Sustainability Statement Preface 04 PREFACE Three questions for Yves Chapot, General Manager and Chief Financial Officer This is Michelin’s first Sustainability Statement issued in compliance with the European Union’s new Corporate Sustainability Reporting Directive (CSRD). What are your initial impressions? Well, first, we didn’t wait for the CSRD to demonstrate our commitment to sustainability! Since its creation, Michelin has constantly innovated to improve the mobility of people and goods, to make it safer, more accessible, more efficient and gentler on the environment. Because we are keenly aware both of our impact on society and the environment and of the major challenges facing the world today, the Group plays a leading role in fostering sustainability. That’s why we’ve built a business model based on striking the right balance between people, profit and the planet and designed to create value in all three of these areas. For you, what are the benefits of complying with these new sustainability disclosure regulations? Like other European directives, the CSRD is well intentioned, but its implementation is still complex. It’s essential to find a balance between sustainability and keeping companies competitive, so that the global playing field remains fair and level. The directive will, however, provide investors and other stakeholders with the reliable, comparable sustainability data they need. In practice, it puts sustainability information on an equal footing with financial disclosures, which, for Michelin, is very consistent with our commitments. We therefore hope that this initial statement will support an objective comparison of our sustainability performance with our industry peers, thereby demonstrating our contribution to the emergence of a more sustainable world. On the other hand, we regret that because the CSRD currently applies only to certain European listed companies, Michelin bears significant additional costs that its non-European competitors are not subject to. The most important thing for a Group like Michelin is to have a positive impact on its environment in the broadest sense. What are the key takeaways from this first Sustainability Statement? The 2024 Statement highlights the progress the Group is making year after year. Our expertise and distinctive capabilities, particularly in the optimal use of materials and composites, are extraordinary enablers to advance the circular economy, conserve resources and reduce CO2 emissions, particularly in support of low-carbon mobility. This is how we were able in 2024 to launch new products that deliver a combination of durability, energy efficiency and unrivaled abrasion performance. Another key point I would like to emphasize concerns our deep belief that companies must play a role in society to provide collective responses to today’s challenges. The Statement highlights the Group’s actions on behalf of its employees, as demonstrated by the living wage initiative, but also across its entire value chain, in particular to meet the aspirations of its stakeholders. 172 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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