82 slides from Cie Generale Des Etablissements Michelin Sa's earnings presentation, Jul 27, 2026
Slide 1: 2026 First-Half Results
2026 First - Half results July 27, 2026
Slide 2: Solid H1 performance supported by MICHELIN brand growth and targeted acquisitions
Solid H1 performance supported by MICHELIN brand growth and 2 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 m
Slide 3: Delivering 2026 objectives despite uncertainty
Delivering 2026 objectives despite uncertainty, 3 powered by Michelin’s unique strengths and 2030 strategic ambitions RESULTS 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 4: Balanced Group performance in H1 on People, Profit and Planet
Balanced Group performance in H1 on People, Profit and Planet 4 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 5: H1 Tire markets: Weak OE, resilient Replacement
H1 Tire markets: Weak OE, resilient Replacement with divergent 5 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 6: Revenue growth supported by mix and targeted acquisitions
Revenue growth supported by mix and targeted acquisitions 6 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 20
Slide 7: Sales volumes: Replacement outperforms, OE remains challenging
Sales volumes: Replacement outperforms on MICHELIN brand strength, 7 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 2026 First-Half Results, July
Slide 8: Robust SOI growth, supported by price-mix and favorable input costs
Robust SOI growth, supported by price-mix and favorable input costs 8 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 b
Slide 9: Group margin improving despite FX; revenue and margin by segment
Group margin improving despite FX and Transportation still penalized by 9 OE volumes, PCS growth driven by acquisitions RESULTS Revenue and operating margin by segment (€ millions | % of revenue) Revenue growth at iso-FX H1 2026 H 1 2025 * H1 26 vs. H1 25 6,926 7,112 +0.7% Consumer 12.5% 12.2% 2,813
Slide 10: Polymer Composite Solutions: Solid results in Sealing, Belting and Coated fabrics
Polymer Composite Solutions: Solid results in Sealing, Belting and 10 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 11: Cash generation reflecting tight operational steering
11 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 12: Strong balance sheet enables dynamic capital allocation
Strong balance sheet enables dynamic capital allocation 12 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 13: Outlook
2026 outlook
Slide 14: Full-year Tire markets outlook
Full-year Tire markets outlook: Truck OE upswing and softer PC/LT 14 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
Slide 15: Middle-East conflict: Effectively dealing with prolonged impact
Middle-East conflict: Effectively dealing with prolonged impact 15 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 16: Confirming 2026 Guidance and shareholder return
Confirming 2026 Guidance and shareholder return 16 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 2026 First-Half Results, July 27, 2026
Slide 17: Financial Agenda
Financial Agenda 17 AGENDA 2026 First-Half Results, July 27, 2026
Slide 18: Appendix
APPENDIX. ‘~~ A.
Slide 19: H1 2026 Results
im RESULTS __ Cd 4 MICHELIN
Slide 20: PC/LT tire markets: Negative OE trend
PC/LT tire markets: Negative OE trend, RT sell-in demand mostly 20 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 21: Truck tire markets: OE depressed in Americas
Truck tire markets: OE depressed in Americas, Replacement reflecting 21 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 22: Profitability across segments
Profitability across segments: Margin improving despite FX headwind, 22 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 23: Revenue by quarter: Positive trend in Volumes
Revenue by quarter: Positive trend in Volumes, FX headwind softening 23 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 24: Dynamic product renewal demonstrating technological leadership
Dynamic product renewal demonstrating technological leadership 24 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 25: North American markets: Consumer sentiment and freight activity
25 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 26: Truck North America: Strong Class Net Orders in H1
26 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 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-
Slide 27: US Crop prices declined 25-50% vs 2022
US Crop prices declined 25-50% vs 2022 27 APPENDIX Crop prices, US market (Percent change in inflation-adjusted prices relative to 2020 _ PPI, 2020=100) 2026 First-Half Results, July 27, 2026
Slide 28: Raw materials cost breakdown and evolution
Raw materials cost breakdown and evolution 28 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 29: Recognized leadership in non-financial performance
Recognized leadership in non-financial performance 29 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 2026 First-Half Results, July 27, 2026
