71 slides from Cie Generale Des Etablissements Michelin Sa's earnings presentation, Feb 11, 2026
Slide 1: 2025 Annual results
2025 Annual results February 11, 2026
Slide 2: Implementing our Michelin in Motion 2030 strategy
Implementing our Michelin in Motion 2030 strategy 2 STRATEGY 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 3: Shareholder return and financial outlook
Shareholder return and financial outlook 3 RESULTS Dividend improving over time 2026 Guidance 2018-2021 2022-2024 2025 >2025 Segment operating income DPS (1) € 0.79 €1.33 € 1.38 @ iso-scope and iso-FX Payout (2) 43% 48% 57% > €1.6 BN Yield 2.9 % 4 .4 % 4.9 % Free Cash Flow before M&A (1) Dividend pe
Slide 4: Growing Polymer Composite Solutions: Leveraging Group's innovation power on adjacent product categories
Growing Polymer Composite Solutions: Leveraging Group’s 4 innovation power on adjacent product categories STRATEGY 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 applicatio
Slide 5: Polymer Composite Solutions: Diversified verticals and balanced geographies
Polymer Composite Solutions: Diversified verticals and balanced 5 geographies STRATEGY 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 M
Slide 6: Solid overall Group performance on People, Profit and Planet
Solid overall Group performance on People, Profit and Planet 6 RESULTS PEOPLE PROFIT PLANET 4.48 € 2,921 M -48 % Safety - TRIR (1) SOI (at iso-FX) CO2 emissions scopes 1&2 0.53 pt improvement vs 2024 10.9% operating margin at iso-FX vs 2019 Industry leader in safety In line with updated guidance On
Slide 7: 2025 markets: Soft overall growth, tough OE markets in B2B
2025 markets: Soft overall growth, tough OE markets in B2B 7 RESULTS Sell-in Tire Markets* Passenger car & Light truck Truck excl. China Specialties +2% +1% -4% +4% Mining tires OE RT OE RT Beyond-road tires OE RT -5% +1% +2% +2% -2% -0% -20% +5% Aircraft tires +9% +2% Polymer Two-wheel Composite So
Slide 8: 2025 sales facing strong FX headwind and soft volumes counterbalanced by supportive price-mix
2025 sales facing strong FX headwind and soft volumes 8 counterbalanced by supportive price-mix RESULTS Analysis of FY sales (€ millions | % of 2024 sales) -4.4% 27,193 +6 Scope +827 +72 26,809 (+0.0%) Non-tire (+0.3%) 25,992 -1,289 Price-mix -817 (+3.0% Currency Volumes ow mix (-3.0%) (-4.7%) +1.7%
Slide 9: Sales volumes declining primarily from OE business, MICHELIN brand posting growth in Replacement
Sales volumes declining primarily from OE business (>80%), 9 MICHELIN brand posting growth in Replacement RESULTS 2025 FY Sales evolution vs previous year (in tonnage, on a 100 basis) Truck & Bus ~60% of OE drop -2 -1 -1 0 100 TB PC AG Other -4 95 -1 Tier 2 & Tier 3 brands 2024 OE RT 2025 2025 Annua
Slide 10: Operating margin supported by price-mix, low volumes hiding improved manufacturing performance
Operating margin supported by price-mix, low volumes hiding 10 improved manufacturing performance RESULTS Analysis of Segment operating income (in € millions | % of sales) 3,378 +745 -14 Scope -228 +22 Raw +5 2,921 materials -219 SG&A Non-tire -49 2,719 Manufacturing Other and logistics -202 -719 Pr
Slide 11: 2025 Sales: Penalized by volumes and forex across all segments
2025 Sales: Penalized by volumes and forex across all segments 11 RESULTS Sales and Operating income by reporting segment (€ millions | % of sales) o/w volume 2025 2024 Δ Δ Sales 14,306 14,667 -2.5 % -1.9 % RS1 Operating income 1,677 1,917 -12.5 % Operating margin 11.7 % 13.1 % Sales 6,023 6,599 -8.
