78 slides from Cie Generale Des Etablissements Michelin Sa's earnings presentation, Apr 29, 2026
Slide 1: Q1 2026 Sales
2026 Q 1 SALES April 29 , 2026
Slide 2: A positive start to 2026, Group adapting its steering amid rising uncertainty
A positive start to 2026, Group adapting its steering amid rising 2 uncertainty RESULTS +0% 2 Revenue at iso-FX Acquisitions closed (Q1-26 vs Q1-25, in €) (Cooley & Flexitallic) +3% 2026 Guidance MICHELIN brand Sales unchanged on Replacement markets in highly unpredictable context (Q1-26 vs Q1-25, i
Slide 3: Q1 Tire markets: OE negative as expected, Replacement resilient
Q1 Tire markets: OE negative as expected, Replacement resilient 3 RESULTS Tire sell -in markets variation (YoY) Consumer Passenger car OE -4 % 0% -3% -12 % Two-wheel & Light truck RT 0% -3 % -7% +9% Transportation Truck OE -3% +6% -19 % Excl. China RT +3% +7% -12 % Specialties OE Beyond-road Mining
Slide 4: Q1 revenue: Stable at iso-FX, supported by stronger mix
Q1 revenue: Stable at iso-FX, supported by stronger mix 4 RESULTS Q1 2026 sales evolution (€ millions and as a %) +0.0% 6,515 19 73 - 6,518 Scope (+0.3%) - 89 Non-tire Volumes* Price-mix* businesses (-1.4%) (+1.1% (0.0%) of which mix +1.9%) 6,167 - 351 Currency (-5.4%) 2025 Q1 2026 Q1 2026 Q1 at con
Slide 5: Group revenue: Growth at iso-FX in all segments except Transportation
Group revenue: Growth at iso-FX in all segments except Transportation 5 RESULTS Q1 2026 revenue by reporting segment (€ millions and as a %) Q1 26 Δ vs Q1 25 Revenue 3,403 -4.4% Consumer o/w volume change +1.3% o/w FX -5.7% Transportation Revenue 1,357 -11.3% o/w volume change -5.5% o/w FX -3.7% Spe
Slide 6: Q1 sales volumes: Continued weakness in OE, Replacement lifted by MICHELIN brand
Q1 sales volumes: Continued weakness in OE, Replacement lifted by 6 MICHELIN brand performance RESULTS Q1 2026 sales evolution vs previous year (in tonnage, on a 100 basis) -0.7 -0.6 -0.1 0.0 TB PC AG Other 100 98.6 -1.4 0.0 Tier 2 & Tier 3 brands Q1 25 OE RT Q1 26 2026 Q1 Sales _ April 29, 2026
Slide 7: Polymer Composite Solutions: Solid sales growth in Sealing and Coated fabrics
Polymer Composite Solutions: Solid sales growth in Sealing and Coated 7 fabrics, setback in Conveyors RESULTS Q1 revenue evolution by Product Category Strong performance Business in hydraulic development beyond applications Coated fabrics marine applications Sealing & films Declining market in Sligh
Slide 8: Polymer Composite Solutions: Growing size & profitability
Polymer Composite Solutions: Growing size & profitability, 8 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 € 820 m€ ( 1) 01/26 Sealing Belting 04/26 Conveyors Sealing Operating mar
Slide 9: 2026 outlook
2026 outlook
Slide 10: Full-year Tire markets outlook unchanged
Full-year Tire markets outlook unchanged: Stable overall, soft OE in H1 10 OUTLOOK Tire sell -in markets variation * (YoY) Consumer [ -2% ; +2%] H1 H2 Passenger car OE & Light truck Two-wheel RT Transportation [ -2% ; +2%] H1 H2 Truck OE Excl. China RT Specialties [ -1% ; + 3 %] OE Beyond-road Minin
Slide 11: Middle-East conflict: Group exposure
Middle-East conflict: Group exposure 11 OUTLOOK Group exposure to Middle East < 100 0 2 < 1% Employees Tire Manufacturing plant Joint ventures of Group total turnover (excluding JVs) in the region In Saudi Arabia Operational risk assessment Market access Upstream supply chain • Disruption to regiona
Slide 12: Middle-East conflict: Dealing with prolonged impact assumptions
Middle-East conflict: Dealing with prolonged impact assumptions 12 OUTLOOK Potential impact * of prolonged conflict Group structural levers Demand & supply Crisis management protocol Brent price scenario • Softening GDP & tire demand with daily monitoring (USD / bbl ) • Disruption of raw materials s
Slide 13: 2026 Guidance and shareholder return
2026 Guidance and shareholder return 13 GUIDANCE (1) Unchanged 2026 Guidance Shareholder return >2025 4.9% (2) Segment operating income @ iso-scope and iso-FX 2025 dividend yield > €1.6 BN €750m Free Cash Flow Share Buyback program before M&A launched for 2026 (1) Based on potential impact of prolon
Slide 14: Financial Agenda
Financial Agenda 14 AGENDA 2026 Q1 Sales _ April 29, 2026
Slide 15: Appendix
APPENDIX. ‘~~ A.
