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2025 Annual results February 11, 2026
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2 2025 Annual Results _ February 11, 2026 Implementing our Michelin in Motion 2030 strategy Differentiating on mission-critical applications for growing and diversified B2B market verticals Polymer Composite Solutions Tires and Mobility Addressing all mobility usages through better products Turning data into unique insights for fleets Enhancing consumer experience Brand Best-in-class products and services Innovation R&D Engineering Teams Unique and differentiating assets 84.4 % Engagement Rate €2.9 b n Segment operating income at iso-FX € 2.1b n Free Cash Flow before M&A 32% Renewable and Recycled Material Rate Planet Complementary markets 2025 performance People Profit STRATEGY
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3 2025 Annual Results _ February 11, 2026 Shareholder return and financial outlook >2025 Segment operating income @ iso-scope and iso-FX Dividend improving over time > €1.6 BN Free Cash Flow before M&A € 1.38 57% RESULTS (1) Dividend per share; 2025 DPS subject to approval by the AGM on May 22, 2026 (2) Dividend / Share price; based on Dec 31 closing stock price 2025 €1.33 48% 2022-2024 € 0.79 43% 2018-2021 2026 Guidance DPS (1) Payout(2) 2.9 % 4 .4 % 4.9 %Yield
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4 2025 Annual Results _ February 11, 2026 Growing Polymer Composite Solutions: Leveraging Group’s innovation power on adjacent product categories STRATEGY Targeted Product Categories Conveyors Sealing Belting Coated fabrics & films Hoses Engineered polymers €7 0 BN Accelerating growth in 2026 Michelin approach Niche strategy Mission-critical applications Specific operating model 2019 2025 2026 M&A 2025 pro forma Leveraging Group R&D 13% SOI 15% SOI 15+% SOI850 1,250 1,700 * Closing of Tex Tech and Flexitallic expected in H1 2026 * (Sales in € millions | SOI and CAGR in % of sales) 7% CAGR (Organic & M&A) 450
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Diversified Industry Mining Construction, Infra & Agro Maritime & Train Automotive O&G Upstream Diversified high Growth Aero, Space & Defense Medical 5 Polymer Composite Solutions: Diversified verticals and balanced geographies * 2025 sales, including Cooley, Tex Tech & Flexitallic, rounded figures 71 Industrial sites 6,800 Employees 20% Europe North America Rest of the world 45% 35% 2025 Annual Results _ February 11, 2026 STRATEGY €1.7 b N S ALES *
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6 Solid overall Group performance on People, Profit and Planet (1) Definition: see Glossary PROFIT PEOPLE PLANET 0.53 pt improvement vs 2024 4.48 Safety - TRIR (1) Industry leader in safety 45.5 Partner NPS +5.3 pts vs 2024 On track with 2030 ambition € 2,921 M SOI (at iso-FX) 10.9% operating margin at iso-FX In line with updated guidance - 48 % CO2 emissions scopes 1&2 vs 2019 On par with 2030 ambition €2,126M Free Cash Flow before M&A €4.4BN cumulated 2024-2025 Strong cash generator +8.4% Abrasion performance vs 2020 Undisputed leader 2025 Annual Results _ February 11, 2026 RESULTS
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Polymer Composite Solutions Mining tires Beyond-road tires Aircraft tires RTOE Specialties - 4% OE + 4 % RT +2% +2% Truck excl. China +2% OE +1% RT Two-wheel - 5% + 9 % +1% +2% Passenger car & Light truck - 2% - 0% - 20% +5% 7 2025 markets: Soft overall growth, tough OE markets in B2B 2025 Annual Results _ February 11, 2026 Sell-in Tire Markets* * not applicable to Polymer Composite Solutions RESULTS
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Analysis of FY sales (€ millions | % of 2024 sales) 2025 sales facing strong FX headwind and soft volumes counterbalanced by supportive price-mix 8 2025 Annual Results _ February 11, 2026 Volumes (-4.7%) Price-mix (+3.0% ow mix +1.7%) Currency (-3.0%) Non-tire (+0.3%) Tire businesses Scope (+0.0%) -4.4% 2024 2025 at constant FX 2025 at current FX 27,193 +6 -1,289 +827 +72 26,809 -817 25,992 RESULTS
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9 2025 Annual Results _ February 11, 2026 2025 FY Sales evolution vs previous year (in tonnage, on a 100 basis) RESULTS Sales volumes declining primarily from OE business (>80%), MICHELIN brand posting growth in Replacement 100 - 4 - 1 95 2024 OE RT 2025 - 2 - 1 - 1 0 TB PC AG Other Truck & Bus ~60% of OE drop Tier 2 & Tier 3 brands
