Financial information at September 30, 2025

The overall performance of the Tire markets during the period primarily reflects a contraction in the Original Equipment segment in Europe and North America, and a Replacement segment led by imports of budget tires.

• For Passenger Car & Light Truck tires, Original Equipment demand rose by 2% over the period, with a rebound in the Chinese market masking a significant decline in Europe and North America. The Replacement sell-in market was stable, edging up 1%, despite a large influx of low-cost tire imports ahead of the upcoming customs tariffs which drove up inventories amid stagnating sell-out demand.

• For Truck tires (excluding China), the OE markets contracted by 4%, mainly due to a 20% slump in North America, while Europe demand stabilized at a low level. The Replacement sell-in market grew by 4%, driven by imports of budget tires. The sell-out market was flat in most regions, reflecting fragile economic activity.

• Specialty tire markets were mixed over the period, with demand rising for Aircraft and Mining tires, but continuing to fall steeply for OE Agricultural and Construction tires. In the various Polymer Composite Solutions markets, the Aviation and Equipment maintenance segments grew during the period.
  

Group sales came to €19.3 billion in the first nine months of 2025, down 4.4%, in an economic environment that was more challenging than expected in Q3, which fueled fiercer competition.

• Overall volumes retreated 5.5% year-to-date, mainly weighed down by the Truck segment, which recorded a 9.0% contraction (including a fall of over 30% for Original Equipment). The pace of the sales decline increased in North America in Q3 compared with the first half of the year, while the rest of the Group recorded overall volume growth.

• The mix effect was boosted by higher demand for larger tires in the Passenger Car & Light Truck segment, as well as by the performance of Mining and Aircraft tires, but this effect was dampened in the third quarter by the negative impact of North America. The price effect remains favorable but has noticeably softened in recent months amid a more competitive environment.

• The currency effect was a negative 2.3% for the period, with a higher unfavorable impact in the third quarter, mainly due to the weaker US dollar versus the euro.

The Group adjusts its financial outlook for 2025 and 2026.

Regarding 2025, the guidance was adjusted on October 13:

• Segment Operating Income at constant exchange rates is expected between €2.6 billion and €3.0 billion (previously: higher than 2024, i.e., above €3.4 billion).

• Free cash flow before M&A is expected between €1.5 billion and €1.8 billion (previously: above €1.7 billion).

As a result, the 2026 ambitions presented at the CMD 2024 have been adjusted:

• The 2026 ambition for Segment Operating Income (SOI) at constant exchange rates will not be met (SOI above €4.2 billion and an operating margin of 14%, at 2023 constant exchange rates). SOI is expected to increase compared with 2025, with details to be provided in February 2026.

• The ambition for Free Cash Flow before acquisitions is confirmed at €5.5 billion cumulated for the 2024–2026 period.