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2026 Q3 & 9M SALES October 20, 2026
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2 2026 Q3 & 9M Sales - October 20, 2026 RESULTS Accelerating growth in Q3: Combining organic performance and acquisitions in Polymer Composite Solutions + 0 .8 % Organic growth at iso-FX +2.2% Revenue growth at iso-FX 9M Q3 +1.0% Revenue growth at iso-FX + 0 .1 % Organic growth at iso-FX Year-on-year revenue evolution
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3 2026 Q3 & 9M Sales - October 20, 2026 RESULTS 9M Tire markets: Weak demand in North America despite ongoing recovery of Truck OE Tire sell-in markets variation (YoY) Passenger car & Light truck 0 % - 7% - 1% - 1% +6% - 3 % - 1%OE + 1 %RT Consumer Two-wheel Transportation + 4 % - 3 % +9% - 11 % +1 %OE +1%RT Truck Excl. China Specialties Mining Aircraft Beyond-road OE RT - 6 % + 22 %
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4 9M revenue: Posting growth at iso-FX, driven by mix and targeted acquisitions * Related to Tire business including Distribution and Retail 9M 2026 revenue evolution (€ millions | % of revenue) 179 -159 206 -26 -300Volumes* (-0.8%) Price-mix* (+1.1% of which mix +1.6%) Currency (-1.6%) Scope (+0.9%) Non-tire businesses (-0.1%) +1.0% 19,275 19,475 19,175 2025 9M 2026 9M at constant FX 2026 9M at current FX 2026 Q3 & 9M Sales - October 20, 2026 RESULTS +0.1% organic
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5 Q3 revenue: Growth pattern accelerating, FX turning favorable - 37 91 - 6 105 88 Volumes* (-0.6%) Price-mix* (+1.5% of which mix +1.1%) Currency (+1.7%) Scope (+1.4%) Non-tire businesses (-0.1%) +2.2% 6,247 6,383 6,488 2025 Q3 2026 Q3 at constant FX 2026 Q3 at current FX * Related to Tire business including Distribution and Retail Q3 2026 revenue evolution (€ millions | % of revenue) 2026 Q3 & 9M Sales - October 20, 2026 RESULTS +0.8% organic
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PC TB AG Other 2025 9M OE RT 2026 9M 6 2026 Q3 & 9M Sales - October 20, 2026 Sales volumes: OE still down across businesses, growth in Replacement driven by MICHELIN-brand strength Tier 2 & Tier 3 brands 9M 2026 sales evolution vs previous year (in tonnage, on a 100 basis) -1.4 99.2+0.6 100 -0.7 -0.6 -0.3 +0.2 +4 % RESULTS
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7 Revenue: Growth at iso-FX across segments except Transportation 9M 2026 revenue by reporting segment (€ millions | % of revenue) * applicable to tire-related segments Δ vs 9M 259M 26 Consumer +0.5%o/w volume change Revenue 10,397 -1.0% o/w FX -1.8% Transportation 4,342 -3.7%Revenue o/w volume change -1.5% o/w FX -1.0% Polymer Composite Solutions 1,149 +21.9%Revenue o/w M&A +24.6% o/w FX -0.3% 19,175 -0.5%Revenue o/w volume change* -0.8% o/w FX -1.6% Group Specialties 3,287 -0.9%Revenue o/w volume change +0.2% o/w FX -1.7% 2026 Q3 & 9M Sales - October 20, 2026 +0,4% at iso-scope RESULTS
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8 2026 Q3 & 9M Sales - October 20, 2026 Polymer Composite Solutions: Organic growth in all categories but Conveyors, successfully integrating newly acquired companies 9M 2026 Revenue by Product Category Engineered polymers & Hoses categories not disclosed separately, as they currently account for a limited portion of PCS business RESULTS 9M Revenue breakdown Q3 sequentially better but still declining Challenging economic environment and customer caution (e.g. inventory management) Conveyors Sealing Coated fabrics & films Belting & components Healthy industrial end-markets, notably logistics and energy Soft demand in OE-driven agricultural applications Strong demand for hydraulic cylinders, e.g. in infrastructure & construction Volatile oil & gas markets Growth in diversified end- markets such as supercars and aerospace
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9 2026 Q3 & 9M Sales - October 20, 2026 North America: Resilient performance in a challenging environment RESULTS An overall sluggish economy K Shaped Economy GDP growth largely driven by Tech Q3 Sales growing both Volume & Mix Original Equipment sales ✓ PC: low market and negative mix of brands & models ✓ Truck: depressed H1, Q3 market upswing, stabilized commercial positions ✓ AG market stuck in a downcycle Replacement sales ✓ PC: MICHELIN brand overperforming ✓ Mining gaining share ✓ Truck: Group gaining ground on YTD basis, on a weak market Consumer Sentiment Freight Index 0.8 1.0 1.2 2022 2023 2024 2025 2026 45 55 65 75 2022 2023 2024 2025 2026
