FY 2020 PRELIMINARY FINANCIAL RESULTS

Milan, March 10th, 2021

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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.

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The data contained in this presentation are preliminary in nature and refer to the date hereof and, therefore, may be subject to further variations. Please note that these preliminary data are subject to review by the independent auditors that still have to complete their necessary analysis in order to release their report. The 2020 final results will be approved by the Board of Directors scheduled on the 31stof March 2021 and will be disclosed to the market according to, and in the terms set for by, the applicable laws and regulations.

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Francesco Tanzi, 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 & C. S.p.A. and are not intended to be indicative of future performance, (ii) are non-IFRS financial measures and, although derived from the Financial Statements, are unaudited 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 (liquidity) / debt Position, Net cash flow before dividends and convertible

bond impact, Net cash flow before dividends and Net cash flow.

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.

KEY MESSAGES

> 2020 was a very challenging year, in which we protected the interests of all Stakeholders
> High Value tyre market proved once again its resilience in one of the greatest global market crisis
Full Year results are in line with November Guidance. Top Line and Cash Flow matched April indication, Pirelli being the only one providing a detailed outlook >
> We closed 2020 with a strong 4Q, gaining market share in the High Value and reaching a 18.3% adj. EBIT margin
> In 2020 we accelerated our Programs on product innovation, sustainability, growth in China, cost competitiveness, which lead to a positive outlook for 2021. On March 31st we will present our more complete Industrial Plan

2020 DELIVERY AND 2021 OUTLOOK

2020 MARKET AND PIRELLI PERFORMANCE

2020 FINANCIAL REVIEW

APPENDIX

IN 2020 WE TOOK GREAT CARE IN PROTECTING ALL OUR STAKEHOLDERS

Employees

Average employees in Remote working (staff) ~60%
Plants open >85% of the year, guaranteeing the highest levels of safety standards
~3,000 employees involved in Up-skilling initiatives
Launched "From welfare to well-being" program: work life balance, support for families, healthy lifestyle and mobility management

Clients

Despite strong internal destocking (~-3M pcs reduction) high Service Level guaranteed, supporting good 4Q performance
Integrated supply chain with Tier 1 partners
Collaborative Stock Management

Suppliers

Protection of Strategic Partnerships
Higher flexibility and local suppliers guaranteed business continuity
Reduced days payable (~-3%)

Shareholders

€200M Cash flow generation protected
Capital Structure strengthened with Debt maturity extended (63% expiring from 2024 & beyond)
€500M Convertible Bond Zero coupon issued in Dec 2020 well oversubscribed

WE STRENGHTENED OUR LEADERSHIP IN SUSTAINABILITY

2020 MAIN ACHIEVEMENTS

Confirmed in Global Compact LEAD Companies list

Global sustainability Leader in the S&P Dow Jones Sustainability Indices (World & EU) for the Auto components sector⁴

Carbon Disclosure Project. Pirelli confirmed in Leaders' A List

CO2 emissions reduction targets approved by the SBTi⁵

1. Target base year. 2. Figure obtained by weighing the value of sales of Eco & Safety Performance car tyres on the total value of sales of Group car tyres; Eco & Safety Performance products identify car tyres that Pirelli produces throughout the world and that fall only under rolling resistance and wet grip classes A, B, C according to the labeling parameters set by European legislation; 3. Internal assessment based on data from the International Energy Agency (IEA) taking into account the geographical distribution of Pirelli. 4. Score 2020: 84 vs sector average of 35. 5. Science Based Target initiative.

IN A CRISIS YEAR, WORSE THAN 2008 FINANCIAL MELT DOWN, H.V. MARKET PROVED ITS RESILENCE

AFTER SLOW START IN 1Q, WE ACCELERATED IN 2H

OVERALL, APRIL GUIDANCE – THE ONLY ONES TO GIVE IT – WAS DELIVERED IN TERMS OF REVENUES AND CASH FLOW

Net Sales 5.3 ~4.3 ÷ ~4.4 ~4.18 ÷ ~4.23 4.30 adj. EBIT margin 17.2% ~14% ÷ ~15% ~11.5% ÷ ~12% 11.6% CapEx 0.39 ~0.13 ~0.14 0.14 Net Cash Flow 0.212 ~0.191 ~0.221 0.33 ~0.23 ÷ ~0.26 ÷ bef. Dividends incl. EU fine €33.6m cash-out Net Financial 3.5 ~3.3 ~3.3 3.3 Position (IFRS 16)	€ billion	2019 A	guidance 2020 E @ 4 April	guidance 2020 E @ 11-Nov	2020 A	Nov.	D vs. Gui April

1. floor of this range if payment of the EU Commission fine on the cartel of electric cables takes place

Milan, March 10th, 2021 7 in 2020, as indicated in the 28 Oct 20 Company press release; 2. excluding the impact of the convertible bond

