Pirelli & C — Investor Presentation 2024

Mar 6, 2024

Wednesday, 6 March 2024

PIRELLI 2023 RESULTS AND 2024-25 INDUSTRIAL PLAN UPDATE

Milan 6 th March, 2024

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Agenda TIME SESSION SPEAKER Q&A Strategic guidelines Industrial Plan update Innovation FY 2023 Results & 2024-25 Targets Closing remarks M. Tronchetti Provera - Executive Vice Chairman A. Casaluci - Chief Executive Officer P. Misani - Chief Technology Officer F. Bocchio - Chief Financial Officer M. Tronchetti Provera - Executive Vice Chairman 15:30 - 16:00 14:00 - 14:10 14:10 - 14:40 14:40 - 15:00 15:00 - 15:20 15:20 - 15:25

Wednesday, 6 March 2024

PIRELLI 2023 RESULTS AND 2024-25 INDUSTRIAL PLAN UPDATE

M. Tronchetti Provera Strategic guidelines

Executive Vice Chairman M. Tronchetti Provera Executive Vice Chairman

Agenda for today

Strategy proved to be effective in a challenging and unforeseen context …

ENHANCING DIGITIZATION & CONNECTIVITY

… and we delivered a strong performance in 2021-23

EMARKET SDIR
CERTIFIED

We strengthened our exposure to HV	75%	HV weight on 2023 Revenues +5 p.p. vs 2020 Two years in advance vs Industrial Plan 2021 target
We maintained best-in-class profitability among Tier 1 players	15%	Adjusted EBIT margin +3.5 p.p. growth vs 2020 1 +5.6 p.p. above FY'23 Tier 1 profitability average
We accelerated deleveraging	1.56x	Net debt on Adjusted EBITDA vs 3.65x in 2020
We expedited decarbonization	-51%	CO emissions scope 1+2 vs 2015 2 Outperforming previous SBTi targets 2

Thanks to the strong commitment of our people

1. Simple average of FY'23A adj ebit margin of Michelin, Bridgestone, Goodyear, Nokian & Consensus number for Continental Tyre 2. For Scope 1+2: First SBTi validated targets in 2020: -25% at 2025 vs 2015. This target was outperformed in 2021 (reaching -31% vs 2015). New scope 1+2 targets validated in 2022: -42% at 2025 vs 2015; this target was outperformed in 2023 (reaching -51% vs 2015) Note: 2020 baseline year for Industrial Plan 2021-2025

Macro scenario: still volatile in 2024, expected to gradually improve in 2025

Economic environment still behind 2021 Industrial Plan assumptions

Looking forward, key industry trends are confirmed

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Resilient

5+%

CAGR of High Value segment in 2023-2030 vs a flat trend for the Standard

80%

of consumers consider sustainability in automotive purchases¹

96% of Premium & Prestige OEMs set Net Zero targets by 2050

vs Industrial Plan 2021

Confirmed Accelerated Accelerated Confirmed

40%

of Premium & Prestige car production is expected to be EV² in 2025

80%

of Premium & Prestige car production is expected to be EV² in 2030

HV demand Sustainability Electrification Innovation & connectivity

32%

of global car parc is expected to be connected by 2025³

60%

of global car parc is expected to be connected by 2030³

Pirelli long-term strategy

Leading the tyre industry sustainable transition

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1. vs 2015 2. In compliance with ISO 14068 3. Aligned to the Paris agreement (1.5° pathway) 4. For Scope 1+2: First SBTi validated targets in 2020: -25% at 2025 vs 2015. This target was outperformed in 2021 (reaching -31% vs 2015). New scope 1+2 targets validated in 2022: -42% at 2025 vs 2015; this target was outperformed in 2023 (reaching -51% vs 2015)

Wednesday, 6 March 2024

PIRELLI 2023 RESULTS AND 2024-25 INDUSTRIAL PLAN UPDATE

M. Tronchetti Provera Industrial Plan update

Executive Vice Chairman A. Casaluci Chief Executive Officer

2023 results above targets, confirming a solid execution of our strategy

6,650Mln € Revenues

(November Target: ~6.6Bln €)

+6.8% organic growth with top industry Price/Mix

1,002Mln € Adjusted EBIT

(Implicit in November Target: ~985Mln €)

15.1% EBIT margin with internal levers offsetting external headwinds

496Mln € Net Income

+14% YoY thanks to operating performance & tax benefits

509Mln € Net Cash Flow before dividends

(November Target: ~450 ÷ 470Mln €)

Supported by efficient Inventory management

Financial performance Sustainability performance

1.7 Accident Frequency Index¹

-15% YoY driven by a continuous focus on health & safety

-51% Scope 1+2 emissions² -18% Scope 3 emissions²

Outperforming 2025 Targets (-42% for Scope 1+2, -9% for Scope 3)

>55% Bio-based and Recycled Materials on best new product³

Well above 2025 Targets (>43%)

Top rating ESG indices

1. Frequency Index(FI): ∑(Fatalities + Serious lost time injuries + Lost time injuries ) x 1.000.000/ worked hours; If calculated based on 200.000 worked hours index is 0,34 @2023. 2. First SBTi validation obtained in 2020 with targets: - 25% at 2025 vs 2015 for Scope 1+2 and -9% by 2025 vs 2018 for Scope 3. Scope 1+2 target at 2025 was outperformed in 2021 (reaching -31% vs 2015). In 2022 a new Scope 1+2 target was validated by SBTi: -42% at 2025 vs 2015; this target was outperformed in 2023 (reaching -51% vs 2015) 3. Pirelli PZEROTME 4. Awarded both Industry and Region Top Rating

