05 Financial performance Report of the Managers n Michelin and Brembo sign a global agreement to develop intelligent braking systems. Michelin will contribute its expertise in designing advanced algorithms, its outstanding knowledge of tire physics and its simulation and modeling capabilities. Initial tests show a reduction in braking distances of up to four meters, regardless of tire wear or road conditions. n The Group is continuing to realign its tire manufacturing base, announcing the forthcoming conversion of the plants in Olsztyn, Poland and Shenyang, China to Passenger car tire production and the shutdown of tire operations in Cholet, France and metal reinforcements production at the facilities in Shanghai, China and Vannes, France. During each of these projects, Michelin’s priority is to support the people impacted by the transition, by consistently applying the principles of respect, transparency and fairness throughout the process. n Michelin sells its two Sri Lanka-based plants dedicated to bias tires and compact construction equipment tracks to the CEAT Group. The Camso brand will also be sold at the end of a three-year licensing period. The Group will refocus on marketing its radial tires in the addressed market, while also ceasing production of bias tires in its plant in Olsztyn, Poland. These transactions, which will strengthen the financial performance of the Specialty tire businesses, are aligned with the Michelin in Motion 2030 strategy, which is redirecting the Group’s activities towards the most profitable markets and offerings. n European rating agency Scope Ratings assigns Michelin a long-term credit rating of A with a stable outlook. At the same time, Moody’s upgrades its credit rating from A3 to A2. Both ratings recognize the Group’s financial strength and the quality of its strategy. n The Michelin Group releases its first Tax Transparency Report, marking a significant milestone in its history. The Report outlines the Group’s tax policy and strategy, specifying its tax contribution by country and worldwide, which stood at nearly 40% of 2023 segment operating income. n The French Federation of Employee Shareholders (FAS) awards Michelin its CAC All-Tradable Grand Prize, in recognition of the Group-wide employee shareholding initiatives that have been an integral part of the Group’s value-sharing commitment for more than 20 years. n The Michelin Guide continues its international expansion with new curated selections for Mexico, Lithuania, Fujian Province (China) and Doha, Qatar, bringing the total collection to more than 40 destinations. n In 2024, the MICHELIN Guide introduces the MICHELIN Keys honoring hotels in a number of countries for their hospitality excellence, including 189 establishments in France, 271 in Germany, Austria and Switzerland, and others in the United States, Spain and Japan. The award attests to the MICHELIN Guide’s commitment to becoming the leading global booking platform for outstanding hotels and restaurants. n ViaMichelin launches its new website and mobile application, available in seven languages in 11 European countries. ViaMichelin enhances the user experience by bringing together the best routes, the finest MICHELIN Guide selections and rich, inspiring editorial content for planning road trips across Europe. n Set up in 2014, the Michelin Corporate Foundation has defined new objectives for the 2024-2028 period, to help pursue the Group’s commitment to acting for the common good in seven areas of action: future-facing jobs, equal opportunity and inclusion, healthy living and eating, sustainable mobility, forest biodiversity, collaborative social models and regional development. n The Michelin Man becomes our enthusiastic TikTok influencer, sharing inspiring, unexpected innovation content for Gen Z and beyond. n Michelin supports the new European R117-04 regulation in force since July 1, 2024, which mandates performance tests on worn tires to improve safety. These rules are designed to ensure that tires deliver safe performance throughout their useful lives. Worldwide, 400 million tires are prematurely removed from cars every year, which means that the regulation could avoid the release of 35 million tonnes of CO2 emissions. n In May 2024, Michelin carried out a €1 billion eurodenominated bond issue in two €500 million tranches with maturities of 7 and 12 years. The seven-year tranche pays interest at 3.125% and the 12-year tranche at 3.375%. The net issue proceeds have been used for general corporate financing requirements. n In February 2024, as part of its capital management and optimization policy, the Group announced the launch of a multi-year share buyback program in a maximum amount of €1 billion over the three-year period from 2024 to 2026. The Group signed two agreements with investment service providers covering €500 million worth of share buybacks. The agreements were executed in full during the year and the purchased shares were subsequently canceled. 349 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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