Last update	Score	Positioning in the reference sector
Dow Jones Sustainability Index	2024	84	Top score Auto Components and Automotive sector
	2025	TOP 1% ESG	The only tyre maker in Top1%
	2025	A	A LIST – Max score
	2025	A	A LIST– Max score Supplier Engagement Leaders
	2024	B	Prime status - Top score Auto Components
	2024	AA	AA - ESG Leader Category
SUSTAINALYTICS	2025	8.3	Top score Tyre industry (Negligible risk); Awarded Industry ESG Top Rating
	2025	82	Platinum - Top 1%

Raw material costs trend and mix

Main raw materials price trend

Pirelli H1 2025 mix based on purchasing cost

Pirelli manufacturing footprint

Disclaimer

In General. This disclaimer applies to this document and any oral comments of any person presenting it. This document, taken together with any such oral comments, is referred to herein as the "Presentation". This document has been prepared by Pirelli & C. S.p.A. ("Pirelli" or the "Company" and, together with its subsidiaries the "Group"). The Presentation is being furnished to you for information purposes only and for use in presentations of the results and strategies of the Group.

No distribution of this Presentation. This Presentation is being furnished to you solely for your information and may not be reproduced, in whole or in part, or redistributed to any other individual or legal entity.

Forward-looking statement. ""Forward-looking statements" (which expression shall include opinions, predictions or expectations about any future event) that may be contained in the Presentation are based on a variety of estimates and assumptions by the Group, including, among others, estimates of future operating results, the value of assets and market conditions. These estimates and assumptions are inherently uncertain and are subject to numerous potential risks that are outside of the Group's control. There can be no assurance that the assumptions made in connection with the forward-looking statements will prove accurate, and actual results may differ materially. The inclusion of the forwardlooking statements herein should not be regarded as an indication that the Group considers the forward-looking statements to be a reliable prediction of future events and the forward-looking statements should not be relied upon as such. Neither the Group nor any of its representatives has made or makes any representation to any person regarding the forward-looking statements and none of them intends to update or otherwise revise the forward-looking statements to reflect circumstances existing after the date when made or to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying the forward-looking statements are later shown to be in error.

The forward-looking statements does not take into account any additional negative effects that may arise from impacts on the global market in which Pirelli operates and more generally on the macroeconomic scenario.

No update. The information and opinions in this Presentation is provided to you as of the dates indicated and the Group does not undertake to update the information contained in this Presentation and/or any opinions expressed relating thereto after its presentation, even in the event that the information becomes materially inaccurate, except as otherwise required by applicable laws.

Verbal explanation. This Presentation has to be accompanied by a verbal explanation. A simple reading of this Presentation without the appropriate verbal explanation could give rise to a partial or incorrect understanding.

No offer to purchase or sell securities. The information, statements and opinions contained in this Presentation are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. None of the securities referred to herein have been, or will be, registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction of the United States or in Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would be unlawful (the "Other Countries"), and there will be no public offer of any such securities in the United States. This Presentation does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or the Other Countries.

Rounding. Due to rounding, numbers presented throughout this Presentation may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Miscellanea. This Presentation has been prepared on a voluntary basis. Pirelli is therefore not bound to prepare similar presentations in the future, unless where provided by law.

Neither the Company nor any member of the Group nor any of its or their respective representatives, directors, employees or agents accept any liability whatsoever in connection with this Presentation or any of its contents or in relation to any loss arising from its use or from any reliance placed upon it.

Fabio Bocchio, the manager in charge of preparing the corporate accounting documents, declares that, pursuant to art. 154-bis,paragraph 2, of the Legislative Decree no. 58 of February 24, 1998, the accounting information contained herein correspond to document results, books and accounting records.

Non-IFRS and Other Performance Measures

This Presentation contains certain items as part of the financial disclosure which are not defined under IFRS. Accordingly, these items do not have standardized meanings and may not be directly comparable to similarly-titled items adopted by other entities.

Pirelli management has identified a number of "Alternative Performance Indicators" ("APIs"). These APIs (i) are derived from historical results of Pirelli and are not intended to be indicative of future performance, (ii) are unaudited non-IFRS financial measures derived from the Financial Statements, and (iii) are not an alternative to financial measures prepared in accordance with IFRS.

The APIs presented herein are EBIT, EBIT margin, EBITDA, EBITDA margin, net income and net income margin.

In addition, this Presentation includes certain measures that have been adjusted by us to present operating and financial performance net of any non-recurring events and non-core events. The adjusted indicators are EBITDA adjusted, EBIT adjusted and net income adjusted. In order to facilitate the understanding of our financial position and financial performance, this Presentation contains other performance measures, such as Net Financial Position, Operating Cash Flow, Net Cash Flow before Dividends and extraordinary Operations, Net Cash Flow before Dividends, Net Cash Flow, CapEx (Capital Expenditure), Liquidity Margin and ROIC (Return On Invested Capital).

These measures are not indicative of our historical operating results, nor are they meant to be predictive of future results.

These measures are used by our management to monitor the underlying performance of our business and operations. Similarly entitled non-IFRS financial measures reported by other companies may not be calculated in an identical manner, consequently our measures may not be consistent with similar measures used by other companies. Therefore, investors should not place undue reliance on this data.