Visteon Corporation · NASDAQ:VC
Visteon — Investor Day (June 2026)
81 slides from Visteon's investor day presentation, Jun 25, 2026
Slide 1: Investor Day
Investor Day JUNE 25, 2026 | NYC 2026 Investor Day | 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecast
Slide 3: Agenda
Agenda 09:05am: Company Overview & Strategy – Sachin Lawande, President & CEO 09:45am: Product Line & Platforms – Bob Vallance, SVP, Product Lines 10:10am: Q&A Session #1 10:30am: Break 10:45am: Growth Drivers & Customer Strategy – Francis Kim, SVP, Global Sales & Commercial Excellence 11:15am: Manu
Slide 4: Company Overview & Strategy
Company Overview & Strategy Sachin Lawande President & CEO 2026 Investor Day | 4 2026 Investor Day | 4
Slide 5: Leading Cockpit Technology Partner for Software-Defined Vehicle Era
Leading Cockpit Technology Partner for Software-Defined Vehicle Era Global cockpit tech partner positioned to benefit from long-term shift to Software-Defined Vehicle 17 10K 30+ A C C O M P L I S H M E N T S S I N C E 2 0 1 9 COUNTRIES OF GLOBAL OEM OPERATIONS EXPERTS PARTNERS 110% 500+ bps $1B+ BES
Slide 6: Broadening Our Growth Opportunity
Broadening Our Growth Opportunity Multiple growth engines position Visteon to grow faster than underlying vehicle production OUR PRODUCT PORTFOLIO Cockpit Systems & Modules DIGITAL COCKPIT DOMAIN HIGH PERFORMANCE ANDROID ADVANCED DISPLAY CONNECTIVITY CAMERA CLUSTERS CONTROLLER COMPUTE INFOTAINMENT S
Slide 7: Winning with Global OEMs and New Mobility Markets
Winning with Global OEMs and New Mobility Markets Expanding across OEMs, vehicle segments, and mobility markets while improving revenue resilience Highly Diversified Global Customer Base PASSENGER CARS 18 OF THE TOP 23 AUTOMAKERS WITH >1M UNIT VOLUMES ARE VISTEON CUSTOMERS 16 NEW BRANDS ADDED IN AUT
Slide 8: Building the Foundation for the Next Phase of Growth
Building the Foundation for the Next Phase of Growth Repositioning Visteon to capitalize on evolving industry dynamics and emerging opportunities THE INDUSTRY SINCE 2023 KEY INITIATIVES SINCE 2023 SET FOUNDATION FOR FUTURE GROWTH Negative Customer Mix CUSTOMER BASE PRODUCT PORTFOLIO GROWTH MARKETS G
Slide 9: Positioned to Win Across the SDV Transition
Positioned to Win Across the SDV Transition Increasing content-per-vehicle through software-defined and AI-defined architectures Hardware-Defined Software-Defined AI-Defined SmartCore HPC SmartCore CDC Discrete ECU Architecture Merges cockpit and adjacent vehicle domains, while adding Consolidating
Slide 10: Leading the Transition to AI-Defined Vehicle Architectures
Leading the Transition to AI-Defined Vehicle Architectures Early customer adoption, compelling OEM economics, and a significant emerging HPC market opportunity SmartCore HPC HPC Market Opportunity 2026 - 2029 China HPC Demand Bringing Agentic AI into vehicle cabin with Edge-AI solutions ready to be
Slide 11: Building a Scalable Edge-AI Software Platform
Building a Scalable Edge-AI Software Platform Leveraging CognitoAI , model optimization, and HPC across industrial and future autonomous applications Evolution of AI Technologies Perception AI Generative AI Physical AI Cockpit Smart Assistant Automotive Intelligent CognitoAITM provides orchestration
Slide 12: Software Defined Architectures Driving Higher Display Content
Software Defined Architectures Driving Higher Display Content Increasing display complexity and integration driving higher content-per-vehicle Large 15-17” TFT LCD Complex Multi-Display Systems Large Pillar-to-Pillar Systems Standalone Displays Under Single Cover Lens and OLED Displays Design Narrow
Slide 13: Building the Software and Engineering Capabilities for the SDV Era
[Building ] the Software and Engineering Capabilities for the SDV Era Targeted acquisitions strengthen Visteon's position as strategic partner for SDV and AI-DV Acquisition Strategy Engineering Services Software Objectives Adapt Business Model to Solidify Position as Development Partner Acquired in
Slide 14: Expanding into Adjacent Mobility Markets
Expanding into Adjacent Mobility Markets Leveraging our cockpit platforms beyond passenger vehicles Key Two-Wheeler (“2W”) Technology Trends Key Commercial Vehicle (“CV”) Trends Large display cockpit systems (5 to 8”) with Mandatory standards requiring ADAS Digitalization smartphone integration Regu
