On March 13, 2023, Michelin held its Capital Markets Day to provide an update on the deployment of its Michelin in Motion strategic roadmap, with the following main takeaways.
2030 strategic update
• During its 2021 Capital Markets Day, Michelin had revealed its growth strategy towards 2030 named “Michelin in Motion”, with the ambition to grow revenues by 5% a year from 2023 to 2030 and achieve 20 to 30% of Group’s revenues Around & Beyond tire.
• Over the past 2 years, the Group has delivered a high performance on its People, Profit and Planet key performance indicators, navigating a very disrupted environment. We are on track to reach the targets set for 2023.
• The ongoing mega-trends – fragmentation of the world, deep change in relation to work, environmental awareness, electrification of mobility – fully confirm the relevance of our strategy that is, growing to further increase value creation and Group’s resilience.
• These transformations are seen as opportunities as they emphasize Michelin’s differentiation, this should develop in the coming years as the Group further enhances its distinctive capabilities.
• As a deep-tech company able to address many high-value market verticals, Michelin leverages technology and science to increase its leadership and differentiate vs competition, both in terms of performance and sustainability.
• Our future success will come from our ability to further improve our structural performance in the tire space on the one hand, and to catalyze growth Around and Beyond tire on the other hand; this growth will be both organic and fueled by M&A.
• Michelin’s M&A track record over the last 5 years is very encouraging: we designed our M&A patterns according to our strategy, we successfully integrated our acquired businesses, and we see new product developments out of deep-innovation synergies reaching the market and increasing our differentiation towards demanding customers. The Group is actively managing its portfolio of activities to move faster toward high growth drivers and crystallize the value of its ventures.
• Group ROCE target of 10.5% over time includes the impact of M&A. 2023 outlook vs targets announced at 2021 Capital Markets Day
• April 26 Q1 2023 Sales
• May 12 Annual Shareholders Meeting
• May 17 Ex-dividend
• May 19 Dividend Payment
• July 26 H1 2023 Results
• Oct. 24 9M 2023 Sales
• February 2023 FY results
• During H1 Capital Markets Day
Supporting documents will be available as of March 13, at 4:15pm CET on michelin.com
Michelin, the leading mobility company, is dedicated to sustainably enhancing its clients’ mobility; designing and distributing the most suitable tires, services, and solutions for its clients’ needs; providing digital services, maps, and guides to help enrich trips and travels and make them unique experiences; and developing high-technology materials that serve a variety of industries. Headquartered in Clermont-Ferrand, France, Michelin is present in 175 countries, has 132,200 employees and operates 67 tire production facilities which together produced around 167 million tires in 2022. (www.michelin.com)