Michelin reported revenue of €19.2 billion for the nine months ended 30 September 2026, down 0.5% as reported but up 1.0% at constant exchange rates. Growth in MICHELIN-brand volumes and more resilient replacement demand contrasted with weaker original equipment sales, which drove an overall 0.8% decline in group tyre volumes.
Group revenue increased 1.0% at constant exchange rates and 0.1% at constant exchange rates and scope, which also excludes changes from acquisitions and disposals. These measures differ from reported revenue growth, which includes currency movements.
MICHELIN-brand replacement volumes increased 4% over the nine-month period. That growth did not extend across all brands and businesses, with lower OE sales weighing on total tyre volumes, according to Michelin’s financial update.
Consumer segment revenue reached €10.4 billion, down 1.0%. Growth in passenger replacement and two-wheel tyre volumes offset weaker OE demand and declining sales of Tier 2 and Tier 3 brands.
The results show the distinction between the performance of Michelin’s flagship brand and its wider portfolio. Stronger MICHELIN-brand replacement demand helped support the consumer business, while other parts of the range remained under pressure.
Transportation segment revenue fell 3.7% to €4.3 billion, with volumes down 1.5%.
European replacement sales increased over the nine months, while replacement sales in the Americas declined. The regional differences meant stronger European demand did not translate into replacement growth across the transportation business.
Across specialty activities, mining continued to grow, while agricultural OE demand remained under pressure in Europe and North America.
The figures point to different demand conditions across Michelin’s businesses. Replacement tyres provided support, particularly for the MICHELIN brand, but weaker vehicle-production demand continued to affect overall volumes.
Michelin maintained its full-year guidance for growth in segment operating income at constant exchange rates and scope, alongside free cash flow before acquisitions of more than €1.6 billion.
Tags: Michelin, Michelin results, nine-month sales, replacement tyres, OE tyres, tyre volumes, passenger tyres, commercial tyres, mining tyres, tyre industry
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