Slide 12: RS2: Set to improve financial performance over time
RS2: Set to improve financial performance over time 12 STRATEGY Favorable mid-term trends Margin impacted by OE cyclicality Year on year markets* evolution Connectivity 30% Circularity & Decarbonization 20% 10% 0% Shortage of drivers -10% -20% Group ready to leverage OE market rebound -30% 2016 2017
Slide 13: Group improving cash generation and conversion, ROCE temporarily impacted by NOPAT
Group improving cash generation and conversion, 13 ROCE temporarily impacted by NOPAT RESULTS Free Cash Flow ROCE (1) (€ millions | % of sales) Return on capital employed +273 4,663 Change in 11.4% WCR 10.8% 10.5% ow -644 10.3% 10.5% Inventories Taxes & +253 interests 9.2% 17.9% +222 2,126 +56 2,181
Slide 14: Improved gearing providing headroom to deploy Group strategy, financial strength reinforced
Improved gearing providing headroom to deploy Group strategy, 14 financial strength reinforced RESULTS Net debt Agency ratings (€ millions) Compagnie Générale des Établissements Michelin, as of February 11, 2026 -767 Long Short 3,112 term term Outlook +668 S&P A A-1 = +144 2,345 Fitch A F1 = +980 -3
Slide 15: Shareholder return sustained at an attractive level
Shareholder return sustained at an attractive level 15 RESULTS 2022 2023 2024 2025 DIVIDEND Per share(€) 1.25 1.35 1.38 1.38(1) DIVIDEND EARNINGS PER SHARE • 2025 dividend of € 1.38(1) Basic(€) 2.81 2.77 2.65 2.36 SHARE BUYBACK PAY-OUT RATIO) 44% 49% 52% 57% • 2024-2025: executed €1.165bn DIVIDEND Y
Slide 16: 2026 outlook & guidance
2026 outlook & guidance
Slide 17: Reporting Segments: Upcoming adjustments as of Q1 2026
Reporting Segments: Upcoming adjustments as of Q1 2026 17 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
Slide 18: Boosting Polymer Composite Solutions revenues by 35% with the acquisition of 3 leading companies
Boosting Polymer Composite Solutions revenues by 35% with the 18 acquisition of 3 leading companies STRATEGY 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 19: 2026 tire market outlook: Stable overall, soft demand in H1
2026 tire market outlook: Stable overall, soft demand in H1 19 Sell-in Tire Markets* OUTLOOK Passenger car & Light truck Truck excl. China Specialties -2% +2% -2% +2% -1% +3% OE RT OE RT Mining tires Beyond-road tires 0% 0% OE RT Aircraft tires H1 H2 H1 H2 H1 H2 H1 H2 Polymer Two-wheel Composite tir
Slide 20: 2026 Guidance: Growing in Tires and in PCS
2026 Guidance: Growing in Tires and in PCS 20 GUIDANCE Main levers & assumptions >2025 o Increasing differentiation from innovation: products & data Segment operating income @ iso-scope and iso-FX o Tire volumes growth: flat in H1, up in H2 with gradual recovery of OE markets in B2B o Favorable Raw
Slide 21: Appendix
APPENDIX. ‘~~ A.
Slide 22: Financial Agenda
Financial Agenda 22 AGENDA 2025 Annual Results _ February 11, 2026
Slide 23: Glossary
Glossary 23 Free cash flow BEFORE M&A GLOSSARY 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 24: Results
2025 RESULTS
Slide 25: Key financial figures – last years
25 Key financial figures – last 3 years APPENDIX (€ millions) 2025 2024 2023 Sales 25,992 27,193 28,343 Segment EBITDA 4,663 5,361 5,489 Segment EBITDA margin 17.9% 19.7% 19.4% Segment operating income 2,719 3,378 3,572 Segment operating margin 10.5% 12.4% 12.6% Other operating income and expenses (
Slide 26: PCLT tire markets: OE lifted by China but negative in Europe
PCLT tire markets: OE lifted by China but negative in Europe, RT 26 resilient overall with sell-in boosted by imports APPENDIX PCLT tire sell-in market, FY 2025 (YoY change in number of tires) North & Central America Europe -5% -2% China +1% 0% + 9% Global market +2% Africa, India, + 2% Middle East
Slide 27: Truck tire markets: OE depressed in Americas but stabilizing in Europe
Truck tire markets: OE depressed in Americas but stabilizing in 27 Europe; RT backed by low OE and by imports boosting sell-in APPENDIX Truck tire sell-in market, FY 2025 (YoY change in number of tires) North & Central America Europe -20% +2% China +5% +2% +17% Global market Excl. China Incl. China
Slide 28: North American markets: Consumer sentiment and freight activity down to lowest level in years