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10 2026 Q3 & 9M Sales - October 20, 2026 WW Truck: Michelin capitalizing on OE recovery but penalized by weaker-than-expected American markets RESULTS OE market recovering as expected Market outlook Q4-26 Sales trends reversing in Q3 Truck & Bus tire markets (in units, YoY evolution EUR, NA & AMS) H1-27 OE RT OE Recovery Q3 | Sales up mid-single digit Market recovering (still low in absolute terms), market shares stabilized in North America H1 | Sales down double digit Mostly driven by a depressed demand in the Americas H1 | Sales up low-single digit Stable positions on contrasted sell-in markets: sharply up in Europe and strongly down in North America Q3 | Sales down mid-single digit Slowdown in Europe, continued soft demand in the Americas RT Decline -30% -20% -10% 0% 10% 20% 30% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD OE RT
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11 Electrification: Accelerating in China and Europe, a powerful tailwind for Michelin xEV production: China & Europe leading (BEV+PHEV+MHEV+FHEV, % of vehicle production – 2026 E) (1) Michelin’s differentiated positioning Source: (1) [S&P Global e-propulsion, Sept. 26]; (2) ADAC « Tyre abrasion in the environment » study – June 2025 xEV share Europe 64%16% North America 25%16% 47%ROW 34% % of WW prod.(1) China 65%34% Differentiating on Energy Efficiency x Longevity (2) x 2 Over-exposure to premium EV models, vs OE average 10 0% EV-ready Faster cycles & Customer experience RESULTS 2026 Q3 & 9M Sales - October 20, 2026
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2026 outlook
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13 2026 Q3 & 9M Sales - October 20, 2026 Tire sell-in markets variation Full-year Tire markets outlook: Softer PC/LT OE and dynamic Truck OE expected in Q4 (YoY) OUTLOOK Passenger car & Light truck Consumer 9M Q4 OE Two-wheel RT [0% ; +2%]Specialties Mining Aircraft Beyond-road OE RT Transportation Truck Excl. China [0% ; +2%] OE RT 9M Q4 [ - 1% ; +1%]
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Middle-East conflict: Effectively dealing with prolonged impact 14 OUTLOOK * Impact vs. initial 2026 assumptions as described on Feb. 11, 2026 Group structural levers Vertical integration Proven margin resilience in volatile environments Local-to-local operations Crisis management protocol with daily monitoring Potential impact* of prolonged conflict Demand & supply • Softening GDP & tire demand • Disruption of raw materials supply Financial pressure • Operating Margin • Free cash flow Cost inflation ( ≥ €400m ) • Raw materials • Energy & logistics Vs expectation at Q1 release date Outlook status 2026 Q3 & 9M Sales - October 20, 2026 50 60 70 80 90 100 110 120 Brent price scenario (USD / bbl) 2025 2026 Q1 scenario (incl. historical actuals) Actuals (March 26–Sep 26)
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15 2026 Q3 & 9M Sales - October 20, 2026 >2025 Segment operating income @ iso-FX & scope >€ 1.6 BN Free cash flow before M&A Shareholder return2026 Guidance 4.9% 2025 dividend yield €750m Share Buyback program in 2026 Confirming 2026 Guidance and shareholder return GUIDANCE (of which 80+ % already achieved)
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Financial Agenda 2026 Q3 & 9M Sales - October 20, 2026 16 AGENDA
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APPENDIX
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RESULTS
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2026 Q3 & 9M Sales - October 20, 2026 PC/LT tire markets: OE slightly down, RT sell-in swings reflecting imports fluctuations (YoY change in number of tires) PC/LT tire sell-in market, 9M 2026 Global market +1% -1% North & Central America Europe Asia (excl. China and India) China South America Africa, India, Middle East + 6% - 7%-1% -0% -3% -1% +2% +3% +1% +7% Source: Michelin Market data are regularly adjusted and may be updated following initial publication. RT OE APPENDIX 19 +9% +3%
