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 ...

Market Overview - U.S. stock futures are showing a mixed picture as investors digest the previous day's rally and prepare for significant economic data and corporate earnings [1] - Major indexes closed higher on Monday, but premarket trading indicates a cautious start to the session [1] Premarket Trading and Index Futures - S&P 500 (SPX) futures are slightly higher, up approximately 0.1% to 0.12% [2] - Nasdaq 100 (NDX) futures are showing a slight dip of around 0.05% [2] - Dow Jones Industrial Average (DJIA) futures are also flat, with a modest gain of about 0.02% to 0.13% [2] Recent Market Performance - On Monday, DJIA closed at a new all-time high of 50,219, up 0.04% [3] - S&P 500 gained approximately 0.5%, closing at 6,964.82 [3] - Nasdaq Composite rose 0.9% to 23,238.67, driven by a rebound in tech stocks [3] Key Upcoming Market Events - Retail Sales report for December is expected to show a rise of 0.4% month-on-month, providing insights into consumer demand [4] - The rescheduled January Jobs Report is anticipated to influence Federal Reserve policy expectations [5] - Consumer Price Index (CPI) and inflation readings will be released later in the week, impacting monetary policy decisions [5] Major Stock News and Corporate Announcements - Coca-Cola (KO) is expected to report an EPS of $0.56, a 1.82% year-over-year increase [6] - S&P Global Inc. (SPGI) is anticipated to show a 14.59% increase in EPS to $4.32 [6] - Spotify Technology S.A. (SPOT) is projected to see a significant 56.91% jump in EPS to $2.95 [6] - Fiserv, Inc. (FISV) is expected to report a 24.30% decrease in EPS to $1.90 [6] - CVS Health (CVS) is estimated to see a 16.81% decrease in EPS to $1.68 [6] Other Corporate News - ZoomInfo Technologies (ZI) saw a decline of over 10% in premarket trading despite surpassing market expectations [7] - Goodyear Tire & Rubber Company (GT) reported flat net sales but a 9% organic increase in segment operating income [8] - Tech giants like Nvidia (NVDA) and Broadcom (AVGO) experienced gains of 2.4-3.4% [9] - Oracle (ORCL) surged 9.6% following an analyst upgrade related to AI demand [10] - Workday (WDAY) shares fell 5.1% after CEO resignation, while Kroger (KR) shares rose 3.9% after announcing a new CEO [11]

Core Insights - Goodyear Tire reported quarterly earnings of 39 cents per share, missing the consensus estimate of 47 cents by 17.89% [2] - Quarterly revenue was $4.92 billion, exceeding the analyst consensus estimate of $4.84 billion, but down from $4.95 billion in the same period last year [2] - Tire unit volumes totaled 42.3 million for the quarter [2] Company Performance - The CEO highlighted that the company delivered a strong quarter driven by the execution of the Goodyear Forward plan [3] - The fourth quarter results marked the highest segment operating income and margin achieved in over seven years [3] - The company is focusing on elements within its control to navigate challenging industry conditions [3] Stock Movement - Goodyear Tire stock dropped 6.37% to $9.85 in extended trading [4]

Core Insights - Goodyear Tire & Rubber Company reported fourth quarter 2025 net sales of $4.9 billion, flat compared to 2024, but up 4% organically [3][4] - The company achieved a net income of $105 million, or $0.36 per share, compared to $73 million, or $0.25 per share in the previous year [3][4] - Segment operating income reached $416 million, up 9% from 2024 and up 18% organically, with a segment operating margin of 8.5%, an increase of 80 basis points [3][5] Financial Results - Fourth quarter 2025 net sales were $4.9 billion, with tire unit volumes totaling 42.3 million [3] - Adjusted net income for the fourth quarter was $113 million, compared to $111 million in the prior year's quarter [4] - The fourth quarter included significant items such as gains on asset sales of $116 million and an insurance recovery of $56 million, offset by various charges totaling $185 million [3][4] Segment Results - Total segment operating income for the fourth quarter was $416 million, compared to $382 million from a year ago, reflecting an increase of $64 million or 18% organically [5] - The Americas segment reported net sales of $2.9 billion, a decrease of 0.8% year-over-year, driven by a decline in tire unit volume [14] - EMEA segment net sales increased by 4.9% to $1.5 billion, while Asia Pacific segment net sales decreased by 12.9% to $528 million [16][18] Goodyear Forward Program - The Goodyear Forward program delivered $192 million in benefits during the fourth quarter, contributing to a cumulative benefit of $1.25 billion since its inception [6] - The program has exceeded its original commitment by approximately $150 million, achieving a $1.5 billion run-rate over the two-year period [6] Full-Year Results - For the full year 2025, Goodyear reported net sales of $18.3 billion, with a net loss of $1.7 billion, compared to a net income of $46 million in the previous year [8][9] - Adjusted net income for the full year was $136 million, down from $278 million in the prior year [9] - Total segment operating income for 2025 was $1.1 billion, down from $1.3 billion in the previous year, reflecting lower volumes amid industry headwinds [10]

