Financial performance Financial statements 05 5.3 FINANCIAL STATEMENTS 5.3.1 REVIEW OF THE FINANCIAL STATEMENTS OF COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN Compagnie Générale des Établissements Michelin (CGEM) is the Group's parent company, which directly or indirectly owns all of its subsidiaries and affiliates. Further information about the company is available in section 6.1 “Information about the Company”. 5.3.1.1 Income statement CGEM reported net income of €1,217 million in 2024, versus €272 million in 2023. 5.3.1.1.1. Net operating income Revenue increased by €1,797 million. Net operating income amounted to €160 million in 2024, compared with €243 million in 2023. Operating expenses increased by €81 million to €1,810 million, versus €1,729 million in 2023. 5.3.1.1.2. Net financial income Net financial income amounted to €1,033 million in 2024, compared with €33 million in 2023. The increase was mainly due to the payment of a dividend of €1 billion by Compagnie Financière Michelin. 5.3.1.1.3. Net non-recurring expense A slight net non-recurring expense of €0.41 million was recognized in 2024, reflecting a year shaped by few exceptional events. 5.3.1.2 Balance sheet Equity amounted to €7,057 million at December 31, 2024, versus €7,186 million a year earlier, a €129 million decrease. The year-on-year change primarily reflects the recognition of 2024 net income of €1,217 million and the payment of dividends and the General Partners’ profit share for €965 million, and the share buyback program for €502 million. 442 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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