Slide 1: Second Quarter 2025 Financial Results
July 25, 2025 Second Quarter 2025 Financial Results Ray Scott, President and CEO Jason Cardew, Senior Vice President and CFO Lear Proprietary: The information contained herein is the property of Lear Corporation.
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 “will,” “may,” “designed to,” “outl
Slide 3: Agenda
Agenda 01 02 03 BUSINESS UPDATE FINANCIAL REVIEW CONCLUDING REMARKS Ray Scott, President and CEO Jason Cardew, Senior Vice President and CFO Ray Scott, President and CEO Lear Proprietary: The information contained herein is the property of Lear Corporation. 3
Slide 4: Business Update
Business Update Ray Scott President and CEO Lear Proprietary: The information contained herein is the property of Lear Corporation.
Slide 5: Financial Overview
Financial Overview Second Quarter 2025 Q2 2025 Q2 2024 SALES $6.0B $6.0B CORE OPERATING EARNINGS $292M $302M ] ADJUSTED EARNINGS PER SHARE $3.47 $3.60 OPERATING CASH FLOW $296M $291M Please see appendix for discussion of non-GAAP financial measures, as well as reconciliations of non-GAAP financial m
Slide 6: Q2 2025 Highlights
Q2 2025 Highlights Growing our capabilities in Supporting sustainable value Extending Seating Expanding E-Systems margins operational excellence through creation with disciplined global leadership through focused portfolio IDEA by Lear capital allocation ✓ Delivered strong net performance in both se
Slide 7: Key Growth and Margin Improvement Metrics Scorecard
Key Growth and Margin Improvement Metrics Scorecard Growth Metric Status Margin Improvement Status Metric Won a conquest award in Asia with IDEA / Automation Conquest Wins - JIT Realized ≈$30 million in H1 BMW Savings Won conquest of two programs Conquest Wins - Wire Restructuring Savings Realized ≈
Slide 8: Extending Partnership With Palantir
Extending Partnership With Palantir SELECT USE CASES Tariff Response History ✓ Developed fully automated U.S. tariff data management • Proof of Concept: Launched January 2023 • Global Rollout: Adopted as enterprise-wide tool in Q2 2024 ✓ Increased speed of documentation and invoicing for recoveries
Slide 9: Operating Performance Execution Driving Margin Expansion
Operating Performance Execution Driving Margin Expansion RESTRUCTURING OPERATIONAL EFFICIENCY IDEA/AUTOMATION COMMERCIAL DISCIPLINE ✓ Restructuring and IDEA/Automation ✓ Opening industry first facility to ✓ Enhanced inventory management contributed $60 million of year-to date automate the assembly o
Slide 10: Financial Review
Financial Review Jason Cardew Senior Vice President and CFO Lear Proprietary: The information contained herein is the property of Lear Corporation.
Slide 11: Global Vehicle Production and Currency
Global Vehicle Production and Currency Second Quarter 2025 INDUSTRY PRODUCTION (units in millions) GLOBAL NORTH AMERICA EUROPE AND AFRICA CHINA Q2 2024 21.8 4.1 4.6 6.7 Q2 2025 22.3 4.0 4.5 7.3 UP 3% YOY DOWN 3% YOY DOWN 2% YOY UP 9% YOY Lear Sales-Weighted Basis FLAT YOY KEY CURRENCIES Q2 2024 Q2 2
Slide 12: Key Financials
Key Financials Second Quarter 2025 ($ in millions, except per share amounts) 2024 2025 YEAR-OVER-YEAR DRIVERS Lower volume on Lear platforms, partially offset by sales Net Sales $6,012 $6,030 backlog, changes in foreign exchange rates and tariff recovery Core Operating Earnings $302 $292 Lower volum
Slide 13: Seating Sales and Margin Drivers
Seating Sales and Margin Drivers Second Quarter 2025 SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) $44 $4,474 $4,447 $53 $28 6.8% 6.7% 45 bps $81 $302 10 bps $299 $(179) (5) bps (60) bps Q2 2024 Volume / Mix Backlog FX Tariff Other Q2 2025 Q2 2024 Volume / Backlog FX Net Q2 2025
Slide 14: E-Systems Sales and Margin Drivers
E-Systems Sales and Margin Drivers Second Quarter 2025 SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) $1,565 5.3% $28 $1,557 $40 $28 70 bps 4.9% $26 $82 $(7) 20 bps $(82) $(41) $76 5 bps (90) bps (5) bps (40) bps Q2 2024 Volume / Mix Backlog Wind-down FX Acquisitions / Tariff Oth
Slide 15: Tariff Exposure and Mitigation Update
Tariff Exposure and Mitigation Update Full Year 2025 Indirect Exposure ≈90%+ Direct Exposure • ≈$1.6 billion of North America sales from vehicles exported to U.S. from Mexico and Canada • ≈$2.8 billion imports from Mexico • ≈$975 million of Europe sales from vehicles exported to the U.S. IMPORTS FRO
