Dana Incorporated · NYSE:DAN
Dana — Investor Day (March 2026)
85 slides from Dana's investor day presentation, Mar 25, 2026
Slide 1: Capital Markets Day
March 25, 2026 Capital Markets Day
Slide 2: Safe Harbor Statement
Certain statements and projections contained in this presentation are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our industry and
Slide 3: Capital Markets Day: R. Bruce McDonald
Capital Markets Day R. Bruce McDonald Chairman and Chief Executive Officer
Slide 4: Executive Team
Executive Team Chris Clark Senior Vice President Global Operations Brian Pour Senior Vice President and President, Commercial Vehicle Systems Byron Foster Senior Vice President and President, Light Vehicle Systems Timothy Kraus Senior Vice President and Chief Financial Officer Andrea Siudara Senior
Slide 5: 2030 Financial Targets
2030 Financial Targets 2030 Financial Targets Aftermarket Growth Manufacturing Excellence Traditional Product Growth Structural Cost Reduction Sales ~$10 billion ~33% Adj. EBITDA Margin 14%-15% ~400 bps Adj. FCF Margin ~6% ~200 bps Share Repurchase Target Through 2030 2025 $650 million 2026-2030 ~$1
Slide 6: Capital Allocation
Capital Allocation Maintain a ‘best-in-sector’ balance sheet Net debt: <1x EBITDA Ability to invest in our growth strategies Through business cycles à Expected to yield multiple expansion Committed to substantial capital return to our shareholders Annual per share dividend growth Active share repurc
Slide 7: Today's Agenda
Today’s Agenda Capital Markets Day Key Themes Profitable growth story Clear roadmap to 14%-15% adjusted EBITDA margins Strong balance sheet enables focused investment in our business Commitment to substantial capital return to shareholders Dana Overview Byron Foster Growth Traditional Product Byron
Slide 8: Dana Overview
Dana Overview Byron Foster Senior Vice President and President, Light Vehicle Systems
Slide 9: Dana Snapshot
Dana Snapshot 66 major manufacturing facilities 11 technology centers Consolidated sales only. $7.5B 2025 sales 24 countries with Dana presence 5K+ customers in 120 countries ~27K employees
Slide 10: 2025 Sales
2025 Sales ~$7.5B ~$7.5B ~$7.5B ~$7.5B Consolidated sales only.
Slide 11: Global Customers
Global Customers Common Key Customers Light Vehicle Commercial Vehicle Brilliance Jinbei
Slide 12: Recent Company Highlights
New business backlog continues to grow 2026-2028: $750 million new business backlog, 33% increase over prior year; expect $1.15 billion through 2030 2025 EBITDA margin 8.1%, +310 bps Realized $310 million cost savings Tariff recoveries / mitigation Completed $2.7 billion sale of Off-Highway business
Slide 13: Dana's New Vision, Mission, Values
Dana’s New Vision, Mission, Values MISSION To be the world’s best powertrain company. We help our customers improve the performance of their vehicles. Safety First Act with Integrity Empower our People Be Accountable Play to Win Drive Innovation Quality Focused VISION VALUES
Slide 14: What is Dana 2030?