Slide 15: Why We Win
Why We Win Five differentiated capabilities today. Four strategic investments extending our moat for tomorrow. WHY WE WIN TODAY EXTENDING THE MOAT Technical Depth Full cockpit stack expertise spanning software, silicon, displays, Edge AI Expertise and AI Develop deep expertise in Edge-AI DevOps to s
Slide 16: A Clear Path to Growth Reacceleration
A Clear Path to Growth Reacceleration Higher value cockpit platforms and non-auto expansion creating a stronger growth trajectory Total Sales Growth Through 2029 Primary Trends Driving Growth Plan ~$4.8B Non-Auto Portfolio Transformation $3.8B SDV trends driving growth of SmartCore Non-Auto Markets
Slide 17: Our Strategy
Our Strategy Leveraging cockpit leadership to drive sustainable growth and value creation Lead in SDV. Expand the platform. Grow the market. Compound the advantage. Center of SDV and Product Aligned to Growth Compounding AI-DV Trends Expansion Markets Capability Stack Leadership in cockpit acting as
Slide 18: Experienced Leadership Team
Experienced Leadership Team Industry leaders sharing Visteon's strategy, technology roadmap, and growth outlook Bob Vallance Francis Kim Joao Paulo Ribeiro Jerome Rouquet Senior Vice President Senior Vice President Senior Vice President Senior Vice President Product Lines Global Sales & Operations &
Slide 19: Product Lines & Platforms
Product Lines & Platforms Bob Vallance SVP, Product Lines 2026 Investor Day | 19
Slide 20: The Product Leaders Driving Our Vision Forward
The Product Leaders Driving Our Vision Forward Technical depth and customer relationships turning our strategy into revenue Cockpit Electronics AI Product And Technology Displays SIVAKUMAR HARSHA FREDDIE YEDDANAPUDI PADMANABHA MATSUMOTO Built our cockpit business across every era Built our HMI and 3
Slide 21: The Product Led Solution
The Product Led Solution Multiple growth engines position Visteon to grow faster than underlying vehicle production Anticipating Strong Product- Reusable Market Trends Market Fit Platform Assets Developed deep market understanding Markets fragmented by region and segment: Technical investments compo
Slide 22: Cockpit Electronics Portfolio Evolution
Cockpit Electronics Portfolio Evolution Over a decade of anticipating cockpit trends, creating the industry's broadest cockpit electronics portfolio THE INDUSTRY CHALLENGE Cockpit innovation is accelerating, as demand for differentiated UX calls for broader solutions Digital Clusters SmartCore CDC D
Slide 23: Cockpit Electronics Platform Approach
Cockpit Electronics Platform Approach Reusable platforms compress development time, reduce cost, and compound competitive advantage Hardware-Defined Software-Defined AI-Defined CDC Platform Example Established portfolio providing the foundation SmartCore HPC for building next-gen products SmartCore
Slide 24: Cockpit Electronics Platform Summary
Cockpit Electronics Platform Summary Cockpit Electronics Platform breadth unmatched across the industry WHAT IT MEANS TO BE PLATFORM DEFINED Shared set of reusable hardware, software, and IP assets deployable across multiple programs Cockpit Electronics Platform Instrument Cluster Infotainment Smart
Slide 25: Display Portfolio Evolution
Display Portfolio Evolution Foundation in clusters and anticipating of SDV trends enabled broad portfolio expansion THE INDUSTRY CHALLENGE Cockpit innovation is accelerating as demand for differentiated UX calls for broader solutions Traditional Hybrid Emergence of Multi- Pillar-to-Pillar and OLED D
Slide 26: Displays Platform Approach
Displays Platform Approach Platform architecture with vertical integration delivering speed, cost efficiency & premium display performance Cost Conventional Share Tier1 Approach Cover Lens • Design of curved glass shaping ~25% Buy In-House Optical Bonding • Optical bonding in-house Buy Buy Base TFT
Slide 27: Display Platform Summary
Display Platform Summary Displays platform capabilities cover market demand end-to-end WHAT IT MEANS TO BE PLATFORM DEFINED Shared set of reusable hardware, software, and IP assets deployable across multiple programs Displays Platform Single Flat Multi-Display Flat Multi-Display Curved OLED Displays
Slide 28: Scaling Our Platforms Into the Future with AI
