Q1 2021: €5.4 billion in sales, up 8.3% at constant exchange rates, lifted by the recovery in demand.


With the strong upturn in global demand, which offset major supply chain disruptions and persistent health-related restrictions:

  • Passenger car/Light truck and Truck tire markets rose by 9% and 20%, respectively,
  • Specialty markets saw a rebound, impelled by the Agricultural, Construction and Two-wheel tire businesses,
  • Demand rebounded sharply in China across every market, returning to near-2019 levels.


€5,448 million in first-quarter sales, up a reported 2.3% after a negative 6% currency effect:

  • 5% growth in tire volumes with, in particular, consolidation of the Group’s positions in Passenger car/Light truck Replacement markets and gains in the Specialty businesses,
  • A 0.3% increase from tire prices, as firm price discipline in response to higher raw materials and logistics costs offset the negative impact of indexation clauses,
  • A 0.6% increase from the tire mix, as the sustained shift upmarket in the product mix, with market share gains in MICHELIN-branded 18-inch and larger tires, more than made up for the unfavorable business mix,
  • Stable sales in the non-tire businesses, which were adversely impacted by the fall-off in demand in the restaurant and travel guides segments.


Michelin is opening up the capital of Solesis to Altaris Capital Partners to step up its expansion in healthcare markets:

  • Demonstrates the Group’s ability to capture the value of its High-Tech Materials businesses,
  • The disposal gain added around €130 million[1] to consolidated net income.



[1]Without any impact on segment operating income or guidance

Despite the disruptions from the Covid-19 pandemic and a certain amount of disorganization in the supply chain, Michelin delivered a robust performance in a first quarter shaped by an upturn in global demand. In addition to diligently managing its prices and strengthening its positions in the most promising growth segments, the Group continued to improve its competitiveness, in line with the Michelin in Motion strategy presented last April 8. In these challenging, uncertain times, I would like to thank everybody in the Michelin corporate community for their commitment to preparing the Group’s future and sustainable growth.
Florent Menegaux, Chief Executive Officer, Michelin Group

Guidance confirmed


In 2021, in a still highly uncertain environment as the health crisis unfolds, Passenger car/Light truck tire markets are expected to expand by 6% to 10% over the year, Truck tire markets by between 4% and 8%, and the Specialty markets by 8% to 12%. Even as raw materials and logistics costs continue to rise, the Group maintains its objective of reporting a slightly positive net impact of changes in the price mix and raw materials costs.

In this scenario, and barring any new systemic impact from Covid-19,[2] Michelin confirms its guidance, with full-year segment operating income in excess of €2.5 billion at constant exchange rates and structural free cash flow[3] of around €1 billion.

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

[3] 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.

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