01 Our business model Manufacturing in a world full of challenges Michelin is building the world’s leading manufacturer of life-changing composites and experiences Responding to the challenges of every mobility enabler and manufacturer personal safety, operating performance and environmental impact (3) In the case of Passenger car, Light truck and Truck tires. (4) 2 024 dividend of €1.38 per share subject to approval by the Annual Shareholders Meeting on May 16, 2025. climate change and resource depletion, global population growth mobility, digitalization, etc. Creating value FOR EMPLOYEES 4.8 ■ 57% of employees invested in the 2024 employee share ownership plan (up 4 pts vs. the previous plan in 2022) ■ Fair Wage Network certification in 2024 ■ 98% of employees covered by a universal social protection floor, supplementing local social security systems for SOCIETY ■ The best balance of product/service performance and durability 3.2; 4.2; 4.3 e.g., 25% better tire abrasion performance than the average of premium competitors ■ Nearly 19,000 volunteer initiatives involving 1 pp. 28-29 Group employees in 2024 ■ more than 1,000 jobs created every year 1 pp. 28-29 thank to Michelin Development’s support in renewing and revitalizing local labor markets for the PLANET 4.2 to 4.7 ■ Upstream phase – supply • 98% of natural rubber inputs assessed as deforestation-free • 11% year-on-year reduction in intercontinental finished product shipment tonnages ■ Operations phase • 7.7% year-on-year reduction in water withdrawals • 34% of energy used came from renewable sources (up 6 pts vs. 2023) ■ Downstream phase – use • nearly €120 million invested in 2024 to reduce tire rolling resistance (which has been cut by more than 50%(3) since 1992) • 31% of tire raw materials were renewable or recycled (up 3 pts vs. 2023) for PARTNERS AND CUSTOMERS 4.10 ■ Net Promoter Score exceeding 40 ■ Product/service vitality: around 30% of annual sales derived from products or services introduced in the last three years FINANCIAL VALUE CREATED 5.1; 5.2 ■ 10.5% return on capital employed (ROCE) in 2024 ■ 52% of 2024 net income paid out in dividends(4) See Chapter 17 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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