Scaling Our Platforms Into the Future with AI Early progress towards next platform differentiator Emerging Early Positioned for Opportunity Momentum Growth AI represents a rapidly expanding and SmartCore HPC and CognitoAI customer Strategically aligned to scale AI capabilities attractive growth fron
Slide 29: The Cloud-to-Edge Bridge for Automotive AI
The Cloud-to-Edge Bridge for Automotive AI Key challenges in cloud-centric edge computing: complexity & speed Cloud Model Cadence Automotive Edge Device Lifecycle Case study on Models frequency of release Typical Lifecycle of SoC(1) Compute Design Launch In Market Service life 2024 - 2025 Today Aver
Slide 30: Visteon AI Platform Capabilities
Visteon AI Platform Capabilities Unique approach to accelerate the AI development for Automotive Visteon Edge AI Engineering Investments AI Engineering AI Infrastructure Advanced Quantization Model Distillation & Memory-Efficient Data Curation & Simulation & & Low-Bit Inference Simulation Techniques
Slide 31: Summary
Summary Product & Platform Driven Rich and capable set of platforms contributing to the majority of our revenue from 2026 through 2029 Broadest Cockpit Portfolio Comprehensive portfolio addresses automaker needs across segments, regions, and architectures Timely Platform Execution Technology shifts
Slide 32: Q&A
Q&A 2026 Investor Day | 32 2026 Investor Day | 32
Slide 33: Investor Day
Investor Day JUNE 25, 2026 | NYC 2026 Investor Day | 33
Slide 34: Growth Drivers & Customer Strategy
Growth Drivers & Customer Strategy Francis Kim SVP, Global Sales & Commercial Excellence 2026 Investor Day | 34
Slide 35: The Industry Is Repositioning
The Industry Is Repositioning Customer leadership is changing across regions and segments Top-12 Carmakers by Production Light Vehicle Production Change since 2019(1) 2019 2026 Targeted growth customer Visteon Chinese customers 0% -22% -36% -28% -1% -31% -26% -36% +1,025% +75% +13% +288% (2) Toyota
Slide 36: Different Markets, Different Trajectories
Different Markets, Different Trajectories Cockpit content growth varies by region and vehicle segment Visteon Regions 2025 VC Sales Market Trends SDV adoption lags, creating runway to refresh Americas 35% legacy architectures with cockpit products Faster SDV adoption, regulations, and Chinese Europe
Slide 37: North America: Near-Term Compression Before Transition
North America: Near-Term Compression Before Transition Managing headwinds through portfolio and customer diversification Regional Visteon Dynamics Sales Evolution in North America Near-Term Reset (Dollars in Millions) Moderate total production growth while our sales step down as traditional programs
Slide 38: Europe: Higher-Content Platforms Drive Growth
Europe: Higher-Content Platforms Drive Growth Digital cockpit platforms scale from mass market to premium and commercial vehicles Regional Visteon Dynamics Sales Evolution in Europe Advanced SDV Market (Dollars in Millions) Europe trails only China on SDV, with about 30% of $1,650 the market SDV and
Slide 39: Rest of Asia: Scale and Digitalization Drive Growth
Rest of Asia: Scale and Digitalization Drive Growth India expansion, cockpit content growth, and two-wheeler adoption support regional momentum Regional Visteon Dynamics Sales Evolution in RoA(1) Emerging-Market Runway (Dollars in Millions) Vehicle production accelerating across key $1,430 developin
Slide 40: Positioned Across India's Digital Shift
Positioned Across India's Digital Shift Content rising with all four leading OEMs as vehicles grow larger and cockpits digitalize Visteon Sales Key India Growth Drivers Evolution in India 2029 ~$900M of VC sales Vehicle Production Growth Vehicle production in India expected to 2-Wheeler expand at an
Slide 41: Toyota in the Spotlight
Toyota in the Spotlight Robust launch cadence serves as critical building block for growth Launch Spotlight Toyota Sales Forecast New Business Wins Highlights (2023 - 2025) 6 of the top 10 vehicles by volume with Visteon content Launch cadence over next three years supporting building blocks to sale
Slide 42: Unlocking Growth in Two-Wheelers
Unlocking Growth in Two-Wheelers Digitalization trends drive adoption across the two-wheeler market Market Opportunity What This Means for Us Capture Analog-to-Digital Conversion INDIA SE ASIA REST OF WORLD Large installed base of analog clusters provides a significant upgrade opportunity 21M 13M 17
