Phinia Inc. · NYSE:PHIN
Phinia — Investor Day (February 2026)
90 slides from Phinia's investor day presentation, Feb 25, 2026
Slide 1: PHINIA Investor Day 2026
PHINIA INVESTOR DAY 2026 WEDNESDAY, FEBRUARY 25, 2026 NEW YORK STOCK EXCHANGE 1
Slide 2: Investor Day 2026
2026 INVESTOR DAY Kellen Ferris VP Investor Relations 2
Slide 3: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of U.S. federal securities laws. Forward-looking statements are statements other than historical fact that provide current expectations or forecasts of future events based on certain assumptions and a
Slide 4: Agenda
AGENDA VALUE CREATION AND STRATEGIC VISION OE STRATEGIES BY END MARKET Brady D. Ericson – President and Chief Executive Officer Pedro Abreu – VP and Chief Strategy Officer PRODUCT LEADERSHIP FINANCIALLY DISCIPLINED Todd Anderson – VP and Chief Technology Officer Chris Gropp – SVP and Chief Financial
Slide 5: Value Creation & Strategic Vision
VALUE CREATION & STRATEGIC VISION Brady D. Ericson President and Chief Executive Officer 5
Slide 6: PHINIA Today
PHINIA TODAY 2025 SNAPSHOT MARKET LEADERS $3.5B Net Sales • Fuel Systems • Electrical Systems • Aftermarket 13.7% Adjusted EBITDA Margin (1) $212M Adjusted Free Cash Flow (1) RECOGNIZED BRANDS 40+ Locations ~12,500 Employees Worldwide 20Countries (1) Non-GAAP metric. See Appendix for Adjusted EBITDA
Slide 7: Flashback to 2023
FLASHBACK TO 2023 REFLECTING ON OUR JOURNEY SO FAR 2023: WHAT WE SAID 2025: WHAT HAS HAPPENED Trends Trends • Internal Combustion • Industry Volumes Declined Engine Vehicle is and Battery Electric Vehicle Here to Stay Growth Slowed Markets Markets • Opportunity in New Areas • Successfully Establishe
Slide 8: Moving Forward
MOVING FORWARD CONSISTENT VISION TO LONG-TERM VALUE CREATION Product Leadership Product, Process, Service Stable Growth Diversified Industrial Financial Discipline EVA, Cash, Capital Allocation MAXIMIZING TOTAL SHAREHOLDER RETURNS 8
Slide 9: Product Leadership
PRODUCT LEADERSHIP PROVIDING VALUE TO OUR CUSTOMERS PRODUCT PROCESS SERVICE 9
Slide 10: Stable Growth Through Diversity of End Markets
STABLE GROWTH THROUGH DIVERSITY OF END MARKETS ADVANCING SUSTAINABILITY TODAY, POWERING A CLEANER TOMORROW SERVICE LIGHT LIGHT MEDIUM AND OFF-HIGHWAY, PASSENGER COMMERCIAL HEAVY-DUTY INDUSTRIAL, AND VEHICLE VEHICLE COMMERCIAL OTHER (LPV) (LCV) VEHICLE (OFF-HWY/IND./ (MD/HD CV) OTHER) Includes Vehicl
Slide 11: Stable Growth Through Diversity of End Markets
STABLE GROWTH THROUGH DIVERSITY OF END MARKETS DIVERSIFIED INDUSTRIAL NET SALES SPLITS – 2025 RESILIENT, GROWTH, AND FLEXIBILITY Resilient End-Market with Unique Cycles & Dynamics. Strong Demand with Minimal Anticipated Impact from BEV Penetration Emerging Growth Industries: Off-Highway, Industrial,
Slide 12: Average Adjusted Organic Sales CAGR
AVERAGE ADJUSTED ORGANIC SALES CAGR (1) READY TO DELIVER GROWTH $4.59B 2.3% 2021 - 2026 SALES CAGR $4.21B $3.86B $3.62B $3.48B $3.45B $3.38B $3.35B $3.23B 2021 2022 2023 2024 2025 2026 (2) 2030 (1) Non-GAAP metric. See Appendix for Adjusted Sales definition and reconciliation to the most directly co
Slide 13: Financial Discipline
FINANCIAL DISCIPLINE OPERATIONAL PERFORMANCE AND CAPITAL ALLOCATION Economic Value Added 15% Organic Sales Growth EVA = ATOI – (15% x AOI) Internal Expect ~2-4% CAGR All Investments Evaluated on EVA Hurdle Rate 2.3% Over the Decade(2) Focused on Driving Year-Over- Year Value Creation 1.3X CAGR 2021–
Slide 14: Total Shareholder Return
