Commercial Vehicle Group, Inc. · NASDAQ:CVGI
Commercial Vehicle — Q1 2026 Earnings Presentation
20 slides from Commercial Vehicle's earnings presentation, May 6, 2026
Slide 1: Q1-2026 Earnings Presentation
Q1-2026 Earnings Presentation James Ray – President & Chief Executive Officer Angie O'Leary – Interim Chief Financial Officer May 6, 2026
Slide 2: Forward Looking Statements and Non-GAAP Financial Measures
Forward Looking Statements and Non-GAAP Financial Measures These slides contain forward-looking statements that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “co
Slide 3: Q1 2026 Overview
Q1 2026 Overview Q1 HIGHLIGHTS Q1 FINANCIAL OVERVIEW REVENUE GROWTH IMPROVED GROSS MARGINS 1.0% INCREASE YEAR-OVER-YEAR 12.2% ADJ. GROSS MARGIN • Growth driven by Global • Up 140bps year-over-year Electrical Systems and from Q1’25 and up Global Seating 250bps sequentially from REVENUE ADJUSTED EBITD
Slide 4: Global Electrical Systems Growth Driving Increased Utilization
Global Electrical Systems Growth Driving Increased Utilization Aldama, Mexico • Expect segment revenue to increase >10% in 2026 ✓ Driven by continued ramp up of new business, including Zoox (which is in production currently), accelerating the utilization of additional capacity • Business model posit
Slide 5: First Quarter 2026 Results
First Quarter 2026 Results CONSOLIDATED RESULTS (Continuing Operations) Year-Over-Year Performance Commentary Three Months • Revenue up 1.0% year-over-year in Q1 due to higher sales in GAAP Measures Ended Mar 31 Global Electrical Systems and Global Seating, partially offset by ($ in millions except
Slide 6: Sequential Gross Margin Improvement
Sequential Gross Margin Improvement Year-Over-Year Improvement Sequential Improvement Q1 Q1 Adjusted Gross Margin (%) Adjusted Gross Margin (%) +140bp +250bp 12.2% 12.2% 10.8% 9.7% Q1'25 Q1'26 Q4'25 Q1'26 Key Drivers of Margin Improvement • Structural improvement in operations • Improvements in plan
Slide 7: Sale-Leaseback Accelerates Deleveraging
Sale-Leaseback Accelerates Deleveraging • CVG completed sale-leaseback of Vonore, Net Leverage (Net Debt/Adj. EBITDA) Tennessee manufacturing facility in March ✓ $16 million in gross proceeds ✓ Net proceeds used to pay down term loan debt 4.1 x 3.8 x ✓ 20-year term Total Debt Reduced $12.8M since th
Slide 8: Global Seating
Global Seating Sales and Adjusted Operating Income Q1 Year-Over-Year Performance Commentary Revenue ($M) • Q1 Revenue grew 1.5% year-over-year driven by to higher international sales volume, offset by decreased customer demand in North America +1.5% 74.5 • Q1 adjusted OI increased $0.9 million year-
Slide 9: Global Electrical Systems
Global Electrical Systems Sales and Adjusted Operating Income Year-Over-Year Performance Commentary Q1 Revenue ($M) • Q1 revenue up 14% year-over-year due primarily to new business wins +14% ✓ Driven by ramp of previously awarded program wins in North 57.4 America and EMEA 50.5 ✓ Improved growth in
Slide 10: Trim Systems and Components
Trim Systems and Components Sales and Adjusted Operating Income Year-Over-Year Performance Commentary Q1 Revenue ($M) • Q1 revenue decreased 14% year-over-year primarily as a result of lower customer demand in North America (key geography for this segment) -14% 45.9 ✓ ACT Class 8 production -27% yea
Slide 11: Key CVG Markets Update
Key CVG Markets Update NA Class 8 Heavy Truck Build Outlook CVG Revenue by End Market* ACT Research is forecasting an improved 2026 followed by small pullback in 2027 with strong growth following in 2028 340 332 335 -2% 274 268 -24% 251 +25% +9% -2% Heavy Truck Construction 30 - 35% 20 – 25% 2023 20
Slide 12: Reaffirmed Fiscal 2026 Outlook
Reaffirmed Fiscal 2026 Outlook FY26 CVG Outlook ($M) Metric 2025 Results 2026 Outlook Net Sales $649.0 $660 - $700 Adjusted EBITDA $17.8 $24 - $30 Free Cash Flow $33.7 Positive • ACT Class 8 truck build forecast of 274k (up ~9% y/y) ✓ Class 8 expected to ramp sequentially throughout the year • Globa
Slide 13: Appendix
Appendix Q1 2026 Earnings Presentation - 13
Slide 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures This earnings presentation contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). In general, the non-GAAP measures exclude items that (i) management believes reflect the Company’s multi-year corporat
Slide 15: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (in millions) Q1 2026 Q1 2025 Gross Profit 19.8 17.8 Restructuring 1.2 0.5 Adjusted Gross Profit 21.0 18.3 % of Revenues 12.2% 10.8% Note: totals may not match due to rounding Q1 2026 Earnings Presentation - 15
Slide 16: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (in millions) Q1 2026 Q1 2025 Operating Income/(Loss) 14.7 1.4 Restructuring 1.2 0.7 Gain on sale of fixed assets (14.0) - Adjusted Operating Income 2.0 2.1 % of Revenues 1.2% 1.2% Net Income/(Loss) 0.9 (3.1) Interest Expense 4.1 2.5 Provision (b
Slide 17: Reconciliation of GAAP to Non-GAAP Financial Measures – Diluted EPS
Reconciliation of GAAP to Non-GAAP Financial Measures – Diluted EPS (in millions except for share information) Q1 2026 Q1 2025 Net income/(Loss) from continuing operations 0.9 (3.1) Operating income (loss) adjustments (12.7) 0.7 Loss on early extinguishment of debt 2.0 - Warrant fair value adjustmen
Slide 18: Segment GAAP to Non-GAAP QTD
Segment GAAP to Non-GAAP QTD For the Three Months Ended March 31, 2026 (in millions) Global Global Trim Systems Seating Electrical Systems and Components Corporate Total Operating Income/(Loss) 16.8 (0.0) (0.1) (1.9) 14.7 Restructuring 0.6 0.5 0.2 - 1.2 Gain on sale of fixed assets (13.7) - - (0.2)
Slide 19: Reconciliation of GAAP to Non-GAAP Cash Flow Information
Reconciliation of GAAP to Non-GAAP Cash Flow Information (in millions) Q1 2026 Q1 2025 CONTINUING OPERATIONS Cash Flow from Operations $ (1.6) $ 15.0 Capital Expenditures (2.7) (3.8) Proceeds From Sale of Property, Plant and Equipment 15.9 - Free Cash Flow from Continuing Operations 11.7 11.2 DISCON
Slide 20: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (in millions) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net Income/(Loss) (3.1) (4.1) (6.8) (6.4) 0.9 Interest Expense 2.5 2.3 4.1 4.2 4.1 Provision (benefit) for income taxes 2.1 1.7 0.7 0.2 1.9 Depreciation Expense 3.4 3.5 3.6 3.6 3.6 Amortizatio
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