Cie Generale Des Etablissements Michelin Sa · EURONEXT:ML
Cie Generale Des Etablissements Michelin Sa — Michelin — Q1 2026 Earnings Presentation
51 slides from Cie Generale Des Etablissements Michelin Sa's earnings presentation, Apr 29, 2026
Slide 1: Q1 2026 Sales
2026 Q1 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 € 820m € (1) 01/26 Sealing Belting 04/26 Conveyors Sealing Operating marg
Slide 9: 2026 outlook
2026 outlook
Slide 10: Full-year Tire markets outlook unchanged: Stable overall, soft OE in H1
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 Mining
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: Glossary
Glossary 15 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 16: Appendix
APPENDIX. ‘~~ A.
Slide 17: Q1 2026 Sales
Q1 2026 SALES
Slide 18: PC/LT tire markets: Negative OE trend, RT sell-in demand
PC/LT tire markets: Negative OE trend, RT sell-in demand mostly 18 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 19: Truck tire markets: OE depressed in Americas but recovering in Europe
Truck tire markets: OE depressed in Americas but recovering in Europe, 19 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 20: Sales by quarter: trend positive in Volumes, negative in FX impact
Sales by quarter: trend positive in Volumes, negative in FX impact 20 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 21: Raw materials cost breakdown and evolution
Raw materials cost breakdown and evolution 21 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 22: Q1 2026 awards: Setting the standard in innovation and customer satisfaction
Q1 2026 awards: Setting the standard in innovation and customer 22 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 23: North American markets: Consumer sentiment and freight activity remain low
23 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 24: Class-8 truck inventories in North-America: Still high
Class-8 truck inventories in North-America : Still high 24 despite recent boost of truck orders APPENDIX Source: Michelin Internal research 2026 Q1 Sales _ April 29, 2026
Slide 25: US Crop prices declined 25-50% vs 2022
US Crop prices declined 25-50% vs 2022 25 APPENDIX Crop prices, US market (Percent change in inflation-adjusted prices relative to 2020 _ PPI, 2020=100) 2026 Q1 Sales _ April 29, 2026
Slide 26: Recognized leadership in non-financial performance
Recognized leadership in non-financial performance 26 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 27: Sales by currency & impact on Segment operating income
Sales by currency & impact on Segment operating income 27 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 28: 2025 Results
2025 RESULTS
Slide 29: Solid overall Group performance in 2025 on People, Profit and Planet
Solid overall Group performance in 2025 on People, Profit and Planet 29 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 30: Group improving cash generation and conversion, ROCE temporarily impacted
Group improving cash generation and conversion, 30 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 31: Improved gearing providing headroom to deploy Group strategy
Improved gearing providing headroom to deploy Group strategy, 31 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 32: An adequate cash position with maturities well spread over time
An adequate cash position with maturities well spread over time 32 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 33: Shareholder return sustained at an attractive level
Shareholder return sustained at an attractive level 33 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 34: New Reporting Segments: Restated 2025 results
New Reporting Segments: Restated 2025 results 34 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 35: Key financial figures – last years
35 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 36: Strategy
STRATEGY
Slide 37: Implementing our Michelin in Motion 2030 strategy
Implementing our Michelin in Motion 2030 strategy 37 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 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 2
Slide 40: RS2: Set to improve financial performance over time
RS2: Set to improve financial performance over time 40 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 41: Manufacturing capacity adjustments achieved over 2023-2025
Manufacturing capacity adjustments achieved over 2023-2025 41 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 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 2
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 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: 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 playground 46 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 cre
Slide 48: Value-driven strategy: Winning where it matters - illustrated
Value-driven strategy: Winning where it matters - illustrated 48 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 49: M&A as a growth & value accelerator
M&A as a growth & value accelerator: Accessing new markets 49 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 50: Disclaimer
50 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 51: Contacts
51 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