Group revenue amounted to €19.2 billion for the first nine months, with growth accelerating in Q3 (+2.2% at iso FX and +0.8% at iso-FX and scope)
Tire volumes declined by 0.8%, primarily reflecting lower Original Equipment sales. Replacement proved more resilient, with MICHELIN-brand volumes up 4% at the end of September.
The favorable 1.1% price-mix effect included a 1.6% positive mix contribution, supported by MICHELIN-brand growth, higher-value products, and a supportive business and market mix. The price effect turned positive in the third quarter, reflecting price hikes in reaction to increasing input costs.
Non-tire businesses had a slightly negative 0.1% organic impact, as growth across most Polymer Composite Solutions activities was offset by temporary weakness in Conveyors.
The 0.9% positive scope effect primarily reflected the consolidation of Cooley Group, Flexitallic and TexTech, partly offset by the 2025 divestment of Compact line activities.
The currency effect was negative by 1.6% over the period, mainly due to the depreciation of the US dollar during the first half. It turned favorable in the third quarter.
Consumer segment: resilient revenue, supported by MICHELIN-brand Replacement sales and Two-Wheel growth
Revenue amounted to €10.4 billion, down 1.0% over the period, up 2.2% in the third quarter. Volumes grew by 0.5%, with Passenger Car Replacement and Two-Wheel offsetting continued weakness in Original Equipment and decreasing sales in Tier 2 and Tier 3 brands.
For Passenger Car & Light Truck, Original Equipment sales remained lower, reflecting weak global markets and an unfavorable mix of automakers and vehicle models, particularly in Europe and North America. In China, sales continued to grow in a contracting market.
On the Replacement market, sales kept increasing over the period, led by the MICHELIN brand which overperformed in 18-inch and larger tires and benefited from successful new ranges, including MICHELIN Primacy 5 Energy.
Two-Wheel activities sustained strong growth, driven notably by the MICHELIN brand’s performance in the premium leisure motorcycle segment.
Transportation segment: lower revenue in difficult markets, trend improving in the third quarter
Revenue totaled €4.3 billion, down 3.7% over the period. Volumes declined by 1.5%, mainly reflecting lower Original Equipment sales.
Sales trend reversed in the third quarter with segment revenue up by 1.7%, as OE sales improved as anticipated in North America following the recovery in Class 8 truck orders and production.
In South America, sales were driven down by a weaker-than-expected Original Equipment market, with truckmakers facing intensified competition from imported trucks on top of soft demand from fleet operators.
On the Replacement market, sales decreased slightly due to Americas, with North America still facing low freight demand and consumer sentiment, and South America dealing with major import flows of low-priced tires. European sales were higher over the first nine months. The Group continued to rely on its competitive high-value offering and a refreshed product portfolio.
Specialties segment: growth in Mining offsetting continued pressure in Beyond-road
Revenue amounted to €3.3 billion, down 0.9% as reported but up 0.4% on a like-for-like basis reflecting the disposal of Compact line activities. Third-quarter revenue was up 2.2%.
Mining continued to grow and gain market share, particularly in large tire dimensions and underground mining applications.
Aircraft sales remained higher over the period, with third quarter affected by softer commercial aviation activity in North America, Middle East and India.
Beyond-road remained under pressure, particularly in Agricultural Original Equipment in North America and Europe. Infrastructure continued to grow, supported by new commercial opportunities including data center construction, and recently launched product ranges. Material handling remained soft, Defense mobility was on the rise.
Polymer Composite Solutions segment: strong reported growth, supported by acquisitions and organic gains outside Conveyors
Revenue rose by 21.9% to €1.15 billion, benefiting from the consolidation of Cooley Group, Flexitallic and TexTech. Excluding scope effects, revenue decreased by 2.7%, as Conveyors market softness masked the organic growth recorded across all other categories.
Sealing continued to grow, supported by infrastructure and aeronautical applications. Coated fabrics and films benefited from a widening portfolio, while Belting was supported by industrial, aerospace and energy applications.
Conveyors remained lower due to cautious spending by mining customers and weak iron ore market particularly in Australia. Upside trend in order books supports improving activity prospects.
2026 outlook
Michelin confirms its full-year guidance, targeting growth in segment operating income at iso-forex and iso-scope compared with 2025, and over €1.6 billion in free cash flow before M&A.