Pirelli confirms 2026 outlook despite Middle East crisis as operating profit rises 1%

MILAN, July 29 (Reuters) - Italian tyre maker Pirelli said on Wednesday its operating income edged higher in the second quarter, as sales of higher-margin products more than offset the negative impact of foreign exchange rates and lower sales volumes.

• Adjusted earnings before interest and tax (EBIT) rose 1% year-on-year in April-June to €280 million ($319 million), broadly in line with a company-provided analyst consensus.

• The adjusted EBIT margin was stable at 16% in the period.

• Second-quarter revenue came in at €1.76 billion, only slightly higher than the same period of last year.

• The company stood by its 2026 forecasts set earlier this year, targeting revenue of between €6.75-€6.95 billion, and an adjusted EBIT margin of around 16%.

• The Middle East crisis continues to weigh on global economic growth, inflation and the cost of raw materials, Pirelli said.

• It said it expected to gain market share this year in the segment of high value tyres, while continuing to reduce its exposure to standard products.

($1 = 0.8787 euros)

(Reporting by Giulio Piovaccari; Editing by Valentina Za)