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2026 Q3 & 9M Sales - October 20, 2026 APPENDIX +9% +4% Truck tire markets: OE trend improving in North America, Replacement reflecting soft OE and import fluctuations Truck tire sell-in market, 9M 2026 (YoY change in number of tires) Source: Michelin Market data are regularly adjusted and may be updated following initial publication. +1% +1% Global market +1% +6% Excl. China Incl. China RT OE North & Central America Europe Asia (excl. China and India) China South America Africa, India, Middle East +1% +11%-11% -3% +22% -6% -1% +3% -0% +2% 20
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21 2026 Q3 & 9M Sales - October 20, 2026 APPENDIX VOLUMES PRICE-MIX CURRENCY -7.3 -4.9 -4.5 -2.4 -1.4 -0.5 -0.6 2025 Q1 Q2 Q3 Q4 2026 Q1 Q2 Q3 Q4 4.8 3.3 1.5 2.6 1.1 0.6 1.6 2025 Q1 Q2 Q3 Q4 2026 Q1 Q2 Q3 Q4 0.7 -3.6 -4.0 -4.9 -5.4 -0.8 1.7 2025 Q1 Q2 Q3 Q4 2026 Q1 Q2 Q3 Q4 YoY Quarterly change (% of revenue) Revenue by quarter: Volume trend stabilizing, FX turning positive in Q3
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Dynamic product renewal demonstrating technological leadership APPENDIX 22 2026 Q3 & 9M Sales - October 20, 2026 MICHELIN Primacy 5 Energy Triple - A Longest life of the segment (1) June 2026 | Range expansion March 2026 | Falcon 10X rolloutMarch 2026 | New range launched MICHELIN X® Line Grip D +20% Mileage(2) Lowest Rolling resistance(1) June 2026 | Product launch MICHELIN XHA3 MICHELIN Air X Sky Light 16% Lower TCO (2) Up to 20 % Additional load capacity (2) 10 to 20% Weight reduction (2) 10 to 20 % Service life increase (2) (1) Vs leading competitors | (2) Vs previous generation
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2026 Q3 & 9M Sales - October 20, 2026 North American markets: Consumer sentiment and freight activity remain low APPENDIX Consumer sentiment 40 50 60 70 80 90 100 110 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Freight Index 0.85 0.90 0.95 1.00 1.05 1.10 1.15 1.20 1.25 1.30 1.35 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 23
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24 2026 Q3 & 9M Sales - October 20, 2026 Truck North America: Strong Class 8 Net Orders in H1 triggering OEM production recovery despite high inventories APPENDIX Source: Michelin Internal research 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 janv-22 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec janv-23 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec janv-24 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec janv-25 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec janv-26 Feb Mar Apr May Jun Jul Aug Net Order class 8 FTR Production Class 8 inventories 2022 2023 2024 2025 2026
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25 2026 Q3 & 9M Sales - October 20, 2026 US Crop prices declined 25-50% vs 2022 APPENDIX Crop prices, US market (Percent change in inflation-adjusted prices relative to 2020 _ PPI, 2020=100)
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656 644 1112 1011 824 511 1006 1086 850 958 901 738 1295 1118 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Butadiene |Europe contract-market (€/t) APPENDIX 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 68 78 97 91Brent ($/BBL) 1.6 1.6 2.0 1.6 1.6 1.8 2.1 1.8 1.5 2.2 2.2 2.3 2.7 2.8 1.4 1.4 1.7 1.4 1.4 1.3 1.7 1.8 1.4 1.7 1.7 1.9 2.2 2.3 Q1 Q2 Q3 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Natural Rubber | TSR20 and RSS3 (SICOM, $/kg) RSS3 TSR 20 2026 Q3 & 9M Sales - October 20, 2026 26
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APPENDIX Recognized leadership in non-financial performance * as of September 30, 2026 2026 Michelin Ratings* AA B Prime 88 / 100 Platinum Low Risk 14.4 A CLIMATE CHANGE A- WATER SECURITY A SUPPLIER ENGAGEMENT 2026 Q3 & 9M Sales - October 20, 2026 27
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% of sales 9M 2026 12 rolling months 2026 currency change vs. € Dropthrough* Sales ➔ SOI USD 37% -3.7% [10% ; 30%] EUR 32% - - CNY 7% +1.9% [20% ; 40%] BRL 4% +5.7% [-10% ; 10%] GBP 3% -1.5% [10% ; 30%] AUD 3% +5.6% [40% ; 50%] CAD 3% -2.8% [-10% ; -40%] Illustration with impact of USD change on sales and SOI in €: Sales x 37% x (-3.7%) x 20% = impact on SOI (-0.27%) impact on sales -1.37% APPENDIX Sales by currency & impact on Segment operating income * Dropthrough linked to the export / manufacturing / sales base JPY 1% -10.1% [60% ; 80%] CLP 1% +1.7% [70% ; 100%] THB 1% -1.8% [-160% ; -240%] MXN 1% +7.9% [70% ; 90%] TRY 1% -18.7% [70% ; 90%] SEK 1% +1.9% [-10% ; 20%] Other 6% - - % of sales 9M 2026 12 rolling months 2026 currency change vs. € Dropthrough* Sales ➔ SOI 2026 Q3 & 9M Sales - October 20, 2026 28