What is Dana 2030? Dana 2030 Is Our New Strategy We are building on our more than 120-year legacy to shape a strategy that is transformative and impactful for an exciting future Embodies our commitment to our people; long-term, profitable growth; and shareholder value A bottom-up initiative driven b
Slide 15: Dana 2030: Five Key Elements
Dana 2030: Five Key Elements Profitable Growth Margin Enhancement Traditional Product Growth Aftermarket Growth Manufacturing Excellence Structural Cost Reduction Applied Technologies Growth
Slide 16: Dana 2030: Profitable Growth Elements
Dana 2030: Five Key Elements Profitable Growth Traditional Product Growth Aftermarket Growth Applied Technologies Growth Three elements focused on profitable growth Traditional Products New program wins Market recovery Aftermarket Leverage strong OE heritage Applied Technologies Expand to new market
Slide 17: Dana 2030: Five Key Elements
Dana 2030: Five Key Elements Profitable Growth Margin Enhancement Aftermarket Growth Manufacturing Excellence Applied Technologies Growth Structural Cost Reduction Traditional Product Growth
Slide 18: Dana 2030: Margin Enhancement Elements
Dana 2030: Five Key Elements Margin Enhancement Manufacturing Excellence Structural Cost Reduction Two elements dedicated to margin enhancement Manufacturing Excellence Driving cost savings into operations Automation Manufacturing optimization Structural Cost Reduction Building off our 2025 cost sav
Slide 19: Dana 2030: Five Key Elements
Dana 2030: Five Key Elements Profitable Growth Margin Enhancement Aftermarket Growth Manufacturing Excellence Applied Technologies Growth Structural Cost Reduction Traditional Product Growth
Slide 20: Structure for Sustainable Success: Dana 2030 PMO
Structure for Sustainable Success Dana 2030 Project Management Office (PMO) Reports to CEO Identified over 500 initiatives Manages the process of change Steering Committee Provides guidance and ensures adherence to goals Formally approves initiatives Quick wins are funding long-term investments Valu
Slide 21: Traditional Product Growth
Traditional Product Growth Byron Foster Senior Vice President and President, Light Vehicle Systems
Slide 22: A Renewed Focus on Core On-Highway End Markets
Strong momentum with secured new business backlog of $750M! Drive margin expansion opportunities through product-line profitability analysis Protect key programs Next-generation Ford Super Duty secured through 2038 Jeep Wrangler secured through 2029 JLR Range Rover, Range Rover Sport, Defender secur
Slide 23: New Business Quoting Activity
New Business Quoting Activity OEMs are revisiting product plans with more emphasis on traditionally powered vehicles
Slide 24: Driving Margin Expansion
Driving Margin Expansion Overview Highlights Completed product-line and customer in-depth profitability analysis High complexity in several plants driven by part number and product proliferation Customer and product-line rationalization expected to yield margin expansion Minimum profitability thresh
Slide 25: Sealing Plant Example
Sealing Plant Example Margin Expansion Protect the Base Leverage Installed ICE Capability Grow Share Where Dana is Underrepresented Strategy Analysis looks at current OEM sales by product-line Top 150 part numbers are profitable Remaining 515 part numbers are low-volume Slow moving products to be: S
Slide 26: Next-Generation Super Duty: Secured Through 2038
Next-Generation Super Duty: Secured Through 2038 Expanding our long partnership with Ford on one of its flagship vehicles ~$900M Average Sales Per Year 2029 Start of Dana Production 1998 Current Incumbent Consolidation to single front-axle size resulting in reduced complexity and weight savings Ford
Slide 27: New Business Award: Isuzu
New Business Award: Isuzu Expanding content with current customers, driven by superior products and services SPL100 Driveshafts 12K Front Steer Axle S140 Rear Drive Axle ~$50M Annual Sales Feb 2027 Start of Dana Production 2018 Current Incumbent Strong quality, delivery, warranty performance Deliver
Slide 28: Dana Traditional Capabilities Are In Demand
Dana Traditional Capabilities Are In Demand ~$200M Annual Sales Traditional Products 2027-2030 Start of Dana Production New Programs Strong customer relationships and reputation Utilize existing capacity to minimize capital investment Industry leading technology and capabilities Dana Value Propositi
