Quick Take: Michelin Q2 2026 Briefing - Prior guidance & consensus look achievable

研报英文原文证据摘录

Quick Take: Michelin Q2 2026 Briefing - Prior guidance & consensus look achievable

2 July 2026

Harry Martin, CFA

+44 20 7676 8965

European Automobiles & Components harry.martin@bernsteinsg.com

Michelin Alice Buckley

+44 20 7676 6739

Rating alice.buckley@bernsteinsg.com

Outperform Stephen Reitman

Price Target +44 20 7762 5535

stephen.reitman@bernsteinsg.com

ML.FP 38.00 EUR

Steve Pereira Fernandes, CFA

+44 20 7676 7254

steve.pereira-fernandes@bernsteinsg.com

Quick Take: Michelin Q2 2026 Briefing - Prior guidance &

consensus look achievable

Michelin hosted a briefing with the sell-side ahead of their Q2 results on the 27th July. After Close Date 2 Jul 2026

Continental’s upbeat comments on Q2 yesterday we wondered if Michelin may disappoint on ML.FP Close Price (EUR) 34.72

volumes so reiterating all prior guidance is likely a small relief. Price Target (EUR) 38.00

Upside/(Downside) 9%

Q2 revenues largely in-line with prior guide & consensus. Michelin expects Q2 volumes 52-Week Range 34.94/25.51

close to flat YoY, in-line with previous guidance, driven by consumer tyres flat or slightly

EDME 1,589.34

negative, Specialty turning negative again (after positive growth in Q4 and Q1) and truck

FYE Dec

tyres “perhaps” turning positive. Consensus H1 volume (-0.8%) implies slightly negative Q2

Div Yield 4.0%

volume. The composition of volume growth has shifted vs our prior model with consumer

Market Cap (EUR) (M) 23,873

weakening both in US replacement and OE, while truck is better than expected. Price/mix

EV (EUR) (M) 26,301

will remain positive driven entirely by mix (positive product, market, brand and segment)

offsetting negative price. This low-mid single digit organic growth overall - we note Performance YTD 1M 6M 12M

outperforming Continental. Absolute (%) 22.6 9.0 21.1 9.5