TOTAL SHAREHOLDER RETURN STRONG PERFORMANCE OVER PRIOR 2 YEARS 116.4% 120.0% Total Shareholder Return (TSR) L2Y L1Y L3M 100.0% 116.4% 33.0% 9.6% S&P 500 47.4% 17.9% 2.7% 80.0% Russell 2000 25.8% 12.8% 2.2% Peer Group (1) 18.6% 23.9% 0.3% 60.0% S&P 500 47.4% 40.0% Russell 2000 25.8% 20.0% Peer Group
Slide 15: Product Leadership
PRODUCT LEADERSHIP Todd Anderson VP and Chief Technology Officer 15
Slide 16: Executive Summary
EXECUTIVE SUMMARY PRODUCT LEADERSHIP INNOVATION APPROACH PRODUCT PROCESS SYSTEM/SOFTWARE SERVICES CALIBRATION • Design, • Manufacturing and • Software, controls, • Leadership in development, remanufacturing system integration, services to validation innovation calibration Aftermarket • Recognized •
Slide 17: Technology Development Selection
TECHNOLOGY DEVELOPMENT SELECTION HOW WE CHOOSE WHAT TO DEVELOP PRODUCT LINE Customer Reviews, Tech Days, Industry Events STRATEGY TEAMS SOURCES Commercial Team Input on Opportunities • Basis of tech development selection • Target product line growth needs • Adapts with change Advanced Research Devel
Slide 18: Our Products
OUR PRODUCTS COMMERCIAL VEHICLES LIGHT PASSENGER ALTERNATIVE AND INDUSTRIAL APPLICATIONS VEHICLES FUELS HEATED TIP PFI DIESEL FUEL RAILS DIESEL INJECTORS GASOLINE FUEL RAILS GASOLINE INJECTORS DIESEL FUEL RAILS DIESEL INJECTORS DIESEL PUMPS INJECTORS DI INJECTORS CV DI INJECTOR (E100/M100) (E100/M10
Slide 19: Precision Technologies and Processes
PRECISION TECHNOLOGIES AND PROCESSES PRODUCTS, PROCESSES, AND SYSTEMS INCORPORATE HIGH PRECISION TECHNOLOGY PRODUCT PRECISION AND TECHNOLOGY TOLERANCES GRAIN OF SALT FINE BEACH SAND 60µM 90µM • Operating pressures up to 40,000 psi WHITE BLOOD CELL • Actuation speeds in milli-seconds GRAIN OF POLLEN
Slide 20: Process Innovation: DLC Coating
PROCESS INNOVATION DIAMOND-LIKE CARBON (DLC) COATING DLC COATING KEY FOR PRODUCT DURABILITY Example: Physical Vapor Deposition • On wear surfaces of key product features • Thin, hardened, successive multiple layers • Thicknesses below one-millionth of a meter • PHINIA has trade secret protection • O
Slide 21: Process Innovation: Laser Ablation
PROCESS INNOVATION LASER ABLATION FEMTO LASER PRODUCTION TECHNOLOGY Example: Armature Parallelism • PHINIA’s laser ablation process is a trade secret • ‘Femto’ is femtosecond (10–15s) • Ablation precisely removes steel material with no heat, no burr, no chips • Result is extremely precise surface pa
Slide 22: Process Innovation: Laser Drilling
PROCESS INNOVATION LASER DRILLING LASER DRILLING PRODUCTION TECHNOLOGY Example: GDi Nozzle, Orifice Port GDi seat with micro holes 26M holes / year • To improve fuel efficiency, smaller holes are needed throughout fuel systems • Standard drilling technology is not sufficient • Laser drill capable fo
Slide 23: Software, System Integration, Calibration
SOFTWARE, SYSTEM INTEGRATION, CALIBRATION COMPREHENSIVE SKILLSET ENABLES STRONG CUSTOMER INTIMACY a re f tw Embedded, So application, Interface software engineering ~400 Software Engineers Experienced Syst System Integration em In Engineers Strong te expertise in Provide full gr turn-key a system ti
Slide 24: Service to Aftermarket
SERVICE TO AFTERMARKET LEVERAGING OE TECHNOLOGY TO ENHANCE AFTERMARKET PRODUCT LEADERSHIP PRODUCT LEADERSHIP CUSTOMER FOCUS • Distribution partners and technicians • Market leading coverage • >92% average first time order fill • First-to-market for new vehicles • Catalog excellence • Leverage OE des
Slide 25: Recognized Industry Leader