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Currency SG&A Price-mix Raw materials Scope Manufacturing and logistics Volumes Other Non-tire Tire businesses 2024 2025 at constant FX 2025 at current FX 2,921 -14 +745 -228 -219 +5 +22 -49 -719 3,378 -202 2,719 12.4% 10.5%10.9% Analysis of Segment operating income (in € millions | % of sales) 10 Operating margin supported by price-mix, low volumes hiding improved manufacturing performance RESULTS 2025 Annual Results _ February 11, 2026
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11 2025 Sales: Penalized by volumes and forex across all segments RESULTS Sales and Operating income by reporting segment (€ millions | % of sales) o/w volume Δ2025 2024 Δ -2.5 % -12.5 % 14,667 1,917 13.1 % 14,306 1,677 11.7 % -1.9 %Sales Operating income Operating margin RS1 6,599 597 9.0 % -8.7 % -53.1 % 6,023 280 4.7 % -8.8 % RS2 Sales Operating income Operating margin 5,927 864 14.6 % -4.4 % -11.8 % 5,663 762 13.5 % -3.1 % RS3 Sales Operating income Operating margin 2025 Annual Results _ February 11, 2026
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Redefined where-to-play (OE & RT) 12 2025 Annual Results _ February 11, 2026 RS2: Set to improve financial performance over time STRATEGYFavorable mid-term trends Group ready to leverage OE market rebound Connectivity Circularity & Decarbonization Shortage of drivers Integrated ecosystem (tires, data, services) Rightsized capacity Local-to-local footprint and flexible loading Customer-recognized product differentiation; Accelerated rollout Margin impacted by OE cyclicality * NA & EUR & SA -30% -20% -10% 0% 10% 20% 30% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Year on year markets* evolution OE RT 9.7% 8.1% 9.6% 9.3% 5.6% 9.6% 8.6% 6.8% 9.0% 4.7% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 RS2 Op. Margin
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Group improving cash generation and conversion, ROCE temporarily impacted by NOPAT 13 2025 Annual Results _ February 11, 2026 RESULTS (1) Definition: see Glossary Segment EBITDA Free Cash Flow before M&A(1) Free Cash Flow 4,663 2,1812,126 +273 +59 -430 -2,017 -644 +222 Change in WCR ow Inventories +253 Taxes & interests Capex Restructuring JV & associates Other M&A +56 10.3% 10.8% 11.4% 10.5% 9.2% 2021 2022 2023 2024 2025 10.5% ROCE (1) Return on capital employed Free Cash Flow (€ millions | % of sales) 17.9%
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(1) including new leases (2) unsolicited rating Net debt (€ millions) Agency ratings Compagnie Générale des Établissements Michelin, as of February 11, 2026 14 2025 Annual Results _ February 11, 2026 RESULTS Improved gearing providing headroom to deploy Group strategy, financial strength reinforced Long term Short term Outlook S&P A A-1 = Fitch A F1 = Scope A S-1 = Moody’s(2) A2 = 16.7% 13.0%Gearing Dividend -767 -56-2,126 -378+980 +144 3,112 2,345 Dec 24 FCF before M&A M&A Translation adjustments Other(1) Dec 25 +668 Share buy- back program
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DIVIDEND Per share(€) EARNINGS PER SHARE Basic(€) PAY-OUT RATIO) DIVIDEND YIELD (2) 2023 2.36 57% 4.9% 2025 1.38(1)1.35 2.77 49% 4.2% 1.25 2.81 44% 4.8% 2022 2024 2.65 52% 4.3% 1.38 (1) Subject to approval by the AGM on May 22, 2026 (2) Dividend / Share price; based on Dec 31 closing stock price 15 Shareholder return sustained at an attractive level DIVIDEND • 2025 dividend of € 1.38(1) SHARE BUYBACK • 2024-2025: executed €1.165bn • 2026-2028: announced program up to €2.0bn 2025 Annual Results _ February 11, 2026 RESULTS
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2026 outlook & guidance
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17 Reporting Segments: Upcoming adjustments as of Q1 2026 RESULTS 14,306 1,677 11.7% 6,023 280 4.7% Consumer Transportation Sales Operating Income Operating Margin Specialties 4,418 577 13.1% Polymer Composite Solutions 1,245 186 14.9% Group 25,992 2,719 10.5% Former RS3 Former RS1 Former RS2 2025 reference base - restated (in € millions | % of sales) 2025 Annual Results _ February 11, 2026
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18 2025 Annual Results _ February 11, 2026 Boosting Polymer Composite Solutions revenues by 35% with the acquisition of 3 leading companies STRATEGY Waterproofing 40 % Healthcare 20% Containment 15% 25% Coated fabrics HQ in Rhode Island 300 employees Insulation, Medical, Industrial AutomotiveAero, Space, Defense 40% 45% 15% Specialty textiles, fabrics and coatings HQ in North Carolina 300 employees Others € 450m Net Sales in 2025 17% SOI margin in 2025 Sealing technology Chemical 50% Energy Industrial 25% 25% HQ in Texas 1,200 employees 11.5 x EV / EBITDA 9.7 x EV / EBITDA post synergies NB: All figures rounded ; Closing of Tex Tech and Flexitallic deals expected in H1 2026 ; Synergies as expected in Year 4, added to 2025 actual EBITDA €1 bn EV
