Contents 01 PRESENTATION AND STRATEGY OF THE MICHELIN GROUP 5 Company Profile 6 Manufacturing in a world full of challenges 11 Turning challenges into success 27 Building on a foundation of robust governance 47 02 CORPORATE GOVERNANCE REPORT 59 Governance 60 Compensation 108 Additional information 143 Statutory Auditors’ report 152 03 RISK MANAGEMENT 155 3.1 Risk management system 156 3.2 Risk factors specific to Michelin, description and related management systems 160 3.3 Internal control process relating to the preparation of accounting and financial information 167 04 SUSTAINABILITY STATEMENT 171 Preface 172 4.1 General information 173 Environmental matters 197 4.2 Climate change (E1) 197 4.3 Pollution (E2) 220 4.4 Water and marine resources (E3) 231 4.5 Biodiversity and ecosystems (E4) 238 4.6 Resource use and circular economy (E5) 249 4.7 European Taxonomy 257 Social matters 262 4.8 Own workforce (S1) 262 4.9 Workers in the value chain (S2) 272 4.10 Consumers and end-users (S4) 279 Governance Matters 286 4.11 Business conduct (G1) 286 Appendices 294 4.12 Report on the certification of sustainability information and verification of the disclosure requirements under Article 8 of Regulation (EU) 2020/852 312 05 FINANCIAL PERFORMANCE 317 5.1 Report of the Managers 318 5.2 2024 consolidated financial statements 355 5.3 Financial statements 442 5.4 Additional information 464 06 INVESTOR RELATIONS 467 6.1 Information about the Company 468 6.2 Share information 469 6.3 Investor relations 472 6.4 Documents on display 472 6.5 Additional share information 473 07 ANNUAL SHAREHOLDERS MEETING OF MAY 16, 2025 491 7.1 Report of the Managing Chairman and proposed resolutions 492 7.2 Report of the Supervisory Board: recommendations concerning the votes on the proposed resolutions 501 7.3 Statutory Auditors’ report on the share capital decrease 506 08 TABLES OF CONCORDANCE 509 8.1 Table of concordance for the Universal Registration Document 510 8.2 Table of concordance for the Annual Financial Report 512 8.3 Table of concordance with the AMF tables on corporate officer compensation 512 8.4 Table of concordance between the management report and the corporate governance report 513
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