05 Financial performance Report of the Managers Changes in net debt (in € millions) December 31, 2024 December 31, 2023 AT JANUARY 1 3,281 4,320 Free cash flow before acquisitions and financing of joint ventures and associates -2,214 -2,804 Acquisitions and disposals -1 +666 Net financing of joint ventures and associates -8 -205 Free cash flow after acquisitions -2,225 -2,343 Dividends and other distributions +965 +896 Share buybacks +502 0 New leases +414 +363 Translation adjustments +208 +25 Other -33 +20 AT DECEMBER 31 3,112 3,281 CHANGE -169 -1,039 Gearing Gearing declined to 16.7% at December 31, 2024 from 18.3% at end-2023, primarily due to the year-on-year reduction in net debt combined with the highly favorable contribution from free cash flow, even as equity rose more slowly over the period. Credit ratings The solicited corporate credit ratings of Compagnie Générale des Établissements Michelin (CGEM), Compagnie Financière Michelin (CFM) and Compagnie Financière Michelin (CFM) Suisse SA are as follows: CGEM Compagnie Financière Michelin CFM Suisse SA Short term Standard & Poor's A-1 A-1 A-1 Fitch F1 F1 F1 Scope S-1 S-1 S-1 Long term Standard & Poor's A A A Fitch A A A Scope A A A Outlook Standard & Poor's Stable Stable Stable Fitch Stable Stable Stable Scope Stable Stable Stable On March 31, 2025, Standard & Poor's upgraded both the long-term issuer credit rating to ‘A’ from ‘A-’, with a Stable outlook, and the short-term issuer credit rating to ‘A-1’ from ‘A-2’. On February 21, 2025, Fitch Ratings upgraded both the long-term issuer credit rating to ‘A’ from ‘A-’, with a Stable outlook, and the shortterm issuer credit rating to 'F1' from 'F2'. On July 12, 2024, European rating agency Scope Ratings published ratings for the Group for the first time. Moody’s, whose rating has not been solicited since July 1, 2020, nevertheless raised CGEM’s long-term credit rating to 'A2' with a Stable outlook on July 11, 2024. 343 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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