Clermont-Ferrand, February 26th, 2026 COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN Restatement of 2025 segment reporting, after creation of the Polymer Composite Solutions reporting segment As announced in January 2026, the Michelin Group is creating a fourth reporting segment dedicated to its Polymer Composite Solutions activities, which were previously part of RS3. In addition, the Group is changing the names of its segments: Previous segmentation (3 segments)New segmentation (4 segments)RS1ConsumerRS ...

Core Viewpoint - JP Morgan predicts potential economic turbulence following the Supreme Court ruling that nullified President Trump's emergency tariffs, estimating that the U.S. government may need to refund up to $200 billion to businesses [1][4]. Group 1: Economic Impact - The Supreme Court's decision could lead to heightened trade uncertainty and reduced business spending, despite the Trump administration's intentions to revive tariffs through alternative legal means [1][4]. - The estimated amount at stake for refunds is between $150 billion and $200 billion, as noted by JP Morgan's economic policy researcher Michael Feroli [2]. - If refunds are passed on to consumers, the economic activity boost would be significant; however, if businesses retain the cash, the impact would be smaller [4]. Group 2: Legal and Corporate Actions - Major corporations, including Costco, J.Crew, Crocs, Goodyear, and EssilorLuxottica, have filed lawsuits seeking refunds in anticipation of the Supreme Court ruling [5]. - The ruling has remanded the issue of refunds to lower courts, leaving the full amount and timing of any rebates uncertain [2]. Group 3: Fiscal Implications - JP Morgan forecasts that legal rulings requiring the administration to refund duties could lead to a larger fiscal deficit in 2026, estimated at 6.6% of GDP, which translates to approximately $2.1 trillion based on current data [8]. - The fiscal deficit occurs when government spending exceeds tax revenue, contributing to national debt [8]. Group 4: Tariff System Outlook - The research indicates that the Trump administration may attempt to maintain the average effective tariff rate despite the ruling, using different legal authorities [11]. - The average effective tariff rate is projected to decrease from 9.4% in December to just over 4% without the IEEPA duties, indicating a significant realignment of tariffs across various products and countries [12].

Core Viewpoint - Nokian Tyres is focusing on sustainable value-driven growth and aims to provide clarity and predictability regarding its future direction after navigating significant turbulence in recent years [2]. Group 1: Company Strategy and Financial Targets - The presentation will begin with Nokian Tyres President and CEO, Paolo Pompei, discussing the updated strategy and financial targets of the company [3]. - Following the CEO's presentation, Interim CFO Jari Huuhtanen will provide insights into the financials of Nokian Tyres [3]. Group 2: Business Focus Areas - The second session will concentrate on Nokian Tyres' Passenger Car Tyres business, featuring presentations from three speakers focusing on different regions: Tron Gulbrandsen on the Nordics, Tommi Alhola on Central Europe, and Chris Ostrander on North America [3]. Group 3: Q&A Session - A Q&A session will be held after the presentations, allowing attendees to engage with all the speakers [4].

Company Overview - The Goodyear Tire & Rubber Company is a leading global tire manufacturer with a diversified portfolio of brands and a vertically integrated business model, which provides a competitive edge in the automotive parts industry [6][8] - The company reported a total revenue of $18.28 billion and a net income of -$1.72 billion for the trailing twelve months (TTM) [4] - As of February 13, 2026, Goodyear shares were priced at $9.44, reflecting a one-year price change of 15.5%, outperforming the S&P 500 by 3.75 percentage points [7] Recent Developments - On February 13, 2026, LM Asset Management, Inc. disclosed an increase in its position in Goodyear by 1,170,000 shares, bringing the total stake to 1,680,000 shares with an estimated value of $9.22 million [2][7] - The increase in Goodyear's stake represents 11.64% of LM Asset Management's 13F reportable assets under management [7] Financial Performance - Goodyear's fourth quarter net sales were $4.9 billion, essentially flat year over year, but segment operating income rose by 9% to $416 million, resulting in an operating margin of 8.5% [9] - The Goodyear Forward program delivered $192 million in quarterly benefits and $1.25 billion cumulatively, while divestitures generated $2.3 billion in proceeds, primarily used to reduce debt [9] - Adjusted net income for 2025 was reported at $136 million, or $0.47 per share, despite non-cash charges affecting full-year numbers [10] Investment Considerations - The portfolio of LM Asset Management is heavily weighted towards cyclical names, and the addition of Goodyear deepens this theme [11] - Long-term investors should monitor free cash flow consistency and the sustainability of operating margins above 8% without one-time benefits [11]

Linglong Sport Master erhält Testbewertung "empfehlenswert" vom ACE Auto Club Europe [Accessibility Statement] Skip NavigationHANNOVER, Deutschland, 16. Februar 2026 /PRNewswire/ -- Sommerreifen müssen im täglichen Gebrauch bei Hitze, starkem Regen und plötzlichen Gefahrensituationen zuverlässig reagieren. Der ACE Auto Club Europe hat daher zehn Sommerreifen der Größe 225/40 R18 XL für die Kompaktklasse intensiv und objektiv getestet. Im Testfeld waren Premium-, Mittelklasse- und Budgetreifen vertreten, dar ...

