Pirelli & C — Investor Presentation 2025

Nov 6, 2025

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Agenda

9M 2025 KEY MESSAGES

PIRELLI & C. – 9M 2025 RESULTS

FY 2025 OUTLOOK AND TARGETS

APPENDIX

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Key messages

9M'25 results: delivering solid execution despite external challenges

• Sound organic growth: +3.7% YoY driven by the continuous price/mix improvement
• Best-in-class Profitability: internal levers successfully offset FX, raw mat/inflation and tariffs impacts
• Solid cash flow generation in 3Q supported by Operating Performance & disciplined Working Capital management

Technological leadership confirmed:

• Cyber Tyre recognized as the most innovative V2X (Vehicle-to-Everything) technology at Autotech Breakthrough awards 2025
• Aston Martin will integrate Cyber Tyre technology into future luxury vehicles thanks to our collaboration with Bosch Engineering
• Cinturato AS SF3 acknowledged as best All-Season tyre by major European sector magazines

FY 2025 outlook confirmed:

• External context remains volatile with USD still weak vs EUR
• Consumer Demand still holding, with High Value outperforming Standard
• All targets confirmed thanks to a solid organic growth and the effectiveness of our internal levers

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Agenda

9M 2025 KEY MESSAGES

PIRELLI & C. – 9M 2025 RESULTS

FY 2025 OUTLOOK AND TARGETS

APPENDIX

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9M 2025 Financial Results: a solid execution in a challenging external environment

+3.7% organic growth

supported by the constant p/mix improvement across quarters

16.1% adj. EBIT margin (+0.4pp yoy)

thanks to the effectiveness of the internal levers (p/mix & efficiencies)

Earnings growth

due to operating performance & lower financial expenses

Deleveraging in progress yoy

€141M positive NCF bef. dividends in 3Q'25 (€162M in 3Q'24)

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Sustainability: a strategic lever for innovation, growth & competitiveness

Fully supported by the engagement of our people

PRODUCT

• >70% Bio-based & Recycled materials in best PEOPLE product: PZero for JLR launched in July 2025
• FSC-certified natural rubber: on track to 100% EU production by the end of 2026
• Eco-Safety Sales: on track to >35% of 2025 volumes sold in A+B1 classes of EU energy label

OPERATIONS

PIRELLI 9M 2025 RESULTS Thursday, 6 November, 2025

• Scope 1+2 Emission reduction: on track to -60% vs 2018 by the end of 2025

• Purchased Renewable Electricity: 100% in all factories

• Reducing dependency from fresh water: on track to -36% vs 2015 in 2025

• Safety first: Accident Frequency Index2 on track to ~1 in 2025 (vs 1.41 in FY24)

• Employee engagement for energy efficiency projects

• Upskilling & reskilling focus on digital transformation, excellence in operations, climate science

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9M 2025 Results: leadership enhanced through key strategic programs

COMMERCIAL PROGRAMS INNOVATION PROGRAMS OPERATIONS PROGRAMS

Market share gain in Car ≥18''

• 9M'25: PI +5% vs. +4% Mkt
• 3Q'25: PI +5% vs. +3% Mkt in 3Q

Enlarging our HV portfolio

• Unique homologation portfolio in ≥19''
• New products: 7 Car, 6 Two-Wheels
• Cyber Tyre Innovation advancing worldwide

Boosting competitiveness

• ~ €117M efficiencies (~78% of FY tgt)
• Manufacturing will drive 4Q benefits

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COMMERCIAL

Strengthening our leadership in the High Value Market

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

3Q'25 HIGHLIGHTS

MARKET

• Total: low single digit market decline due to a weaker than expected Standard in all Regions
• HV: resilience confirmed in both channels

PIRELLI PERFORMANCE

High Value: gaining share as in previous quarters

• OE: strong performance, especially in North America, thanks to the stronger partnership with local OEMs for High End models
• Replacement: market share gain across Regions

Standard: keeping selective strategy in S. America

▪ 3Q trend (-14%) is also discounting the unfavourable YoY comparison: volumes were in line with 2Q'25

