Slides
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October 22, 2025
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September YTD sell-in markets: OE down in Europe and North America, Replacement lifted with imports of budget tires * Sell-in Tire Markets (does not apply to Polymer Composite Solutions) 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* 2025 Q3 Sales - October 22, 2025 RESULTS
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9M sales: Volumes partially offset by price and mix * “Tire” includes Distribution and Retail 9 months 2025 sales evolution (€ millions and as a %) 6 643 45 -471 Volumes (-5.5%) Price-mix (+3.2% of which mix +1.6%) Currency (-2.3%) Scope (+0.0%) Non-tire businesses (+0.2%) -2.1% 20,171 19,746 19,275 2024 9M 2025 9M at constant FX 2025 9M at current FX Tire business* -1,119 2025 Q3 Sales - October 22, 2025 RESULTS
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Q3 sales hit by volumes and highly competitive markets 1 -299 102 23 -270 Volumes (-4.5%) Price-mix (+1.5% of which mix +1% price +0.5%) Currency (-4.0%) Scope (+0.0%) Non-tire businesses (+0.3%) -2.6% 6,690 6,517 6,247 2024 Q3 2025 Q3 at constant FX 2025 Q3 at current FX * “Tire” includes Distribution and Retail Tire business* Q3 2025 sales evolution (€ millions and as a %) 2025 Q3 Sales - October 22, 2025 RESULTS
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Volume development: Q3 dragged down by North America, other markets developing as expected - 1 1 100 - 5 96 100 - 3 - 2 - 1 94 2025 Q3 Sales - October 22, 2025 Sales YoY volume evolution | H1 & Q3 (base 100 in 2024) RESULTS
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2025 Q3 Sales - October 22, 2025 2025 SOI change since July: Updated guidance reflecting weaker North American business and lower OE Truck demand Others Price-mix Operational performance Volumes FY 25 (at 24 FX) as seen in October 2.6 - 3.0 -0.3 to -0.1 -0.2 to -0.1 0 to +0.1 -0.4 to -0.2 3.4 FY 25 (at 24-FX) as seen in July Geo-mix, pricing, tariffs Tariffs in COGS, Op. efficiency North America, OE Truck incl. SG&A (€ billions) Raw mat - SOI Guidance evolution from July to October RESULTS
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2025 adjusted SOI: Volume drop impacting FCA, savings from restructuring offset by impact of tariffs 2025 Q3 Sales - October 22, 2025 3.4 Volumes Price-mix Currency 2024 2025 at constant FX 2025 at current FX Raw mat Operational performance Others 2.6 - 3.0 (€ billions) €0.1BN EUDR €0.3BN Tariffs in COGS €/$ at 1,13 FY SOI evolution from 2024 to 2025 (full year) 2/3 Volumes 1/3 FCA RESULTS
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Volumes & FCA Price & Mix Operational Performance Others High end -1% 2% 0% 1% Low end -5% 0% -2% 0% Uncertain business environment leading to wide range for SOI landing 2025 Q3 Sales - October 22, 2025 Q4 uncertainty ~ 400m€ Q4 outlook YoY evolution RESULTS • North America: GDP & consumer behavior • OE truck market in Europe • Product plan impact • Chinese market dynamics • SG&A Risks Opportunities • Tariffs • Competitive game • PC/LT OE markets Uncertainties
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Full-year market outlook reflecting softer demand in Q4 * Sell-in Tire Markets (excluding Polymer Composite Solutions) Specialties*Truck* excl. China Passenger car & Light truck* 0% / +2% 0% / +2% -1% / +1% Two-wheel tires OE RT OE RT 9M Q4 9M Q4 9M Q4 9M Q4 0%0% Polymer Composite Solutions Mining tires Beyond-road tires Aircraft tires RTOE OUTLOOK 2025 Q3 Sales - October 22, 2025
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2025 Guidance | updated on October 13 OUTLOOK 2025 Q3 Sales - October 22, 2025 GUIDANCE PREVIOUS Segment operating income at constant FX vs 2024 Free cash flow before Acquisitions
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2026 outlook | to be reassessed in February 2026 OUTLOOK 2025 Q3 Sales - October 22, 2025 PREVIOUS (from 2024 CMD) Segment operating income at constant FX vs 2025 (to be decided in Feb. 2026) at constant FX vs 2023 14% of sales Free cash flow before Acquisitions cumulative over 2024-2026 (unchanged) cumulative over 2024-2026 OUTLOOK
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AGENDA Financial Agenda 2025 Q3 Sales - October 22, 2025
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PC/LT tire markets: OE lifted by China but negative in Europe and North America, RT resilient overall with sell-in boosted by imports (YoY change in number of tires) PC/LT tire sell-in market, 9M 2025 2025 Q3 Sales - October 22, 2025 APPENDIX Global market +1% +2% North & Central America Europe Asia (excl. China and India) China South America Africa, India, Middle East + 1% + 9% +4% -6% -1% -3% -4% +5% +2% -2% +2% +10% Source: Michelin Market data are regularly adjusted and may be updated following initial publication. RT OE
