5 January 2026 European Automobiles & Components Global Tyres 2026 Outlook: A race to be won. Upgrade Pirelli to Outperform, Conti to Market-Perform. Michelin remains top pick Harry Martin, CFA +44 20 7676 8965 harry.martin@bernsteinsg.com Alice Buckley +44 20 7676 6739 alice.buckley@bernsteinsg.com +44 20 7762 5535 stephen.reitman@bernsteinsg.com Steve Pereira Fernandes, CFA +44 20 7676 7254 steve.pereira-fernandes@bernsteinsg.com Gali Salvatorelli Naraghi +44 20 7676 6741 gali.salvatorelli-naraghi@bernste ...

Group 1 - The company, Compagnie Générale des Établissements Michelin, has experienced a share price decline of approximately 11% since the last update [1] - Michelin is recognized as one of the largest tire manufacturers globally, indicating its significant position in the industry [1] Group 2 - The analysis is conducted by buy-side hedge professionals who focus on fundamental, income-oriented, long-term analysis across various sectors in developed markets [1]