Pirelli has worsened its forecast for the year

The company Pirelli has downgraded its forecast for 2025 due to the expected negative impact of currency fluctuations. In the first half of the year, the weakness of the dollar and the volatility of emerging market currencies against the euro led to a 2.9% decrease in Pirelli's revenue, and the sales forecast for the year was lowered from 6.8-7 to 6.7-6.8 billion euros. At the same time, the forecasted profitability based on adjusted EBIT profit was confirmed at 16%.

Pirelli reported that the financial results for the first six months of the year were approved by nine out of 15 members of the company's board of directors, while members of the board associated with Sinochem, including its chairman Jiao Jian, voted against.

A dispute is currently ongoing between Italian and Chinese investors in Pirelli. The state-owned holding company Sinochem is the largest shareholder of Pirelli with a 37% stake, while Camfin, controlled by the company's executive vice chairman Marco Tronchetti Provera, has a 27.4% stake.

Camfin claims that the significant participation of Chinese investors in Pirelli's capital creates a threat to the company's plans to expand its business in the US, where currently more than 20% of the tire manufacturer's revenue comes from North America.

In the first half of the year, Pirelli's sales amounted to 3.5 billion euros, up 1.5% compared to the same period last year. Net profit grew by 14.1% to 264 million euros.