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Truck tire markets: OE depressed in Americas but stabilizing in Europe; RT fueled with imports but not reflecting sell-out demand Truck tire sell-in market, 9M 2025 (YoY change in number of tires) 2025 Q3 Sales - October 22, 2025 APPENDIX Source: Michelin Market data are regularly adjusted and may be updated following initial publication. +4% -4% Global market +3% +3% Excl. China Incl. China RT OE North & Central America Europe Asia (excl. China and India) China South America Africa, India, Middle East -1% +11% +6% -20% +3% -8% +2% +7% +2% -0% +4% -0%
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-4.1 -4.7 -7.1 -4.6 -7.3 -4.9 -4.5 VOLUMES 2024 Q1Q1 Q2 Q3 Q4 2025 Q2 Q3 Q4 PRICE-MIX 0.7 1.5 2.9 2.9 4.8 3.3 1.5 2024 Q1Q1 Q2 Q3 Q4 2025 Q2 Q3 Q4 CURRENCY -1.9 -0.4 -1.2 -0.4 0.7 -3.6 -4.0 2024 Q1Q1 Q2 Q3 Q4 2025 Q2 Q3 Q4 YoY Quarterly change (% of sales) Decreasing volumes, Price-Mix softening in Q3 and strong currency headwind 2025 Q3 Sales - October 22, 2025 APPENDIX
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9M sales: Penalized by volumes and forex across all segments Sales by reporting segment (€ millions) Δ 4,510 4,909 -8.1%Sales - -o/w volume change -9.0% o/w FX -2.3%- - RS2 9M 25 9M 24 10,777 -2.5%Sales 10,504 RS1 - -o/w volume change -2.9% - -o/w FX -2,1% GROUP 19,275 20,171 -4.4%Sales -o/w FX - -2.3% o/w volume change -- -5.5% RS3 4,261 4,485 -5.0%Sales - -o/w volume change -4.5% o/w FX -2.9%- - 2025 Q3 Sales - October 22, 2025 APPENDIX
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* subject to regulatory approvals from the relevant authorities Manufacturing operations: Adjusting and upscaling to support growth on targeted markets Announced capacity adjustments (2023-2025) Capacity impact standard PC Truck Compact Line Bias Olsztyn Midigama Karlsruhe Homburg Olsztyn Shenyang Trier Shanghai Vannes Ardmore Cholet Querétaro* Guarulhos* 2025 Q3 Sales - October 22, 2025 APPENDIX
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North American markets: Consumer sentiment and freight activity down to lowest level in years 2025 Q3 Sales - October 22, 2025 APPENDIX 45 55 65 75 85 95 105 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Consumer sentiment 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 Freight Index
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APPENDIX 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 68 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 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 Q1 Q2 Q3 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 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Butadiene |Europe contract-market (€/t) 2025 Q3 Sales - October 22, 2025
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% of sales Q3 2025 12 rolling months 2025 currency change vs. € Dropthrough* Sales ➔ SOI USD 38% -2.7% 10% / 30% EUR 32% - - CNY 6% -3.1% 20% / 30% BRL 4% -10.2% -10% / 10% CAD 3% -5.4% -20% / -40% GBP 3% +0.1% 10% / 20% AUD 3% -5.9% 40% / 50% Illustration with impact of USD change on sales and SOI in €: Sales x 38% x (-2.7%) x ~20% = impact on SOI (-0.21%) impact on sales -1.03% APPENDIX Sales by currency & impact on Segment operating income * Dropthrough linked to the export/manufacturing/sales base JPY 1% -0.8% 60% / 70% CLP 1% -4.7% 70% / 80% THB 1% +4.9% -140% / -180% MXN 1% -11.9% 70% / 90% SEK 1% +2.8% 0% / 20% TRY 1% -18.6% 70% / 80% Other 5% - - % of sales Q3 2025 12 rolling months 2025 currency change vs. € Dropthrough* Sales ➔ SOI 2025 Q3 Sales - October 22, 2025
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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 Debt maturities as at June 30, 2025 A sound adequate cash position with maturities well spread over time APPENDIX(carrying amount | € millions) 2025 Q3 Sales - October 22, 2025
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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 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: €265m tranche - executed 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 2025 Q3 Sales - October 22, 2025
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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% 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 2025 Q3 Sales - October 22, 2025
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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 Glossary 2025 Q3 Sales - October 22, 2025
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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 Disclaimer 2025 Q3 Sales - October 22, 2025
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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 CONTACTS Guillaume JULLIENNE Benjamin MARCUS Nadia AIT MOKHTAR 2025 Q3 Sales - October 22, 2025