Core Viewpoint - Compagnie Générale des Établissements Michelin has announced the cancellation of 22,919,400 treasury shares, which represents 3.23% of the total shares outstanding, effective December 30, 2025 [2]. Group 1: Capital Reduction Details - The decision for the capital reduction was made by the Managing Chairman on December 19, 2025, and was approved in the Shareholders Meeting on May 16, 2025 [2]. - The effective date for the capital reduction is confirmed as December 30, 2025, as per the Euronext notice dated December 24, 2025 [2].

The Nikkei fell 0.44% to 50,526.92, while the broader Topix inched 0.1% higher ‌to 3,426.52. All ‌three major U.S. stock indexes closed nominally lower on Friday, snapping a five-session rally. In ‌Japan, chip-related heavyweights fell, with Advantest and Air conditioning maker Daikin Industries fell 2.02%.Live Events The Nikkei slipped as some large stocks with higher The Topix's rubber maker index slipped ‍1.4% to become the worst performer among the 33 ‌industry sub-indexes. Banks rose as the The T ...

Core Insights - The article discusses the financial status and operational updates of Compagnie Générale des Établissements Michelin, highlighting its capital structure and registration details [1] Financial Overview - The company has a capital of EUR 355,257,268.50, indicating a strong financial foundation [1] Corporate Structure - Michelin is structured as a Partnership Limited by Shares, which may influence its governance and operational strategies [1] Registration Details - The company is registered in Clermont-Ferrand, which is significant for its historical and operational context [1]

Core Insights - The article discusses the financial performance and strategic initiatives of Compagnie Générale des Établissements Michelin, highlighting its capital structure and market position [1] Financial Performance - Michelin has a registered capital of EUR 355,257,268.50, indicating a strong financial foundation for its operations [1] Strategic Initiatives - The company is focused on expanding its market presence and enhancing operational efficiency through various partnerships and investments [1]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Auto Parts and Tires in Japan - **Investor Sentiment**: Attractive outlook for Tires, In-Line for Auto Parts [2][7] Key Insights on Tires Industry - **Durability of Demand**: Replacement tire demand remains strong, with expectations for earnings improvement driven by increased sales of large-diameter tires (18 inches and larger) [2][7] - **Earnings Outlook**: Potential for P/B multiples to re-rate in relation to ROE improvement [2] - **Company-Specific Discussions**: - **Yokohama Rubber**: Questions about the sustainability of recovery in agricultural tires [2] - **Toyo Tire**: Focus on the scale of share buybacks [2] - **Sumitomo Rubber**: Impact of Dunlop brand expansion discussed [2] Key Insights on Auto Parts Industry - **Earnings Momentum**: Limited due to sluggish growth in new vehicle production and normalization of price negotiations with OEMs [2] - **Investor Interest**: High interest in NHK Spring, Musashi Seimitsu, and Nifco, all rated Overweight [2][7] - **Company-Specific Insights**: - **NHK Spring**: Expected to see profit growth as HDD suspensions bottom out in Q2 [2] - **Musashi Seimitsu**: Anticipated meaningful contribution from HSC starting F3/28, with solid auto parts business due to cost improvements [2] - **Nifco**: Expected expansion of share buybacks under the mid-term plan starting F3/27 [2] - **Koito**: Earnings appear to be bottoming out [2] - **Stanley Electric & NOK**: New medium-term plans to be launched from the next fiscal year [2] Market Performance - **Stock Performance**: Notable year-to-date stock price performance for companies like Toyo Tire and Yokohama Rubber, with discussions on whether this momentum can continue into 2026 [7] Risks and Considerations - **Upside Risks**: Rising orders for metal substrates and motor cores, recovery in Honda sales, and expanding orders for BEV decelerator gears [10][12][15] - **Downside Risks**: Potential slump in production for Nissan and Subaru, price pressure from European customers, and weakening demand for parts for European commercial vehicles [11][16] Conclusion - **Overall Sentiment**: The Tires industry is viewed positively with sustainable demand, while the Auto Parts sector faces challenges but has specific companies with growth potential. Investors are advised to monitor individual company performance and market conditions closely [2][7]