RECOGNIZED INDUSTRY LEADER ACTIVE INDUSTRY PARTICIPATION, STRONG INTELLECTUAL PROPERTY GLOBAL EMISSIONS SIGNIFICANT INDUSTRY GROWING INTELLECTUAL REGULATIONS PRESENCE PROPERTY PORTFOLIO • Worldwide Emissions Booklets • Act on global emissions changes • 2000+ active patents worldwide • Heavy-Duty/Off
Slide 26: Technology Flexibility
TECHNOLOGY FLEXIBILITY Aftermarket Technical Center Fuel Systems Technical Center LEVERAGE COMPETENCY TO SEAMLESSLY SUPPORT FUTURE TECHNOLOGIES Application Engineering AMERICAS EUROPE ASIA PACIFIC EXPERTISE, PRODUCT DESIGNS, AND PRODUCTION ASSETS ARE FLEXIBLE ACROSS MARKETS AND REGIONS 26
Slide 27: Technology and Product Launches
TECHNOLOGY AND PRODUCT LAUNCHES RESULTS OF PHINIA PRODUCT LEADERSHIP 2024 2025 2026 – FUTURE • 30 new OE products • 25 new OE products • Product launches continue launched launched • Fuel systems strengthened via GDi 500bar and alternative fuels • AFM w/>3,600 New-To- • AFM w/>5,800 New-To- • Igniti
Slide 28: Market Overview & Independent Aftermarket
MARKET OVERVIEW & INDEPENDENT AFTERMARKET Neil Fryer VP and General Manager, Global Aftermarket 28
Slide 29: Growing Addressable Market
GROWING ADDRESSABLE MARKET ADDRESSABLE MARKET EXPECTED TO GROW AT 1.4% CAGR FROM 2024 TO 2030 121.0 116.9 115.7 17.9 106.4 15.6 14.9 8.0 3.9 3.8 4.3 4.3 5.6 4.8 6.7 6.0 15.2 12.4 20.8 16.5 82.1 Total Addressable Market ($B) 74.0 76.6 66.6 Service Light Passenger Vehicle Light Commercial Vehicle Medi
Slide 30: Service Is a Growing Market
SERVICE IS A GROWING MARKET 2024 $40.6B Favorable Market Fundamentals Core Offered Market • Increasing number of Existing core products in existing geographies vehicles in operation • Increasing vehicle age $66.6B • Increasing miles Addressable Market Existing products in travelled all geographies •
Slide 31: Focused Portfolio for Today and Tomorrow
FOCUSED PORTFOLIO FOR TODAY AND TOMORROW Dedicated Services & CHASSIS & MAINTENANCE GASOLINE FUEL SYSTEMS Workshop Solutions SOLUTIONS Fuel Delivery Modules | Fuel Pumps GDi Injection Systems | PFI Injectors Braking | Steering & Suspension DIAGNOSTICS TEST EQUIPMENT DIESEL FUEL SYSTEMS TRAINING & TE
Slide 32: Synergistic Sourcing Model Leverages OE Products
SYNERGISTIC SOURCING MODEL LEVERAGES OE PRODUCTS AFTERMARKET MANUFACTURING(1) FUEL SYSTEMS MANUFACTURING THIRD PARTY SUPPLIERS OE Manufacturer Channel Independent Aftermarket Channel OEM Dealers | OEM Workshop Chains Wholesale | Retail | Online (1) Aftermarket produces Starters & Alternators, Sensor
Slide 33: PHINIA Aftermarket
PHINIA AFTERMARKET OE EXPERTISE, AFTERMARKET AGILITY DELCO REMY is a registered trademark of General Motors LLC, licensed to PHINIA Technologies Inc. 33
Slide 34: Winning in the Independent Aftermarket
WINNING IN THE INDEPENDENT AFTERMARKET Market Leading CUSTOMER CENTRIC #1 Training & Workshop Solutions Coverage Product Leadership First-to-Market for New Vehicles DISTRIBUTION PARTNERS Product Lifecycle Management Catalog Excellence TECHNICIANS >92% Average First Time Order Fill PUSH & PULL 34
Slide 35: Aftermarket Agility in a Dynamic Market
AFTERMARKET AGILITY IN A DYNAMIC MARKET AGING GLOBAL VEHICLE POPULATION Private Label Value Proposition Investment in Remanufacturing Accelerating Propulsion Agnostic Product Sales Rapid addition of Chinese Vehicle Coverage RAPIDLY EMERGING CHINESE OEMs 35
Slide 36: IAM Growth Outpaced Market Since 2022