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STRATEGY
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Leveraging unique and differentiating assets across enlarged playground APPENDIX 2026 Q3 & 9M Sales - October 20, 2026 30 Excellent, market defining products and services Connected Solutions LifestyleDistribution & Retail E-Retail SERVICES AND EXPERIENCES TIRES Sealing Engineered polymers Engineered fabrics & films Conveyors POLYMER COMPOSITE SOLUTIONS Belting Hoses A powerful and widely recognized brand Highly engaged and talented teams Innovation leadership and unique R&D & industrial capabilities
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(1) Free cash flow, excluding M&A (2) Segment operating income 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 2026 Q3 & 9M Sales - October 20, 2026 APPENDIX 31
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Strategic Scorecard - 2025 results in line with 2030 ambitions 2023 2024 2030 SUCCESS AMBITIONS METRICS APPENDIX 2026 Q3 & 9M Sales - October 20, 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 or 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 32
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Widening range of destination markets ensuring resilience (1) Original equipment 2025 sales breakdown (% of revenue) 2025 sales breakdown (% of revenue) 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 % Destination markets across diverse verticals APPENDIX 2026 Q3 & 9M Sales - October 20, 2026 33
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34 2026 Q3 & 9M Sales - October 20, 2026 Consumer Transportation Specialties Polymer Composite Solutions APPENDIX A new reporting segment from 2026
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MICHELIN brand: Crossing $10 billion in Value 2026 Q3 & 9M Sales - October 20, 2026 94.9 98.9 98.9 USA China France APPENDIX 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 Brand Strength in key countries 35
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36 AI embedded throughout the value chain to augment performance across People x Profit x Planet dimensions APPENDIX Accelerating innovation Supply chain Agility Improving Customer Satisfaction Experience powered by DATA - DRIVEN FLEET & DRIVER INSIGHTS ? Improving productivity & ergonomics Enhancing technical skills Manufacturing excellence MICHELIN Alpin7 AI-powered optimisationfor SMARTER LOGISTICS & SOURCING Simulation powered by DATA X TECHNICAL EXPERTISE 2026 Q3 & 9M Sales - October 20, 2026
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37 Michelin Tire Digital Twin: Pioneering embedded intelligence APPENDIX Relying on 100% proprietary software and algorithms Brand agnostic solution Enables Predictive Maintenance Optimizes Life Cycle Assessment Enhances Safety & ADAS * performance Key for SDV* development *Software-Defined Vehicle Leveraged by most advanced Partners by * Advanced Driver Assistance Systems 2026 Q3 & 9M Sales - October 20, 2026
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Manufacturing set-up: Footprint adjustments since 2023 2026 Q3 & 9M Sales - October 20, 2026 APPENDIX 38 Breakdown by business segment Trier Shanghai Vannes Ardmore Cholet Querétaro Guarulhos Karlsruhe Homburg Olsztyn Shenyang Cholet Olsztyn Midigama Tuscaloosa Emporia 2026 announcements
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Value-driven strategy in Tire: 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 2026 Q3 & 9M Sales - October 20, 2026 39
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APPENDIX 2026 Q3 & 9M Sales - October 20, 2026 Value-driven strategy in Tire: Winning where it matters - illustrated Technological leadership & differentiating service > 50% of market Value Premium Tech Green Targeting value-accretive market segments Targeted approach Key where-to-play Niche strategy Long-lasting trend of mix enrichment Market trend in >18’’ tires* 8% CAGR* Sustainable mix impact on EBIT > 100 m€ per year * 2026 - 2031 Share of >18’’ tires in MICHELIN brand sales (%) +4 pts per year 2018 2021 20252023 39% 51% 61% 68% 40
