Slide 1: Fourth Quarter and Full Year 2025 Financial Results
February 4, 2026 Fourth Quarter and Full Year 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 Fourth Quarter and Full Year 2025 Q4 2025 FY 2025 SALES $6.0B $23.3B CORE OPERATING EARNINGS $259M $1.1B ] ADJUSTED EARNINGS PER SHARE $3.41 $12.80 OPERATING CASH FLOW $476M $1.1B Please see appendix for discussion of non-GAAP financial measures, as well as reconciliations of non-
Slide 6: 2025 Highlights
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 LearTM capital allocation ✓ Awarded complete seat assembly on a major tr
Slide 7: Historic Seating Onshoring and Conquest Awards
Historic Seating Onshoring and Conquest Awards Supplier of complete seats for General Motors’ Orion Assembly Building on our strong track record as the seating supplier for full-size pickups and SUVs The largest Seating conquest award in Lear’s history Winning conquest business in China ✓ Awarded co
Slide 8: Accelerating Innovation in Thermal Comfort Systems
Accelerating Innovation in Thermal Comfort Systems MODULARITY CORE COMPONENTS 33 total awards 9 programs in production 14 programs with 15 customers across all regions launching in 2026 ≈$80M of awards in 2025 AWARDS AWARDS 28 AWARDS: BY REGION BY AUTOMAKER TYPE 2025 KEY Chinese Other Domestic CONQU
Slide 9: Industry Leader in Automation and Digital Transformation
Industry Leader in Automation and Digital Transformation ComfortFlex by LearTM ComfortMax by LearTM FlexAir® Industry first facility for fully-automated assembly of ComfortFlex by LearTM, ComfortMax by LearTM and FlexAir® AUTOMATION CAPABILITIES DIGITAL TRANSFORMATION • Launched the Lear Fellowship
Slide 10: 2025 Key Growth and Margin Improvement Metrics Scorecard
2025 Key Growth and Margin Improvement Metrics Scorecard Growth Metric 2025 Target 2025 Results Margin Improvement 2025 Target 2025 Results Metric American automaker truck, Progress IDEA / Automation Conquest Wins - JIT BMW X7 and Leapmotor ≈$75 million ≈$70 million expected Savings C11 American aut
Slide 11: 2026 Key Growth and Margin Improvement Metrics Scorecard
2026 Key Growth and Margin Improvement Metrics Scorecard Growth Metric 2026 Target Margin Improvement 2026 Target Metric Conquest Wins - JIT Continued progress expected IDEA / Automation ≈$75 million Savings Conquest Wins - Wire Continued progress expected Restructuring Savings ≈$80 million Thermal
Slide 12: Core Sales Backlog
Core Sales Backlog (Net New Awarded Business) 2026–2027 CONSOLIDATED ≈$1.325B SALES BACKLOG* KEY BACKLOG PROGRAMS ($ in millions) SEATING ≈$1,325 ≈ $120 E-SYSTEMS • Audi Q7 / Q9 (Europe) • BMW iX3 (Europe) SEATING • Jeep Cherokee (North America) • Mercedes GLC EQ (Europe and Asia) ≈$600 ≈$725 • Sere
Slide 13: Financial Review
Financial Review Jason Cardew Senior Vice President and CFO Lear Proprietary: The information contained herein is the property of Lear Corporation.
