05 Financial performance Financial statements 5.3.3 STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS (For the year ended December 31, 2024) This is a translation into English of the statutory auditors’ report on the financial statements of the Company issued in French and it is provided solely for the convenience of English speaking users. This statutory auditors’ report includes information required by French law, such as information about the appointment of the statutory auditors or verification of the management report and other documents provided to shareholders. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France. To the Shareholders of Compagnie Générale des Établissements Michelin, Compagnie Générale des Établissements Michelin 23 place des Carmes-Déchaux 63000 Clermont Ferrand Opinion In compliance with the engagement entrusted to us by your Shareholders’ Meeting, we have audited the accompanying financial statements of Compagnie Générale des Établissements Michelin for the year ended December 31, 2024. In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial position of the Compagnie Générale des Établissements Michelin as at December 31, 2024 and of the results of its operations for the year then ended in accordance with French accounting principles. The audit opinion expressed above is consistent with our report to the Audit Committee. Basis for Opinion Audit Framework We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our responsibilities under those standards are further described in the "Statutory Auditors' Responsibilities for the Audit of the Financial Statements" section of our report. Independence We conducted our audit engagement in compliance with independence requirements of the French Commercial Code (code de commerce) and the French Code of Ethics (code de déontologie) for statutory auditors, for the period from January 1, 2024 to the date of our report, and specifically we did not provide any non-audit services prohibited by Article 5(1) of Regulation (EU) No 537/2014. Justification of Assessments – Key Audit Matters In accordance with the requirements of Articles L.821-53 and R. 821-180 of the French Commercial Code relating to the justification of our assessments, we inform you of the key audit matters relating to risks of material misstatement that, in our professional judgment, were of most significance in our audit of the financial statements of the current period, as well as how we addressed those risks. These assessments were made as part of our audit of the financial statements as a whole, and therefore contributed to the opinion we formed as expressed above. We do not provide a separate opinion on specific items of the financial statements. Valuation of shares in subsidiaries and affiliates Risk identified At December 31, 2024, the carrying amount of shares in subsidiaries and affiliates was €9,141 million, representing 55% of total assets on the balance sheet. The securities are recognized at historical cost, increased by the impact of value adjustments made in accordance with the law where applicable. At the end of each reporting year, the Company estimates the value in use of shares in subsidiaries and affiliates. This value in use is based either on the net assets (adjusted if necessary) or on the profitability and outlook of the investee as well as its usefulness for the investor company. In the event of a lasting decline in value in use to below the carrying amount, an impairment loss is recognized. To estimate the value in use of the shares, management exercises judgment when choosing the items to be taken into consideration, depending on the relevant subsidiary or affiliate. 457 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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