Slide 1: Q1 2025 Financial Results
MAY 01, 2025 , Q1 2025 FINANCIAL RESULTS © 2025 Garrett Motion Inc.
Slide 2: Forward Looking Statements
Forward Looking Statements This communication and related comments by management may include “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and can be identified by words such
Slide 3: Key Business Highlights
Key Business Highlights Q1 2025 Financial Performance Industry and Business Trends Net Sales of $878M Continuing to deliver strong financial performance • (4)% reported and (2)% at constant currency1 vs. Q1 2024 • Mitigating direct tariff impact with pass-throughs • Light vehicle gasoline grew 6% ou
Slide 4: Continued Success Across All Differentiated Technologies
Continued Success Across All Differentiated Technologies Turbo and Hybrid Technologies Zero Emission Technologies Gasoline Turbo Commercial Vehicle Turbo Industrial Turbo 3-in-1 E-Powertrain E-Cooling Compressor Fuel Cell Compressor Successfully winning business across our turbo and Strong customer
Slide 5: Quarterly Financial Trends: Q1 2024 – Q1 2025
Quarterly Financial Trends: Q1 2024 – Q1 2025 Reported Net Sales ($M) Adjusted EBIT1 ($M) $915 $890 $878 $826 $844 51% 49% 46% 43% 49% $121 $123 $124 $131 19% 19% 22% 20% 20% $117 28% 30% 30% 34% 29% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Europe North Asia Ot
Slide 6: Net Sales Bridge: Q1 2025
Net Sales Bridge: Q1 2025 ($M) $915 25 (27) (3) (12) 1 (21) $878 Q1 2024 Gasoline Diesel Commercial Aftermarket Others FX Q1 2025 Net Sales Vehicles Net Sales % change1 6% (11)% (2)% (10)% 11% (2)% % of Reported Q1’25 Net Sales 46% 24% 18% 11% 1% • Q1 2025 Net Sales of $878M, down $37M or (4)% on a
Slide 7: Adjusted EBIT Bridge: Q1 2025
Adjusted EBIT1 Bridge: Q1 2025 ($M) ($M) 0 (7) $131 $121 18 (7) 9 (7) 4 13.2% 14.9% +$31M operating performance improvement year-over-year Q1 2024 Volume Product Mix Pricing net Commodity, Productivity, R&D FX Q1 2025 Adjusted EBIT1 of Inflation Transportation SG&A - net Adjusted Passthrough and Ene
Slide 8: Q1 2025 Adjusted EBIT to Adjusted Free Cash Flow Bridge
Q1 2025 Adjusted EBIT1 to Adjusted Free Cash Flow 1 Bridge ($M) • Cash generation aligned with full- year expectations (73) • Working capital usage driven by timing, expected to recover through balance of year $131 (12) • Cash taxes, capital expenditures, (7) depreciation, and cash interest in 1 (26
Slide 9: Strong Liquidity and Balanced Capital Allocation Framework
Strong Liquidity and Balanced Capital Allocation Framework ($M) Liquidity and Net Debt2 Ample liquidity with no near-term debt maturities Q4 2024 Q1 2025 • Extended revolver maturity until 2030 and up-sized capacity by $30M, to $630M Unrestricted Cash1 125 130 • Term Loan B and Unsecured Notes matur
Slide 10: 2025 Outlook Remains Unchanged
2025 Outlook Remains Unchanged Planning Assumptions Net Sales $3.3B to $3.5B • Light vehicle industry (3)% to flat Net Sales Growth • Commercial vehicle industry, including both off- at Constant Currency1 -3% to +2% highway and on-highway flat to 2% • Average light vehicle BEV penetration of 16% Net
Slide 11: We Remain Focused on Value Creation
We Remain Focused on Value Creation Industry Continue to be #1 Turbo player1 and leader in a technology-driven industry; still investing Leadership in new Turbo technologies especially for hybrids; expanding into industrial applications Proven performance through business cycles with target of 60% a
Slide 12: Well-Positioned to Deliver in a Volatile Environment
Well-Positioned to Deliver in a Volatile Environment Delivered strong financial results in the quarter through outstanding operating performance, achieving an Adjusted EBIT margin1 of 14.9%, up 170bps versus Q1 2024 Continued to return capital to our shareholders with $30M of share repurchases and p
Slide 13: Appendices
APPENDICES
