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GROUP MICHELIN A BETTER WAY FORWARD PRESS RELEASE Clermont - Ferrand , April 26 , 2021 COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN Financial information for the three months ended March 31 , 2021 Q1 2021 : € 5.4 billion in sales , up 8.3 % at constant exchange rates , lifted by the recovery in demand . With the strong upturn in global demand , which offset major supply chain disruptions and persistent health - related restrictions : о Passenger car / Light truck and Truck tire markets rose by 9 % and 20 % , respectively , ○ Specialty markets saw a rebound , impelled by the Agricultural , Construction and Two - wheel tire businesses , о Demand rebounded sharply in China across every market , returning to near - 2019 levels . € 5,448 million in first - quarter sales , up a reported 2.3 % after a negative 6 % currency effect : ○ 7.5 % growth in tire volumes with , in particular , consolidation of the Group's positions in Passenger car / Light truck Replacement markets and gains in the Specialty businesses , о ○ A 0.3 % increase from tire prices , as firm price discipline in response to higher raw materials and logistics costs offset the negative impact of indexation clauses , A 0.6 % increase from the tire mix , as the sustained shift upmarket in the product mix , with market share gains in MICHELIN - branded 18 - inch and larger tires , more than made up for the unfavorable business mix , Stable sales in the non - tire businesses , which were adversely impacted by the fall - off in demand in the restaurant and travel guides segments . " Despite the disruptions from the Covid - 19 pandemic and a certain amount of disorganization in the supply chain , Michelin delivered a robust performance in a first quarter shaped by an upturn in global demand . In addition to diligently managing its prices and strengthening its positions in the most promising growth segments , the Group continued to improve its competitiveness , in line with the Michelin in Motion strategy presented last April 8. In these challenging , uncertain times , I would like to thank everybody in the Michelin corporate community for their commitment to preparing the Group's future and sustainable growth , " said Managing Chairman Florent Menegaux . Michelin is opening up the capital of Solesis to Altaris Capital Partners to step up its expansion in healthcare markets : ○ Demonstrates the Group's ability to capture the value of its High - Tech Materials businesses , The disposal gain added around € 130 million¹ to consolidated net income . Guidance confirmed In 2021 , in a still highly uncertain environment as the health crisis unfolds , Passenger car / Light truck tire markets are expected to expand by 6 % to 10 % over the year , Truck tire markets by between 4 % and 8 % , and the Specialty markets by 8 % to 12 % . Even as raw materials and logistics costs continue to rise , the Group maintains its objective of reporting a slightly positive net impact of changes in the price mix and raw materials costs . In this scenario , and barring any new systemic impact from Covid - 19,2 Michelin confirms its guidance , with full - year segment operating income in excess of € 2.5 billion at constant exchange rates and structural free cash flow³ of around € 1 billion . 1Without any impact on segment operating income or guidance 2Serious supply chain disruptions or restrictions on freedom of movement that would result in a significant drop in the tire markets . 3 Structural free cash flow corresponds to free cash flow before acquisitions , adjusted for the impact of changes in raw material costs on trade payables , trade receivables and inventories . 1/11