Slide 16: Global Vehicle Production and Currency: 2025 Full Year Outlook
Global Vehicle Production and Currency 2025 Full Year Outlook INDUSTRY PRODUCTION (units in millions) GLOBAL NORTH AMERICA EUROPE AND AFRICA CHINA FY 2024 88.3 15.4 17.6 28.9 FY 2025 88.5 14.9 17.1 29.9 FLAT YOY DOWN 4% YOY DOWN 3% YOY UP 3% YOY Prior Outlook: Down 1% Prior Outlook: Down 3% Prior Ou
Slide 17: 2025 Full Year Outlook
2025 Full Year Outlook Interest Expense Net Sales ≈$110 million Operating Cash Flow $22,470 - $23,070 million $1,010 - $1,110 million Prior Outlook $21,875 - $22,875 million Effective Tax Rate Prior Outlook $1,055 - $1,255 million 20% - 22% Core Operating Earnings Capital Expenditures $955 - $1,095
Slide 18: Total Company 2024 Actuals to July Outlook – at Mid-Point
Total Company 2024 Actuals to July Outlook – at Mid-Point SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) $23,306 4.7% $221 $22,770 60 bps 4.5% $210 $1,096 $140 $1,025 $236 10 bps 0 bps $(69) $(1,274) (5) bps (85) bps FY 2024 Volume / Mix / Backlog FX Acquisitions / Tariff Recover
Slide 19: Balanced Capital Allocation Strategy
Balanced Capital Allocation Strategy Strong Balance Sheet and Ample Liquidity • Refinanced $2 billion revolver, extending its maturity through July 2030 • No debt maturities until 2027 DEBT MATURITIES • Low cost of bonds averaging less than 4% with a weighted average life ($ in millions) Available R
Slide 20: Concluding Remarks
Concluding Remarks Ray Scott President and CEO Lear Proprietary: The information contained herein is the property of Lear Corporation.
Slide 21: Positioned for Long-Term Success
Positioned for Long-Term Success Growing our Supporting our Extending Expanding margins capabilities in sustainable value our global through our operational creation with leadership focused portfolio excellence through disciplined capital in Seating in E-Systems IDEA by Lear allocation strategy Lear
Slide 22: Appendix
Appendix Lear Proprietary: The information contained herein is the property of Lear Corporation.
Slide 23: Growth Over Market
Growth Over Market Second Quarter 2025 FLAT NORTH AMERICA (3)% EUROPE (4)% CHINA (1)% • Seating: Backlog partially • Seating: Backlog partially Global • Seating: Unfavorable offset by unfavorable offset by unfavorable platform mix and backlog platform mix platform mix • E-Systems: Unfavorable • E-Sy
Slide 24: Seating 2024 Actuals to July Outlook – at Mid-Point
Seating 2024 Actuals to July Outlook – at Mid-Point SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) $17,222 6.5% $170 $16,840 6.3% 45 bps $100 $1,116 $93 $79 5 bps $1,060 $(28) (5) bps (65) bps (0) bps $(796) FY 2024 Volume / Mix Backlog FX Acquisitions / Tariff Recovery Other FY
Slide 25: E-Systems 2024 Actuals to July Outlook – at Mid-Point
E-Systems 2024 Actuals to July Outlook – at Mid-Point SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) $6,084 5.1% 75 bps 4.9% $52 $5,930 $310 $110 $47 $290 $157 5 bps 20 bps $(42) (5) bps $(478) (115) bps FY 2024 Volume / Mix / Backlog FX Acquisitions / Tariff Other FY 2025 FY 202
Slide 26: Total Company February Outlook to July Outlook – at Mid-Point
Total Company February Outlook to July Outlook – at Mid-Point SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) $33 $22,770 $210 $70 $22,375 $557 4.7% 5 bps 4.5% $1,045 $6 5 bps 0 bps $1,025 $(481) (30) bps February Volume / Mix / Backlog FX Acquisitions / Tariff Recovery Other July
Slide 27: Total Company H1 2025 to H2 2025 Outlook – at Mid-Point
Total Company H1 2025 to H2 2025 Outlook – at Mid-Point SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) 4.9% $11,591 $562 10 bps 4.1% 0 bps 0 bps $85 $11,179 $195 $37 (90) bps $463 $(60) $(669) H1 2025 Actuals Volume / Mix FX Acquisitions / Tariff Recovery Other H2 2025 H1 2025 Ac
Slide 28: 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 29: Non-GAAP
Non-GAAP Lear Proprietary: The information contained herein is the property of Lear Corporation. 29
Slide 30: Non-GAAP
Non-GAAP Lear Proprietary: The information contained herein is the property of Lear Corporation. 30
Slide 31: Non-GAAP
Non-GAAP Lear Proprietary: The information contained herein is the property of Lear Corporation. 31
Slide 32: Non-GAAP
Non-GAAP Lear Proprietary: The information contained herein is the property of Lear Corporation. 32