Slide 14: Income Statement
Income Statement ($ in millions) Q1 2025 Q1 2024 Net sales $878 $915 Cost of goods sold 699 743 Gross profit $179 $172 Selling, general and administrative expenses 59 64 Other expense, net 7 1 Interest expense 29 31 Non-operating income (1) (5) Income before taxes $85 $81 Tax expense 23 15 Net incom
Slide 15: Balance Sheet Summary
Balance Sheet Summary ($ in millions) Assets March 31, 2025 December 31, 2024 Cash and cash equivalents $130 $125 Restricted cash 1 1 Other 1,117 1,067 Total current assets $1,248 $1,193 Property, plant and equipment-net 444 449 Deferred income taxes 202 207 Other 381 427 Total assets $2,275 $2,276
Slide 16: Summary of Cash Flows
Summary of Cash Flows ($ in millions) Q1 2025 Q1 2024 Net income $62 $66 Net cash provided by operating activities 56 84 Net cash (used for) provided by investing activities (22) (28) Net cash (used for) provided by financing activities (31) (112) Effect of foreign exchange rate changes on cash, cas
Slide 17: Reconciliation of Constant Currency Sales % Change
Reconciliation of Constant Currency Sales % Change Garrett Q1 2025 Q1 2024 Reported sales % change (4%) (6%) Less: Foreign currency translation (2%) (1%) Constant Currency sales % change (2%) (5%) Gasoline Reported sales % change 4% (4%) Less: Foreign currency translation (2%) (2%) Constant Currency
Slide 18: Reconciliation of Cash Flow from Operations to Adjusted Free Cash Flow
Reconciliation of Cash Flow from Operations to Adjusted Free Cash Flow and Adjusted Free Cash Flow Conversion ($ in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net cash provided by operating activities $84 $126 $67 $131 $56 Expenditures for property, plant and equipment (32) (17) (20) (22) (26
Slide 19: Reconciliation of Net Income to Adjusted EBIT, Adjusted EBITDA and Consolidated EBITDA
Reconciliation of Net Income to Adjusted EBIT, Adjusted EBITDA and Consolidated EBITDA1 LTM Q4 LTM Q1 ($ in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 2024 2025 Net income $66 $64 $52 $100 $62 $282 $278 Interest expense, net of interest income 29 61 37 26 29 153 153 Tax expense 15 23 24 (1) 2
Slide 20: Reconciliation of Long-Term Debt to Net Debt and Related Ratios
Reconciliation of Long-Term Debt to Net Debt and Related Ratios ($ in millions) Q1 2025 Q4 2024 Long-term term debt $1,462 $1,464 Short-term term debt $7 $7 Bank overdraft $17 $0 Deferred finance costs $25 $22 Gross Debt $1,511 $1,493 Cash and cash equivalents $130 $125 Net Debt $1,381 $1,368 Consol
Slide 21: Full Year 2025 Outlook Reconciliation of Net Sales Growth
Full Year 2025 Outlook Reconciliation of Net Sales Growth to Net Sales Growth at Constant Currency 2025 Full Year Low 2025 Full Year High End End Net sales (% change) (6%) 0% Foreign currency translation (3%) (2%) Full Year 2025 outlook Net Sales Growth at Constant Currency (3%) 2% © 2025 Garrett Mo
Slide 22: Full Year 2025 Outlook Reconciliation of Net Income to Adjusted EBITDA
Full Year 2025 Outlook Reconciliation of Net Income to Adjusted EBIT to Adjusted EBITDA 2025 Full Year Low 2025 Full Year High ($ in millions) End End Net income $209 $254 Interest expense, net of interest income* 117 117 Tax expense 70 85 Discounting costs on factoring 1 1 Repositioning costs 21 21
Slide 23: Full Year 2025 Outlook Reconciliation of Cash Flow to Adjusted Free Cash Flow
Full Year 2025 Outlook Reconciliation of Cash Flow from Operations to Adjusted Free Cash Flow 2025 Full Year Low 2025 Full Year High ($ in millions) End End Net cash provided by operating activities $357 $447 Expenditures for property, plant and equipment ($96) ($96) Net cash provided by operating a
Slide 24: Investors Media
Investors Media Cyril Grandjean Amanda Jones +1 (734) 392-5504 +41 (0) 79 601 0787 investorrelations@garrettmotion.com Amanda.Jones@garrettmotion.com © 2025 Garrett Motion Inc.