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19 2026 tire market outlook: Stable overall, soft demand in H1 2025 Annual Results _ February 11, 2026 OUTLOOK Sell-in Tire Markets* * not applicable to Polymer Composite Solutions -2% +2% -2% +2% -1% +3% Two-wheel tires Polymer Composite Solutions Mining tires Beyond-road tires Aircraft tires RTOE OE H1 H2 RT H1 H2 OE H1 H2 RT H1 H2 0%0% SpecialtiesTruck excl. China Passenger car & Light truck
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20 2026 Guidance: Growing in Tires and in PCS GUIDANCE >2025 Segment operatingincome @ iso-scope and iso-FX > €1.6 BN Free Cash Flow before M&A 2025 Annual Results _ February 11, 2026 o Increasing differentiation from innovation: products & data o Tire volumes growth: flat in H1, up in H2 with gradual recovery of OE markets in B2B o Favorable Raw Mat costs o T ariffs & Forex: assumed stable vs end 2025 Main levers & assumptions
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APPENDIX
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AGENDA 22 Financial Agenda 2025 Annual Results _ February 11, 2026
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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 assets and borrowing collaterals. M&A-related cash-flows and repayment of IFRS 16 debt are not included. ROCE 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. Non - tire sales Sales from the Connected Solutions (excluding TaaS and Distribution), Polymer Composite Solutions businesses, Lifestyle, excluding joint ventures IMDI Composite indicator, covering mixity (gender), disability, perception of equity and inclusion and social promotion of collaborators. TRIR Number of work-related injuries per 500 full-time workers during a one-year period TRWP Tire and Road Wear Particles are generated by the friction between the tire and the road surface and are influenced by a variety of factors. These particles are composed of around 50% elastomer fragments from the tire and 50% minerals and road dust and their size ranges from 80 and 100 microns. i - MEP Industrial - Michelin Environmental Performance, see definition p.26 of the 2024 Universal Registration Document Renewable or recycled materials New KPI name for “Sustainable materials”, definition unchanged see p.250 of the 2024 Universal Registration Document NPS Net Promoter Score, see definition p.285 of the 2024 Universal Registration Document GLOSSARY 23 Glossary 2025 Annual Results _ February 11, 2026
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2025 RESULTS
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Sales 25,992 27,193 28,343 Segment EBITDA 4,663 5,361 5,489 Segment EBITDA margin 17.9% 19.7% 19.4% Segment operating income 2,719 3,378 3,572 Segment operating margin 10.5% 12.4% 12.6% Other operating income and expenses (353) (747) (920) Net income 1,664 1,890 1,983 Earnings per share (basic - in €) 2.36 2.65 2.77 Capital expenditure outlays 1,880 2,215 2,221 Free cash flow before M&A* 2,126 2,225 3,009 Free cash flow 2,181 2,225 2,343 ROCE* 9.2% 10.5% 11.4% Gearing 13.0% 16.7% 18.3% * Definition: see Glossary . (€ millions) Key financial figures – last 3 years 2025 2024 2023 25 APPENDIX 2025 Annual Results _ February 11, 2026
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26 PCLT tire markets: OE lifted by China but negative in Europe, RT resilient overall with sell-in boosted by imports (YoY change in number of tires) PCLT tire sell-in market, FY 2025 2025 Annual Results _ February 11, 2026 APPENDIX Global market +1% +2% North & Central America Europe Asia (excl. China and India) China South America Africa, India, Middle East + 2% + 9% +1% -5% 0% -2% -2% +2% +1% -4% +2% +14% Source: Michelin Market data are regularly adjusted and may be updated following initial publication. RT OE
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+2% +2% 27 Truck tire markets: OE depressed in Americas but stabilizing in Europe; RT backed by low OE and by imports boosting sell-in Truck tire sell-in market, FY 2025 (YoY change in number of tires) 2025 Annual Results _ February 11, 2026 APPENDIX Source: Michelin Market data are regularly adjusted and may be updated following initial publication. +4% -4% Global market +3% +6% Excl. China Incl. China RT OE North & Central America Europe Asia (excl. China and India) China South America Africa, India, Middle East -1% +17%+5% -20% +8% -13% +3% +6% 0% +2%