Slide 14: Strong 2025 Builds Momentum for 2026
Strong 2025 Builds Momentum for 2026 FINISHED THE YEAR MET OR EXCEEDED KEY CONTINUING MOMENTUM STRONG IN Q4 2025 2025 INITIATIVES INTO 2026 ✓ Total company sales ✓ Delivered record net performance ✓ Increasing year-over-year increased 5% year-over-year of ≈$195 million, while increasing revenue, ope
Slide 15: Global Vehicle Production and Currency
Global Vehicle Production and Currency Fourth Quarter 2025 INDUSTRY PRODUCTION (units in millions) GLOBAL NORTH AMERICA EUROPE AND AFRICA CHINA Q4 2024 24.1 3.6 4.4 9.2 Q4 2025 24.4 3.6 4.4 9.5 UP 1% YOY FLAT YOY DOWN 2% YOY UP 3% YOY Lear Sales-Weighted Basis UP 1% YOY KEY CURRENCIES Q4 2024 Q4 202
Slide 16: Key Financials
Key Financials Fourth Quarter 2025 ($ in millions, except per share amounts) 2024 2025 YEAR-OVER-YEAR DRIVERS Changes in sales backlog, foreign exchange rates and the impact Net Sales $5,715 $5,989 of commercial recoveries, partially offset by lower volume on Lear platforms Core Operating Earnings $
Slide 17: Seating Sales and Margin Drivers
Seating Sales and Margin Drivers Fourth Quarter 2025 SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) $20 $32 $4,408 $110 $120 $(22) 20 bps 6.0% 6.1% 5 bps 0 bps $4,186 $257 (5) bps $263 $(38) (30) bps Q4 2024 Volume / Mix Backlog FX Acquisitions / Tariff Other Q4 2025 Q4 2024 Volu
Slide 18: E-Systems Sales and Margin Drivers
E-Systems Sales and Margin Drivers Fourth Quarter 2025 SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) $54 $1,580 120 bps 5.3% $1,529 $35 5.0% $49 $84 $42 $(10) $77 10 bps 10 bps $(119) (5) bps (105) bps Q4 2024 Volume / Mix Backlog FX Acquisitions / Tariff Other Q4 2025 Q4 2024 V
Slide 19: Seating Sales and Margin Drivers
Seating Sales and Margin Drivers Full Year 2025 SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) $199 $17,283 6.5% $17,222 60 bps 6.4% $158 $86 $1,116 $1,103 $274 5 bps $(103) (0) bps (70) bps (5) bps $(553) FY 2024 Volume / Mix Backlog FX Acquisitions / Tariff Other FY 2025 FY 202
Slide 20: E-Systems Sales and Margin Drivers
E-Systems Sales and Margin Drivers Full Year 2025 SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) $6,084 5.1% $113 $5,976 110 bps 4.9% $148 $108 $66 $310 15 bps $293 $(347) $(154) $(42) 0 bps (105) bps (35) bps (5) bps FY 2024 Volume / Mix Backlog Wind-Down FX Acquisitions / Tarif
Slide 21: Global Vehicle Production and Currency
Global Vehicle Production and Currency 2026 Outlook INDUSTRY PRODUCTION (units in millions) GLOBAL NORTH AMERICA EUROPE AND AFRICA CHINA FY 2025 91.6 15.3 17.4 32.0 FY 2026 91.2 15.0 17.3 31.4 DOWN <1% YOY DOWN 2% YOY DOWN <1% YOY DOWN 2% YOY Lear Sales-Weighted Basis DOWN 1% YOY KEY CURRENCIES FY 2
Slide 22: 2026 Full Year Outlook
2026 Full Year Outlook Interest Expense Net Sales ≈$110 million Operating Cash Flow $23,210 - $24,010 million $1,210 - $1,310 million Effective Tax Rate Core Operating Earnings 19% - 21% Capital Expenditures $1,030 - $1,200 million ≈$660 million Adjusted Net Income $645 - $765 million Adjusted EBITD
Slide 23: 2025 Actual to 2026 Outlook
2025 Actual to 2026 Outlook – at Mid-Point SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) $265 $23,610 50 bps 4.7% $100 4.6% $23,259 $305 $600 5 bps $1,115 20 bps $(125) $1,062 (10) bps $(794) (55) bps FY 2025 Volume / Mix Backlog Wind-Down FX Tariff Other FY 2026 FY 2025 Volume
Slide 24: Capital Allocation Strategy
Capital Allocation Strategy Strong Balance Sheet and Ample Liquidity • Low cost of bonds averaging less than 4% with a weighted average life of ≈11 years DEBT MATURITIES • Total available liquidity of ≈$3.0 billion, including $2.0 billion available ($ in millions) Available Revolver Bonds Term Loan
Slide 25: Concluding Remarks
Concluding Remarks Ray Scott President and CEO Lear Proprietary: The information contained herein is the property of Lear Corporation.
