Overview

• Pirelli’s board approved the 2024 financial statements and determined that Sinochem no longer holds control under IFRS 10 accounting standards.
• The decision follows Italy’s 2023 Golden Power decree, which aimed to limit foreign influence in strategic companies like Pirelli.
• Sinochem, which owns a 37% stake in Pirelli, disputes the board’s findings and claims it retains control under IFRS 10 criteria.
• The board will propose a €0.25 per share dividend, totaling €250 million, at the upcoming shareholders’ meeting.
• This governance shift is seen as a foundational step toward aligning Pirelli with stricter U.S. regulations on Chinese technology in connected mobility.