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Financial information at June 30, 2023

Michelin delivered sales growth of 5.9% and increased segment operating income by 11.4% in the first half of 2023, in adverse markets. Free cash flow before M&A reached €922 million. Guidance is revised upwards.


Sales up 5.9% to €14.1 billion, lifted by dynamic pricing and fast-growing non-tire sales:

  • Tire markets flat in PC and declining in Truck, supported by OE but dampened by sustained destocking by distribution and B2B fleets
  • Tire sales volumes down 3.7%, reflecting market trends and the Group’s priority on value-accretive segments
  • Price-mix effect reached 9.4%, attesting to the value of our offering and the net positive mix despite adverse OE/RT sales development
  • Non-tire sales grew by 17% at constant exchange rates, sustainably fueling the Group’s growth
  • Currency effect turned negative at -1.0%, due to the depreciation of most currencies against the euro


Segment operating income up 11.4% to €1.7 billion, as value management offset cost inflation and the decline in sales volumes:

  • Auto and Specialties delivered higher performance
  • Road transportation encountered a negative OE/RT mix and low volumes, which heavily impacted capacity utilization and fixed costs absorption
  • Strong price-mix effect, led by sustained product mix enhancement, pricing policies and the lagging impact of indexation clauses
  • Specialties operating margin rose to 18.3%, supported by dynamic Mining, Aircraft and High-tech materials businesses


Free cash flow before acquisitions of €922 million, driven by tight business steering:

  • EBITDA reaching €2.6 billion or 18.8% of sales
  • Working capital benefitted from tight inventory management and cash recovery from Q4 2022
  • Positive cash generation from TBC amounting to €256 million, partly due to the proceeds from the sale of its company-owned retail network

  Guidance revised upwards

Despite a softer market scenario, Michelin’s 2023 guidance has been revised upwards, and now calls for segment operating income at constant exchange rates of more than €3.4 billion (vs. €3.2 billion previously) and free cash flow before acquisitions of more than €2.0 billion (vs. €1.6 billion previously).

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