Michelin delivered a solid performance in the first quarter, the decline in revenue reflecting changes in exchange rates. In a highly uncertain environment, the Group is adapting its steering and maintaining its 2026 guidance.

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Clermont-Ferrand – April 29, 2026 COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN Financial information for the three months ended March 31, 2026 Michelin delivered a solid performance in the first quarter, the decline in revenue reflecting changes in exchange rates. In a highly uncertain environment, the Group is adapting its steering and maintaining its 2026 guidance. Group revenue amounted to €6.2 billion for the quarter, down 5.4% on a reported basis but stable at constant exchange rates Consumer segment: revenue down 4.4% on a reported basis, up 1.3% excluding the currency effect Transportation segment: decline in revenue, due to Original Equipment and exchange rates Specialties segment: Beyond-road sales gradually stabilizing, growth in Mining and Aircraft Polymer Composite Solutions segment: higher sales, led by external growth 2026 outlook             Sales for the three months ended March 31, 2026 * And related distribution Tire Market Review Passenger Car, Light Truck & Two-wheel tires PASSENGER CAR AND LIGHT TRUCK TIRES * Including Türkiye and Central Asia. The worldwide Original Equipment and Replacement Passenger car and Light truck tire sell-in market contracted by 1% year on year in the first quarter of 2025. PASSENGER CAR AND LIGHT TRUCK TIRES - ORIGINAL EQUIPMENT The global Original Equipment market contracted by 4% in the first quarter of 2026. This decline was particularly noticeable in China and, to a lesser extent, in North America. Europe and the other geographies remained stable overall. In Europe , the market was stable year on year (0%). The shift in demand towards electric vehicles, led by the introduction of more affordable models, helped to support an automotive market that struggled to withstand the pressures of growing Asian imports, falling exports and a gloomy macro-economic environment. In North and Central America , the market was down 3%. The market had been fairly resilient in 2025, as vehicle buyers rushed to beat looming price rises and the termination of electric vehicle tax incentives, but in the first quarter of 2026 demand was restrained by the limited ability of household budgets to absorb the tariff-led increase in sticker prices. In China , the market fell by 12%, mainly due to the gradual reduction in subsidies and tax relief incentives offered to buyers of new vehicles compared to 2025. The prospect of scaled-down incentives prompted customers to bring forward their purchases and automakers to build up their inventories at the end of 2025, resulting in softer demand and production volumes at the start of this year. PASSENGER CAR AND LIGHT TRUCK TIRES - REPLACEMENT Global demand in the Replacement market was on a par with the first quarter of 2025, but with strong regional contrasts. In Europe , the market contracted by 3% in the first quarter of 2026. The decline was primarily due to lower imports of low-cost tires from Asia, continuing the trend observed in the fourth quarter of 2025. The European Commission’s announcement in May 2025 of an anti-dumping investigation into tire imports from China triggered a sharp rise in these imports and by the end of the year, the dealership networks held abundant inventories of low-cost tires. Dealers are now waiting to learn the results of the investigation, which are expected to be published in mid-2026, before making any decision to resume their imports. The product mix continued to move up the value chain in the first quarter, with a significant increase in demand for 18-inch and larger tires. With the exception of imported tires, dealer inventories were generally at normal levels. The Replacement market in North and Central America contracted by 7% in the first quarter of 2026. As in Europe, the decline was due for the most part to lower imports compared to the year-earlier period when volumes rose significantly following the presidential election, in response to the prospect of higher customs tariffs. In addition, the severe weather conditions in January and February depressed economic activity as a whole. Dealer inventories were at a healthy level overall, except for imported tires. Demand in China expanded by a substantial 9% in the first quarter of 2026, an increase that was in line with the market recovery observed since mid-2025. On-line sales grew strongly, and the product mix moved up the value chain, led by sharply higher demand for 18-inch and larger tires. TWO-WHEEL The two-wheel motor vehicle market continued to grow in the first quarter of 2026, helped by generally buoyant conditions in the premium segment. Demand was stable in South America, where growth was mainly led by low-cost tire imports. Truck tires (radial and bias) * Including Türkiye and Central Asia. The global market (excluding China) Original Equipment and Replacement Truck tire sell-in market increased by 2% compared with the first quarter of 2025. In China , where the Group's presence is negligible, demand is increasing by 4% over the first same period. ORIGINAL EQUIPMENT In the Original Equipment segment, the worldwide market excluding China contracted by 3% in the first quarter of the year, continuing the downtrend observed in the second half of 2025. In Europe, the market continued to recover, growing by 6% versus the first quarter of 2025 when demand was at rock bottom. Given the very low basis of comparison, the year-on-year increase was simply a technical rebound and the market remained modest in absolute terms over the period. In North and Central America , the market continued to fall rapidly, contracting by 19% year on year in the first quarter. In 2025, truck manufacturers had built up their inventories in the expectation of buoyant demand; however, the numerous political uncertainties (including the possible easing of future environmental regulations) and the lack of economic visibility discouraged fleet managers from investing in new vehicles. Orders for new trucks have been rising sharply since the end of 2025, but it will take a few more months before new truck inventories return to normal levels and production output picks up again, particularly in the "class 8" truck sub-segment. The basis for comparison will become more favorable as from the middle of the year. In South America , the market was down by