Clermont-Ferrand, December 12th, 2025 COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN Partnership Limited by Shares (commandite par actions) having a capital of EUR 355,257,268.50Registered in the CLERMONT-FERRAND Trade and companies register under number 855 200 887Head office: 23, place des Carmes-Déchaux - 63000 Clermont-Ferrand, France Disclosure of the total number of voting rights and of the number of shares making up the Company’s capital (Articles L.233-8 of the French Commercial Code and 223-16 of ...

Core Viewpoint - The company, Michelin, has engaged in a securities repurchasing program, acquiring a total of 1,607,859 ordinary shares at an average price of €27.9875 per share on December 11, 2025 [1]. Summary by Categories Company Actions - Michelin repurchased 893,255 shares through NATIXIS and 714,604 shares through BNP PARIBAS on the same date [1]. Financial Details - The average price for the shares acquired was €27.9875, indicating a significant investment in its own equity [1]. Transaction Platforms - The repurchases were conducted over-the-counter, reflecting a strategic approach to managing its share capital [1].

Core Thesis - The Goodyear Tire & Rubber Company is transitioning from a cyclical business model to a disciplined self-help and deleveraging strategy, with significant divestitures and a focus on improving its balance sheet [2][5]. Financial Performance - As of December 2nd, Goodyear's share price was $8.72, with trailing and forward P/E ratios of 5.12 and 10.98 respectively [1]. - The company executed divestitures in 2025, generating approximately $2.2 billion, which has been directed towards debt reduction [2]. - On a pro-forma basis, debt has decreased by approximately $1.5 billion year-over-year, with strong free cash flow anticipated in Q4 [5]. Operational Improvements - Goodyear's Forward program is on track to achieve $1.5 billion in annualized run-rate savings by the end of 2025 [3]. - Despite weak Q3 headline numbers due to non-cash charges, underlying operations showed sequential improvement in Segment Operating Income [3]. - The company is prioritizing the shedding of low-multiple, non-core assets while focusing on high-margin core operations, with around 1,000 new SKUs being introduced [4]. Market Positioning - Goodyear's global footprint is increasingly oriented towards the higher-margin replacement market, supported by strong price/mix dynamics and OEM partnerships [4]. - The company's retail and service network, consisting of 800 sites, presents potential upside through sale-leasebacks or carve-outs [4]. Future Outlook - The turnaround is progressing effectively, with visible execution in receipts and savings, setting the stage for a potential re-rating as leverage normalizes and cash generation accelerates [5]. - Previous bullish theses on Goodyear highlighted the need for stronger execution, and while the stock has depreciated approximately 10.92% since then, the fundamentals remain stable [6].

Japan’s Sumitomo Rubber Industries is set to obtain exclusive rights to use the Dunlop brand for tyres and related accessories in Malaysia and two neighbouring Southeast Asian markets, according to a report by Nikkei Asia. At present, Continental Tyre Malaysia holds exclusive sub-licence rights to the Dunlop name in Malaysia, Singapore and Brunei. Financial terms of the agreement have not been made public. Nikkei Asia, citing undisclosed sources, reported that the deal value is expected to be slightly b ...

Core Points - Goodyear Tire & Rubber Company is launching its 42nd annual Highway Hero Award to honor commercial truck drivers who demonstrate exceptional courage on the job [1] - Nominations for the award are open until January 31, 2026, and eligible nominees must hold a valid Commercial Driver's License and operate qualifying commercial vehicles [1] - The heroic acts must have occurred between January 1 and December 31, 2025, while the driver was actively on duty in the U.S. or Canada [1] Company Overview - Goodyear is one of the world's largest tire companies, employing approximately 64,000 people and manufacturing products in 51 facilities across 19 countries [1] - The company has two Innovation Centers located in Akron, Ohio, and Colmar-Berg, Luxembourg, focused on developing advanced products and services [1]