_350 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE Report of the Managers 5.1.7 Trend information Outlook In 2024, tire markets are expected to remain stable overall compared with 2023 in each of the three reporting segments (Automotive, Road Transportation and Specialties). In this market environment, the Group expects volumes sold to end the year between -2% and 0% compared to 2023. Based on this scenario, Michelin's objectives are to deliver fullyear segment operating income in excess of €3.5 billion at constant exchange rates and a reported Free cash flow before acquisitions of more than €1.5 billion. This outlook has been established and prepared on a basis comparable to historical financial information and in accordance with the accounting methods described following this chapter. Recent events Michelin is one of the European tire manufacturers under investigation by the European Commission. The Group reaffirms that it scrupulously complies with antitrust legislation in every host country. As a result, it categorically denies the existence of any anticompetitive practices, as alleged by the European Commission in its January 30, 2024 press release, much less any price coordination. No impact has been recognized in the 2023 financial statements. 5.1.8 Highlights January 5-8, 2023 [High-Tech Materials] – Symbio, the Group’s hydrogen joint-venture with Faurecia, unveils its next-generation fuel cell technology at the 2023 Las Vegas Consumer Electronics Show. The new cells are designed to meet the needs of a full range of carbon-free mobility applications, thereby providing an effective response to today’s most pressing environmental challenges. January 10, 2023 [Tires] – MICHELIN UPTIS, the prototype airless, puncture-proof tire, will be fitted on nearly 50 DHL delivery vehicles in Singapore by end-2023. Based on internal research, Michelin projects that UPTIS airless technology could prevent the premature scrapping of up to 200 million tires a year worldwide. This major breakthrough demonstrates Michelin’s ability to innovate in support of mobility that is safer and better for the environment. February 2, 2023 [High-Tech Materials] – CDI Energy Products, which is part of the High-Tech Materials Division and an industry leader in the custom manufacturing of high-performance polymer products, announced the acquisition of EGC Enterprises, Inc. a leading manufacturer of graphite-based sealing products located in Ohio and North Carolina. The acquisition reflects the assertive deployment of the Group’s growth strategy in high-tech materials. February 15, 2023 [Tires] – Michelin launches MICHELIN EVOBIB, the first tractor tire designed specifically for use with central tire inflation systems (CTIS), whose variable tread pattern delivers excellent performance on the road and in the field. With its promise of longer tread life, better soil protection and greater fuel savings, MICHELIN EVOBIB is a further illustration of the Group’s capacity for innovation and its commitment to the environment. February 22, 2023 [People and Planet] – Michelin formalizes its commitment to small-scale natural rubber estate owners in Sri Lanka as part of the River Project, a three-year public-private project co-funded with the French Ministry of the Economy and Finance. Designed to improve the skills of 6,000 growers with an innovative training model, the project is expected to have a positive impact on approximately 30,000 people. March 1, 2023 [Tires] – The Group launches its new MICHELIN Power Adventure gravel tire, whose hybrid tread design is engineered for cyclists who spend 80% of their time on roads and 20% on trails. The MICHELIN Power Adventure offers superior durability thanks to an additional protective layer surrounding the entire casing, based on the innovative “BEAD 2 BEAD” technology. March 6, 2023 [Lifestyle] – MICHELIN Guide 2023 – At an event in Strasbourg, France, Michelin announces the selection of restaurants curated for the MICHELIN Guide France 2023. Awarded for the fourth year in a row, the MICHELIN Green Star promotes the efforts of inspiring, pioneering restaurants that are fully invested in sustainable gastronomy. The award is also fully aligned with the Group’s “All Sustainable” vision.
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