Cie Generale Des Etablissements Michelin Sa · EURONEXT:ML
Cie Generale Des Etablissements Michelin Sa — Michelin — Non-Deal Roadshow (March 2026)
74 slides from Cie Generale Des Etablissements Michelin Sa's roadshow presentation, March 2026
Slide 1: US & Canada Roadshow
US & Canada Roadshow J.P. Morgan March 2 – 5, 2026
Slide 2: 2025 Annual Results
2025 annual RESULTS
Slide 3: Implementing our Michelin in Motion 2030 strategy
Implementing our Michelin in Motion 2030 strategy 3 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 b
Slide 4: Shareholder return and financial outlook
Shareholder return and financial outlook 4 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 43% 48% 57% > €1.6 BN Yield (2) 2.9 % 4 .4 % 4.9% Free Cash Flow before M&A (1) Dividend per
Slide 5: Growing Polymer Composite Solutions
Growing Polymer Composite Solutions: Leveraging Group’s 5 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 6: Polymer Composite Solutions: Diversified verticals and balanced geographies
Polymer Composite Solutions: Diversified verticals and balanced 6 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
Slide 7: Boosting Polymer Composite Solutions revenues with acquisition of 3 leading companies
Boosting Polymer Composite Solutions revenues by 35% with the 7 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 Healthc
Slide 8: Solid overall Group performance on People, Profit and Planet
Solid overall Group performance on People, Profit and Planet 8 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 9: 2025 markets: Soft overall growth, tough OE markets in B2B
2025 markets: Soft overall growth, tough OE markets in B2B 9 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 10: 2025 sales facing strong FX headwind and soft volumes
2025 sales facing strong FX headwind and soft volumes 10 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 11: Sales volumes declining primarily from OE business
Sales volumes declining primarily from OE business (>80%), 11 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 US & Cana
Slide 12: Operating margin supported by price-mix
Operating margin supported by price-mix, low volumes hiding 12 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 13: 2025 Sales: Penalized by volumes and forex across all segments
2025 Sales: Penalized by volumes and forex across all segments 13 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 14: RS2: Set to improve financial performance over time
RS2: Set to improve financial performance over time 14 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 15: Group improving cash generation and conversion
Group improving cash generation and conversion, 15 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 16: Improved gearing providing headroom to deploy Group strategy
Improved gearing providing headroom to deploy Group strategy, 16 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 17: Shareholder return sustained at an attractive level
Shareholder return sustained at an attractive level 17 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 YI
Slide 18: Reporting Segments: Upcoming adjustments as of Q1 2026
Reporting Segments: Upcoming adjustments as of Q1 2026 18 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 19: 2026 tire market outlook
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 US & Canada Roadshow _ March 2-5 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: 2025 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
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
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
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: NA Class-8 Inventories have grown for years
NA Class-8 Inventories have grown for 3 years, still much above 29 structural level APPENDIX +90% inventory growth Source: Freight Transportation Research US & Canada Roadshow _ March 2-5 2026
Slide 30: US Crop prices declined 25-50% vs 2022
US Crop prices declined 25-50% vs 2022 30 APPENDIX Crop prices, US market (Percent change in inflation-adjusted prices relative to 2020 _ PPI, 2020=100) US & Canada Roadshow _ March 2-5 2026
Slide 31: 2025 Sales: Softer sales decline in H2
2025 Sales: Softer sales decline in H2 but strong FX headwind 31 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 32: Sales: Q4 2025 with improving profile
Sales: Q4 2025 with improving profile but facing major FX headwind 32 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 33: 2025 SOI: Softer volume impact in H2
2025 SOI: Softer volume impact in H2 but stronger FX headwind 33 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 34: Manufacturing capacity adjustments delivered as planned
Manufacturing capacity adjustments delivered as planned 34 APPENDIX Capacity adjustments achieved over 2023-2025 Karlsruhe Ardmore Capacity Homburg impact Cholet Olsztyn Querétaro Shenyang -10% standard PC Guarulhos Cholet -15% Truck Trier Olsztyn Shanghai -100% Midigama Compact Line Bias Vannes US
Slide 35: Raw materials cost breakdown and evolution
Raw materials cost breakdown and evolution 35 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 36: Sales by currency & impact on Segment operating income
Sales by currency & impact on Segment operating income 36 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 37: An adequate cash position with maturities well spread
An adequate cash position with maturities well spread over time 37 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 38: Recognized leadership in non-financial performance
