2022/10/25 – 5:45 pm Financial information at September 30, 2022

Clermont-Ferrand, October 25, 2022 - 17h45

COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN

Financial information for the nine months ended

September 30, 2022

Nine-month sales rose by 20.5% to €20.7 billion.

In a highly inflationary environment, 2022 full-year guidance is confirmed for

operating income and adjusted for structural free cash flow.

In a market environment shaped by continuing operational disruptions, widespread inflation and limited visibility as to future demand, Michelin delivered growth in sales and is steering operations to ensure adequate inventory levels.

Nine-month markets remained on an upward trend:

1. End-userdemand (sell-out) held firm in most regions and markets.

1. As regards sell-in demand, Passenger Car & Light Truck tire markets grew by 1.4%, lifted by a third-quarter recovery in Original Equipment (OE) demand, mainly in North America and China; Replacement (RT) markets remained stable, with a mix temporarily impacted by rising imports

from Asia.

1. Truck tire markets -excluding China- expanded by 6.0% with an acceleration in the third quarter.

1. Specialty tire markets remained robust in all segments except Agricultural and Construction in the third quarter; demand remains strong in Mining.

Consolidated sales for the nine months ended September 30, 2022 came in at €20.7 billion, up 20.5% year-on-year, including a 6.5% positive currency effect:

1. A 13.4% gain from price increases, reflecting the Group's policy of systematically passing on cost inflation factors and the growing impact of price indexation clauses.

1. A 0.9% increase from the mix effect reflecting growth in the Passenger Car 18-inch and larger

segment and in Mining, partially offset by an adverse OE/RT mix effect in the Automotive business.

1. A 2.4% decline in volumes, mostly due to the exit from Russia and lockdowns in Chinese cities, amid persistent operational disruptions.

1. A 1.0% gain from changes in scope, mainly reflecting the consolidation of Allopneus.com.

1. Non-tiresales grew by 22% accounting for 1.1% of consolidated sales growth, demonstrating the validity of the ongoing Michelin in Motion Group strategy.

Full-year guidance

Market projections for Passenger Car and Light Truck tire markets are expected to end the year between +2% and -2%, Truck tire markets (excluding China) to expand by between 2% and 6%, and Specialty tire markets to grow by between 3% and 7%.

Within this scenario, full-year guidance is confirmed for segment operating income above €3.2 billion at constant exchange rates, and adjusted to €0.7 billion for structural free cash flow1.

1 Structural free cash flow corresponds to free cash flow before acquisitions, adjusted for the impact of changes in raw material costs on trade payables, trade receivables and inventories.

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Nine-month ended September 30, 2022 sales

	Sales			Nine months			Nine months		% change
	(in € millions)			2022			2021
						(at current exchange rates)
	RS1 - Automotive*	10,238		8,603		+19.0%
	RS2 - Road Transportation*	5,403		4,503		+20.0%
	RS3 - Specialty businesses*	5,091		4,098		+24.2%
	GROUP	20,732		17,204		+20.5%
	*And related distribution.

Tire Market Review

PASSENGER CAR AND LIGHT TRUCK

Nine months	WESTERN	NORTH	CHINA	GLOBAL MARKET
2022/2021	& CENTRAL EUROPE*	& CENTRAL AMERICA
(in number of tires)

Original Equipment	+1%	+11%	+9%	+7%
Replacement	+5%	-2%	-12%	+0%
Third quarter	WESTERN	NORTH	CHINA	GLOBAL MARKET
2022/2021	& CENTRAL EUROPE*	& CENTRAL AMERICA
(in number of tires)
Original Equipment	+26%	+25%	+29%	+26%
Replacement	-1%	-7%	-3%	-1%

*including Turkey.

2/10

The number of Original Equipment and Replacement Passenger Car and Light Truck tires sold worldwide rose by a slight 1% year-on-year in the first nine months of 2022, reflecting stable demand in the Replacement segment (+0%) and a 7% gain in Original Equipment.

ORIGINAL EQUIPMENT

Worldwide OE demand, which was down 2% year-on-year in the first half, turned upwards in the third quarter (+26%), led by very favorable prior-year comparatives and by improvements in the semiconductor and other supply chains. However, the latter remained under severe pressure, however, and global demand ended the period 2% lower than in third-quarter 2019.

After contracting by around 8% year-on-year in the first half, primarily due to the disruptions in automaker supply chains caused by the conflict in Eastern Europe, demand in Europe climbed 26% in the third quarter, but nevertheless remained 19% below third-quarter 2019 levels.

In China, the resurgence of Covid-19 in April and May caused demand to hit new lows before rebounding sharply in June as health restrictions were lifted. Demand remained robust in the third quarter, with a 29% gain led by government new car incentives and fast-growing EV sales helping to push the market up 19% on third-quarter 2019.

