Michelin H1 2026 Financial Results
Michelin reported first‑half 2026 revenue of €12.69 billion, a 2.6 % decline on a reported basis but a 0.5 % increase at constant exchange rates, falling short of the €12.74 billion analyst consensus and reflecting a 3.1 % adverse currency effect. Net income for the period was €766 million, missing the €977 million estimate. Segment operating income reached €1.45 billion, representing 11.4 % of sales and up from 11.1 % in H1 2025; on a constant‑scope and constant‑currency basis the figure grew 7 % driven by a favourable price‑mix and lower raw‑material costs, partially offset by higher manufacturing and logistics expenses, including inflation and customs tariffs. Free cash flow before mergers and acquisitions turned positive at €282 million, compared with a €102 million deficit in the same period last year.
The Consumer segment generated €6.93 billion of revenue with a 12.5 % operating margin, the Transportation segment €2.81 billion with a 5.9 % margin, the Specialties segment €2.22 billion with a 14.1 % margin, and the Polymer Composite Solutions segment €728 million with a 13.6 % margin.
Managing Chairman Florent Menegaux said the group is showing a marked improvement in sales momentum, attributing the performance to quality offers, innovation, brand attractiveness and competitiveness. Michelin reaffirmed its full‑year guidance, targeting growth in segment operating income at constant currency and scope versus 2025 and aiming for more than €1.6 billion of free cash flow before mergers and acquisitions.