Slides
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July 24, 2025
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2025 First-Half Results, July 24, 2025 Solid Group profile fit for turbulences RESULTS Local-to-local Engagement rate Engaged and agile teams Cash Generation 2019-24 * Financial solidity Gearing - end of 2024 Diverse markets & balanced geographies 2024 sales breakdown (% of revenue) Demonstrated agility Local-to-Local RT B2C Non tire OE B2C B2B * Average Free Cash Flow before M&A (2019-2024) Europe ROW North America
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2025 First-Half Results, July 24, 2025 Amidst multiple headwinds, Group ready to seize upcoming opportunities RESULTS Duties, EUDR, Tax… 12 activity closures announced over the past 2 years OPEX & CAPEX Agile operations & digitalization Value-Accretive segments Michelin Brand Strategic partnerships OE contracts renegotiated * In the absence of any further deterioration in the economic environment in H2 2025
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2025 First-Half Results, July 24, 2025 Solid overall Group performance in H1 on People, Profit and Planet (1) Definition: see Glossary (2) Segment EBITDA RESULTS Free Cash Flow before M&A Segment Operating Income @ iso-FX 11.3% margin at iso-FX o/w EBITDA(2) 18.6% of sales PROFIT Retention rate of employees < 2 years seniority +0.6 pts vs H1 2024 0.82 vs H1 2024 Safety TotalRecordedIncident Rate (1) PEOPLE - Water withdrawal vs H1 2024 CO2 emissions scopes 1&2 vs H1 2024 PLANET A CLIMATE CHANGE A- WATER SECURITY A SUPPLIER ENGAGEMENT Upgraded June 2025
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2025 First-Half Results, July 24, 2025 H1 markets sharply down at OE both Europe and North America. Replacement sell-in markets fueled with imports of budget tires * Sell-in Tire Markets (does not apply to Polymer Composite Solutions) RESULTS Polymer Composite Solutions Mining tires Beyond-road tires Aircraft tires RTOE Specialties* OE RT Truck* excl. China OE RT Two-wheel tires Passenger car & Light truck*
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2025 First-Half Results, July 24, 2025 H1 sales: Volumes dragged down by OE with still resilient RT, strong price & mix developments 4 -820 542 22 -201 Tire* Volumes (-6.1%) Tire* Price-mix (+4.0%) Currency (-1.5%) Scope (+0.0%) Non-tire businesses (+0.2%) -1.9% 13,481 13,229 13,028 2024 H1 2025 H1 at constant FX 2025 H1 at current FX * “Tire” includes Distribution and Retail H1 2025 sales evolution (€ millions and as a %) RESULTS
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2025 First-Half Results, July 24, 2025 H1 volumes: OE accounting for 85% of total decline, mainly Truck and Agricultural. Targeted business segments generating growth 100 - 6 - 1 93 H1 2024 OE Other H1 2025 RS2 RS1 RS3 Positive contribution Mining & Aircraft 100 - 9 - 1 91 H1 2024 OE Other H1 2025 100 - 2 - 1 97 H1 2024 OE Other H1 2025 Positive contribution PC 18’’+ & 2Wheel Positive contribution MICHELIN New RESULTS
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2025 First-Half Results, July 24, 2025 H1 SOI hampered by volumes and multiple cost inflators, supported by strong price-mix and cost management Segment operating income evolution * “Tire” includes Distribution & Retail Currency SG&A Price-mix Raw materials Scope Manufacturing and logistics Volumes OtherNon-tire * H1 2024 H1 2025 at constant FX H1 2025 at current FX 1,500-9 +499 -240 -175 -23 +12 +105 -451 1,782 -48 1,452 Tire business* 13.2% 11.1%11.3% (€ millions | % of sales) RESULTS
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Profitability across segments: Mainly affected by lower volumes Segment operating income and Margin by reporting segment H1 2024* €946m 13.2% €306m 9.5% €530m 17.1% H1 2025 €865m 12.2% €166m 5.5% €421m 14.5% RS1 RS2 RS3 Volume effect as a % of sales, H1’25 vs. H1’24 -2.5% -9.3% -6.8% * Restated to reflect the scope changes of reporting segments implemented in 2024 – see slide 28 (€ millions | % of sales) RESULTS 2025 First-Half Results, July 24, 2025
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Cash generation reflecting Group’s usual business seasonality (€ millions | % of sales) 2025 First-Half Results, July 24, 2025 (1) Definition: see slide Glossary 2,428 -114-102 -1,254 +118 -165 -221 -1,031 +23 -12 Change in WCR Taxes & interests Restructuring JV & Other financial asset variation Other Segment EBITDA Free Cash Flow before M&A Free Cash Flow (1) 18.6% Capex M&A RESULTS
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(1) unsolicited rating Net debt Agency ratings 2025 First-Half Results, July 24, 2025 Confirming financial strength, with Gearing improving in H1 16.7% 22.2% Gearing Dividends -318 +12+102 -356 +978 +94 3,112 3,942 Dec 24 FCF before M&A M&A Translation adjustments Other Jun 25 23.9% Jun 24 4,260 (€ millions) as of July 24, 2025 RESULTS Short term A-1 F1 S-1 - Long term Outlook A stable A stable A stable (1) A2 stable
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2025 First-Half Results, July 24, 2025 Full-year market outlook: OE expected to remain soft, Replacement reflecting moderate global growth * Sell-in Tire Markets (excluding Polymer Composite Solutions) Caveat : market expectations assuming trade tariffs and regulations as known on date of release Specialties*Truck* excl. China Passenger car & Light truck* -2% / +1% -2% / +1% -1% / +2% Two-wheel tires OE RT OE RT H1 H2 H1 H2 H1 H2 H1 H2 0%0% Polymer Composite Solutions Mining tires Beyond-road tires Aircraft tires RTOE RESULTS