TURNING TO 2021, PROMISING MARKET OUTLOOK IN HIGH VALUE

WE HAVE BEEN EVEN MORE ACTIVE IN PREPARING PROGRAMS FOR 2021

2021 PRIORITIES

ENHANCE HIGH VALUE LEADERSHIP THANKS TO MATURING ≥19'' PULL DEMAND
MORE BALANCED OE/REPLACEMENT GROWTH

RICH PRODUCT PIPELINE IN REPLACEMENT, PARTICULARLY IN PUSH LINES

CHINA ACCELERATION WITH STRONG ONLINE SALES

IMPLEMENT THE COST COMPETITIVENESS PROGRAM, IN LINE WITH OUR FEB '20 PLAN

MODERATE CAPEX INTENSITY (7% ON SALES): MIX, QUALITY AND DIGITAL

WHICH UNDERLY THE 2021 TARGETS

ForEx still negative

22 Competitiveness Plan, partially dented by COVID actions reversal

A more detailed guidance will be provided on March 31st

2020 DELIVERY AND 2021 OUTLOOK

2020 MARKET AND PIRELLI PERFORMANCE

2020 FINANCIAL REVIEW

APPENDIX

PIRELLI OVER-PERFORMING CAR TYRE MARKET IN 2H 2020

IN CAR ≥18" CONSTANT SHARE GAIN IN O.E., IN REPLACEMENT BACK ON TRACK IN 2H AFTER A SLOW START IN 1Q

H.V. O.E over performing market in each Quarter, with customer base expansion mainly in US and APac
Pirelli took advantage from leadership in Prestige & Premium that over performed Total Car production
Good performance in O.E. sustaining fast growing pull through market in replacement

Negative impact of trade destocking in 1H in EU and US, the latter also severely impacted by lockdowns where Premium parc is concentrated
- Positive rebound in 2H in all Regions
- Gained mkt Share in China through the year, already overcoming 2019 volumes

STRENGHTENED HIGH VALUE DISTRIBUTION AND PROTECTED CUSTOMER SERVICE LEVEL DESPITE SIGNIFICANT STOCK REDUCTION

WIDENING HIGH VALUE DISTRIBUTION REACH

500 new Point of Sales added in 2020
Increasing weight of strategic channels (Tier1, Car-Dealer, Direct Retail, APAC online)

DEVELOPING ONLINE BUSINESS

Leader in market share of value in China online (FY'20 Sales ~+50% YoY, reaching ~20% weight on Repl.)
Launch of Click to Buy online solution in US with main Tier 1 Partners

COMMERCIAL DEVELOPMENT

PROTECTING CUSTOMER SERVICE LEVEL

Through optimized stock levels with distribution partners, dedicated supply chains and variety management
Higher agility in responding to current demand volatility also thanks to lowered re-planning times

COMPETITIVENESS PROGRAM DELIVERED, «COVID ACTIONS» SAFEGUARDED PROFITABILITY AGAINST SLOWDOWN

BOOSTING INNOVATION THROUGH HOMOLOGATIONS, PRODUCT LAUNCHES AND ADVANCES IN NEW TECHNOLOGIES

INTRODUCTION OF NEW CINTURATO P7 FLAGSHIP PRODUCT

'intelligent' compound that adapts itself to temperature and driving conditions
~90 homologations already achieved

STRENGHTENING KEY HOMOLOGATIONS

~30% of FY Homologations for EVs in ≥18"
~80% of FY Homologations in Specialties and Marked tyres

PRODUCT DEVELOPMENT ACCELLERATION

Product development speed-up thanks to simulation tools shortening design and testing phases
Enriched product pipeline for 2021 and 2022 beyond previous plan

ADVANCING IN NEW TECHNOLOGIES

Preparing the ground for 2021 product launches…
…as demonstrated by recent announcement of Cyber Tyre system equipped as O.E. on McLaren Artura

1 KEY MESSAGES AND 2021 OUTLOOK

2 2020 MARKET AND PIRELLI PERFORMANCE

3 2020 FINANCIAL REVIEW

4 APPENDIX

FY 2020 NET SALES BRIDGE

+1.2% 5,323 4,302 Net Sales FY'19 Net Sales FY'20 Price/Mix -817 -267 Volumes FX 63 -21.4% -15.3% -5.1% -19.2% -14.1% High Value o/w Organic 1Q'20 -14.2% -20.2% -18.5% -14.0% -17.2% -1.3% -1.5% -20.0% O.E. -9.5% Repl. -17.5% 2Q'20 -35.2% -50.4% -35.0% -41.6% +3.3% -4.7% -43.0% -38.3% O.E. -42.6% Repl. -29.5% Standard € million o/w Car ≥18" o/w Car ≥18" 3Q'20 +3.9% -11.9% +5.3% -3.8% +2.3% -6.0% -7.5% -1.5% O.E. +4.3% Repl. +6.1% o/w Car ≥18" 4Q'20 +10.3% -7.3% +12.6% +0.6% -7.8% -6.1% +1.7% O.E. +19.1% Repl. +6.5% o/w Car ≥18" 70% 67% -9.0% -7.8% O.E. -6.3% Repl. -8.9% o/w Car ≥18" +1.1% High Value Standard