28 North American markets: Consumer sentiment and freight activity down to lowest level in years APPENDIX Consumer sentiment Freight Index 105 1.350 1.300 95 1.250 85 1.200 1.150 75 1.100 65 1.050 1.000 55 0.950 45 0.900 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2015 2016 2017 2018
Slide 29: 2025 Sales: Softer sales decline in H2 but strong FX headwind
2025 Sales: Softer sales decline in H2 but strong FX headwind 29 APPENDIX Analysis of sales by six-month period (€ millions | % of 2024) 13,712 +2 13,481 +4 +285 +50 Scope* +542 +22 Non-tire Scope 13,028 (+0.0%) businesses 12,964 (+0.0%) Non-tire -469 Price-mix (-0.2%) businesses -201 Volumes (+2.1%
Slide 30: Sales: Q4 2025 with improving profile but facing major FX headwind
Sales: Q4 2025 with improving profile but facing major FX headwind 30 APPENDIX YoY Quarterly change (% of sales) VOLUMES PRICE-MIX CURRENCY Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 2024 2025 2024 2025 4.8 3.3 2.9 2.9 2.6 1.5 1.5 0.7 0.7 -0.4 -0.4 -1.2 -1.9 -2
Slide 31: 2025 SOI: Softer volume impact in H2 but stronger FX headwind
2025 SOI: Softer volume impact in H2 but stronger FX headwind 31 APPENDIX Analysis of Segment operating income (SOI) (€ millions) 1,782 +499 -9 1,596 +246 +12 +28 +10 Scope +105 1,452 -240 +12 -5 Raw materials -44 SG&A Non-tire Scope Raw -48 Manuf. -154 1,267 materials -175 -23 Non- Other -451 Price
Slide 32: Manufacturing capacity adjustments delivered as planned
Manufacturing capacity adjustments delivered as planned 32 APPENDIX Capacity adjustments achieved over 2023-2025 Ardmore Karlsruhe Homburg Capacity impact Cholet Olsztyn Querétaro Shenyang -10% standard PC Guarulhos -15% Truck Trier Olsztyn Shanghai -100% Midigama Compact Line Bias Vannes 2025 Annua
Slide 33: Raw materials cost breakdown and evolution
Raw materials cost breakdown and evolution 33 Natural Rubber | TSR20 and RSS3 (SICOM, $/kg) APPENDIX 2025 Raw materials cost breakdown 2.4 2.1 2.2 2.2 2.2 2.0 2.0 1.8 1.8 1.6 1.6 1.6 1.6 1.5 1.9 TEXTILES 1.7 1.7 1.8 1.7 1.6 1.7 1.7 1.4 1.4 1.4 1.4 1.3 1.4 7% NATURAL RUBBER RSS3 TSR 20 STEEL CORD Q1
Slide 34: Sales by currency & impact on Segment operating income
Sales by currency & impact on Segment operating income 34 APPENDIX 2025 Dropthrough* 2025 Dropthrough* % of sales % of sales FY 2025 currency change vs. € Sales ➔ SOI FY 2025 currency change vs. € Sales ➔ SOI USD 38% -4.2% [10% ; 30%] JPY 1% -3.1% [60% ; 70%] EUR 32% - - CLP 1% -5.1% [70% ; 80%] CNY
Slide 35: An adequate cash position with maturities well spread over time
An adequate cash position with maturities well spread over time 35 APPENDIX Debt maturities as of December 31, 2025 (carrying amount | € millions) 8,000 Loans from financial institutions Securitization 7,000 Bond 6,000 CP Derivatives and leases 5,000 Cash and cash equivalents Cash management Financi
Slide 36: Recognized leadership in non-financial performance
Recognized leadership in non-financial performance 36 APPENDIX Major ratings (as of December 31, 2025) 2025 Michelin Ratings Low Risk A A- A B- 84 / 100 AAA 14.3 CLIMATE CHANGE WATER SECURITY SUPPLIER ENGAGEMENT Prime Gold 2025 Annual Results _ February 11, 2026
Slide 37: Strategy
STRATEGY
Slide 38: Strategic Scorecard - 2025 results in line with 2030 ambitions
Strategic Scorecard - 2025 results in line with 2030 ambitions 38 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 39: Increasing cash and margin generation across business cycles
Increasing cash and margin generation across business cycles 39 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 2022
Slide 40: Michelin brand surpasses $10 billion in value
Michelin brand surpasses $10 billion in value 40 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 2
Slide 41: Local-to-local illustration: Michelin in China
Local-to-local illustration: Michelin in China 41 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 42: Tires abrasion: A considerable competitive edge for Michelin
Tires abrasion: A considerable competitive edge for Michelin, 42 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 43: Widening range of destination markets ensuring resilience
Widening range of destination markets ensuring resilience 43 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 44: Leveraging unique and differentiating assets across enlarged playground
