Michelin reported a resilient performance in the first half of 2026 despite unfavourable exchange rates and continued weakness in original equipment (OE) tyre markets, as strong demand for premium replacement tyres and lower raw material costs supported profitability. The French tyre maker also reaffirmed its full-year guidance, expressing confidence in its ability to navigate geopolitical uncertainty and competitive pressures.

Group revenue stood at EURO 12.69 billion, down 2.6 percent from a year earlier on a reported basis. However, at constant exchange rates, revenue grew 0.5 percent, with a stronger euro reducing reported sales by 3.1 percent.

Michelin's core operating performance improved during the period. Segment operating income stood at EURO 1.45 billion, with the operating margin improving to 11.4 percent  from 11.1 percent  a year earlier. Excluding currency movements and changes in business scope, operating income rose 7 percent , driven by premium product sales, better pricing and lower raw material costs.

Cash generation also strengthened significantly. Free cash flow before mergers and acquisitions improved to EURO 282 million, compared with a negative EURO 102 million in the first half of 2025, while gearing remained at 26 percent , reflecting a net debt position of EURO 4.55 billion.

Premium replacement demand offsets OE weakness

Michelin said sales of MICHELIN-branded replacement tyres increased 5 percent, supported by premium products and larger rim-size tyres. The company said higher sales of premium tyres and the acquisitions of Cooley Group and Flexitallic helped offset weaker OE demand and lower volumes in Tier-2 and Tier-3 brands.

Lower raw material costs also boosted profitability, offsetting higher manufacturing, logistics and tariff-related expenses. However, net income declined to EURO 766 million from EURO 840 million due mainly to a lower contribution from equity-accounted companies.

Consumer business leads performance

The Consumer segment remained Michelin's largest earnings contributor, reporting revenue of EURO 6.93 billion and an operating margin of 12.5 percent , supported by strong replacement demand, particularly for the MICHELIN Primacy 5 Energy and Pilot Sport 5 Energy ranges.

The Transportation division improved its operating margin to 5.9 percent  despite continued weakness in North America's truck OE market, while the Specialty segment maintained a 14.1 percent  operating margin as strong mining and aircraft tyre demand offset weakness in agricultural OE markets.

The Polymer Composite Solutions business delivered the fastest revenue growth, rising 14 percent  to EURO 728 million, largely due to acquisitions, although margins were affected by weaker demand for conveyor products.

Regional tyre markets remain mixed

Michelin said global passenger car and light truck OE demand declined 3 percent, while the replacement market grew 1 percent during the first half.

Europe

• OE demand declined 1 percent
• Replacement demand fell 2 percent

North and Central America

• OE demand declined 1 percent
• Replacement demand fell 4 percent

China

• OE demand contracted 7 percent
• Replacement demand increased 9 percent

The company attributed China's OE weakness to lower government subsidies for new vehicles, while Europe experienced slower economic activity and North America was affected by tariff-driven vehicle price increases and weaker EV incentives. In Europe, replacement demand was also influenced by dealers building inventories ahead of anti-dumping duties on Chinese tyre imports.

In truck tyres, the global market excluding China grew only 1 percent , with sharp regional differences:

• Europe: OE +4 percent , Replacement +9 percent
• North & Central America: OE -12 percent , Replacement -13 percent
• South America: OE -11 percent , Replacement +32 percent

Michelin said North American demand remained subdued as fleet operators delayed purchases, while South America's replacement market expanded rapidly due to increased low-cost tyre imports.

Acquisitions and innovation

Michelin completed three acquisitions during the first half, including Tex Tech Industries, following earlier purchases of Cooley Group and Flexitallic, strengthening its Polymer Composite Solutions portfolio in higher-value industrial markets.

The company also unveiled a universal AI-powered digital tyre twin capable of predicting tyre behaviour using real-time vehicle data and introduced new tyres containing up to 75 percent  renewable and recycled materials.

Workforce restructuring continues

Michelin plans to adapt its workforce in France through voluntary measures, with up to 1,500 positions potentially affected over the next three years.

In the United States, the company will progressively wind down production at its BFGoodrich plant in Tuscaloosa, Alabama, consolidating production at Fort Wayne, Indiana, resulting in approximately EURO 220 million in non-recurring charges during 2026.

Outlook

Michelin maintained its full-year guidance and continues to expect growth in segment operating income at constant exchange rates and business scope, while targeting more than EURO 1.6 billion in free cash flow before M&A during 2026.