Tyre demand: recovering in 2024-25, supported by solid High Value growth

High Value market trend in line with 2021 Industrial Plan assumptions, while Standard weakness weighs on Total Market

In 2024-25, strengthening High Value leadership through our key programs

COMMERCIAL PROGRAM	Accelerating on EV & Specialties
	Seizing regional High Value growth opportunities
OPERATIONS PROGRAM	Strengthening value chain resilience
	Increasing efficiencies

People are the foundations of past and future results

New Organization

Enabling streamlined decision-making and promoting functional excellence

Experienced Leadership Team

Blending in-house expertise and external talents to deliver on strategic goals

Passion and Sense of Belonging

Enhancing engagement and igniting a performance culture among our People

>17years Average tenure of the Management Team 83% Sustainable engagement Index

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Industrial Plan update

1	Commercial
2	Operations
3	2024-25 Targets

~+5%

Market

~+5%

Outperforming ≥18'' Replacement market & investing in fastest growing ≥18'' OE lines

Lowering exposure to ≤17'', mainly concentrated in Standard Regions ≥18'' Replacement Consumer Driven Push-through volumes increase driven by accelerated product range upgrade ≥18'' Replacement OE Driven Demand fueled by past homologations (increasing incidence of ≥19'', EV & Specialties) ≥18'' OE OE selectivity as a guiding principle, focusing on EV and ≥19'' ≤17'' Concentrated in Standard Regions > Outperforming market growth ≤ Improving mix < Reducing exposure Performance 2023A-25E -1% ÷ 0% CAGR 2023A-25E Commercial strategy

HV Replacement growth | Secured by superior portfolio of homologations

Focus on Specialties and EV products

HV Replacement growth | Driven by accelerated product range upgrade

	2021-2023		2024-2025
	7 new product lines per year Driving 2024-2025 sales Product examples		10 new product lines per year Enabling future growth
Global product lines with best-in-class tech content		Awarded Tyre of the year in 20231	5 new global lines	▪ Sustainable materials ▪ ELECT technology ▪ Extended mobility
Regional product lines to meet local customers needs		st 1 for SUV homologations in 2023	10 new regional lines	▪ All Season and Winter tyres in EU ▪ All Season in APAC
Product lines to enter new fast-growing segments with tailored technologies		st 1 in Tire Rack ranking in 2023	5 lines dedicated to new segments	▪ Highly attractive All Terrain segment

Continuous upgrade of our iconic product families, focusing on EV and sustainability-oriented solutions

HV OE - Electrification | Stronger leadership on EV

Leveraging on solid partnerships with Premium & Prestige OEMs and a superior technology

High Value regional growth opportunities and geographical diversification

PIRELLI 2023 RESULTS AND 2024-25 INDUSTRIAL PLAN UPDATE 20 NORTH AMERICA EUROPE APAC 1. Replacement Ad-hoc product range, covering the high-potential All-Terrain segment Wider homologation portfolio, covering iconic North American models Strengthened distribution network Strong brand recognition through Formula 1® partnership 95% of total ≥18'' market volumes concentrated in 3 regions 6 new ad-hoc lines in 2024-25, focusing on fast-growing market opportunities Increased selectivity in OE, to improve profitability and pull-through in RE¹ Optimized industrial productivity and increasing Local-for-Local approach Growth in South-East Asian and Pacific markets Seizing opportunities with Chinese EV carmakers Widening distribution by accelerating the digitization of commercial operations Strengthening position in the largest High Value market Seizing new markets and Chinese Premium EV OEMs opportunities Confirming leading position in RE¹ and rebalancing exposure through OE selectivity

Pirelli, the brand that matters: iconic competitive edge

Our Brand, a key purchasing criterion Pirelli, the leading tyre HV brand

7 out of 10

High-value consumers are brand driven when purchasing tyres¹

1 st High rating 1

st

in prestige/sporty and high-tech brand perception¹

in brand awareness/ consideration¹

in customer satisfaction for OE tyres in 2023²

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Iconic brand with 150+ years of heritage and a strong focus on sustainability and inclusiveness, constantly evolving to stay deeply connected to customers

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Industrial Plan update

1	Commercial
2	Operations
3	2024-25 Targets

Three priorities to improve operations efficiency and resilience

from end to end, secured by our Local-for-Local approach

~90% of finished products demand met by local production in 2025

Efficiency Program

mostly driven by digitization and automation

~370Mln €

of efficiencies in 2023-25 (Wave 3 of competitiveness program)

Sustainability in Operations

with an ambitious and comprehensive decarbonization program

-80% Scope 1+2 absolute CO² emissions in 2030 vs 2018

Resilient value chain | Boosting Local-for-Local and risk mitigation approach

Key highlights 3 74% 2023 A Δ ≥18'' Δ ≤17'' 78% 2025 E 74 -2 74 86% 90% 85% 90% Mln tyres/ year ≥18'' ≤17" Saturation Local-for-Local Well structured production capacity, more Local-for-Local Proactive supply chain risk control

• High saturation of production capacity ensuring efficiency
• Local-for-Local footprint de-risking operations

• Part of ≥18'' capacity (~20%) is allocated to ≤17''¹ and available to sustain ≥18'' growth

• End-to-end value chain de-risking Monitoring and assessment of risks beyond Tier-1

• Increased Local-for-Local sourcing Additional 10pp in 2023-2025 (+10pp in 2021-2023)
• AI-powered Supply Chain risk monitoring Real-time visibility of shipments & predictive risk management
• Solid track record in crisis management Expertise accrued during pandemic and geopolitical crises