IAM GROWTH OUTPACED MARKET SINCE 2022 PHINIA IAM Sales Revenue IAM Sales Outgrowth From 2022 Global Production (LPV, MD/HD CV) Market Penetration Global Vehicles in Operation (LPV, MD/HD CV) Future Growth Levers 1.30 1.26 1.25 Market Expansion Growth rate index (2022 = 1) 1.20 1.15 1.11 Extended Pro
Slide 37: Proven Strategy Execution Capability
PROVEN STRATEGY EXECUTION CAPABILITY CATEGORY SALES GROWTH SINCE LAUNCH Steering and Suspension Launch in North America • Step 1: European program launched in North America, leveraging existing supply base and Delphi brand • Step 2: Extended range coverage to US and Asian vehicles • Step 3: Launched
Slide 38: Independent Aftermarket Is a Platform for Growth
INDEPENDENT AFTERMARKET IS A PLATFORM FOR GROWTH Serving global market Consistent, reliable OE expertise, with focused product full-service partner Aftermarket agility portfolio leveraging with strong margins powerful brands and cash flow 38
Slide 39: OE Strategies by End Market
OE STRATEGIES BY END MARKET Pedro Abreu VP and Chief Strategy Officer 39
Slide 40: Light Passenger Vehicles
LIGHT PASSENGER VEHICLES DESCRIPTION COMPETITIVE LANDSCAPE* KEY DEVELOPMENTS Mitsubishi Schaeffler Astemo PHINIA Coavis Denso Bosch Valeo Aisan SEG Diesel Fuel ✓ ✓ ✓ Systems Gasoline ✓ ✓ ✓ ✓ Fuel Systems Starters & ✓ ✓ ✓ ✓ ✓ ✓ Alternators • Optimize injection for efficiency & performance Electronics
Slide 41: Light Passenger Vehicle Provides Growth Opportunity
LIGHT PASSENGER VEHICLE PROVIDES GROWTH OPPORTUNITY CORE LV TECHNOLOGY WILL BE PREVAILING FOR LONGER… …WITH OPPORTUNITY TO GROW BUSINESS IHS view of 2030 Global Light Vehicle Production (Millions) Estimated position based on 2025 CY 82 82 37% 44% +900 23% BPS 25% 40% 31% 2030 as of IHS July 2024 203
Slide 42: Light Passenger Vehicles
LIGHT PASSENGER VEHICLES MARKETS & DRIVERS PHINIA POSITIONING SALES PROJECTION • Increasing BEV penetration outside of US @ $5B: • Evidence of suppliers exiting the market Strategy 17% 2025: 2 $0 5% .9 • Emissions regulations / timing under review • Enhanced customer intimacy $ B 2024: 0. 27 • OEMs
Slide 43: Light Duty On-Highway Commercial Vehicles
LIGHT DUTY ON-HIGHWAY COMMERCIAL VEHICLES DESCRIPTION COMPETITIVE LANDSCAPE* KEY DEVELOPMENTS Mitsubishi Schaeffler Astemo PHINIA Coavis Denso Bosch Valeo Aisan SEG Diesel Fuel ✓ ✓ ✓ Systems Gasoline ✓ ✓ ✓ ✓ Fuel Systems Starters & ✓ ✓ ✓ ✓ ✓ ✓ Alternators • Optimize injection for efficiency & perfor
Slide 44: ICE to Remain Dominant in Core Light Commercial Vehicle
ICE TO REMAIN DOMINANT IN CORE LIGHT COMMERCIAL VEHICLE 6.9 7.2 7.1 6.4 • Trucks are often dual use vehicles (business and private) • Towing capacity is a key buying factor, along 89% 85% ICE 94% with long operating ranges TRUCKS 98% • ICE and ICE Hybrid engines are better aligned to this duty cycle
Slide 45: Light Duty On-Highway Commercial Vehicles
LIGHT DUTY ON-HIGHWAY COMMERCIAL VEHICLES MARKETS & DRIVERS PHINIA POSITIONING SALES PROJECTION • Increasing BEV penetration especially in Europe Strategy @ $5B: 1 3% • Long range / high power applications will $0 .6B 2025: 1 remain with ICE longer • Target regions and segments which have 9% $0 2024
Slide 46: Medium and Heavy Duty On-Highway Commercial Vehicles
MEDIUM AND HEAVY DUTY ON-HIGHWAY COMMERCIAL VEHICLES DESCRIPTION COMPETITIVE LANDSCAPE* KEY DEVELOPMENTS Mitsubishi Schaeffler Cummins Prestolite Astemo PHINIA Denso Bosch Aisan SEG Diesel Fuel ✓ ✓ ✓ ✓ Systems Starters & ✓ ✓ ✓ ✓ ✓ ✓ Alternators Ignition ✓ ✓ ✓ ✓ • Optimize injection for efficiency &
Slide 47: Medium and Heavy Duty Are Core to PHINIA
