Cie Generale Des Etablissements Michelin Sa · EURONEXT:ML
Cie Generale Des Etablissements Michelin Sa — Michelin — Morgan Stanley Industrial CEOs Unplugged 2024
76 slides from Cie Generale Des Etablissements Michelin Sa's conference presentation, Sep 6, 2024
Slide 1: Industrial CEOs Unplugged 2024
Industrial CEOs Unplugged 2024 Morgan Stanley September 6, 2024
Slide 2: Leveraging unique and differentiating assets across enlarged playground
Leveraging unique and differentiating assets across enlarged playground STRATEGY 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 3: Widening range of destination markets ensuring resilience
FOCUS Widening range of destination markets ensuring resilience Destination markets across diverse verticals Balanced geographies 2023 sales breakdown (% of revenue) 2023 sales breakdown (% of revenue) Polymer Composite Solutions Specialties Tires Connected Solutions, Retail & Distribution, Rest of
Slide 4: Increasing cash and margin generation across business cycles
FOCUS Increasing cash and margin generation across business cycles FCF (1) and SOI (2) evolution vs. change in volumes > 3,5 20% 3.5 3,0 15% 2.5 13% 2,0 12% > 1,5 10% 7% 1.5 3% 3% 5% 1,0 2% 1% 1% -1% 0.5 0% 0% -2% - 0 .5 -3% -5% -5% -6% -10% - 1 .5 - 2 .5 -15% -14% -15% - 3 .5 -20% 2008 2009 2010 20
Slide 5: YTD sell-in tire markets still distorted by inflows of budget tires
YTD sell-in tire markets still distorted by inflows of budget tires in PC and Truck – Specialties softer on high 2023 reference base RESULTS PASSENGER CAR TRUCK* excl. China SPECIALTIES* LIGHT TRUCK* YTD 2024 YTD 2024 vs. YTD 2023 vs. YTD 2023 +2% +2% Mining Agriculture Construction Material handlin
Slide 6: CEO CONFERENCE _ September 6, 2024
CEO CONFERENCE _ September 6, 2024
Slide 7: Executive summary: SOI of 13.2% of sales in H1 2024
Segment operating income of 13.2% of sales in H1 2024. Strong free cash flow generation. Full-year guidance maintained EXECUTIVE SUMMARY o In tire markets distorted by high inflows of budget tires, Group’s value-driven approach generated a strong increase in mix ‒ Tire sell-in markets positive in th
Slide 8: Solid overall Group performance in H1 2024 on People, Profit and Planet
Solid overall Group performance in H1 2024 on People, Profit and Planet RESULTS PEOPLE PROFIT PLANET 30.6% 1,782M -7.2% of managers are women Segment Operating Income CO2 emissions scopes 1&2 (2) +0.9 pts vs H1 2023 13.2% +1.1 pt vs H1 2023 vs H1 2023 1.00 669M -6.3% Safety - Total Case Incident R
Slide 9: Group's value-driven approach translating into powerful mix
RESULTS Group’s value-driven approach translating into powerful mix Net Sales evolution (€ millions | % of sales) -3.1% 14,079 +59 Scope (+0.4%) +156 13,647 13,481 Price-mix -27 -620 -166 (+1.1% Non-tire * Volumes of which (-0.2%) Currency (-4.4%) mix +1.9%) (-1.2%) Tire business * H1 2023 H1 2024 H
Slide 10: SOI increasing to 13.2% of sales, from 12.1% in H1 2023
RESULTS SOI increasing to 13.2 % of sales, from 12.1 % in H1 2023 Segment operating income evolution (€ millions | % of sales) + €127m (+7.5%) +207 +2 1,831 1,782 1,704 +27 +250 -101 -17 Other -49 Scope +84 Manufacturing and logistics Non- Raw SG&A Currency Price-mix tire * -325 o/w mix materials Vo
Slide 11: Strong margin recovery in Road transportation, further rise in Automotive
Strong margin recovery in Road transportation, further rise in Automotive, high Specialties margin despite adverse context RESULTS Segment Operating Income and Margin by reporting segment (€ millions | % of sales) RS1 €866m €914m 12.3% 13.4% RS2 €168m €300m 5.0% 9.2% RS3 €568m €670m 18.3% 16.8% H1 2
Slide 12: Segment EBITDA up to €2.8bn or 20.4% of sales
Segment EBITDA up to €2.8bn or 20.4% of sales Strong cash generation driven by tight business steering RESULTS (€ millions | % of sales) 2,756 -625 Change in WCR -337 20.4% Taxes & interests +28 669 659 +46 -1,135 -64 Other -10 JV & Capex Restructuring associates M&A Segment Free Cash Flow Free Cash
