French tyre manufacturer Michelin’s sales for the first nine months of 2026 totalled €19.18bn ($21.55bn), down 0.5% year-on-year but 1% higher at constant exchange rates.
Tyre volumes declined 0.8%, which cut sales by €159m, as weaker original equipment demand affected all three main business segments.
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Michelin-brand replacement tyre volumes rose 4%.
Changes in scope contributed €179m, or 0.9%, following the addition of Cooley Group and Flexitallic in the first half of 2026 and TexTech from 1 July 2026 in Polymer Composite Solutions.
Changes in scope mean the effect on reported sales of businesses being acquired or sold, rather than organic performance.
These acquisitions offset the sale of the compact line business to Indian tyre manufacturer Ceat in the third quarter of 2025.
Foreign exchange cut sales by €300m, or 1.6%, owing to a weaker US dollar against the euro in the first half, although movements were favourable in the third quarter.
Consumer segment revenue fell 1% to €10.39bn, with volumes up 0.5%.
Transportation revenue declined 3.7% to €4.34bn on volumes down 1.5%, although third-quarter revenue rose 1.7% as original equipment sales improved in North America after a recovery in Class 8 truck orders.
Specialities revenue slipped 0.9% to €3.28bn but rose 0.4% excluding the compact line divestment.
Polymer Composite Solutions revenue grew 21.9% to €1.14bn, but fell 2.7% excluding scope effects, as weakness in Conveyors, linked to cautious mining customers and a weak iron ore market, outweighed growth elsewhere.
Michelin said the passenger car and light truck replacement tyre market grew 6% in China over the period but fell 3% in North and Central America and 1% in Europe.
The company confirmed its full-year guidance, which targets growth in segment operating income at constant exchange rates and scope compared with 2025, along with free cash flow before M&A of more than €1.6bn.
It will publish its 2026 annual results on 11 February 2027.
