Pirelli turns a new page. At the meeting held on 28 April 2025, the company's board of directors formalised the end of the control exercised by the Chinese group Sinochem, in accordance with the international accounting standard IFRS 10. This decision marks a major turning point in the company's governance and opens up new scenarios, particularly in view of compliance with United States regulatory requirements. During the same meeting, the board also approved the 2024 financial statements.
The question of Sinochem's loss of control had been raised by the board of auditors and by management following the issuance of the Golden Power decree by the Italian government. After checks conducted with the support of auditing firms and legal experts, the board determined that, under IFRS 10, Pirelli is no longer controlled by any party. The resolution, proposed by chief executive officer Andrea Casaluci, was approved with nine votes in favour out of fifteen; chairman Jiao Jian and four directors affiliated with the Chinese area voted against, while one director abstained.
The opposition was based solely on a dispute over the declaration of cessation of control, deemed incorrect in light of the shareholders' agreement still in force between Camfin and CNRC/Marco Polo Italy, which, according to the dissenting directors, would still grant CNRC/MPI Italy control over Pirelli under article 93 of the consolidated finance act. However, the company stressed in a statement that for international accounting purposes, the assessment under IFRS 10 prevails, under which de facto control is considered to have ceased.
The decision to recognise independence from the Sinochem group is not merely an accounting exercise. It is the first concrete step in a broader process aimed at aligning corporate governance with the increasingly stringent regulations in the United States, at a time when the North American market is becoming ever more crucial for Pirelli, both in the high-value tyre segment and in the development of digital technologies for connected vehicles, such as the Cyber Tyre. Management has reiterated that dialogue with the main shareholders will continue to complete this transformation in the best interests of the company.
China's entry into Pirelli dates back to 2015, following the breakdown of the alliance with Russian oil giant Rosneft the previous year, due to the invasion of Crimea. ChemChina, the Chinese state-owned chemical giant, emerged as the new industrial and financial partner. The Chinese group acquired a relative majority stake through a new vehicle company, Marco Polo International Italy, initially purchasing 26.2% from Camfin, the holding company of Marco Tronchetti Provera, and launching a takeover bid that valued the entire operation at around 7.7 billion dollars. Camfin reinvested part of the proceeds and remained a significant shareholder, while ChemChina consolidated control of the new company with at least 50.1%.
In the years that followed, ChemChina merged with Sinochem, another major Chinese state-owned company, creating a global chemical giant. In 2021, Sinochem became Pirelli’s main shareholder, holding a 37% stake through China National Tire & Rubber, while Camfin retained a share between 14% and 26%. However, the Chinese presence in Pirelli has since become subject to growing political scrutiny, both in Italy and across Europe. Through the golden power legislation, the Italian authorities required that Chinese shareholders guarantee Pirelli’s full autonomy in strategic and operational decision-making, preventing direct interference from the Sinochem group.
Meanwhile, tensions also arose between the Italian management and the Chinese shareholders, with Marco Tronchetti Provera publicly criticising Sinochem's increasing interference, even while acknowledging that Chinese capital had been vital to the company’s revival. This culminated in the unilateral decision to separate on 18 April 2025. The future shareholding structure remains under negotiation.
On the financial side, Pirelli closed 2024 with positive results. Consolidated net profit amounted to 501.1 million euros, up 1% from 495.9 million euros the previous year. Revenues rose by 1.9% to 6,773.3 million euros. Regarding the parent company Pirelli & C, net profit reached 302 million euros, up 24.3% compared to 242.9 million euros in 2023.
Looking ahead, Pirelli confirmed the targets previously communicated to the market on 26 February 2025, although it pointed out uncertainties linked to the possible introduction of new tariffs in the United States. The company has already drawn up a mitigation plan to cushion the impact of such measures, with the aim of achieving the targets for adjusted operating margin and cash generation, while maintaining the trajectory of debt reduction.
