Michelin (ML) AGM 2026 summary

Opening remarks and agenda

• The meeting opened with a welcome to shareholders, both in-person and remote, and highlighted the group's expertise and innovation across various sectors, including composites and tires for multiple applications.

• Presiding officers and scrutineers were appointed, and quorum requirements were confirmed as met, allowing valid deliberation on all agenda items.

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

Financial performance review

• 2025 revenue reached EUR 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: Consumer €1.68bn, Transport €280m, Specialties €577m, Polymer Composite Solutions €186m.

• Free cash flow before acquisitions was EUR 2.1 billion, and return on capital employed improved to 11.4%.

• Net debt ratio improved to 13% from 16.7% the previous year, reflecting strong cash generation.

• Economic value added was EUR 12 billion, down EUR 900 million from 2024, mainly due to lower earnings and higher customs duties.

Board and executive committee updates

• The Supervisory Board met 11 times in 2025, with 100% attendance, and focused on strategy, major investments, and succession planning.

• Board is 89% independent, 45% women, 33% non-French, with ongoing training and annual evaluations.

• Philippe Jacquin was proposed and elected as General Manager, succeeding Yves Chapot, following a rigorous selection process.

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