Consolidated sales rose by 18.7% in the first six months of 2022, while segment operating income increased by 7.7% to €1.5 billion.
Michelin is deploying its strategy in a turbulent environment and maintains its financial guidance for the year.

In a market environment hit by the systemic impacts of the conflict in Ukraine and the health crisis, sales rose by 18.7% to €13,289 million:

  • Supply chain disruptions and cost inflation intensified over the period, dragging tire markets down to the lower end of their growth forecasts.
  • Tire volumes decreased by 2.2%; excluding sales in Eastern Europe and China, these volumes were stable.
  • Non-tire sales gained further momentum, rising by 18% at constant exchange rates.
  • Tire price-mix effect stands at 13.9% reflecting the Group’s determination to offset cost inflation.
  • Positive currency effect of 5.2% due primarily to the US dollar.


Segment operating income stood at €1,530 million, or 11.5% of sales:

  • Assertive pricing management effectively addressed the full range of cost inflation factors and maintained unit margins over the period.
  • Operating income improved in every reporting segment. At 11.5% of sales, operating margin reflected a 1.2 point dilutive effect from the price increases introduced to offset inflation.


Net consolidated result landed at €843 million, including a €202 million impairment related to our operations suspension in Russia.


Free cash flow before acquisitions came to a negative €1,014 million, as the improvement in EBITDA to €2,439 million was offset by the impact of inflation on working capital requirement. Back to a usual seasonality, Group cash surplus for the year will be generated by business in the second half.

We’ve delivered good results in an extremely unsettled environment, led by the remarkable commitment of all our teams. The uncertainties of today’s world make it difficult to express a medium-term outlook. However, we can count on our clear and value-creating strategy, on our resilient business model, and on our employees’ outstanding agility to steer our operations in such challenging circumstances.
Florent Menegaux, Managing Chairman

Guidance maintained

Market projections have been lowered to reflect global economic growth uncertainties. Passenger car and Light truck tire markets are now expected to end the year between +2% and -2%, Truck tire markets to expand by between 2% and 6%, and the Specialty markets to grow by between 4% and 8%.

In this scenario, and barring any new systemic impacts[1], Michelin maintains its guidance for 2022, with full-year segment operating income above €3.2 billion at constant exchange rates, and structural free cash flow[2] of more than €1.2 billion.


[1] Serious supply chain disruptions or restrictions on freedom of movement that would result in a significant drop in the tire markets.

2  Structural free cash flow corresponds to free cash flow before acquisitions, adjusted for the impact of changes in raw material costs on trade payables, trade receivables and inventories. The structural free cash flow is calculated once a year.

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