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A Superior Portfolio of Homologations Secures Future Growth

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

~90% Higher rim sizes (≥19")

~60% of homologations ≥18" for EV

CONSISTENT GAP VS. PEERS

≥19'' 'marked' homologation portfolio (Europe) 9M'251

**~ 210 NEW HOMOLOGATIONS IN 9M MOST ICONIC MODELS FITTING PIRELLI TYRES**

Presented in 3Q

Prestige

Premium

Emerging Pure NEV players

9X

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PZero E (launched in 2023) wins International Compasso D'oro Prize

First tyre ever to win one of the world's most prestigious industrial design awards

Awarded for "combining environmental awareness with high performance, safety, efficiency and comfort"

Cinturato All Seasons SF3 awards (launched in 2024)

Ranking #1 in Autobild and Tyrereview test Particularly recommended for sporty driving behaviour and high safety on dry and wet roads

New Cinturato Winter 3 (launched in October 2025)

The new high-performance winter tyre for sedans and crossovers

Received the TÜV Premium Quality Mark and it has been tested by DEKRA

Performance takes a step forward thanks to virtual development and advanced testing methodologies

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Cyber Tyre innovation advancing worldwide

Winning the 2025 Autotech Breakthrough award

Vehicle-to-Everything (V2X) Innovation of the Year

"Cyber Tyre is a key technology for the future of smart mobility, which includes autonomous driving, connected vehicles, and the digitization of infrastructures.

By integrating intelligence directly into the tyre, Pirelli Cyber Tyre makes transport systems safer, as well as sustainable and data-driven"

New partnership with ASTON MARTIN

New project with Bosch for future Aston Martin vehicles, with innovative functions:

• Braking space reduction: dynamic ABS settings optimization to the specific Tyre ID
• Enhanced Tyre Menu: advices for optimal tyre settings (i.e. temperature, pressure) for a customer enhanced experience

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OPERATIONS

9M'25 Efficiencies in line with programs development

Efficiencies reached ~78% of the annual target; Manufacturing programs will drive Q4 benefits

	FY 2025 GUI	9M 2025	MAIN PROJECTS
Product Cost		~80% of FY	Design Modularity (tyre structure, weightand cost optimization).
			High-tech automatedsolutionsin finishing, handling and material flow
Manufacturing		~50% of FY	Digital solutions to increase productivity, quality and flexibility
			Energy efficiency through curing electrification and B.E.M.S.1
SG&A		~95% of FY	Warehouse efficiencies and distribution optimization
			Supplier base rationalization and centralization
Organization		~95% of FY	Upskilling and change in the mix of competences
Total Gross Impact	~€150M	~€117M, ~78% of FY
		Crash program to mitigate

PIRELLI 9M 2025 RESULTS Thursday, 6 November, 2025

1. Building Energy Management System

tariffs and volatility to be added on top

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9M 2025 Sales bridge

Sound organic growth driven by continuous price/mix improvement

• Volumes: HV growth in line with 1H (+5% Car ≥18") while keeping a selective strategy on Standard, discounting a tough YoY comparison (+3% in 3Q'24)

• Price/Mix: consistent with the previous quarter, mainly driven by product and region mix

• $\gg$ Forex: US$ weakeness and LatAm currencies volatility; $\gg \Delta$ perimeter due to Däckia AB de-consolidation

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9M 2025 Adjusted EBIT

Strong price/mix contribution and efficiencies support profitability improvement, offsetting external headwinds

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9M 2025 Net Income

Earnings supported by the sound operating performance and lower interest expenses € million

Financial Income & Expenses: €159M in 9M'25 (€226M in 9M'24) due to both lower interests on debt and non-cash items

Income Taxes: 30.0% tax rate (vs. 26.5% in 9M24) no longer benefitting from Italian incentives

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9M 2025 Net Financial Position

Sound cash generation in 3Q

Inventory at ~xx.x% (vs xx.x% in 1H'24 and xx.x% FY24). xxx NWC: Careful inventories management with stock decreasing quarter on quarter (20.7% in Q3, 21.2% in Q2, 22% in Q1)

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Gross Debt structure as of September 30th 2025