After delivering 5% growth in the first half, the North and Central American market ended the first nine months up 11%, at a time of persistently low new vehicle inventory. In the third quarter alone, demand was down 7% on the 2019 period.

Over the first nine months of 2022, demand from Asian carmakers outside China was up 4% year-on-year but down 15% on the 2019 period.

REPLACEMENT

Global demand for Replacement Passenger Car and Light Truck tires was stable year-on-year in the first nine months, following a slight 1% decline in the third quarter. The overall stability reflected situations that varied by region.

The European market ended the period up 5%, as a 7% increase in the first half was dampened by a 1% slippage in the third quarter. After two positive summer months (+2%) the demand was 7% down in september on unfavorable comparison bases due to price increases implemented on October 1st, 2021.

In China, nine-month demand was 12% below 2021 levels. After dropping 16% in the first half due to mobility restrictions in the wake of the spring lockdowns, demand is gradually recovering with a 3% contraction in the third quarter, despite the adverse impact of resurgent Covid-19 and local lockdowns.

The North and Central American market slipped 2% over the first nine months. Demand slowed 7% in the third quarter after gaining a slight 1% in the first half. At the same time, the sell-in market mix has been temporarily impacted by rising Asian import volumes as global supply chain constrictions eased.

The other Regions enjoyed sustained growth in demand, with increases of 10% in Asia excluding China (of which 17% in the third quarter) and of 5% in South America (of which 6% in the third quarter).

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TRUCK TIRES & BUS (radial and bias)

Nine months	WESTERN	NORTH	SOUTH AMERICA	GLOBAL MARKET
2022/2021	& CENTRAL EUROPE*	& CENTRAL AMERICA
(in number of tires)
Original Equipment	+5%	+10%	+13%	-21%
Replacement	+9%	+12%	+4%	-0%

Third quarter	WESTERN	NORTH	SOUTH AMERICA	GLOBAL MARKET
2022/2021	& CENTRAL EUROPE*	& CENTRAL AMERICA
(in number of tires)
Original Equipment	+14%	+12%	+15%	+3%
Replacement	-3%	+15%	-3%	+4%

*including Turkey

The global Truck tire market ended the first nine months of 2022 down 5%, as a 4% increase in the third quarter helped to offset the 9% decline in the first half.

Excluding China, where the Group is not significantly present, the global market expanded by 6% over the period.

ORIGINAL EQUIPMENT

The worldwide OE market declined by 21% overall in the first nine months but was up 10% excluding China.

Markets in Europe (up 5% year-to-date and 14% in the third quarter), North and Central America (up 10% year-to-date and 12% in the third quarter) and South America (up 13% year-to-date and 15% in the third quarter) remain on a robust upward trend. Demand is being driven by fleet upgrades prompted by new environmental standards and driver shortages, which are keeping truck-maker order books full through to 2023.

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REPLACEMENT

The global Replacement Truck tire market was unchanged year-on-year over the first nine months, held back by the 19% contraction in China. Excluding China, the market ended the period up 5%.

Despite a slightly weaker third quarter, the European market rose by 9% year-on-year in the first nine months, buoyed by still strong freight demand.

In North and Central America, demand climbed 12% year-on-year in the nine-month period, with a 15% gain in the third quarter off more favorable prior-year comparatives.

Despite a slowdown (-3%) in the third quarter, demand in South America ended the first nine months up 4%.

Growth was also sustained in Asia excluding China, at 11% year-to-date and 18% in the third quarter.

SPECIALTY TIRES

1. MINING TIRES: with supply chains showing a significant improvement in the third quarter, demand for ore remains strong, and still low mining company tire inventory is helping to lift the market.

1. AGRICULTURAL AND CONSTRUCTION TIRES: replacement markets, which were buoyant in the first half, started to slow down in the third quarter, while OE demand was boosted over the quarter by the improved availability of components and parts. Material handling tire demand is still on the rise.

1. TWO-WHEELTIRES: demand grew compared with the year-earlier period but remains adversely impacted by rising dealer inventories as sell-out slows and inflation erodes consumer purchasing power, particularly in the Leisure segment.

1. AIRCRAFT TIRES: demand rose off favorable prior-year comparatives, particularly in the commercial aviation segment, which rebounded sharply at the beginning of the year. The recovery remains fragile, however, due to geopolitical instability and the health situation in China. The General Aviation market is continuing to expand, in line with 2021 trends.

1. CONVEYOR BELTS: the market remains robust in every region, both in the mining segment, driven by strong demand for commodities, and in the manufacturing segment, supported by high capital spending.

1. SPECIALTY POLYMERS: demand is continuing to grow in the leading markets, such as industry, aerospace, energy and medical applications.

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