Financial performance Report of the Managers 05 5.1.7 TREND INFORMATION Outlook 2025 tire markets are expected with slight growth over the year, but declining in the first half due to lower OE demand. In a highly uncertain context, Michelin is expecting to improve its segment operating income at constant exchange rates on 2024, and to generate more than €1.7 billion in free cash flow before acquisitions. 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 No material events occurred between the reporting date and the date when the consolidated financial statements were authorized for issue by the Managing Chairman. 5.1.8 HIGHLIGHTS Corporate n For the third time running, Michelin is identified as one of the world’s most innovative companies in the Top 100 Global Innovators 2024 ranking. n Michelin, IFPEN and Axens inaugurate the first industrialscale demonstrator unit capable of producing bio-based butadiene, representing a major milestone in the creation of a new industry. Built on the Michelin site in Bassens, France, the demonstrator is part of the BioButterfly project, which aims to develop and bring to market butadiene using ethanol derived from plant biomass to replace butadiene made from petrochemical feedstocks. n The cornerstone for the Collaborative Innovation Hub (PIC) is laid in Clermont-Ferrand, as part of the Cataroux Park project to transform the Group’s historic production plant into a vibrant arena for innovation and development. Another cluster in the Park, the Sustainable Materials Center, will triple its capacity, creating 700 jobs and supporting 20 startups by 2030. Its role is to help startups to develop their industrial demonstrators faster and more cost effectively. n NASA selects the Moon RACER team, which includes Michelin, AVL, Boeing and the Northrop Grumman Corporation, for the first phase of the ARTEMIS project to develop a new Lunar Terrain Vehicle. The phase 1 contract gives the selected teams one year to complete a feasibility study for the proposed solution. Leveraging in particular its expertise in airless technology and high-tech materials, Michelin has designed a wheel capable of withstanding extreme temperatures and radiation, while delivering optimum traction on lunar soil. n Michelin reaffirms its innovative brand DNA with the new “On the road and beyond!” brand campaign, which showcases its powerful capacity for innovation and unrivaled expertise. Debuted in France, the new campaign will soon be rolled out in other countries around the world. n Michelin, the French national research institute CNRS and the University of Strasbourg inaugurate SpinLab, a new joint research laboratory dedicated to electrospinning, thereby strengthening their combined expertise in this innovative process for manufacturing nanofibrous materials. The collaborative venture will also open new pathways to developing innovative materials for critical uses, with applications in mobility as well as in medicine, the environment and energy. These uses are central to the Michelin Group’s goal: to manufacture high value-added composites that change our daily lives. n Michelin, Danone, US startup DMC Biotechnologies and Crédit Agricole Centre France join forces to create Biotech Open Platform, a next-generation industrial biotechnology platform that further illustrates Michelin’s All-Sustainable vision. In particular, it will help to drive the wider use of biobased materials, a core challenge for both the industry of tomorrow and resource preservation. It also demonstrates Michelin’s unflagging commitment to developing innovation and supporting its host communities. n At the China International Import Expo (CIIE), attended by nearly a million visitors and more than 4,000 accredited journalists, Michelin exhibits its prototype moon wheel, made from 71% recycled and renewable materials. n Michelin chooses Microsoft to support the deployment of innovative digital solutions to optimize energy use management in its production plants around the world. The partnership will help the Group to reduce its carbon emissions and fulfill its commitment to reaching net zero by 2050. 348 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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