Slide 16: Q1 2026 Sales
Q 1 2026 SALES
Slide 17: PC/LT tire markets: Negative OE trend, RT sell-in demand
PC/LT tire markets: Negative OE trend, RT sell-in demand mostly 17 reflecting imports fluctuations APPENDIX PC/LT tire sell -in market, Q1 2026 (YoY change in number of tires) North & Central America Europe -3% 0% China -3% -7% Global market - 12% -4% Africa, India, + 9% Middle East -0% South Americ
Slide 18: Truck tire markets: OE depressed in Americas but recovering in Europe
Truck tire markets: OE depressed in Americas but recovering in Europe, 18 RT backed by low OE and by imports boosting sell-in APPENDIX Truck tire sell -in market, Q1 2026 (YoY change in number of tires) North & Central America Europe -19% +6% China -12% +7% Global market +7% Excl. China Incl. China
Slide 19: Sales by quarter: trend positive in Volumes, negative in FX impact
Sales by quarter: trend positive in Volumes, negative in FX impact 19 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 2025 2026 2025 2026 2025 2026 4.8 3.3 2.6 1.5 1.1 0.7 -1.4 -2.4 -3.6 -4.0 -4.9 -4.5 -4.9
Slide 20: Raw materials cost breakdown and evolution
Raw materials cost breakdown and evolution 20 APPENDIX 2025 Raw materials cost breakdown Natural Rubber | TSR20 and RSS3 (SICOM, $/kg) 2.2 2.2 2.3 2.0 2.1 1.8 1.8 1.6 1.6 1.6 1.6 1.5 TEXTILES 1.7 1.7 1.8 1.7 1.7 1.9 1.4 1.4 1.4 1.4 1.3 1.4 7% NATURAL RUBBER RSS3 TSR 20 Q1 STEEL CORD 9% 2015 2016 201
Slide 21: Q1 2026 awards: Setting the standard in innovation and customer satisfaction
Q1 2026 awards: Setting the standard in innovation and customer 21 satisfaction APPENDIX 3 major awards 3 additional awards * Concept of the year Passenger Car MICHELIN Lunar airless wheel Tire designed for Artemis program Tire of the year Performance Sport MICHELIN Primacy 5 Energy Tire Environment
Slide 22: North American markets: Consumer sentiment and freight activity remain low
22 North American markets: Consumer sentiment and freight activity remain low despite a recent rebound APPENDIX Consumer sentiment Freight Index 105 1.35 1.30 95 1.25 1.20 85 1.15 75 1.10 1.05 65 1.00 0.95 55 0.90 45 0.85 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2016 2017 2018 2019 202
Slide 23: Class-8 truck inventories in North-America: Still high
Class-8 truck inventories in North-America : Still high 23 despite recent boost of truck orders APPENDIX Source: Michelin Internal research 2026 Q1 Sales _ April 29, 2026
Slide 24: US Crop prices declined 25-50% vs 2022
US Crop prices declined 25-50% vs 2022 24 APPENDIX Crop prices, US market (Percent change in inflation-adjusted prices relative to 2020 _ PPI, 2020=100) 2026 Q1 Sales _ April 29, 2026
Slide 25: Recognized leadership in non-financial performance
Recognized leadership in non-financial performance 25 APPENDIX 2026 Michelin Ratings* Low Risk AA A A- A B 88 / 100 CLIMATE WATER SUPPLIER 14.4 CHANGE SECURITY ENGAGEMENT Prime Platinum * as of March 31, 2026 2026 Q1 Sales _ April 29, 2026
Slide 26: Sales by currency & impact on Segment operating income
Sales by currency & impact on Segment operating income 26 APPENDIX % of sales 2026 Dropthrough* % of sales 2026 Dropthrough* Q1 2026 currency change vs. € Sales ➔ SOI Q1 2026 currency change vs. € Sales ➔ SOI 12 rolling months 12 rolling months USD 38% -10.2% [10% ; 30%] JPY 1% -12.6% [60% ; 80%] EU
Slide 27: 2025 Results
2025 RESULTS
Slide 28: Solid overall Group performance in 2025 on People, Profit and Planet
Solid overall Group performance in 2025 on People, Profit and Planet 28 APPENDIX 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 gu
Slide 29: Group improving cash generation and conversion, ROCE temporarily impacted
Group improving cash generation and conversion, 29 ROCE temporarily impacted by NOPAT APPENDIX 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 2,18
Slide 30: Improved gearing providing headroom to deploy Group strategy
Improved gearing providing headroom to deploy Group strategy, 30 financial strength reinforced APPENDIX Net debt Agency ratings (€ millions) Compagnie Générale des Établissements Michelin, as of April 29, 2026 -767 Long Short 3,112 term term Outlook +668 S&P A A-1 = +144 2,345 Fitch A F1 = +980 -378
Slide 31: An adequate cash position with maturities well spread over time
An adequate cash position with maturities well spread over time 31 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 32: Shareholder return sustained at an attractive level
