Results and sales

Nine-month 2023 sell-in markets in Europe and North America were shaped by inventory drawdowns.

• PC/LT tire markets were stable vs. 2022 as robust OE demand in most regions offset slightly negative RT demand dampened by destocking in Europe and the Americas. Demand for 18-inch and larger tires is steadily expanding. Inventory levels are back to normal in most regions except for winter tires in Europe.
• Truck tire markets outside China dropped 5% due to substantial dealer and B2B fleet inventory reductions. OE demand remained robust in Europe and North America. On Replacement markets, destocking is expected to be completed by the end of the year.
• Specialty tire markets were dynamic in Mining, Aircraft and OE Agricultural tires, and soft in Construction, RT Agricultural and Two-wheel tires.
• Non-tire markets expanded in most segments (fleet services, mining, energy) and were stable in general industrial applications.

Nine-month sales up 2.0% to €21.2 billion, supported by mix enhancement, non-tire activities and the valorization of our offers. Q3 sales stable excluding the currency effect.

• Tire sales volumes down 3.6%, reflecting market destocking and Group’s priority focus on value-accretive segments.
• The price effect stood at 6.2%, confirming the recognized value of our products and solutions, and the impact of price indexation clauses from 2022.
• The mix effect reached 1.0%, reflecting growth in the 18-inch and larger Passenger car tire segment and a favorable geo-mix, partially offset by an adverse OE/RT mix across businesses.
• Non-tire sales grew by 13% at constant exchange rates, sustainably fueling Group’s growth.
• The negative currency effect reached 2.6% year-to-date, of which -5.5% in Q3.

Growth in polymer composite solutions is accelerating with the end-September closing of the FCG acquisition and will drive higher Group sales from Q4 onwards.