India, May 6 -- Michelin reported lower first-quarter revenue after adverse currency movements offset stable underlying sales, while the tyre maker maintained its 2026 guidance amid growing geopolitical and supply chain uncertainty.

Group revenue for the three months to 31March fell 5.4 percent year on year to 6.2bn, compared with 6.5bn a year earlier. Michelin said the decline was entirely due to currency effects, primarily the appreciation of the euro against the US dollar and several other currencies. At constant exchange rates, revenue was stable.

Tire volumes declined 1.4 percent during the quarter, although replacement sales improved, supported by a 3 percent increase in MICHELIN-brand tire volumes. A favourable product mix, part...