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2025 First-Half Results, July 24, 2025 2025 sales outlook: Supported by differentiating products and positive market dynamics MICHELIN X LINE GRIP D outstanding performance *compared to previous range Mileage* Rolling Resistance* Grip* Mining sales: Back to growth as expected YoY volume evolution trend Q1 Q2 H2 2024 2025 Beyond Road: Towards stable H2 sales YoY volume evolution trend Q1 Q2 H2 MICHELIN CrossClimate 3 initiating a new market segment RESULTS
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2025 First-Half Results, July 24, 2025 Local-to-local illustration: Michelin in China Strong relationship with leading domestic OEMs A longstanding presence and leadership Employees Market share both OE & RT MICHELIN Brand awareness of Group sales service centers Since manufacturing Since commercial Plants & RDI center designed for the and more… RESULTS
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Tires abrasion: A considerable competitive edge for Michelin, with no compromise on total performance Particle emissions: Michelin ahead of all premium tiremakers 2025 First-Half Results, July 24, 2025 Une image contenant texte, capture d’écran, Police, logo Le contenu généré par l’IA peut être incorrect. Energy efficiency Mileage Safety Handling capabilities Noise unit: g /1,000 km / ton of vehicle 52 63 65 76 78 71 Premium competitors Average Source : ADAC « Tyre abrasion in the environment » study – June 2025 Michelin continues to offer by far the lowest abrasion tyres RESULTS
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2025 First-Half Results, July 24, 2025 Polymer Composite Solutions: Accelerating innovation synergies for mission-critical applications how our composites ensure continuity and security of energy supply how our composites enhance travel experience Durability Tear & UV resistance Soundproofing Flexible solutions for every stage of the transformer lifecycle Expansion tanks: oil volume control & contamination protection RESULTS
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2025 First-Half Results, July 24, 2025 2025 full year outlook: Delivering results and return GUIDANCE Launchingtranche 2 of the 2024-26 share buyback program Pursuing an attractive shareholder policy Segment operating income @ iso-FX Free cash flow (before M&A) Outlook unchanged in the absence of any further deterioration in the economic environment in H2 2025
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* After close of trading AGENDA 2025 First-Half Results, July 24, 2025 Financial Agenda February 11, 2026 * October 22, 2025 *
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Global market +3% 0% RT OE North & Central America Europe Asia (excl. China and India) China South America Africa, India, Middle East 0% + 10% +5% -8% +2% -5% +3% +7% +1% -2% +2% +3% Source: Michelin Market data are regularly adjusted and may be updated following initial publication. APPENDIX 2025 First-Half Results, July 24, 2025 PC/LT tire markets: OE still depressed in Europe and North America, RT resilient overall but boosted with imports (YoY change in number of tires) PC/LT tire sell-in market, H1 2025
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APPENDIX 2025 First-Half Results, July 24, 2025 Truck tire markets: OE depressed in North America and Europe gradually stabilizing; RT markets fueled with imports Truck tire sell-in market, H1 2025 (YoY change in number of tires) Source: Michelin Market data are regularly adjusted and may be updated following initial publication. +2% -5% Global market RT OE +2% +1% Excl. China Incl. China North & Central America Europe Asia (excl. China and India) China South America Africa, India, Middle East -1% +7% +4% -19% -1% -5% +4% +5% +4% -4% 0% 0%
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-4.1 -4.7 -7.1 -4.6 -7.3 -4.9 VOLUMES 2024 Q1Q1 Q2 Q3 Q4 2025 Q2 Q3 Q4 PRICE-MIX 0.7 1.5 2.9 2.9 4.8 3.3 2024 Q1Q1 Q2 Q3 Q4 2025 Q2 Q3 Q4 CURRENCY -1.9 -0.4 -1.2 -0.4 0.7 -3.6 2024 Q1Q1 Q2 Q3 Q4 2025 Q2 Q3 Q4 YoY Quarterly change (% of sales) APPENDIX 2025 First-Half Results, July 24, 2025 H1 2025: Strong price-mix, volumes still hampered by OE sales, forex headwind developing
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* subject to regulatory approvals from the relevant authorities 2025 First-Half Results, July 24, 2025 Manufacturing operations: Adjusting and upscaling to support growth on targeted markets Capacity impact standard PC Truck Compact Line Bias Announced capacity adjustments (2023-2025) Olsztyn Midigama* Karlsruhe Homburg Olsztyn Shenyang Trier Shanghai Vannes Ardmore Cholet Querétaro* Guarulhos* APPENDIX
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APPENDIX 2025 First-Half Results, July 24, 2025 Raw materials cost breakdown and evolution 2024 Raw materials cost breakdown NATURAL RUBBER TEXTILES SYNTHETIC RUBBER FILLERS CHEMICALS STEEL CORD 54 45 55 72 64 43 71 99 82 80 75 67 Brent ($/BBL) Q2 1.6 1.6 2.0 1.6 1.6 1.8 2.1 1.8 1.5 2.2 2.4 2.2 1.4 1.4 1.7 1.4 1.4 1.3 1.7 1.8 1.4 1.7 1.9 1.6 Q1 Q2 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Natural Rubber | TSR20 and RSS3 (SICOM, $/kg) RSS3 TSR 20 656 644 1112 1011 824 511 1006 1086 850 958 1021 9 7 3 Q1 Q2 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Butadiene |Europe contract-market (€/t) Q1 2025
