Cie Generale Des Etablissements Michelin Sa · EURONEXT:ML

Cie Generale Des Etablissements Michelin Sa — Michelin — Q3 2026 Earnings Presentation

17 slides from Cie Generale Des Etablissements Michelin Sa's earnings presentation, Oct 20, 2026

  1. Slide 1: Michelin

    MICHELIN

  2. Slide 2: Accelerating growth in Q3: Combining organic performance and acquisitions in Polymer Composite Solutions

    RESULTS Accelerating growth in Q3: Combining organic performance and acquisitions in Polymer Composite Solutions Year-on-year revenue evolution 9M Q3 +7.0%0 +2.2Y0 Revenue growth at iso-FX Revenue growth at iso-FX +O0.71Yo +0.8Y0 Organic growth at iso-FX Organic growth at iso-FX PG micuenm 2026 Q3 &

  3. Slide 3: 9M Tire markets: Weak demand in North America despite ongoing recovery of Truck OE

    RESULTS 9M Tire markets: Weak demand in North America despite ongoing recovery of Truck OE Tire sell-in markets variation (oy Consumer el. Passenger car OE & Light truck Transportation Truck Excl. China Specialties & | Beyond-road : GS MICHELIN RT OE RT OE RT -1% +7VYo #+71%0 +7%o OW => Aircraft ) 2

  4. Slide 4: 9M revenue: Posting growth at iso-FX, driven by mix and targeted acquisitions

    RESULTS 9M revenue: Posting growth at iso-FX, driven by mix and targeted acquisitions 9M 2026 revenue evolution (€ millions | % of revenue) RUT AS -159 Price-mix* businesses Volumes* (41.1% (-0.1%) -300 (0.8%) of which mix +1.6%) Currency (-1.6%) - ee +0.1% organic essen Cal 2025 9M 2026 9M 2026 9M

  5. Slide 5: Q3 revenue: Growth pattern accelerating, FX turning favorable

    RESULTS Q3 revenue: Growth pattern accelerating, FX turning favorable Q3 2026 revenue evolution (€ millions | % of revenue) | oe Currency ti '+1.7%) -37 : mea Non-tire ( — businesses Volumes* (41.5% (0.1%) (-0.6%) of which mix +1.1%) Pl a 2025 Q3 2026 Q3 2026 Q3 at constant FX at current FX * Relate

  6. Slide 6: Sales volumes: OE still down across businesses, growth in Replacement driven by MICHELIN-brand strength

    RESULTS Sales volumes: OE still down across businesses, growth in Replacement driven by MICHELIN-brand strength 9M 2026 sales evolution vs previous year (in tonnage, on a 100 basis) 100 2025 9M , NE MICHELIN OE RT 99.2 2026 9M PC =! +0.2 06 — a . -0.3 TB AG Other v he Tier 2 & Tier 3 MICHELIN brands

  7. Slide 7: Revenue: Growth at iso-FX across segments except Transportation

    RESULTS Revenue: Growth at iso-FX across segments except Transportation 9M 2026 revenue by reporting segment (€ millions | % of revenue) 9M 26 A vs 9M 25 Consumer Revenue 10,397 -1.0% - o/w volume change +0.5% Se Be ofw FX -1.8% Transportation Revenue 4,342 -3.7% - o/w volume change -1.5% woos) ap f

  8. Slide 8: Polymer Composite Solutions: Organic growth in all categories but Conveyors

    RESULTS Polymer Composite Solutions: Organic growth in all categories but Conveyors, successfully integrating newly acquired companies 9M 2026 Revenue by Product Category Q3 sequentially better but stil ©) Convey ors Sealing Strong demand for hydraulic @) declining cylinders, e.g. in infrastructure

  9. Slide 9: North America: Resilient performance in a challenging environment

    RESULTS North America: Resilient performance in a challenging environment An overall sluggish economy Q3 Sales growing both Volume & Mix Replacement sales 1f vy PC: MICHELIN brand overperforming Consumer ¥ Mining gaining share SEALEIL 2022 ©2023-2024 = 20252028 Y Truck: Group gaining ground on YTD b

  10. Slide 10: WW Truck: Michelin capitalizing on OE recovery but penalized by weaker American markets

    WW Truck: Michelin capitalizing on OE recovery but penalized by weaker-than-expected American markets OE market recovering as expected Truck & Bus tire markets (in units, YoY evolution EUR, NA & AMS) RESULTS —oE —arr Market outlook Q4-26 H1-27 OE A a RT ; NEP MICHELIN Sales trends reversing in Q3 OE

  11. Slide 11: Electrification: Accelerating in China and Europe, a powerful tailwind for Michelin

    8 RESULTS Electrification: Accelerating in China and Europe, a powerful tailwind for Michelin Michelin's differentiated positioning x2 Over-exposure to premium EV models, vs OE average xEV production: China & Europe leading 100% (BEV+PHEV+MHEV+FHEV, % of vehicle production - 2026 E) (? % of WW prod.

  12. Slide 12: Michelin

    we MICHELIN

  13. Slide 13: Full-year Tire markets outlook: Softer PC/LT OE and dynamic Truck OE expected in Q4

    a OUTLOOK Full-year Tire markets outlook: Softer PC/LT OE and dynamic Truck OE expected in Q4 Tire sell-in markets variation (ov) [-1%o ; +#71%0oJ f Passenger car OE & Light truck RT Consumer Transportation /O% ; +2%] Truck OE Excl. China RT Specialties [0% ; +2V%] Ly OE Shy Beyond-road vo RT : GS M

  14. Slide 14: Middle-East conflict: Effectively dealing with prolonged impact

    OUTLOOK Middle-East conflict: Effectively dealing with prolonged impact Potential impact* of prolonged conflict Demand & supply * Softening GDP & tire demand Brent price scenario * Disruption of raw materials supply 120 (USD / bbl) Cost inflation (= €400m ) ~ + Raw materials 70 * Energy & logistics

  15. Slide 15: Confirming 2026 Guidance and shareholder return

    GUIDANCE Confirming 2026 Guidance and shareholder return Segment operating income : GS MICHELIN 2026 Guidance =2025 @iso-FX & scope > €7.6B8N Free cash flow before M&A Shareholder return 4.9% 2025 dividend yield €750M Share Buyback program in 2026 (of which 80+ % already achieved) 2026 Q3 & 9M sales

  16. Slide 16: Financial Agenda

    AGENDA Financial Agenda JULY 27 OCTOBER 25 ?- rat ; ‘2026 Full-year results~, Q1 sales results ~ ° . Annual Shareholders Meeting -Capital Markets Day Firstshalf results /Q3 sales results 2026 Q3 & 9M sales - October 20, 2026

  17. Slide 17: Michelin

    we MICHELIN gee me we — © in * *— a ea & ANSE,

Michelin — Q3 2026 Earnings Presentation on 6ix