Michelin revises its forecasts for 2025

On October 13, 2025, Michelin announced an adjustment to its financial forecasts for 2025. The group noted a more marked than expected deterioration in the economic environment in the third quarter. Although Michelin recorded overall volume growth, particularly outside North America, this market suffered a nearly 10% decline in sales. This decline is attributed to weakened demand for heavy-duty and agricultural vehicles, as well as a deterioration in B2C sales.

The adverse trend in customs duties and the weakening of the dollar have also impacted the group's competitiveness and free cash flow. As a result, Michelin has revised its forecasts: expected operating profit is now between €2.6 billion and €3.0 billion, and free cash flow before acquisitions is between €1.5 billion and €1.8 billion.