Slide 26: 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 LearTM allocation strategy Le
Slide 27: Appendix
Appendix Lear Proprietary: The information contained herein is the property of Lear Corporation.
Slide 28: Key Financials
Key Financials Full Year 2025 ($ in millions, except per share amounts) 2024 2025 YEAR-OVER-YEAR DRIVERS Lower volume on Lear platforms and the winddown of non-core Net Sales $23,306 $23,259 products, partially offset by commercial recoveries, sales backlog and changes in foreign exchange rates Core
Slide 29: Growth Over Market
Growth Over Market Full Year 2025 FLAT NORTH AMERICA (6)% EUROPE (7)% CHINA (2)% • Seating: Unfavorable Global • Seating: Unfavorable • Seating: Unfavorable platform mix partially platform mix offset by platform mix and backlog (1)% excluding JLR offset by backlog backlog • E-Systems: Unfavorable •
Slide 30: Seating 2025 Actual to 2026 Outlook
Seating 2025 Actual to 2026 Outlook – at Mid-Point SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) $135 $17,750 6.5% $215 $40 40 bps $740 6.4% $17,283 25 bps $1,155 $1,103 (0) bps (55) bps $(663) FY 2025 Volume / Mix Backlog FX Tariff Recovery Other FY 2026 FY 2025 Volume / Mix Ba
Slide 31: E-Systems 2025 Actual to 2026 Outlook
E-Systems 2025 Actual to 2026 Outlook – at Mid-Point SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) $5,976 4.9% 80 bps 5.0% $130 $5,860 $60 $90 $295 $(131) $(140) $293 (35) bps 5 bps $(125) (10) bps (30) bps FY 2025 Volume / Mix Backlog Wind-Down FX Tariff Other FY 2026 FY 2025 V
Slide 32: Key 2026 Product Launches
Key 2026 Product Launches Seating Jeep Recon Audi Q7 / Audi Q9 Volkswagen ID.2 Mercedes GLC EQ Mercedes GLE Seres M6 BACKLOG BACKLOG / CONQUEST BACKLOG BACKLOG BACKLOG BACKLOG JIT JIT, Trim JIT JIT, Foam, Trim JIT, Foam, Trim, Components JIT, ComfortFlex by LearTM NORTH AMERICA EUROPE EUROPE EUROPE
Slide 33: Key 2026 Product Launches
Key 2026 Product Launches E-Systems Global EV Audi A6 SAIC E-SUV (Dongfeng) Nissan NX8 BMW X1 (Dongfeng) Nissan Sylphy Automaker BACKLOG BACKLOG BACKLOG BACKLOG Low Voltage Wiring Low Voltage Wiring Low Voltage Wiring Low Voltage Wiring Low Voltage Wiring NORTH AMERICA Low Voltage Wiring SOUTH AMERI
Slide 34: 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 35: Non-GAAP
Non-GAAP Lear Proprietary: The information contained herein is the property of Lear Corporation. 35
Slide 36: Non-GAAP
Non-GAAP Lear Proprietary: The information contained herein is the property of Lear Corporation. 36
Slide 37: Non-GAAP
Non-GAAP Lear Proprietary: The information contained herein is the property of Lear Corporation. 37
Slide 38: Non-GAAP
Non-GAAP Lear Proprietary: The information contained herein is the property of Lear Corporation. 38
Slide 39: Non-GAAP
Non-GAAP Lear Proprietary: The information contained herein is the property of Lear Corporation. 39
Slide 40: Non-GAAP
Non-GAAP Lear Proprietary: The information contained herein is the property of Lear Corporation. 40