Pirelli Raises 2026 Revenue Floor to 6.85 Billion Euros
Key Facts
On November 5, Pirelli reported results for the third quarter and the nine months ended September 30, 2026, and raised the lower end of its full-year revenue forecast to 6.85 billion euros, keeping the upper end at 6.95 billion. Third-quarter revenue was 1,783.5 million euros, up 5.1% year on year, with organic growth of 3.0%. Adjusted operating profit rose 2.1% to 283.0 million euros, from 277.2 million in the year-earlier period, with a margin of 15.9%. But quarterly net profit fell to 131.2 million euros from 136.6 million a year earlier. The announcement came amid continued weak demand and inflationary pressure on the costs of key inputs, according to the company.
The new full-year guidance puts revenue in a range of 6.85 billion to 6.95 billion euros, compared with the previous lower end of 6.75 billion and upper end of 6.95 billion. The company kept its full-year adjusted operating profit margin forecast near 16%, Reuters reported via MarketScreener. This came alongside quarterly revenue growth, but without comparable growth in sales volumes, which fell 1.6% in the third quarter. Pirelli said the decline reflected continued weakness in demand in the original equipment channel, along with reduced exposure to the Standard segment. The official statement did not include a comparison between quarterly results and analyst estimates.
An improved price and product mix helped support revenue, contributing 4.6% in the third quarter. The company attributed this to a better mix of products, regions and sales channels, as well as a contribution from pricing. Operating results also benefited from sales of higher-priced products and cost-cutting measures, which offset input-cost inflation and lower volumes, Reuters reported. In the replacement channel, volumes rose 6% in the third quarter, compared with 3% in the first half, bringing growth to 4% over the nine months. Pirelli said this channel supported performance during a period of divergence among demand channels.
In original equipment, volumes fell 7% in the third quarter after rising 5% in the first half, while they increased 1% over the nine months. The company attributed the quarter’s performance to an unfavorable comparison base and weak vehicle production in Europe, North America and China. It added that the end of government incentives in China weighed on performance there. Pirelli said the nine-month results showed the strength and resilience of its business model, despite ongoing geopolitical tensions, slower demand and inflationary pressure on the costs of key inputs. According to the statement, the pressures included core production materials during the period.
Revenue for the first nine months was 5,278.0 million euros, up 1.6% from 5,195.2 million in the year-earlier period, while organic growth was 2.7%. Net profit for the period rose 7.4% to 430.2 million euros, from 400.6 million in the first nine months of 2025, in contrast with the decline in net profit for the third quarter alone. The High Value segment’s share of sales also rose to 82%, compared with 79% in the year-earlier period. The group generated 109.4 million euros in gross benefits from its efficiency program, equivalent to 73% of its annual target. The company said this progress was in line with expectations.
In market trading, Reuters reported via MarketScreener that Pirelli shares rose 3.7% at 10:35 on November 6, linking the move to the quarterly results and full-year guidance. The agency also reported that Bernstein viewed revenue and margins as having exceeded expectations, though that assessment was not included in the company’s statement. The board reviewed and approved the nine-month results on November 5, and management held an investor call that day at 18:30 Central European Time. This followed the results announcement earlier the same day, with focus on updated full-year guidance and performance across sales channels. The available evidence does not specify a later date for another meeting or announcement.