Pirelli & C. S.p.A. has published its 2024 Annual Report, confirming steady financial progress, reinforced market leadership in high-value and EV tyre segments, and continued investment in R&D and sustainability. Approved by the Board on 28 April 2025, the report outlines a strategy built on premium product focus, automation and a forward-looking approach to electrification.
Pirelli closed 2024 with revenues of €6.77 billion, up 1.9% from the previous year. When adjusting for currency effects, organic growth stood at +4.4%. Profitability also improved, with adjusted EBIT reaching €1.06 billion (a 5.9% increase) and net profit up slightly at €501.1 million.
The company exceeded its cash flow targets, delivering €533.9 million before dividends. Its net financial position improved significantly to -€1.93 billion, supported by strong earnings and disciplined cost control.
Pirelli’s High Value segment, focused on tyres ≥18 inches and premium applications, saw strengthened global market share. A standout achievement was its global leadership in electric vehicle (EV) tyre homologations, reaching approximately 810—placing Pirelli #1 in this fast-growing category.
The company also introduced 306 new car tyre homologations in 2024, with nearly 90% designed for ≥19" fitments and more than half tailored to EV platforms. This aligns with OEM trends and underlines Pirelli’s positioning in the smart and sustainable mobility shift.
Pirelli’s research and development investment reached €289.5 million in 2024—4.3% of revenues. A substantial €272.8 million was dedicated to High Value products, equating to 5.3% of that segment’s revenues. This focus supports advanced compound development, smart tyre technologies, and connected vehicle integrations.
Operational efficiency remained a key theme. The company reported €143 million in gross savings, fully offsetting inflationary impacts. The ongoing automation of manufacturing processes and plant electrification contributed to these gains, supporting long-term cost resilience and ESG compliance.
Pirelli was ranked in the top 1% of the S&P Global 2025 Sustainability Yearbook—the only tyre manufacturer to earn this distinction. Progress continued on decarbonisation, with steps taken across plant electrification and emissions reduction initiatives.
The alignment of sustainability with business performance positions Pirelli well against incoming regulatory and market pressures around ESG disclosures and emissions accountability.
All 2025 Industrial Plan targets were reaffirmed, with contingency measures in place to manage potential trade risks, including possible duties affecting the US market. Pirelli’s emphasis remains on safeguarding cash generation and accelerating deleveraging.
Tagged with: Pirelli, EV tyres, High Value tyres, smart tyre technology, tyre R&D, sustainable tyre manufacturing, automation, tyre homologation, tyre industry 2024
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