Cie Generale Des Etablissements Michelin Sa · EURONEXT:ML
Cie Generale Des Etablissements Michelin Sa — Michelin — Kepler Cheuvreux Autumn Conference 2026
52 slides from Cie Generale Des Etablissements Michelin Sa's conference presentation, Sep 9, 2026
Slide 1: Autumn conference Kepler Cheuvreux
Autumn conference kepler cheuvreux September 9, 2026
Slide 2: Delivering 2026 objectives despite uncertainty, powered by unique strengths
Delivering 2026 objectives despite uncertainty, 2 powered by Michelin’s unique strengths and 2030 strategic ambitions CONTEXT 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 3: Dynamic product renewal demonstrating technological leadership
Dynamic product renewal demonstrating technological leadership 3 CONTEXT March 2026 | New range launched March 2026 | Falcon 10X rollout Triple -A 10 to 20% Weight reduction (2) Longest life of the segment (1) 10 to 20% Service life increase (2) MICHELIN Primacy 5 Energy MICHELIN Air X Sky Light Jun
Slide 4: Michelin Pilot Sport Endurance 2026: 50% renewable and recycled materials
MICHELIN Pilot Sport Endurance 2026: 50% renewable and recycled 4 materials with no compromise on performance CONTEXT 5 0% renewable Exclusive fitment and recycled materials on Hypercars A New Design natural rubber To make visible the invisible: technological innovation RECOVERED carbon black Better
Slide 5: Michelin Tire Digital Twin: Pioneering embedded intelligence
Michelin Tire Digital Twin: Pioneering embedded intelligence 5 CONTEXT 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 Re
Slide 6: H1 Tire markets: Weak OE, resilient Replacement
H1 Tire markets: Weak OE, resilient Replacement with divergent 6 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% Specialties
Slide 7: Full-year Tire markets outlook
Full-year Tire markets outlook: Truck OE upswing and softer PC/LT 7 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-road M
Slide 8: Truck North America: Strong Class Net Orders in H1
8 Truck North America: Strong Class 8 Net Orders in H1 triggering OEM production recovery despite high inventories CONTEXT 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25
Slide 9: Polymer Composite Solutions: Growing size & profitability
Polymer Composite Solutions: Growing size & profitability, 9 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 07/26 Operatin
Slide 10: Middle-East conflict: Effectively dealing with prolonged impact
Middle-East conflict: Effectively dealing with prolonged impact 10 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 11: Confirming 2026 Guidance and shareholder return
Confirming 2026 Guidance and shareholder return 11 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 Autumn conference _ September 9, 2026
Slide 12: H1 2026 Results
im RESULTS __ Cd 4 MICHELIN
Slide 13: Solid H1 performance supported by MICHELIN brand growth and acquisitions
Solid H1 performance supported by MICHELIN brand growth and 13 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
Slide 14: Balanced Group performance in H1 on People, Profit and Planet
Balanced Group performance in H1 on People, Profit and Planet 14 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 15: Revenue growth supported by mix and targeted acquisitions
Revenue growth supported by mix and targeted acquisitions 15 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 2
Slide 16: Sales volumes: Replacement outperforms, OE remains challenging
Sales volumes: Replacement outperforms on MICHELIN brand strength, 16 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 Autumn conference _ September
Slide 17: Robust SOI growth, supported by price-mix and favorable input costs
Robust SOI growth, supported by price-mix and favorable input costs 17 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
Slide 18: Group margin improving despite FX; Transportation penalized by OE volumes
Group margin improving despite FX and Transportation still penalized by 18 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 19: Polymer Composite Solutions: Solid results in Sealing, Belting and Coated fabrics
Polymer Composite Solutions: Solid results in Sealing, Belting and 19 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 20: Cash generation reflecting Group's tight operational steering
20 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 21: Strong balance sheet enables dynamic capital allocation
Strong balance sheet enables dynamic capital allocation 21 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 22: Appendix
APPENDIX
Slide 23: Financial Agenda
Financial Agenda 23 AGENDA Autumn conference _ September 9, 2026
Slide 24: H1 2026 Results
im RESULTS __ Cd 4 MICHELIN
Slide 25: PC/LT tire markets: Negative OE trend, RT sell-in demand
PC/LT tire markets: Negative OE trend, RT sell-in demand mostly 25 reflecting imports fluctuations APPENDIX PC/LT tire sell -in market, H1 2026 (YoY change in number of tires) North & Central America Europe -1% -1% China -2% -4% - 7% Global market -3% Africa, India, + 9% Middle East +1% South Americ
Slide 26: Truck tire markets: OE depressed in Americas
Truck tire markets: OE depressed in Americas, Replacement reflecting 26 soft OE and import fluctuations APPENDIX Truck tire sell -in market, H1 2026 (YoY change in number of tires) North & Central America Europe -12% +4% China -13% +9% Global market +14% Excl. China Incl. China Africa, India, +2% -2
Slide 27: Profitability across segments: Margin improving despite FX headwind
