Core Viewpoint - Michelin has adjusted its financial outlook for the 2025 fiscal year due to a deterioration in the business environment, particularly highlighted by the Q3 financial results [2][5]. Group 1: Q3 Financial Performance - Michelin experienced year-on-year volume growth in Q3, excluding North America, indicating resilience in various market segments despite a chaotic business context and uncertainties affecting B2C and B2B demand [3]. - The North American market saw a significant decline, with Q3 sales volume dropping nearly 10%, driven by reduced demand from OEMs in Truck and Agriculture sectors, a weak Truck replacement market, and challenges in B2C sales [4]. Group 2: Financial Outlook Adjustments - The full-year outlook for 2025 has been revised, with Segment Operating Income (SOI) at constant 2024 exchange rates now expected to be between €2.6 billion and €3.0 billion, down from a previous estimate of above €3.4 billion [7]. - Free Cash Flow (FCF) before M&A is now anticipated to be between €1.5 billion and €1.8 billion, revised from a prior expectation of above €1.7 billion [7].

Company Overview - TCM Group A/S is Scandinavia's third largest manufacturer of kitchens and furniture for bathrooms and storage, with products designed and produced in Denmark [3] - The company operates a multi-brand strategy, with its main brand being Svane Køkkenet, alongside Tvis Køkken, Nettoline, and AUBO, catering to a wide price spectrum [3] Financial Outlook - TCM Group has narrowed its financial guidance for 2025, projecting full year revenue in the range of DKK 1,250–1,300 million, down from a previous range of DKK 1,250 – 1,325 million [1] - The adjusted EBIT forecast for 2025 has also been revised to DKK 90–110 million, compared to the earlier estimate of DKK 90–115 million [1] - This guidance assumes full ownership of Celebert toward the end of the year [2]