Florent Menegaux, Michelin's Managing Chairman, said the company's improved sales momentum reflected continued innovation, stronger brand appeal and disciplined execution despite a challenging geopolitical and competitive environment.a

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The Association of Natural Rubber Producing Countries (ANRPC) participated in CSCAP 2026, a regional forum on Accelerating Sustainable Consumption and Production for Climate Justice and Value Chain Resilience in Asia-Pacific. The event took place on 23–24 September 2026 at the United Nations Conference Centre in Bangkok, Thailand. ANRPC was represented by Secretary-General Dr Suttipong Angthong upon the organisers' invitation.

The two-day forum was organised by AFMA, FeedUP@UN, Sustainism and the Rubber Authority of Thailand (RAOT). It gathered policymakers, industry leaders, smallholder cooperatives, civil society organisations, climate scientists and development practitioners from across Asia-Pacific. Discussions centred on SDG 12, SDG 13 and SDG 15, emphasising links between high-level policy and practical implementation in natural rubber, coconut and sugarcane sectors.

Rubber figured heavily in the discussions. On day one, a high-level panel examined sustainable rubber and derivatives, traceability and deforestation-free supply chains, weighing how producing countries handle the EU Deforestation Regulation, cross-border compliance and national biodiversity frameworks from farm to tyre. Later sessions explored affordable monitoring, reporting and verification tools for smallholders, sustainability-linked finance and a rights-based approach to climate justice.

Dr Angthong shared ANRPC's perspective on conditions in producing countries, where smallholders account for the vast majority of global output. He emphasised that sustainability requirements must be paired with practical support, fair pricing and affordable traceability solutions. This, he argued, would ensure smallholders are not shut out of sustainable markets but instead benefit from the transition.

Dr Angthong said, “Natural rubber is the livelihood of millions of smallholder families across our member countries. The shift towards deforestation-free, low-carbon supply chains is an opportunity for our sector – but only if it is inclusive. CSCAP 2026 provided a valuable platform for producers, buyers, regulators and financiers to work together on solutions that are credible, affordable and fair to farmers. ANRPC will continue to serve as the voice of producing countries in shaping these solutions.”

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Pirelli & C. S.p.A. (Pirelli) and ABET High Tech Solutions S.r.l. (ABET HTS) were formally notified on 28 September 2026 of a Prime Ministerial Decree approved on 24 September 2026. The measure followed a Golden Power Procedure initiated by the Prime Minister’s Office after the two companies submitted a joint notification concerning their defence-sector activities and related plans.

Central to that notification was a co-development agreement announced on 5 August 2026. The arrangement covers joint technological work on remote-controlled electric ground vehicles intended for rescue operations in particularly difficult and extreme environments and on challenging surfaces.

The decree identified as strategically significant for Italy’s defence system, under Article 1 of Legislative Decree No. 21 of 2012, both the defence-related work of Pirelli and ABET HTS and the co-development agreement itself. Consequently, the Cabinet exercised special powers over the matter.

Acting on maximum precaution and to safeguard fundamental national defence and security interests, the decree imposed techno-organisational measures on both firms. These are designed to protect industrial property rights, know-how, products and related data of strategic value while ensuring continuity and standards in their research and development activities in the sector, both current and future. Pirelli and ABET HTS received the decision favourably.

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Titan International, Inc. is celebrating the 10th anniversary of its Titan Strong Seller Associate Dealer Program, a decade defined by partnership, expansion and mutual achievement with its Associate Dealers and Master Distributors. What began as a dealer engagement initiative has grown into a central pillar of the company’s strategy, now counting hundreds of additional Associate Dealers and more than double the participation seen in its first full year. Over 30 percent of current members have remained with the programme since its early days, underscoring its success in retention, consistency and lasting value.

Associate Dealers in the programme consistently deliver strong results, supported by a broad set of benefits built to drive business growth and operational excellence. These include uncapped earning potential through volume incentives, priority access to new products and pre-order opportunities that offer a critical time-to-market edge and ongoing training and education. Hundreds of dealers receive instruction through Titan University and Advanced TIA Tire Service Training, while marketing support and sales tools are available via Titan’s dealer portal, THE HUB. Members also gain access to hundreds of products across multiple segments, opening new revenue streams and customer opportunities. Together, these elements form an ecosystem connecting dealers to Titan’s expertise, innovation and support network.

