Grizzly Research Goes Short Pirelli, Citing Hidden Russia Profits and Military-Tire Ties

Grizzly Research published a short report on Pirelli & C. S.p.A. (Borsa Italiana: PIRC.MI) on June 4, 2026, arguing that the €6.7 billion Italian tire maker, Formula 1’s exclusive tire supplier, depends on Russia for a far larger share of its profits than investors understand, and that its Kirov factory is entangled with a state-owned plant that supplies tires to the Russian military. Pirelli is the only Western tire manufacturer still producing in Russia after Nokian, Michelin, Continental, Goodyear, and Bridgestone exited following the invasion of Ukraine.

Grizzly Research‘s estimate of Pirelli’s Russian financials, including dividends flowing to a research institute owned by sanctioned Russian...