Slide 1: First Quarter 2026 Financial Results
Q@@ LEAR First Quarter 2026 Financial Results Ray Scott, President and CEO Jason Cardew, Senior Vice President and CFO
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 “may,” “designed to,” “outlook,” “b
Slide 3: Agenda
Agenda BUSINESS UPDATE Ray Scott, President and CEO FINANCIAL REVIEW Jason Cardew, Senior Vice President and CFO CONCLUDING REMARKS Ray Scott, President and CEO
Slide 4: Business Update
Business Update Ray Scott President and CEO
Slide 5: Financial Overview First Quarter 2026
FinanciahOverview First Quarter 2026 CORE OPERATING EARNINGS ADJUSTED EARNINGS PER SHARE OPERATING CASH FLOW $3.87 $98M
Slide 6: Extending Seating global leadership; expanding E-Systems margins
Extending Seating global leadership Expanding E-Systems margins through focused portfolio ¥ Major award with General Motors for a portion of the wire harnesses on their current generation full-size SUVs scheduled to start in the second half of 2027 Y Awarded the power distribution module for the nex
Slide 7: 2026 Key Growth and Margin Improvement Metrics Scorecard
2026 Key Growth ind Mars nt Metrics scffecard i Growth Metric Q1 Results Margin Improvement _Q1 Results 2026 Target Metric IDEA / Automation Savings Realized $17 million #$75 million i Conquest Wins - JIT Progress expected in late 2026 Conquest Wins - Wire Awards with Dongfeng, SAIC and a North Amer
Slide 8: Growing with Key Chinese Automakers
Growing with Key Chinese Automakers KEY WINS WITH CHINESE AUTOMAKERS SEATING + Complete seat and ComfortMax Seat™ awards with Geely CHINA REVENUE BY CUSTOMER 2025 Actual 2027 Target 244% with Chinese >50% with Chinese Automakers Automakers + New complete seat award with BAIC + New non-consolidated a
Slide 9: Financial Review
Financial Review Jason Cardew Senior Vice President and CFO
Slide 10: Global Vehicle Production and Currency
Global Vehicle Production and Currency First Quarter 2026 INDUSTRY PRODUCTION (units in millions) NORTH AMERICA EUROPE AND AFRICA CHINA Q4 2025 21.9 3.8 4.5 6.9 Standard Calendar DOWN 3% YOY DOWN 2% DOWN 1% YOY DOWN 10% YOY Lear Fiscal Calendar UP 1% YOY UP 3% UP 4% YOY DOWN 5% YOY Lear Sales-Weight
Slide 11: Key Financials
Key Financials First Quarter 2026 ($ in millions, except per share amounts) Net Sales Core Operating Earnings Operating Margin % Adjusted Earnings Per Share Operating Cash Flow 2026 $5,823 $297 5.1% $3.87 $98 2025 $5,560 $270 4.9% $3.12 $(128) YEAR-OVER-YEAR DRIVERS Changes in foreign exchange rates
Slide 12: Tariff Refunds and Credits - Revenue Impact
Tariff unds and Credits - Revenue Impact FIRST QUARTER IMPACT FULL YEAR IMPACT VS. FEBRUARY OUTLOOK VS. FEBRUARY OUTLOOK YEAR-OVER-YEAR YEAR-OVER-YEAR $(175) $(243) MILLION MILLION $(285) $(385) MILLION MILLION KEY DRIVERS AND IMPACTS * Import Adjustment Offset Amounts (tariff offset credits) alloca
Slide 13: Seating Sales and Margin Drivers
Seating Sales and Margin Drivers First Quarter 2026 SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) $194 5 bps 5 bps 6.9% $(13) $4,404 10 bps 5 bps $59 $(71) 6.7% 5) by $128 $(44) iS) bos $305 $4,151 Qi 2025 Volume/ Mix Backlog Fx Acquisitions / Tariff Other Qi 2026 Qi 2025 Volume
Slide 14: E-Systems Sales and Margin Drivers
E-Systems Sales and Margin Drivers First Quarter 2026 SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) $79 $61 40 bps 6.1% $1,409 $(27) $1,418 55 bps 20 bps $(104) Sie (25) bps $74 Qi 2025 Volume / Mix Backlog / Fx Tariff Recovery Qi 2026 Qi 2025 Volume / Backlog / rx Net Performan
