Financial information at March 31, 2025

Group sales were down 1.9% due to lower Original Equipment volumes,
partly offset by a significantly improved mix.

In a highly volatile environment shaped by geopolitical and macro-economic uncertainties, the Group tightens up its steering and keeps its 2025 guidance unchanged.

Consolidated sales for the quarter down 1.9% at €6.5 billion

Volumes were down 7.3% due to lower OE sales in all segments, prolonging the trend observed in secondhalf 2024.
The 2.5% positive mix effect reflected the favorable OE/Replacement mix, offer enrichment and the Group's performance in targeted markets.
The price effect was also positive, demonstrating the Group's ability to enhance the value of its offerings and the strength of the MICHELIN brand, as well as reflecting the deferred impact of the indexation clauses included in the main OE contracts.
The currency effect was favorable, including for the US dollar.

Automobile and Two-wheel tires (RS1): sales up 1.2%, lifted by a positive mix effect

Revenue growth pulled by Replacement, with MICHELIN-brand tires up 4% and a strong performance in high value-added tire sizes.
Segment volumes (down 3%) were eroded by the continuing downtrend in the OE markets in Europe (down 13%) and North America (down 8%), and by the unfavorable mix of vehicle brands and models.
The structural enrichment of the mix continued, with sales of 18-inch and larger tires growing in line with market and accounting for 67% of MICHELIN-brand sales (up 4 points). The pace of innovation increased, with the successful launch of the Primacy 5 range, which widens the Group’s technological lead.
The Two-wheel tire business continued to grow, led by the Leisure motorcycle and premium scooter segments in Europe and Asia.

Road transportation (RS2): volumes adversely affected by lower OE, partly offset by Replacement and fleet services sales

OE volumes were hit by sharply declining markets in Europe (down 12%) and North America (down 14%), and by the consequences of the price increases negotiated with OEMs.
In the Replacement market, new tire volumes increased and the Group recorded market share gains in targeted segments, supported by a very dynamic product plan.
Revenue of Tire-as-a-Service and Connected Solutions fleet service offering continued to grow, strengthening their competitive position in Europe and South America.

Specialty Tires and Polymer Composite Solutions (RS3): Beyond Road lower, Mining and Aircraft supportive

With OE markets still at the bottom of the cycle as expected (-25%), Beyond Road volumes were heavily penalized, mainly in Agriculture and Construction.
Mining tire sales recovered to the high levels of the first quarter of 2024, as the Group strengthened its position in a supportive market.
Aircraft tire sales also grew over the quarter, helped by buoyant markets.
Polymer Composite Solutions sales were down slightly in an uncertain economic environment, with a positive trend in belts and high-tech seals for critical industrial applications.

A business model adapted to overcome the turbulence of 2025

Resilient business model through a diverse spread of markets, offerings and geographies.
Widely deployed local-to-local strategy with production facilities located close to the markets.
Excellent financial strength recognized by recent upgrades (to A/A/A2) by the three major credit rating agencies.
The power of the MICHELIN brand and the Group's ability to manage profitability.
Technological innovation-led differentiation, demonstrated in 2025 across all sectors.
Stable governance, engaged and empowered teams, proven agility in the recent times of crisis.

In this year’s highly uncertain environment, the Group keeps its full-year guidance unchanged and expects to outperform its 2024 Segment operating income at constant exchange rates (€3.4 billion) and to deliver Free cash flow before acquisitions of more than €1.7 billion.