MEDIUM AND HEAVY DUTY ARE CORE TO PHINIA RESILIENT AND ADAPTABLE ICE TO REMAIN PREVAILING TECHNOLOGY Quick recovery during the Post-COVID resiliency Global Financial Crisis 95% 88% 85% 79% 24.6% 2.0% 4.0 CAGR (’09-11) CAGR (22-25) 3.9 3.7 3.4 0.5 0.2 0.6 0.8 BEV 3.2 3.4 3.2 3.2 ICE 2008 2009 2010 20
Slide 48: Medium and Heavy Duty On-Highway Commercial Vehicles
MEDIUM AND HEAVY DUTY ON-HIGHWAY COMMERCIAL VEHICLES MARKETS & DRIVERS PHINIA POSITIONING SALES PROJECTION • Purchase decisions driven by long-term Strategy @ $5B: 2 0% relationships $1 2025: 1 .0B • Leverage customer intimacy 5% • Stable market with limited BEV $0 • Continued targeted technology in
Slide 49: Off-Highway, Industrial, and Other Applications
OFF-HIGHWAY, INDUSTRIAL, AND OTHER APPLICATIONS DESCRIPTION COMPETITIVE LANDSCAPE* KEY DEVELOPMENTS Woodward Schaeffler Cummins Prestolite PHINIA Collins Denso Bosch Eaton SEG Fuel ✓ ✓ ✓ ✓ ✓ ✓ Systems Starters & ✓ ✓ ✓ ✓ Alternators Ignition ✓ ✓ ✓ • Optimize injection for efficiency & performance Ele
Slide 50: Off-Highway, Industrial, and Other Applications
OFF-HIGHWAY, INDUSTRIAL, AND OTHER APPLICATIONS MARKETS & DRIVERS PHINIA POSITIONING SALES PROJECTION • Diverse markets characterized by high technology & lower volumes driving Strategy @ higher CPV 20 $5 • Leverage core technologies to conquest 25 : B: • Minimal impact from Electrification 202 adja
Slide 51: Off-Highway, Industrial, and Other Applications
OFF-HIGHWAY, INDUSTRIAL, AND OTHER APPLICATIONS AEROSPACE INDUSTRIAL OFF-HWY / RECREATIONAL • ~$8B market today, with expected growth at • Segment less affected by BEV transition • PHINIA now able to use SEM’s business in ~5% CAGR over the next 10 years • Leverages core capabilities and skills Small
Slide 52: Strategy in Action
STRATEGY IN ACTION TECHNOLOGY BUSINESS WINS NEW MARKETS M&A • 500bar GDi fuel system – first to • 92% win rate as incumbent • Established a position in • SEM successfully integrated market • $500M conquest wins in past aerospace • M&A criteria focused into • Disciplined R&D investments three years •
Slide 53: Clear, Viable Path to Deliver Consistent Growth
CLEAR, VIABLE PATH TO DELIVER CONSISTENT GROWTH WELL POSITIONED WELL DIVERSIFIED TO FOR GROWTH NAVIGATE VOLATILITY • Strong global Aftermarket business • Growing sales in all regions • Top tier player in stable CV segment • Targetting 80% of sales from CV, Industrial, & IAM • Sustained longer ICE de
Slide 54: Financially Disciplined
FINANCIALLY DISCIPLINED Chris Gropp SVP and Chief Financial Officer 54
Slide 55: Full-Year 2025 Highlights
FULL-YEAR 2025 HIGHLIGHTS COMMITTED TO FINANCIAL SUCCESS $3.5B Net Sales KEY FINANCIAL METRICS • 13.1% Total Segment Adjusted $478M 13.7% Adjusted EBITDA(1) & Margin(1) Operating Margin • 16.2% Aftermarket • 11.2% Fuel Systems $4.96 Adjusted Diluted EPS(1) $200M Share Repurchases STRONG BALANCE SHEE
Slide 56: Thriving in Growing Markets
THRIVING IN GROWING MARKETS STRATEGIES FOR GROWTH INDUSTRIES & FISCAL RESPONSIBILITY 2026 PROJECTED SALES % (COMPARED TO 2025) MEASURED MOMENTUM Resilient End-Market with Unique Cycles & Dynamics. Strong Demand with Minimal Impact from BEV Penetration Emerging Growth Industries: Off-Hwy, Industrial,
Slide 57: Financial Performance by Segment
FINANCIAL PERFORMANCE – SALES & AOI (BY SEGMENT) TRACK RECORD OF DELIVERING STRONG RESULTS (2023 – 2025) STRONG AOI EXECUTION SUPPORTING BUSINESS GROWTH AND CAPITAL ALLOCATION ADJUSTED SALES ($M) (1) ADJUSTED OPERATING INCOME ($M) (1) Fuel Systems Aftermarket Fuel Systems Aftermarket Outpaced Market