Efficiency Program | Accelerating cost competitiveness

Leveraging on digital transformation programs launched in the past years

PIRELLI 2023 RESULTS AND 2024-25 INDUSTRIAL PLAN UPDATE

Wednesday, 6 March 2024

Competitiveness | 2023-25¹

1. Wave 3 of Cost Competitiveness Program

~370Mln €

cumulative 2023-25 Gross Impact

7%

of total 2022 cost baseline

+70Mln €

vs 2021 Industrial Plan forecast

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Sustainability in Operations | Commitment to reach Net Zero by 2040

New Targets submitted to SBTI¹ , after having reached previous ones 2 years in advance²

1. New SBTi submission implies: restatement of base year for scope 1+2, inclusion of Biogenic emission and Land Use Change, inclusion of outbound logistics into scope 3 2. Previous SBTi targets at 2025 were: scope 1+2: -42% vs 2015, Scope 3: -9% vs 2018; 3. In alignment with ISO 14068

Sustainability in Operations | Tight roadmap of initiatives to reach this goal

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Industrial Plan update

1	Commercial
2	Operations
3	2024-25 Targets

2024-2025 targets

Financial targets	2023 A	2024 E	2025 E
Billion €
Revenues	6.65	6.6 ÷ 6.8	6.8 ÷ 7.0
Adj. EBIT margin % revenue	~15.1%	>15% ÷ 15.5%	~16%
Net Cash Flow bef. Dividends	0.51	0.50 ÷ 0.52	0.55 ÷ 0.57
Net Financial Position NFP / adj. EBITDA	2.26 1.56x	~1.95 1.32x ÷ 1.26x	~1.6 ~1.0x
		2025 Dividend Policy: 50% payout ratio (vs 40% in 2021 Industrial Plan)
Sustainability targets
People Safety1 Accident frequency index	1.7		~1
Scope 1+2 emissions2 vs 2018	-45%		-60%
Scope 3 emissions2 vs 2018	-25%		-27%
Bio-based and Recycled Materials on best product	55%		>70%

2025 targets vs 2021 Industrial Plan

Keeping 2021 Industrial Plan promises in a challenging and unforeseen environment

In an evolving HV market, Pirelli is strengthening its leadership

We fully understand how the HV market is evolving… … and we are ready to continue to lead

		Connectivity Leveraging tyres sense of touch for value added services	1 st	sensorized tyre in mass production cars
	Sustainability	Innovative materials and reduced wear rate to anticipate customer needs and requirements	1 st	UHP sustainable tyre
Sustainability Electric Vehicles New sustainable materials and reduced wear rate Increased tech requirements in terms of rolling resistance, torque and noise to anticipate customer needs and requirements reduction to respond to EV-specific needs		1 st	tyre with EV-specific technology
Homologation-driven High Value Working with Premium & Prestige OEMs to create a perfect fit between car and tyre, through dedicated technologies, processes and materials		1 st	homologation with marked items
	Tomorrow

Today

Wednesday, 6 March 2024

PIRELLI 2023 RESULTS AND 2024-25 INDUSTRIAL PLAN UPDATE

M. Tronchetti Provera Innovation

Executive Vice Chairman P. Misani Chief Technology Officer

Three key pillars to innovate and sustain leadership in High Value

Superior results in key EV features

EV Leadership | Pirelli secured its leadership in High Value EV market

Leveraging on ELECTTM technology, applied across product families

Eco-Safety Design | Consolidating leadership

Materials | Towards 100% of non-fossil origin, third-party certified

Targets

ORIGIN We push innovation to increase bio-based and recycled materials while decreasing fossil ones

Transparency for consumers: New Pirelli logo identifying tyres with ≥ 50% of bio-based and recycled materials

Sustainable content certified by third party

Materials Roadmap

Innovation coming both from bio-based and recycled raw materials

Recycled raw materials coming from different industries

End of life Tyres	PET	Rice Husk	Used cooking oils	Pulp & Paper waste
Pyrolisis	Recovery process	Burning, ash recovery	Recovery process	Bio-refinery

Achieving targets and promoting circularity

Pirelli is extending its ecosystem to develop sustainable material solutions

Factory of the Future | Transforming the manufacturing process

To increase efficiency, quality and flexibility

Connectivity | Mobility is rapidly becoming connected – tyres will play a central role

Connectivity | CyberTM Tyre is the leading technology in the industry

Data Flow for Customer Value and improved Tyre Development

CyberTM Tyre unique features

Advanced Tyre Mounted Sensor (TMS)

Full in-vehicle integration

Sophisticated tyre data processing algorithm

Connectivity market | 2 "worlds" leveraging CyberTM Tyre

OE & Car Connectivity Services & End-User Provide real-time data on tyre condition to enhance vehicle capabilities and decision making Exploit tyre information to improve vehicle's performances and safety Pre-integrate CyberTM Tyre in vehicle control system, shifting approach from 1:1 to 1:many Enhance R&D roadmap and improve technology time to market Collect and share data with infra stakeholders to enhance road management and maintenance Exploit ground information to enhance vehicles eco-safety configuration Leverage data to offer ad-hoc services to different user profiles End users Predictive maintenance Integration of product & services Tyre dealers Enhanced tyre service Optimized warehousing Fleets Tyre fraud Tyre management Downtime reduction Predictive maintenance OEMs expansion Control system integration Infrastructure monitoring Servitization Tesla

Wednesday, 6 March 2024

PIRELLI 2023 RESULTS AND 2024-25 INDUSTRIAL PLAN UPDATE

M. Tronchetti Provera Financials

Executive Vice Chairman F. Bocchio Chief Financial Officer

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Financials

1	FY 2023 Results
2	2024-25 Targets in detail

FY 2023 results highlights:

