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Michelin (ML) investor relations material
Michelin Investor Presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Presentation summary23 Sep, 2025
Financial performance and outlook
H1 2025 saw solid segment operating income of €1,500M with an 11.3% margin at constant FX, despite a -6.1% drop in tire volumes, mainly due to weak OE sales; strong price-mix and cost management partially offset volume and cost headwinds.
Free cash flow before M&A was -€102M in H1, reflecting typical seasonality, with gearing improving to 22.2% and strong credit ratings maintained.
2025 full-year outlook remains unchanged, targeting segment operating income above 2024 at constant FX and free cash flow before M&A over €1.7BN.
Shareholder returns are supported by a €1.38 dividend per share (+2.2% YoY) and a €250M tranche of the ongoing share buyback program.
Sales outlook is underpinned by product innovation, with new launches like CrossClimate 3 and growth in mining tires.
Strategic positioning and operational agility
Maintains a solid, diversified profile with strong engagement (85% rate), local-to-local strategy, and balanced global sales.
Demonstrates resilience and agility through cost optimization, digitalization, and 12 activity closures in two years.
Manufacturing capacity is being adjusted to support targeted growth markets, with a focus on value-accretive segments and premium products.
Strategic partnerships and selective OE contracts drive value, while replacement segments focus on high-value niches.
M&A remains a growth lever, with a proven track record of successful integrations and strict financial criteria.
Market environment and segment trends
OE markets remain soft in Europe and North America, while replacement tire markets are resilient, especially in emerging regions and budget segments.
Truck and agricultural OE segments account for most volume declines, but targeted segments like mining, aircraft, and premium passenger tires show growth.
Forex and regulatory headwinds persist, but the group maintains a stable outlook assuming no further economic deterioration.
Non-tire businesses, including Polymer Composite Solutions, are accelerating innovation and contributing to diversification.
China remains a key market, with strong local presence, OEM partnerships, and premium market leadership.
What drives the H2 FCF before M&A turnaround?
What drives 2026 margin ambition for SR2 and SR3?
How is Michelin's tire abrasion advantage leveraged?
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Q3 2025 TU22 Oct, 2025
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Frequently asked questions
Compagnie Générale des Établissements Michelin Société en commandite par actions, commonly known as Michelin, is a global manufacturer of tires and mobility-related products and services. The company produces a wide range of tires for vehicles such as passenger cars, trucks, motorcycles, bicycles, airplanes, and heavy machinery. In addition to its core tire business, Michelin offers navigation systems, fleet management solutions, and travel guides. The company is headquartered in Clermont-Ferrand, France, and its shares are listed on the Euronext Paris.
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