Slide 30: Sales by currency & impact on Segment operating income
Sales by currency & impact on Segment operating income 30 APPENDIX % of sales 2026 Dropthrough* % of sales 2026 Dropthrough* H1 2026 currency change vs. € Sales ➔ SOI H1 2026 currency change vs. € Sales ➔ SOI 12 rolling months 12 rolling months USD 37% -6.4% [10% ; 30%] JPY 1% -12.1% [60% ; 80%] EUR
Slide 31: Strategy
STRATEGY
Slide 32: Leveraging unique and differentiating assets across enlarged playground
Leveraging unique and differentiating assets across enlarged playground 32 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 33: Increasing cash and margin generation across business cycles
Increasing cash and margin generation across business cycles 33 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 34: Strategic Scorecard - 2025 results in line with 2030 ambitions
Strategic Scorecard - 2025 results in line with 2030 ambitions 34 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 35: Widening range of destination markets ensuring resilience
Widening range of destination markets ensuring resilience 35 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 36: A new reporting segment from 2026
A new reporting segment from 2026 36 APPENDIX Consumer Transportation Specialties Polymer Composite Solutions 2026 First-Half Results, July 27, 2026
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 2
Slide 38: AI embedded throughout the value chain
AI embedded throughout the value chain to augment performance 38 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 39: Michelin Tire Digital Twin: Pioneering embedded intelligence
Michelin Tire Digital Twin: Pioneering embedded intelligence 39 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 40: Manufacturing set-up: Footprint adjustments since 2023
Manufacturing set-up: Footprint adjustments since 2023 40 APPENDIX Breakdown by business segment Karlsruhe Ardmore Querétaro Shenyang Homburg Cholet Tuscaloosa Olsztyn Cholet Guarulhos Trier Vannes Shanghai Olsztyn Midigama Emporia 2026 announcements 2026 First-Half Results, July 27, 2026
Slide 41: Value-driven strategy: Winning where it matters - illustrated
Value-driven strategy: Winning where it matters - illustrated 41 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 42: BEV: EV-readiness by design for all MICHELIN tires
BEV: EV-readiness by design for all MICHELIN tires, 42 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 Low rolling improved by 1-2% per year resistance for the past
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 efficien
Slide 44: MICHELIN Pilot Sport Endurance 2026: 50% renewable and recycled materials
MICHELIN Pilot Sport Endurance 2026: 50% renewable and recycled 44 materials with no compromise on performance APPENDIX 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 Bett
Slide 45: Value-driven strategy: Winning where it matters
Value-driven strategy: Winning where it matters 45 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 46: Transportation: Set to improve financial performance over time
Transportation: Set to improve financial performance over time 46 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 47: Local-to-local illustration: Michelin in China
Local-to-local illustration: Michelin in China 47 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 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: Shareholder return sustained at an attractive level
Shareholder return sustained at an attractive level 49 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 50: An adequate cash position with maturities well spread over time
An adequate cash position with maturities well spread over time 50 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 51: Tire Businesses
TIRE BUSINESSES
Slide 52: Michelin exclusive on iconic cars
52 APPENDIX Michelin exclusive on iconic cars Chevrolet Corvette Ferrari F80 All Bugatti, including Tourbillon Aston Martin Valhalla Maserati GT2 Stradale Porsche 718 Cayman GT4 RS 2026 First-Half Results, July 27, 2026
Slide 53: Q1 2026 awards: Setting the standard in innovation and customer satisfaction
Q1 2026 awards: Setting the standard in innovation and customer 53 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 54: Michelin tire market access
Michelin tire market access: Reflecting broad product range in 54 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 55: Leveraging Michelin distribution assets and accelerating franchise
55 APPENDIX Leveraging Michelin distribution assets and accelerating franchise Franchised and company-owned Retail networks Majority JVs Franchise owned & minority stakes Wholesale * Retail Franchised points of sales evolution 2,400 (100% of network) (69% of network) 1,800 E-retail * NEX : owned at
Slide 56: MICHELIN LIFE PROTECTING: Innovative solutions designed to save lives
