05 Financial performance 2024 consolidated financial statements We considered the measurement of goodwill allocated to sensitive CGUs to be a key audit matter due to its materiality in the consolidated statement of financial position and because the determination of its recoverable amount requires judgment, notably for the cash flow projections. How our audit addressed this risk With the assistance of our valuation experts, we performed the following procedures with respect to impairment tests: n examined the compliance of the method applied by the Group with the provisions of IAS 36 "Impairment of Assets"; n reconciled the value of the assets subject to the impairment tests with the consolidated financial statements to ensure that the CGUs cover all of the Group’s assets; n assessed the reasonableness of the cash flow forecasts, with the finance managers of the relevant businesses, in particular with respect to past performance; n assessed the reasonableness of the discount rates and long-term growth rates used to perform the impairment tests, based on comparable market data; n carried out our own sensitivity analyses for certain key variables in the valuation model, in particular in relation to climate risks; n verified the appropriateness of the disclosures provided in Notes 2.8.1 and 12 to the consolidated financial statements. Specific verifications As required by legal and regulatory provisions and in accordance with professional standards applicable in France, we have also performed the specific verifications on the information pertaining to the Group presented in the Managing Chairman’s management report. We have no matters to report as to its fair presentation and its consistency with the consolidated financial statements. Other verifications and information pursuant to legal and regulatory requirements Presentation of the consolidated financial statements to be included in the annual financial report In accordance with professional standards applicable to the Statutory Auditors’ procedures for annual and consolidated financial statements presented according to the European single electronic reporting format, we have verified that the presentation of the financial statements to be included in the annual financial report referred to in paragraph I of Article L. 451-1-2 of the French Monetary and Financial Code (Code monétaire et financier) and prepared under the Managing Chairman's responsibility, complies with this format, as defined by European Delegated Regulation No. 2019/815 of December 17, 2018. As it relates to consolidated financial statements, our work included verifying that the markups in the financial statements comply with the format defined by the aforementioned Regulation. On the basis of our work, we conclude that the presentation of the consolidated financial statements to be included in the annual financial report complies, in all material respects, with the European single electronic reporting format. It is not our responsibility to ensure that the consolidated financial statements to be included by the Company in the annual financial report filed with the AMF correspond to those on which we carried out our work. Appointment of the Statutory Auditors We were appointed as Statutory Auditors of Compagnie Générale des Etablissements Michelin by the annual Shareholders Meeting held on May 14, 2004 for PricewaterhouseCoopers Audit and May 7, 2010 for Deloitte & Associés. At December 31, 2024, PricewaterhouseCoopers Audit and Deloitte & Associés were in the twenty-first and fifteenth consecutive year of their engagement, respectively. 439 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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