a hefty 16% in the first quarter, reflecting the difficult economic situation in Brazil, where the impact of high interest rates and the sharp depreciation of the real was exacerbated by last summer’s introduction of steep customs tariffs on its exports to the United States. In addition, the local market was hit by competition from rapidly growing imports of Asian trucks into South America. REPLACEMENT The global Replacement sell-in market (excluding China) grew by 3% over the first quarter of 2026. In Europe, demand was up 7%. Although market growth was led more by dynamic imports than by local production, it also reflected sustained demand for freight services leading to a relatively high utilization rate of available fleets. In North and Central America , the market contracted by 12% over the quarter due to soft demand in the road freight market. In addition, as in the Passenger Car and Light Truck segment, the market was affected by a fall in imports compared to the first quarter of 2025 (when imports increased ahead of the expected rise in customs tariffs) and by adverse weather conditions in January and February. Demand in South America surged by 30% year on year in the first quarter. The increase primarily reflected the phenomenal growth of low-cost tire imports into the region, continuing the trend observed in 2025, and to a lesser extent, the corresponding automatic decline in the Original Equipment market. Specialties businesses Beyond-road (Agricultural, Construction and Materials Handling) tires : in these segments, where demand is generally split equally between Original Equipment (OE) and Replacement sales, growth was mixed in the first quarter, with OE demand beginning to recover and Replacement demand still resilient. In Agricultural tires, the more cyclical OE markets showed signs of a timid recovery after bottoming out in 2025. This was particularly true in the smaller machine segments in Europe and North America. The high-power tractor market remained depressed in the first quarter and with farmers still facing severe financial difficulties, demand is recovering more slowly than in previous cycles. Replacement market trends were positive overall, with a marked recovery in North America and stable demand in Europe. In Construction tires, OE demand continued to grow, in line with the trend observed in the second half of 2025. Replacement markets were also generally favorable, with strong momentum in North America more than offsetting the downturn in Europe. Lastly, demand for Materials Handling tires contracted in the OE market and was generally stable in the Replacement market (with growth in North America offsetting the overall decline in Europe). Mining tires : this market is expected to remain robust over the long term, supported by ever-increasing ore mining needs. In the first quarter of 2026, tire demand grew at a moderate rate, lagging slightly behind the growth in mining activity due to inventory drawdowns by mine operators. Aircraft tires : the commercial aviation market remained buoyant, with growth driven primarily by rising demand in Asia and South America. The crisis in the Middle East did not have any noticeable impact on overall activity levels in the first quarter but raises doubts for the rest of the year. Change in sales In the first quarter of 2026, Group sales came to €6,167 million, down 5.4% as reported compared with the same period of 2025. Underlying sales were stable year on year, the negative currency effect reflected the strong appreciation of the euro against the US dollar and most other currencies. The reported decrease resulted from the following factors: Segment information Consumer segment The Consumer segment (Automotive, Two-Wheel and related distribution) reported sales of €3,403 million in the first quarter of 2026, versus €3,559 million in the year-earlier period, representing a decline of 4.4%. Volumes rose by 1.3% over the quarter, reflecting solid momentum in Passenger Car & Light Truck Replacement sales and Two-Wheel sales. In the Automotive Original Equipment segment, the Group is overexposed to the premium and electric vehicle segments, which require more technically advanced tires. Trends varied from one region to another. Sales grew in Southern Europe and the Africa-India-Middle East region but declined in North and South America, due to the combined impact of sluggish markets and an unfavorable manufacturer and model mix. Sales in China also declined in a contracting market, but the Group nonetheless maintained its positions with local automakers. In the Automotive Replacement segment, sales were up on the first quarter of 2025, reflecting the priority given to the MICHELIN brand, the continued success of the new ranges launched in 2025, and the business’s outperformance in the 18-inch and larger market.          The MICHELIN brand gained market share in most regions, and strengthened its presence in digital channels, particularly in China. Sales of the Group's other brands were down year on year. In particular, Tier 3 ranges continued to be penalized by competitive pressure resulting from last year’s overstocking following massive imports of low-cost tires by distributors, in anticipation of anti-dumping measures in Europe and higher tariffs in North America. Two - Wheel sales grew strongly in the first quarter, across nearly all the Group’s host regions, led by the most profitable segments such as sport touring motorcycles and premium scooters. Growth was particularly dynamic in China, where demand was boosted by the move upmarket, development of the motorcycle market and the boom in certain electric two-wheel vehicles. The price-mix effect was positive in the first quarter, reflecting a favorable product mix, selective value management, and the growing contribution of MICHELIN-branded premium 18-inch and larger tires to Group sales. The price effect was negative, due to the application of contractual indexation clauses following last year’s decline in raw material costs, and to dynamic pricing adjustments by size range in each of the Group’s markets. The segment’s reported sales were adversely affected by the negative currency effect , due for the most part to the fall in the US dollar against the euro. Transportation segment Sales in the Transportation (and related distribution) segment declined by 11.3% in the first three months of 2026, to €1,357 million from €1,529 million in the year-earlier period. Volumes contracted over the quarter (-5.5%), with persistently weak Original Equipment sales in North