Slide 15: Global Vehicle Production and Currency - 2026 Outlook
Global Vehicle Production and Currency 2026 Outlook INDUSTRY PRODUCTION (units in millions) NORTH AMERICA EUROPE AND AFRICA CHINA FY 2025 91.8 15.3 17.4 31.9 FY 2026 Standard DOWN 2% YOY DOWN 2% YOY DOWN 2% YOY DOWN 3% YOY Calendar Prior Outlook: Down <1% Prior Outlook: Down 2% Prior Outlook: Down <
Slide 16: 2026 Full Year Outlook
2026 Full Year Outlook Net Sales $23,210 - $24,010 million Core Operating Earnings $1,030 - $1,200 million Adjusted EBITDA $1,650 - $1,820 million Interest Expense $110 million Effective Tax Rate 19% - 21% Adjusted Net Income $645 - $765 million Restructuring Costs $175 million Operating Cash Flow $
Slide 17: Capital Allocation Strategy Delivering Revenue and Earnings per Share Growth
Capital Allocation Strategy Delivering Revenue and Earnings per Share Growth CUMULATIVE REVENUE PER DILUTED SHARE GROWTH CUMULATIVE ADJUSTED EARNINGS PER DILUTED SHARE GROWTH 40% 75% 30% 20% 10% 36% 29% 25% 9% 0%, 2021 2022 2023 2024 2025 0% 2021 —Lear —S&P 500 ———S&P 1500 Auto Components —Lear Cons
Slide 18: Concluding Remarks
Concluding Remarks Ray Scott President and CEO
Slide 19: Extending our global leadership in Seating
LEAR Extending our global leadership in Seating ary: The informati Expanding margins through our focused portfolio in E-Systems Growing our capabilities in operational excellence through IDEA by Lear™ Supporting our sustainable value creation with disciplined capital allocation strategy 19
Slide 20: Appendix
Appendix
Slide 21: Growth Over Market
Growth Over Market First Quarter 2026 4% NORTH AMERICA + Seating: Favorable platform mix and backlog + E-Systems: Unfavorable platform mix and backlog (4)% EUROPE + Seating: Unfavorable backlog, partially offset by platform mix + E-Systems: Favorable platform mix and backlog/wind-down (6)% CHINA Sea
Slide 22: 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 23: Non-GAAP: Core Operating Earnings and Adjusted Margins
Non-GAAP Qear Lear Propristary: 7 Core Operating Earnings and Adjusted Margins ($ in millions) Net sales Net income attributable to Lear Interest expense Other expense, net Income taxes Equity in net income of affiliates Net income attributable to noncontrolling interests Restructuring costs and oth
Slide 24: Non-GAAP: Adjusted Net Income and Earnings Per Share
Non-GAAP Adjusted Net Income and Earnings Per Share First Quarter Full Year (in millions, except per share amounts) 2025 2026 2021 2022 2023 2024 2025 Net income attributable to Lear $ 807 $1723 $373.9 $327.7 $5725 $506.6 $436.8 Costs related to restructuring actions 87.7 43.0 112.6 158.9 134.2 145.
Slide 25: Non-GAAP: Adjusted Segment Earnings and Margins
Non-GAAP First Quarter Adjusted Segment Earnings and Margins Seating E-Systems ($ in millions) 2025 2026 2025 2026 Net sales $ 4,151.1 $4,404.4 $1,409.2 $1,418.4 Segment earnings $ 215.7 $ 277.4 $ 55.5 $ 73.3 Restructuring costs and other special items - Costs related to restructuring actions 64.5 2
Slide 26: Non-GAAP: Free Cash Flow
Non-GAAP First Quarter 2025 2026 Net cash provided by (used in) operating activities $ (127.7) $ 98.1 Capital expenditures 104.0 124.6 Free cash flow $ (231.7) $ (26.5)
Slide 27: Non-GAAP
Non-GAAP (in millions, except per share amounts) First Quarter of 2026 Restructuring Other Reported Costs Special Items Adjusted Pretax Income Before Equity Income, Interest and Other Expense $ 255.0 $ 43.07 $ (0.7)* $ 297.3 Equity Income 14.4 (14.4) Pretax Income Before Interest and Other Expense $