Performance above company targets (upgraded during the year)

€ billion	2022	2023 (Guidance Nov 9, 2023)	2023 A
Net Sales Δ YoY	6.62	~6.6	6.65 +6.8% +0.5% organic growth
adj. EBIT margin Δ YoY	14.8%	~15%	15.1% +0.3pp
CapEx % of Sales	0.40 6.0%	~0.40 ~6%	0.41 6.1%
Net Cash Flow bef. Dividends	0.52	0.45 ÷ ~0.47	0.51
Net Financial Position NFP / adj. EBITDA	2.55 1.8x	~2.33 1.60x ÷ 1.65x	2.26 1.56x
ROIC1 post taxes	20.3%	~20%	20.3%

FY 2023 Sales bridge

Strong price/mix mitigates impact of weak demand and high currency volatility

• Volumes growth of HV (+5% Car ≥18'') while continuing to reduce exposure to Standard (-8% Car ≤17''); total volume rebound in 4Q
• Price/Mix above targets and top of the industry performance, both in Full Year and 4Q
• Forex in line with Nov guidance. 4Q trend discounting the higher volatility of emerging market currencies and impact of hyperinflation accounting

FY 2023 adjusted EBIT bridge

• Profitability supported by price/mix and efficiency covering ~1.3x Raw Mat, FX & Inflation headwinds
• Forex: including the revaluation of Mexican Peso; FX drop-through gradually normalizing in 2024-25
• Inflation: labour contract renegotiation, energy cost hedging and increase of regional transportation cost
• 4Q Adj. EBIT margin improving YoY and in line with the seasonality of the business

FY 2023 Net Income Bridge

Earnings growth (~+14% YoY) supported by improving operating performance and tax benefits

FY 2023 Net Financial Position

Solid Cash Flow driven by a strong operating performance and a positive working capital management (stock decrease YoY)

• Inventory at ~20.6% of sales in FY'23, -1.4pp vs. Dec'22 and back to Dec'21 level, benefitting from Raw Mat inventory reduction
• Receivables at ~10% (flat YoY) and Payables at ~30% (flat YoY), in line with the seasonality of the business

Total Gross Debt structure as of December 31st 2023

Liquidity Margin covering maturities up to 1Q'28 thanks to 500Mln € RCF¹ issued in Dec'23. ESG weight on gross debt ~68%

€ million

BRL 9.2%

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Financials

1	FY 2023 Results
2	2024-25 Targets in detail

2024-25 Targets

EMARKET SDIR
CERTIFIED

€ billion	2023 A	2024 E	2025 E
Net Sales	6.65	6.6 ÷ 6.8	6.8 ÷ 7.0
Adj. EBIT margin	15.1%	>15% ÷ 15.5%	~16%
CapEx	0.41	~0.40	~0.42
% of Sales	6.1%	~6%	~6%
Net Cash Flow		0.50 ÷ 0.52
bef. Dividends	0.51		0.55 ÷ 0.57
Net Financial Position	2.26	~1.95	~1.6
NFP / adj. EBITDA	1.56x	1.32x ÷ 1.26x	~1.0x
ROIC1 after taxes	20.3%	~21%	~21%

2024-25 Revenues trend

€ billion	6.65 70%	0 ÷ +2% +3.5% ÷ +4.5% Organic growth	6.6 ÷ 6.8 ~ 71%	+~3% 6.8 ÷ 7.0
	STD 75% H.V.			~ 73% ~78%
	2023 A		2024 E	2025 E
Volumes	-1.8%	+1.5 ÷	+2.5% Mid-single-digit growth in HV Lowering exposure to Standard	Low single-digit Slightly better than 2024
Price/mix	+8.6%		~ +2.0%	Low single-digit Slightly better than 2024
Forex	-6.3%	-4.0 ÷	-3.0%	Lower impact vs 2024

2024-25 Profitability improvement driven by commercial performance

Price/Mix to offset FX and Raw Mat, Efficiencies to cover inflation

Assumptions on Raw Mat, Inflation and Efficiencies

Raw mat	-16Mln € including FX impact	Neutral Commodity tailwind offset by FX and raw mat transp. cost increase	Headwind Raw mat cost increase led by natural rubber and FX headwind
Efficiencies	92Mln €	140Mln €	135Mln €
Inflation	-230Mln €	Fully covered by efficiencies. Mainly related to labour and logistic costs	More than compensated for by efficiencies. Related to labour and logistics cost increase

Net Cash Flow generation

			(lower interest charges dented by hyperinflation impact)
Financial Income & expenses	~0.2	~0.2	~0.2
% sustainability & technology innovation2	53%	63%	64%
Capex	0.4 (~6% on revenues)	~0.4 (~6% on revenues)	~0.4 (~6% on revenues)
	2023 A	2024 E	2025 E
Net cash Flow before dividends	7.7% % sales	~8%	~8%
€ billion	0.51	Hevea-Tec acquisition1 0.50 ÷ 0.52	0.55 ÷ 0.57

Tax rate

21.3% 28% excluding 2020-22 Patent box benefits

~28% ÷ 30% avg. 2024-25 (D vs. 26%÷28% of 2021 Industrial Plan is due to lower fiscal benefits in Italy³

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)

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Wednesday, 6 March 2024

PIRELLI 2023 RESULTS AND 2024-25 INDUSTRIAL PLAN UPDATE

Sustainability Strategy & Targets Update 6 th March, 2024

Content

ACTION PILLARS

PIRELLI 2023 RESULTS AND 2024-25 INDUSTRIAL PLAN UPDATE

Wednesday, 6 March 2024

• Context and Sustainability macro-trends in our industry
• Climate: fast forwarding our transition to Science Based Net Zero
• Product: pioneering sustainability of Global High Value Tyre
• Nature: redefining business interactions with Natural Capital
• People: at the heart of our growth
• Strengthening our Global Value Chains
• ESG Indexes & Ratings: performance