Slide 29: New Business Award: Mahindra & Mahindra
New Business Award: Mahindra & Mahindra – Outsourcing ~$50M Incremental Sales per Year Mid 2026 Start of Dana Production India Regional Expansion Mahindra, currently the second largest manufacturer in India, producing over 600K axles in-house Outsourcing due to M&M’s desire for industry leading tech
Slide 30: North American Commercial Vehicle Market
North American Class 8 Production Volume North American Class 5-7 and Bus Production Volume Source: ACT Research, S&P, Company Forecasts Market Snapshot 2027 emission regulation clarification and warranty requirement clarification Inventory level normalization Freight spot rates are improving Infras
Slide 31: Dana Outgrowing North American CV Market
K K CAGR CAGR Dana Outgrowing North American CV Market Margin Expansion Protect the Base Leverage Installed ICE Capability Grow Share Where Dana is Underrepresented N.A. Truck Production Units Dana N.A. CV OEM Sales Source: ACT Research, S&P, Company Forecasts
Slide 32: Market Growth: Commercial Vehicle OEM Fleet and Dealers
Market Growth: Commercial Vehicle OEM Fleet and Dealers Margin Expansion Protect the Base Leverage Installed ICE Capability Grow Share Where Dana is Underrepresented Overview Customers must choose driveline suppliers for their fleets Historically, Dana has been OEM-focused, with limited resources at
Slide 33: Profitably Growing Our Core Business
Profitably Growing Our Core Business Streamline our product portfolio and drive margin improvement actions Protect our incumbent position on some of the most attractive platforms in the industry Leverage our core capabilities and market-leading technology to capture new programs Grow as the CV marke
Slide 34: Aftermarket Growth
Aftermarket Growth Brian Pour Senior Vice President and President, Commercial Vehicle Systems
Slide 35: Aftermarket Profile
Aftermarket Profile By the Numbers ~$850M 2025 Actual Sales ~$320M Commercial-Vehicle Market Applications ~$530M Light-Vehicle Market Applications Key Product-Lines Regions and Market 2025 Dana Aftermarket by Region Total Addressable Market ~$6.6B
Slide 36: Aftermarket Distribution Channels
OES Distribution Center Dealer Fleet Warehouse Distribution Independent Store Front Service Center Retail Distribution Center Store Front E-Commerce Distribution Center
Slide 37: Dana 2030 Aftermarket Strategy
Dana 2030 Aftermarket Strategy Overview Key Themes Drive $200M in sales growth by 2030 Generate an additional $65M of adjusted EBITDA Demand Planning and Distribution Optimization Sales Enablement and Market Share Growth Pricing, Customer Segmentation, and Loyalty
Slide 38: Demand Planning and Distribution Optimization
Parts availability is the top priority for customers Demand Planning and Distribution Optimization Refine demand-planning structure and implement integrated inventory management system Distribution efficiency gains and automation Optimize global distribution footprint and logistics Singapore, Singap
Slide 39: Pricing, Customer Segmentation, and Loyalty
Active customer management drives higher satisfaction, increased selling price, and higher volume Pricing, Customer Segmentation, and Loyalty Key Themes Set prices based on the customer’s perceived value Launch incentive and loyalty programs for key customer groups Pricing based on factors other tha
Slide 40: Sales Enablement and Market Share Growth in Sealing Products
Global market share expansion, with a renewed presence in the North American aftermarket Sales Enablement and Market Share Growth in Sealing Products Total market size: ~$750M 2030 incremental growth target: ~$45M Trusted OE-brand heritage Proven playbook ready to scale globally Total market size: ~
Slide 41: Targeted Expansion of Aftermarket
Targeted Expansion of Aftermarket Achieve industry-leading fill rates through a critical focus on demand planning and fulfillment, enabled by: Investments in inventory systems Supplier management Distribution center efficiency Drive higher satisfaction, increased selling price, and higher volumes th
Slide 42: Applied Technologies Growth