Company Closures and Layoffs - CNH Industrial America is closing its Burlington, Iowa plant, resulting in 209 layoffs by May 2026 due to lower backhoe demand [1] - Continental Tire of America will close its Barnesville, Georgia manufacturing plant, laying off 235 employees by the end of 2026, citing long-standing cost-competitiveness issues [2] - Alton Steel Inc. will cease operations in Alton, Illinois, impacting approximately 253 employees, due to structural challenges in the domestic steel industry [3] - Macy's Inc. will close its Owasso, Oklahoma fulfillment center by the end of March, resulting in 993 layoffs as part of a supply chain modernization effort [4] - King Delivery LLC is closing operations in Brooklyn, New York, leading to 153 layoffs [6] - Fresenius USA Manufacturing will lay off 165 employees across three distribution centers due to the divestiture of parts of its logistics operation [7][8] - Kuehne+Nagel Inc. plans to close its Locust Grove, Georgia logistics operation, resulting in 153 layoffs [9] - Legacy Supply Chain is laying off 129 employees across five California locations [10] - American Eagle Outfitters is shutting down its La Palma fulfillment center, eliminating 108 jobs [11][12] - FTI Buyer LLC will close its Cincinnati facility, laying off 104 employees [13] - First Brands Group is closing its Arlington facility, affecting 88 employees [14] - Goodyear Tire & Rubber Co. plans to close its Tall Timbers Mold facility in Findlay, Ohio, resulting in 85 layoffs [15] - Lighteum Medical is laying off 83 employees at its San Diego facility [16] - Plug Power Inc. filed a WARN notice for a mass layoff at its Houston facility, affecting 74 employees [17] - Great Lakes Coca-Cola Distribution will lay off 62 employees in Lansing, Michigan [18] - Waddington North America is closing a facility in Bremen, Georgia, eliminating 49 jobs [19] - Turf Care Supply Corp. will close its blending department, eliminating 46 jobs [20] - Automated Harvesting LLC is closing its Yuma operations, laying off 46 workers [21] - H4 Logistics LLC is closing its Kenosha facility, resulting in 41 layoffs [22] - Tekni-Plex plans to close its Milwaukee facility, impacting 39 employees [23] - GXO Logistics will close its Romeoville facility, laying off 32 workers [25] Industry Trends - Weak consumer demand, excess capacity, contract losses, and network consolidation are leading shippers and logistics providers to shrink operations [5] - Manufacturers tied to industrial freight are cutting output amid slower order volumes and tighter capital conditions, reflecting a freight market struggling to regain momentum [5]

Core Viewpoint - Goodyear Tire & Rubber Company is set to report its fourth quarter and full-year 2025 financial results on February 9, 2026, with a conference call scheduled for February 10, 2026 [1] Group 1: Financial Reporting - The financial results will be published in an Earnings Release and an additional presentation on the investor website [1] - The conference call will take place at 8:30 a.m. Eastern time on February 10, 2026 [1] Group 2: Accessing the Conference Call - The call can be accessed via the website or by telephone, with specific numbers provided for participants [2] - A replay of the conference call will be available through designated phone numbers and on the website [2] Group 3: Company Overview - Goodyear is one of the largest tire companies globally, employing approximately 63,000 people and operating 49 facilities across 19 countries [3] - The company has two Innovation Centers located in Akron, Ohio, and Colmar-Berg, Luxembourg, focusing on developing advanced products and services [3]