Slide 13: Gearing improved vs H1 2023; credit rating upgrade
Gearing improved vs H1 2023 fostered by solid cash generation Credit rating upgrade RESULTS Net debt Agency ratings (€ millions) Compagnie Générale des Établissements Michelin, as of July 24, 2024 4,626 -366 +583 4,260 Long Short Outlook +90 term term 3,281 +965 Other(1) Translation S&P A- A-2 = adj
Slide 14: Value over volume: Winning where it matters
Value over volume: Winning where it matters Original equipment: Being selective to extract the right value FOCUS Maximizing value creation for OEMs & for Michelin Strategic Innovation Brand power partnerships Loyalty Replacement: Accelerating on value-accretive segments Ensuring value creation Reinf
Slide 15: Value over volume: Winning where it matters - illustrated
Value over volume: Winning where it matters - illustrated Technological leadership & Long-lasting trend of mix enrichment FOCUS differentiating service +5 pts 64% per year 59% 50% >100m€ +12% CAGR * 40% per year 2019 2021 H1 23 H1 24 Share of >18’’ tires in Sustainable mix impact on EBIT Market tren
Slide 16: CEO CONFERENCE _ September 6, 2024
CEO CONFERENCE _ September 6, 2024
Slide 17: Guidance: 2024 markets unchanged on PC/LT & Truck, softer on Specialties
GUIDANCE 2024 markets unchanged on PC/LT & Truck, softer on Specialties PASSENGER CAR TRUCK* excl. China SPECIALTIES* LIGHT TRUCK* -2% / +2% -2% / +2% -4% / 0% previously -2% / +2% Mining tires: fundamental demand sustained but gradual stock reduction at customer level along the year Beyond-road tir
Slide 18: 2024 Group scenario adjusted, guidance maintained
GUIDANCE 2024 Group scenario adjusted, guidance maintained Volumes [-5% ; -2%] SCENARIO Operating performance slightly positive net of inflation Cash-out capex [€2.2bn ; €2.4bn] Segment operating income GUIDANCE at constant FX vs 2023 > €3.5bn Free cash flow before Acquisitions > €1.5bn CEO CONFEREN
Slide 19: 2024 Financial Agenda
AGENDA 2024 Financial Agenda Q3 sales Oct. 23, 2024 * Full Year Feb. 12, 2025 * results * After close of trading CEO CONFERENCE _ September 6, 2024
Slide 20: CEO CONFERENCE _ September 6, 2024
CEO CONFERENCE _ September 6, 2024
Slide 21: Strategic Scorecard – 2023 results in line with 2030 ambitions
Strategic Scorecard – 2023 results in line with 2030 ambitions Progress Status 2024 CMD 2030 Ambition Metrics success Be world-class in employee engagement Engagement rate >85% 79.8% 82.5% 83.5% Be world-class in employee safety TCIR(1) <0.5 1.29 1.07 1.01 Be a reference in diversities and inclusion
Slide 22: Driving higher profitability and strong cash generation
2024 CMD Driving higher profitability and strong cash generation Segment Operating Income Segment Operating Margin FCF before M&A (bn €, excl. substantial (1) M&A, @2023 FX) (% of sales) (bn €, cumulative over the period) 4.2 14.0% 5.5 3.6 12.5% 4.4 3.3 12.3% 4.0 Cumulative over 3.0 2024-26 2.8 2017
Slide 23: Confirmed ROCE floor and shareholder return
2024 CMD Confirmed ROCE floor and shareholder return Return on Capital Employed Payout Ratio (% of net result) 49% 11.4% c.50% 44% >10.5% 10.3% 10.1% 21% 2019 2021 2023 2026 2030 2019 2021 2023 2026 2030 ✓ Including impact of M&A (goodwill, ✓ Share buyback program up to €1bn amortization of intangib
Slide 24: Strong mix effect, improved margin across reporting segments
2024 CMD Strong mix effect, improved margin across reporting segments SOI bridge by lever Segment Operating Margin - by SR (€bn and % of sales, excl. substantial M&A, @2023 FX) (% of sales) €4.2bn 13.7% 14.0% SR1 Non-Tire >14% Operational Performance* 6.5% €3.6bn SR2 Mix >10% Volume 12.6% 16.5% SR3
Slide 25: Taking Group competitiveness to the next level: Manufacturing
2024 CMD Taking Group competitiveness to the next level: Manufacturing Strategic levers Tech & Care levers o Local-to-local o IA & Digital o Value-driven production mix o Industrial process optimization o Lower environmental impact o Reduce water and energy consumption o Talent attraction & retentio