Applied Technologies Growth Seth Metzger Senior Vice President and Chief Technology Officer
Slide 43: Applied Technologies Profitable Growth
Applied Technologies Profitable Growth EV growth in current markets – updated strategy Targeting high-value segments Platform approach to reduce cost and complexity Risk sharing with OEMs Leverage current product to expand into new markets Focus on attractive growth markets Strong fit with Dana comp
Slide 44: EV Backlog and Market
EV Backlog and Market EV New Growth Areas 5-Year Net New EV Sales Backlog: $575M Despite EV slowdown, growth will continue and will be part of our backlog ($ in millions) 2025 Outlook Current Outlook LV Battery Electric Vehicle Adoption Forecast Source: S&P $160 $50 $400 $575 2024 Outlook EV sales b
Slide 45: Dana EV Profitability
>$1,100M Dana EV Profitability EV New Growth Areas EV is profitable and will improve as backlog starts production
Slide 46: EV Growth Segments
EV Growth Segments EV New Growth Areas e-Thermal e-Transmission & Driveline Passenger Car Super Sportscar / Premium Segment Light Commercial Trucks Medium-Heavy Commercial Trucks Buses Total Addressable Market (2030) ~$3.5B ~$0.5B ~$2.5B ~$1.0B Segment Top Customers Products Motor Cooler, Battery Co
Slide 47: Key Opportunities
Key Opportunities Electric Drive Units and e-Axles Thermal Management Hybrid Transmissions Overview Premium electric vehicles and commercial trucks Sales of $300M currently in chase list Dana Value Proposition Established catalog of products Compact designs tailored for segments High-power density a
Slide 48: Heavy-Duty Pickup Truck e-Axle
Heavy-Duty Pickup Truck e-Axle EV New Growth Areas Heavy-duty pickup e-Beam preserves our role as a market leader in an electrified market ~$200M Average Sales Per Year 2029 Start of Dana Production REEV New Heavy-Duty EV Pickup Knowledge and proven reliability in pickup segment Rigid e-Beam designe
Slide 49: Applied Technologies: How We Choose
Applied Technologies: How We Choose Dedicated Growth Teams Actions Filtering Through Established Criteria 300+ Ideas 10-15 themes 5 High-Level Business Case Selected Themes Filter Themes on Fit and Attractiveness Deep-Dive Opportunities and Develop Go-Forward Plan 1 2 EV New Growth Areas Hundreds of
Slide 50: Targeted Growth Themes
Targeted Growth Themes EV New Growth Areas Five Areas Identified for New Future Growth High-Performance Compute Thermal Management Refrigerant Heat Exchangers Material Handling Powersport / Rec Powertrain Defense Powertrain Total Addressable Market (2030) ~$0.7B ~$1.0B ~$2.0B ~$1.5B ~$1.0B Segment T
Slide 51: Powersports / Recreational Industry Participation
Powersports / Recreational Industry Participation Overview Powersports market is evolving with demand for higher horsepower and on-road features, where Dana’s products provide a clear advantage Highlights Market is demanding better products Side-by-sides are driven on-road High-end model competition
Slide 52: Powersports: How Dana Wins
Dana Product Differentiation Dana’s Solution Benefits Hypoid Gears Differential Disconnect Spicer U-Joints and Driveshafts Current Industry Products Industrial Style Designs Bevel / Spiral Gears Pinion Disconnect U-Joints and Driveshafts Premiumization trend requires upgrading to automotive-grade dr
Slide 53: the war that never ends
the war that never ends DEPENDABLE OMEN oe Spicer
Slide 54: Defense Industry Participation
Defense Industry Participation Overview The defense industry is moving toward the modernization and hybridization of their fleet Highlights Increased spending in NA and EU Strong desire for: Modernization with commercial off-the-shelf parts (COTS) Hybridization to reduce fuel cost Strong fit with Da
Slide 55: Defense: How Dana Wins
Production Products Defense Platforms Light Duty Medium Duty Heavy Duty Providing commercial off-the-shelf products to meet defense needs Defense: How Dana Wins Product Alignment Example Representative platforms EV New Growth Areas
Slide 56: GM Defense Infantry Squad Vehicle Uplift
$32M Annual Sales Sept 2026 Start of Production Uplift Utilizes commercially available off-the-shelf product that meets military requirements Defense focused support team combined with Dana manufacturing expertise Proven product durability and manufacturing execution Dana Value Proposition Deliverin