Cost of debt at 4.66%, in reduction mainly driven by decreasing rates in the euro area. ESG linked financings on track with 2025 targets

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Agenda

9M 2025 KEY MESSAGES

PIRELLI & C. – 9M 2025 RESULTS

FY 2025 OUTLOOK AND TARGETS

APPENDIX

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Car Tyre demand in 2025: High Value Resilience confirmed

Global car tyre market

YoY % growth

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

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

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PIRELLI IN US - KEY FIGURES US TARIFFS MITIGATION PLAN

• >20% of Group Revenues, mainly High Value
• Georgia high-tech plant

US IMPORT FLOWS EU

	May 3rd	Review
	25%	15% -from Aug 1st
UK	25%	from Jul 1st10%-
Brazil	25%	Confirmed,discussion ongoing
Mexico	exempt beingUSMCA compliant

Reciprocal tariffs (with % defined by country) being negotiated

~-€60M gross impact, ~-€30M post mitigation actions confirmed

Operations

Import flows and inventory optimization

US commercial agreements review

Cost cutting

Crash program at Group level

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FY 2025 Targets confirmed: a better price/mix is offsetting a softer volume growth

	2024	2025
€ billion	Act	July Guidance		November Guidance
Net Sales	6.77	~ 6.7 ÷6.8	Volumes: ~+1%Price/Mix: ~ +3% ÷+3.5%	~ 6.7 ÷6.8	Volumes: ~+0.5%Price/Mix: ~+3.5% ÷+4.0%
Adj. EBIT Margin	15.7%	~ 16%	Organic growth:≥ +4%Forex:~-4.5% ÷-4%	~ 16%	Organic growth:≥ +4%Forex:~-4%∆ Perimeter: ~-0.5%
CapEx% of Sales	0.426.1%	~ 0.42~ 6%		~ 0.42~ 6%
Net Cash Flowbef. Dividends	0.53	~ 0.55		~ 0.55
Net Financial PositionNFP / adj. EBITDA	1.931.27x	~ 1.6~ 1.0x		~ 1.6~ 1.0x
ROIC*	23.2%	~ 23%		~ 23%

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Agenda

9M 2025 KEY MESSAGES

PIRELLI & C. – 9M 2025 RESULTS

FY 2025 OUTLOOK AND TARGETS

APPENDIX

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Economic results summary

€ million	3Q 2025	3Q 2024	∆ YoY	9M 2025	9M 2024	∆ YoY
Net Sales	1,696.6	1,737.0	-2.3%	5,195.2	5,184.5	+0.2%
Organic variation			+2.4%			+3.7%
adjusted EBITDA1	392.3	388.7	+0.9%	1,185.2	1,157.0	+2.4%
% of net sales	23.1%	22.4%	+0,7 p.p	22.8%	22.3%	+0,5 p.p
reported EBITDA	370.3	381.5	-2.9%	1,141.4	1,134.2	+0.6%
% of net sales	21.8%	22.0%	-0,2 p.p	22.0%	21.9%	+0,1 p.p
EBIT1adjusted	277.2	276.8	+0.1%	835.5	815.9	+2.4%
% of net sales	16.3%	15.9%	+0,4 p.p	16.1%	15.7%	+0,4 p.p
reported EBIT	228.8	241.2	-5.1%	708.4	707.8	+0.1%
% of net sales	13.5%	13.9%	-0,4 p.p	13.6%	13.7%	-0,1 p.p
Net income / (loss) from equity investments	6.8	6.6	+3.0%	22.8	22.5	+1.3%
Financial income / (expenses)	(36.2)	(49.4)	-26.7%	(158.9)	(225.5)	-29.5%
EBT	199.4	198.4	+0.5%	572.3	504.8	+13.4%
Taxes	(62.8)	(58.6)	+7.2%	(171.7)	(133.7)	+28.4%
Tax rate %	-31.5%	-29.5%		-30.0%	-26.5%
Net Income / (loss)	136.6	139.8	-2.3%	400.6	371.1	+8.0%
Earnings / (loss) per share (€ per share)	0.13	0.13		0.38	0.35
Net income / (loss) adjusted	161.2	165.4		481.4	448.4

