Commercial Vehicle Group, Inc. · NASDAQ:CVGI
Commercial Vehicle — Q2 2025 Earnings Presentation
21 slides from Commercial Vehicle's earnings presentation, Aug 5, 2025
Slide 1: Q2-2025 Earnings Presentation
Q2-2025 Earnings Presentation James Ray – President & Chief Executive Officer Andy Cheung – Executive Vice President & Chief Financial Officer August 5, 2025
Slide 2: Forward Looking Statements and Non-GAAP Financial Measures
Forward Looking Statements and Non-GAAP Financial Measures These slides contain forward-looking statements that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “co
Slide 3: Q2 2025 Overview
Q2 2025 Overview Q2 HIGHLIGHTS Q2 FINANCIAL OVERVIEW IMPROVED GROSS MARGINS GLOBAL ELECTRICAL SYSTEMS IMPROVEMENT 12.0% ADJ. GROSS MARGIN • New business wins contribution driving • Up 120 basis points improved top-line sequentially from 10.8% performance REVENUE ADJUSTED EBITDA in Q1’25 $172.0 $5.2
Slide 4: Sequential Gross Margin Improvement
Sequential Gross Margin Improvement Sequential Improvement Key Drivers Q2 Adjusted Gross Margin (%) • Gross margin up 120 basis points sequentially, driven by continued operational efficiency improvements: +120bp o Freight 12.0% ✓ Reduced expedited shipments +240bp ✓ Optimizing terms with shippers 1
Slide 5: Improved Cash Generation
Improved Cash Generation Factors Impacting 2024 Cash Flow 2025 Progress Category 2024 Impact ($M) Strategic Actions Supported YTD 2025 Performance Discontinued Cab Structures and Industrial ($15) Generated positive cash flow Operations Automation divestitures Headcount reductions to streamline Restr
Slide 6: Second Quarter 2025 Results
Second Quarter 2025 Results CONSOLIDATED RESULTS (Continuing Operations) Year-Over-Year Performance Commentary Three Months Six Months • Revenue down 11.2% year-over-year in Q2 due to softening in GAAP Measures Ended Jun 30 Ended Jun 30 customer demand across Global Seating and Trim Systems & ($ in
Slide 7: Global Seating
Global Seating Sales and Adjusted Operating Income Year-Over-Year Performance Commentary Q2 First Half Revenue ($mm) • Q2 Revenue declined 10% year-over-year due to lower sales volume as a -9% result of decreased customer demand -10% 82.4 163.2 147.9 • Q2 adjusted OI increased $0.2 million year-over
Slide 8: Global Electrical Systems
Global Electrical Systems Sales and Adjusted Operating Income Year-Over-Year Performance Commentary Q2 First Half Revenue ($mm) • Q2 revenue essentially flat year-over-year Flat • Q2 adjusted OI increased $0.4 million in the quarter primarily attributable 112.4 -7% 104.0 to lower salary expense. 53.