Slide 57: Applying Current Technology for Growth
Applying Current Technology for Growth Balanced growth strategy is powertrain agnostic Strong pipeline with traditional and EV products EV growth targeting high-value segments ~$7.5B total addressable market by 2030 (~$1B secured) Pursuing ~$600M in incremental EV growth opportunities New strategy r
Slide 58: Dana 2030: Five Key Elements
Dana 2030: Five Key Elements Profitable Growth Margin Enhancement Aftermarket Growth Manufacturing Excellence Applied Technologies Growth Traditional Product Growth Structural Cost Reduction
Slide 59: Manufacturing Excellence
Manufacturing Excellence Chris Clark Senior Vice President Global Operations
Slide 60: Dana 2030: Manufacturing Excellence
More than 300 projects identified Automation Reduce conversion costs Key Strategies Dana 2030: Manufacturing Excellence ~$100M Annual Cost Reduction ~$50M Annual Cost Reduction ~$25M Annual Savings ~$175M Total by 2030 Make vs. Buy Reduce material costs Manufacturing Footprint Reduce fixed and varia
Slide 61: Manufacturing Modernization
Manufacturing Modernization Dana’s automation strategy has historically been shaped by capital expenditure priorities, resulting in less automation than the broader automotive industry We have assessed our facilities and developed “fast payback” automation projects, prioritizing locations in North A
Slide 62: Machine Loading and Unloading Automation
More than 44,000 lbs. of material manually loaded and unloaded daily Over 1,600 chances per day for pinch / laceration injuries Manual Machine Load and Unload Eliminated risk of material-handling-related injuries 20% increase of machine throughput Automated Machine Load and Unload Machine Loading an
Slide 63: Automated Flux Control Application
More than 15,000 parts per day Inconsistent pattern application Manual pattern verification Excess downstream scrap due to application method and additional part handling Manual Pattern Tracing Cobot applies flux control consistently on every part Pattern verification performed with AI vision system
Slide 64: Material Movement Within the Facility
Material Movement Within the Facility Fork Truck vs. Autonomous Mobile Robot (AMR) 40% Cost Reduction On-Time Material Delivery 98% 2.5-Year Automation Make vs. Buy Manufacturing Footprint Optimization Investment Payback Period
Slide 65: Core vs. Non-Core: Make vs. Buy Approach
Core vs. Non-Core = Make vs. Buy Approach Automation Make vs. Buy Manufacturing Footprint Optimization Key Decision Considerations Is there capacity and capability? How quickly does the product need to be in market? Is it a strategic benefit? Buy: Outsource Non-core or commodity components Lower upf
Slide 66: Make: Expanded North American Casting Capacity
Make: Expanded North American Casting Capacity ~$20M Annual Savings ~$60M Capital Investment 2 Years To Execute Captive and distressed market for North America mid-size ductile iron castings New U.S. and Mexico tariffs negatively impacting the supply balance Investment to expand current casting faci
Slide 67: Buy: Outsourcing Component Machining
Buy: Outsourcing Component Machining ~$4M Annual Savings ~$7M Investment Avoided 1.5 Years To Execute Outsource outdated equipment and non-core process Complexity reduction: 3 production lines to be transferred Project Overview Avoid investment in legacy process Utilizes existing capacity Material s
Slide 68: Dana's Global Manufacturing Footprint
Dana’s Global Manufacturing Footprint Automation Make vs. Buy Manufacturing Footprint Optimization Light Vehicle Commercial Vehicle ~1M Square Feet 7 Manufacturing Facilities ~$25M Annual Savings by 2030 Planned Manufacturing Footprint Optimization 2026 - 2030
Slide 69: Manufacturing Excellence Roadmap
More than 300 projects identified Automation and Industry 5.0 strategy are improving operator safety, quality, and delivery through: Machine Learning Robots, cobots, AMR implementation Make vs. buy strategy to optimize cost and create competitive advantage through a disciplined decision framework Ma
Slide 70: Financial Expectations
Financial Expectations Timothy Kraus Senior Vice President and Chief Financial Officer
Slide 71: Dana 2026 Guidance Snapshot
