Commercial Vehicle Group, Inc. · NASDAQ:CVGI
Commercial Vehicle — Q4 2025 Earnings Presentation
19 slides from Commercial Vehicle's earnings presentation, Mar 11, 2026
Slide 1: Q4-2025 Earnings Presentation
Q4-2025 Earnings Presentation James Ray – President & Chief Executive Officer Andy Cheung – Executive Vice President & Chief Financial Officer March 11, 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: Q4 2025 Overview
Q4 2025 Overview Q4 HIGHLIGHTS Q4 FINANCIAL OVERVIEW IMPROVED GROSS MARGINS GLOBAL ELECTRICAL SYSTEMS IMPROVEMENT 10.3% ADJ. GROSS MARGIN • Up 190bps from Q4’24 • New business wins contribution driving REVENUE ADJUSTED EBITDA • Improved profitability strong top-line growth driven by operational $154
Slide 4: Fourth Quarter 2025 Results
Fourth Quarter 2025 Results CONSOLIDATED RESULTS (Continuing Operations) Year-Over-Year Performance Commentary Three Months Twelve Months • Revenue down 5.2% year-over-year in Q4 due to softening in GAAP Measures Ended Dec 31 Ended Dec 31 customer demand across Global Seating and Trim Systems & ($ i
Slide 5: Strong Free Cash Generation and Improved Leverage
Strong Free Cash Generation and Improved Leverage 2024 – 2025 Free Cash Flow ($M) 2024 – 2025 Net Leverage (Net Debt/Adj. EBITDA) 33.7 4.7 x Net Debt Reduced $35.8M 4.1 x year-over-year Lower SG&A, Improved Working Capital and Lower Capex 12.2 2024 Free Cash Flow 2025 Free Cash Flow 2024 Year-End Ne
Slide 6: Global Seating
Global Seating Sales and Adjusted Operating Income Q4 Year-Over-Year Performance Commentary Full Year Revenue ($M) • Q4 Revenue declined 6% year-over-year due to lower sales volume as a result -9% of decreased customer demand -6% 74.8 314.7 • Q4 adjusted OI increased $1.2 million year-over-year prim
Slide 7: Global Electrical Systems
Global Electrical Systems Sales and Adjusted Operating Income Year-Over-Year Performance Commentary Q4 Full Year Revenue ($M) • Q4 revenue up 13% year-over-year due primarily to the ramp of new flat business wins +13% 203.1 203.2 ✓ Driven by ramp of previously awarded program wins in North 44.0 49.7
Slide 8: Trim Systems and Components
Trim Systems and Components Sales and Adjusted Operating Income Year-Over-Year Performance Commentary Q4 Full Year Revenue ($M) • Q4 revenue decreased 22% year-over-year primarily as a result of lower -23% customer demand in North America (key geography for this segment) -22% ✓ ACT Class 8 productio
Slide 9: Key CVG Markets Update
Key CVG Markets Update NA Class 8 Heavy Truck Build Outlook CVG Revenue by End Market* ACT Research is forecasting an improved 2026 followed by small pullback in 2027 with strong growth following in 2028 340 332 322 -2% 260 -24% 251 248 +30% +4% -5% Heavy Truck Construction 30 - 35% 20 – 25% 2023 20
Slide 10: Zoox Relationship
Zoox Relationship • CVG key differentiators supporting robotaxi market ✓ Global supply chain capabilities ✓ Significant capacity dedication ✓ Zoox input into design and testing ✓ Proven track record of quality • Providing Zoox with multiple low voltage wire harnesses per vehicle • Ramping Aldama cap
Slide 11: Fiscal 2026 Outlook
Fiscal 2026 Outlook FY26 CVG Outlook ($M) Metric 2025 Results 2026 Outlook Net Sales $649.0 $660 - $700 Adjusted EBITDA $17.8 $24 - $30 Free Cash Flow $33.7 Positive • Class 8 truck build rate of 260k (up ~4% y/y) ✓ Class 8 expected to ramp sequentially throughout the year, according to ACT • Global
Slide 12: Appendix
Appendix Q4 2025 Earnings Presentation - 12
Slide 13: 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 14: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (in millions) Q4 2025 Q4 2024 2025 2024 Gross Profit 15.0 13.1 68.4 73.1 Restructuring 0.9 0.6 4.9 9.2 Adjusted Gross Profit 15.9 13.6 73.3 82.3 % of Revenues 10.3% 8.4% 11.3% 11.4% Note: totals may not match due to rounding Q4 2025 Earnings Pres
Slide 15: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (in millions) Q4 2025 Q4 2024 2025 2024 Operating Income/(Loss) (1.8) (5.3) (0.7) (0.8) Restructuring 0.9 1.0 5.5 10.8 Gain on sale of fixed assets - - - (3.5) Adjusted Operating Income (0.9) (4.3) 4.8 6.5 % of Revenues (0.6%) (2.6)% 0.7% 0.9% Ne
Slide 16: 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) Q4 2025 Q4 2024 2025 2024 Net income/(Loss) from continuing operations (6.4) (35.0) (20.5) (35.7) Operating income (loss) adjustments 0.9 1.0 5.5 7.2 Warrant fair value adjustment (0.4) - (
Slide 17: Segment GAAP to Non-GAAP QTD
Segment GAAP to Non-GAAP QTD For the Three Months Ended December 31, 2025 (in millions) Global Global Trim Systems Seating Electrical Systems and Components Corporate Total Operating Income/(Loss) 1.1 0.8 (1.5) (2.2) (1.8) Restructuring 0.7 0.1 0.1 - 0.9 Adjusted Operating Income/(Loss) 1.8 0.9 (1.4
Slide 18: Segment GAAP to Non-GAAP QTD
Segment GAAP to Non-GAAP QTD For the Twelve Months Ended December 31, 2025 (in millions) Global Global Trim Systems Seating Electrical Systems and Components Corporate Total Operating Income/(Loss) 7.9 2.0 (0.8) (9.8) (0.7) Restructuring 2.6 1.7 1.0 0.1 5.5 Adjusted Operating Income/(Loss) 10.5 3.8
Slide 19: Reconciliation of GAAP to Non-GAAP Cash Flow Information
Reconciliation of GAAP to Non-GAAP Cash Flow Information (in millions) Q4 2025 Q4 2024 2025 2024 CONTINUING OPERATIONS Cash Flow from Operations $ 12.3 $ (17.2) $ 44.3 $ (19.5) Capital Expenditures1 (3.6) (4.0) (10.7) (17.7) Proceeds From Sale of Business - 22.0 0.0 49.4 Free Cash Flow from Continui
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