Slide 26: Taking Group competitiveness to the next level: SG&A & Supply Chain
Taking Group competitiveness to the next level: SG&A & Supply Chain 2024 CMD Improving SG&A performance Reducing inventory levels and fostering innovation whilst improving customer service Inventory reduction € -0.5bn 2023 2026 CEO CONFERENCE _ September 6, 2024
Slide 27: Michelin Tires: Powerful differentiation on targeted markets
2024 CMD Michelin Tires: Powerful differentiation on targeted markets Main targeted Market trends Where to play Assets end-markets • Brand power Automotive • Mix enrichment • Demanding consumers • 360° techno edge • Sustained GDP growth • Quality | Green | Tech fleets • Customer intimacy Transportat
Slide 28: Connected Solutions and Distribution: Leveraging unique data knowledge
Connected Solutions and Distribution: Leveraging unique data knowledge and deep customer intimacy 2024 CMD Main targeted Market trends Where to play Assets end-markets Fleet • Fleets trending towards low • 1.2m vehicles under contract • 20% CAGR* for services in management downtime, low CO2, high •
Slide 29: Polymer Composite Solutions: Broadening exposure to non-automotive markets
Polymer Composite Solutions: Broadening exposure to dynamic non-automotive markets 2024 CMD Market dynamics Differentiating technologies ✓ High-power transmission belts for warehouse conveyors Industry High-single digit ✓ Energy-efficient conveyor belts for mining industry ✓ Customized valves for ag
Slide 30: M&A: A proven track record of successful integration
2024 CMD M&A: A proven track record of successful integration Fenner Active portfolio • 9% CAGR 2018-2023 (excl. Solesis) management Multistrada & Camso • 2023 EBIT +4 pts vs 2018 • Solesis capital opened to Altaris 2018-2019 : • Multistrada EBIT from negative territory in based on €450M EV (2021) €
Slide 31: M&A as a growth & value accelerator
M&A as a growth & value accelerator: Accessing new markets and leveraging Group innovation power 2024 CMD 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-accretive t
Slide 32: Shareholder return: further development of dividend and pay-out
2024 CMD Shareholder return: further development of dividend and pay-out Per share data (in €) 2019 2020 2021 2022 2023 DIVIDEND POLICY DIVIDEND 0.50 0.58 1.13 1.25 1.35 • Gradually raise payout ratio towards 50% in 2030 NET INCOME • Pay-out calculated on reported net income BASIC 2.42 0.88 2.58 2.8
Slide 33: Appendix
APPENDIX APPENDIXAPP CEO CONFERENCE _ September 6, 2024
Slide 34: Sales and operating income by reporting segment
Strong margin recovery in Road transportation, further rise in Automotive, high Specialties margin despite adverse context APPENDIX Sales and Operating income by reporting segment (€ millions) H1 24 H1 23 Change Sales 6,847 7,024 -2.5% o/w volume change - - -1,9% Sales revenue penalized by price ind
Slide 35: Q2 mix and volumes reflecting the Group's targeted strategy
Q2 mix and volumes reflecting the Group’s targeted strategy in fluctuating markets APPENDIX YOY Quarterly change (as a % 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 2023 2024 2023 2024 2023 2024 12.3 6.7 3.4 1.5 0.7 1.5 0.8 -0.4 -1.0 -
Slide 36: PC/LT tire markets: sell-in demand grew by 3% in H1 2024
PC/LT tire markets: sell-in demand grew by 3% in H1 2024, particularly driven by RT in Americas and Europe APPENDIX PC/LT tire sell-in market, H1 2024 (YoY change in number of tires, in %) Europe North & Central America -5% +1% +6% China +4% Global market +5% -1% Africa, India, Middle East +1% +4% +
Slide 37: Truck tire markets: sell-in demand up 2% excl. China
Truck tire markets: sell-in demand up 2% (excl. China) with OE backdrop in Europe and North America on unfavorable comparison basis, RT pulled by massive imports from Asia to North America. APPENDIX Truck tire sell-in market, H1 2024 (YoY change in number of tires, in %) Europe North & Central Ameri
