Cie Generale Des Etablissements Michelin Sa · EURONEXT:ML
Cie Generale Des Etablissements Michelin Sa — Michelin — Non-Deal Roadshow (May 2026)
44 slides from Cie Generale Des Etablissements Michelin Sa's roadshow presentation, May 27, 2026
Slide 1: Roadshow US
Roadshow US CIC May 27 -29 , 2026
Slide 2: A positive start to 2026, Group adapting its steering amid rising uncertainty
A positive start to 2026, Group adapting its steering amid rising 2 uncertainty RESULTS +0% 2 Revenue at iso-FX Acquisitions closed (Q1-26 vs Q1-25, in €) (Cooley & Flexitallic) +3% 2026 Guidance MICHELIN brand Sales unchanged on Replacement markets in highly unpredictable context (Q1-26 vs Q1-25, i
Slide 3: April YTD Tire markets: OE negative as expected, Replacement resilient
April YTD Tire markets: OE negative as expected, 3 Replacement resilient RESULTS Tire sell -in markets variation (YoY) Consumer Passenger car OE -4% 0% -2% -9% Two-wheel & Light truck RT 0% -2% -7% +11% Transportation Truck OE -2% +6% -17% -13% Excl. China RT +2% +9% -14% +30% Specialties OE Beyond-
Slide 4: Polymer Composite Solutions: Solid sales growth in Sealing and Coated fabrics, setback in Conveyors
Polymer Composite Solutions: Solid sales growth in Sealing and Coated 4 fabrics, setback in Conveyors RESULTS Q1 revenue evolution by Product Category Strong performance Business in hydraulic development beyond applications Coated fabrics marine applications Sealing & films Declining market in Sligh
Slide 5: Polymer Composite Solutions: Growing size & profitability, while balancing categories portfolio
Polymer Composite Solutions: Growing size & profitability, 5 while balancing categories portfolio STRATEGY 2018 Acquisitions Organic Growth 2025 pro-forma (2) Belting Coated fabrics & films 07/22 Conveyors 09/23 CAGR 3% 1 700m € 820m € (1) 01/26 Sealing Belting 04/26 Conveyors Sealing Operating marg
Slide 6: Full-year Tire markets outlook unchanged: Stable overall, soft OE in H1
Full-year Tire markets outlook unchanged: Stable overall, soft OE in H1 6 OUTLOOK Tire sell -in markets variation * (YoY) Consumer [ -2% ; +2%] H1 H2 Passenger car OE & Light truck Two-wheel RT Transportation [ -2% ; +2%] H1 H2 Truck OE Excl. China RT Specialties [ -1% ; +3%] OE Beyond-road Mining A
Slide 7: Middle-East conflict: Group exposure
Middle-East conflict: Group exposure 7 OUTLOOK Group exposure to Middle East < 100 0 2 < 1% Employees Tire Manufacturing plant Joint ventures of Group total turnover (excluding JVs) in the region In Saudi Arabia Operational risk assessment Market access Upstream supply chain • Disruption to regional
Slide 8: Middle-East conflict: Dealing with prolonged impact assumptions
Middle-East conflict: Dealing with prolonged impact assumptions 8 OUTLOOK Potential impact * of prolonged conflict Group structural levers Demand & supply Crisis management protocol Brent price scenario • Softening GDP & tire demand with daily monitoring (USD / bbl ) • Disruption of raw materials su
Slide 9: 2026 Guidance and shareholder return
2026 Guidance and shareholder return 9 GUIDANCE (1) Unchanged 2026 Guidance Shareholder return >2025 4.9% (2) Segment operating income @ iso-scope and iso-FX 2025 dividend yield > €1.6 BN €750m Free Cash Flow Share Buyback program before M&A launched for 2026 (1) Based on potential impact of prolong
Slide 10: New Reporting Segments: Restated 2025 results
New Reporting Segments: Restated 2025 results 10 RESULTS 2025 reference base - restated (in € millions | % of sales) Polymer Consumer Transportation Specialties Composite Group Solutions Sales 14,306 6,023 4,418 1,245 25,992 Operating 1,677 280 577 186 2,719 Income Operating 11.7% 4.7% 13.1% 14.9% 1
Slide 11: Appendix
APPENDIX. ‘~~ A.