and South America, and uneven Replacement volumes depending on the regions. In the Original Equipment segment, the Group held firm to its sales roadmap despite the low activity level and volumes were in line with expectations, thanks to work carried out to clarify OEM contract terms and closely manage OEM margins. North America was the most difficult market, with the Class 8 segment still under pressure and demand hitting a cyclical low during the quarter. Replacement volumes increased in Europe, with growth driven by a refreshed product plan, a successful multi-brand strategy, and application of the value-based pricing strategy. Conversely, volumes in North America remained low in the first quarter, reflecting a lack of momentum in the road transportation market and depressed sales by the dealer networks in a tense commercial environment. The price/mix effect was negative, reflecting the effect of contractual indexation clauses on part of the portfolio and targeted price adjustments on certain activities. The mix effect remained positive, due to the priority given to the segments that create the most value and the impact of the slowdown in the Original Equipment segment. Connected Solutions revenue was slightly down in the first quarter of 2025. The carefully managed shift in the Tire-as-a-Service customer portfolio led to a decline in revenue, while revenue from the Michelin Connected Fleet offering was stable over the period and continued to grow in South America. The segment’s reported sales were adversely affected by the negative currency effect , due for the most part to the fall in the US dollar against the euro. Specialties segment Sales in the Specialties segment (and related distribution) segment fell by 3.3% over the period, to €1,080 million from €1,117 million in the first quarter of 2025. Volumes were up 2.5%, reflecting widely differing situations depending on the activity. Mining tire volumes increased in the first quarter in most regions, including China, where the Group is focusing on its strategic segments, with growth driven by sustained marketing efforts and efficient operational execution. The Aircraft tire business continued to enjoy strong momentum in the first quarter of 2026 compared with the same period of 2025. At this stage, the conflict in the Middle East has not yet had any impact on sales of tires and related services. Beyond-road tire business stabilized on a comparable scope basis, despite a still-negative Original Equipment market for Agricultural tires. Sales of MICHELIN-brand tires increased, notably in the infrastructure segment. The main points of vigilance remains Agricultural tires, particularly the tracks sub-segment, and Materials Handling tires. The scope of consolidation decreased by 1% following the divestiture in 2025 of the tire and track business for small construction equipment. In the Original Equipment segment, excluding this scope effect, the Group’s sales increased during the period, and were accompanied by a gain in market share. In the Replacement segment, sales were down, particularly due to lower sales of Kleber-brand Agricultural tires in Europe. The segment’s reported sales were adversely affected by the negative currency effect , due for the most part to the fall in the US dollar against the euro. Polymer Composite Solutions segment Sales by the Polymer Composite Solutions segment grew by 5.1% in the first three months of 2026, to €326 million from €310 million in the year-earlier period. The segment recorded growth across all its business categories, apart from Conveyors, which operated in a less favorable market environment. The strong growth in Seals business was driven by a strong performance in hydraulic applications, as well as in the sub-segments linked to gas compression and aeronautics applications. Overall, sales growth over the quarter was underpinned by the business’s positioning in technically advanced applications. Growth in Coated Fabrics and Films sales was driven by diversification initiatives to develop coated fabrics markets beyond marine applications and by the resumption of certain automotive programs. Sales in the Belts business are slightly up, notably in certain industrial applications and in aerospace. Sales of Conveyors declined against a backdrop of market pressures in Australia due to the downturn in the Chinese construction market, and due to maintenance operations carried out during the quarter at one factory. Lastly, the completion of the acquisition of Cooley Group on January 23, 2026 made a positive contribution to the segment’s performance. External growth is also continuing, with the announced integration of Flexitallic as of April 2026, and that of TexTech expected around mid-2026 The segment’s reported sales were adversely affected by the negative currency effect , due for the most part to the fall in the US dollar against the euro. Non-financial performance The Group has been awarded high scores by rating agencies for its environmental, social and governance (ESG) engagement and performance. Ratings as of March 31, 2026 * Full details concerning the position and distribution of these scores are available at michelin.com Changes in ratings between December 31, 2025, and March 31, 2026 : MSCI : rating downgraded from AAA to AA, mainly due to an update of the rating methodology. ISS : rating upgraded from B- Prime to B Prime, mainly due to an improvement in the Group’s environmental assessment. Highlights since last publication Corporate Innovation People & Planet Other A full description of the highlights may be found on the Michelin website, michelin.com website. Results presentation First-quarter 2026 sales will be reviewed with analysts and investors during a presentation in English planned on Thursday, April 29, 2026 at 6:30 pm CEST. The conference call and the full array of financial information may be found on the michelin.com website. Investor calendar Contact details DISCLAIMER This press release 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 the Autorité des Marchés Financiers, which are also available from the michelin.com website. This press release may contain a number of forward-looking statements. Although the Company believes that these statements are based on reasonable assumptions at the time of publishing this document, they are by nature subject to risks and contingencies liable to translate into a difference between actual data and the forecasts made or inferred by these statements. Attachment

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