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41 2026 Q3 & 9M Sales - October 20, 2026 BEV: EV-readiness by design for all MICHELIN tires, leveraging unique know-how in material science Silent architecture APPENDIX Low rolling resistance Low abrasion rate High rim capacity High load capacity BEV: highly demanding on tires 30+ years of experience in energy efficiency 2026 milestones MICHELIN Pilot Sport 5 energy World Record | CONCEPT AMG GT XX Around the Globe in Under 8 Days at 300 kph MICHELIN Primacy 5 energy • AAA labelling • +70 km of range per recharge Rolling resistance improved by 1-2% per year for the past 30 years 1992: 1st Energy tire launched
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2026 Q3 & 9M Sales - October 20, 2026 Tires abrasion: A considerable competitive edge for Michelin, with no compromise on total performance Particle emissions: Michelin ahead of all premium tiremakers unit: g 1,000 km ton of vehicle MICHELIN Total Performance = No Compromise Energy efficiency Mileage Safety Handling capabilities Noise 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 42
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2026 Q3 & 9M Sales - October 20, 2026 Transportation: Set to improve financial performance over time Favorable mid-term trends Group ready to leverage OE market rebound Connectivity Circularity & Decarbonization Shortage of drivers Redefined where-to-play (OE & RT) Integrated ecosystem (tires, data, services) Rightsized capacity Local-to-local footprint and flexible loading Customer-recognized product differentiation; Accelerated rollout * NA & EUR & SA Margin impacted by OE cyclicality -30% -20% -10% 0% 10% 20% 30% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Year-on-year market* evolution OE RT APPENDIX 43 9.7% 8.1% 9.6% 9.3% 5.6% 9.6% 8.6% 6.8% 9.0% 4.7% 5.9% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1-2026 Segment Operating margin
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2026 Q3 & 9M Sales - October 20, 2026 Local-to-local illustration: Michelin in China and more… 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 in 2025 1700 + service centers Since 1998 manufacturing Since 1989 commercial 5 Plants & 1 RDI center designed for the local market APPENDIX 44
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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% 2026 Q3 & 9M Sales - October 20, 2026 M&A as a growth & value accelerator: Accessing new markets and leveraging Group innovation power APPENDIX 45
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DIVIDEND Per share(€) EARNINGS PER SHARE Basic(€) PAY-OUT RATIO DIVIDEND YIELD (1) 2023 2.36 57% 4.9% 2025 1.381.35 2.77 49% 4.2% 1.25 2.81 44% 4.8% 2022 2024 2.65 52% 4.3% 1.38 (1) Dividend / Share price; based on Dec 31 closing stock price Shareholder return sustained at an attractive level DIVIDEND • 2025 dividend of € 1.38 SHARE BUYBACK • 2024-2025: executed €1.165bn • 2026-2028: announced program up to €2.0bn (o/w €750m in 2026) 2026 Q3 & 9M Sales - October 20, 2026 APPENDIX 46
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2026 Q3 & 9M Sales - October 20, 2026 47 APPENDIX 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 Debt maturities as of December 31, 2025 An adequate cash position with maturities well spread over time (carrying amount | € millions)
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TIRE BUSINESSES
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49 2026 Q3 & 9M Sales - October 20, 2026 APPENDIX Better Performances RECOVERED carbon black natural rubber bio - based oils and resins Recycled steel 5 0 % renewable and recycled materials Innovation Shapes Endurance An environment to innovate and experiment in record time A New Design To make visible the invisible: technological innovation Improved warm-up Greater consistency Increased longevity Exclusive fitment on Hypercars MICHELIN Pilot Sport Endurance 2026: 50% renewable and recycled materials with no compromise on performance
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50 Michelin exclusive on iconic cars All Bugatti, including Tourbillon Porsche 718 Cayman GT4 RS Chevrolet Corvette Maserati GT2 Stradale Ferrari F80 Aston Martin Valhalla APPENDIX 2026 Q3 & 9M Sales - October 20, 2026