Slide 12: Q1 2026 Sales
Q1 2026 SALES
Slide 13: Q1 revenue: Stable at iso-FX, supported by stronger mix
Q1 revenue: Stable at iso-FX, supported by stronger mix 13 APPENDIX Q1 2026 sales evolution (€ millions and as a %) +0.0% 6,515 19 73 - 6,518 Scope (+0.3%) - 89 Non-tire Volumes* Price-mix* businesses (-1.4%) (+1.1% (0.0%) of which mix +1.9%) 6,167 - 351 Currency (-5.4%) 2025 Q1 2026 Q1 2026 Q1 at c
Slide 14: Group revenue: Growth at iso-FX in all segments except Transportation
Group revenue: Growth at iso-FX in all segments except Transportation 14 APPENDIX Q1 2026 revenue by reporting segment (€ millions and as a %) Q1 26 Δ vs Q1 25 Revenue 3,403 -4.4% Consumer o/w volume change +1.3% o/w FX -5.7% Transportation Revenue 1,357 -11.3% o/w volume change -5.5% o/w FX -3.7% S
Slide 15: Q1 sales volumes: Continued weakness in OE, Replacement lifted by MICHELIN brand performance
Q1 sales volumes: Continued weakness in OE, Replacement lifted by 15 MICHELIN brand performance APPENDIX Q1 2026 sales evolution vs previous year (in tonnage, on a 100 basis) -0.7 -0.6 -0.1 0.0 TB PC AG Other 100 98.6 -1.4 0.0 Tier 2 & Tier 3 brands Q1 25 OE RT Q1 26 Roadshow US _ May 27-29, 2026
Slide 16: PC/LT tire markets: Negative OE trend, RT sell-in demand mostly reflecting imports fluctuations
PC/LT tire markets: Negative OE trend, RT sell-in demand mostly 16 reflecting imports fluctuations APPENDIX PC/LT tire sell -in market, Q1 2026 (YoY change in number of tires) North & Central America Europe -3% 0% China -3% -7% Global market - 12% -4% Africa, India, + 9% Middle East -0% South Americ
Slide 17: Truck tire markets: OE depressed in Americas but recovering in Europe
Truck tire markets: OE depressed in Americas but recovering in Europe, 17 RT backed by low OE and by imports boosting sell-in APPENDIX Truck tire sell -in market, Q1 2026 (YoY change in number of tires) North & Central America Europe -19% +6% China -12% +7% Global market +7% Excl. China Incl. China
Slide 18: North American markets: Consumer sentiment and freight activity remain low despite a recent rebound
18 North American markets: Consumer sentiment and freight activity remain low despite a recent rebound APPENDIX Consumer sentiment Freight Index 105 1.35 1.30 95 1.25 1.20 85 1.15 75 1.10 1.05 65 1.00 0.95 55 0.90 45 0.85 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2016 2017 2018 2019 202
Slide 19: North American markets: Consumer sentiment and freight activity remain low despite a recent rebound
19 North American markets: Consumer sentiment and freight activity remain low despite a recent rebound APPENDIX Source: Michelin Internal research Roadshow US _ May 27-29, 2026
Slide 20: US Crop prices declined 25-50% vs 2022
US Crop prices declined 25-50% vs 2022 20 APPENDIX Crop prices, US market (Percent change in inflation-adjusted prices relative to 2020 _ PPI, 2020=100) Roadshow US _ May 27-29, 2026
Slide 21: Raw materials cost breakdown and evolution
Raw materials cost breakdown and evolution 21 APPENDIX 2025 Raw materials cost breakdown Natural Rubber | TSR20 and RSS3 (SICOM, $/kg) 2.2 2.2 2.3 2.0 2.1 1.8 1.8 1.6 1.6 1.6 1.6 1.5 TEXTILES 1.7 1.7 1.8 1.7 1.7 1.9 1.4 1.4 1.4 1.4 1.3 1.4 7% NATURAL RUBBER RSS3 TSR 20 Q1 STEEL CORD 9% 2015 2016 201
Slide 22: Q1 2026 awards: Setting the standard in innovation and customer satisfaction
Q1 2026 awards: Setting the standard in innovation and customer 22 satisfaction APPENDIX 3 major awards 3 additional awards * Concept of the year Passenger Car MICHELIN Lunar airless wheel Tire designed for Artemis program Tire of the year Performance Sport MICHELIN Primacy 5 Energy Tire Environment
Slide 23: Strategy
STRATEGY
Slide 24: Implementing our Michelin in Motion 2030 strategy
