Full Year 2025 Compagnie Generale des Etablissements Michelin SCA Earnings Call Transcript

Feb 11, 2026 / 05:30PM GMT

Release Date Price: €32.37 (-0.95%)

Transcript

Key Points

Positve

Michelin (MGDDF) achieved a high engagement rate of 84.4%, close to its 2030 target of 85%.
The company reported a strong free cash flow before M&A of EUR2.1 billion, reinforcing its financial strength.
Michelin (MGDDF) plans to launch a new share buyback program of up to EUR2 billion over the next three years.
The company has made significant progress in reducing CO2 emissions, achieving a 48% reduction since 2019.
Michelin (MGDDF) has a strong brand value, with the MICHELIN brand worth over $10 billion, ranking as the ninth strongest brand globally.

Negative

Michelin (MGDDF) did not meet its initial 2025 guidance for segment operating income, achieving EUR2.9 billion at iso-FX.
The company experienced a 4.7% decline in volumes, primarily driven by original equipment.
Michelin (MGDDF) faced a significant negative currency effect of EUR800 million, impacting sales.
The company's operating margin was affected by low factory loading and tariffs, particularly in North America.
Michelin (MGDDF) reported a decrease in net results by EUR230 million compared to 2024.

Operator

Ladies and gentlemen, welcome to the Michelin conference call. I now hand over to Mr. Florent Menegaux, Chief Executive Officer; and Mr. Yves Chapot, General Manager and Group CFO. Gentlemen, please go ahead.

Florent Menegaux

Compagnie Generale des Etablissements Michelin SCA - Chief Executive Officer, Managing General Partner, Member of the Executive Committee

Good evening, good afternoon and good morning to all of you. Thank you for joining us, Yves Chapot and myself, for 2025 results call.

I would like to start by summarizing our 2030 Michelin in Motion strategy. What you see on your screen is the group relies on four strong and clear distinctive assets. Our Michelin's way of managing based on empowerment, autonomy, and responsibility. Our company's resilience comes from team cohesion and shared values.

Number two, we have a strong and well-recognized brand. Our MICHELIN brand is now worth more than $10 billion, and it is the ninth strongest brand in the world across all categories, not only in tires. We capitalize on a powerful

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