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.