Group sales reached 6,167 million euros in the first quarter of 2026, down 5.4% compared to the same period in 2025. The decline is entirely attributable to unfavorable currency effects, as revenue remained stable at historical exchange rates.
Sales in the Consumer segment (Automotive, Two-wheelers, and related Distribution) totaled 3,403 million euros at the end of March 2026, compared to 3,559 million euros at the end of March 2025, representing a 4.4% decrease. Sales volumes grew by 1.3% over the quarter.
Road Transport (and related Distribution) sales amounted to 1,357 million euros at the end of March 2026, versus 1,529 million euros for the same period in 2025, a decline of 11.3%.
Specialties (and related Distribution) sales reached 1,080 million euros, compared to 1,117 million euros at the end of March 2025, down 3.3%. Volumes increased by 2.5%.
'In this unpredictable environment, the Group regularly reassesses market trends and its supply chains. At this stage, 2026 guidance remains unchanged,' management stated.
Compagnie Générale des Etablissements Michelin is one of the world leaders in manufacturing and marketing of tires. Net sales break down by activity as follows:
- sale and distribution of tires: mainly replacement tires, long-distance transport tires, specialty tires (for agricultural and civil engineering machinery, aircraft, etc.) and original equipment tires for passenger cars and two-wheels;
- development of connected solutions: offers adapted to the new economic, human and environmental challenges of fleet managers and other public or private mobility players, offers to accompany travel and journeys (Michelin and Robert Parker gastronomic guides, tourist guides and applications such as ViaMichelin);
- development of polymer composite solutions: high-tech solutions in the fields of seals, belts and technical fabrics, developed thanks to Michelin's unique expertise in the physics and chemistry of materials, and aimed at a variety of sectors such as mobility, construction, aeronautics, low-carbon energies and healthcare.
Net sales are distributed geographically as follows: France (9.8%), Europe (27.3%), Mexico and North America (36.7%) and other (26.2%).
This super rating is the result of a weighted average of the rankings based on the following ratings: Valuation (Composite), EPS Revisions (4 months), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Investor
Investor
This super composite rating is the result of a weighted average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), EPS Revisions (1 year), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Global
Global
This composite rating is the result of an average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), Financial Estimates Revisions (Composite), Consensus (Composite) and Visibility (Composite). The company must be covered by at least 4 of these 5 ratings for the calculation to be carried out. We recommend that you carefully review the associated descriptions.
Quality
Quality
This composite rating is the result of an average of rankings based on the following ratings: Returns (Composite), Profitability (Composite) and Quality of Financial Reporting (Composite), and Financial Health (Composite). The company must be covered by at least 2 of these 3 ratings for the calculation to be performed. We recommend that you carefully read the associated descriptions.
ESG MSCI
ESG MSCI
The MSCI ESG score assesses a company’s environmental, social, and governance practices relative to its industry peers. Companies are rated from CCC (laggard) to AAA (leader). This rating helps investors incorporate sustainability risks and opportunities into their investment decisions.
