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Grizzly Says Pirelli Earned 10% War-Driven Profit From Russia

6/4/2026

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Summary

Story summary

Grizzly Research reported Pirelli earned about 10% of profit from Russia, contradicting its claim of 6% revenue.
The short-seller says the Russian sales surge stems from demand created by the 2022 invasion.
Grizzly found a Pirelli-listed tire centre in Ukraine that appears to serve the military.
Michelin, Continental, Goodyear and Bridgestone have taken write-downs after exiting Russia, while Pirelli will halt further investment there.

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Story summary

Grizzly Research reported Pirelli earned about 10% of profit from Russia, contradicting its claim of 6% revenue.
The short-seller says the Russian sales surge stems from demand created by the 2022 invasion.
Grizzly found a Pirelli-listed tire centre in Ukraine that appears to serve the military.
Michelin, Continental, Goodyear and Bridgestone have taken write-downs after exiting Russia, while Pirelli will halt further investment there.