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Consolidated Balance Sheet

€ million	30/09/2025	31/12/2024	30/09/2024
Fixedassets	85725	87716	86647
Inventories	,14053	,14677	,13427
Tradereceivables	,9973	,6229	,10320,
Tradepayables	(16097),	(20816),	(15628),
Operatingnetworkingcapital	7929	90	8119
%ofsales*net	7%11	1%0	2%12
Otherreceivables/payables	15	422	787
Networkingcapital	7944	512	8906
%ofnetsales*	117%	08%	133%
Totalnetinvestedcapital	93669,	88228,	93555,
Equity	58588,	59123,	57091,
Provisions	9702	9847	10300,
Netfinancialposition	25379,	19258,	28162,
Totalfinancingandshareholders'equity	93669,	88228,	95553,
Attributablenetequity	56920,	57561,	55662,
debt1financialTotalnet	26448,	20344,	29279,

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Net Cash Flow

€ million
	3Q2025	3Q2024	9M2025	9M2024
Operating(EBIT)Adjustedincome	2772	2768	8355	8159
Amortiz&depreciations(exclPPAamortiz)	1151	1119	3497	3411
Investmentsintangibleandintangible(Capex)assets	(955)	(921)	(2235)	(2357)
ofIncreaseinrightuse	(255)	(478)	(971)	(892)
Changeinworkingcapital/other	(111)	633	(8214)	(7994)
OperatingCashFlow	2602	3121	432	327
Financialincome/(expenses)paid	(378)	(709)	(1545)	(1798)
Taxespaid	(453)	(480)	(1119)	(1175)
Cash-outfor/recurringitemsandrestructuringcostsothernon	(193)	(69)	(418)	(368)
Dividendpaidtominorities	(62)	00	(66)	(65)
Exchangedifference/otherrates	(80)	(240)	(1128)	(265)
NetCashFlowbeforeextr/equitytransactions/. oper.divid	1436	1623	(3844)	(3344)
Extraordinaryoperations	(24)	01	219	(224)
NetCashFlowbeforedividends	1412	1624	(3625)	(3568)
DividendspaidbyParent	(04)	(06)	(2496)	(1977)
NetCashFlow	1408	1618	(6121)	(5545)

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Net Financial Position Detail

€ million	30/09/2025	31/12/2024
Current borrowings from banks and other financial institutions	997.9	760.9
-of whichlease liabilities	103.7	105.2
Current derivative financial instruments	46.4	3.5
Non-current borrowings from banks and other financial institutions	2,756.0	3,068.6
-of whichlease liabilities	365.9	380.5
Non-current derivative financial instruments	-	-
Total gross debt	3,800.3	3,833.0
Cash and cash equivalents	(926.2)	(1,502.7)
Other financialassets at fair value through income statement	(73.2)	(166.0)
Current financial receivables	(113.5)	(113.3)
Current derivative financial instruments	(42.6)	(16.6)
Total net financial debt	2,644.8	2,034.4
Non-current derivative financial instruments	-	(4.3)
Non-current financial receivables	(106.9)	(104.3)
Total net financial position	2,537.9	1,925.8

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Net Income Adjusted detail

€ million	3Q 2025	3Q 2024	9M2025	9M2024
Net income	136.6	139.8	400.6	371.1
Amortizationfrom PPA	26.4	28.4	83.3	85.3
One off, non-recurring and restructuring expenses andnon-recurring income	11.1	7.2	32.9	22.8
Taxes impact	(12.9)	(10.0)	(35.4)	(30.8)
Net incomeadjusted	161.2	165.4	481.4	448.4

