Michelin adjusts outlook for 2025 financial year

Clermont-Ferrand - October 13, 2025 – 5:50pm

COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN

Michelin adjusts outlook for 2025 financial year

Based on fresh Q3 financial results which reflect further deterioration of the business environment versus expectations made in July, Michelin group has decided to adjust the outlook for 2025, ahead of the Q3 sales release planned on October 22.

Besides North America, Michelin has posted year-on-year volume growth in the third quarter, which demonstrates the ability to drive growth and value across the various market segments, in a chaotic business context and despite near-term uncertainties weighing on demand of B2C and B2B customers.

However, the North American business deteriorated more sharply than expected: Q3 sales volume decreased by close to 10%, with plummeting demand from OEMs in Truck and Agriculture, a weak sell-out market in Truck replacement reflecting a soft economy, and B2C sales headwinds. On the margin front, Group competitiveness has been impacted by tariffs.

Finally, the USD weakened more than expected (1.17 vs 1.15) with no clear outlook, further impacting Free cash flow at Group level.

As a result, the full-year outlook for 2025 has been adjusted as follows:

• SOI (Segment Operating Income) at constant (2024) exchange rates is expected between 2.6 billion and 3.0 billion euros (previously: above 3.4 billion euros)
• FCF before M&A is expected between 1.5 and 1.8 billion euros (previously: above 1.7 billion euros)

Details of Q3 sales performance and 2025 outlook will be shared during the Q3 sales conference call on October 22, 2025.

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DISCLAIMER

This press release is not an offer to purchase or a solicitation to recommend the purchase of Michelin shares. To obtain more detailed information on Michelin, please consult the documents filed in France with theAutorité des Marchés Financiers, which are also available from themichelin.com website.
This press release may contain a number of forward-looking statements. Although the Company believes that these statements are based on reasonable assumptions at the time of publishing this document, they are by nature subject to risks and contingencies liable to translate into a difference between actual data and the forecasts made or inferred by these statements.
In accordance with Regulation (EU) No. 596/2014, we hereby inform you that this press release may contain inside information.

Attachment

• 20251013_17h50_PR_Michelin 2025 Guidance_EN

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