CSVN – Despite global market turmoil and high inflation, Michelin achieved a 20.2% increase in sales in 2022, reaching €28.6 billion with a net income of €3.4 billion. From 2019 to 2022, the Group demonstrated remarkable resilience and adaptability amid volatile global conditions.
While tire sales volume declined, this was mainly due to the Ukraine conflict and the lingering COVID-19 impact in China.
Florent Menegaux, Chairman and CEO of Michelin, stated:
“In a chaotic environment marked by overlapping systemic crises, Michelin delivered solid results in 2022. With our eyes set on the future, we have maintained all industrial and R&D investments.”
Outlook for 2023
Michelin targets €3.2 billion in income (at constant exchange rates) and over €1.6 billion in free cash flow before share buybacks.