Context & Sustainability macro-trends in our industry CONTEXT

Mobility demand growing and evolving towards sustainable models

• Global demand for Mobility growing @ 2030 +40% vs 2015 ¹
• Electrification of Powertrains

~80% of global Premium & Prestige car production is expected to be EV in 2030 vs ~25% in 2023²

OEM pressure towards Sustainability

Rolling resistance and sustainable materials are the key drivers for OE business, to reduce carbon footprint

Rise of conscious Consumers

80% of consumers consider sustainability in automotive purchases³

Eco-limits for driving in cities

All major cities considering lowering speed limits to reduce pollution and improve safety, with active/micromobility share growing from 10% to 13-17% ¹

Social factors rising in prominence

• Greater Focus on Human Rights along the entire value chain Focus on safety, rights at work, living wage among others
• Diverse & Inclusive Work Environment Rising need for inclusion, gender representation, coexisting generation needs, multicultural environment

People evolving expectations

Purpose at work is central, with a workplace mindset shifting from 'what' to 'why' and 'how'. Rising work-life balance and wellbeing expectations

New Skills shortage

e.g. Digital/AI, Climate Science, Women in STEM. Competition on Talents and internal re-skilling needs

Key ESG Regulation impacting plan horizon

European Deforestation Regulation (EUDR) - 30 Dec. 2024 Legislation to curb the EU's contribution to global deforestation

Corporate Sustainability Reporting Directive (CSRD) - 2025 on FY 2024

Requires companies to report on the impact of their activities on the environment and society, risks and opportunities, considering both a retrospective and a forward-looking view

Carbon Border Adjustment Mechanism (CBAM) – definitive regime in 2026

EU's tool to put a fair price on the carbon emitted during the production of carbon intensive goods that are entering the EU

EURO 7 – 2028-2030

Sets updated rules for the exhaust gas emissions of road vehicles, but also for other types of emissions like from tyre abrasion and brakes

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Our commitment

Lead a value chain creating a positive impact on People, Planet and Mobility, with ambitious Plans supported by Technology, Innovation and data driven Actions, setting challenging Targets fully embedded in day-to-day management and constantly checked for progress.

Reducing Climate Impact

The most ambitious decarbonization plan of the industry

PIRELLI 2023 RESULTS AND 2024-25 INDUSTRIAL PLAN UPDATE Wednesday, 6 March 2024

Fast forwarding our Transition: commitments to reach Net Zero by 2040

New Targets submitted to SBTI¹ , after having reached previous ones 2 years in advance²

1. New SBTi submission implies: restatement of base year for scope 1+2, inclusion of Biogenic emission and Land Use Change, inclusion of outbound logistics into scope 3 2. Previous SBTi targets at 2025 were: scope 1+2: -42% vs 2015, Scope 3: -9% vs 2018; 3. In alignment with ISO 14068

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Meeting our climate goals: How and When

Increasing availability of primary data on total emissions (already >90% in 2024)

Focus on Scope 3: supply chain decarbonization strategy

Action on raw material	suppliers
(Responsible for 90% of scope 31 )
Increasing availability of primary data on total emissions (already >90% in 20242 )	Suppliers engagement in targets: • 100% requested to set SBTi Targets by 2025 • 100% requested to use only Renewable Electricity attributed to Pirelli supplies by 2025
Increasing local-for-local sourcing, reducing logistics emission	Raw Materials switch to bio based and recycled, targeting >40% of total production by 2030 and >80% by 2040
	TARGETS vs 2018 2040 -90%

Creating Sustainable Products

Designed for EV mobility, towards 100% materials of non-fossil origin, enabling our customers' decarbonization journey

New PZERO E: our lighthouse on the market

Pioneering sustainability of the High Value segment: pushing the limits of sustainable design key drivers

1. Thanks to a combination of physical segregation and mass balance approach. Depending on tyre size, bio-based and recycled content ranges between 29-31% and 25-27% respectively. 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. (ISO 14021). 2. Triple A means that the tyre outperforms in terms of Rolling Resistance, Wet Grip and Noise, according to European tyre Label A. 3 | Bureau Veritas

Materials | Towards 100% of non-fossil origin, third-party certified

Targets

We push innovation to increase bio-based and recycled materials while decreasing fossil ones

Transparency for consumers: New Pirelli logo identifying tyres with ≥ 50% of bio-based and recycled materials

Sustainable content certified by third party

Circularity along our product life-cycle

PIRELLI 2023 RESULTS AND 2024-25 INDUSTRIAL PLAN UPDATE Wednesday, 6 March 2024

1. Per its Policy, Pirelli tyres and rubber compounds are manufactured: without the use of Substances of Very High Concern (SVHC) and without substances covered by Stockholm Convention on Persistent Organic Pollutants (POPs) and by Minamata Convention on Mercury 2| Pirelli applies and supports the technical indications concerning a development model based on a sustainable chemistry provided by the Organisation for Economic Cooperation and Development (OECD) – FSC™ N003618

Eco-Safety performance: enabling our customers decarbonization journey

Expanding offer of low Rolling Resistance tyres, never compromising on safety

Tyre rolling resistance plays a key role in reducing fuel and energy consumption and thus vehicles CO² emissions.

Our Eco-Safety approach consists in a continuous reduction of rolling resistance without any compromise on safety in all driving conditions.