Leveraging unique and differentiating assets across enlarged 44 playground APPENDIX TIRES SERVICES AND EXPERIENCES Highly engaged and A powerful and widely Connected talented teams recognized brand E-Retail Solutions Distribution Lifestyle & Retail POLYMER COMPOSITE SOLUTIONS Sealing Conveyors Innov
Slide 45: Value-driven strategy: Winning where it matters
Value-driven strategy: Winning where it matters 45 APPENDIX Original equipment: Being selective to extract the right value Maximizing value creation Strategic Innovation Brand power Loyalty for OEMs & for Michelin partnerships Replacement: Accelerating on value-accretive segments Ensuring value crea
Slide 46: Value-driven strategy: Winning where it matters - illustrated
Value-driven strategy: Winning where it matters - illustrated 46 Technological leadership & APPENDIX 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 47: Polymer Composite Solutions: Deploying Group innovation power for mission-critical applications
Polymer Composite Solutions: Deploying Group innovation power 47 for mission-critical applications APPENDIX Michelin technology Michelin technology in ENERGY SUPPLY in gangway bellows how our composites how our composites ensure continuity and enhance travel experience security of energy supply Mich
Slide 48: Tire businesses
' \ f TIRE BUSINESSES Gd MICHELIN
Slide 49: Michelin exclusive on iconic cars
Michelin exclusive on iconic cars 49 APPENDIX Mercedes-AMG One Ferrari F80 All Bugatti, including Tourbillon Aston Martin Valhalla Maserati GT2 Stradale Porsche 718 Cayman GT4 RS 2025 Annual Results _ February 11, 2026
Slide 50: Michelin tire market access: Reflecting broad product range in B2C and B2B
50 Michelin tire market access: Reflecting broad product range in B2C and deep intimacy with service providers in B2B APPENDIX B2C market access B2B market access 50% 50% 60% 75% 10% 5% 15% Wholesalers & Platforms Wholesalers 95% Clubs E-retail Garages & Tire Auto Vehicle pure Tire Garages & gen tru
Slide 51: Leveraging Michelin distribution assets and accelerating franchise
51 Leveraging Michelin distribution assets and accelerating franchise APPENDIX Franchised and company-owned Retail networks 100% owned JVs Franchise & minority stakes Wholesale Retail Franchised points of sales evolution 2,400 (100% of network) 1,800 network) (65% of E-retail 2025 Annual Results _ F
Slide 52: BEV: Highly demanding vehicles perfectly fit with Michelin's unique know-how
BEV: Highly demanding vehicles perfectly fit with Michelin’s 52 unique know-how APPENDIX Electric vehicles put the performance of Improving capabilities should benefit tires to the test to all tires >12 kgt Low rolling resistance Michelin Rolling Resistance (in kgt) Energy Silent architecture Michel
Slide 53: Connected Solutions
CONNECTED SOLUTIONS
Slide 54: Connected Solutions: A suite of innovative solutions to empower mobility players
Connected Solutions: A suite of innovative solutions to empower 54 mobility players to race towards zero-accident, zero-downtime, zero-emission APPENDIX Unique customer intimacy and usage expertise CONNECTED SOLUTIONS SAFER ROADS Connected fleet management services in-depth knowledge of danger zones
Slide 55: Michelin Connected Fleet value proposition
Michelin Connected Fleet value proposition: A unique ability to 55 develop insights and turn them into actions APPENDIX Unique insights for customers Insights turned into action Fie ise ld rt ca A unique tire management solution pe p Field capabilities x • Best-in-class expertise on tires usage ab •
Slide 56: Non-financial performance
NON -FINANCIAL PERFORMANCE
Slide 57: New demonstrator tire containing 75% of renewable and recycled materials
57 The new demonstrator tire approved for road use, containing 75% of renewable and recycled materials APPENDIX CAR TIRE* Audited by a reputable 7 5% external third party renewable and recycled materials Synthetic rubber natural with bio -butadiene rubber Renewable or recycled textile fibers recover
Slide 58: On the path to full product circularity with 40% renewable and recycled materials by 2030
58 On the path to full product circularity with 40% renewable and recycled materials by 2030, up to 100% by 2050 APPENDIX SYNTHETIC RUBBER NATURAL RUBBER (1) FILLERS PLASTIFIERS RESINS (1) METALS TEXTILES (2) OTHER … (1) Carried out with the support of ADEME (2) WhiteCycle is a Michelin-led EU proje
Slide 59: TRWP: Michelin driving innovation and advancing knowledge in the tire industry