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2026 awards: Setting the standard in innovation and customer satisfaction APPENDIX 51 2026 Q3 & 9M Sales - October 20, 2026 * JD Power 2026 U.S. Original Equipment Tire Customer Satisfaction Study Concept of the year MICHELIN Lunar airless wheel designed for Artemis program Tire of the year MICHELIN Primacy 5 Energy Environmental achievement of the year Production of bio-based butadiene and elastomers 3 major awards Performance Sport Tire Passenger Car Tire Luxury Tire 3 additional awards*
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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% APPENDIX 2026 Q3 & 9M Sales - October 20, 2026 52 Michelin tire market access: Reflecting broad product range in B2C and deep intimacy with service providers in B2B
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53 2026 Q3 & 9M Sales - October 20, 2026 Leveraging Michelin distribution assets and accelerating franchise 2,400 1,800 (69% of network) (100% of network) Franchised points of sales evolution Franchised and company-owned Retail networks APPENDIX Wholesale Retail E-retail JVs & minority stakes Majority owned Franchise * NEX : owned at 75% . * 2008 2010 2012 2014 2016 2018 2020 2022 2026
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54 2026 Q3 & 9M Sales - October 20, 2026 MICHELIN LIFE PROTECTING: Incorporating innovative solutions designed to save lives during critical operations – illustrated APPENDIX • Milaw: Michelin Lunar Airless Wheel • Ablative materials and prepregs for heat shields or braking systems • Fabrics for hovercraft • Chemical protection • Firehose • Tweel tires • Carbon reinforced prepregs for panels • Gangway fabrics • Evacuation slides • X Force Winter tires • Fabrics for protective gear • Faraday cage • Fabrics for inflatable boats • Tracks for articulated vehicles
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CONNECTED SOLUTIONS 2026 Q3 & 9M Sales - October 20, 2026
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SAFER ROADS in-depth knowledge of danger zones to contribute saving lives APPENDIX Connected Solutions: Empowering mobility players towards zero- accident, zero-downtime, zero-emission First and unique European truck driver’s community 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 powered by AI 2026 Q3 & 9M Sales - October 20, 2026 56
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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 2026 Q3 & 9M Sales - October 20, 2026 57
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Polymer Composite Solutions 2026 Q3 & 9M Sales - October 20, 2026
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59 59 2026 Q3 & 9M Sales - October 20, 2026 Polymer Composite Solutions: Deploying Group innovation power for mission-critical applications APPENDIX Coated Fabrics In marine equipment How our unique expertise enables us to combine different components to create ultra-resistant coated fabrics Conveyors in Mining How the very low rolling resistance of our compound brings significant savings in energy consumption precision belting In Warehousing How our precision belts contribute to safety and performance across demanding industrial applications sealing Applications in Infrastructure How our innovative materials for hydraulic sealing solutions enable intensive mechanical activity SEALING APPLICATIONS In Aerospace How our solutions ensure safety and performance across critical aircraft systems Inflatable structure in Electricity SUPPLY How our composites ensure continuity and security of energy supply
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60 2026 Q3 & 9M Sales - October 20, 2026 (1) Excluding Solesis medical business which became a 49/51 JV with Altaris in 2021 (~70m€ sales in 2018) (2) Including 2025 FY sales of the 2026 acquisitions (Cooley Group, Flexitallic and Tex Tech Industries) Polymer Composite Solutions: Growing size & profitability, while balancing categories portfolio 820m € (1) Conveyors Sealing Belting 2018 2025 pro-forma (2)Acquisitions Organic Growth CAGR 3% Operating margin 11.5 % Operating margin 15% 07/22 01/26 04/26 09/23 07/26 1 700m € Conveyors Sealing Belting Coated fabrics & films APPENDIX
