Pirelli updates the industrial plan to 2024-2025 which was presented in March 2021 in a "economic framework that remains below the expectations formulated in 2021".
For 2024 Pirelli expects revenues of between approximately 6.6 and 6.8 billion, overall volumes of between +1.5% and +2.5% with growth in high value at the "mid-single-digit" level and with a further reduction in exposure to the Standard and further exchange rate impact of -4% and -3 percent.
For 2025 Pirelli expects revenues of between approximately 6.8 and approximately 7 billion with volumes, price/mix and exchange rate impact slightly improving compared to the estimates for 2024. Profitability is expected to progressively improve, with an adjusted EBIT margin in 2024 of between > 15% and 15.5% and further growth in 2025 to around 16%.
The gross efficiencies, equal to 140 million euros in 2024 and equal to 135 million in 2025, will totally offset the impact of inflation.
Cumulative investments in 2024 and 2025 will amount to approximately 820 million.
The 2024 net cash flow before dividends will be between approximately 500 and approximately 520 million euros and includes the impact of the acquisition of Hevea-Tec (approximately 21 million euros).
Net cash flow before dividends is expected to grow between approximately 550 and approximately 570 million euros in 2025, thanks to constant improvement in operating performance and effective working capital management.
The dividend policy has been revised upwards, which envisages the distribution of approximately 50% of the consolidated net result for 2024 in 2025 (40% of the pay-out envisaged by the previous plan).
Reproduction reserved © Copyright ANSA