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% of sales Q2 2025 12 rolling months 2025 currency change vs. € Dropthrough* Sales ➔ SOI USD 39% -0.9% 10% / 30% EUR 32% - - CNY 6% -1.5% 20% / 30% BRL 4% -12.8% -10% / 10% GBP 3% +1.5% 20% / 30% CAD 3% -4.6% -20% / -40% AUD 3% -4.7% 40% / 50% Illustration with impact of USD change on sales and SOI in €: Sales x 39% x (-0.9%) x ~20% = impact on SOI (-0.07%) impact on sales -0.35% APPENDIX 2025 First-Half Results, July 24, 2025 Sales by currency & impact on Segment operating income * Dropthrough linked to the export/manufacturing/sales base JPY 1% +1.3% 60% / 70% THB 1% +6.8% -140% / -180% MXN 1% -15.2% 70% / 80% CLP 1% -2.6% 70% / 80% TRY 1% -16.3% 70% / 80% SEK 1% +2.7% 10% / 20% Other 4% - - % of sales Q2 2025 12 rolling months 2025 currency change vs. € Dropthrough* Sales ➔ SOI
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0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Treasury & Back-up lines 2025 2026 2027 2028 2029 2030 2031 to 2045 Loans from financial institutions Securitization Bond CP Derivatives and leases Cash and cash equivalents Cash management Financial Assets Confirmed Back-up Facilities 2025 First-Half Results, July 24, 2025 Debt maturities as at June 30, 2025 A sound adequate cash position with maturities well spread over time APPENDIX(carrying amount | € millions)
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(1) Data prior to 2022 restated for the 4-for-1 stock split of June 2022 (2) Dividend / Net income (3) Dividend / Share price; based on Dec 31 closing stock price 2025 First-Half Results, July 24, 2025 Shareholder return sustained at an attractive level DIVIDEND • 2024 dividend of €1.38, +2.2% vs 2023 SHARE BUYBACK • Program over 2024-2026: up to €1bn • 2024: €500m tranche - executed • 2025: ~ €250m tranche - planned DIVIDEND Per share(€) EARNINGS PER SHARE Basic(€) PAY-OUT RATIO DIVIDEND YIELD 2022 2.65 52% 4.3% 2024 1.381.25 2.81 44% 4.8% 1.13 2.58 44% 3.1% 2021(1) 2023 2.77 49% 4.2% 1.35 APPENDIX
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M€ Q1 2024 H1 2024 9M 2024 FY 2024 released restated released restated released restated released (same as restated) Sales 3 376 3 518 6 847 7 151 10 356 10 777 14 667 SOI 914 946 1 917 SOI % 13.4% 13.2% 13.1% Sales 1 595 1 584 3 263 3 232 4 933 4 909 6 599 SOI 300 306 597 SOI % 9.2% 9.5% 9.0% Sales 1 671 1 539 3 371 3 098 4 882 4 485 5 926 SOI 568 530 864 SOI % 16.8% 17.1% 14.6% Sales 6 642 13 481 20 171 27 193 SOI 1 782 3 378 SOI % 13.2% 12.4% 2025 First-Half Results, July 24, 2025 Restatement of reporting segments of interim periods 2024 APPENDIX 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) RS1 RS2 RS3 GROUP
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2025 First-Half Results, July 24, 2025 Strategic Scorecard - 2024 results in line with 2030 ambitions APPENDIX *in 2025, the TCIR is replaced by the Total Recordable Incident Rate which records the number of incident per 1,000,000 hours. TRIR 2024 stood at 5.01. Be world-class in employee engagement Engagement Rate 83.5% 84.7% >85%82.5% Be world-class in employee safety TCIR* 1.03 <0.51.011.07 Be a reference in diversity, equity and inclusion IMDI 73 807270 Be best-in-class in value created for customers NPS 40.2 50 (+10pts vs 2020)42.741.6 Deliver substantial growth Total Sales 27.2 bn€ 5% CAGR 23-3028.3 bn€28.6 bn€ Deliver continuous financial value creation ROCE 10.5% >10.5%11.4%10.8% Maintain MICHELIN brand power Brand Vitality Quotient 72 65 (+5pts vs 2020)7368 >30%Maintain best-in-class innovation pace in products & services Offer Vitality Index 29.4%30.8%31.0% PROFIT Product energy efficiency (scope 3) Improve the energy efficiency of our products to contribute to net zero emissions 104.3 +10% vs 2020102.9101.8 Be best-in-class in environmental footprint of industrial sites i-MEP, vs 2019 -16.1% -17.4% -1/3 -11.2% Increase the proportion of renewable and recycled materials in our tires Renewable and Recycled Materials Rate 31% 40%28%30% Reach net zero emissions by 2050 (scopes 1&2) CO2 emissions (scopes 1&2), vs 2019 -37% -47% -28%-20% PLANET PEOPLE
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2025 First-Half Results, July 24, 2025 Leveraging unique and differentiating assets across enlarged playground A powerful and widely recognized brand Excellent, market defining products and services Innovation leadership and unique R&D & industrial capabilities Highly engaged and talented teams Connected Solutions LifestyleDistribution & Retail E-Retail SERVICES AND EXPERIENCES Sealing technologies Engineered polymers Engineered fabrics & films Conveyors, belting solutions and hoses POLYMER COMPOSITE SOLUTIONS TIRES APPENDIX
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2025 First-Half Results, July 24, 2025 Widening range of destination markets ensuring resilience (1) Original equipment Balanced geographies Replacement auto & 2-wheel Tires Transportation Tires Auto OE Tires Specialties Tires Polymer Composite Solutions Connected Solutions, Retail & Distribution, Lifestyle North America Europe Rest of the world 2024 sales breakdown (% of revenue) 2024 sales breakdown (% of revenue) Destination markets across diverse verticals APPENDIX