Recognized leadership in non-financial performance 38 APPENDIX Major ratings (as of December 31, 2025) 2025 Michelin Ratings Low Risk A A- A B- 88 / 100 AAA 14.3 CLIMATE CHANGE WATER SECURITY SUPPLIER ENGAGEMENT Prime Platinum(*) (*) Rating as of December 31, 2025, as republished by EcoVadis on Febr
Slide 39: Strategy
STRATEGY
Slide 40: Strategic Scorecard - 2025 results in line with 2030 ambitions
Strategic Scorecard - 2025 results in line with 2030 ambitions 40 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 41: Increasing cash and margin generation across business cycles
Increasing cash and margin generation across business cycles 41 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 42: Michelin brand surpasses $10 billion in value
Michelin brand surpasses $10 billion in value 42 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 U
Slide 43: Local-to-local illustration: Michelin in China
Local-to-local illustration: Michelin in China 43 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 44: Tires abrasion: A considerable competitive edge
Tires abrasion: A considerable competitive edge for Michelin, 44 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 45: Widening range of destination markets ensuring resilience
Widening range of destination markets ensuring resilience 45 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 46: Leveraging unique and differentiating assets across enlarged playground
Leveraging unique and differentiating assets across enlarged 46 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 47: Value-driven strategy: Winning where it matters
Value-driven strategy: Winning where it matters 47 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 48: Value-driven strategy: Winning where it matters - illustrated
Value-driven strategy: Winning where it matters - illustrated 48 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 49: Polymer Composite Solutions: Deploying Group innovation power
Polymer Composite Solutions: Deploying Group innovation power 49 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 50: M&A as a growth & value accelerator
M&A as a growth & value accelerator: Accessing new markets and 50 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 51: Tire Businesses
' \ f TIRE BUSINESSES Gd MICHELIN
Slide 52: Michelin exclusive on iconic cars
Michelin exclusive on iconic cars 52 APPENDIX Mercedes-AMG One Ferrari F80 All Bugatti, including Tourbillon Aston Martin Valhalla Maserati GT2 Stradale Porsche 718 Cayman GT4 RS US & Canada Roadshow _ March 2-5 2026
Slide 53: Michelin tire market access
53 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 54: Leveraging Michelin distribution assets and accelerating franchise
54 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 US & Canada Roadshow _
Slide 55: BEV: Highly demanding vehicles perfectly fit with Michelin's know-how
BEV: Highly demanding vehicles perfectly fit with Michelin’s 55 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 56: Connected Solutions
CONNECTED SOLUTIONS
Slide 57: Connected Solutions: A suite of innovative solutions
Connected Solutions: A suite of innovative solutions to empower 57 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 58: Michelin Connected Fleet value proposition
Michelin Connected Fleet value proposition: A unique ability to 58 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 59: Non-Financial Performance
NON -FINANCIAL PERFORMANCE
Slide 60: New demonstrator tire containing 75% renewable and recycled materials
60 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 61: Path to full product circularity
61 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 62: TRWP: Michelin driving innovation and advancing knowledge
TRWP: Michelin driving innovation and advancing knowledge 62 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 63: Strong commitment to reduce impact on biodiversity and ecosystems
Strong commitment to reduce impact of operations on 63 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 64: Sustainable natural rubber by Michelin
Sustainable natural rubber by Michelin: Driving progress 64 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 65: Externalities: Almost 60m€ reduction in 2025
Externalities: Almost 60m€ reduction in 2025, more than 220m€ 65 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 66: Climate strategy structured around transition and adaptation plans
Climate strategy structured around transition and adaptation 66 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 67: 2030 environmental ambition: On track to reach net zero in 2050
2030 environmental ambition: On track to reach net zero emissions 67 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 68: Fostering social and societal cohesion
Fostering social and societal cohesion through ambitious initiatives 68 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 69: Diversity, Equity, Inclusion: Further progress
69 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 70: Michelin governance pillars
70 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 71: ESG awareness and oversight embodied in governance structure
ESG awareness and oversight are fully embodied in Michelin’s 71 governance structure APPENDIX Group Management Committee = Group Executive Committee + the following departments: Legal, Purchasing, Finance, Information Systems, Internal Control , Audit, Risk Management & Quality, Strategy, Supply Cha
Slide 72: 2025 Compensation policy for the CEO
2025 Compensation policy for the CEO: Balanced and 72 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 73: Disclaimer
73 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 74: Contacts
74 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 US & Canada Roadshow _ March 2-5 2026