Dana Incorporated · NYSE:DAN
Dana — Merger or Acquisition (June 2026)
17 slides from Dana's merger presentation, Jun 11, 2026
Slide 1: Dana to Combine with Eaton's Mobility Group
Exhibit 99.2 Dana to Combine with Eaton’s Mobility Group June 11, 2026 1 1
Slide 2: Disclaimers: Cautionary Notes on Forward-Looking Statements
Disclaimers Cautionary Notes on Forward-Looking Statements This document is not a substitute for the Form 10, Form S-1/S-4, Schedule TO, Form S-4, prospectus/offer to exchange, proxy statement/prospectus or any other document that Eaton, SpinCo or Dana may file with the SEC. INVESTORS AND SECURITY H
Slide 3: Today's Presenters
Today’s Presenters Bruce McDonald Byron Foster Timothy Kraus Chairman and Incoming Chief Financial Officer Chief Executive Officer Chief Executive Officer 3
Slide 4: Dana to Combine with Eaton's Mobility Group
Dana to Combine with Eaton’s Mobility Group Dana and Eaton Mobility to combine via a Reverse Morris Trust (RMT) transaction § Eaton Mobility valued at ~$5.1B enterprise value Mobility § Pro forma ownership ~50.1% Eaton shareholders and ~49.9% Dana shareholders ~$11B § Combined company implied enterp
Slide 5: Transaction Summary
Transaction Summary § Dana to combine with Eaton Mobility in a Reverse Morris Trust (RMT) transaction § Values Eaton Mobility at ~$5.1B enterprise value - Represents a multiple of ~5.9x 2026E Mobility pro forma adj. EBITDA including expected synergies Structure & § Dana shareholders and Eaton shareh
Slide 6: Eaton Mobility Overview
Eaton Mobility Overview CV Transmissions / Powertrain Engine and Emissions Systems Select Customers ~$3.3B 2026E Sales ~65% Commercial-Vehicle Aftermarket EV Products Market Applications ~35% Light-Vehicle Market Applications Company Overview Regional Sales Distribution Asia Pacific ~25% § Provider
Slide 7: Strategically Located Manufacturing Locations
Strategically Located Manufacturing Locations North America Commercial Vehicle § Indianapolis, US § Kings Mountain, US § South Bend, US § Reynosa, MX § San Luis Potosí, MX North America Light Vehicle § Athens, US§ Aguascalientes, MX (2) § Carol Stream, US§ Reynosa, MX § Kearney, US § Querétaro, MX §
Slide 8: Transformative Combination of Two Mobility Leaders
Transformative Combination of Two Mobility Leaders Mobility Deep commercial-vehicle driveline Complete Drivetrain Systems A leader in Americas commercial truck expertise and low-cost manufacturing Portfolio transmissions and clutches Industry-leading axles, driveshafts, and Comprehensive High-Value
Slide 9: Diversified Across End Markets
Diversified Across End Markets 2026E Combined Sales Mix by Market Mobility 16 % 12 % 24 % 42 % 20 % ~$3.3B ~$11B ~$7.5B 58 % 27 % 68 % 34 % Light Vehicle Commercial Vehicle Aftermarket 9 Balanced, scaled LV, CV, and aftermarket portfolio supporting sustained growth
Slide 10: ~$1.7B Aftermarket Business with Significant Growth Potential
~$1.7B Aftermarket Business with Significant Growth Potential 2026E Combined Aftermarket Sales Combination Benefits ($ in billions) § Offers a comprehensive range of genuine and ~$0.8 ~$1.7 all-makes parts § Cross-sell opportunities leveraging combined distribution footprint ~$0.9 § Significant grow
Slide 11: Combination Expands Dana 2030 Growth Strategy
Combination Expands Dana 2030 Growth Strategy § Additional products will expand scale § Accelerates 2030 growth targets with previous sales target expected to be achieved in 2027… § Broadens scope of traditional products – CV transmissions – Cross-selling opportunity § Aftermarket – Broader breadth
Slide 12: Transaction Benefits: Compelling Value Creation
Transaction Benefits: Compelling Value Creation Projected Synergy Realization Timeline Duplicative corporate and SG&A Corporate functions $250M $250M Expected Annual Adj. EBITDA Synergies CV + LV Eliminate redundant overhead to improve efficiency Integration ~$200M Drive procurement savings via scal
Slide 13: Robust Financial Profile with Strong Profitability
Robust Financial Profile with Strong Profitability ($ in billions) Mobility Increases Dana scale by 1 § 2026E Combined Sales ~$7.5 ~$3.3 ~$11 nearly 50% Significant synergy potential § 2026E Pro Forma 1 2 ~$0.8 ~$0.6 ~$1.7 Adj. EBITDA Expected to improve Dana § 2026E Pro Forma 1 2 margins immediatel
Slide 14: Maintaining Strong Balance Sheet
Maintaining Strong Balance Sheet Ample Liquidity Streamlined Debt Capital ($ in millions) § Committed financing in place Current § Expect to refinance existing debt and issue $481 new debt $227 $213 $198 § Targeting debt maturities after 2032 2026 2027 2028 2029 2030 2031 2032 1 § Expecting approxim
Slide 15: Dana 2030 Driving Multiple Expansion
Dana 2030 Driving Multiple Expansion § Acquisition accelerates and expands Dana 2030 targets Traditional § Above-market growth supported by new business wins Product Growth § Fundamental improvements in operations for top-quartile margins § Accelerated free cash flow generation Aftermarket Growth §
Slide 16: Dana to Combine with Eaton's Mobility Group
Dana to Combine with Eaton’s Mobility Group § Creates comprehensive, high-value powertrain portfolio § Accelerates aftermarket expansion § Increases commercial-vehicle scale and Mobility market coverage § Reduces customer concentration Combination Positions § Combines two exceptional teams Dana as a
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