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Michelin
Michelin (ML) investor relations material
Michelin H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary11 Feb, 2026
Executive summary
2025 results demonstrated resilience with segment operating income of €2.9B at constant FX and strong free cash flow before M&A of €2.1B, despite lower volumes and adverse currency effects.
The group advanced its 2030 strategy, focusing on core tire business, expanding Polymer Composite Solutions (PCS), and leveraging brand strength and innovation through acquisitions and R&D.
Non-tire businesses, including Connected Fleet and Lifestyle, contributed positively to sales and operating income.
High employee engagement, safety improvements, and significant CO2 emissions reduction aligned with 2030 ambitions.
The group strengthened its financial position and accelerated its product plan, focusing on high value-added activities.
Financial highlights
2025 sales reached €25,992M, down 4.4% year-over-year, mainly due to a 4.7% drop in volumes and €800M negative currency effect, partially offset by a positive price-mix.
Segment operating income was €2,719M (10.5% margin), down from €3,378M (12.4%) in 2024.
Net income was €1,664M, with basic EPS at €2.36 and a higher effective tax rate (26%).
Free cash flow before M&A reached €2,126M, supported by working capital discipline and asset disposals.
Dividend per share maintained at €1.38, with a 57% payout ratio and a new €2B share buyback program planned for 2026–2028.
Outlook and guidance
2026 guidance targets segment operating income above 2025 at constant scope and FX, and free cash flow before M&A above €1.6B.
Tire volumes expected flat in H1 2026, improving in H2 as OE and B2B markets recover; PCS growth to continue.
Raw material tailwind of €400M anticipated in 2026, partially offset by €220M in wage and logistics inflation; raw material costs and FX assumed stable.
Share buyback of €750M planned for 2026, with further buybacks dependent on cash generation and acquisitions.
Polymer Composite Solutions to become a new reporting segment from Q1 2026.
Polymer Composite Solutions: 2026 growth drivers?
Road Transportation adaptation plan effectiveness?
How to reach 40% recycled materials by 2030?
How will PCS achieve its 15%+ SOI target?
Detail RS2's path to improved operating margin.
What is Michelin's competitive edge in tire abrasion?
Target gearing range for balance sheet?
PCS growth strategy: prioritize organic or M&A?
Beyond-road recovery plan details?
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Next Michelin earnings date
Q1 2026 TU29 Apr, 2026
Michelin
Next Michelin earnings date
Q1 2026 TU29 Apr, 2026
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Frequently asked questions
Compagnie Générale des Établissements Michelin Société en commandite par actions, commonly known as Michelin, is a global manufacturer of tires and mobility-related products and services. The company produces a wide range of tires for vehicles such as passenger cars, trucks, motorcycles, bicycles, airplanes, and heavy machinery. In addition to its core tire business, Michelin offers navigation systems, fleet management solutions, and travel guides. The company is headquartered in Clermont-Ferrand, France, and its shares are listed on the Euronext Paris.
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