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(1) Free cash flow, excluding M&A (2) Segment operating income 2025 First-Half Results, July 24, 2025 Increasing cash and margin generation across business cycles -3% -15% 13% 7% -6% 0% 1% 3% 2% 3% 1% -1% -14% 12% -2% -5% -5% -3.5 -2.5 -1.5 -0.5 0.5 1.5 2.5 3.5 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Free cash flow (€bn) SOI (€bn) Change in volumes (%) FCF(1) and SOI(2) evolution vs. change in volumes 1 2 3 1 2 3 0 0 APPENDIX
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2025 First-Half Results, July 24, 2025 Value-driven strategy: Winning where it matters Reinforcing leadership: Market share in value-accretive segments Enhancing our partners’ performance Valorizing our technology and offers Ensuring value creation Offensive Where-to-Play Maximizing value creation for OEMs & for Michelin Innovation Brand power Strategic partnerships Loyalty Market in Volume Market in Value Original equipment: Being selective to extract the right value Replacement: Accelerating on value-accretive segments APPENDIX
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2025 First-Half Results, July 24, 2025 Value-driven strategy: Winning where it matters - illustrated Market trend in >18’’ tires* CAGR* Long-lasting trend of mix enrichment > 50% of market Value Premium Tech Green Technological leadership & differentiating service Sustainable mix impact on EBIT per year Targeting value-accretive market segments * 2025 - 2028 Share of >18’’ tires in MICHELIN brand sales (%) Targeted approach Key where-to-play Niche strategy per year 40% 50% 65% 2019 2021 2024 APPENDIX
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2025 First-Half Results, July 24, 2025 Driving higher profitability and strong cash generation 2024 CMD (bn €, cumulative over the period) 4.0 4.4 5.5 2017-19 2021-23 2024-26 Cumulative over 2024-26 ✓ Capex level € 2.0-2.4bn/year ✓ Optimized working capital Segment Operating Income (bn €, excl. substantial (1) M&A, @2023 FX) 2.8 3.0 3.3 3.6 4.2 2017-19 2021 2022 2023 2026 (1) Substantial = leading to structuration of a SR4 (2) Average of the period (2) (% of sales) 12.5% 12.3% 14.0% 2017-19 2021-23 2026 (2) Average of the period (2) (2) Segment Operating Margin FCF before M&A
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2025 First-Half Results, July 24, 2025 Confirmed ROCE floor and shareholder return 10.1% 10.3% 11.4% 2019 2021 2023 2026 2030 ✓ Including impact of M&A (goodwill, amortization of intangible assets) Return on Capital Employed >10.5% ✓ Share buyback program up to €1bn over 2024-2026, o/w. €500m in 2024 21% 44% 49% 2019 2021 2023 2026 2030 Payout Ratio (% of net result) c.50% 2024 CMD
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2025 First-Half Results, July 24, 2025 Strong mix effect, improved margin across reporting segments SOI bridge by lever Segment Operating Margin - by SR (% of sales)(€bn and % of sales, excl. substantial M&A, @2023 FX) 12.6% 14.0% SOI 2023 SOI 2026 Volume Mix Operational Performance* Non-Tire €3.6bn €4.2bn * Including economic equation (price effect – inflators) 13.7% 6.5% 16.5% SR1 SR2 SR3 2023 Actual 2026 Ambition >14% >10% >18% SOM ambitions by SR for illustration – commitment applies to Group level only 2024 CMD
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2025 First-Half Results, July 24, 2025 Taking Group competitiveness to the next level: Manufacturing 2024 CMD o Local-to-local o Value-driven production mix o Lower environmental impact o Talent attraction & retention Strategic levers Tech & Care levers o IA & Digital o Industrial process optimization o Reduce water and energy consumption o Safety, ergonomy and people empowerment Industrial capacities breakdown, 2026 vs. 2023 ➔ 32 % ➔ 31 % 38%➔ 36 % 8 % ➔ 10 % 22 % ➔ 23 % 73% > 82% 2023 2026 Industrial loading rate SR1 + SR2 (% of capacity)
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2025 First-Half Results, July 24, 2025 Taking Group competitiveness to the next level: SG&A & Supply Chain Reducing inventory levels whilst improving customer service Improving SG&A performance and fostering innovation 2023 2026 Inventory reduction € -0.5bn 2024 CMD
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2025 First-Half Results, July 24, 2025 M&A: A proven track record of successful integration • 9% CAGR 2018-2023 (excl. Solesis) • 2023 EBIT +4 pts vs 2018 • Solesis capital opened to Altaris based on €450M EV (2021) TBC (JV with Sumitomo) • Cash positive since ’21 • $350m shareholder loans fully paid back • ~160m€ cash proceeds from Retail activities sale (2023) Euromaster Denmark sale (2023) Tyroola acquisition (2023) • Michelin 33% | Faurecia 33% | Stellantis 33% • based on €900m EV (2023) • Michelin Connected Fleet regrouping Sascar & Masternaut & Nextraq offers (2022) • RoadBotics acquisition (2022) • Watèa capital opened to Crédit Agricole (2023) • Multistrada EBIT from negative territory in 2019 to SR1 accretive in 2023 • Camso accelerating in AG Tracks Multistrada & Camso Retail & Distribution Symbio (est. 2019) Fenner FCG Connected Solutions Tires Polymer Composite Solutions Active portfolio management • 9% CAGR 2015-2023 • EBIT accretive (> 20%) • EV/EBITDA 9.0 post-synergies (2028) 2018-2019 : €4.5bn net acquisitions 2021-2024 : €1.0bn acquisitions €0.8bn divestments >60 transactions o/w 13 with cash amount >€50m 2024 CMD
