Pole Position "UBS European & US Autos Daily" Hummel

Research evidence excerpt

Pole Position "UBS European & US Autos Daily" Hummel

Global Research

3 July 2026ab

Pole Position Equities

Europe including UKUBS European & US Autos Daily

Automobiles

Patrick Hummel, CFA

Michelin: Feedback from pre-close call Analyst

Michelin IR hosted a pre-close call for sell-side analysts. A transcript is available on the patrick.hummel@ubs.com

company website. No Q&A session was held. +41-44-239 52 54

David Lesne

Key takeaways include: Analyst

david.lesne@ubs.com• Overall, Michelin confirmed messaging on better H2 revenue vs H1, and an EBIT

+33-14-888 3034

margin slightly lower in H2 (due to higher input costs)

• Michelin anticipates broadly stable volume growth in Q2, after Q1 delivering -1.4%. Joseph Spak, CFA

Therefore, H1 should be slightly negative, implying Michelin is performing broadly in line Analyst

joseph.spak@ubs.com

with its underlying markets. Michelin also indicates Transportation (i.e. Trucks) could

+1-212-713 3089

generate flat to positive growth.

• Price-Mix is expected to be positive but it sounds more driven by mix. Price was Juan Perez-Carrascosa

negative in Q1 and Michelin highlights continued effect of indexation clauses Analyst

juan-perez.carrascosa@ubs.com

suggesting it could remain negative, in our view.

+34-91-436 9025

• On the EU investigation on China imports, Michelin's understanding is the EU has

reached a decision in June and an official announcement is expected mid-July. Paul Gong

Analyst

paul.gong@ubs.com

Our view:

+852-2971 7868

We do not expect major changes to FY26 consensus and the guidance for EBIT > 2025

Zehua Jiang(excl. FX and M&A) will likely be confirmed at the time of the H1 release on 27 July. For

H1, consensus is broadly in line, expecting volume growth of -0.8% and an EBIT margin zehua.jiang@ubs.com

of 10.8%.