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28 2025 Annual Results _ February 11, 2026 North American markets: Consumer sentiment and freight activity down to lowest level in years Consumer sentiment Freight Index APPENDIX 45 55 65 75 85 95 105 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.900 0.950 1.000 1.050 1.100 1.150 1.200 1.250 1.300 1.350 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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2025 Sales: Softer sales decline in H2 but strong FX headwind Analysis of sales by six-month period (€ millions | % of 2024) Volumes (-3.4%) Price-mix (+2.1% ow mix +1.5%) Currency (-4.5%) Non-tire businesses (-0.2%) Scope* (+0.0%) Volumes (-6.1%) Price-mix (+4.0% ow mix +1.9%) Currency (-1.5%) Non-tire businesses (+0.2%) Scope (+0.0%) H1 2024 H1 2025 13,028 +4 -820 +542 +22 -201 13,481 H2 2024 H2 2025 13,712 +50+2 +285 -469 -615 12,964 H1 H2 APPENDIX 29 2025 Annual Results _ February 11, 2026
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VOLUMES PRICE-MIX CURRENCY -4.1 -4.7 -7.1 -4.6 -7.3 -4.9 -4.5 -2.4 2024 Q1 Q2 Q3 Q4 2025 Q1 Q2 Q3 Q4 0.7 1.5 2.9 2.9 4.8 3.3 1.5 2.6 2024 Q1 Q2 Q3 Q4 2025 Q1 Q2 Q3 Q4 -1.9 -0.4 -1.2 -0.4 0.7 -3.6 -4.0 -4.9 2024 Q1 Q2 Q3 Q4 2025 Q1 Q2 Q3 Q4 YoY Quarterly change (% of sales) 30 Sales: Q4 2025 with improving profile but facing major FX headwind 2025 Annual Results _ February 11, 2026 APPENDIX
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2025 SOI: Softer volume impact in H2 but stronger FX headwind 31 APPENDIX Analysis of Segment operating income (SOI) (€ millions) Currency SG&APrice- mix Raw materials Scope Manuf. & logisticsVolumes OtherNon- tire Currency SG&ARaw materialsScope Manuf. & logistics Volumes Other Non-tire H2 2024 H2 2025 H1 2024 H1 2025 1,782 -9 -451 +499 +12 -175 -23 -240 +105 -48 1,452 -5 -268 +246 +12 -44 +28 +10 -154 1,596 13.2% 11.1% 12.3% 9.8% 1,267 H1 H2 Price- mix -154 2025 Annual Results _ February 11, 2026
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32 Manufacturing capacity adjustments delivered as planned Capacity adjustments achieved over 2023-2025 Capacity impact - 10% standard PC - 15% Truck - 100% Compact Line Bias Olsztyn Midigama Karlsruhe Homburg Olsztyn Shenyang Trier Shanghai Vannes Ardmore Cholet Querétaro Guarulhos 2025 Annual Results _ February 11, 2026 APPENDIX
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APPENDIX 33 Raw materials cost breakdown and evolution 2025 Raw materials cost breakdown 7 % 26% NATURAL RUBBER TEXTILES 22% SYNTHETIC RUBBER 21 %FILLERS 15% CHEMICALS 9% € 5.1 BN STEEL CORD 54 45 55 72 64 43 71 99 82 80 75 67 68 63 Brent ($/BBL) 1.6 1.6 2.0 1.6 1.6 1.8 2.1 1.8 1.5 2.2 2.4 2.2 2.2 2.0 1.4 1.4 1.7 1.4 1.4 1.3 1.7 1.8 1.4 1.7 1.9 1.6 1.7 1.7 Q1 Q2 Q3 Q4 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 973 852 760 Q1 Q2 Q3 Q4 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Butadiene |Europe contract-market (€/t) 2025 Annual Results _ February 11, 2026
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% of sales FY 2025 2025 currency change vs. € Dropthrough* Sales ➔ SOI USD 38% -4.2% [10% ; 30%] EUR 32% - - CNY 6% -4.1% [20% ; 30%] BRL 4% -8.0% [-10% ; 10%] CAD 3% -6.1% [-20% ; -40%] GBP 3% -1.2% [10% ; 30%] AUD 3% -6.4% [40% ; 50%] Illustration with impact of USD change on sales and SOI in €: Sales x 38% x (-4.2%) x 20% = impact on SOI (-0.32%) impact on sales -1.60% APPENDIX 34 Sales by currency & impact on Segment operating income * Dropthrough linked to the export / manufacturing / sales base JPY 1% -3.1% [60% ; 70%] CLP 1% -5.1% [70% ; 80%] THB 1% +2.8% [-140% ; -180%] MXN 1% -9.1% [70% ; 90%] SEK 1% +3.3% [10% ; 30%] TRY 1% -20.2% [70% ; 80%] Other 5% - - % of sales FY 2025 2025 currency change vs. € Dropthrough* Sales ➔ SOI 2025 Annual Results _ February 11, 2026
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0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Treasury and Back-up lines2026 2027 2028 2029 2030 2031 2032 and beyond Loans from financial institutions Securitization Bond CP Derivatives and leases Cash and cash equivalents Cash management Financial Assets Confirmed Back-up Facilities 35 Debt maturities as of December 31, 2025 An adequate cash position with maturities well spread over time APPENDIX(carrying amount | € millions) 2025 Annual Results _ February 11, 2026
