Pirelli & C. Spa: Q2-26 preview: another decent quarter expected

研报英文原文证据摘录

Pirelli & C. Spa: Q2-26 preview: another decent quarter expected

Deutsche Bank

Research

Rating Company Date

Buy Pirelli & C. Spa 9 July 2026

Company Update

Europe

Italy

Reuters Bloomberg Exchange Ticker Price at 8 Jul 2026 (EUR) 6.70

PIRC.MI PIRC IM MIL PIRC

Price Target (EUR) 7.00

Autos

ADR ISIN 52-week range (EUR) 6.98 - 5.55

Tires

PPASY US7242562012

Q2-26 preview: another decent quarter

Valuation & Risks expected

Christoph Laskawi

Q2-26 results due on July 27, 2026 Research Analyst

Pirelli is due to report Q2-26 results on July 27 post-market close and will host a +49-69-910-31924

conference call the same evening. Like for peers, we expect a decent Q2-26 thanks

Nicolai Kempf

to price/mix support in particular. We do not expect the company to change its Research Analyst

guidance, although the building blocks could be slightly adjusted. With regards to +49-162-5168792

the communicated US investment plan, which is still subject to board approval, we

Nikita Papaccio

expect some detail to be provided on how the plan would potentially introduce

Research Analyst

some change to the strategy. Clearly, adding a sizeable brownfield operation with

+49-69-910-48637

several million tires capacity would open the route for more sizeable volume growth

in the years ahead should the company be successful in increasing market share, Mira Wiegratz

but it also could create a risk to currently existing capacities and respective Research Associate

+49-69-9103-1733

utilization.

Tim Rokossa

Head of European Equity Research

Q2-26 preview in more detail: HVA growth and raw mat tailwind

+49-69-910-31998

For Q2-26, we model topline to be about neutral as the FX headwind is sequentially

fading but volumes will likely turn negative, in line with some peers. Price/mix is