Cie Generale Des Etablissements Michelin Sa · EURONEXT:ML
Cie Generale Des Etablissements Michelin Sa — Michelin — Non-Deal Roadshow (November 2025)
37 slides from Cie Generale Des Etablissements Michelin Sa's roadshow presentation, November 2025
Slide 1: 2025 Q3 Results
November 3-5, 2025
Slide 2: Michelin group is solid and fit for upcoming development
RESULTS Michelin group is solid and fit for upcoming development Engaged and agile teams Financial solidity Engagement rate Cash Generation 2019-24 * Gearing - end of 2024 Demonstrated agility * Average Free Cash Flow before M&A (2019-2024) Local-to-local Diverse markets & balanced geographies 2024
Slide 3: Increasing cash and margin generation across business cycles
RESULTS Increasing cash and margin generation across business cycles FCF(1) and SOI(2) evolution vs. change in volumes 3.5 3 3 13% 12% 2.5 2 2 7% 1.5 3% 1 3% 1 1% 2% 0.5 0% 1% 0 -1% 0 -2% -0.5 -3% -6% -5% -5% -1.5 -2.5 -15% -14% -3.5 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2
Slide 4: Manufacturing operations: Adjusting and upscaling to support growth
Manufacturing operations: Adjusting and upscaling to support growth on targeted markets RESULTS Announced capacity adjustments (2023-2025) Ardmore Karlsruhe Homburg Capacity impact Cholet Olsztyn Querétaro* Shenyang standard PC Guarulhos* Truck Trier Olsztyn Shanghai Midigama Compact Line Bias Vanne
Slide 5: September YTD sell-in markets
September YTD sell-in markets: OE down in Europe and North America, Replacement lifted with imports of budget tires RESULTS Passenger car Truck* excl. China Specialties* & Light truck* Mining OE RT OE RT tires Beyond-road tires OE RT Aircraft tires Polymer Two-wheel Composite tires Solutions * Sell-
Slide 6: Full-year market outlook reflecting softer demand in Q4
RESULTS Full-year market outlook reflecting softer demand in Q4 Passenger car Truck* excl. China Specialties* & Light truck* 0% / +2% 0% / +2% -1% / +1% OE RT OE RT Mining tires Beyond-road tires 0% 0% OE RT Aircraft tires 9M Q4 9M Q4 9M Q4 9M Q4 Polymer Two-wheel Composite tires Solutions * Sell-in
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Slide 8: 9M sales: Volumes partially offset by price and mix
RESULTS 9M sales: Volumes partially offset by price and mix 9 months 2025 sales evolution (€ millions and as a %) -2.1% 20,171 6 643 45 19,746 Scope (+0.0%) Non-tire 19,275 businesses -471 -1,119 (+0.2%) Currency Price-mix Volumes (+3.2% (-2.3%) (-5.5%) of which mix +1.6%) Tire business* 2024 9M 202
Slide 9: Volume development: Q3 dragged down by North America
Volume development: Q3 dragged down by North America, other markets developing as expected RESULTS Sales YoY volume evolution | H1 & Q3 (base 100 in 2024) 100 100 -3 1 96 -5 -1 -2 94 -1 Asia Roadshow _ November 3-5, 2025
Slide 10: North American markets: Consumer sentiment and freight activity down
North American markets: Consumer sentiment and freight activity down to lowest level in years RESULTS Consumer sentiment Freight Index 105 1.350 1.300 95 1.250 85 1.200 1.150 75 1.100 65 1.050 1.000 55 0.950 45 0.900 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2015 2016 2017 2018 2019 202
Slide 11: 2025 adjusted SOI: Volume drop impacting FCA
2025 adjusted SOI: Volume drop impacting FCA, savings from restructuring offset by impact of tariffs RESULTS SOI evolution from 2024 to 2025 (full year) (€ billions) 2/3 Volumes 1/3 FCA €0.1BN 3.4 EUDR €0.3BN Tariffs in COGS €/$ at 1,13 FY Raw mat 2.6 - 3.0 Operational Others Volumes Price-mix perfo
Slide 12: Uncertain business environment leading to wide range for SOI landing
Uncertain business environment leading to wide range for SOI landing RESULTS Q4 outlook Volumes Price Operational YoY evolution Others & FCA & Mix Performance High end -1% 2% 0% 1% Q4 uncertainty ~ 400m€ Low end -5% 0% -2% 0% Opportunities Uncertainties Risks • Product plan impact • Tariffs • North
Slide 13: 2025 Guidance, updated in October
OUTLOOK 2025 Guidance | updated on October 13 PREVIOUS Segment operating income GUIDANCE at constant FX vs 2024 Free cash flow before Acquisitions Asia Roadshow _ November 3-5, 2025
Slide 14: 2026 outlook
OUTLOOK 2026 outlook | to be reassessed in February 2026 PREVIOUS (from 2024 CMD) Segment operating income at constant FX vs 2025 at constant FX vs 2023 OUTLOOK (to be decided in Feb. 2026) 14% of sales Free cash flow cumulative over 2024-2026 cumulative over 2024-2026 before Acquisitions (unchanged
Slide 15: Appendix
APPENDIX. ‘~* 4.
