Cie Generale Des Etablissements Michelin Sa · EURONEXT:ML
Cie Generale Des Etablissements Michelin Sa — Michelin — Q3 2026 Earnings Presentation
50 slides from Cie Generale Des Etablissements Michelin Sa's earnings presentation, Oct 21, 2026
Slide 1: Q3 & 9M Sales Roadshow
2026 Q3 & 9M SALES roadshow October 21-22, 2026
Slide 2: Accelerating growth in Q3: organic performance and acquisitions
Accelerating growth in Q3: Combining organic performance 2 and acquisitions in Polymer Composite Solutions RESULTS Year-on-year revenue evolution 9M Q3 +1.0% +2.2% Revenue growth at iso-FX Revenue growth at iso-FX +0 .1% +0 .8 % Organic growth at iso-FX Organic growth at iso-FX 2026 Q3 & 9M Sales ro
Slide 3: 9M Tire markets: weak North America demand, Truck OE recovery
9M Tire markets: Weak demand in North America despite ongoing 3 recovery of Truck OE RESULTS Tire sell-in markets variation (YoY) Consumer Passenger car OE -1% 0% -1% -7% Two-wheel & Light truck RT +1% -1% -3% +6% Transportation Truck OE +1 % +4% -3 % -6 % Excl. China RT +1% +9% -11% +22% Specialtie
Slide 4: 9M revenue: growth at iso-FX driven by mix and acquisitions
9M revenue: Posting growth at iso-FX, driven by mix and 4 targeted acquisitions RESULTS 9M 2026 revenue evolution (€ millions | % of revenue) +1.0% 206 19,475 179 -26 19,275 Non-tire Scope -159 Price-mix* businesses 19,175 (+0.9%) Volumes* (+1.1% (-0.1%) of which -300 (-0.8%) mix +1.6%) Currency (-1
Slide 5: Q3 revenue: growth accelerating, FX turning favorable
Q3 revenue: Growth pattern accelerating, FX turning favorable 5 RESULTS Q3 2026 revenue evolution (€ millions | % of revenue) +2.2% 105 6,488 91 6,383 88 -6 Currency 6,247 - 37 Price-mix* Non-tire (+1.7%) businesses Scope Volumes* (+1.5% (-0.1%) of which (+1.4%) (-0.6%) mix +1.1%) +0.8% organic 2025
Slide 6: Sales volumes: OE down, Replacement growth
Sales volumes: OE still down across businesses, growth in 6 Replacement driven by MICHELIN-brand strength RESULTS 9M 2026 sales evolution vs previous year (in tonnage, on a 100 basis) -0.7 +0.2 -0.6 -0.3 PC TB AG Other 100 +0.6 99.2 -1.4 Tier 2 & Tier 3 brands +4 % 2025 9M OE RT 2026 9M 2026 Q3 & 9M
Slide 7: Revenue: growth at iso-FX across segments except Transportation
Revenue: Growth at iso-FX across segments except Transportation 7 RESULTS 9M 2026 revenue by reporting segment (€ millions | % of revenue) 9M 26 Δ vs 9M 25 Consumer Revenue 10,397 -1.0% o/w volume change +0.5% o/w FX -1.8% Transportation Revenue 4,342 -3.7% o/w volume change -1.5% o/w FX -1.0% Speci
Slide 8: Polymer Composite Solutions: organic growth, integrating acquisitions
Polymer Composite Solutions: Organic growth in all categories but 8 Conveyors, successfully integrating newly acquired companies RESULTS 9M 2026 Revenue by Product Category Conveyors Sealing Strong demand for hydraulic Q3 sequentially better but still cylinders, e.g. in infrastructure declining & co
Slide 9: North America: resilient performance in challenging environment
North America: Resilient performance in a challenging environment 9 RESULTS An overall sluggish economy Q3 Sales growing both Volume & Mix 75 Replacement sales 65 ✓ PC: MICHELIN brand overperforming 55 Consumer ✓ Mining gaining share 45 Sentiment 2022 2023 2024 2025 2026 ✓ Truck: Group gaining groun
Slide 10: WW Truck: capitalizing on OE recovery, weaker American markets
WW Truck: Michelin capitalizing on OE recovery but penalized 10 by weaker-than-expected American markets RESULTS OE market recovering as expected Sales trends reversing in Q3 Truck & Bus tire markets (in units, YoY evolution EUR, NA & AMS) 30% OE Recovery 20% H1 | Sales down double digit 10% Mostly
Slide 11: Electrification: accelerating in China and Europe
Electrification: Accelerating in China and Europe, a powerful 11 tailwind for Michelin RESULTS Michelin’s differentiated positioning x 2 Over-exposure to premium EV models, vs OE average xEV production: China & Europe leading 10 0% (BEV+PHEV+MHEV+FHEV, % of vehicle production – 2026 E) (1) EV-ready
