Michelin reported first-half revenue of €12.69 billion, slightly below the analyst estimate of €12.74 billion. Revenue declined 2.6% as reported but increased 0.5% at constant exchange rates, impacted by a 3.1% adverse currency effect. Net income reached €766 million, missing the estimate of €977 million. Segment operating income rose to €1.45 billion, representing 11.4% of sales, up from 11.1% in the first half of 2025. The company confirmed its full-year guidance, targeting growth in segment operating income at constant currency and scope compared with 2025, and over €1.6 billion in free cash flow before mergers and acquisitions.
Compagnie Generale des Etablissements Michelin SCARevenue and net income missed analyst estimates, with net income significantly below expectations.