Michelin (ML) investor relations material

Opening remarks and agenda

• The meeting welcomed shareholders in-person and remotely, highlighting expertise and innovation across sectors, including composites and tires.

• Covered 2025 activity, 2026 outlook, and key resolutions including financial statements, dividends, and board nominations.

• The agenda included a review of 2025 results, outlook for 2026, board and committee reports, auditor presentations, Q&A, and voting on 30 resolutions.

Financial performance review

• 2025 revenue was €26 billion, down 4.4% due to a 4.7% decline in volumes, mainly from weak original equipment business in North America.

• Sales reached €25.99 billion in 2025, with an operating margin of 10.5%.

• Segment operating income was €2.7 billion; free cash flow before acquisitions reached €2.1 billion.

• Return on capital employed improved to 11.4% in 2025.

• Economic value added was €12 billion, with 65% paid to employees, 14% reinvested, 8% as dividends, 6% for buybacks, and 5% in taxes.

Board and executive committee updates

• The Supervisory Board met 11 times in 2025, focusing on strategy, major investments, and succession planning.

• Board is 89% independent, 45% women, 33% non-French, with 100% meeting attendance.

• Philippe Jacquin was appointed as General Manager, succeeding Yves Chapot, after a rigorous selection process.

• Renewal of mandates for Jean-Michel Severino, Thierry Le Hénaff, and Monique Leroux; nomination of Anne-Sophie Lotgering.

• Nomination of Philippe Jacquin as non-managing General Partner proposed.