MICHELIN LIFE PROTECTING: Incorporating innovative solutions 56 designed to save lives during critical operations – illustrated APPENDIX • Milaw: Michelin Lunar • Fabrics for hovercraft Airless Wheel • Chemical protection • Ablative materials and • Firehose prepregs for heat shields • Tweel tires or
Slide 57: Connected Solutions
CONNECTED SOLUTIONS
Slide 58: Connected Solutions: A suite of innovative solutions to empower mobility players
Connected Solutions: A suite of innovative solutions to empower mobility 58 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 powered by AI in-depth knowledge o
Slide 59: Michelin Connected Fleet value proposition
Michelin Connected Fleet value proposition: A unique ability to develop 59 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 60: Polymer Composite Solutions
Polymer Composite Solutions
Slide 61: Polymer Composite Solutions: Growing size & profitability
Polymer Composite Solutions: Growing size & profitability, 61 while balancing categories portfolio APPENDIX 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 Operati
Slide 62: Growing Polymer Composite Solutions: Leveraging Group's innovation power
Growing Polymer Composite Solutions: Leveraging Group’s 62 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 63: Polymer Composite Solutions: Diversified verticals and balanced geographies
Polymer Composite Solutions: Diversified verticals and balanced 63 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 64: Boosting Polymer Composite Solutions revenue by 35% with 3 acquisitions
Boosting Polymer Composite Solutions revenue by 35% with the 64 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 Healthc
Slide 65: Polymer Composite Solutions: Deploying Group innovation power
Polymer Composite Solutions: Deploying Group innovation power for 65 mission-critical applications APPENDIX Coated Fabrics precision belting in gangway bellows In Warehousing How our composites How our precision belts contribute to enhance travel experience in the safety and performance across safes
Slide 66: Non financial performance
non Financ? PERFORMANE Sw ‘ MICHELIN = 4 5
Slide 67: New demonstration tire made from 75% renewable and recycled materials
67 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 68: Moving toward fully circular products
Moving toward fully circular products, with 40% renewable and recycled 68 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 69: Water resources: Working toward fair and sustainable water use
Water resources: Working toward fair and sustainable water use 69 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 i
Slide 70: 2030 environmental ambition: On track to net-zero emissions
2030 environmental ambition: On track to reach net-zero emissions 70 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 71: TRWP: Michelin driving innovation and advancing knowledge
TRWP: Michelin driving innovation and advancing knowledge 71 in the tire industry TRWP APPENDIX Scientific studies to measure the environmental impact of TRWP (1) AIR WATER 5 x 10-2 mm Studies confirm that TRWP account for less than Studies suggest that most TRWP do not Very different in density and
Slide 72: Strong commitment to reduce impact on biodiversity and ecosystems
Strong commitment to reduce impact of operations on biodiversity 72 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 th
Slide 73: Sustainable natural rubber by Michelin
Sustainable natural rubber by Michelin: Driving progress across a 73 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 74: Externalities: Almost 60m€ reduction in 2025
Externalities: Almost 60m€ reduction in 2025, over 220m€ since 2019 74 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 75: Climate strategy structured around transition and adaptation plans
75 Climate strategy structured around transition and adaptation 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 76: Fostering social and societal cohesion through ambitious initiatives
76 Fostering social and societal cohesion through ambitious initiatives 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 77: Diversity, Equity, Inclusion: Further progress in gender balance
77 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 78: Michelin governance pillars
78 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 79: ESG awareness and oversight embodied in governance structure
ESG awareness and oversight are fully embodied in Michelin’s 79 governance structure APPENDIX SUSTAINABLE DEVELOPMENT GOVERNANCE SUPERVISORY BOARD (Audit and CSR) GROUP EXECUTIVE COMMITTEE Group Management Committee* CORPORATE STAKEHOLDERS COMMITTEE Decisions Recommendations GOUVERNANCE BODIES SOCIA
Slide 80: Glossary
Glossary 80 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 81: Disclaimer
81 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 82: Contacts
82 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 First-Half Results, July 27, 2026