01 PROFIT Performance and ambitions SALES (in € millions) 2030 Ambition Average annual growth in sales of 5% between 2023 and 2030, with more than 20% of sales generated by businesses other than tire manufacturing and related distribution in 2030. OPERATING INCOME(1) (in € millions and as a % of net sales) NET INCOME (in € millions) 28,590 2022 2023 2024 28,343 27,193 3,396 11.9% 3,572 12.6% 3,378 12.4% 2022 2023 2024 1,890 2,009 1,983 2022 2023 2024 10.8% 2022 2023 2024 11.4% 10.5% 25.2 18.3 16.7 2022 2023 2024 -104 3,009 2022 2023 2024 2,225 4,200 2026* Cible 14% 28,590 2022 2023 2024 28,343 27,193 3,396 11.9% 3,572 12.6% 3,378 12.4% 2022 2023 2024 1,890 2,009 1,983 2022 2023 2024 10.8% 2022 2023 2024 11.4% 10.5% 25.2 18.3 16.7 2022 2023 2024 -104 3,009 2022 2023 2024 2,225 4,200 2026* Cible 14% 28,590 2022 2023 2024 28,343 27,193 3,396 11.9% 3,572 12.6% 3,378 12.4% 2022 2023 2024 1,890 2,009 1,983 2022 2023 2024 10.8% 2022 2023 2024 11.4% 10.5% 25.2 18.3 16.7 2022 2023 2024 -104 3,009 2022 2023 2024 2,225 4,200 2026* Cible 14% RETURN ON CAPITAL EMPLOYED 2030 AMBITION Continuously create value between 2023 and 2030, with a more than 10.5% ROCE each year. FREE CASH FLOW BEFORE ACQUISITIONS (in € millions) NET DEBT (as a % of equity) Targeted free cash flow: €5,500m in total over the 2024-2026 period* 28,590 2022 2023 2024 28,343 27,193 3,396 11.9% 3,572 12.6% 3,378 12.4% 2022 2023 2024 1,890 2,009 1,983 2022 2023 2024 10.8% 2022 2023 2024 11.4% 10.5% 25.2 18.3 16.7 2022 2023 2024 -104 3,009 2022 2023 2024 2,225 4,200 2026* Cible 14% 28,590 2022 2023 2024 28,343 27,193 3,396 11.9% 3,572 12.6% 3,378 12.4% 2022 2023 2024 1,890 2,009 1,983 2022 2023 2024 10.8% 2022 2023 2024 11.4% 10.5% 25.2 18.3 16.7 2022 2023 2024 -104 3,009 2022 2023 2024 2,225 4,200 2026* Cible 14% 2022 2023 2024 11.9% 12.6% 12.4% 2022 2023 2024 2022 2023 2024 2022 2023 2024 16.7 2022 2023 2024 2022 2023 2024 2026* Cible Performance // Profit Manufacturing in a world full of challenges €2.2 billion INVESTED IN 2024 BRAND VITALITY INDICATOR(2) PRODUCT/SERVICE VITALITY INDEX(3) (as a %) 2023 2024 2030 73 72 65 up 5 pts vs. 2020 >30 * Target announced at the May 2024 Investor Day event. (1) Of the segments. (2) Single score composite indicator which summarizes the current vitality of the brand. It is based on five metrics: our purpose, innovation, communication, brand experience and love. (3) Percentage of sales from products and services introduced in the last three years. 2023 2024 2030 30.8 29.4 2030 AMBITION Maintain the strength of the MICHELIN brand 2030 AMBITION Sustain the pace of product and service innovation 2022 68 2022 31.0 Performance // Profit 24 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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