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Clear fundamentals Strict financial criteria Strategic fit Parental advantage brought by Michelin Value-accretive to Group Cultural fit EPS-accretive from year 1 Accelerating growth Higher cash conversion Margin-accretive (SOI%) Group ROCE sustained above 10.5% 2025 First-Half Results, July 24, 2025 M&A as a growth & value accelerator: Accessing new markets and leveraging Group innovation power 2024 CMD
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2025 First-Half Results, July 24, 2025 Michelin exclusive on iconic cars All Bugatti, including Tourbillon Porsche 718 Cayman GT4 RS Mercedes-AMG One Maserati GT2 Stradale Ferrari F80 Aston Martin Valhalla APPENDIX
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2025 First-Half Results, July 24, 2025 Michelin tire market access: Reflecting broad product range in B2C and deep intimacy with service providers in B2B APPENDIX B2C market access End users B2B market access B2B Customers Wholesalers Tire specialists Garages & truck dealers Wholesalers & Platforms Tire specialists Vehicle Dealers Auto centers Garages Clubs & gen merchants E-retail pure players ~50% ~50% ~100% ~10% ~5% ~75% ~95% ~15%
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2025 First-Half Results, July 24, 2025 Leveraging Michelin distribution assets and accelerating franchise Wholesale Retail E-retail JVs & minority stakes 100% owned 2,200 1,700 (~65% of network) (100% of network) 0 Franchise Franchised points of sales evolution Franchised and company-owned Retail networks APPENDIX
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APPENDIX 2025 First-Half Results, July 24, 2025 BEV: Highly demanding vehicles perfectly fit with Michelin’s unique know-how Low rolling resistance Silent architecture Low abrasion rate High rim capacity High load capacity Electric vehicles put the performance of tires to the test Improving capabilities should benefit to all tires Excellence in tires means: Enhancing the balance of performance Through innovative technologies >12 kg/t 5.5 kg/t Rolling Resistance (in kg/t) 1992 2021 Michelin Energy Michelin E. Primacy Michelin Pilot Sport EV& All MICHELIN tires are EV-ready: Positive impact on the environment Purchase-decision based on the usage More efficient inventory management
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2025 First-Half Results, July 24, 2025 APPENDIX Connected Solutions: A suite of innovative solutions to empower mobility players to race towards zero-accident, zero-downtime, zero-emission First and unique European truck driver’s community SAFER ROADS in-depth knowledge of danger zones to contribute saving lives Monetize Michelin’s high value mobility data outside MICHELIN MOBILITY DATA CONNECTED SOLUTIONS Powered by Michelin connected technologies Unique customer intimacy and usage expertise Monitoring tool for Mining tyre and usage conditions TIRE-AS-A-SERVICE High-value tire outsourcing offer 24/7 road emergency service Connected fleet management services LCV fleets decarbonation solution
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2025 First-Half Results, July 24, 2025 Michelin Connected Fleets value proposition: A unique ability to develop insights and turn them into actions A unique tire management solution • Best-in-class expertise on tires usage • Advanced tire functionalities (predictive maintenance, pressure monitoring sensors) • Quickscan technology for automated and digital tire inspection Top-notch data analysis • Data sourcing from OEMs, aggregators and exclusive internal sources • Advanced AI-based algorithms to produce insights out of data • Expertise on vehicle dynamics to offer driving behavior solutions, incl. eco-driving Field capabilities • Strong customer intimacy through distribution network (owned and franchise) • Emergency road service in Europe and North America A consultative approach for customers • Focus on customer relationship to ensure correct usage of the solution • Training on extracting and using data based on fleet's needs and pain points & driver- specific trainings Insights turned into actionUnique insights for customers Tireexpertise Dataanalytics Fieldcapabilities Consultativeapproach APPENDIX
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APPENDIX 2025 First-Half Results, July 24, 2025 Polymer Composite Solutions: Leveraging our expertise and our innovations, for highly demanding applications Manufacturing • Ability to scale up and reproduce the materials-based solutions developed in the laboratory: • Proficiency in industrial processes Growth strategy • M&A-driven growth Features vs. tires: - Higher growth - Higher EBIT margin - Lower capital intensity • Organic growth • Joint ventures Around the world With the same level of quality • Unique expertise acquired in tire design & manufacturing • Proficiency in materials chemistry and processing, from components to composites • Fundamental & applied research capabilities • Wide range of partnerships to accelerate innovation R&D 200 components Polymer Composite Solutions & &
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Polymer Composite Solutions: Accelerating innovation synergies for mission-critical applications Industrial facility pioneering bio-sourced chemistry Addressing fugitive emissions for petrochemical industry Flightdeck panel components Windshield anti-icing valve Hydraulic control and anti-ice valves Cargo compartment smoke detector Cargo door sealing systems Engine gearbox fire detection 2025 First-Half Results, July 24, 2025 APPENDIX
