Our business model Strategy 01 Our business model Manufacturing in a world full of challenges Growing in markets with high technological requirements, such as aerospace, energy and healthcare Building sustainable growth on differentiated products, services and experiences (1) Including joint ventures. (2) Brand Finance Global 500 ranking, January 2025, based on €1.00 = $1.05. Opportunities offered by environmental, societal and technological change: urbanization, electrification of Resources DIVERSE, ENGAGED TEAMS 4.8; 1 pp. 28-29 ■ 129,800 employees in 63 countries ■ 84.7% employee engagement rate (up 1.2 pts vs. 2023) ■ 30.4% of managers are women AN UNRIVALLED CAPACITY FOR 1 pp. 30-35 INNOVATION AND DISTINCTIVE EXPERTISE ■ Designing and process engineering flexible composite products ■ Materials science ■ Engineering innovative processes ■ Capturing the value of data • More than 12,000 patents (including 258 filed in 2024) • A unique open innovation ecosystem, with more than 170 new partnerships per year and 8 joint laboratories opened in 2024 • Vertically integrated in critical components, with more than 30 dedicated workshops or plants, including 3 synthetic rubber plants 38% of natural rubber inputs processed in-house(1) • 1.6 billion kilometers of mobility data captured every day A POWERFUL, ICONIC BRAND 1 pp. 39, 44-45 ■ A brand valued at €8.4 billion(2) ■ The Michelin Man voted Icon of the Millennium by New York’s Advertising Week in 2018 and Best Logo of the Century by the Financial Times in 2000 ■ 130 years of remarkable, one-of-a-kind fine dining and travel experiences LASTING, ROBUST 5.1; 5.2; 6.2 FINANCIAL RESOURCES ■ €18.6 billion in equity ■ Robust credit ratings, with stable outlooks at Standard & Poor’s, Fitch and Scope ■ An evenly balanced shareholder structure: 20.6% French institutional investors, 65.8% non-resident institutional investors, 11% individual shareholders, 2.6% employee shareholders See Chapter Our business model 16 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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