Slide 9: Trim Systems and Components
Trim Systems and Components Sales and Adjusted Operating Income Year-Over-Year Performance Commentary Q2 First Half Revenue ($mm) • Q2 revenue decreased 24% year-over-year primarily as a result of lower -20% customer demand in North America (key geography for this segment) -24% 57.6 112.7 • Q2 adjus
Slide 10: Key CVG Markets Update
Key CVG Markets Update NA Class 8 Heavy Truck Build Outlook CVG Revenue by End Market ACT Research is forecasting a weaker 2025 followed by a flat 2026 and growth in 2027 340 332 315 -2% 281 -24% 252 252 +12% flat Construction/Ag 20 – 25% 2022 2023 2024 2025F 2026F 2027F Units in Thousands Heavy Tru
Slide 11: Improved Execution in an Uncertain Environment
Improved Execution in an Uncertain Environment • Delivering Cash Flow Improvement and Cost Reduction • Working capital efficiency – targeting $30 million improvement in 2025, focused on reductions in inventory and accounts receivable • SG&A reduction – heightened focus to align SG&A with current rev
Slide 12: Updated Fiscal 2025 Outlook
Updated Fiscal 2025 Outlook FY25 CVG Outlook ($M) Metric 2024 Results Prior 2025 Outlook Current 2025 Outlook Net Sales $723.3 $660 - $690 $650 - $670 Adjusted EBITDA $23.2 $22 - $27 $21 - $25 Free Cash Flow $12.2 > $20 > $30 • Class 8 truck build rate of 252k (down ~24% y/y); continued weakness in
Slide 13: Appendix
Appendix Q2 2025 Earnings Presentation - 13
Slide 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures This earnings presentation contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). In general, the non-GAAP measures exclude items that (i) management believes reflect the Company’s multi-year corporat
Slide 15: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (in millions) Q2 2025 Q1 2025 Q4 2024 Gross Profit 19.5 17.8 13.1 Restructuring 1.1 0.5 0.6 Adjusted Gross Profit 20.6 18.3 13.6 % of Revenues 12.0% 10.8% 8.4% Note: totals may not match due to rounding Q2 2025 Earnings Presentation - 15
Slide 16: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (in millions) Q2 2025 Q2 2024 YTD 2025 YTD 2024 Operating Income/(Loss) 0.8 1.1 2.2 5.6 Restructuring 1.1 3.8 1.8 5.6 Adjusted Operating Income 1.9 4.8 4.0 11.1 % of Revenues 1.1% 2.5% 1.2% 2.9% Net Income/(Loss) (4.1) (1.3) (7.2) 0.1 Interest Ex
Slide 17: Reconciliation of GAAP to Non-GAAP Financial Measures – Diluted EPS
Reconciliation of GAAP to Non-GAAP Financial Measures – Diluted EPS (in millions except for share information) Q2 2025 Q2 2024 YTD 2025 YTD 2024 Net income/(Loss) from continuing operations (4.1) (1.3) (7.2) 0.1 Operating income (loss) adjustments 1.1 3.8 1.8 5.6 Loss on early extinguishment of deb
Slide 18: Segment GAAP to Non-GAAP QTD
Segment GAAP to Non-GAAP QTD For the Three Months Ended June 30, 2025 (in millions) Global Global Trim Systems Seating Electrical Systems and Components Corporate Total Operating Income/(Loss) 2.7 0.7 0.1 (2.7) 0.8 Restructuring 0.4 0.5 0.2 - 1.1 Adjusted Operating Income/(Loss) 3.1 1.2 0.3 (2.7) 1.
Slide 19: Segment GAAP to Non-GAAP QTD
Segment GAAP to Non-GAAP QTD For the Six Months Ended June 30, 2025 (in millions) Global Global Trim Systems Seating Electrical Systems and Components Corporate Total Operating Income/(Loss) 5.4 0.4 1.6 (5.2) 2.2 Restructuring 0.4 1.1 0.3 0.1 1.8 Adjusted Operating Income/(Loss) 5.8 1.5 1.9 (5.1) 4.
Slide 20: Reconciliation of GAAP to Non-GAAP Cash Flow Information
Reconciliation of GAAP to Non-GAAP Cash Flow Information (in millions) Q2 2025 Q2 2024 YTD 2025 YTD 2024 CONTINUING OPERATIONS Cash Flow from Operations $ 18.7 $ 6.7 $ 33.7 $ 1.9 Capital Expenditures1 (1.5) (6.0) (5.3) (10.8) Proceeds From Sale of Business - - - 3.2 Free Cash Flow from Continuing Op
Slide 21: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (in millions) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net Income/(Loss) (0.9) (34.0) (3.1) (4.1) Interest Expense 2.4 2.2 2.5 2.3 Provision (benefit) for income taxes (1.5) 28.6 2.1 1.7 Depreciation Expense 3.6 3.5 3.4 3.5 Amortization Expense 0.1 0.1 0.
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