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APPENDIX 36 Recognized leadership in non-financial performance Major ratings 2025 Michelin Ratings AAA B- Prime 84 / 100 Gold Low Risk 14.3 A CLIMATE CHANGE A- WATER SECURITY A SUPPLIER ENGAGEMENT (as of December 31, 2025) 2025 Annual Results _ February 11, 2026
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STRATEGY
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38 Strategic Scorecard - 2025 results in line with 2030 ambitions 2023 2024 2030 SUCCESS AMBITIONS METRICS APPENDIX 2025 Annual Results _ February 11, 2026 2025 (*) TRIR replaces TCIR : Align Michelin’s reporting with international standards, see Glossary (**) IMDI : index evolution to better reflect on-the-ground actions, see Glossary (***) “IMEP” phased out “Abrasion Efficiency” phased in PROFIT PLANET PEOPLE Be world-class in employee engagement Engagement Rate 84.7% 84.4% >85%83.5% Be world-class in employee safety TRIR* 4.48 <2.505.014.91 Be a reference in diversity, equity and inclusion IMDI** 86 95 pts over 1008380 Be best-in-class in value created for customers NPS 45.5 50 (+10pts vs 2020)40.242.7 Deliver substantial growth Total Sales 26.0 bn€ 5% CAGR 23-3027.2 bn€28.3 bn€ Deliver continuous financial value creation ROCE 9.2% >10.5%10.5%11.4% Maintain MICHELIN brand power Brand Vitality Quotient 74 65 (+5pts vs 2020)7273 >30%Maintain best-in-class innovation pace in products & services Offer Vitality Index 27.7%29.4%30.8% Product energy efficiency (scope 3) Improve the energy efficiency of our products to contribute to net zero emissions 105.8 +10% vs 2020104.3102.9 Improve the abrasion performance of our products to contribute to particles emission reduction Abrasion Efficiency Index *** 107.0 108.4 110 (+10 vs. 2020) Increase the proportion of renewable and recycled materials in our tires Renewable and Recycled Materials Rate 32% 40%31%28% Reach net zero emissions by 2050 (scopes 1&2) CO2 emissions (scopes 1&2), vs 2019 - 48% (1687 kT) -47% -37%-28% 103.4
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(1) Free cash flow, excluding M&A (2) Segment operating income 39 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% -5% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Free cash flow (€bn) SOI (€bn) Change in volumes (%) FCF(1) and SOI(2) (€ millions), sales variations (YoY change in tons) 1 2 3 1 2 3 0 0 2025 Annual Results _ February 11, 2026 APPENDIX
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40 Michelin brand surpasses $10 billion in value 2025 Annual Results _ February 11, 2026 94.9 98.9 98.9 USA China France 93.2 Group average $10.3 bn Brand value +17% YoY #1 Tyrebrand worldwide #9 strongest brand - all categories 93.2 / 100 AAA+ Brand Strength Source: Brand Finance – January 2026 APPENDIX Brand Strength in key countries
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and more… 41 2025 Annual Results _ February 11, 2026 Local-to-local illustration: Michelin in China Strong relationship with leading domestic OEMs A longstanding presence and leadership 6,000+ Employees #1 Premium tire Market share both OE & RT 89% MICHELIN Brand awareness 6% of Group sales 1700+ service centers Since 1998 manufacturing Since 1989 commercial 5 Plants & 1 RDI center designed for the local market APPENDIX
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42 2025 Annual Results _ February 11, 2026 Tires abrasion: A considerable competitive edge for Michelin, with no compromise on total performance Particle emissions: Michelin ahead of all premium tiremakers MICHELIN Total Performance = No Compromise 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 - 27% emissions - 18% Une image contenant texte, capture d’écran, Police, logo Le contenu généré par l’IA peut être incorrect. Michelin continues to offer by far the lowest abrasion tyres APPENDIX
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43 Widening range of destination markets ensuring resilience (1) Original equipment Balanced geographies 9 % 1 7 % 5 % Replacement auto & 2-wheel Tires Transportation Tires Auto OE (1) Tires Specialties Tires Polymer Composite Solutions 38 % 13 % Connected Solutions, Retail & Distribution, Lifestyle 18 % North America Europe Rest of the world 26 % 37 % 37 % 2025 sales breakdown (% of revenue) 2025 sales breakdown (% of revenue) Destination markets across diverse verticals APPENDIX 2025 Annual Results _ February 11, 2026