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RESICARE: Industrializing a high-potential molecule for a Green Chemistry Breakthrough A versatile molecule compatible with a wide variety of sectors Investment Expected Launch Market by 2030 COSMETICS INSULATORS FURNITURES FERTILIZERS CLOTHES BOTTLES COMPOSITE MOLDED COMPOUNDS AUTOMOTIVE PARTS BRAKE PADS FUELS Market by 2030 2025 First-Half Results, July 24, 2025 APPENDIX
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APPENDIX 2025 First-Half Results, July 24, 2025 Recognized leadership in non-financial performance Major ratings Michelin Ratings AAA 73 / 100 B- Prime 79 / 100 Gold Low Risk 11.6 A CLIMATE CHANGE A- WATER SECURITY A SUPPLIER ENGAGEMENT Upgraded June 2025 (as of June 30, 2025)
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APPENDIX 2025 First-Half Results, July 24, 2025 On the path to full product circularity with 40% renewable and recycled materials by 2030, up to 100% by 2050 (1) METALS OTHER … SYNTHETIC RUBBER (1) Carried out with the support of ADEME (2) WhiteCycle is a Michelin-led EU project to recycle technical textiles into raw materials. FILLERS NATURAL RUBBER TEXTILES PLASTIFIERS / RESINS (2)
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Natural rubber Carbon black recycled from end-of-life tires Bio-based silica from rice husks Steel incorporating recycled scrap metal Natural rubber Carbon black recycled from end-of-life tires Bio-based silica from rice husks Steel incorporating recycled scrap metal Sustainable textile fibers Bio-based oils and resins (1) Size: 275/70 R22.5 152/149 (2) Size: 235/55R19 105W APPENDIX 2025 First-Half Results, July 24, 2025 Michelin: First manufacturer to design a road-homologated tire with 58% renewable and recycled materials On the way to our “100% Renewable and Recycled materials by 2050” goal: new tires with breakthrough technologies
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(1) TRWP – Tire & road wear particles – are tiny debris generated by abrasion from a tire’s contact with the road surface. This abrasion is caused by the tire’s grip and keeps the tire safely on the road. (2) European Tyre & Rubber Manufacturers Association APPENDIX 2025 First-Half Results, July 24, 2025 TRWP: Michelin driving innovation and advancing knowledge in the tire industry Scientific studies to measure the environmental impact of TRWP(1) ADAC study Une image contenant texte, capture d’écran, Police, logo Le contenu généré par l’IA peut être incorrect. TRWP Very different in density and composition than usual microplastics 5 x 10-2 mm ADAC study Studies confirm that TRWP account for less than 1% of particulate matter pollution (PM10) AIR Studies suggest that most TRWP do not reach estuaries WATER 2025 Methodology to measure particles emitted by tires & road ✓ Developed by Michelin ✓ Validated by scientific reviews ✓ To be used by ETRMA(2) as a reference for its testing ✓ Complementing Michelin’s advocacy of EURO 7 regulation ✓ Recognized by 2 awards in 2024 ✓ EURO VII Market assessment finished ✓ Michelin pushes for ambitious thresholds tbd by Sept. ✓ 2nd ADAC study published that confirms Michelin leadership in abrasion compared to competitors ✓ The average of all competitors tested by ADAC emits 38% more particles than Michelin 2024 Tyre wear particles in the environment (June 2025)
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2025 First-Half Results, July 24, 2025 Strong commitment to reduce impact of operations on biodiversity and ecosystems (1) Criteria in accordance with the EUDR - European Union Deforestation-free Regulation - or other evidence of deforestation absence | (2) Excluding some Polymer Composite Solutions activities | (3) Excluding changes in the Group’s scope | (4) Per hectare ; base year 2019 | (5) Other than natural rubber; impacts identified through Life Cycle Analyses (LCA) MANUFACTURING AND RESEARCH FACILITIES Biodiversity plan adapted to local issues No phytosanitary products to maintain outdoor spaces 2024 sites sites 2025 sites sites 2030 Life Cycle Analysis incl. biodiversitycriteria from best methods of new products services: of new ranges marketed Natural rubber used by the Group assessed "deforestation-free" (1) Direct operations and suppliers (2 ) (3 ) of the volume used Reducing pesticide use in rubber cultivation (4) Direct operations and joint ventures vs. 2019 Evaluation of raw material supplier policies & practices (5) Approach defined of suppliers of sites of sites RESEARCH & DEVELOPMENT RAW MATERIALS APPENDIX
