Results and sales

Financial information for the three months ended March 31, 2026

Michelin delivered a solid performance in the first quarter, the decline in revenue reflecting changes in exchange rates. In a highly uncertain environment, the Group is adapting its steering and maintaining its 2026 guidance.

Group revenue amounted to €6.2 billion for the quarter, down 5.4% on a reported basis but stable at constant exchange rates

• Currency effect accounted for the entire decline, reflecting euro's strong appreciation against US dollar and most currencies.

• Tire sales reported a modest decline in volume (-1.4%), confirming the positive trend observed in the fourth quarter of 2025. Replacement sales increased, boosted by a strong performance from the MICHELIN brand (+3% in volume).

• The favorable mix effect of 1.9% was supported by the Consumer segment product mix and a positive business mix evolution.

• The negative price effect reflected the lagged impact of indexation clauses on medium-term contracts following the decline in raw material costs in 2025.

• Polymer Composite Solutions rose 5.1%, reflecting the integration of Cooley Group effective end‑January.

Consumer segment: revenue down 4.4% on a reported basis, up 1.3% excluding the currency effect  

• Passenger Car & Light Truck tire volumes were up 1%, led by 6% growth in MICHELIN-brand sales in the Replacement market, accompanied by market share gains.

• Original Equipment sales continued to decline due to market weakness (down 4% overall, including a 12% fall in China) and an unfavorable mix of vehicle brands and models.

• The structural product mix enrichment continued, with sales of 18‑inch and larger tires accounting for 69% of MICHELIN-brand sales in the quarter.

• Winning three JD Power Awards in the United States once again underscores MICHELIN leadership in customer satisfaction.

• Two-Wheel business enjoyed strong growth, particularly in the moto leisure and premium scooter segments.

Transportation segment: decline in revenue, due to Original Equipment and exchange rates

• Revenue contracted by 11.3%, with around 6% from reduced volumes and 4% from unfavorable currency effect.

• Original Equipment volumes continued to be affected by falling markets in North America (down 19%) and South America (down 16%), and by the consequences of the managed market share decrease on selected accounts.

• In the Replacement market, sales of new tires were up in Europe, but down in North America in a depressed road transportation market.

• Fleet service offerings continued to strengthen, including Michelin Connected Fleet which is expanding further in South America.

Specialties segment: Beyond-road sales gradually stabilizing, growth in Mining and Aircraft

• Revenue was down 3.3%, reflecting a substantial 6% negative currency effect. Volumes grew by 2.5%.

• Beyond-road business stabilized on a comparable scope basis, despite a still-negative Original Equipment market for Agricultural tires. Sales of MICHELIN-brand tires increased, notably in the infrastructure segment. The scope of consolidation decreased by 1% following the divestiture in 2025 of the tire and track business for small construction equipment.

• Mining tire sales were up with the Group strengthening its positions in a growing market.

• Aircraft tire sales grew, with the Middle East conflict having only a limited impact in the quarter.

Polymer Composite Solutions segment: higher sales, led by external growth

• Polymer Composite Solutions improved the balance between its various businesses, and reported a 5.1% increase in revenue over the period, despite a negative 5% currency effect.

• Seals and Coated Fabrics recorded solid growth, while Belts grew slightly. Conveyors decreased in a sharply declining market in Australia, and due to maintenance operations at one factory.

• The consolidation of Cooley Group, effective end‑January, generated a favorable scope effect (+10%) in the quarter; the segment continues its external growth with the consolidation of Flexitallic in April and TexTech expected around mid‑2026.

2026 outlook

• The Middle East conflict is creating uncertainty about global demand. It increases the risk of disruption in raw materials supply and raises purchasing costs, primarily for raw materials and energy.

• The Group’s crisis management aims to ensure the safety of people and the continuity of operations. Michelin leverages its strengths: committed and empowered teams, proven agility in times of crisis, local-to-local operations that reduce geographical interdependence, and vertical integration that ensures greater supply chain resilience.

• In this unpredictable environment, the Group regularly assesses developments in the markets and its supply chains. At this stage, the guidance for 2026 remains unchanged.