Cie Generale Des Etablissements Michelin Sa · EURONEXT:ML
Cie Generale Des Etablissements Michelin Sa — H1 2026 Earnings Presentation
18 slides from Cie Generale Des Etablissements Michelin Sa's earnings presentation, Jul 27, 2026
Slide 1: 2026 First-Half Results
2026 First - Half results July 27, 2026
Slide 2: Solid H1 performance supported by MICHELIN brand growth and targeted acquisitions
Solid H1 performance supported by MICHELIN brand growth and 2 targeted acquisitions in Polymer Composite Solutions RESULTS +0 . 5% +€ 103 m Revenue growth at iso-FX SOI growth at iso-FX & Scope (H1-26 vs H1-25, in €) (H1-26 vs H1-25) +5% 3 MICHELIN brand Sales Acquisitions completed on Replacement m
Slide 3: Delivering 2026 objectives despite uncertainty, powered by unique strengths and 2030 ambitions
Delivering 2026 objectives despite uncertainty, 3 powered by Michelin’s unique strengths and 2030 strategic ambitions RESULTS 2026 goals & challenges Unique & differentiating assets Teams Brand Back to growth in Tires Towards Accelerating in PCS 2026 Guidance Confirmed Highly uncertain context Produ
Slide 4: Balanced Group performance in H1 on People, Profit and Planet
Balanced Group performance in H1 on People, Profit and Planet 4 RESULTS PEOPLE PROFIT PLANET Universal € 1,555 M -9% ® Fair Pay Check CO2 emissions scopes 1&2 Segment operating income certification @ iso-FX & Scope by Fair Pay Innovation Lab +7% vs H1 2025 vs H1 2025 Ranked #7 + €282 M -8% Fortune |
Slide 5: H1 Tire markets: Weak OE, resilient Replacement with divergent regional trends
H1 Tire markets: Weak OE, resilient Replacement with divergent 5 regional trends RESULTS Tire sell -in markets variation (YoY) Consumer Passenger car OE -3 % -1% -1% -7% Two-wheel & Light truck RT +1% -2% -4% +9% Transportation Truck OE -2% +4% -12 % -11% Excl. China RT +2% +9% -13 % +32% Specialtie
Slide 6: Revenue growth supported by mix and targeted acquisitions
Revenue growth supported by mix and targeted acquisitions 6 RESULTS H1 2026 revenue evolution (€ millions and as a %) +0.5% 90 115 13,090 13,028 Scope -21 (+0.7%) -122 Tire* Price-mix Non-tire Tire* businesses (+0.9%) (-0.2%) 12,687 Volumes of which (-0.9%) +1.8% mix -403 Currency (-3.1%) 2025 H1 20
Slide 7: Sales volumes: Replacement outperforms on MICHELIN brand strength, OE remains challenging
Sales volumes: Replacement outperforms on MICHELIN brand strength, 7 OE remains challenging RESULTS H1 2026 sales evolution vs previous year (in tonnage, on a 100 basis) -1.0 +0.2 -0.9 -0.4 TB PC AG Other 100 +1.2 99.1 -2.1 Tier 2 & Tier 3 brands +5 % H1-25 OE RT H1-26 2026 First-Half Results, July
Slide 8: Robust SOI growth, supported by price-mix and favorable input costs
Robust SOI growth, supported by price-mix and favorable input costs 8 RESULTS Segment operating income evolution (€ millions | % of sales) +7% +199 +16 1,555 +5 +78 -130 1,452 -11 -11 Other Scope 1,446 Manufacturing Raw and logistics materials Non-tire SG&A -114 -38 Price-mix Volumes Currency Tire b
Slide 9: Group margin improving despite FX and Transportation still penalized by OE volumes
Group margin improving despite FX and Transportation still penalized by 9 OE volumes, PCS growth driven by acquisitions RESULTS Revenue and operating margin by segment (€ millions | % of revenue) Revenue growth at iso-FX H1 2026 H1 2025 * H1 26 vs. H1 25 6,926 7,112 +0.7% Consumer 12.5% 12.2% 2,813
Slide 10: Polymer Composite Solutions: Solid results in Sealing, Belting and Coated fabrics, setback in Conveyors
Polymer Composite Solutions: Solid results in Sealing, Belting and 10 Coated fabrics, setback in Conveyors RESULTS H 1 business development by Product Category Low demand cycle Conveyors Sealing Strong sales momentum in targeted applications Australia | weak demand from construction sector in Asia O
Slide 11: Cash generation reflecting Group's tight operational steering
11 Cash generation reflecting Group’s tight operational steering, within usual business seasonality pattern RESULTS H1 2026 | EBITDA to FCF bridge (€ millions | % of revenue) 2,418 19.1% -984 Change in WCR -266 Taxes & interests +46 +32 +282 -328 -901 -63 JV & Other Segment Capex EBITDA Benefits & O
Slide 12: Strong balance sheet enables dynamic capital allocation
Strong balance sheet enables dynamic capital allocation 12 RESULTS Net debt Agency ratings (€ millions) as of July 27, 2026 +753 +89 4,547 Long Outlook term 3,942 Translation -8 +944 adjustments Other A stable Share buyback A stable program (1) +610 A stable 2,345 Dividend (2) A2 stable M&A -282 FCF
Slide 13: Outlook
2026 outlook
Slide 14: Full-year Tire markets outlook: Truck OE upswing and softer PC/LT expected in H2
Full-year Tire markets outlook: Truck OE upswing and softer PC/LT 14 expected in H2 OUTLOOK Tire sell -in markets variation (YoY) Consumer [ -2 % ; + 1%] H1 H2 Passenger car OE & Light truck Two-wheel RT Transportation [ -1% ; +2%] H1 H2 Truck OE Excl. China RT Specialties [0% ; + 3 %] OE Beyond-roa
Slide 15: Middle-East conflict: Effectively dealing with prolonged impact
Middle-East conflict: Effectively dealing with prolonged impact 15 OUTLOOK Outlook Potential impact * of prolonged conflict status Group structural levers Demand & supply Crisis management protocol • Softening GDP & tire demand with daily monitoring Brent price scenario • Disruption of raw materials
Slide 16: Confirming 2026 Guidance and shareholder return
Confirming 2026 Guidance and shareholder return 16 GUIDANCE Confirmed 2026 Guidance Shareholder return >2025 4.9% Segment operating income 2025 dividend yield @ iso-FX & scope > €1.6 BN €750m Free cash flow Share Buyback program before M&A in 2026 2026 First-Half Results, July 27, 2026
Slide 17: Financial Agenda
Financial Agenda 17 AGENDA 2026 First-Half Results, July 27, 2026
Slide 18: Questions & answers
Questions & answers
Cie Generale Des Etablissements Michelin — H1 2026 Earnings Presentation on 6ix