TRWP: Michelin driving innovation and advancing knowledge 59 in the tire industry APPENDIX Scientific studies to measure the environmental impact of TRWP(1) TRWP AIR WATER Studies confirm that TRWP account for less Studies suggest that most TRWP do not 5 x 10-2 mm than 1% of particulate matter pollu
Slide 60: Strong commitment to reduce impact of operations on biodiversity and ecosystems
Strong commitment to reduce impact of operations on 60 biodiversity and ecosystems APPENDIX 2024 2025 2030 RESEARCH & DEVELOPMENT Life Cycle Analysis incl. biodiversity 100% services: 100% criteria from best methods of new products of new ranges marketed Pilot RAW MATERIALS Natural rubber used by th
Slide 61: Sustainable natural rubber by Michelin: Driving progress across a complex value chain
Sustainable natural rubber by Michelin: Driving progress 61 across a complex and fragmented value chain APPENDIX ACCELERATING SUSTAINABILITY ACROSS THE INDUSTRY BY 2025 NATURAL RUBBER • Dedicated roadmap focused on zero deforestation, human rights, and farmer empowerment SNAPSHOT • Geolocation of mi
Slide 62: Externalities: Almost 60m€ reduction in 2025, more than 220m€ since 2019
Externalities: Almost 60m€ reduction in 2025, more than 220m€ 62 since 2019 APPENDIX Externalities costs evolution: CO2 emissions, VOC(1) emissions and water withdrawals (€ millions) 590 -38% 428 369 -40 -11 CO2 -7 -1 CO2 Scopes Water Scope 3(3) Volatile 1&2 organic compounds 2019 (2) 2024 2025 (1)
Slide 63: Climate strategy structured around transition and adaptation plans
Climate strategy structured around transition and adaptation 63 plans, towards net-zero emissions by 2050 APPENDIX STRUCTURED AROUND 2 AXES A TRANSITION plan An ADAPTATION plan to decarbonize all value-chain activities responding to physical impacts (Scopes 1, 2 & 3) and to accelerate of climate cha
Slide 64: 2030 environmental ambition: On track to reach net zero emissions in 2050
2030 environmental ambition: On track to reach net zero emissions 64 in 2050 APPENDIX Group’s ability to have an influence high 2025 2030 2050 limited Manufac- -48% -47% Net Zero Scope 1 & 2 Turing* CO2 emissions vs. 2019 Logistics* -28% -90% CO2 emissions vs. 2019 CO2 emissions vs. 2019 Upstream en
Slide 65: Fostering social and societal cohesion through ambitious initiatives
Fostering social and societal cohesion through ambitious initiatives 65 APPENDIX ‘Living wage’ for every Michelin One Care Program, Group employee a universal social protection floor • ‘Global Living Wage Employer’ • Providing time to welcome a new child certified by Fair Wage Network • Family prote
Slide 66: Diversity, Equity, Inclusion: Further progress in gender balance and acceptance of diversity
66 Diversity, Equity, Inclusion: Further progress in gender balance and acceptance of diversity with a new policy supporting the dynamic APPENDIX Around 5 key areas DISABILITY INCLUSION AND EQUITY Michelin promotes access to the Allowing everyone to be valued, embraced, workplace for people with and
Slide 67: Michelin governance pillars: Clear segregation of management and supervisory powers
67 Michelin governance pillars: Clear segregation of management and supervisory powers APPENDIX SHAREHOLDERS (LIMITED PARTNERS) GENERAL PARTNERS With unlimited joint and personal liability for the Company’s debts SUPERVISORY BOARD Managing Chairman Non -Managing and General Partner General Partner (
Slide 68: ESG awareness and oversight are fully embodied in Michelin's governance structure
ESG awareness and oversight are fully embodied in Michelin’s 68 governance structure APPENDIX SUPERVISORY BOARD SUPERVISION: AUDIT COMMITTEE CSR COMMITTEE GROUP EXECUTIVE CORPORATE COMMITTEE* SUSTAINABLE CORPORATE STAKEHOLDERS COMMITTEE DEVELOPMENT AND Decisions Recommendations IMPACT DEPARTMENT int
Slide 69: 2025 Compensation policy for the CEO
2025 Compensation policy for the CEO: Balanced and 69 complimentary criteria for both annual and differed compensation APPENDIX Fixed compensation Annual variable compensation Performance share grants Subject to performance conditions over 3 years €1,100,000 Capped at 150% of fixed compensation Capp
Slide 70: Disclaimer
70 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 71: Contacts
71 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 2025 Annual Results _ February 11, 2026