Titan’s industry partners demonstrate proper demounting techniques during the 2024 Advanced TIA Ag and OTR Tire Service Training.

Adaptability has been central to the programme’s longevity. Instead of remaining static, Titan has continually refined the initiative to keep it competitive, relevant and valuable amid rapid market change. To mark the milestone, the company unveiled a new ‘Decade of Strength’ emblem and updated marketing materials. Anniversary initiatives include a lowered first-tier incentive threshold, allowing dealers to begin earning rewards earlier in the year, special recognition for founding Associate Dealers and exclusive events such as a dedicated Associate Dealer and leadership dinner during Titan University in January and an upcoming event at the Farm Progress Show.

Looking ahead, Titan remains committed to strengthening its dealer network through continued investment in training, product innovation and programme improvements. The Titan Strong Seller Associate Dealer Program will keep serving as a strategic growth platform, helping dealers expand into new segments, seize emerging opportunities and stay competitive in a shifting marketplace.

Kendra Mann, Director of Aftermarket Sales, said, “For the past decade, the Titan Strong Seller Associate Dealer Program has reflected our unwavering commitment to our dealers’ success. This is not a transactional programme; it is a true growth partnership. By continuously investing in training, expanding product access and refining incentives, we’ve built a model that empowers dealers to grow their businesses while staying closely connected to Titan.”

Sam Morrison, Sales Programs and Promotions Manager, said, “What makes this programme unique is the combination of direct access to Titan and the strong partnerships we’ve built with our Master Distributors. Together, we’re able to provide Associate Dealers with the support, expertise and resources they need to succeed in their local markets.”

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Michelin-backed Biotech Open Platform has commenced operations at its new facility in France, with its first advanced fermentation projects now underway. The EUR-20-million site is located in the Sustainable Materials Centre within the Michelin Innovation Park – Cataroux in Clermont-Ferrand.

The platform supports start-ups, industrial companies and R&D organisations in developing, optimising, scaling up and validating fermentation-based processes, aiming to ensure more innovations progress from laboratory scale to conditions representative of industrial production. It offers integrated fermentation, purification and bioprocess development capabilities, including a complete fermentation line with a capacity of up to 15m³ and semi-industrial purification systems that remain rare in Europe. These capabilities meet the most stringent standards, particularly those applicable to food production, and enable production of sufficient volumes for application testing and validation stages preceding potential commercial production.

As scrutiny of fossil-based ingredients and resources grows, industrial biotechnology and advanced fermentation are opening opportunities to produce molecules, ingredients and materials from renewable resources. Advanced fermentation, including precision fermentation, uses microorganisms such as yeasts, bacteria, microalgae and fungi as ‘microfactories’ capable of producing proteins, enzymes, food ingredients, cosmetic actives and bio-based materials for sectors including food and beverages, cosmetics, agriculture, chemicals and biomaterials.

Announced in 2024, the platform was born from a joint initiative by Danone, Michelin, DMC Biotechnologies, Crédit Agricole Centre France, Clermont Auvergne Innovation and Greentech. Dedicated teams and its own infrastructure guarantee strict project confidentiality and intellectual property protection, while Clermont Auvergne Métropole and the European Union, through the European Regional Development Fund, have supported creation of this strategic biotechnology infrastructure.

Florent Menegaux, Chairman, Michelin Group, said, “With the inauguration of Biotech Open Platform, we are turning a strong conviction into an industrial reality: biotechnology will play a major role in the sustainable transformation of many sectors. By providing companies with an open infrastructure and leading expertise, we want to accelerate the transition from research to industry. For Michelin, this is an opportunity to explore new ways of replacing certain molecules currently derived from petrochemicals with more sustainable, bio-based alternatives. More broadly, this platform aims to become a catalyst for innovation in support of European competitiveness.”

Khadidja Romari, Chief Executive Officer, Biotech Open Platform, said, “Biotech Open Platform was created to address a very concrete challenge in biotechnology: how to move from a promising process at laboratory scale to a robust process that can work at industrial scale. The infrastructure is important, but equipment alone is not enough. Scale-up requires experience, technical know-how and the ability to solve the issues that appear as the process moves from one scale to another. Confidentiality and protection of intellectual property are also essential for the companies we work with. Our role is to help them move faster and more securely towards industrialisation.”

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