Slide 58: Financial Performance: Adjusted Sales & EBITDA
FINANCIAL PERFORMANCE – ADJUSTED SALES & EBITDA TRACK RECORD OF DELIVERING STRONG RESULTS DISCIPLINED PERFORMANCE TO ACHIEVE GOALS (1) (1) ADJUSTED SALES ($M) ADJUSTED EBITDA ($M) $3,615 $505 3.4% 2.8% CAGR CAGR $3,483 $478 $478 $3,380 2024 2025 Projected 2026 2024 2025 Projected 2026 GROWTH PROFITA
Slide 59: Driving Business Agility
DRIVING BUSINESS AGILITY STREAMLINED OPERATIONS & ENHANCED EFFICIENCY STREAMLINED OPERATIONS & ENHANCED EFFICIENCY Sustainable Tax Efficiencies Driving Positive Impact on Cash Flow RIGHTSIZING • Closed Euro Facility – Relocated 41.5%Adj. Effective Product to Customer Regions • Optimized Locations –
Slide 60: Operational Excellence: Adjusted Free Cash Flow & Conversion
OPERATIONAL EXCELLENCE ADJUSTED FREE CASH FLOW & CONVERSION(1) (1) 53% 42% 2024 Industrial COMPETITION 44% 31% PHINIA 2025 Tier 1 44% 39% (3) 2026 Aftermarket (2) 2024 2025 2026 Industrial Peers Tier 1 Peers Aftermarket Peers $253M $212M $220M (1) Non-GAAP metric. See Appendix for Adjusted FCF and c
Slide 61: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION PHINIA MODEL a l Return a p it Life-to-Date C ve $109M i ti 107% 28.5% Life-to-Date Dividends Paid (1) et Stock Price Increase $436M / 9.8M mp Since Jan. 2024 Adj. Diluted EPS 8.0% Dividend Growth Through FYE 2025(4) Year Over Year Shares Repurchased(1) Co Increase(3)
Slide 62: PHINIA Versus Peer Group
TOTAL SHAREHOLDER RETURN PHINIA VERSUS PEER GROUP BUILDING VALUE THROUGH PROFITABILITY COMPARISON OF CUMULATIVE TOTAL RETURN (4) Q1 2024 Shareholder Return Shareholder Return 116.4% 18.6% 107% PHINIA INC. (PHIN) Q2 2024 TSR 2024 - 2025 9,780 Basis Points Below PHINIA Stock Price Increase PEER GROUP
Slide 63: 2026 Full Year Outlook
2026 FULL YEAR OUTLOOK Net Sales Adj. Free Cash Flow (1) $3,515 - $3,715M 1% to 7% YoY Growth $200 – $240M Adj. EBITDA & Margin (1) Adj. Effective Tax Rate (2) $485 - $525M 13.7% - 14.3% 30% - 34% (1) Forward-looking Non-GAAP metric. See Appendix for Adjusted EBITDA, Adjusted EBITDA Margin, and Adju
Slide 64: Closing
CLOSING Brady D. Ericson President and Chief Executive Officer 64
Slide 65: Recap
RECAP EXECUTING STRATEGIES TO DELIVER CONSISTENT SHAREHOLDER VALUE PRODUCT LEADERSHIP • Leading Competitive Position STABLE GROWTH • Diverse Industrial Markets Now let’s talk FINANCIAL DISCIPLINE about where • Consistent and Reliable Performer we are going MAXIMIZING TOTAL SHAREHOLDER RETURNS 65
Slide 66: Driving Results, Accelerating Performance
DRIVING RESULTS, ACCELERATING PERFORMANCE EXPECTED JOURNEY FROM 2025 TO 2030 Defining Our Future: 2025 → 2030 KPI’s Cash for Capital Allocation (2026-2030) 2025 2030E (1) ~$225M of Dividends Higher / $3.5B $4.2B RET U R (2) Net Sales Acquisitions NT Special 3B Adj. FCF O Dividends $1. SH AR G R O WT
Slide 67: Sales Target Percentage by End Market
SALES TARGET PERCENTAGE BY END MARKET PHINIA’S STRATEGIC FOCUS Service MD/HD CV 2024 Sales: 34% 2024 Sales: 17% 2024 2025 Sales: 35% 2025 Sales: 15% @ $5B Sales: 40% @ $5B Sales: 20% @ $5.0 Billion of Sales 2025 LPV Off-Hwy / Ind. / Other @ $5B 2024 Sales: 27% 2024 Sales: 4% Greater Than 80% 2025 Sa
Slide 68: Projected Financials at $5B of Sales
PROJECTED FINANCIALS @ $5B OF SALES READY TO DELIVER @ $5B Cash Net Diversified Adj. EBITDA (1) Leverage(1) Target Conversion(1) Industrial End-Market Distribution 15%+ 45% 2.0X Target Sales CAGR Adj. EBITDA (1) Adj. Free Cash Flow(1) Liquidity 3 – 6% $750M+ ~$350M $1.0B Global Scale With Growth Wor
