Michelin reported group revenue of €19.175 billion for the nine months ended Sept. 30, 2026, down 0.5% at current exchange rates but up 1.0% at constant exchange rates and 0.1% at constant exchange rates and scope. Third-quarter revenue reached €6.49 billion at current exchange rates, slightly below the €6.63 billion analyst consensus, while growth accelerated to 2.2% at constant exchange rates and 0.8% on an iso-FX and scope basis. Tire volumes fell 0.8%, but a 4.0% increase in MICHELIN-brand volumes, a 1.6% positive product-mix effect and targeted replacement-market price increases helped offset weaker Original Equipment demand. Michelin reaffirmed its full-year target for growth in segment operating income at iso-forex and iso-scope compared with 2025, as well as more than €1.6 billion in free cash flow before mergers and acquisitions. Polymer Composite Solutions revenue rose 21.9% to €1.149 billion, supported by acquisitions, while Michelin’s over-the-counter traded ADRs rose 0.4% after the update.