Slide 1: First Quarter 2025 Financial Results
May 6, 2025 First 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 Q1 2025 Q1 2025 Q1 2024 SALES $5.6B $6.0B CORE OPERATING EARNINGS $270M $280M ] ADJUSTED EARNINGS PER SHARE $3.12 $3.18 OPERATING CASH FLOW $(128)M $(35)M Please see appendix for discussion of non-GAAP financial measures, as well as reconciliations of non-GAAP financial measures t
Slide 6: Q1 2025 Highlights
Q1 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 ✓ Increased operating margins year-over-year
Slide 7: Key Growth and Margin Improvement Metrics Scorecard
Key Growth and Margin Improvement Metrics Scorecard Growth Metric Status Margin Improvement Status Metric IDEA / Automation Conquest Wins - JIT Progress expected in late 2025 Realized ≈$11 million Run-Rate Savings Conquest Wins - Wire Won conquest volume with Ford Restructuring Savings Realized ≈$12
Slide 8: Tariff Overview
Tariff Overview Direct Exposure Indirect Exposure • North American production changes ≈94% • ≈$2.8 billion parts from Mexico • ≈$1 billion of European sales on vehicles exported to U.S. • Mix headwind due to components on high-content trims • ≈$625 million parts from Honduras IMPORTS FROM MEXICO & C
Slide 9: Financial Review
Financial Review Jason Cardew Senior Vice President and CFO Lear Proprietary: The information contained herein is the property of Lear Corporation.
Slide 10: Global Vehicle Production and Currency
Global Vehicle Production and Currency First Quarter 2025 INDUSTRY PRODUCTION (units in millions) GLOBAL NORTH AMERICA EUROPE AND AFRICA CHINA Q1 2024 21.1 4.0 4.7 6.0 Q1 2025 21.4 3.8 4.4 6.7 UP 1% YOY DOWN 5% YOY DOWN 7% YOY UP 12% YOY Lear Sales-Weighted Basis DOWN 5% YOY KEY CURRENCIES Q1 2024 Q
Slide 11: Growth Over Market
Growth Over Market First Quarter 2025 (2)% NORTH AMERICA 2% EUROPE (5)% CHINA FLAT • Seating: Unfavorable • Seating: Backlog partially Global • Seating: Favorable platform mix partially offset by unfavorable platform mix partially offset by backlog platform mix offset by backlog • E-Systems: Unfavor
Slide 12: Key Financials
Key Financials First Quarter 2025 ($ in millions, except per share amounts) 2024 2025 YEAR-OVER-YEAR DRIVERS Lower volume on Lear platforms and changes in foreign Net Sales $5,995 $5,560 exchange rates Core Operating Earnings $280 $270 Lower volume on Lear platforms, partially offset by positive net
Slide 13: Seating Sales and Margin Drivers
Seating Sales and Margin Drivers First Quarter 2025 SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) $4,478 6.6% 125 bps 6.7% $9 $4,151 $58 $295 $(288) 0 bps $280 $(76) $(30) (110) bps (0) bps (5) bps Q1 2024 Volume / Mix Backlog FX Acquisitions / Other Q1 2025 Q1 2024 Volume / Bac
Slide 14: E-Systems Sales and Margin Drivers
E-Systems Sales and Margin Drivers First Quarter 2025 SALES ADJUSTED EARNINGS AND MARGIN ($ in millions) ($ in millions) 5.1% $1,517 5.2% $39 155 bps $77 15 bps $74 $(58) $42 $1,409 $(80) (80) bps $(40) $(11) (70) bps (5) bps (5) bps Q1 2024 Volume / Mix Backlog Wind-down FX Acquisitions / Other Q1
Slide 15: Withdrawing 2025 Full Year Outlook
Withdrawing 2025 Full Year Outlook Factors leading to withdrawal of full Factors that could enable year outlook reintroduction of full year outlook • Light vehicle production outlook uncertainty • Clarity from customers on production schedules • Ongoing global trade policy negotiations • Stabilized
Slide 16: Balanced Capital Allocation Strategy
Balanced Capital Allocation Strategy Strong Balance Sheet and Ample Liquidity • No meaningful debt maturities until 2027 DEBT MATURITIES • Low cost of bonds averaging less than 4% with a weighted ($ in millions) average life of ≈12 years $2,000 • Total available liquidity of ≈$2.8 billion, including
Slide 17: Concluding Remarks
Concluding Remarks Ray Scott President and CEO Lear Proprietary: The information contained herein is the property of Lear Corporation.
Slide 18: 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 Lear Propriet
Slide 19: Appendix
Appendix Lear Proprietary: The information contained herein is the property of Lear Corporation.
Slide 20: 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 21: Non-GAAP
Non-GAAP Lear Proprietary: The information contained herein is the property of Lear Corporation. 21
Slide 22: Non-GAAP
Non-GAAP Lear Proprietary: The information contained herein is the property of Lear Corporation. 22
Slide 23: Non-GAAP
Non-GAAP Lear Proprietary: The information contained herein is the property of Lear Corporation. 23
Slide 24: Non-GAAP
Non-GAAP Lear Proprietary: The information contained herein is the property of Lear Corporation. 24