Michelin reported an increase in segment operating income at constant scope and exchange rates and a sharp rise in free cash flow before M&A for the first half of 2026, while confirming its full-year guidance. Revenue reached €12.7 billion, up 0.5% at constant exchange rates despite a 3.1% adverse currency impact, with segment operating income of €1.45 billion representing 11.4% of sales, a 7% increase at constant scope and FX. Free cash flow before M&A swung to a positive €282 million from a negative €102 million in the first half of 2025, and the gearing ratio stood at 26%. The Consumer segment posted an operating margin of 12.5%, Transportation improved to 5.9%, Specialties held steady at 14.1%, and Polymer Composite Solutions, which completed three strategic acquisitions, reported a margin of 13.6%. The Group confirmed its full-year targets of growing segment operating income at constant scope and exchange rates and generating over €1.6 billion in free cash flow before M&A.
Compagnie Generale des Etablissements Michelin SCAMichelin reported higher segment operating income and free cash flow, confirming full-year guidance.