1. Extra EU labelling scales are converted to EU labelling grades; 2. Wet Grip index includes all new IPCodes with WG falling in classes A+B according to EU labelling values and IPCodes with ICE pictogram. 3. percentage of revenues from tyres with Rolling Resistance and Wet Grip belonging to classes A+B+C;; 4. percentage of volume of sold tires with Rolling Resistance and Wet Grip belonging to classes A+B;

Wear Rate: our reduction roadmap

Paving the way to anticipate EURO 7 compliance, addressing the higher weight of Electric Vehicles while improving mileage and consumers' satisfaction

Nature

Redefining business interactions with Natural Capital

PIRELLI 2023 RESULTS AND 2024-25 INDUSTRIAL PLAN UPDATE Wednesday, 6 March 2024

Our Global Biodiversity Strategy along value chain

Redefining business interactions with Nature

In line with new Global Standards, towards Science Based Targets for Nature (SBTN)

Freshwater: reducing dependency and preserving quality

Our Model and Targets according to Excellence in Water Management Program

Targets

Forest: Towards 100% of FSC™ Natural Rubber in European plants by 2026

We promote the development of a Sustainable Natural Rubber Economy based on traced and certified supply chains, engaging our major partners to be part of this journey

Pirelli unique FSC™ strategy Full readiness vs upcoming regulations

Forest Stewardship Council ensures that products from Forest origin are managed in a way that preserves biological diversity and benefits the lives of local people and workers

European Deforestation Regulation

?	EU rules to guarantee that the products EU citizens consume do not
WHAT IS	contribute to deforestation or forest degradation worldwide

World first consumer FSC™ certified tyres, made in Rome (Georgia, US) for BMW X5

World first F1® FSC™ certified tyres, from 2024 season

100% FSC™ Rubber used in European Pirelli plants

Tracing & Due Diligence - 30 December 2024

TIMING

Beef, wood, palm oil, soya, coffee, cocoa. Rubber and derivatives.

Context

Our leverage on innovation and engagement

1. Reduction @source	2. Generation & Size	3. Biodegradability	4. Capturing	5. Industry initiatives
-30% wear rate on new product lines by 2030	Cooperation with universities and research centers on airborne particle generation models and means to optimize particle size	Innovation through JDAs and universities on material biodegradability, also through extension of Natural Rubber use	Scouting TRWP capturing solutions, including rainwater collection systems	Active participation in industry initiatives (TIP and Regional Trade Associations)

People

At the heart of our growth

PIRELLI 2023 RESULTS AND 2024-25 INDUSTRIAL PLAN UPDATE Wednesday, 6 March 2024

PEOPLE

Our strategy for an engaged, diverse and talented global workforce

We are acting on 5 main pillars			2023	2024 - 2030
SAFETY FIRST	Towards Zero Accident at work	Frequency Index	1.71 -65% vs 2015	~11 @2025 1 <1 @2030
CARING & WELLBEING	New Pirelli Global Welfare Program	Enhanced welfare offer	Localized offer - by country	New global offer covering 100% employees @2026
DIVERSITY, EQUITY & INCLUSION	Growing a gender balanced talents pipeline Equality in remuneration	Women in management position Gender pay gap	27% +2.7% in favour of women	≥33% @2030 ±2% @2030
SKILLS DEVELOPMENT	Upskilling and reskilling focus on digital transformation, excellence in operations, climate science	Average training days per employee per year	7.4	>5.0 Constantly days
ENGAGEMENT & RETENTION	Leveraging on employees listening and experience	Global Sustainable Engagement Index	83% (Staff 80%; Operatives 85%)	≥80% Constantly

Strengthening our Global Value Chain

PIRELLI 2023 RESULTS AND 2024-25 INDUSTRIAL PLAN UPDATE Wednesday, 6 March 2024

STRENGTHENING OUR GLOBAL VALUE CHAIN

Partnering with our suppliers: managing risks while creating capacity

		Scope	2023	2025	2027
		Suppliers assessed -	selected as potentially High and Mid ESG Risk (3)	% on Total Spending from Suppliers
Risk Assessment		High ESG Risk4	90%	96%	100%
& Mitigation on Environment, Labour, Human	ANNUAL RISK ANALISYS	Mid ESG Risk4	82%	96%	100%
Rights, Business Ethics Drive excellence in responsible business conduct & mitigate risks	to select potentially High, Mid and Low risk Suppliers (on all supplier base)		Mandatory recovery plan for non-conformities Materials during Homologation Phase Continuous effort towards full upstream traceability	Mandatory ESG on-site Audit for all potential suppliers of Raw
		Business and Human Rights Management	100% of Raw Materials suppliers and CAPEX strategic suppliers	100% of High Risk 4 (all other categories)	100% of Mid Risk4 (all other categories)
Capacity Building & Engagement	TRAINING	Nature & Biodiversity	FSC ENGAGEMENT	100% of Raw Materials suppliers and CAPEX strategic suppliers
Strengthening Partners' resiliency and accelerate transformation	DECARBONIZATION	Raw Material Suppliers accounting for 90% of CO2 upstream emissions	>90% Raw Mat Emissions covered by primary data	• requested to have an SBTi • requested to use 100% renewable electricity
	Continuous engagement on primary data collection and CO2 emission reduction initiatives"

SBTi: Science-Based Target Initiative; 2. Life Cycle Assessment by RM type and production site; 3. Supplier Risk Assessment performed by Ecovadis and/or Bureau Veritas; 4. Risk Assessment & materiality Approach (Spend > 100k€/y); 5. 100% Raw Mat Suppliers & Capex - Strategic Suppliers

