Michelin Cie Gen Unsp/Adr (MGDDY) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to the Michelin 2026 first half results. I now hand over to Mr. Florent Melego, chief executive officer, and Miss Benedict de Bonnechaus, group CFO. Please go ahead. Ladies and gentlemen, good afternoon and good evening. Thank you for joining us for our Michelin's first half 2026 results presentation. For this presentation and Q&A session, I am pleased to be with Benedicte Bonnechaude, our new CFO. In a context still highly uncertain, shaped by mixed macroeconomic signals, geopolitical tensions, evolving trade dynamics, strong currency headwinds, I am pleased to report that Michelin delivered a solid first half performance. This performance confirms the strength of our fundamentals. A powerful Michelin brand, the resilience of our business model, our tight operational steering, the quality of our business portfolio, and the relevance of our long-term strategy, Michelin In Motion 2030. I will start with some key messages for the first half and our outlook for 2026, then Benedict will take you through our markets, our financial performance, our cash generation, our outlook, and our guidance. Let me start with our first semester performance. What you see on the screen, and if you are aware to summarize it, I would qualify it as solid. Solid in terms of financial performance, as our slight revenue growth translated into a significant segment operating income progression of over 100 million Euro at constant Forex and Scope versus, of course, the first half of 2025. Solid in-tire activities as our Michelin brand posted material growth and gain share in most replacement markets. It reflects our customers' trust, the quality of our products, the strength of our distribution, and the relevance of our value proposition. Q2 marked a turning point. ...