Michelin: Specialty Tires, a Strategic Pillar with High Profitability

A Segment Representing 17% of Revenue and 13.1% Margin

Specialty tires cover demanding uses: mining, air transport, agriculture, defense, logistics, construction, and motorsport. These products operate in environments where any failure leads to major operational, economic, or human consequences. The segment generates 17% of the group's revenue with an operating margin of 13.1% in 2025, making it the most profitable of all Michelin's tire activities. Volumes increased by 2.5% in the first quarter of 2026.

Structural Growth Expected in Key Sectors

Air transport, logistics, and defense are showing compounded annual growth rates between 3 and 8%. Michelin intends to consolidate this position by strengthening investments in research and development, 90% of which are carried out in France, particularly in Clermont-Ferrand. The group plans an acceleration in the renewal of its product plans, an increase in industrial capacity for aircraft tires at the Bourges site, and the deployment of ultra-modern and patented processes at the sites in Le Puy, Troyes, and Montceau-les-Mines.

Competitive Advantage Based on R&D and Customer Partnerships

Michelin does not just offer a tire, but significantly improves the performance of its clients' activities in environmental, economic, and human terms. The group relies on expert teams, a range of digital services around the product, and long-term partnerships. It has 6,000 researchers and distinctive capabilities in material science and data processing. Motorsport activities, which push tires to their extreme limits, serve as an innovation accelerator for the entire group.