The tire maker for Formula 1 and premium automakers such as BMW and Audi said it now sees its profitability for 2022 at the lower end of the range it previously provided.
While revising its revenue forecast for 2022 upwards, Pirelli said its adjusted operating profit margin would be between around 16% and 16.5%, compared to around 17% previously.
Pirelli, headquartered in Milan, manufactures around 10% of its global tire production in Russia.