French earnings calls, October 2026: Michelin and EssilorLuxottica say growth sped up

EssilorLuxottica said its revenue grew 7.2% at constant currency in the third quarter of fiscal year 2026. Michelin said its group revenue grew 2.2% at constant exchange rates, an acceleration.

An update from FactIQ, written from company statements in earnings calls of companies listed in France. What is FactIQ?

Key figures

EssilorLuxottica, revenue growth at constant currency, third quarter of fiscal year 2026

7.2%stated by the chief financial officer; 9% at current exchange rates; 11.7% at constant currency in the third quarter of fiscal year 2025

Michelin, group revenue growth at constant exchange rates, third quarter of fiscal year 2026

2.2%stated by the chief financial officer; 1% over the first nine months of fiscal year 2026

EssilorLuxottica, traditional business growth including mergers and acquisitions at constant currency, third quarter of fiscal year 2026

6.5%stated by the chief financial officer; faster than the first-half trend

Michelin, group organic growth at constant exchange rates, third quarter of fiscal year 2026

0.8%stated by the chief financial officer; 0.1% over the first nine months of fiscal year 2026

EssilorLuxottica said its growth picked up and it confirmed its outlook

The chief financial officer of EssilorLuxottica gave these figures on the call on 20 October 2026. Constant currency means the effect of exchange-rate changes is removed.

Revenue grew 7.2% at constant currency and 9% at current exchange rates in the third quarter of fiscal year 2026. In the third quarter of fiscal year 2025, the company said its revenue grew 11.7% at constant currency.
The traditional business, including mergers and acquisitions (M&A), grew 6.5% at constant currency in the quarter. The company said this was faster than the first-half trend.
Based on the first three weeks of October, the traditional business was running at "a pretty consistent pace".
The company expects its core vision care and MedTech businesses to grow revenue at a mid-single-digit rate or more in the fourth quarter.
It confirmed solid revenue growth for fiscal year 2026 and each year over the next five years.

Michelin said growth sped up, but it cut its tire-market forecasts

The chief financial officer of Michelin said group revenue grew 1% at constant exchange rates over the first nine months of fiscal year 2026. It grew 2.2% in the third quarter. Organic growth was 0.1% over nine months and 0.8% in the third quarter. Michelin reduced its full-year 2026 tire-market forecast ranges. It confirmed its fiscal year 2026 guidance for segment operating income (SOI) and free cash flow before M&A.

Michelin said its truck tire sales moved in opposite directions

Truck original-equipment sales, meaning tires fitted on new vehicles, improved from double-digit negative in the first half to positive in the third quarter as the market recovered.
Truck replacement sales rose by low single digits in the first half but declined by mid-single digits in the third quarter. The chief financial officer said Europe slowed and demand remained soft in the Americas.
Specialties revenue, excluding the Compact line activities divested in 2025, grew 0.1% like-for-like in the third quarter. Reported revenue declined 0.9%.

EssilorLuxottica gave product updates

The chief financial officer said the second generation of Nuance Audio Plus offers 25% longer battery duration than the first. The company expects a better read on wearables by year-end and plans to comment in February.

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