Michelin (ML) Q3 2026 TU earnings summary

Executive summary

• Nine-month revenue was €19.175bn, down 0.5% at current exchange rates and up 1.0% at constant exchange rates; Q3 revenue grew 2.2% at constant FX, including 0.8% organic growth.

• Q3 growth accelerated as price-mix and acquisition scope gains outweighed lower tire volumes; FY2026 guidance was confirmed.

Financial highlights

• Nine-month revenue bridge: scope +€179m, volumes -€159m, price-mix +€206m, non-tire businesses -€26m and currency -€300m.

• Q3 revenue bridge: scope +€88m, volumes -€37m, price-mix +€105m, non-tire businesses +€6m and currency +€91m.

• Nine-month price-mix added 1.1%, including +1.6% from mix; tire volumes declined 0.8%.

• Q2 and Q3 price increases are expected to cover 80% of cost inflators, with contract indexation covering the balance in H1 2027; tariff refunds totaled €100m through Q3.

Outlook and guidance

• FY2026 guidance confirmed: segment operating income at constant FX and scope above 2025’s 4.9%, and free cash flow before M&A above €1.6bn.

• FY tire volumes are expected to be slightly negative, with no Q4 rebound anticipated; group operating performance is expected to be stable versus 2025, with H2 below H1.

• FY market outlook: passenger car/light truck -1% to +1%; truck excluding China 0% to +2%; specialties 0% to +2%.

• Raw materials are expected to provide a €50m–€100m FY2026 tailwind, then become a headwind in H1 2027.