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Total Gross Debt Structure

€ million	Total gross debt structure atSeptember 30, 2025
	Within1 year	Between1 & 2 years	Between2 & 3years	Between3 & 4years	Between4 & 5years	Beyond5 years	Total
Club Deal EUR 1.6 bln. ESG 2022 5y	-	599.2	-	-	-	-	599.2
Club Deal EUR 600 mln. ESG 2024 4.5y	-	-	-	598.4	-	-	598.4
Bond SLB EUR 600 mln. 4.25% due 01/28	-	-	596.9	-	-	-	596.9
Bond SLB EUR 600 mln. 3.875% due 07/29	-	-	-	594.8	-	-	594.8
Convertible bond	497.7	-	-	-	-	-	497.7
Bilateral borrowing EUR 300 mln. ESG 2023 2.5y	299.9	-	-	-	-	-	299.9
Bank debt held by subsidiaries	50.4	-	-	-	-	-	50.4
Other financial indebtedness	92.5	0.9	-	-	-	-	93.4
Leaseliabilities	103.7	87.0	70.8	49.9	29.2	129.0	469.6
Totalgross debt	1,044.2	687.1	667.7	1,243.1	29.2	129.0	3,800.3
% on total gross debt	27.4%	18.1%	17.6%	32.7%	0.8%	3.4%
Non-utilisedcredit facilities							1,500.0
Liquidityposition							926.2
Otherfin. assets at fairvalue through income stat.							73.2
Liquidity margin							2,499.4

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Sustainability: delivering on Plan targets*

				2023	2024	202	25	2030
PEOPLE Safety first	>>	Towards zero accident at work	Accident FrequencyIndex 1	1.69	1.41		~1	<1
Engagement & Retention	>>	leveraging on employeeslistening and experience	Global Sustainableengagement Index	83%	83%		80% stantly	≥80% constantly
CLIMATE NET ZERO @2040 (Scope 1+2+3,	>>	95.6% of electricity purchased from the grid is renewable	CO 2 absoluteemissions Scope 1+2 2	-45.0%vs 2018	-57.1% vs 2018		60% 2018	-80% vs 2018 carbon neutrality	NETZERO
SBTi approved)	>>>	Primary data available covering >90% of RM suppliers' total emissions	6 CO 2 absolute emissions Scope 3 2	-25.0% vs 2018	-26.2%vs 2018		2018 /	-30%vs 2018	2040SBTiapprove
PRODUCT Efficiency & Safety	>>	reducing rolling resistance,never compromising on safety	Volumes A+B(Rolling Resistance andWet Grip)	29.8%	34.5%	3	5%	>50%
Bio-based & Recycled	I >>>	material innovation to increase non-fossil origin: PZERO E³, our lighthouse on the market:	Best product availableon the market 3	55.5% 3	58.5% 3	>7	70% /	>80%
NATURE Freshwater	>>	reducing dependency and preserving water quality	Specific water withdrawal High water stress areas All group sites	-30.8% vs 2015-45.3% vs 2015	-34.6% vs 2015-51.4% vs 2015	-36	% vs 2015	-45% vs 2015-60% vs 2015
Biodiversity	>>	Biodiversity action Plan covering the five IPBES 4 drivers	% on all Pirelli Industrial sites & track test areas	-	55%	10	00% /	100%

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

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ESG Indices: a globally acknowledged sustainability leadership

Major rankings	Major rankings Last update Score		Positioning in the reference sector
Dow JonesSustainabilityIndex	2025	86	Top score Auto Components and Automotive sector as at 06.11.2025
IAP GLOCA TOP 1% Grant Advantage TOP 1% Formal Advantage FOR String FOR String FOR String	2025	TOP 1% ESG	The only tyre maker in Top1%
TCDP AList 2024	2025	А	A LIST – Max score
Standard Companient Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countries Countr	2025	А	A LIST– Max scoreSupplier Engagement Leaders
Corporate ESG Performance State at 1 ISS ESG ▶	2024	В	Prime status - Top score AutoComponents
MSCIESG RATINGS	2024	AA	AA - ESG Leader Category
SUSTAINALYTICS	2025	8	Top score Tyre industry (Negligible risk);Awarded Industry ESG Top Rating
PLATINUM TOD TIS C PCOVACÍS Social-entality Fating JAN 2025	2025	82	Platinum - Top 1%

Source: third party official rankings

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Raw material costs trend and mix

Main raw materials price trend

Pirelli 9M 2025 mix based on purchasing cost

32% raw mat. Costs on sales

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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.