Slide 12: Outlook
2026 outlook
Slide 13: Full-year tire markets outlook
Full-year Tire markets outlook: Softer PC/LT OE and dynamic 13 Truck OE expected in Q4 OUTLOOK Tire sell-in markets variation (YoY) Consumer [ -1% ; +1%] 9M Q4 Passenger car OE & Light truck Two-wheel RT Transportation [0% ; +2%] 9M Q4 Truck OE Excl. China RT Specialties [0% ; +2%] OE Beyond-road Mi
Slide 14: Middle-East conflict: dealing with prolonged impact
Middle-East conflict: Effectively dealing with prolonged impact 14 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 15: Confirming 2026 guidance and shareholder return
Confirming 2026 Guidance and shareholder return 15 GUIDANCE 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 (of which 80+ % already achieved) 2026 Q3 & 9M Sales roadshow
Slide 16: Financial Agenda
Financial Agenda 16 AGENDA 2026 Q3 & 9M Sales roadshow - October 21-22, 2026
Slide 17: Appendix
APPENDIX 2026 Q3 & 9M Sales roadshow - October 21-22, 2026
Slide 18: We Michelin
we MICHELIN
Slide 19: PC/LT tire markets: OE slightly down, RT swings
PC/LT tire markets: OE slightly down, RT sell-in swings 19 reflecting imports fluctuations APPENDIX PC/LT tire sell-in market, 9M 2026 (YoY change in number of tires) North & Central America Europe -1% -0% China -3% -1% Global market - 7% -1% Africa, India, + 6% Middle East +1% South America +7% +3%
Slide 20: Truck tire markets: OE improving in North America
Truck tire markets: OE trend improving in North America, 20 Replacement reflecting soft OE and import fluctuations APPENDIX Truck tire sell-in market, 9M 2026 (YoY change in number of tires) North & Central America Europe -3% +4% China -11% +9% Global market +11% Excl. China Incl. China Africa, Indi
Slide 21: Revenue by quarter: volume stabilizing, FX positive
Revenue by quarter: Volume trend stabilizing, FX turning positive 21 in Q3 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 1.6 1.7 1.1 0.7 0.6 -0.5 -0.6 -0.8
Slide 22: Dynamic product renewal demonstrating technological leadership
Dynamic product renewal demonstrating technological leadership 22 APPENDIX 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 J
Slide 23: North American markets: consumer sentiment and freight low
23 North American markets: Consumer sentiment and freight activity remain low 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 2020 2021 2022 2023 2024
Slide 24: Truck North America: strong Class 8 net orders in H1
24 Truck North America: Strong Class 8 Net Orders in H1 triggering OEM production recovery despite high inventories APPENDIX 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 janv-22 Jun Jul janv-23 Jun Jul janv-24 Jun Jul janv-25 Jun Jul janv-26 Jun Jul Feb Aug Feb Aug Feb Au
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 Q3 & 9M Sales roadshow - October 21-22, 2026
Slide 26: Raw materials cost breakdown and evolution
Raw materials cost breakdown and evolution 26 APPENDIX 2025 Raw materials cost breakdown Natural Rubber | TSR20 and RSS3 (SICOM, $/kg) 2.7 2.8 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 2.3 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 Q3 STEEL
Slide 27: Recognized leadership in non-financial performance
Recognized leadership in non-financial performance 27 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 September 30, 2026 2026 Q3 & 9M Sales roadshow - October 21-22, 2026
Slide 28: Sales by currency & impact on Segment operating income
Sales by currency & impact on Segment operating income 28 APPENDIX % of sales 2026 Dropthrough* % of sales 2026 Dropthrough* 9M 2026 currency change vs. € Sales ➔ SOI 9M 2026 currency change vs. € Sales ➔ SOI 12 rolling months 12 rolling months USD 37% -3.7% [10% ; 30%] JPY 1% -10.1% [60% ; 80%] EUR
Slide 29: Strategy
STRATEGY
Slide 30: Leveraging unique assets across enlarged playground
Leveraging unique and differentiating assets across 30 enlarged playground 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 31: Increasing cash and margin generation across cycles
