Dauch Corporation · NYSE:DCH
Dauch — American Axle & Manufacturing Holdings, Inc. (AAM) — Investor Presentation (December 2025)
28 slides from Dauch's investor presentation, December 2025
Slide 1: AAM Investor Presentation
AAM Investor Presentation December 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements In this presentation, American Axle & Manufacturing Holdings, Inc. (“AAM”) makes statements concerning its and Dowlais’ expectations, beliefs, plans, objectives, goals, strategies, and future events or performance, including, but not limited to, certain statements related
Slide 3: AAM is a Leading Global Driveline Supplier
AAM is a Leading Global Driveline Supplier A global leader in design, engineering and manufacturing of automotive propulsion systems and technologies to support electric, hybrid and ICE vehicles $6.1B 2024 Sales ~19,000 Employees1 15 Countries 2024 Sales By Business Unit 2024 Sales By Customer 2024
Slide 4: AAM Business Segments
AAM Business Segments DRIVELINE METAL FORMING 2024 SALES ≈ $4.25B1 2024 SALES ≈ $1.87B1 ▪ Full-size Pickup Truck and SUV ▪ Forged Gears & Shafts Driveline Systems A Leading ▪ CVT Pulleys Supplier to ▪ AWD Systems for Crossover Forged Vehicles ▪ Powdered Metal Connecting Rods Attractive Components No
Slide 5: 3Q 2025 AAM Financial Highlights
3Q 2025 AAM Financial Highlights $1.51B $194.7M $98.1M Quarterly Quarterly Adjusted Free Net Sales Adjusted EBITDA Cash Flow (12.9% of Sales) AAM Delivered Year-Over-Year Adjusted EBITDA Margin Growth * For definitions of Adjusted EBITDA, Adjusted Free Cash Flow and non-GAAP reconciliations, please
Slide 6: Business Update
Business Update Transaction Update Business Wins • Both AAM and DWL Stockholders approved Awarded multiple new, replacement the combination in July and extension programs. These awards • AAM completed permanent financing for the are for both driveline and metal forming transaction in October product
Slide 7: Transformational Combination with Dowlais
Transformational Combination with Dowlais
Slide 8: Dowlais Overview
Dowlais Overview A MARKET LEADING, HIGH-TECHNOLOGY ENGINEERING GROUP ~$5.4B 2024 Revenue 29,000+ Employees1 22 Countries1 A Leading Global Driveline Supplier A Leading Sinter Metals Supplier 100 Locations1 Present in ~45%* of light vehicles ~10M Components Produced / Day APAC Powder Metal ~20% 26% >
Slide 9: Compelling Strategic Combination
Compelling Strategic Combination + Creates a Comprehensive More diversified High margins leading global Compelling powertrain customer base with strong driveline and industrial logic agnostic product with expanded earnings metal forming with ~$300M of portfolio with and balanced accretion, cash supp
Slide 10: Financial Benefits of the Combination
Financial Benefits of the Combination + ~$12B ~$300M ~14%+ Pro Forma Revenue1 Expected Synergies2 Combined Adjusted EBITDA Margin including synergies3 Increased scale with strong margin profile enabling significant cash generation potential4 1Revenue based on 2024 pro forma financials in AAM’s defin
Slide 11: Significantly Enhanced Scale
Significantly Enhanced Scale N.A. AUTO SUPPLIER RANKINGS BY 2024A TOTAL REVENUE ($B) $43 GLOBAL PROFILE3 Creates a Leading Global Auto Supplier $23 $20 ~48,000 25 Over 170 $15 $14 ~$12 Employees Countries Locations $10 $9 $6.1 $5.4 $5 $5 $5 $4 #6 $4 $4 $3 Magna Lear Aptiv Adient BorgWarner Non Adjus
Slide 12: Improved Customer Diversification
Improved Customer Diversification 1 1 COMBINED GROUP GM 11% GM Other Stellantis 27% 32% 10% GM Other 42% 40% + Other 49% Ford 7% = VW Group 9% Stellantis 11% Ford Renault- Toyota Nissan 13% Renault- Toyota VW Group Ford Stellantis 10% 3% Nissan 5% 10% 13% 4% 6% Balanced and Diversified Customer Base
Slide 13: Improved Geographic Diversification
Improved Geographic Diversification Combined AAM and Dowlais Will Have the Highest North American Exposure Among US-listed Auto Part Companies South America South America South America RoW South America RoW South America South America RoW 3% 1% 8% 1% 3% 13% 2% 4% 6% Asia APAC APAC APAC APAC & Other
Slide 14: ~$300M of Synergy Potential
