Michelin Capital Markets Day 2024

Michelin held its Capital Markets Day on May 28, 2024 at the Group's Research & Development Headquarters in Clermont-Ferrand, France.

This Capital Markets Day, the first in-presence since 2019, was the opportunity for the Group to showcase its differentiating innovation power, and its ability to leverage it across several businesses in the fields of tire, connected solutions and polymer composite solutions.

The widely attended webcast session included a progress report on the “Michelin in Motion” strategy, the Group's "all sustainable" vision for 2030, the new mid-terms targets set for 2026, and an update of Michelin 2030 ambitions.

Over the 2021-2023 period, the Group's capacity for innovation has enabled it to grow in both its tire and non-tire businesses. By deploying its expertise in tires, and therefore in the science of composite materials, Michelin was able to expand into new value-creating, growth-generating markets, and became less dependent on cyclical fluctuations.    

Commenting on the strong results delivered over this period, Yves Chapot declared:

“We are very proud of this first step towards our ambitions. In a highly turbulent environment marked by multiple crises, the Group delivered a strong performance creating value for all its stakeholders, while pursuing an agile and accretive M&A policy, demonstrating the relevance of its strategy”.

Michelin confirmed its strategic roadmap, refreshed its 2030 ambitions on People, Profit and Planet pillars, and unveiled 2026 targets as a key milestone. The Group also insisted on its speed of evolution and laid the stress on “composites” as part of its identity.

Florent Menegaux declared:

“Announced in 2021, the Michelin in Motion strategy is more relevant than ever. It will guide the Group through to 2030. Michelin is much more than a tire manufacturer, it is actually a true high-tech company. That is what we wanted to reaffirm at this Capital Markets Day 2024. Of course, the Group will continue to be a world key player in tires, the ultimate composite and the fruit of our intimate know-how in materials. At the same time, Michelin will further leverage its proficiency in material’s combination and their application for the most tech-demanding, growth-oriented markets, far beyond mobility: healthcare, aerospace, marine, industry or construction... We are building a world-leading manufacturer of life-changing composites and experiences.”

2023 targets achieved, first step succeeded

At its Capital Markets Day (CMD) held in April 2021, the Group had presented its Michelin in Motion strategy with 2030 ambitions and provided financial targets for 2023, adjusted at the March 2023 CMD.

The financial performance of the 2021-2023 period showed a growth, segment operating income and value creation above targets, and Group margin rate maintained despite the dilutive impact of inflation.

Over the period, Michelin made acquisitions worth €1 billion, mainly in the fields of Polymer Composites and Connected solutions. The Group has demonstrated its ability to integrate acquired companies and generate synergies, as well as its capacity to actively manage its portfolio.

The Group reaffirmed its strategy and updated its 2030 ambitions

The Group shared its ambition of growing non-tire activities directionally above 20% of total revenue by 2030, supported by value-accretive M&A. The scope of non-tire activities has been redefined to “businesses other than tire manufacturing”, from “businesses other than tire manufacturing and distribution”.

Michelin’s shareholder return policy was confirmed with a payout ratio target of c.50% of net result.

2024 Investor Calendar

• July 24 : First-half 2024 results

• October 23 : Financial information for the nine months ending September 30, 2024

Supporting documents and webcast will be available on this page.