Slide 38: Raw materials cost breakdown
APPENDIX Raw materials cost breakdown FY 2023 Raw materials cost (€ bn) and breakdown (%) 7 TEXTILES STEEL CORD 10% 21 NATURAL RUBBER CHEMICALS 15% €5.9bn 23% SYNTHETIC RUBBER FILLERS CEO CONFERENCE _ September 6, 2024
Slide 39: Natural rubber price
APPENDIX Natural rubber price TSR20 and RSS3 in $/kg 4.8 3.7 4.5 3.4 3.4 2.8 2.6 3.2 2.3 1.9 2.2 2.0 2.0 2.1 2.1 2.5 2.5 1.8 1.8 1.6 1.6 1.6 1.6 1.6 1.5 1.5 1.7 2.2 1.8 1.7 1.7 1.7 1.8 1.7 1.5 1.6 1.4 1.4 1.4 1.4 1.3 1.4 1.3 1.3 Q1 Q2 Q3 Q4 Q1 Q2 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11 2 0 1 2 2 0 1
Slide 40: Butadiene price
APPENDIX Butadiene price Europe contract-market in €/t 1952 1773 1258 1113 1112 1011 1006 970 978 944 1108 798 824 1086 772 812 644 937 722 634 511 656 Q1 Q2 Q3 Q4 Q1 Q2 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CEO CONFERENCE _ September 6, 2024
Slide 41: Brent price
Brent price APPENDIX Brent in $/BBL 112 112 109 98 100 99 82 86 83 85 80 82 77 73 72 71 62 64 54 55 45 43 Q1 Q2 Q3 Q4 Q1 Q2 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CEO CONFERENCE _ September 6, 2024
Slide 42: Sales by currency & impact on segment operating income
APPENDIX Sales by currency & impact on segment operating income (SOI) % of sales 2024 Dropthrough* % of sales 2024 Dropthrough* Q2 2024 currency change vs. € Sales ➔ SOI Q2 2024 currency change vs. € Sales ➔ SOI 12 rolling months 12 rolling months USD 40% -0.1% 20% / 30% JPY 1% -11.4% 80% / 85% EUR
Slide 43: Outstanding bond issues
Outstanding bond issues (As of June 30, 2024) APPENDIX Compagnie Compagnie Compagnie Compagnie Compagnie Compagnie Compagnie Compagnie Compagnie Compagnie Générale Générale Générale Générale Générale Générale Générale Générale Générale Générale Issuer des des des des des des des des des des Etabliss
Slide 44: An adequate cash position with maturities well spread over time
APPENDIX An adequate cash position with maturities well spread over time Debt maturities at Jun. 30, 2024 (carrying amount in € millions) 7,000 Loans from financial institutions 2030 - 2045 Bond maturities: 2030 (3/sept.) = 1’000 MEUR Securitization 2031 (16/may) = 500 MEUR 6,000 Bond 2032 (2/nov.)
Slide 45: CEO CONFERENCE _ September 6, 2024
CEO CONFERENCE _ September 6, 2024
Slide 46: Michelin tire market access: B2C and B2B
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% ~100% ~75% ~10% ~5% ~15% Wholesalers & Platforms Wholesalers ~95% Clubs E-retail Garages & Tire Auto Vehicle pure Tire Garages & g
Slide 47: Leveraging Michelin distribution assets and accelerating franchise
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 2,200 (100% of network) 1,700 (>60% of network) E-retail 0 CEO CONFERENCE _ Septem
Slide 48: Tires abrasion: A considerable competitive advantage
Tires abrasion: A considerable competitive advantage, without any compromise on safety APPENDIX Particle emissions: Particle emissions get reduced with each Michelin vs. other premium tiremakers (1) new range (2) Particle per vehicle unit: g/1,000 km 131 136 122 e.Primacy CrossClimate 2 Pilot Sport
Slide 49: CEO CONFERENCE _ September 6, 2024
CEO CONFERENCE _ September 6, 2024
Slide 50: Services to fleets: a suite of innovative solutions
Services to fleets: a suite of innovative solutions that empower mobility players to race towards zero-accident, zero-downtime, zero-emission APPENDIX Unique customer intimacy and usage expertise CONNECTED SOLUTIONS MICHELIN MOBILITY INTELLIGENCE Actionable insight provider for fleets leading toward
Slide 51: Watèa by Michelin: A unique solution to decarbonize urban LCV fleets
Watèa by Michelin: A unique solution to decarbonize urban LCV fleets APPENDIX Stakes of transition to E-LCV Fleets pain points Value proposition LCVs ~ 3-4% of Tailored solution How to transition ? EV, charging solution, maintenance global CO2 emissions Switch to EV ➔ - 60% emissions How to operate?
