Q2/H1-26 preview: raw mat and price/mix earnings support

Research evidence excerpt

Q2/H1-26 preview: raw mat and price/mix earnings support

Deutsche Bank

Research

Rating Company Date

Buy Michelin 3 July 2026

Forecast Change

Europe

France

Reuters Bloomberg Exchange Ticker Price at 2 Jul 2026 (EUR) 34.72

MICP.PA ML FP PAR MICP

Price Target (EUR) 36.00

Autos

ADR ISIN 52-week range (EUR) 34.48 - 26.11

Tires

MGDDY US59410T1060

Q2/H1-26 preview: raw mat and price/

Valuation & Risks mix earnings support

Christoph Laskawi

H1-26 results due on July 27, 2026 Research Analyst

Michelin is set to report H1-26 results on July 27 post-market close and will host a +49-69-910-31924

conference call the same evening. We model Q2 top-line growth, which would be

Tim Rokossa

the first quarter of positive stated growth after 11 consecutive quarters of declining Head of European Equity Research

revenues. Earnings are expected to be in line with the FY target trajectory in H1-26, +49-69-910-31998

and FCF should follow the usual seasonality. On the back of slightly increased

Nicolai Kempf

forecasts, we lift our target price to EUR36.

Research Analyst

+49-162-5168792

Q2/H1-26 preview in more detail: raw mat tailwind cushions cost headwinds

Nikita Papaccio

For Q2-26, we model volumes to improve sequentially and reach a level which is flat

y/y. Price/mix is seen in the range of Q1-26 but with a lower pricing headwind but +49-69-910-48637

also lower mix tailwind. Scope adds further positive. In total, we forecast Q2-26 to

be up slightly y/y, which would be the first quarter with positive top-line growth Mira Wiegratz

Research Associate

post-eleven consecutive quarters of top-line decline. Earnings are supported by a

+49-69-9103-1733

sizeable raw material impact and positive mix contribution, while other inflation net

of efficiencies, FX, volume, and others should be a headwind.