Michelin: In the first half of 2026, Michelin reported an increase in segment operating income at constant scope and exchange rates, as well as in free cash flow before M&A. The Group confirms its full-year guidance.

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Clermont-Ferrand – July 27, 2026COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELINIn the first half of 2026, Michelin reported an increase in segment operating income at constant scope and exchange rates, as well as in free cash flow before M&A. The Group confirms its full-year guidance.Revenue of €12.7 billion, up 0.5% at constant exchange rates, including a 3.1% adverse currency impactSegment operating income of €1.45 billion representing 11.4% of sales, up 7% at constant scope and FXHigh free cash flow before M&A, reaching €282 million, compared with -€102 million in H1 2025Three strategic acquisitions completed in the Polymer Composite Solutions segmentThe Group’s results for the first half of 2026 confirm its ability to achieve a solid operating performance in a challenging economic environment, marked by a particularly unfavorable currency effect and continued weakness in the Original Equipment markets.Revenue totaled €12.7 billion, down 2.6% as reported but up 0.5% at constant exchange rates. The positive 0.9% price-mix effect is driven by an improved product-mix and the strong momentum of the MICHELIN brand, whose sales volumes increased by 5% on the Replacement markets. The -0.9% volume effect reflects the decline in Original Equipment and Tier-3 brands. The favorable scope effect is linked to the acquisitions of Cooley Group and Flexitallic.Segment operating income reached €1.45 billion or 11.4% of sales, vs. 11.1% in first-half 2025. The increase of €103 million (+7%) at constant scope and FX reflected the favorable shift in the price-mix and lower raw material prices, partly offset by higher manufacturing and logistics costs (inflation and customs tariffs). In parallel, the Group is continuing to adapt its industrial capacities worldwide.Free cash flow before M&A was a positive €282 million, up €384 million vs. first-half 2025. The 26% gearing ratio underscores the Group's robust financial position.Performance by segment:The Consumer segment reported revenue of €6,926 million and an operating margin of 12.5% (up 0.4 pts), supported by robust MICHELIN-brand momentum in Replacement (notably the success of the new MICHELIN Primacy 5 Energy and Pilot Sport 5 Energy ranges), and by growth in Two-Wheel activities.The Transportation segment reported revenue of €2,813 million and an operating margin of 5.9% (up 0.3 pts), delivering an improved...

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