Slide 16: Financial Agenda
AGENDA Financial Agenda Asia Roadshow _ November 3-5, 2025
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Slide 18: PC/LT tire markets: OE lifted by China, negative in Europe and North America
PC/LT tire markets: OE lifted by China but negative in Europe and North America, RT resilient overall with sell-in boosted by imports APPENDIX PC/LT tire sell-in market, 9M 2025 (YoY change in number of tires) North & Central America Europe -6% -3% +4% China -1% Global market + 9% Africa, India, +2%
Slide 19: Truck tire markets: OE depressed in Americas but stabilizing in Europe
Truck tire markets: OE depressed in Americas but stabilizing in Europe; RT fueled with imports but not reflecting sell-out demand APPENDIX Truck tire sell-in market, 9M 2025 (YoY change in number of tires) North & Central America Europe -20% -0% +2% China +6% Global market +11% Excl. China Incl. Chi
Slide 20: Decreasing volumes, Price-Mix softening in Q3 and strong currency headwind
Decreasing volumes, Price-Mix softening in Q3 and strong currency headwind 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 2024 2025 2024 2025 2024 2025 4.8 3.3 2.9 2.9 1.5 1.5 0.7 0.7 -0.4 -0.4 -1.2 -1.9 -
Slide 21: Q3 sales hit by volumes and highly competitive markets
APPENDIX Q3 sales hit by volumes and highly competitive markets Q3 2025 sales evolution (€ millions and as a %) -2.6% 6,690 1 Scope (+0.0%) 102 23 6,517 Non-tire businesses -299 Price-mix (+0.3%) Volumes (+1.5% 6,247 (-4.5%) of which mix +1% -270 price +0.5%) Currency (-4.0%) 2024 Q3 Tire business*
Slide 22: 2025 SOI change since July: Updated guidance
2025 SOI change since July: Updated guidance reflecting weaker North American business and lower OE Truck demand APPENDIX SOI Guidance evolution from July to October (€ billions) North America, OE Truck 3.4 Geo-mix, pricing, tariffs Tariffs in COGS, Op. efficiency incl. -0.4 to -0.2 SG&A Volumes - 2
Slide 23: 9M sales: Penalized by volumes and forex across all segments
9M sales: Penalized by volumes and forex across all segments Sales by reporting segment APPENDIX (€ millions) 9M 25 9M 24 Δ Sales 10,504 10,777 -2.5% RS1 o/w volume change - - -2.9% o/w FX - - -2,1% Sales 4,510 4,909 -8.1% RS2 o/w volume change - - -9.0% o/w FX - - -2.3% Sales 4,261 4,485 -5.0% RS3
Slide 24: Raw materials cost breakdown and evolution
APPENDIX Raw materials cost breakdown and evolution 2024 Raw materials cost breakdown Natural Rubber | TSR20 and RSS3 (SICOM, $/kg) RSS3 TSR 20 2.0 2.1 2.2 2.4 2.2 2.2 1.6 1.6 1.6 1.6 1.8 1.8 1.5 TEXTILES 1.7 1.7 1.8 1.7 1.9 1.6 1.7 1.4 1.4 1.4 1.4 1.3 1.4 Q1 Q2 Q3 NATURAL RUBBER 2015 2016 2017 2018
Slide 25: Sales by currency & impact on Segment operating income
APPENDIX Sales by currency & impact on Segment operating income % of sales 2025 Dropthrough* % of sales 2025 Dropthrough* Q3 2025 currency change vs. € Sales ➔ SOI Q3 2025 currency change vs. € Sales ➔ SOI 12 rolling months 12 rolling months USD 38% -2.7% 10% / 30% JPY 1% -0.8% 60% / 70% EUR 32% - -
Slide 26: A sound adequate cash position with maturities well spread over time