FY 2020 PREL. UNAUDITED RESULTS Milan, March 10th, 2021 18

FY 2020 PRICE MX TREND

FY/4Q 2020 ADJUSTED EBIT BRIDGE

FY 2020 NET INCOME BRIDGE

FY 2020 CASH FLOW AND NET FINANCIAL POSITION

TOTAL GROSS DEBT STRUCTURE

€ million

Liquidity Margin covering maturities until 1H'24, considering the extension option

1 2020 DELIVERY AND 2021 OUTLOOK

2 2020 MARKET AND PIRELLI PERFORMANCE

3 2020 FINANCIAL REVIEW

4 APPENDIX

2020 RESULTS HIGHLIGHTS BY QUARTER

€ million

	1Q'19	1Q'20	Δ YoY	2Q'19	2Q'20	Δ YoY	3Q'19	3Q'20	Δ YoY	4Q'19	4Q'20	Δ YoY	FY'19	FY'20	Δ YoY
Revenues	1,314	1,052	-20.0%	1,341	765	-43.0%	1,382	1,277	-7.5%	1,287	1,208	-6.1%	5,323	4,302	-19.2%
Organic Growth1			-18.5%			-38.3%			-1.5%			+1.7%			-14.1%
High Value Revenues	895	732	-18.2%	893	554	-38.0%	932	918	-1.6%	820	826	+0.8%	3,540	3,030	-14.4%
% on total Revenues	68.1%	69.6%	+1.5 pp	66.6%	72.4%	+5.8pp	67.5%	71.8%	+4.3pp	63.7%	68.4%	+4.7 pp	66.5%	70.4%	+3.9 pp
adj. EBITDA2	316	244	-22.6%	321	24	-92.6%	342	309	-9.6%	332	315	-4.9%	1,310	893	-31.9%
Margin	24.0%	23.2%	-0.8 pp	23.9%	3.1%	-20.8pp	24.8%	24.2%	-0.6pp	25.8%	26.1%	+0.3 pp	24.6%	20.7%	-3.9 pp
adj. EBIT3	219	141	-35.6%	221	(74)	n.m.	245	214	-12.6%	232	221	-5.0%	917	501	-45.4%
Margin	16.7%	13.4%	-3.3 pp	16.5%	-9.7%	-26.2pp	17.7%	16.7%	-1.0pp	18.1%	18.3%	+0.2 pp	17.2%	11.6%	-5.6 pp
PPA amortization	(29)	(29)		(29)	(29)		(29)	(29)		(29)	(29)		(115)	(115)
Non rec. & restr. costs	(7)	(24)		49	(42)		(43)	(33)		(59)	(69)		(60)	(168)
EBIT	183	88		242	(145)		173	152		145	124		743	219
Margin	13.9%	8.4%		18.0%	-19.0%		12.5%	11.9%		11.3%	10.2%		14.0%	5.1%
Results from Equity Inv.	2	(5)		0	1		(1)	(1)		(12)	1		(11)	(5)
Financial Income (Charges)	(48)	(32)		38	(41)		(65)	(40)		(34)	(43)		(109)	(156)
EBT	137	51		280	(185)		107	111		98	81		622	57
Tax Rate	26.0%	24.0%		26.6%	24.3%		26.4%	24.2%		26.7%	25.4%		26.4%	25.6%
Net Income	101	38		206	(140)		79	84		72	61		458	43

Net Income adjusted4	123	76		133	(90)		124	128		134	130		514	246

Milan, March 10th, 2021 25 1. Excl. FX; 2. before non-recurring items & restructuring costs; 3. before amortization of PPA, non-recurring items & restructuring costs; 4. calculated by adjusting Net Income (Loss) for EBIT adjustments, net financial expenses and taxes

KEY CAR MARKET TRENDS: EUROPE

KEY CAR MARKET TRENDS: NORTH AMERICA

Milan, March 10th, 2021 27 Source: Pirelli tyre market estimates based on main data provider for the Region; historical market data may be subject to restatement; 1. N. America Replacement includes imports

KEY CAR MARKET TRENDS: ASIA PACIFIC

Milan, March 10th, 2021 28 Source: Pirelli tyre market estimates based on main data provider for the Region; historical market data may be subject to restatement

KEY CAR MARKET TRENDS: RUSSIA & NORDICS / SOUTH AMERICA

Milan, March 10th, 2021 29 Source: Pirelli tyre market estimates based on main data provider for the Region; historical market data may be subject to restatement; 1. South America Replacement restated to include Brazilian imports