Slide 52: CEO CONFERENCE _ September 6, 2024
CEO CONFERENCE _ September 6, 2024
Slide 53: Polymer Composite Solutions: Leveraging our expertise and innovations
Polymer Composite Solutions: Leveraging our expertise and our innovations, for highly demanding applications APPENDIX R&D Manufacturing Growth strategy • Unique expertise • Ability to scale up and • Organic growth acquired in tire design reproduce the & manufacturing: materials-based 30 solutions de
Slide 54: M&A active portfolio management with three major steps in 23
M&A active portfolio management with three major steps in 2023, reflecting Michelin in Motion 2030 strategy APPENDIX 2023 main deals Zoom on 3 majors steps Tire recycling TBC sold its retail Stellantis Michelin acquired FCG activities to increase acquired 33% aside to create a leader in profitabilit
Slide 55: Symbio: fast expansion towards worldwide leadership
Symbio: fast expansion towards worldwide leadership in light and heavy commercial vehicles APPENDIX Major grants awarded in Europe (IPCEI *) and in the USA (California) Fuel cell development leveraging expertise in materials and industrial processes 2014 3rd shareholder Michelin stake: aside Micheli
Slide 56: CEO CONFERENCE _ September 6, 2024
CEO CONFERENCE _ September 6, 2024
Slide 57: Recognized leadership in non-financial performance
Recognized leadership in non-financial performance Major ratings APPENDIX (as of June 30, 2024) Michelin Ratings Negligible A- B B- 78 / 100 Risk AAA 71 / 100 CLIMATE WATER Prime Platinum 9,6 CHANGE SECURITY « LEADERSHIP » « MANAGEMENT » Distribution of ratings by agency CEO CONFERENCE _ September 6
Slide 58: On the path to full product circularity
On the path to full product circularity with 40% renewable or recycled materials by 2030, up to 100% by 2050 APPENDIX SYNTHETIC RUBBER NATURAL RUBBER (2) FILLERS PLASTIFIERS / RESINS (1) (2) (1) METALS TEXTILES OTHER … (1) European project sponsored by Horizon 2020; project number: 82068 (2) Carried
Slide 59: TRWP: Michelin driving innovation and advancing knowledge
TRWP: Michelin driving innovation and advancing knowledge in the tire industry APPENDIX Scientific studies to measure the environmental impact of TRWP (1) TRWP AIR WATER 5 x 10-2 mm Studies confirm that TRWP account for less Studies suggest that most TRWP do not than 1% of particulate matter polluti
Slide 60: Natural resources and decarbonation: driving up industry standards
Natural resources and decarbonation: driving up industry standards on product performance APPENDIX If the world was driving on Michelin PC/LT tires, it would save every year … Tire industry CO2 emissions are mostly related to scope 3 (3) Illustration: Michelin 2023 CO2 (2) emissions (1) 89% scope 3
Slide 61: 1st manufacturer to design a road-homologated tire with 58% renewable or recycled materials
Michelin 1st manufacturer to design a road-homologated tire with 58% renewable or recycled materials APPENDIX On the way to our “100% Renewable or Recycled materials by 2050” goal: new tires with breakthrough technologies Steel incorporating Sustainable recycled scrap metal textile fibers Carbon bla
Slide 62: Strong commitment to reduce impact on biodiversity and ecosystems
Strong commitment to reduce impact of operations on biodiversity and ecosystems APPENDIX 2023 results, 2030 commitments > 100% EUDR compliant (1) Criteria in accordance with the European Union Deforestation-free Regulation (2) Calculated on the basis of 2023 volumes by supplier (3) Per hectare (4) O
Slide 63: Sustainable natural rubber by Michelin
Sustainable natural rubber by Michelin: Driving progress across a fragmented value chain APPENDIX ACCELERATING SUSTAINABILITY ACROSS THE INDUSTRY BY 2025 ID CARD • Dedicated roadmap tracking commitments on zero deforestation, human rights, and farmer empowerment ~90% of Group’s supply come • Geoloca