STRENGTHENING OUR GLOBAL VALUE CHAIN

Engaging with our customers on sustainability journey

An ESG shaped finance

Pioneering Sustainability Linked Finance in the tyre industry

First Benchmark Sustainability Linked Bond in the tyre industry 2023

ESG INDEXES & RATINGS

ESG Indices: a globally acknowledged sustainability leadership

Major rankings	Last update	Score	Positioning in the reference sector
	2023	84	Top score ATX Auto Components and automotive
	2024	TOP 1% ESG	Max Score
	2023	A	Max Score
	2024	A	Max Score
	2024	B	Prime status and Top score Auto Components
	2023	4.5 / 5	Second score Auto parts
	2023	AA	ESG Leader
SUSTAINALYTICS	2024	11,0	Top score tyre industry (lowest risk); Awarded both Industry and Region Top Rating
	2023	Platinum	Top 1%

Source: third party official rankings

PIRELLI 2023 RESULTS AND 2024-25 INDUSTRIAL PLAN UPDATE Wednesday, 6 March 2024

82

Wednesday, 6 March 2024

PIRELLI 2023 RESULTS AND 2024-25 INDUSTRIAL PLAN UPDATE

Financial Appendix

6 th March, 2024

Economic results summary

EMARKET SDIR
CERTIFIED

€ million	1Q 2023	1Q 2022	YoY ∆	2Q 2023	2Q 2022	YoY ∆	3Q 2023	3Q 2022	YoY ∆	4Q 2023	4Q 2022	YoY ∆	FY 2023	FY 2022	YoY ∆
Net Sales	1 ,700	1 521 ,	11 .7%	1 ,738	1 676 ,	3 .7%	1 ,723	1 836 ,	-6 2%	1 490 ,	1 582 ,	-5.8%	6 650 ,	6 616 ,	0 .5%
Organic variation			12 0%			9 0%			2 2%			4 8%			6 8%
EBITDA1 adjusted	360	333	8 0%	379	362	4 .7%	377	384	-1 9%	330	329	0 3%	1 446 ,	1 408 ,	2 .7%
% of sales net	21 2%	21 9%	-0 7p .p.	21 8%	21 6%	+0 2p .p.	21 9%	20 9%	+1 0p .p.	22 2%	20 8%	+1 4p .p.	21 7%	21 3%	+0 5p .p.
reported EBITDA	351	326	7.7%	368	350	5.1%	368	367	0 2%	279	293	-4 .5%	1 366 ,	1 336 ,	2 3%
% of sales net	20 6%	21 4%	-0 8p .p.	21 2%	20 9%	+0 3p .p.	21 4%	20 0%	+1 4p .p.	18 8%	18 5%	+0 3p .p.	20 5%	20 2%	+0 4p .p.
EBIT1 adjusted	248	228	8 6%	269	253	6 4%	265	272	-2 .5%	219	224	-2 2%	1 002 ,	978	2 .5%
of sales % net	14 6%	15 0%	-0 4p .p.	15 5%	15 1%	+0 4p .p.	15 4%	14 8%	+0 6p .p.	14 7%	14 2%	+0 5p .p.	15 1%	14 8%	+0 3p .p.
reported EBIT	211	193	9 4%	229	213	7.8%	228	227	0 6%	140	159	-12 1%	808	791	2 1%
% of sales net	12 4%	12 7%	-0 3p .p.	13 2%	12 7%	+0 5p .p.	13 3%	12 4%	+0 9p .p.	9 4%	10 1%	-0 7p .p.	12 2%	12 0%	+0 2p .p.
Net income / (loss) from equity investments	2	1	n.m.	4	2	n.m.	3	1	n.m.	7	3	n.m.	16	6	n.m.
Financial income / (expenses)	(52)	(44)	19 9%	(55)	(46)	18 6%	(43)	(55)	-21 9%	(44)	(57)	-22 3%	(194)	(202)	-3 8%
EBT	161	150	7.4%	179	168	6 2%	188	172	8 9%	103	105	-2 1%	630	596	5.8%
Taxes	(46)	(40)	14 7%	(51)	(45)	13 2%	(19)	(46)	-58 1%	(18)	(29)	-36 6%	(134)	(160)	-16 0%
Tax % rate	-28 5%	-26 7%	-1 8p .p.	-28 5%	-26 7%	-1 8p .p.	-10 3%	-26 7%	+16p .p.	-17 7%	-27 3%	+9 6p .p.	-21 3%	-26 8%	+5 5p .p.
Net Income / (loss)	115	110	4 .7%	128	123	3 6%	168	126	33 3%	85	77	10 8%	496	436	13 8%
Earnings / (loss) per share (€ per share)	0 11	0 11	3 8%	0 12	0 11	5.7%	0 16	0 12	37 .5%	0 09	0 08	8 .5%	0 48	0 42	14 .7%
income / (loss) adjusted Net	142	137	3 9%	156	151	3 4%	155	158	-2 0%	142	125	14 2%	595	570	4 4%

1. Adjustments refers to one-off, non recurring and restructuring expenses to the amount of €79.8M (€72.6M in FY 2022). With reference only to EBIT, amortization of intangible assets recognized as a consequence of Business Combinations amounting to €113.7M (€113.7M in FY 2022).