Implementing our Michelin in Motion 2030 strategy 24 APPENDIX Unique and differentiating assets Complementary markets 2025 performance Tires and Mobility 84.4% Addressing all mobility People Engagement Rate usages through better products Turning data into unique Teams Brand insights for fleets €2.9
Slide 25: Michelin brand surpasses $10 billion in value
Michelin brand surpasses $10 billion in value 25 APPENDIX $10.3 bn Brand value Brand Strength in key countries +17% YoY 98.9 98.9 AAA+ 94.9 Brand Strength 93.2 Group average 93.2 / 100 #1 Tyre brand worldwide #9 strongest brand - all categories USA China France Source: Brand Finance – January 2026 R
Slide 26: BEV: EV-readiness by design for all MICHELIN tires
BEV: EV-readiness by design for all MICHELIN tires, 26 leveraging unique know-how in material science APPENDIX BEV: highly demanding on tires 30+ years of experience in energy efficiency 1992: 1 st Energy tire launched Rolling resistance improved by Low rolling 1-2% per year for the last 30 years re
Slide 27: Michelin Tire Digital Twin: Pioneering embedded intelligence
Michelin Tire Digital Twin: Pioneering embedded intelligence 27 APPENDIX Enables Predictive Maintenance Key for SDV* development *Software-Defined Vehicle Optimizes Life Cycle Assessment Leveraged by most advanced Partners by Enhances Safety & * ADAS performance * Advanced Driver Assistance Systems
Slide 28: Tires abrasion: A considerable competitive edge for Michelin
Tires abrasion: A considerable competitive edge for Michelin, 28 with no compromise on total performance APPENDIX Particle emissions: Michelin ahead of all premium tiremakers MICHELIN unit: g 1,000 km ton of vehicle Total Performance -27% emissions = 78 76 No Compromise -18% 71 63 65 Energy efficien
Slide 29: Local-to-local illustration: Michelin in China
Local-to-local illustration: Michelin in China 29 APPENDIX A longstanding presence and leadership Strong relationship with leading domestic OEMs Since 1989 Since 1998 6% commercial manufacturing of Group sales 6,000+ Employees 1700+ 5 Plants & service centers 1 RDI center designed for the local mark
Slide 30: M&A as a growth & value accelerator
M&A as a growth & value accelerator: Accessing new markets 30 and leveraging Group innovation power APPENDIX Clear fundamentals Strict financial criteria Strategic fit EPS-accretive Accelerating from year 1 growth Parental advantage brought by Michelin Group ROCE sustained above 10.5% Value-accretiv
Slide 31: Increasing cash and margin generation across business cycles
Increasing cash and margin generation across business cycles 31 APPENDIX FCF (1) and SOI (2) (€ millions) , sales variations (YoY change in tons) 3 3 13% 2 12% 2 7% 1 1 3% 3% 2% 0 0% 1% 1% 0 -1% -2% -3% -6% -5% -5% -5% -15% -14% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2
Slide 32: Shareholder return sustained at an attractive level
Shareholder return sustained at an attractive level 32 APPENDIX 2022 2023 2024 2025 DIVIDEND DIVIDEND Per share(€) 1.25 1.35 1.38 1.38(1) • 2025 dividend of € 1.38(1) EARNINGS PER SHARE Basic(€) 2.81 2.77 2.65 2.36 SHARE BUYBACK PAY-OUT RATIO 44% 49% 52% 57% • 2024-2025: executed €1.165bn • 2026-202
Slide 33: Strategic Scorecard - 2025 results in line with 2030 ambitions
Strategic Scorecard - 2025 results in line with 2030 ambitions 33 2030 AMBITIONS METRICS 2023 2024 2025 SUCCESS APPENDIX Be world-class in employee engagement Engagement Rate 83.5% 84.7% 84.4% >85% Be world-class in employee safety TRIR* 4.91 5.01 4.48 <2.50 95 pts Be a reference in diversity, equit
Slide 34: Value-driven strategy: Winning where it matters - illustrated
Value-driven strategy: Winning where it matters - illustrated 34 APPENDIX Technological leadership & Long -lasting trend of mix enrichment differentiating service +4 pts 68% per year 61% 51% >100m € 8% 39% per year CAGR* 2018 2021 2023 2025 Share of >18’’ tires in Sustainable mix impact Market trend
