Slide 1: Third Quarter 2025 Financial Results
October 31, 2025 Third Quarter 2025 Financial Results Ray Scott, President and CEO Jason Cardew, Senior Vice President and CFO Lear Proprietary: The information contained herein is the property of Lear Corporation.
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated financial results and liquidity. The words “will,” “may,” “designed to,” “outl
Slide 3: Agenda
Agenda 01 02 03 BUSINESS UPDATE FINANCIAL REVIEW CONCLUDING REMARKS Ray Scott, President and CEO Jason Cardew, Senior Vice President and CFO Ray Scott, President and CEO Lear Proprietary: The information contained herein is the property of Lear Corporation. 3
Slide 4: Business Update
Business Update Ray Scott President and CEO Lear Proprietary: The information contained herein is the property of Lear Corporation.
Slide 5: Financial Overview
Financial Overview Third Quarter 2025 Q3 2025 Q3 2024 SALES $5.7B $5.6B CORE OPERATING EARNINGS $241M $257M ] ADJUSTED EARNINGS PER SHARE $2.79 $2.89 OPERATING CASH FLOW $444M $183M Please see appendix for discussion of non-GAAP financial measures, as well as reconciliations of non-GAAP financial me
Slide 6: Q3 2025 Highlights
Q3 2025 Highlights Growing our capabilities in Supporting sustainable value Extending Seating Expanding E-Systems margins operational excellence through creation with disciplined global leadership through focused portfolio IDEA by Lear capital allocation Delivered positive operating performance in
Slide 7: Key Growth and Margin Improvement Metrics Scorecard
Key Growth and Margin Improvement Metrics Scorecard Growth Metric Q3 Update Margin Improvement Status YTD 2025 Targets Metric Won conquest awards in Asia and South IDEA / Automation Conquest Wins - JIT ≈$50 million ≈$70 million America Savings Won three low-voltage wire conquest Conquest Wins - Wire
Slide 8: U.S. Onshoring: Positioned for Growth
U.S. Onshoring: Positioned for Growth In advanced discussions with a North American customer on incremental volume for a key platform in the United States MAJOR U.S. Engaged in discussions with a German luxury automaker to support onshoring production of a currently imported vehicle into an exis
Slide 9: Transformation Using Digital Tools and Automated Processes
Transformation Using Digital Tools and Automated Processes • First-mover advantage to digitize operations and • Acquired 8 companies in 7 years, focusing on product embed AI capabilities globally with Palantir and process innovation including WIP and StoneShield • Launched the Lear fellowship progra
Slide 10: Financial Review
Financial Review Jason Cardew Senior Vice President and CFO Lear Proprietary: The information contained herein is the property of Lear Corporation.
Slide 11: Global Vehicle Production and Currency
Global Vehicle Production and Currency Third Quarter 2025 INDUSTRY PRODUCTION (units in millions) GLOBAL NORTH AMERICA EUROPE AND AFRICA CHINA Q3 2024 21.3 3.8 3.8 7.0 Q3 2025 22.3 3.9 3.9 7.7 UP 4% YOY UP 5% YOY UP 1% YOY UP 10% YOY Lear Sales-Weighted Basis UP 4% YOY KEY CURRENCIES Q3 2024 Q3 2025
Slide 12: Key Financials
Key Financials Third Quarter 2025 ($ in millions, except per share amounts) 2024 2025 YEAR-OVER-YEAR DRIVERS Changes in foreign exchange rates, tariff recovery and sales Net Sales $5,584 $5,680 backlog partially offset by the impact of the JLR production disruption and lower volume on Lear platforms
Slide 13: Seating Sales and Margin Drivers
Seating Sales and Margin Drivers Third Quarter 2025 SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) $44 $4,250 6.37% 6.14% $30 50 bps $29 $70 $4,112 5 bps $42 $262 (25) bps $261 (40) bps (10) bps $(77) Q3 2024 Volume / Mix JLR Backlog FX Tariff Other Q3 2025 Q3 2024 Volume / JLR P
Slide 14: E-Systems Sales and Margin Drivers
E-Systems Sales and Margin Drivers Third Quarter 2025 SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) 5.02% $1,473 $45 $1,430 $74 $27 95 bps 4.20% $31 $(11) $(54) $(14) (90) bps 15 bps $(34) $(33) $60 (55) bps (30) bps (15) bps Q3 2024 Volume / Mix JLR Backlog Wind-down FX Acquisi
Slide 15: Global Vehicle Production and Currency: 2025 Full Year Outlook