A sound adequate cash position with maturities well spread over time APPENDIX Debt maturities as at June 30, 2025 (carrying amount | € millions) 7,000 Loans from financial institutions Securitization 6,000 Bond CP 5,000 Derivatives and leases Cash and cash equivalents 4,000 Cash management Financial
Slide 27: Shareholder return sustained at an attractive level
APPENDIX Shareholder return sustained at an attractive level 2021(1) 2022 2023 2024 DIVIDEND DIVIDEND 1.13 1.25 1.35 1.38 Per share(€) • 2024 dividend of €1.38, +2.2% vs 2023 EARNINGS PER SHARE Basic(€) 2.58 2.81 2.77 2.65 SHARE BUYBACK PAY-OUT RATIO • Program over 2024-2026: up to €1bn 44% 44% 49%
Slide 28: Restatement of reporting segments of interim periods 2024
APPENDIX Restatement of reporting segments of interim periods 2024 Intermediate restatements following the scope changes of reporting segments implemented in 2024 (Main change: Two-wheel tire business now consolidated in the RS1 vs RS3 previously) Q1 2024 H1 2024 9M 2024 FY 2024 M€ released restated
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Slide 30: Strategic Scorecard - 2024 results in line with ambitions
APPENDIX Strategic Scorecard - 2024 results in line with 2030 ambitions Be world-class in employee engagement Engagement Rate 82.5% 83.5% 84.7% >85% Be world-class in employee safety TCIR* 1.07 1.01 1.03 <0.5 Be a reference in diversity, equity and inclusion IMDI 70 72 73 80 PEOPLE Be best-in-class
Slide 31: Widening range of destination markets ensuring resilience
APPENDIX Widening range of destination markets ensuring resilience Destination markets across diverse verticals Balanced geographies 2024 sales breakdown (% of revenue) 2024 sales breakdown (% of revenue) Polymer Composite Solutions Specialties Tires Connected Solutions, Retail & Distribution, Rest
Slide 32: Leveraging unique and differentiating assets across enlarged playground
Leveraging unique and differentiating assets across enlarged playground APPENDIX TIRES SERVICES AND EXPERIENCES Highly engaged and A powerful and widely talented teams recognized brand Connected E-Retail Solutions Distribution Lifestyle & Retail POLYMER COMPOSITE SOLUTIONS Conveyors, Innovation lead
Slide 33: Value-driven strategy: Winning where it matters
APPENDIX Value-driven strategy: Winning where it matters Original equipment: Being selective to extract the right value Maximizing value creation Strategic for OEMs & for Michelin Innovation Brand power Loyalty partnerships Replacement: Accelerating on value-accretive segments Ensuring value creatio
Slide 34: Value-driven strategy: Winning where it matters - illustrated
Value-driven strategy: Winning where it matters - illustrated Technological leadership & APPENDIX Long-lasting trend of mix enrichment differentiating service 65% per year 50% 40% per year CAGR* 2019 2021 2024 Share of >18’’ tires in Sustainable mix impact on EBIT Market trend in >18’’ tires* MICHEL
Slide 35: Glossary
GLOSSARY Glossary Free cash-flow, which is stated 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 assets and bo
Slide 36: Disclaimer
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 Mi
Slide 37: Contacts
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 Asia Roadshow _ November 3-5, 2025