Slide 35: Transportation: Set to improve financial performance over time
Transportation: Set to improve financial performance over time 35 APPENDIX Favorable mid-term trends Margin impacted by OE cyclicality Year -on -year market * evolution Connectivity 30% Circularity & Decarbonization 20% 10% 0% Shortage of drivers -10% -20% Group ready to leverage OE market rebound -
Slide 36: Widening range of destination markets ensuring resilience
Widening range of destination markets ensuring resilience 36 APPENDIX Destination markets across diverse verticals Balanced geographies 2025 sales breakdown (% of revenue) 2025 sales breakdown (% of revenue) Polymer Composite Solutions Specialties Tires 5% Connected Solutions, 17 % 13 % Retail & Dis
Slide 37: Manufacturing capacity adjustments achieved over 2023-2025
Manufacturing capacity adjustments achieved over 2023-2025 37 APPENDIX Breakdown by business segment Karlsruhe Capacity Ardmore Homburg impact Cholet Olsztyn Querétaro Shenyang -10% standard PC Guarulhos Cholet -15% Truck Trier Olsztyn Shanghai -100% Midigama Compact Line Bias Vannes Roadshow US _ M
Slide 38: Growing Polymer Composite Solutions: Leveraging Group's innovation power
Growing Polymer Composite Solutions: Leveraging Group’s 38 innovation power on adjacent product categories APPENDIX Michelin approach Accelerating growth in 2026 (Sales in € millions | SOI and CAGR in % of sales) Niche strategy Specific Leveraging Mission-critical operating 1,700 Group R&D applicati
Slide 39: Polymer Composite Solutions: Diversified verticals and balanced geographies
Polymer Composite Solutions: Diversified verticals and balanced 39 geographies APPENDIX Aero, Space & Defense Medical Diversified Europe high Growth Diversified O&G Industry North America 20% Upstream 45% Automotive Rest of the world Maritime & Train €1.7 b N 35% S ALES * Construction, Infra & Agro
Slide 40: Boosting Polymer Composite Solutions revenues by 35% with the acquisition of 3 leading companies
Boosting Polymer Composite Solutions revenues by 35% with the 40 acquisition of 3 leading companies APPENDIX Coated fabrics Specialty textiles, fabrics and coatings Sealing technology HQ in Rhode Island 300 employees HQ in North Carolina 300 employees HQ in Texas 1,200 employees Waterproofing Health
Slide 41: Polymer Composite Solutions: Deploying Group innovation power for mission-critical applications
Polymer Composite Solutions: Deploying Group innovation power for 41 mission-critical applications APPENDIX Coated Fabrics precision belting in gangway bellows In Warehousing How our composites How our precision belts contribute to enhance travel experience in the safety and performance across safes
Slide 42: Glossary
Glossary 42 GLOSSARY Free cash flow BEFORE M&A Free cash flow before dividend payments and financing transactions, corresponds to net cash from operating activities less net cash used in investing activities, including JV financing, adjusted for net cash-flows relating to cash management financial a
Slide 43: Disclaimer
43 DISCLAIMER Disclaimer This presentation is not an offer to purchase or a solicitation to recommend the purchase of Michelin shares. To obtain more detailed information on Michelin, please consult the documents filed in France with Autorité des marchés financiers, which are also available from the
Slide 44: Contacts
44 CONTACTS BUSINESS CENTER PARIS TROCADERO Guillaume JULLIENNE 112 avenue Kléber 75116 Paris – France Benjamin MARCUS 23 place des Carmes Dechaux 63040 Clermont-Ferrand – France Nadia AIT MOKHTAR investor-relations@michelin.com Roadshow US _ May 27-29, 2026