Slide 64: Externalities: 2023 achievements exceeded ambitions
APPENDIX Externalities: : 2023 achievements exceeded ambitions Externalities costs evolution: CO2 emissions, VOC(1) emissions and water withdrawals (€ millions) +260 590 (3) 545 -104 436 -32 -13 -5 CO2 CO2 Scopes Water Volatile Scope 3(2) 330 1&2 organic compounds Increase in the CO2 cost per ton fr
Slide 65: Michelin applies the TCFD recommendations
Michelin applies the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) APPENDIX MICHELIN’S ANSWER See p. 175 of 2022 Universal Registration Document for more details As part of the Supervisory Board’s role of exercising permanent oversight of the Group’s management, t
Slide 66: Climate strategy structured around transition and adaptation plans
Climate strategy structured around transition and adaptation plans, towards Net-Zero emissions by 2050 APPENDIX STRUCTURED AROUND 2 AXES: ● A TRANSITION plan including initiatives to decarbonize direct and indirect activities in the value chain (Scopes 1, 2 & 3) and a strategic plan to support a low
Slide 67: 2030 environmental ambition: on track to reach net zero in 2050
2030 environmental ambition: on track to reach net zero emissions in 2050 Group’s ability to have an influence APPENDIX high limited -25%(1) -44%(1) -50% Manufac- Reduce energy Shift towards CO2 emissions turing consumption renewable energy vs. 2010 Transport less, better and differently -15% Logist
Slide 68: Sharp reduction in the environmental footprint of our operations
Sharp reduction in the environmental footprint of our operations, on track to reach 2030 target APPENDIX Environmental footprint of our sites (MEF vs. 2025 till 2019, i-MEP since 2019 - ISO14001- certified) 100 (2) Water withdrawal x water stress Generated waste MEF (1) Organic solvent use // Energy
Slide 69: Fostering social and societal cohesion through ambitious initiatives
APPENDIX Fostering social and societal cohesion through ambitious initiatives ‘Living wage’ for every Michelin One Care Program, Group employee a universal social protection floor • ‘Global Living Wage Employer’ • Provide time to welcome a new child certified by Fair Wage Network • Family protection
Slide 70: Diversity and inclusion: Progress in gender balance
Diversity and inclusion: Progress in gender balance and acceptance of diversity, demonstrating the Group’s commitment APPENDIX EQUAL OPPORTUNITY Every employee can develop his/her talents within the company. Michelin pays particular attention to the internal promotion of manufacturing operators. GEN
Slide 71: Michelin governance pillars
Michelin governance pillars: clear segregation of management and supervisory powers APPENDIX SUPERVISORY BOARD GENERAL PARTNERS With unlimited joint and personal liability for the Company’s debts MANAGERS SAGES Barbara Dalibard Non-Managing General Partner Chair of the Board Administer and manage th
Slide 72: ESG awareness and oversight embodied in governance structure
ESG awareness and oversight are fully embodied in Michelin’s governance structure APPENDIX CEO CONFERENCE _ September 6, 2024
Slide 73: ESG criteria included in Managers' compensation
ESG criteria are included in the Managers’ compensation and shared with all employees via performance share plans APPENDIX CEO CONFERENCE _ September 6, 2024
Slide 74: Glossary
GLOSSARY Glossary Free cash-flow excluding M&A: 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 mana
Slide 75: 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 76: Contacts
CONTACTS BUSINESS CENTER PARIS TROCADERO Guillaume JULLIENNE 112 avenue Kléber 75116 Paris – France Flavien HUET 23 place des Carmes Dechaux 63040 Clermont-Ferrand – France Benjamin MARCUS investor-relations@michelin.com CEO CONFERENCE _ September 6, 2024
Michelin — Morgan Stanley Industrial CEOs Unplugged 2024 on 6ix