Core Insights - Group sales for the first nine months of 2025 decreased by 4.4% year on year, amounting to €19.3 billion, primarily due to a challenging economic environment and increased competition in Q3 [3][4][36] Sales Performance - The overall tire market performance reflects a contraction in the Original Equipment segment in Europe and North America, while the Replacement segment was influenced by budget tire imports [2][5] - Segment sales for Automotive and Two-wheel reached €10.5 billion, down 2.5% from the previous year, with volumes declining by 2.9% [6][37] - Road Transportation segment sales fell by 8.1% to €4.5 billion, driven by a significant drop in Original Equipment markets [6][45] - Specialty businesses reported a decline of 5.0% in sales, totaling €4.3 billion, with volumes decreasing by 4.5% [6][49] Market Dynamics - In the Passenger Car & Light Truck tire market, Original Equipment demand rose by 2% globally, with a notable 9% increase in China, while Europe and North America saw declines of 6% and 3% respectively [8][9] - The Replacement tire market globally edged up by 1%, with Europe experiencing a 4% increase, largely due to low-cost tire imports [15][16] - Truck tire markets (excluding China) saw a 2% increase in the global Original Equipment and Replacement market, but North America faced a 20% decline [20][21][23] Financial Outlook - The Group adjusted its financial outlook for 2025 and 2026, with Segment Operating Income expected between €2.6 billion and €3.0 billion, down from previous expectations [4][36] - Free cash flow before M&A is anticipated to be between €1.5 billion and €1.8 billion, also revised down from earlier forecasts [36] Currency and Price Effects - A negative currency effect of 2.3% was noted, primarily due to the weaker US dollar against the euro [36] - The price-mix effect remained positive at +3.2%, although it softened in recent months amid increased competition [36][43] Specialty Tire Markets - Demand for specialty tires, particularly in the Mining and Aircraft segments, showed growth, while Agricultural and Construction tire markets continued to decline [28][30][51] - The Polymer Composite Solutions market exhibited mixed trends, with stable demand in some segments and declines in others [34][53] Non-Financial Performance - The Group is recognized for its commitment to environmental, social, and governance (ESG) performance, with a focus on sustainability initiatives [54]