Profit

Committed to striking the right balance between growth, profitability and responsibility requirements, Michelin is pursuing sustainable growth across all its businesses. This commitment underpins Michelin's "All-sustainable" approach and contributes to making Michelin a deeply engaged, attractive player in its markets.

The Group's growth helps strengthen its technological leadership and enables it to maintain critical mass among the world's largest companies. Key to both Michelin's long-term independence and its ability to prepare for the future, growth provides the means to finance the Group's innovation strategy, attract the best talent and reduce its environmental footprint.

• Deliver average annual sales growth of 5%

• Create value, with a more than 10.5% return on capital employed (ROCE)

• Maintain the strength of the MICHELIN brand

• Maintain a steady pace of innovation in products and services

Deliver average annual sales growth of 5%
The Group has put together an assertive strategy to generate this projected growth. In tires, Michelin anticipates robust expansion in high value-added segments such as specialty tires and electric vehicles.

At the same time, the Group is continuing to roll out its connected mobility offerings and solutions for professional fleets, aimed at optimizing vehicle use and reducing energy consumption.

Lastly, thanks to its unrivaled expertise in materials and materials process engineering, the Group is expanding in the particularly dynamic polymer-based flexible composite product sectors.

Create value with a more than 10.5% ROCE
Return on capital employed (ROCE) is the indicator the Group has chosen to measure its operating performance over the duration of its strategic plan. Michelin is targeting a ROCE of more than 10.5%. This performance requirement has to be set against the cost of capital employed, which is estimated at 9%. Delivering profitability above the cost of capital enables the Group to finance the implementation of its growth strategy.

Maintain the strength of the MICHELIN brand
With a unique reputation embodied by the famous Michelin Man, Michelin is one of the world’s most powerful and trusted brands. Dating back more than a century, the MICHELIN brand is one of the Group's most valuable assets, driving the success of its ambitious "MICHELIN in Motion" strategic plan.

Maintain the sustained pace of product and service innovation
Since its founding, Michelin's growth has been based on innovation. With a budget of nearly 1.2 billion euros dedicated each year to innovation, Michelin leverages its innovation capabilities to consolidate its leadership and stand out from the competition.