Slide 69: Appendix
—>PHINIA APPENDIX > PHINIA Delphi | Mipeicoremy | @hartridge
Slide 70: 2024 Adjusted Sales by Channel
(1) 2024 ADJUSTED SALES BY CHANNEL (OE, OES, & IAM) $3.38B TOTAL SALES FUEL SYSTEMS $2.11B $2.01B 95% $100M $2.11 Billion Fuel Systems Sales 5% OE OES $1.27 Billion AFTERMARKET $1.27B Aftermarket Sales $205M $256M 64% 20% $811M 16% OE OES IAM (1) Non-GAAP metric. See Appendix for reconciliation to t
Slide 71: 2025 Net Sales by Channel
2025 NET SALES BY CHANNEL (OE, OES, & IAM) $3.48B TOTAL SALES FUEL SYSTEMS $2.18B $2.05B 94% $127M $2.18 Billion Fuel Systems Sales 6% OE OES $1.30 Billion AFTERMARKET $1.30B Aftermarket Sales $214M $222M 67% 17% $869M 16% OE OES IAM 71
Slide 72: Adjusted Sales by Channel: Service
ADJUSTED SALES BY CHANNEL (OE, OES, & IAM) (1) 2024 TO 2025 SEGMENTATION $3.38B 24% 25% $3.48B 2024 Sales 2025 Sales OE OE OE $2.21B $2.26B 66% 65% OE Sales OE Sales 2025 2024 $356M 24% 25% $349M OES OES 10% 10% OES Sales OES Sales SERVICE 34% 35% $811M $869M 24% IAM IAM 25% IAM Sales IAM Sales (1)
Slide 73: Service Sales Propulsion Versus Propulsion Agnostic
SERVICE SALES PROPULSION VERSUS PROPULSION AGNOSTIC 2024 TO 2025 $1.17B $1.22B Total Service Total Service Sales Sales $885M $894M 75.6% 73.3% Propulsion Sales 2024 2025 Propulsion Sales Pro Pro ul ul $285M sio sio $326M p p nA nA gnos gnos tic tic 24.4% 26.7% Prop Prop Propulsion ulsion ulsion Prop
Slide 74: Service Sales Produced Versus Purchased
SERVICE SALES PRODUCED VERSUS PURCHASED 2024 TO 2025 $1.17B $1.22B Total Service Total Service Sales Sales $620M $622M 53.0% 51.0% Produced Service Sales 2024 2025 Produced Service Sales Pu Pu rch $550M ase d r ch ase d $598M 47.0% Pr o duce d Pr o d uc e d 49.0% Purchased Service Purchased Service
Slide 75: End Market Segmentation
END MARKET SEGMENTATION 2024, 2025, AND @ $5B Service MD/HD CV 2024 Sales: $1.2B (34%) 2024 Sales: $0.6B (17%) 2024 2025 Sales: $1.2B (35%) 2025 Sales: $0.5B (15%) @ $5B in Sales: $2.0B (40%) @ $5B in Sales: $1.0B (20%) $3.4B Sales in 2024 2025 LPV Off-Hwy / Ind. / Other $3.5B @ $5B 2024 Sales: $0.9
Slide 76: Application Definitions
APPLICATION DEFINITIONS Cars and Sport Utility Vehicles • 4 wheeled vehicles primarily designed to carry passengers • Typically no more than eight seats • European class: M1 HYDROGEN FIS DIESEL FIS GASOLINE FIS IGNITION • US class: Passenger Car • Less than 3.5 ton GVWR STARTERS & ELECTRONICS ALTERN
Slide 77: Application Definitions
APPLICATION DEFINITIONS Light Commercial Vehicles • Mostly single rear axle with single rear wheels, although occasionally single axle dual rear wheels, primarily designed to carry goods DIESEL FIS GASOLINE FIS IGNITION HYDROGEN FIS • Includes car derived vans, panel vans, box vans, and dropside van
Slide 78: Application Definitions
APPLICATION DEFINITIONS Medium and Heavy Duty On-Highway Commercial Vehicles • Large vehicles designed to carry goods • Includes long haul tractors, heavy rigid trucks, construction, and vocational vehicles DIESEL FIS IGNITION HYDROGEN FIS • Category also includes buses and coaches • European class:
Slide 79: Application Definitions
APPLICATION DEFINITIONS Off Hwy, Industrial, Small Engine, Aerospace, Marine Off Hwy, Industrial, and Other • Small engine applications for applications like Chainsaws and for 2 and 3 wheelers • Stationary engines for power generation and backup DIESEL FIS GASOLINE FIS IGNITION HYDROGEN FIS • Marine