Dana 2026 Guidance Snapshot Post Off-Highway sale, new Dana has an attractive financial profile ~$7.5 Billion Sales 10%-11% Adj. EBITDA Margins ~$200 Million Incremental Backlog $800M-900M Aftermarket Sales $250M-$350M Adj. Free Cash Flow ~1.0x Leverage at YE 2026 ~$50 Million Dividends up to $300 M
Slide 72: Dana 2030: Profitable Growth Driving Higher Returns
Dana 2030: Profitable Growth Driving Higher Returns ~$2.5 billion from 2025 Organic Sales Growth ~$890 million from 2025 Increased Adj. EBITDA
Slide 73: Organic Sales Growth of $2.5 Billion 2025 to 2030
Organic Sales Growth of $2.5 Billion 2025 to 2030 Sales Growth Strong profitable growth driven by higher demand, market share gains and new business CAGR Delivering ~$2.5B of organic sales growth by 2030, a ~6% CAGR Well‑secured new business, including ~$1.15B from current and future backlog Commerc
Slide 74: Structural Cost Reduction: $50 Million
Optimization Foundational Current State Optimization Rationalize Back-End Systems Standardize Reporting Streamline Deliverables Data Management Combine Like Processes Shared Service Model Implement Global Applications Organizational Clean-Up Non-Manufacturing Footprint Optimization $50 million in sa
Slide 75: Dana 2030 Driving 80% Increase in Profit
Dana 2030 Driving 80% Increase in Profit Increased profit driven by higher-margin new business and cost improvement actions $1,400M - $1,500M CAGR Aftermarket Applied Technologies Manufacturing Excellence Structural Cost Reduction Adjusted EBITDA expected to increase by ~$650M at the midpoint of our
Slide 76: Strong Cash Flow Generation
Strong Cash Flow Generation Adjusted Free Cash Flow Higher Adjusted Free Cash Flow Driven by: Improved conversion of higher profit Increased Profit Lower Interest Improved Working Capital Efficiency
Slide 77: Strong Cash Flow Drives Balanced Capital Allocation
Strong Cash Flow Drives Balanced Capital Allocation M&A Activity Historical Capital Allocation (2021-2025) Future Capital Allocation (2026T-2030T) Capital allocation strategy supports organic growth and return of capital $1.9B ~$4B Does not include share repurchases funded by divestiture proceeds in
Slide 78: Capital Expenditures and R&D Investment
Capital Expenditures and R&D Investment Pre-Tax Return on Invested Capital Investment Discipline Drives ROIC Investment in organic growth opportunities governed by a focus on strong capital returns ~15% 7.9% of sales 6.7% of sales R&D includes engineering expense
Slide 79: Shareholder Return
Shareholder Return Capital return authorization of $2 billion Repurchase authorization through 2030 Repurchased 34 million shares in 2025, or 23% of shares outstanding Returned $704 million to shareholders in 2025 $650 million in share repurchases $54 million in dividends Repurchased ~$115 million s
Slide 80: The Five Elements of Dana 2030 Will Drive
The Five Elements of Dana 2030 Will Drive: See appendix for comments regarding the presentation of non-GAAP measures Above-market growth supported by new business wins Sales : 6% CAGR Adj. EBITDA: 17% CAGR FCF: 11% CAGR Fundamental improvements in operations for top-quartile margins Accelerated free
Slide 81: Dana 2030
aap 2030
Slide 82: Closing Remarks
Closing Remarks R. Bruce McDonald Chairman and Chief Executive Officer
Slide 83: Focus on increasing value to shareholders and customers
Focus on increasing value to shareholders and customers The New Dana Prior Dana Diversified powertrain supplier supporting on-and-off-highway customers Improving business performance driven by cost reduction initiatives Growth focused, but ‘all-in’ on EV Highly leveraged balanced sheet, poor histori
Slide 84: Why Invest in Dana Now?
Sustained, profitable growth and improved earnings Well-positioned in the market for profitable growth Significant margin enhancement roadmap Improving free cash flow generation Increasing earnings per share to ~$8.00 Strong balance sheet Capital allocation priorities: Focused reinvestments in our b
Slide 85: Adjusted EBITDA non-GAAP definition
Adjusted EBITDA is a non-GAAP financial measure which we have defined as net income (loss) before interest, income taxes, depreciation, amortization, equity grant expense, restructuring expense, non-service cost components of pension and other postretirement benefit costs and other adjustments not r