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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 44 Leveraging unique and differentiating assets across enlarged playground APPENDIX 2025 Annual Results _ February 11, 2026 Connected Solutions LifestyleDistribution & Retail E-Retail SERVICES AND EXPERIENCES TIRES Sealing Engineered polymers Engineered fabrics & films Conveyors POLYMER COMPOSITE SOLUTIONS Belting Hoses
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45 Value-driven strategy: Winning where it matters Innovation Brand power Strategic partnerships Loyalty Reinforcing leadership: Market share in value-accretive segments Enhancing our partners’ performance Valorizing our technology and offers Maximizing value creation for OEMs & for Michelin Original equipment: Being selective to extract the right value Replacement: Accelerating on value-accretive segments Ensuring value creation Offensive Where-to-Play Market in Volume Market in Value APPENDIX 2025 Annual Results _ February 11, 2026
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46 Value-driven strategy: Winning where it matters - illustrated Long-lasting trend of mix enrichment Technological leadership & differentiating service Market trend in >18’’ tires* 8% CAGR* > 50% of market Value Premium Tech Green Sustainable mix impact on EBIT >100m € per year Targeting value-accretive market segments * 2026 - 2031 Share of >18’’ tires in MICHELIN brand sales (%) Targeted approach Key where-to-play Niche strategy +4 pts per year 2018 2021 2025 APPENDIX 2025 Annual Results _ February 11, 2026 2023 39% 51% 61% 68%
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47 Polymer Composite Solutions: Deploying Group innovation power for mission-critical applications 47 2025 Annual Results _ February 11, 2026 APPENDIX Michelin technology in ENERGY SUPPLY how our composites ensure continuity and security of energy supply Michelin technology in gangway bellows how our composites enhance travel experience MICHELIN TECHNOLOGY IN precision belting Michelin technology In green chemistry How a versatile molecule opens doors across countless applications ahead Michelin technology In PFAS - free sealing Solutions How our materials help eliminate fugitive emissions in petrochemical environments Michelin technology in SEALING APPLICATIONS FOR AERO How our solutions ensure safety and performance across critical aircraft systems How our precision belts contribute to safety and performance across demanding industrial applications
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TIRE BUSINESSES
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49 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 2025 Annual Results _ February 11, 2026
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50 Michelin tire market access: Reflecting broad product range in B2C and deep intimacy with service providers in B2B 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% 60% 10% 5% 75% 95% 15% 2025 Annual Results _ February 11, 2026 APPENDIX
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51 2025 Annual Results _ February 11, 2026 Leveraging Michelin distribution assets and accelerating franchise Wholesale Retail E-retail JVs & minority stakes 100% owned 2,400 1,800 (65% of network) (100% of network) Franchise Franchised points of sales evolution Franchised and company-owned Retail networks APPENDIX
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52 2025 Annual Results _ February 11, 2026 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 1992 2021 >12 kgt 5.5 kgt Rolling Resistance (in kgt) 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 APPENDIX
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CONNECTED SOLUTIONS
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APPENDIX 54 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 247 road emergency service Connected fleet management services 2025 Annual Results _ February 11, 2026
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55 Michelin Connected Fleet 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 2025 Annual Results _ February 11, 2026
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NON - FINANCIAL PERFORMANCE
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natural rubber bio - based oils and resins recovered carbon black from end - of - life tires Synthetic rubber with bio - butadiene Bio sourced silica from rice husks Steel incorporating recycled scrap metal Renewable or recycled textile fibers * Size : 23555R19 105W CAR TIRE* 7 5 % renewable and recycled materials Audited by a reputable external third party 57 2025 Annual Results _ February 11, 2026 APPENDIX The new demonstrator tire approved for road use, containing 75% of renewable and recycled materials