Core Insights - Michelin Group's preliminary financial figures for 2025 indicate a Free Cash Flow before M&A of €2.1 billion, surpassing the previously provided range of €1.5 billion to €1.8 billion [2] - The outperformance in Free Cash Flow is attributed to disciplined capital expenditure (Capex) and effective management of working capital, including inventory, accounts payable, and accounts receivable [2] - The Group confirms its Segment Operating Income for 2025 at constant exchange rates will remain within the range of €2.6 billion to €3.0 billion, as previously stated [2] Financial Performance - Free Cash Flow for 2025 is reported at €2.1 billion, exceeding the forecast range [2] - Segment Operating Income is confirmed to be between €2.6 billion and €3.0 billion [2] Future Reporting - The audited results for 2025 are scheduled to be released on February 11, 2026, after market close [3]

Core Viewpoint - Michelin has appointed Bénédicte de Bonnechose as Chief Financial Officer, effective June 1, 2026, succeeding Yves Chapot [1]. Group 1: Appointment Details - Bénédicte de Bonnechose will take over as CFO of the Michelin Group on June 1, 2026 [1]. - She has been a member of the Michelin Executive Committee since January 1, 2021, overseeing Urban and Long-Distance Transportation Business lines and the European region [2]. - Prior to her current role, she served as Deputy Group Chief Financial Officer since April 2019 [2]. Group 2: Professional Background - Bénédicte de Bonnechose has over 25 years of experience within the Lafarge Group, holding various financial and operational leadership positions [3]. - She was President of LafargeHolcim France and Belgium from 2015 to 2018 [3]. - Before joining Michelin, she worked for four years at Deloitte in the Industrial and Retail sectors [3].

Core Insights - Goodyear Tire & Rubber Company announced the appointment of David Cichocki as Managing Director, Americas & Chief Sales Officer, Americas Consumer, effective January 19, 2026 [1][2] - Cichocki's role will focus on strengthening sales execution, accelerating profitable growth, and aligning regional governance with global strategy [2] - CEO Mark Stewart highlighted Cichocki's extensive experience in leading transformations and driving sustainable results, which aligns with Goodyear's strategic changes [3] Company Overview - Goodyear is one of the largest tire companies globally, employing approximately 64,000 people and operating 51 manufacturing facilities across 19 countries [4] - The company has two Innovation Centers located in Akron, Ohio, and Colmar-Berg, Luxembourg, dedicated to developing advanced products and services [4]

Summary of Key Points from the Conference Call Industry Overview - **Tire Industry**: Positive sentiment due to steady replacement demand and growth in large-diameter tire sales. [2] - **Auto Parts Industry**: Cautious outlook due to declining new car production and completion of price pass-throughs to OEMs. [3] Company-Specific Insights Tire Industry - **TOYO**: High expectations for the expansion of high-performance tire sales and aggressive share buybacks. The stock outperformed in 2025, with potential for P/B re-rating based on ROE improvement. [2] - **Bridgestone**: Focus on cost improvements from restructuring and demand for mining tires. Comparisons with Michelin were discussed, indicating a competitive landscape. [2][9] Auto Parts Industry - **Nifco**: Plans for further share buybacks under a mid-term plan starting in F3/27 and sales expansion to Chinese OEMs. [3] - **Koito**: Expected earnings improvement through streamlining operations and enhancing lamp added value. [3] - **Toyoda Gosei**: Rated Overweight (OW) with investor interest in airbag growth and market share gains. Target P/E is set at 11.0x, slightly above the industry benchmark of 10.0x. [9][10] Investor Sentiment - Investors showed less interest in Tires compared to Japanese and Asian investors, but remained positive about stable earnings driven by solid replacement demand and a shift to larger tires. [9] - Interest in business restructuring within the Toyota group was noted, particularly regarding Nifco and Koito Mfg. [9] Risks and Opportunities - **Upside Risks for Toyoda Gosei**: Recovery in Toyota sales and production, expansion of airbag sales beyond Toyota, and growth in the eRubber business. [12] - **Downside Risks**: Competition for orders with overseas competitors and declining sales of sedan models. [12] Valuation Methodology - Toyoda Gosei's target P/E is based on expected competitive standing in the passive safety space and market share growth in the medium term. [10] Conclusion - The overall sentiment in the Tire industry is attractive, while the Auto Parts industry is viewed as in-line. There are specific growth opportunities and risks associated with key players in both sectors. [6][9]