Shareholder return sustained at an attractive level 32 APPENDIX 2022 2023 2024 2025 DIVIDEND DIVIDEND Per share(€) 1.25 1.35 1.38 1.38(1) • 2025 dividend of € 1.38(1) 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 • 2026-202
Slide 33: New Reporting Segments: Restated 2025 results
New Reporting Segments: Restated 2025 results 33 APPENDIX 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% 14.9%
Slide 34: Key financial figures – last years
34 APPENDIX Key financial figures – last 3 years (€ 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 35: Strategy
STRATEGY
Slide 36: Implementing our Michelin in Motion 2030 strategy
Implementing our Michelin in Motion 2030 strategy 36 APPENDIX 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 37: Strategic Scorecard - 2025 results in line with 2030 ambitions
Strategic Scorecard - 2025 results in line with 2030 ambitions 37 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 38: Increasing cash and margin generation across business cycles
Increasing cash and margin generation across business cycles 38 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 39: RS2: Set to improve financial performance over time
RS2: Set to improve financial performance over time 39 APPENDIX 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 201
Slide 40: Manufacturing capacity adjustments achieved over 2023-2025
Manufacturing capacity adjustments achieved over 2023-2025 40 APPENDIX Breakdown by business segment Karlsruhe Capacity Ardmore Homburg impact Cholet Olsztyn Querétaro Shenyang -10 % standard PC Guarulhos Cholet -15% Truck Trier Olsztyn Shanghai -100% Midigama Compact Line Bias Vannes 2026 Q1 Sales
Slide 41: Michelin brand surpasses $10 billion in value
Michelin brand surpasses $10 billion in value 41 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
Slide 42: Local-to-local illustration: Michelin in China
Local-to-local illustration: Michelin in China 42 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 mar
Slide 43: Tires abrasion: A considerable competitive edge for Michelin
Tires abrasion: A considerable competitive edge for Michelin, 43 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 efficie
Slide 44: Widening range of destination markets ensuring resilience
Widening range of destination markets ensuring resilience 44 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 45: Leveraging unique and differentiating assets across enlarged playground
Leveraging unique and differentiating assets across enlarged playground 45 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 46: Value-driven strategy: Winning where it matters
Value-driven strategy: Winning where it matters 46 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 cre
Slide 47: Value-driven strategy: Winning where it matters - illustrated
Value-driven strategy: Winning where it matters - illustrated 47 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 48: M&A as a growth & value accelerator
M&A as a growth & value accelerator: Accessing new markets 48 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 49: Tire Businesses
TIRE BUSINESSES
Slide 50: BEV: EV-readiness by design for all MICHELIN tires
BEV: EV-readiness by design for all MICHELIN tires, 50 leveraging unique know-how in material science APPENDIX BEV: highly demanding on tires 30 + years of experience in energy efficiency 1992: 1 st Energy tire launched Rolling resistance improved by Low rolling 1-2% per year for the last 30 years r
Slide 51: Michelin exclusive on iconic cars
Michelin exclusive on iconic cars 51 APPENDIX Mercedes-AMG One Ferrari F80 All Bugatti, including Tourbillon Aston Martin Valhalla Maserati GT2 Stradale Porsche 718 Cayman GT4 RS 2026 Q1 Sales _ April 29, 2026
Slide 52: Michelin tire market access
52 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 53: Leveraging Michelin distribution assets and accelerating franchise
53 APPENDIX Leveraging Michelin distribution assets and accelerating franchise 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 2026 Q1 Sales _ April 2
Slide 54: Connected Solutions
CONNECTED SOLUTIONS
Slide 55: Connected Solutions: A suite of innovative solutions to empower mobility players
Connected Solutions: A suite of innovative solutions to empower mobility 55 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 56: Michelin Connected Fleet value proposition
Michelin Connected Fleet value proposition: A unique ability to develop 56 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 57: Polymer Composite Solutions