Slide 80: Financial Performance – Adjusted Diluted EPS
(1) FINANCIAL PERFORMANCE – ADJUSTED DILUTED EPS BUILDING VALUE THROUGH PROFITABILITY ~$0.10 ~$0.02 ~$0.45 ~$0.52 $4.96 $3.86 SHARE FINANCIAL OPERATIONAL SEM REPURCHASES STEWARDSHIP EFFICIENCIES ACQUISITION PHINIA Purchased Evolved Adjusted Effective Primarily Driven by Supports Exploration of ~4M S
Slide 81: Industry Volume Assumptions
INDUSTRY VOLUME ASSUMPTIONS 2026 VERSUS 2025 (EXPECTATION BY REGION) CV Up CV Up Mid to Upper-Single Digits % Mid-Single Digits % AMERICAS EMEA LV Flat to Up APAC Flat to Low-Single Digits % LV Flat to Down Low-Single Digits % LV Down Low-Single Digits % CV Down Low-Single Digits % LV ICE INDUSTRY V
Slide 82: Impactful Investment
IMPACTFUL INVESTMENT RESEARCH & DEVELOPMENT AND CAPITAL & TOOLING (1) 3.1% of Net Sales $108M RESEARCH & DEVELOPMENT 2023 4.3% of Net Sales $150M Includes Technologies, Product Research and Development, Operational and Product Support, Customer Interaction, Compliance, and Future Technologies Innova
Slide 83: Leverage & Liquidity
LEVERAGE & LIQUIDITY STRONG BALANCE SHEET WITH ROBUST LIQUIDITY LEVELS NET LEVERAGE LIQUIDITY Short-Term Debt $3M Long-Term Debt $967M Total Revolver Commitment $500M Less: Cash & Cash Equivalents ($359M) Less: Revolver Draw Outstanding $(0) Net Debt $611M Available Revolver Capacity $500M 2025 Adju
Slide 84: Historical Financial Metrics
(1) (2) HISTORICAL FINANCIAL METRICS Year Ended December 31, 2025 2024 2023 Fuel Systems $ 2,177 $ 2,108 $ 2,225 Aftermarket 1,306 1,272 1,225 Adjusted Sales $ 3,483 $ 3,380 $ 3,450 Fuel Systems 244 228 224 Margin % 11.2% 10.8% 10.1% Aftermarket 211 210 187 Margin % 16.2% 16.5% 15.3% Segment Adj. Op
Slide 85: Adjusted EBITDA and Margin Reconciliation
ADJUSTED EBITDA AND MARGIN ADJUSTED OPERATING INCOME AND RECONCILIATION TO US GAAP MARGIN RECONCILIATION TO US GAAP The Company defines adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) as net earnings less interest, taxes, The Company defines adjusted operating income
Slide 86: Adjusted Sales Reconciliation to US GAAP
ADJUSTED SALES RECONCILIATION TO US GAAP (1) The Company defines adjusted sales as net sales adjusted to exclude certain agreements with our former parent that were enter ed into in connection with the spin-off. Management believes that adjusted sales is useful to investors, as it provides improved
Slide 87: Adjusted Net Earnings Reconciliation to US GAAP
ADJUSTED NET EARNINGS RECONCILIATION TO US GAAP The Company defines adjusted net earnings and adjusted net earnings per diluted share as net earnings and net earnings per share adjusted to exclude: (i) the tax-effected impact of restructuring expense, separation-related costs, merger and acquisition
Slide 88: Definitions & Calculations
DEFINITIONS & CALCULATIONS The Company utilized the following calculations and definitions on the foregoing slides, some of which include Non-GAAP measures, as defined below: • Adjusted Effective Tax Rate - Excludes the tax effect of adjusted items and tax amounts not reflective of the Company's ong
Slide 89: Glossary
GLOSSARY Acronym Definition Acronym Definition Adj Adjusted IAM Independent Aftermarket AOI Adjusted Operating Income ICE Internal Combustion Engine AOI (relating to EVA) - Average Operating Investment LCV Light Commercial Vehicle APAC Asia-Pacific LPV Light Passenger Vehicle ATOI After Tax Operatin
Slide 90: Thank You
PHINIA THANK YOU Precision. Performance. Practical Solu PHINIA Delphi | Mipecoremy | @hartridge 90