(Telestock) – Pirelli & C closed the first half of the year with solid growth in the main economic indicators. revenues were equal to 3,447.5 million euros, stable (+0.3%) compared to the first half of 2023 and with organic growth of +4.6% (-4.3% impact from exchange rates and hyperinflation in Argentina and Turkey). The price/mix recorded an increase of +2.8%, while the exchange rate effect had a negative impact of -4.3%.
The trend of volumes in the first half of 2024 it was equal to +1.8% and reflects the strategy of Focus on High Value and the gradual reduction of exposure to the Standard. High Value represents 77% of total turnover (74% in the first half of 2023).
Adjusted EBITDA in the first half of 2024 it amounted to 768.3 million euros, up by +4% compared to 739.1 million euros in the corresponding period in 2023. Adjusted EBIT in the first half of 2024 it was equal to 539.1 million euros, an improvement compared to 517.4 million euros in the corresponding period of 2023, with an adjusted EBIT margin improving to 15.6% (15.1% in the first half of 2023).
Net profit in the first half of 2024 it was equal to 231.3 million euros (242.6 million euros in the first half of 2023) and is affected by the impacts linked to hyperinflation.
The net cash flow of operating management in the first half of 2024 was equal to -279.4 million euros (-301.6 million in the first half of 2023). The net financial position as of 30 June 2024 was equal to -2,978.0 million euros (-2,261.7 million euros as of 31 December 2023 and -3,087.5 million euros as of 30 June 2023).
As for the forecasts for 2024the global market of Car tires It is expected in 2024 “flat” compared to the +1% estimate in May, due to greater weakness in the Standard segment. The High Value it is confirmed most resilient segmentwith an estimated growth “mid single digit” and approximately 7 percentage points higher than the expected trend for the Standard (+6 points)
percentages previous expectations).
Targets communicated in March 2024 confirmedwho see a adjusted Ebit margin at the top end of the guidance at 15.5% thanks to a greater contribution from the price/mix. Confirmed Revenues equal to approximately 6.6-6.8 billion of euros (volumes confirmed at approximately +1.5-2.5%, price/mix improving at approximately +2-2.5% and exchange rate impact confirmed at approximately -4-3%).