Michelin Cie Gen Unsp/Adr

Ladies and gentlemen, welcome to the Michelin 2026 first half results. I now hand over to Mr. Florent Melego, chief executive officer, and Miss Benedict de Bonnechaus, group CFO. Please go ahead.

Ladies and gentlemen, good afternoon and good evening. Thank you for joining us for our Michelin's first half 2026 results presentation. For this presentation and Q&A session, I am pleased to be with Benedicte Bonnechaude, our new CFO. In a context still highly uncertain, shaped by mixed macroeconomic signals, geopolitical tensions, evolving trade dynamics, strong currency headwinds, I am pleased to report that Michelin delivered a solid first half performance. This performance confirms the strength of our fundamentals. A powerful Michelin brand, the resilience of our business model, our tight operational steering, the quality of our business portfolio, and the relevance of our long-term strategy, Michelin In Motion 2030. I will start with some key messages for the first half and our outlook for 2026, then Benedict will take you through our markets, our financial performance, our cash generation, our outlook, and our guidance. Let me start with our first semester performance. What you see on the screen, and if you are aware to summarize it, I would qualify it as solid. Solid in terms of financial performance, as our slight revenue growth translated into a significant segment operating income progression of over 100 million Euro at constant Forex and Scope versus, of course, the first half of 2025. Solid in-tire activities as our Michelin brand posted material growth and gain share in most replacement markets. It reflects our customers' trust, the quality of our products, the strength of our distribution, and the relevance of our value proposition. Q2 marked a turning point. We are back to growing in tires. Solid in-polymer composite solutions. We are now integrating our three acquisitions announced in January. Kool-Aid Group and Flexitalik close in H1 and Tex-Tex close in July 1st. These transactions are fully aligned with our strategy to build a broader, more diversified and more resilient portfolio of high-value polymer composite activities. Altogether, they will increase polymer composite solutions revenue by 35% on a full-year basis. In summary, our first half was marked by solid execution, disciplined steering, continued ground momentum, and strategic progress. Our world may be chaotic, our assets are well grounded and weatherproof. Storm after storm, crisis after crisis, our strategy proves to be effective as it increases the resilience of our group. In 2026, we are growing both in tires and in non-tire businesses. Operating in an uncertain and chaotic environment has become our new normal. We see uncertainty in demand, in global trade, in exchange rates, in cost of raw materials, energy and in geopolitical environment. In particular, the conflict in the Middle East has created additional risk around energy, logistics, raw materials and demand. In this context, Michelin's ability to deliver is supported by four unique and differentiating strengths. First, of course, our teams. Our results are made possible by the engagement, agility and expertise of Michelin teams all around the world. Their ability to adapt, to serve customers and to execute transformation projects is a decisive competitive advantage.

Second, innovation.