POLYMER COMPOSITE SOLUTIONS
Slide 58: Growing Polymer Composite Solutions: Leveraging Group's innovation power
Growing Polymer Composite Solutions: Leveraging Group’s 58 innovation power on adjacent product categories APPENDIX 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 applicati
Slide 59: Polymer Composite Solutions: Diversified verticals and balanced geographies
Polymer Composite Solutions: Diversified verticals and balanced 59 geographies APPENDIX 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 60: Boosting Polymer Composite Solutions revenues by 35% with 3 acquisitions
Boosting Polymer Composite Solutions revenues by 35% with the 60 acquisition of 3 leading companies APPENDIX 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 61: Polymer Composite Solutions: Deploying Group innovation power
Polymer Composite Solutions: Deploying Group innovation power for 61 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 62: Non-Financial Performance
NON -FINANCIAL PERFORMANCE
Slide 63: New demonstration tire made from 75% renewable and recycled materials
63 The new demonstration tire approved for road use, made from 75% 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 recovered
Slide 64: Moving toward fully circular products
Moving toward fully circular products, with 40% renewable and recycled 64 materials by 2030, up to 100% by 2050 APPENDIX Life cycle assessments SYNTHETIC RUBBER NATURAL RUBBER (1) AVOID FILLERS PLASTIFIERS RESINS REDUCE (1) REUSE METALS TEXTILES RECYCLE (2) OTHER RENEW … (1) Carried out with the sup
Slide 65: Water resources: Working toward fair and sustainable water use
Water resources: Working toward fair and sustainable water use 65 APPENDIX 2019 2024 2025 2030 Ambition Water withdrawals * Reference Year -15% -22 % -33% • Confident in Group’s ability to reach 2030 ambition • Robust, financially supported program: ✓ Encouraging water-saving projects, particularly
Slide 66: 2030 environmental ambition: On track to reach net-zero emissions
2030 environmental ambition: On track to reach net-zero emissions 66 in 2050 Group’s ability APPENDIX 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 67: TRWP: Michelin driving innovation and advancing knowledge
TRWP: Michelin driving innovation and advancing knowledge 67 in the tire industry APPENDIX Scientific studies to measure the environmental impact of TRWP TRWP (1) 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 poll
Slide 68: Strong commitment to reduce impact of operations on biodiversity
Strong commitment to reduce impact of operations on biodiversity 68 and ecosystems APPENDIX 2024 2025 2030 RESEARCH & DEVELOPMENT Life Cycle Analysis 100 % services: 100% incl. biodiversity criteria from best methods of new products Pilot of new ranges marketed RAW MATERIALS Natural rubber used by t
Slide 69: Sustainable natural rubber by Michelin
Sustainable natural rubber by Michelin: Driving progress across a 69 complex and fragmented value chain APPENDIX NATURAL RUBBER ACCELERATING SUSTAINABILITY ACROSS THE INDUSTRY BY 2025 SNAPSHOT • Dedicated roadmap focused on zero deforestation, human rights, and farmer empowerment • Geolocation of mi
Slide 70: Externalities: Almost 60m€ reduction in 2025
Externalities: Almost 60m€ reduction in 2025, over 220m€ since 2019 70 APPENDIX Externalities costs evolution: CO 2 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) Vol
Slide 71: Climate strategy structured around transition and adaptation plans
Climate strategy structured around transition and adaptation 71 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 72: Fostering social and societal cohesion through ambitious initiatives
Fostering social and societal cohesion through ambitious initiatives 72 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 73: Diversity, Equity, Inclusion: Further progress in gender balance
73 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 74: Michelin governance pillars
74 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 75: ESG awareness and oversight embodied in governance structure
ESG awareness and oversight are fully embodied in Michelin’s 75 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 76: Glossary
Glossary 76 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 77: Disclaimer
77 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 78: Contacts
78 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 2026 Q1 Sales _ April 29, 2026