Core Insights - The inaugural MICHELIN Guide restaurant celebration in Saudi Arabia showcases the country's vibrant and evolving culinary scene, featuring 51 selected restaurants, including 11 recognized for exceptional value with the Bib Gourmand designation and 40 listed as selected restaurants [1][6]. Group 1: Event Highlights - The celebration marked a significant moment as the MICHELIN Guide revealed its list through a dedicated website, presenting the information in three narrative chapters that capture the essence of Saudi hospitality, women, and bread [1]. - The award ceremony, held on December 15, included the presentation of official MICHELIN plaques to each restaurant, symbolizing excellence and allowing them to proudly display their honors [2]. Group 2: Special Awards - The Young Chef Award was given to Elia Kaady from Maiz in Riyadh, recognizing his culinary journey and contributions to the region's dining scene [3]. - Il Baretto in Riyadh received the Exceptional Mocktail Award for its innovative non-alcoholic cocktails, showcasing creativity and quality under the leadership of bar manager Santiago Latorre [3]. - Yaza in Jeddah was awarded the Service Award for providing an outstanding dining experience characterized by warm hospitality and knowledgeable staff [4]. Group 3: Restaurant Overview - A total of 51 restaurants were included in the 2026 MICHELIN Guide, with 11 receiving the Bib Gourmand recommendation and 40 recognized as selected restaurants [6]. - The list includes notable restaurants such as Em Sherif Café, Fi Glbak, and KAYZŌ, all of which received the Bib Gourmand designation [9][10].

Core Viewpoint - Goodyear Tire & Rubber reported a challenging fourth quarter in 2025, with revenue of $4.9 billion and segment operating income (SOI) of $416 million, marking the highest SOI and SOI margin in over seven years, despite facing significant headwinds in the industry [3][4][12]. Financial Performance - Fourth-quarter sales declined by 0.6% year-over-year due to lower volume and divestitures, while revenue per tire increased by 4% driven by an 8% rise in consumer replacement [2][4]. - SOI margin was 8.5%, up 1 percentage point excluding asset sales, with SOI increasing by approximately 9% year-over-year and 18% when adjusted for divestitures [1][3]. - Free cash flow exceeded $1.3 billion, contributing to a $1.6 billion reduction in net debt compared to the previous year [4][6]. Goodyear Forward Program - The Goodyear Forward transformation program has delivered $1.5 billion in run-rate benefits to date, with a focus on higher-value segments and an increase in new product launches by 30% compared to previous years [3][4]. - Management emphasized that the program's operational discipline will continue, aiming for a long-term SOI margin target of 10% [17]. Regional Performance - In the Americas, unit volume fell by 4% due to lower U.S. consumer replacement, with SOI at $233 million, representing just over 8% of sales [9]. - EMEA saw a 2% decline in unit volume, with SOI at $114 million (7.5% of sales), while Asia Pacific reported a 2% decline in unit volume but achieved an SOI of $69 million (13.1% of sales) [10][11]. Outlook and Challenges - For Q1 2026, management anticipates a 10% decline in volume driven by U.S. consumer replacement, alongside significant overhead costs and tariff impacts totaling approximately $130 million [12][16]. - The company expects only slightly positive free cash flow for 2026 in a base case scenario, reflecting ongoing challenges in the market [14].

