Michelin Reports on the First Half of 2026

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.

• Revenue of €12.7 billion, up 0.5% at constant exchange rates, including a 3.1% adverse currency impact
• Segment operating income of €1.45 billion representing 11.4% of sales, up 7% at constant scope and FX
• High free cash flow before M&A, reaching €282 million, compared with -€102 million in H1 2025
• Three strategic acquisitions completed in the Polymer Composite Solutions segment

The 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…

Source: Michelin