Global Vehicle Production and Currency 2025 Full Year Outlook INDUSTRY PRODUCTION (units in millions) GLOBAL NORTH AMERICA EUROPE AND AFRICA CHINA FY 2024 88.3 15.4 17.6 29.0 FY 2025 90.0 15.1 17.2 30.8 UP 2% YOY DOWN 2% YOY DOWN 2% YOY UP 6% YOY Prior Outlook: FLAT Prior Outlook: Down 4% Prior Outl
Slide 16: 2025 Full Year Outlook
2025 Full Year Outlook Interest Expense Net Sales ≈$105 million Operating Cash Flow $22,850 - $23,150 million Prior Outlook $110 million $1,035 - $1,085 million Prior Outlook $22,470 - $23,070 million Prior Outlook $1,010 - $1,110 million Effective Tax Rate Core Operating Earnings 20% - 22% Capital
Slide 17: Total Company July Outlook to October Outlook – at Mid-Point
Total Company July Outlook to October Outlook – at Mid-Point Full Year 2025 SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) $295 $10 $23,000 15 bps $75 $125 $22,770 $(20) 4.5% 15 bps 4.5% 0 bps 0 bps $(255) $1,025 $1,025 (30) bps July Volume / Mix JLR FX JV Tariff Other October Ju
Slide 18: Balanced Capital Allocation Strategy
Balanced Capital Allocation Strategy Strong Balance Sheet and Ample Liquidity • No debt maturities until 2027 • Low cost of bonds averaging less than 4% with a weighted average life DEBT MATURITIES of ≈12 years ($ in millions) Available Revolver Bonds Term Loan • Total available liquidity of ≈$3.0 b
Slide 19: Concluding Remarks
Concluding Remarks Ray Scott President and CEO Lear Proprietary: The information contained herein is the property of Lear Corporation.
Slide 20: Positioned for Long-Term Success
Positioned for Long-Term Success Growing our Supporting our Extending Expanding margins capabilities in sustainable value our global through our operational creation with leadership focused portfolio excellence through disciplined capital in Seating in E-Systems IDEA by Lear allocation strategy Lear
Slide 21: Appendix
Appendix Lear Proprietary: The information contained herein is the property of Lear Corporation.
Slide 22: Growth Over Market
Growth Over Market Third Quarter 2025 1% NORTH AMERICA (13)% EUROPE (13)% CHINA (4)% • Seating: Unfavorable Global • Seating: Unfavorable • Seating: Favorable platform mix partially platform mix and backlog (3)% excluding JLR platform mix and backlog offset by backlog • E-Systems: Unfavorable • E-Sy
Slide 23: JLR Impact
JLR Impact Timeline Impact • August 31st – JLR’s systems were compromised by a • Operating income amounts include impact from cyberattack trapped labor • September 1st – JLR halted global production across all • Q3 2025 impact manufacturing plants and retail operations ─ Revenue ≈$111 million • Octo
Slide 24: Seating July Outlook to October Outlook – at Mid-Point
Seating July Outlook to October Outlook – at Mid-Point Full Year 2025 SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) 20 bps 15 bps 6.4% 6.3% 0 bps 0 bps $317 $17,120 $85 $75 (25) bps $1,090 $(20) $16,840 $(177) $1,060 July Volume / Mix JLR Production FX JV Consolidation Other Oct
Slide 25: E-Systems July Outlook to October Outlook – at Mid-Point
E-Systems July Outlook to October Outlook – at Mid-Point Full Year 2025 SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) 4.9% $5,930 $40 $10 $5,880 (10) bps $290 $(22) 0 bps 4.5% $(78) (30) bps $265 July Volume / Mix JLR Production FX Tariff Recovery October July Volume / Mix JLR P
Slide 26: Non-GAAP
Non-GAAP In addition to the results reported in accordance with GAAP included throughout the presentation, the Company has provided information regarding “pretax income before equity income, interest, other expense, restructuring costs and other special items” (core operating earnings or adjusted se
Slide 27: Non-GAAP
Non-GAAP Lear Proprietary: The information contained herein is the property of Lear Corporation. 27
Slide 28: Non-GAAP
Non-GAAP Lear Proprietary: The information contained herein is the property of Lear Corporation. 28
Slide 29: Non-GAAP
Non-GAAP Lear Proprietary: The information contained herein is the property of Lear Corporation. 29
Slide 30: Non-GAAP
Non-GAAP Lear Proprietary: The information contained herein is the property of Lear Corporation. 30