Pirelli & C. S.p.A.

No single controlling shareholder as of the 23 Dec 2025 post-bond-conversion filing: Marco Polo International Italy (Sinochem Holdings vehicle) holds 34.12%, Camfin/Tronchetti-Provera-linked entities together hold 25.3%, remaining ~40.6% is free float. Sinochem voting rights have historically been capped below its economic stake under Italy Golden Power national-security screening regime, and the Sinochem/Camfin shareholder pact has been renegotiated repeatedly since 2022 -- treat this as a snapshot at the cited filing date, not a stable control structure.

Every exposure is read as a buyer dependency; the top 3 are its binding chokepoints.

As a buyer, policy pressure across its consumed materials is rising.

Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.

No actions in the register have named or swept this company in the last 24 months.