Financial Data and Key Metrics Changes - The company reported fourth quarter revenue of $4.9 billion, with segment operating income of $416 million, reflecting year-on-year organic growth of 18% [4][5] - Free cash flow was noted as one of the strongest on record, with net debt declining by $1.6 billion year-over-year [5][21] - Gross margin increased by 1 percentage point during the fourth quarter, driven by strong execution in price mix and the Goodyear Forward initiative [19] Business Line Data and Key Metrics Changes - Americas unit volume decreased by 4%, primarily due to lower U.S. consumer replacement volume, while commercial volume significantly declined [21][22] - EMEA's fourth quarter unit volume decreased by 2%, with consumer OE volumes continuing to gain market share [24] - Asia Pacific saw a 2% decrease in unit volume, but consumer replacement volumes returned to growth following SKU rationalization [25] Market Data and Key Metrics Changes - The U.S. consumer sell-out declined by approximately 2.5% in the fourth quarter, with January showing a material weakness down about 5% across the industry [8][26] - In EMEA, consumer industry sell-in declined as imports fell by 7% in anticipation of potential tariffs [24] - The commercial OE market in the U.S. is expected to see growth in the second half of the year, but remains weak overall [56] Company Strategy and Development Direction - The company emphasized a focus on high-value segments and a disciplined approach to pricing and product mix, aiming to maintain margins rather than sacrificing them for volume [6][10] - The Goodyear Forward initiative has delivered significant benefits, with a total of $772 million in benefits for the full year, exceeding initial targets [21][15] - The company is committed to driving cost efficiencies and increasing exposure to structurally attractive parts of the tire market [17][80] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the operating environment remains challenging, with expectations for continued volatility into 2026 [26] - The first quarter is anticipated to be significantly impacted by lower consumer replacement volume and high channel inventories [27] - Management expressed confidence in regaining earnings and margin momentum once current turbulence subsides [27] Other Important Information - The company completed three major asset sales in 2025, which helped return the balance sheet to a healthier position [5] - The delay in the EU's decision on anti-dumping tariffs has added uncertainty to near-term conditions in EMEA [12][24] Q&A Session Summary Question: Thoughts on volumes for the remainder of the year - Management expects conditions to improve after Q1, with a focus on maintaining a richer product mix and managing inventory levels [34][36] Question: Clarification on divested Dunlop units - The divested Dunlop sales in 2025 were closer to 5 million units, with supply agreements of a minimum of 4.5 million units [40] Question: Q1 volume setup and industry assumptions - Management indicated that U.S. channel inventories increased about 10% year-over-year, with expectations for a decline in Q1 [46] Question: Improvement in commercial vehicle orders - The commercial business for OE in the Americas is expected to see growth in the second half, but assumptions remain cautious [56] Question: Inventory situation in the U.S. - The inventory situation is broad-based, with promotional activity affecting all tiers of the market [84] Question: Engagement in promotional activity - Management is being disciplined about promotional activities, focusing on maintaining pricing power and brand value [88]

Financial Data and Key Metrics Changes - The company reported fourth quarter revenue of $4.9 billion, with segment operating income of $416 million, reflecting year-on-year organic growth of 18% [4][5] - Free cash flow was noted as one of the strongest on record, with net debt declining by $1.6 billion year-over-year [5][21] - Gross margin increased by 1 full point during the fourth quarter, driven by strong execution in price mix and the Goodyear Forward initiative [19] Business Line Data and Key Metrics Changes - Americas unit volume decreased by 4%, primarily due to lower U.S. consumer replacement volume, with commercial volume significantly lower than last year [21][22] - EMEA's fourth quarter unit volume decreased by 2%, but consumer OE volumes continued to grow, resulting in market share gains [24] - Asia Pacific saw a 2% decrease in unit volume, but consumer replacement volumes returned to growth following SKU rationalization [25] Market Data and Key Metrics Changes - The U.S. consumer sell-out declined by approximately 2.5% in the fourth quarter, with industry sell-in down about half a point [22][26] - In EMEA, consumer industry sell-in declined as imports fell by 7% in anticipation of potential tariffs [24] - The commercial OEM replacement volumes in EMEA are expected to grow, but only in low to mid single digits [56] Company Strategy and Development Direction - The company emphasized a focus on high-value segments and a disciplined approach to pricing and product mix, aiming to avoid sacrificing margins for volume [6][10] - The Goodyear Forward initiative has delivered significant benefits, with a total of $772 million in benefits for the full year [21][15] - The company is committed to managing costs and optimizing production to enhance margins and returns [10][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the operating environment remains challenging, with expectations of continued volatility into 2026 [26] - The first quarter is anticipated to be significantly impacted by lower consumer replacement volume and high channel inventories [26][27] - Management expressed confidence in regaining earnings and margin momentum once current turbulence subsides [27] Other Important Information - The company completed three major asset sales in 2025, which helped return the balance sheet to a healthier position [5] - The company launched 30% more new products in 2025 than in previous years, marking a record for the company [5] Q&A Session Summary Question: Thoughts on volumes for the remainder of the year - Management expects conditions to improve after Q1, with a focus on maintaining a richer product mix and managing inventory levels [34][36] Question: Clarification on divested Dunlop units - The divested Dunlop sales in 2025 were closer to 5 million units, with supply agreements of a minimum of 4.5 million units [40] Question: Q1 volume setup and industry assumptions - Management indicated that U.S. channel inventories increased about 10% year-over-year, driven by pre-buy activity and promotional efforts [46] Question: Commercial vehicle market improvement - Commercial business for OE in the Americas is expected to see high teens to low 20% growth in the second half, off a low base [56] Question: Goodyear Forward's future actions - Management is focused on executing cost efficiency projects rather than rolling out a significant restructuring plan [80]

EARNINGS RELEASE Q4 2025 February 10, 2026 Q4 2025 HIGHLIGHTS SEGMENT OPERATING INCOME of $416 million, reflecting an 18 percent organic increase GOODYEAR FORWARD BENEFITS of $192 million, driven by exceptional execution FREE CASH FLOW of more than $1.3 billion – one of the strongest quarters for cash generation on record P.2 Highlights Financial Results SBU Results Outlook Important Disclosures Appendix Highlights Financial Results SBU Results Outlook Important Disclosures Appendix Q4 FUNDAMENTALS & CURREN ...