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2026 Q3 & 9M Sales - October 20, 2026 Growing Polymer Composite Solutions: Leveraging Group’s innovation power on adjacent product categories Targeted Product Categories Conveyors Sealing Belting Coated fabrics & films Hoses Engineered polymers € 70 BN global markets 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 (Sales in € millions | SOI and CAGR in % of sales) 7% CAGR (Organic & M&A) 450 (1) Excluding Solesis medical business which became a 49/51 JV with Altaris in 2021 (~70m€ sales in 2019) (1) APPENDIX 61
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Diversified Industry Mining Construction, Infra & Agro Maritime & Train Automotive O&G Upstream Diversified high Growth Aero, Space & Defense Medical Polymer Composite Solutions: Diversified verticals and balanced geographies * 2025 proforma revenue including Cooley, Tex Tech & Flexitallic, rounded figures 71 Industrial sites 6,800 Employees 20% Europe North America Rest of the world 45% 35 % 2026 Q3 & 9M Sales - October 20, 2026 €1.7 b N R EVENUE * APPENDIX 62
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Boosting Polymer Composite Solutions revenue by 35% with the acquisition of 3 leading companies 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. Synergies as expected in Year 4, added to 2025 actual EBITDA €1 bn EV 2026 Q3 & 9M Sales - October 20, 2026 APPENDIX 63
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Non financial performance 2026 Q3 & 9M Sales - October 20, 2026
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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 : 235/55 R19 105W CAR TIRE* 7 5 % renewable and recycled materials Audited by a reputable external third party 2026 Q3 & 9M Sales - October 20, 2026 APPENDIX The new demonstration car tire approved for road use, made from 75% renewable and recycled materials 65
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Deforestation free natural rubber Recovered carbon black from end-of-life tires Synthetic rubber with bio-butadiene Bio sourced silica from rice husks Steel incorporating recycled scrap metal * Size : 275 / 70 R 22,5 Demonstrator BUS TIRE* 7 0 % renewable and recycled materials Rate audited by a reputable external third party 2026 Q3 & 9M Sales - October 20, 2026 APPENDIX The new demonstration bus tire approved for road use, made from 70% renewable and recycled materials 66
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APPENDIX Moving toward fully circular products, 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 (2) (1) 2026 Q3 & 9M Sales - October 20, 2026 Life cycle assessments AVOID REDUCE REUSE RECYCLE RENEW PLASTIFIERS RESINS 67
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APPENDIX Water resources: Working toward fair and sustainable water use 2026 Q3 & 9M Sales - October 20, 2026 - 15 % - 33% - 22% 2024 2030 Ambition 2025 Water withdrawals * 2019 Reference Year • Confident in Group’s ability to reach 2030 ambition • Robust, financially supported program: ✓ Encouraging water-saving projects, particularly in the most at-risk regions ( “internal water price”) ✓ Deploying concrete roadmap on each site ✓ Deploying good practices on main topics: water leaks, steam consumption and evaporation, water-efficient systems, monitoring of water usage ✓ Raising awareness across the organization * Water withdrawals weighted for each site's water stress coefficient, more details in p.231 of the 2025 Universal Registration Document 68
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APPENDIX 2030 environmental ambition: On track to reach net-zero emissions in 2050 Results Ambitions * Targets validated by SBTi in June 2024 Group’s ability to have an influence - 90% CO2 emissions vs. 2019 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 Net Zero 2026 Q3 & 9M Sales - October 20, 2026 69
