CAPITALIZING ON OUR FUNDAMENTALS Our strengths Our strengths Michelin enjoys strategic strengths that are at once rare, inimitable and value-creating. Our distinctive capabilities are a powerful strategic resource Designing and process engineering innovative materials Michelin has developed distinctive expertise, unequaled anywhere in the market, in the design, development and production of innovative materials, such as wire or cord reinforcements and all types of polymers. As structural elements, materials play a decisive role in delivering a tire’s end performance in terms of endurance, longevity, abrasion and energy efficiency. This is why our expertise is expressed in the ability to understand the mechanics of materials in use, to combine components with antagonistic properties and to mass‑produce our own reinforcements and polymers when no other supplier is capable of providing us with the requisite levels of performance. Building on this expertise, the Group develops increasingly innovative products offering ever-higher performance. Designing flexible composite products Our expertise in designing flexible composite products stems from our unparalleled ability to engineer structures that are rigid overall, but locally highly deformable, in which managing the stress between hard and soft materials plays a decisive role. This is the expertise that has enabled Michelin to grow in the tire business, and that the Group is leveraging to expand into new business territories – a tire, for example, has to absorb more than 100 million deformations during its in-use phase, while remaining rigid enough to carry and guide the vehicle. This expertise is expressed through the combination of three key capabilities: (i) a perfect understanding of how our products are used; (ii) outstanding proficiency in modeling and characterizing flexible structures; and (iii) multi-scale prototyping abilities, along with testing and measurement resources to support the seamless transition from virtual to real. Examples include: Tires containing 45% to 63% renewable or recycled materials Fully EV-compatible tire lines Conveyor systems made from tire-derived semi‑finished product wastage Non-toxic adhesive resins from ResiCare Biomaterials from Solesis Examples include: Innovation leadership in airless tire technologies, such as Tweel, UPTIS and the moon wheel The WISAMO inflatable wing-sail for container ships MICHELIN AirProne air cushions for medical applications Fenner Eagle XLD belts providing four times the load capacity of the prior generation _12 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN Our strengths
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