~$300M of Synergy Potential CATEGORY DESCRIPTION • Eliminating duplicate public company and other costs TIMING AND COST • Optimization of the combined workforce SG&A ~30% TO ACHIEVE • Streamlining of engineering, research, and development expenses • Elimination of duplicate business and technical of
Slide 15: Debt Maturity Profile
Debt Maturity Profile AAM has a healthy debt maturity profile Weighted Average Maturity of Senior Debt of ~6.1 Years 15
Slide 16: Best-in-Class Pro Forma Financial Metrics
Best-in-Class Pro Forma Financial Metrics >$10B Revenue ~14%+ Combined Adjusted EBITDA Margin1 + Source: Public Filings ~5% Adj. FCF / Sales Note: Reflects 2024 figures; See Appendix for Adjusted Free Cash Flow definition. Assumed exchange rate is $1.2434 / £1.00 for Dowlais as of announcement date
Slide 17: Appendix / Supplemental Data
Appendix / Supplemental Data
Slide 18: Additional Disclosures
Additional Disclosures Non-GAAP Financial Information This presentation refers to certain financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, Earnings per Share, Adjusted Free Cash Flow, Net Debt, Net Leverage Ratio and Liquidity that are not required by, or presented in accordanc
Slide 19: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures In addition to the results reported in accordance with accounting principles generally accepted in the United States of America (GAAP) included within this presentation, we have provided certain information, which includes non-GAAP financial measures. Such informa
Slide 20: Supplemental Data: EBITDA and Adjusted EBITDA Reconciliation
Supplemental Data* EBITDA and Adjusted EBITDA Reconciliation ($ in millions) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Net income $ 9.2 $ 10.0 $ 55.6 $ 48.7 Interest expense 42.7 45.2 128.7 142.1 Income tax expense (benefit) (10.9) (12.1) 31.2 21.0 Deprecia
Slide 21: Supplemental Data: LTM September 30, 2025 EBITDA
Supplemental Data* EBITDA and Adjusted EBITDA for the Last Twelve Months Ended September 30, 2025 ($ in millions) Last Twelve Quarter Ended Months Ended December 31, March 31, June 30, September 30, September 30, 2024 2025 2025 2025 2025 Net income (loss) $ (13.7) $ 7.1 $ 39.3 $ 9.2 $ 41.9 Interest
Slide 22: Supplemental Data: Adjusted Earnings Per Share Reconciliation
Supplemental Data* Adjusted Earnings Per Share Reconciliation Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Diluted earnings per share $ 0.07 $ 0.08 $ 0.45 $ 0.40 Restructuring and acquisition-related costs 0.18 0.02 0.47 0.08 Debt refinancing and redemption co
Slide 23: Supplemental Data: Free Cash Flow Reconciliation
Supplemental Data* Free Cash Flow and Adjusted Free Cash Flow Reconciliation ($ in millions) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Net cash provided by operating activities $ 143.3 $ 143.6 $ 291.1 $ 304.2 Less: Capital expenditures net of proceeds from
Slide 24: Supplemental Data: Segment Financial Information
Supplemental Data* Segment Financial Information ($ in millions) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Segment Sales Driveline $ 1,051.1 $ 1,042.8 $ 3,091.0 $ 3,273.7 Metal Forming 595.0 596.5 1,769.2 1,893.7 Total Sales 1,646.1 1,639.3 4,860.2 5,167.4
Slide 25: Supplemental Data: LTM December 31, 2024 EBITDA
Supplemental Data* EBITDA and Adjusted EBITDA for the Last Twelve Months Ended December 31, 2024 ($ in millions) Last Twelve Quarter Ended Months Ended March 31, June 30, September 30, December 31, December 31, 2024 2024 2024 2024 2024 Net income (loss) $ 20.5 $ 18.2 $ 10.0 $ (13.7) $ 35.0 Interest
Slide 26: Net Debt and Net Leverage Ratio
Supplemental Data* Net Debt and Net Leverage Ratio Net Debt and Net Leverage Ratio ($ in millions) ($ in millions) December 31, September 30, 2024 2025 Current portion of long term debt $ 47.9 Current portion of long term debt $ 22.3 Long-term debt, net 2,576.9 Long-term debt, net 2,594.0 Total debt
Slide 27: Definition of Non-GAAP Measures
Definition of Non-GAAP Measures EBITDA and Adjusted EBITDA We define EBITDA to be earnings before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding the impact of restructuring and acquisition-related costs, debt refinancing and redemption c
Slide 28: BRINGING THE FUTURE FASTER
BRINGING THE FUTURE FASTER ()
American Axle & Manufacturing Holdings, Inc. (AAM) — Investor Presentation (December 2025) on 6ix