Michelin (ML) AGM 2025 summary

Opening remarks and agenda

• Meeting held on May 16, 2025, at Zénith d'Auvergne, France, focusing on information, dialogue, and decision-making, with highlights on innovation such as the CrossClimate tire and lunar vehicle wheel project.

• Bureau constituted with key executives, auditors, and board members; quorum confirmed for valid deliberation.

• Agenda included financial statements, dividend, compensation policies, share buyback, and board elections.

Financial performance review

• 2024 sales reached €28.3bn, with segment operating income at €3.4bn; slight decline due to lower volumes, especially in original equipment.

• Free cash flow before acquisitions was €2.22bn in 2024; return on capital employed at 10.5%.

• Dividend per share for 2024 set at €1.38, payout ratio at 52%.

• Value-added distribution: 64% to employees, 16% to shareholders, 11% to governments.

• Shareholder return over 10 years reached 130%, including dividends and share price appreciation.

Board and executive committee updates

• Supervisory Board comprised 11 members, 89% independent, 45% women, 33% foreign nationals, with 97.4% attendance in 2024.

• Board reviewed management strategy, major transactions, and succession planning.

• Committees focused on audit, risk management, sustainability, and executive compensation.

• 2024 compensation for top executives and board disclosed; structure and criteria unchanged for 2025.

• Board praised management's agility and resilience in a volatile environment.