Michelin (ML) Investor presentation summary

Financial performance and revenue trends

• Q1 2026 revenue stable at constant FX, with a stronger price-mix offsetting lower volumes and negative currency impact.

• Group revenue grew at constant FX in all segments except Transportation, which saw an 11.3% decline.

• Segment operating margin for 2025 was 10.5%, with free cash flow before M&A at €2.1bn.

• Dividend yield reached 4.9% in 2025, with a €1.38 per share dividend proposed for 2025.

• Share buyback program of €750m launched for 2026, with up to €2.0bn planned for 2026-2028.

Market dynamics and segment performance

• Tire markets in Q1 2026 showed negative OE trends, while replacement markets remained resilient, especially for the main brand.

• Consumer and Specialties segments saw modest volume growth, while Transportation volumes declined.

• Polymer Composite Solutions delivered solid growth, especially in Sealing and Coated fabrics, despite a setback in Conveyors.

• North America and Europe experienced negative OE trends in passenger and truck tires, while South America and Africa/India/Middle East saw growth.

Strategic initiatives and acquisitions

• Two acquisitions closed in Q1 2026: Cooley and Flexitallic, with TexTech expected mid-year.

• M&A strategy focuses on strategic fit, value accretion, and cultural alignment, aiming for EPS and margin accretion from year one.

• Polymer Composite Solutions segment has doubled in size since 2018, with operating margin rising from 11.5% to 15%.