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2025 First-Half Results, July 24, 2025 Sustainable natural rubber by Michelin: Driving progress across a complex and fragmented value chain * With WWF ** As part of the Global Platform for Sustainable Natural Rubber (GPSNR) – in cooperation with Group Renault EXTENDING ASSESSMENTS OF PRACTICES ACROSS THE VALUE CHAIN: 2024 ACHIEVEMENTS • Direct suppliers: 98% of spend assessed via EcoVadis, 92% rated ESG mature. • Indirect suppliers: RubberWay-Risk® covers 93% of Michelin’s supply volume. IMPLEMENTING IMPACTFUL PROJECTS • Brazil increasing harvest while preserving the forest (767,600 hectares)* - 1,000 families in Amazonas • Indonesia improve skills & livelihood of 6,500 smallholders by 2027 – (with Porsche) East Kalimantan : training 2,000 farmers to improve their income by 2025 • Sri Lanka improving skills & sustainability performance of 6,000 smallholders by 2025, impacting ~30,000 people • Thailand helping 1,000 farmers diversify their income with agroforestry by 2025** • West Africa (with joint-venture) ~90,000 farmers trained on good agricultural practices per year ACCELERATING SUSTAINABILITY ACROSS THE INDUSTRY BY 2025 • Dedicated roadmap focused on zero deforestation, human rights, and farmer empowerment • Geolocation of millions of rubber tree plots with suppliers to meet EU deforestation-free rules by Dec. 30, 2025 ~90% of supply from 1.5 M farmers with an average of 2 Ha. farm size Up to 7 intermediaries in Asia ~100 direct suppliers Global footprint: Brazil, Indonesia, Thailand, West Africa 85,000 ha plantations | 15 plants | 500,000 t/year Sustainability: Founding member of GPSNR (Global Platform for Sustainable Natural Rubber) NATURAL RUBBER SNAPSHOT APPENDIX
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(1)Volatil Organic Compounds (2)Inbound and outbound transportation and distribution of natural rubber, semi-finished products and finished product (3)As from 2024, Includes Camso, Fenner (except CO2 scope 3), Euromaster and RLU in accordance with CSRD perimeter APPENDIX 2025 First-Half Results, July 24, 2025 Externalities costs: Close to 30% reduction in 5 years 2019 2019 restated 2024 Externalities costs evolution: CO2 emissions, VOC(1) emissions and water withdrawals Increase in the CO2 cost per ton from €58 to €120 CO2 Scopes 1 & 2 CO2 Scope 3(2) Water Volatile organic compounds (3) +260 428 -6 -130 -16 590 -36 330 +25 Perimeter (€ millions)
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APPENDIX 2025 First-Half Results, July 24, 2025 Climate strategy structured around transition and adaptation plans, towards net-zero emissions by 2050 BASED ON 3 PRINCIPLES: • Achieve net-zero emissions by 2050 by fulfilling our external emission reduction commitments by 2030, • Identify risks and opportunities based on climate change scenarios, • Transparently disclose information to our external stakeholders. 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-carbon economy ● An ADAPTATION plan responding to physical impacts of climate change
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Group’s ability to have an influence APPENDIX 2025 First-Half Results, July 24, 2025 2030 environmental ambition: On track to reach net zero emissions in 2050 -90% CO2 emissions vs. 2019 Results Ambitions Reduce rolling resistance across passenger car and truck & bus product plans -47% -37% CO2 emissions vs. 2019 -28% CO2 emissions vs. 2019 +4.3% in products energy efficiency vs. 2020 +10% Contribute to customers’ net zero emissions Manufac- Turing* Logistics* Upstream energy* Raw material Suppliers* high limited Use of products * Targets validated by SBTi in June 2024 Net Zero
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APPENDIX Sharp reduction in the environmental footprint of our operations, on track to reach 2030 target (1) industrial-Michelin Environmental Performance; see detailed definition p.26 of the 2024 Universal Registration Document Environmental footprint of our sites Water withdrawal x water stress Generated waste Organic solvent use Energy use CO2 emissions (1) Vs 2019 2024 (i-MEP since 2019 - ISO14001- certified) Vs 2019 2030 Ambition 2025 First-Half Results, July 24, 2025
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2025 First-Half Results, July 24, 2025 Fostering social and societal cohesion through ambitious initiatives APPENDIX‘Living wage’ for every Group employee • ‘Global Living Wage Employer’ certified by Fair Wage Network • Enabling each employee to provide for his/her family’s essential needs • For all Group employees since Jan. 2024 Michelin One Care Program, a universal social protection floor • Provide time to welcome a new child • Family protection in case of employee’s death • Ensuring employees and their families can access a health program • For all Group employees since Jan.2025 Lifelong learning approach • Each year, over €240m dedicated to training • Talent Campus launched in 2022, with 1,000 teaching contributors • 55,000 online modules, available 24 hours a day
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Around 5 key areas DISABILITY Michelin promotes access to the workplace for people with disabilities and facilitates their retention within the company. SOCIAL PROMOTION OF OPERATORS Michelin pays particular attention to the internal promotion of manufacturing operators. Allowing everyone to be valued, embraced, and treated fairly, regardless of their differences. INCLUSION AND EQUITY GENDER BALANCE Significantly increasing the proportion of women among Group executives and in management positions. MULTINATIONALITY OF TOP MANAGEMENT Most nationalities of the countries in which the Group operates are represented among the 100 top executives of the company. +1 pt vs. 2023 Diversity, Equity, Inclusion: Further progress in gender balance and acceptance of diversity with a new policy supporting the dynamic 2025 First-Half Results, July 24, 2025 APPENDIX