Profitability across segments: Margin improving despite FX headwind, 27 Transportation still penalized by volumes at OE APPENDIX Revenue and Operating income by reporting segment (€ millions | % of revenue) of which of which H1 26 Δ vs H1 25 Volume * FX Revenue 6,926 -2.6% +0.8% -3.4% Consumer Opera
Slide 28: Revenue by quarter: Positive trend in Volumes
Revenue by quarter: Positive trend in Volumes, FX headwind softening 28 in Q2 APPENDIX YoY Quarterly change (% of revenue) 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 2025 2026 2025 2026 2025 2026 4.8 3.3 2.6 1.5 1.1 0.6 0.7 -0.5 -0.8 -1.4 -2.4
Slide 29: North American markets: Consumer sentiment and freight activity
29 North American markets: Consumer sentiment and freight activity remain low despite a recent rebound APPENDIX Consumer sentiment Freight Index 110 1.35 1.30 100 1.25 90 1.20 1.15 80 1.10 70 1.05 60 1.00 0.95 50 0.90 40 0.85 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2016 2017 2018 2019
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) Autumn conference _ September 9, 2026
Slide 31: Raw materials cost breakdown and evolution
Raw materials cost breakdown and evolution 31 APPENDIX 2025 Raw materials cost breakdown Natural Rubber | TSR20 and RSS3 (SICOM, $/kg) 2.7 2.2 2.2 2.3 2.0 2.1 1.8 1.8 1.6 1.6 1.6 1.6 1.5 2.2 1.9 TEXTILES 1.7 1.4 1.7 1.8 1.4 1.7 1.7 1.4 1.4 1.4 1.3 7% NATURAL RUBBER RSS3 TSR 20 Q1 Q2 STEEL CORD 9% 20
Slide 32: Recognized leadership in non-financial performance
Recognized leadership in non-financial performance 32 APPENDIX 2026 Michelin Ratings* Low Risk AA A A- A B 88 / 100 CLIMATE WATER SUPPLIER 14.2 CHANGE SECURITY ENGAGEMENT Prime Platinum * as of June 30, 2026 Autumn conference _ September 9, 2026
Slide 33: Strategy
STRATEGY
Slide 34: Leveraging unique and differentiating assets across enlarged playground
Leveraging unique and differentiating assets across enlarged playground 34 APPENDIX TIRES Highly engaged and A powerful and widely talented teams recognized brand SERVICES AND EXPERIENCES Connected E-Retail Solutions Distribution Lifestyle & Retail POLYMER COMPOSITE SOLUTIONS Sealing Conveyors Belti
Slide 35: Strategic Scorecard - 2025 results in line with 2030 ambitions
Strategic Scorecard - 2025 results in line with 2030 ambitions 35 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 36: Increasing cash and margin generation across business cycles
Increasing cash and margin generation across business cycles 36 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 37: MICHELIN brand: Crossing $10 billion in Value
MICHELIN brand: Crossing $10 billion in Value 37 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 A
Slide 38: Four reporting segments from 2026 onwards
Four reporting segments from 2026 onwards 38 APPENDIX Consumer Transportation Specialties Polymer Composite Solutions Autumn conference _ September 9, 2026
Slide 39: Widening range of destination markets ensuring resilience
Widening range of destination markets ensuring resilience 39 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 40: AI embedded throughout the value chain
AI embedded throughout the value chain to augment performance 40 across People x Profit x Planet dimensions APPENDIX Accelerating innovation Improving Customer Satisfaction Simulation powered by Experience powered by DATA X TECHNICAL DATA -DRIVEN FLEET EXPERTISE & DRIVER INSIGHTS MICHELIN Alpin7 Man
Slide 41: Manufacturing set-up: Footprint adjustments since 2023
Manufacturing set-up: Footprint adjustments since 2023 41 APPENDIX Breakdown by business segment Karlsruhe Ardmore Querétaro Shenyang Homburg Cholet Tuscaloosa Olsztyn Cholet Guarulhos Trier Vannes Shanghai Olsztyn Midigama Emporia 2026 announcements Autumn conference _ September 9, 2026
Slide 42: Value-driven strategy: Winning where it matters
Value-driven strategy: Winning where it matters - illustrated 42 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 43: BEV: EV-readiness by design for all MICHELIN tires
BEV: EV-readiness by design for all MICHELIN tires, 43 leveraging unique know-how in material science APPENDIX BEV: highly demanding on tires Pioneering energy efficiency for 35 years 1992: 1 st Energy tire launched Rolling resistance Low rolling improved by 1-2% per year resistance for the past 30
Slide 44: Tires abrasion: A considerable competitive edge for Michelin
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: Transportation: Set to improve financial performance over time
Transportation: Set to improve financial performance over time 45 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 46: Local-to-local illustration: Michelin in China
Local-to-local illustration: Michelin in China 46 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 47: M&A as a growth & value accelerator
M&A as a growth & value accelerator: Accessing new markets 47 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 48: Shareholder return sustained at an attractive level
Shareholder return sustained at an attractive level 48 APPENDIX 2022 2023 2024 2025 DIVIDEND DIVIDEND Per share(€) 1.25 1.35 1.38 1.38 • 2025 dividend of € 1.38 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 • 2026-2028: ann
Slide 49: An adequate cash position with maturities well spread over time
An adequate cash position with maturities well spread over time 49 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 50: Glossary
Glossary 50 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 51: Disclaimer
51 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 52: Contacts
52 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 Autumn conference _ September 9, 2026