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APPENDIX 58 On the path to full product circularity with 40% renewable and recycled materials by 2030, up to 100% by 2050 (1) Carried out with the support of ADEME (2) WhiteCycle is a Michelin-led EU project to recycle technical textiles into raw materials. (1) METALS OTHER … SYNTHETIC RUBBER FILLERS NATURAL RUBBER TEXTILES PLASTIFIERS RESINS (2) (1) 2025 Annual Results _ February 11, 2026
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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 59 TRWP: Michelin driving innovation and advancing knowledge in the tire industry Scientific studies to measure the environmental impact of TRWP(1) 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 and usage based test method by February 2026 (tbc). ✓ 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) Une image contenant texte, capture d’écran, Police, logo Le contenu généré par l’IA peut être incorrect. 2025 Annual Results _ February 11, 2026
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60 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) APPENDIX MANUFACTURING AND RESEARCH FACILITIES Biodiversity plan adapted to local issues No phytosanitary products to maintain outdoor spaces 2024 44 sites 45 sites 2025 57 sites 61 sites 2030 Life Cycle Analysis incl. biodiversitycriteria from best methods 100% of new products services: Pilot 100% of new ranges marketed Natural rubber used by the Group assessed "deforestation-free" (1) Direct operations and suppliers 98% (2 ) 100% (3 ) of the volume used Reducing pesticide use in rubber cultivation (4) Direct operations and joint ventures - 52% - 69% - 70% vs. 2019 Evaluation of raw material supplier policies & practices (5) Approach defined Pilot 80% of suppliers 100% of sites 100% of sites RESEARCH & DEVELOPMENT RAW MATERIALS 98% (2 ) 2025 Annual Results _ February 11, 2026
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61 Sustainable natural rubber by Michelin: Driving progress across a complex and fragmented value chain 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 EXTENDING ASSESSMENTS OF PRACTICES ACROSS THE VALUE CHAIN: 2025 ACHIEVEMENTS • Direct suppliers: 98% of spend assessed via EcoVadis, 94% rated ESG mature. • Indirect suppliers: RubberWay-Risk® covers 93% of Michelin’s supply volume. IMPACTFUL PROJECTS TO IMPROVE SKILLS, LIVELIHOOD AND SUSTAINABILITY PERFORMANCE • Various projects support farmers and their families in Brazil, Indonesia, Sri Lanka, Thailand and West Africa, giving impactful results. APPENDIX 2022 2024 2025 2030 Number of smallholder farmers whose working conditions and/or livelihoods have improved 467 6,783 10,456 30,000 2025 Annual Results _ February 11, 2026
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2019 2024 2025 (1) Volatile Organic Compounds (2) Calculated with a CO2 cost per ton of €120 (3) Inbound and outbound transportation and distribution of natural rubber, semi-finished products and finished product APPENDIX 62 Externalities: Almost 60m€ reduction in 2025, more than 220m€ since 2019 Externalities costs evolution: CO2 emissions, VOC(1) emissions and water withdrawals CO2 Scopes 1 & 2 CO2 Scope 3(3) Water Volatile organic compounds 369 -1 -40 -7 590 -11 (€ millions) 428 -38% (2) 2025 Annual Results _ February 11, 2026
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A TRANSITION plan to decarbonize all value-chain activities (Scopes 1, 2 & 3) and to accelerate the shift toward a low-carbon economy. An ADAPTATION plan responding to physical impacts of climate change APPENDIX 63 Climate strategy structured around transition and adaptation plans, towards net-zero emissions by 2050 STRUCTURED AROUND 2 AXES Achieve net-zero emissions (scopes 1, 2 and 3 essential) by 2050 by meeting our 2030 reduction commitments Identify risks and opportunities based on climate change scenarios Transparently disclose information to our external stakeholders BASED ON 3 PRINCIPLES 2025 Annual Results _ February 11, 2026