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APPENDIX 2026 Q3 & 9M Sales - October 20, 2026 TRWP: Michelin driving innovation and advancing knowledge in the tire industry Scientific studies to measure the environmental impact of TRWP(1) Studies confirm that TRWP account for less than 1% of particulate matter pollution (PM10) 70 (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) USTMA = US Tire Manufacturing Association ; DTSC = California Department of Toxic Substances Control TRWP Very different in density and composition than usual microplastics 5 x 10-2 mm Studies suggest that most TRWP do not reach estuaries ✓ Euro 7 regulation introduced the first need for tire wear abrasion limits ✓ Tire manufacturers through USTMA, including Michelin, submitted Preliminary Alternatives Analysis to the DTSC (2) ✓ Michelin continued developing methodologies and tools to better understand TRWP . SAMPLE, a research tool to measure emitted particles was recognized with 2 awards AIR WATER 2026 ✓ Euro 7 regulation adopted by the European Commission in June 2026, for passenger car tires ✓ Michelin is satisfied with the test method and ambitious threshold ✓ 2nd stage of Alternative analysis of 6PPD postponed by DTSC to 2029. Michelin continues to participate ✓ Michelin also continues other research initiatives (e.g. BioDLab) 2025 ✓ 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 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. ADAC study 2024
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APPENDIX 2026 Q3 & 9M Sales - October 20, 2026 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 44 sites 45 sites 2025 57 sites 61 sites 2030 Life Cycle Analysis incl. biodiversity criteria 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 ) 71
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APPENDIX 2026 Q3 & 9M Sales - October 20, 2026 Sustainable natural rubber by Michelin: Driving progress across a complex and fragmented value chain ~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 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 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. 2022 2024 2025 2030 Number of smallholder farmers whose working conditions and/or livelihoods have improved 467 6,783 10,456 30,000 72
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APPENDIX 2026 Q3 & 9M Sales - October 20, 2026 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 Externalities: Almost 60m€ reduction in 2025, over 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) 73
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APPENDIX Climate strategy structured around transition and adaptation plans, towards net-zero emissions by 2050 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 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 2026 Q3 & 9M Sales - October 20, 2026 74
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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 2026 Q3 & 9M Sales - October 20, 2026 75
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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 APPENDIX 2026 Q3 & 9M Sales - October 20, 2026* IMDI : index evolution to better reflect on-the-ground actions 76
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Michelin governance pillars: Clear segregation of management and supervisory powers APPENDIX 2026 Q3 & 9M Sales - October 20, 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) 77
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* Group Management Committee = Group Executive Committee + The Following Departments: Legal, Purchasing, Finance, Information Systems, Internal Control, Audit & Quality, Strategy, Supply Chain, Corporate Business Services, China And The North America Regions. SUSTAINABLE DEVELOPMENT GOVERNANCE GROUP EXECUTIVE COMMITTEE Group Management Committee* SUPERVISORY BOARD (Audit and CSR) CORPORATE STAKEHOLDERS COMMITTEE Decisions Recommendations GOUVERNANCE BODIES ENVIRONMENT HUMAN RIGHTS EMPLOYEE HEALTH AND SAFETY SOCIAL COHESION AND EMPLOYEE COMMITMENT ETHICS COMMITTEE SUSTAINABLE FINANCE ESG awareness and oversight are fully embodied in Michelin’s governance structure 78 APPENDIX 2026 Q3 & 9M Sales - October 20, 2026 78
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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 ofcollaborators. 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. Renewable or recycled materials See definition on p.254 of the 2025 Universal Registration Document NPS Net Promoter Score, see definition p.282 of the 2025 Universal Registration Document GLOSSARY Glossary 2026 Q3 & 9M Sales - October 20, 2026 79
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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 2026 Q3 & 9M Sales - October 20, 2026 80
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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 2026 Q3 & 9M Sales - October 20, 2026 81