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; Yves Chapot General Manager Managers administer and manage the Company Initiates the Manager succession and compensation process. Ensures that the Company is led by skilled, efficient Managers who embody Michelin’s values. Cannot take part in the management of the Company*. Exercises permanent oversight of the Company's management, assesses its quality and reports thereon to the shareholders. Also engages in specific corporate governance duties. Florent Menegaux Managing Chairman and General Partner Vincent Montagne Chairman GENERAL PARTNERS With unlimited joint and personal liability for the Company’s debts Barbara Dalibard Chair SUPERVISORY BOARD Statutory Auditors (Finance & Sustainability) Deloitte & PwC Collaborate on Managers' succession planning and compensation SHAREHOLDERS (LIMITED PARTNERS) MANAGERS SAGES Non-Managing General Partner * Unless the position of Manager(s) falls vacant. 2025 First-Half Results, July 24, 2025 Michelin governance pillars: Clear segregation of management and supervisory powers APPENDIX
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2025 First-Half Results, July 24, 2025 ESG awareness and oversight are fully embodied in Michelin’s governance structure ENVIRONMENT HUMAN RIGHTS EMPLOYEE HEALTH AND SAFETY ETHICS COMMITTEE SUSTAINABLE FINANCE with the relevant Corporate and Operational Departments • CLIMATE CHANGE • POLLUTION • WATER • BIODIVERSITY • CIRCULAR ECONOMY HUMAN RIGHTS EMPLOYEE HEALTH AND SAFETY ETHICS COMMITTEE SUSTAINABLE FINANCE Recommendations CORPORATE SUSTAINABLE DEVELOPMENT AND IMPACT DEPARTMENT (Coordinates the Group’s “All Sustainable” approach) * Group Management Committee = Group Executive Committee + the following departments: Legal, Purchasing, Finance, Information Systems, Internal Control – Audit & Quality, Strategy, Supply Chain, Corporate and Business Services, China and North America regions. SUPERVISORY BOARD CORPORATE STAKEHOLDERS COMMITTEEDecisions AUDIT COMMITTEE CSR COMMITTEE APPENDIX
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2025 First-Half Results, July 24, 2025 ESG criteria are included in the Managers’ compensation and shared with all employees via performance share plans APPENDIX Quantifiable qualitative criteria: • Deployment of the Group’s transformations (10%) • Employee safety – TCIR (5%) • Percentage of Women in management positions (5%) • Level of CO2 emissions (10%) Fixed compensation 1. Market performance: Michelin’s share price vs. change in the Stoxx Europe 600 index (annual average) 2. CSR performance - i-MEP, Industrial – Michelin Environmental Performance - Employee engagement 3. Operating performance: Sales growth excluding tires and distribution and ROCE €1,100,000 Deducted in full from the General Partners’ Profit Share* Annual variable compensation Capped at 150% of fixed compensation Performance share grants Subject to performance conditions over 3 years Allocation limited to 0.05% of Company’s share capital Capped at 140% of annual fixed compensation Weight: 30% Weight: 40% Weight: 30% Quantitative criteria: • Growth in SOI (25%) • Growth in structural free cash flow before acquisitions (25%) 4% of Profit Shares Consolidated net income Overall weight up to 80% of fixed compensation *The total Profit Share is capped at 0.6% of consolidated net income for the year. ESG incentives
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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 borrowing collaterals. M&A-related cash- flows and repayment of IFRS 16 debt are not included. Return on capital employed: Net operating profit after tax (NOPAT), calculated at a standard tax rate corresponding to the Group's average effective tax rate; divided by average economic assets employed during the year, i.e., all of the Group’s intangible assets, property, plant and equipment, loans and deposits, investments in equity-accounted companies, and net working capital requirement. Sales from Michelin's core business, including the Tire-as-a-Service (TaaS) business and Tire distribution operations. Sales from the Connected Solutions (excluding TaaS and Distribution), Polymer Composite Solutions businesses, Lifestyle, excluding joint ventures Inclusion and Diversities Management Index, see definition p.25 of the 2024 Universal Registration Document Total Recordable Incident Rate, see definition p.271 of the 2024 Universal Registration Document Industrial - Michelin Environmental Performance, see definition p.26 of the 2024 Universal Registration Document New KPI name for “Sustainable materials”, definition unchanged see p.250 of the 2024 Universal Registration Document Net Promoter Score, see definition p.285 of the 2024 Universal Registration Document GLOSSARY 2025 First-Half Results, July 24, 2025 Glossary
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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 Michelin.com website. This presentation may contain a number of forward-looking statements. Although the Company believes that these statements are based on reasonable assumptions as 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. DISCLAIMER 2025 First-Half Results, July 24, 2025 Disclaimer
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investor-relations@michelin.com Guillaume JULLIENNE Benjamin MARCUS Flavien HUET BUSINESS CENTER PARIS TROCADERO 112 avenue Kléber 75116 Paris – France 23 place des Carmes Dechaux 63040 Clermont-Ferrand – France i n v e s t o r- r e l a t i o n s @ m i c h e l i n . c o m 2025 First-Half Results, July 24, 2025 CONTACTS