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APPENDIX 64 2030 environmental ambition: On track to reach net zero emissions in 2050 Group’s ability to have an influence - 90% CO2 emissions vs. 2019 Results Ambitions Reduce rolling resistance across passenger car and truck & bus product plans 2050 2030 - 47% - 48% CO2 emissions vs. 2019 2025 - 28% CO2 emissions vs. 2019 2025 +5.8% 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 Scope 3 Scope 1 & 2 * Targets validated by SBTi in June 2024 Net Zero 2025 Annual Results _ February 11, 2026
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65 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 • Providing 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 • An average of 44 hours of training per employee completed in 2025 • In average,6 training offers used by each employee per year • Online training modules use increased by 82% in 2025 vs 2024 2025 Annual Results _ February 11, 2026
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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. IMDI * 2025 86/100 +3 pts vs. 2024 Diversity, Equity, Inclusion: Further progress in gender balance and acceptance of diversity with a new policy supporting the dynamic 66 APPENDIX 2025 Annual Results _ February 11, 2026* IMDI : index evolution to better reflect on-the-ground actions
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67 Michelin governance pillars: Clear segregation of management and supervisory powers APPENDIX 2025 Annual Results _ February 11, 2026 SUPERVISORY BOARD Non - Managing General Partner (SAGES) Statutory Auditors Managing Chairman and General Partner General Manager GENERAL PARTNERS With unlimited joint and personal liability for the Company’s debts SHAREHOLDERS (LIMITED PARTNERS)
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68 ESG awareness and oversight are fully embodied in Michelin’s governance structure internal Governance ENVIRONMENT HUMAN RIGHTS EMPLOYEE HEALTH AND SAFETY ETHICS COMMITTEE SUSTAINABLE FINANCE Operational Committees 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, InformationSystems, 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 SUPERVISION: GROUP EXECUTIVE COMMITTEE* APPENDIX 2025 Annual Results _ February 11, 2026
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2025 Compensation policy for the CEO: Balanced and complimentary criteria for both annual and differed compensation Fixed compensation 1. Market performance: Michelin’s share price vs. change in the Stoxx Europe 600 index (annual average) 2. CSR performance - Tire Rolling Resistance (RR) Improvement Target - The Renewable and Recycled Materials Rate (RRMR) - Employee engagement 3. Annual growth in revenue non tire and distribution 4. Total consolidated ROCE Benefit in kind (car) €10,000 €1,100,000 The following are applied to each criterion: • a trigger point, below which no compensation would be due • a target, if the target is met, 100% of the compensation for the criterion would be payable • an outperformance tranche, between 100% and 150% of the objective • an intermediate tranche between the different points (compensation prorated to the achievement rate for the objective) Deducted in full from the General Partners’ Profit Share Annual variable compensation Capped at 150% of fixed compensation • Allocation limited to 0.05% of Company’s share capital • Requirement to hold 40% of the vested shares for as long as the Managers remain in office • Shares may only be delivered if the Profit Share has been distributed in respect of the year preceding the one in which the shares are issued Performance share grants Subject to performance conditions over 3 years Capped at 140% of annual fixed compensation Weighting: 20% Weighting: 40% Weighting: 40% Quantitative criteria: • Growth in SOI (25%) • Growth in structural free cash flow before acquisitions (25%) Quantifiable qualitative criteria: • Deployment of the Group’s transformations (10%) • Total Recordable Injury Rate– TRIR (5%) • Percentage of Women in management positions (5%) • Level of CO2 emissions (10%) 4% of Profit Shares Consolidated net income Overall weighting up to 80% of fixed compensation FLORENT MENEGAUX APPENDIX ESG incentives *The total Profit Share is capped at 0.6% of consolidated net income for the year. 2025 Annual Results _ February 11, 2026 69
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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 70 Disclaimer 2025 Annual Results _ February 11, 2026
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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 71 CONTACTS Guillaume JULLIENNE Benjamin MARCUS Nadia AIT MOKHTAR 2025 Annual Results _ February 11, 2026