Consolidated Balance Sheet

€ million	31/12/2023	31/12/2022
Fixed assets	8,812.1	8,911.1
Inventories	1,371.4	1,457.7
Trade receivables	649.4	636.5
Trade payables	(1,999.4)	(1,973.3)
Operating net working capital	21.4	120.9
% of net sales	0.3%	1.8%
Other receivables / payables	45.8	42.3
Net working capital	67.2	163.2
% of net sales	1.0%	2.5%
Total net invested capital	8,879.3	9,074.3
Equity	5,619.6	5,453.8
Provisions	998.0	1,067.9
Net financial position	2,261.7	2,552.6
Total financing and shareholders' equity	8,879.3	9,074.3
Attributable net equity	5,494.4	5,323.8
Total net financial debt1	2,387.4	2,683.8

Net Cash Flow

	1Q 2023	2Q 2023	3Q 2023	4Q 2023	4Q 2022	FY 2023	FY 2022
Adjusted Operating income (EBIT)	248.1	269.3	265.1	219.3	224.3	1.001.8	977.8
Amortiz. & depreciations (excl. PPA amortiz.)	111.6	110.1	111.6	111.0	104.8	444.3	430.5
Investments in tangible and intangible assets (Capex)	(53.2)	(70.3)	(77.7)	(204.5)	(209.0)	(405.7)	(397.7)
Increase in right of use	(15.1)	(26.5)	(27.5)	(32.1)	(29.2)	(101.2)	(79.7)
Change in working capital/other	(868.8)	(6.8)	(0.4)	961.4	830.5	85.4	77.9
Operating Cash Flow	(577.4)	275.8	271.1	1,055.1	921.4	1,024.6	1,008.8
Financial income/(expenses)	(52.2)	(54.7)	(43.3)	(43.9)	(56.6)	(194.1)	(201.7)
Taxes paid	(29.0)	(32.3)	(43.8)	(33.9)	(54.3)	(139.0)	(205.5)
Cash-out for non recurring items and restructuring costs / other	(12.6)	(10.2)	(8.8)	(8.5)	(11.8)	(40.1)	(58.3)
Dividend paid to minorities	-	(3.9)	0.3	0.1	0.2	(3.5)	(24.4)
Exchange rates difference/other	(20.2)	(18.2)	(8.3)	(92.3)	39.8	(139.0)	(3.4)
Net Cash Flow before extr. oper. / equity transactions / divid.	(691.4)	156.5	167.2	876.6	838.7	508.9	515.5
Extraordinary operations	-	-	-	-	-	-	-
Net Cash Flow before dividends	(691.4)	156.5	167.2	876.6	838.7	508.9	515.5
Dividends paid by Parent	-	-	(217.8)	(0.2)	(0.8)	(218.0)	(161.0)
Net Cash Flow	(691.4)	156.5	(50.6)	876.4	837.9	290.9	354.5

2023 Strategic programs implementation: delivery in line with targets

Commercial Innovation

• Consolidating High Value positioning:
  • +5% in Car ≥18'' in line with market and overperformance in Repl. (+4% PI vs +3% mkt)
  • strong focus on ≥19'' and EV
• Lowering exposure to Standard

• Widening our OE portfolio:
  • ~340 new car homologations (84% ≥19'', ~50% EV)
  • EV portfolio reaching ~570 homologations worldwide
• Launched 6 products: 4 global lines and 2 dedicated to USA
• Pirelli PZero E wins "Tyre of the year" award at the 2023 Automobile Awards in Paris

Competitiveness Operations

• Delivering Wave 3 Efficiency program
  • ~€92 mln gross savings confirmed
  • supported by Company digitization

• Improving operations and environmental footprint
  • ~90% capacity utilization (~95% in High Value)
  • Speeding up deployment of plant decarbonization

FY 2023 Commercial Program:

Pursuing a selective, value-oriented strategy

PIRELLI 2023 RESULTS AND 2024-25 INDUSTRIAL PLAN UPDATE Wednesday, 6 March 2024

FY 2023 Competitiveness program:

Achieved efficiencies for ~92M€, in line with expectations

	Focusing on:	FY 2022 ACT	FY 2023 ACT	4Q 2023 ACT
Product Cost	Modularity Design speed and virtualization			~34% of FY
Manufacturing	Industrial IoT and flexible factory Energy consumption			~50% of FY
SG&A	Logistics network redesign and service differentiation Procurement rationalization			~40% of FY
Organization	Digital processes and organization transformation			~40% of FY
Total Gross Impact		~€136M	~€92M	~€31M
				~33% of FY

FY 2023 Innovation program

Secure future HV volumes through homologations, targeting share gain in Repl. with our product pipeline

FY 2023 Sales bridge

Strong price/mix mitigates impact of weak demand and high currency volatility

€ million	-1.8%	+8.6%	+6.8%	-6.3%	+0.5%
6,616 STD	(117)	568	7,066	(416)	6,650
71% H.V.					75%
FY'22	Δ Volumes	Δ Price/mix	Organic Growth	Δ Forex	FY'23
4Q'23	+2.1%	+2.7%	+4.8%	-10.6%	-5.8%
3Q'23	-4.6%	+6.8%	+2.2%	-8.4%	-6.2%
2Q'23	-1.1%	+10.2%	+9.1%	-5.4%	+3.7%
1Q'23	-3.1%	+15.1%	+12.0%	-0.3%	+11.7%

FY 2023 adjusted EBIT bridge

Profitability supported by price/mix and efficiency covering ~1.3x Raw Mat, FX & Inflation headwinds

Raw material costs trend and mix

Main raw materials price trend

Pirelli FY 2023 mix based on purchasing cost

Pirelli manufacturing footprint

Disclaimer (1/2)

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 subsidiary 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 business, industry, market, regulatory, geo-political, competitive and financial 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 forward-looking 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, also following the worsening of the crisis in Ukraine and in the Gaza Region.

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

Disclaimer (2/2)

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 & C. S.p.A. 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.