Increasing cash and margin generation across business cycles 31 APPENDIX FCF(1) and SOI(2) (€ millions), sales variations (YoY change in tons) 3 3 13% 12% 2 2 7% 1 3% 3% 1 2% 0 0 0% 1% 1% -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 32: Strategic Scorecard - 2025 results vs 2030 ambitions
Strategic Scorecard - 2025 results in line with 2030 ambitions 32 2030 AMBITIONS METRICS 2023 2024 2025 APPENDIX SUCCESS 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 33: Widening range of destination markets ensuring resilience
Widening range of destination markets ensuring resilience 33 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 34: A new reporting segment from 2026
A new reporting segment from 2026 34 APPENDIX Consumer Transportation Specialties Polymer Composite Solutions 2026 Q3 & 9M Sales roadshow - October 21-22, 2026
Slide 35: MICHELIN brand: crossing $10 billion in value
MICHELIN brand: Crossing $10 billion in Value 35 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 36: AI embedded throughout the value chain
AI embedded throughout the value chain to augment performance 36 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 37: Michelin Tire Digital Twin
Michelin Tire Digital Twin: Pioneering embedded intelligence 37 APPENDIX 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
Slide 38: Manufacturing set-up: footprint adjustments since 2023
Manufacturing set-up: Footprint adjustments since 2023 38 APPENDIX Breakdown by business segment Karlsruhe Ardmore Querétaro Shenyang Homburg Cholet Tuscaloosa Olsztyn Cholet Guarulhos Trier Vannes Shanghai Olsztyn Midigama Emporia 2026 announcements 2026 Q3 & 9M Sales roadshow - October 21-22, 2026
Slide 39: Value-driven strategy in Tire: winning where it matters
Value-driven strategy in Tire: Winning where it matters 39 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 va
Slide 40: Value-driven strategy in Tire - illustrated
Value-driven strategy in Tire: Winning where it matters - illustrated 40 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 Marke
Slide 41: BEV: EV-readiness by design for all MICHELIN tires
BEV: EV-readiness by design for all MICHELIN tires, 41 leveraging unique know-how in material science APPENDIX BEV: highly demanding on tires 30+ years of experience in energy efficiency 1992: 1st Energy tire launched Rolling resistance Low rolling improved by 1-2% per year resistance for the past 3
Slide 42: Tires abrasion: considerable competitive edge
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 No Compromise 78 76 -18% 71 Energy efficiency 65
Slide 43: Transportation: set to improve financial performance
Transportation: Set to improve financial performance over time 43 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 -30%
Slide 44: Local-to-local illustration: Michelin in China
Local-to-local illustration: Michelin in China 44 APPENDIX A longstanding presence and leadership Strong relationship with leading domestic OEMs Since 1989 Since 1998 6% commercial manufacturing of Group sales in 2025 6,000+ Employees 1700+ 5 Plants & service centers 1 RDI center designed for the lo
Slide 45: M&A as a growth & value accelerator
M&A as a growth & value accelerator: Accessing new markets 45 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 46: Shareholder return sustained at attractive level
Shareholder return sustained at an attractive level 46 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 47: Adequate cash position with well-spread maturities
An adequate cash position with maturities well spread over time 47 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 48: Glossary
Glossary 48 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 49: Disclaimer
49 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 50: Contacts
50 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 Q3 & 9M Sales roadshow - October 21-22, 2026