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Michelin (ML) investor relations material
Michelin Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary22 Oct, 2025
Executive summary
Nine-month 2025 sales declined 4.4% year-over-year to €19.3 billion amid a challenging economic environment, with a sharper downturn in Q3, especially in North America, driven by a major wholesaler exit and market share losses from pricing actions.
Strategic decisions, including exiting unprofitable segments and restructuring pricing with OEMs, led to negative volume impacts, compounded by weak OE demand across all vehicle segments and intense market competition.
The Group revised its 2025 and 2026 guidance downward following Q3 deterioration, particularly in North America, with fundamentals remaining strong due to solid profitability, significant cash flow, and a robust balance sheet supporting continued share buybacks.
Financial highlights
Group sales for the first nine months of 2025 were €19,275 million, down 4.4% from €20,171 million in 2024, with a 5.5% drop in volume partially offset by a 3.2% positive price/mix effect and a -2.3% currency impact.
Q3 2025 sales were €6,247 million, down from €6,690 million in Q3 2024, with price-mix contributing +1.5% and volume down -4.5%.
Segment operating income guidance for the year was revised down from above €3.4bn to €2.6–3.0bn, mainly due to volume and fixed cost absorption issues.
All segments experienced negative volume and FX impacts, with North America seeing a nearly 10% volume decline in Q3.
Outlook and guidance
Full-year 2025 Segment Operating Income expected between €2.6bn and €3.0bn (previously above €3.4bn), with continued uncertainty in North America and truck OE markets.
Free cash flow before acquisitions expected between €1.5bn and €1.8bn, with a cumulative target of €5.5bn over 2024–2026.
2026 ambitions for SOI above €4.2bn and 14% margin will not be met; restructuring savings and raw material tailwinds expected to support future performance.
What specific factors drove North America's Q3 volume decline?
Why is the 2026 ambition no longer achievable?
Detail the accelerated share buyback program
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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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