The French tire manufacturer Michelin reported a slight drop in its revenue for the first nine months of 2026, affected by weaker sales volumes and the unfavorable currency effect of the depreciation of the US dollar against the euro.
The group's revenue as of September 30 amounted to 19.18 billion euros compared to 19.28 billion euros for the same period last year. At constant exchange rates, sales increased by 1%, the company said.
Tire volumes fell by 0.8%, mainly due to weaker demand in the original equipment segment, which is directly dependent on new car production.
The replacement tire market performed better. Michelin brand sales in this segment increased by 4% at the end of September.
Significant differences were also observed between individual markets. In the rest of the world, including the Middle East, Michelin reported a 7% increase in demand. In North and Central America, the market contracted by around 1%, with the company citing weakening purchasing power among the factors for the lower demand.
Price and product mix contributed positively by 1.1% to the results. The effect reflects the price increases implemented by Michelin in response to rising raw material prices.
Despite lower volumes and the negative impact of exchange rates, the French group confirmed its financial targets for 2026.
The results show different dynamics in the two main market segments - weaker car production puts pressure on original equipment tires, while replacement tire demand remains more resilient.