Cie Generale Des Etablissements Michelin Sa · EURONEXT:ML
Cie Generale Des Etablissements Michelin Sa — Michelin — Q3 2026 Earnings Presentation
81 slides from Cie Generale Des Etablissements Michelin Sa's earnings presentation, Oct 20, 2026
Slide 1: Q3 & 9M Sales
2026 Q3 & 9M SALES October 20, 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
Slide 3: 9M Tire markets: weak demand in North America
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 % Speci
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 still 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 in all categories but Conveyors
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 a 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
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: 2026 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 - October
Slide 16: Financial Agenda
Financial Agenda 16 AGENDA 2026 Q3 & 9M Sales - October 20, 2026
Slide 17: Appendix
APPENDIX. ‘~~ 4.
Slide 18: Results
we MICHELIN
Slide 19: PC/LT tire markets: OE slightly down, RT sell-in 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 trend 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 trend stabilizing, FX turning 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
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 - October 20, 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 - October 20, 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 and differentiating 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 business 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 in line with 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 - October 20, 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 - October 20, 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% > 100 m€ 8% 39% per year CAGR* 2018 2021 2023 2025 Share of >18’’ tires in Sustainable mix impact Mark
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: a 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 over time
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 l
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 an 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: An adequate cash position with maturities well spread
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: Tire businesses
TIRE BUSINESSES
Slide 49: MICHELIN Pilot Sport Endurance 2026: 50% renewable and recycled materials
MICHELIN Pilot Sport Endurance 2026: 50% renewable and 49 recycled 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 50: Michelin exclusive on iconic cars
Michelin exclusive on iconic cars 50 APPENDIX Chevrolet Corvette Ferrari F80 All Bugatti, including Tourbillon Aston Martin Valhalla Maserati GT2 Stradale Porsche 718 Cayman GT4 RS 2026 Q3 & 9M Sales - October 20, 2026
Slide 51: 2026 awards: setting the standard in innovation
2026 awards: Setting the standard in innovation and 51 customer 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 Environmental a
Slide 52: Michelin tire market access: B2C and B2B
Michelin tire market access: Reflecting broad product range 52 in 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 53: Leveraging Michelin distribution assets and accelerating franchise
53 Leveraging Michelin distribution assets and accelerating franchise APPENDIX 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 2008 2010 2012 20
Slide 54: MICHELIN Life Protecting: innovative solutions designed to save lives
MICHELIN LIFE PROTECTING: Incorporating innovative solutions 54 designed to save lives during critical operations – illustrated APPENDIX • Milaw: Michelin Lunar Airless • Fabrics for hovercraft Wheel • Chemical protection • Ablative materials and prepregs • Firehose for heat shields or braking syste
Slide 55: Connected Solutions
CONNECTED SOLUTIONS 2026 Q3 & 9M Sales - October 20, 2026
Slide 56: Connected Solutions: empowering mobility players
Connected Solutions: Empowering mobility players towards zero- 56 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 of danger zones to contribute saving liv
Slide 57: Michelin Connected Fleet value proposition
Michelin Connected Fleet value proposition: A unique ability to 57 develop 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 58: Polymer Composite Solutions
Polymer Composite Solutions 2026 Q3 & 9M Sales - October 20, 2026
Slide 59: Polymer Composite Solutions: deploying Group innovation power
Polymer Composite Solutions: Deploying Group innovation power 59 for mission-critical applications APPENDIX sealing Applications Coated Fabrics in Infrastructure In marine equipment How our innovative materials for How our unique expertise enables us to hydraulic sealing solutions enable combine dif
Slide 60: Polymer Composite Solutions: growing size & profitability
Polymer Composite Solutions: Growing size & profitability, 60 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 61: Growing Polymer Composite Solutions on adjacent product categories
Growing Polymer Composite Solutions: Leveraging Group’s 61 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 62: Polymer Composite Solutions: diversified verticals and geographies
Polymer Composite Solutions: Diversified verticals and balanced 62 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 & €1.7 b N Train R EVENUE * 35 % Construction, Infra & Ag
Slide 63: Boosting PCS revenue by 35% with acquisition of 3 companies
Boosting Polymer Composite Solutions revenue by 35% with the 63 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 64: Non financial performance
Non financial performance 2026 Q3 & 9M Sales - October 20, 2026
Slide 65: Demonstration car tire made from 75% renewable and recycled materials
65 The new demonstration car 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 recove
Slide 66: Demonstration bus tire made from 70% renewable and recycled materials
66 The new demonstration bus tire approved for road use, made from 70% renewable and recycled materials APPENDIX Rate audited by a reputable external third party Synthetic rubber with bio-butadiene Demonstrator BUS TIRE* Deforestation 70% free natural rubber Bio sourced silica renewable from rice hu
Slide 67: Moving toward fully circular products
Moving toward fully circular products, with 40% renewable and 67 recycled materials by 2030, up to 100% by 2050 APPENDIX Life cycle assessments NATURAL RUBBER SYNTHETIC RUBBER (1) AVOID FILLERS PLASTIFIERS RESINS REDUCE (1) REUSE METALS TEXTILES RECYCLE (2) OTHER RENEW … (1) Carried out with the sup
Slide 68: Water resources: working toward fair and sustainable water use
Water resources: Working toward fair and sustainable water use 68 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
Slide 69: 2030 environmental ambition: on track to net-zero emissions in 2050
2030 environmental ambition: On track to reach net-zero emissions 69 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 70: TRWP: Michelin driving innovation and advancing knowledge
TRWP: Michelin driving innovation and advancing knowledge 70 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 71: Strong commitment to reduce impact on biodiversity and ecosystems
Strong commitment to reduce impact of operations on 71 biodiversity 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 t
Slide 72: Sustainable natural rubber by Michelin
Sustainable natural rubber by Michelin: Driving progress 72 across a 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 73: Externalities: almost 60m€ reduction in 2025
Externalities: Almost 60m€ reduction in 2025, 73 over 220m€ since 2019 APPENDIX Externalities costs evolution: CO2 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) Volat
Slide 74: Climate strategy structured around transition and adaptation plans
Climate strategy structured around transition and adaptation 74 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 75: Fostering social and societal cohesion through ambitious initiatives
75 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 76: Diversity, Equity, Inclusion: further progress in gender balance
76 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 77: Michelin governance pillars
77 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 78: ESG awareness and oversight embodied in governance structure
ESG awareness and oversight are fully embodied in Michelin’s 78 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 79: Glossary
Glossary 79 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 80: Disclaimer
80 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 81: Contacts
81 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 - October 20, 2026