Slide 43: Unlocking Growth in Commercial Vehicles
Unlocking Growth in Commercial Vehicles Building reusable platform across the commercial vehicle market Europe Americas India & RoW(1) Proof of Conversion Cockpit Expansion Next-Wave Scaling Regulation accelerated cockpit consolidation Integrated cockpit adoption expands CPV Early engagement allows
Slide 44: China Strategy
China Strategy 2026 Investor Day | 44 2026 Investor Day | 44
Slide 45: China Automotive Market Under Structural Shift
China Automotive Market Under Structural Shift Vehicle production remains flat with domestic Chinese OEMs gaining share China's Automotive Value Shift Chinese OEM Production Growth Visteon Chinese OEM Sales Growth (Dollars in Millions) Total China Total China PV Sales Policy Tailwinds Fading $615 $6
Slide 46: Growth Driven by Technology in Upper Segment of the Market
Growth Driven by Technology in Upper Segment of the Market Fastest growing and high-value segment of market China Light Vehicle Production (LVP) Tech-first (~4M units) Visteon Focus Area (Advanced Premium (~4M units) CDC and HPC) Mainstream (~16M units) Entry (~4M units) 2019 2020 2021 2022 2023 202
Slide 47: Our AI Cockpit Journey in China
Our AI Cockpit Journey in China Trusted technology partner to leading Chinese-OEMs AI Brings a Different Dynamic Proof Point Chinese OEM leaders need a co-developer, not a supplier $1B+ in lifetime HPC program wins Global Partner The only Tier-1 selected by three leading AI is regulated and stays in
Slide 48: How We Capture the Next Wave of Cockpit Growth
How We Capture the Next Wave of Cockpit Growth Aligning market shifts, customer momentum, and scalable technology platforms to expand value creation Growth Is Technology Is Scale Is Becoming a Repositioning Raising Content Differentiator Value creation is shifting across regions, SDV, cockpit consol
Slide 49: Manufacturing Operations & Supply Chain
Manufacturing Operations & Supply Chain Joao Paulo Ribeiro SVP, Operations & Supply Chain 2026 Investor Day | 49
Slide 50: Manufacturing as a Competitive Advantage
Manufacturing as a Competitive Advantage Enabling growth, expanding margins, and delivering capital efficiency Global Footprint Innovative Manufacturing More Share of Value Chain Positioned for Growth Technologies Driving Efficiency Through Vertical Integration Footprint strategically located near D
Slide 51: Footprint Optimized for Cost, Resilience and Customer Proximity
Footprint Optimized for Cost, Resilience and Customer Proximity Strategically located manufacturing network supporting growth and operational efficiency COST COMPETITIVE GLOBAL FOOTPRINT SUPPORTING HIGH IN-HOUSE MANUFACTURING GROWTH MARKETS TECHNOLOGY 14 1M+ 86 273 97% 45 STRATEGICALLY PRODUCTS SHIP
Slide 52: Strategic Investments in High-Growth Markets
Strategic Investments in High-Growth Markets Reducing overall costs with internal development capabilities and equipment repurposing Plant investments aligned with high-growth markets Capital Efficiency New Plant in India Supports growth with Indian OEMs and major two-wheeler program Custom Equipmen
Slide 53: Visteon Innovation Enables Growth, Efficiency, and Quality
Visteon Innovation Enables Growth, Efficiency, and Quality Next-generation product development enabled through improved manufacturing processes Automotive Challenges Increasingly Faster Production Rigorous Quality Software Testing High Component Complex Displays Times Required Standards and Validati
Slide 54: Automation Enabling Complex Display Manufacturing
Automation Enabling Complex Display Manufacturing Internally developed automation process drives quality and improves productivity Display Automation 30% Improvement in Manufacturing Speed ~40% Lower Capex Driven by Design Innovation ~70% Click Here To Watch Video Click Here To Watch Video Reduction
Slide 55: Implemented Proprietary Display Bonding Process
Implemented Proprietary Display Bonding Process Third-generation Visteon bonding process reduces materials costs and improves manufacturing speed Visteon Bonding Process 75% Cycle Time Improvement ~50% Reduction of Shop Floor Space Click Here To Watch Video ~10% Material Cost Reduction Capacity Incr
Slide 56: AI-Driven Monitoring Improving Productivity and Reducing Downtime
AI-Driven Monitoring Improving Productivity and Reducing Downtime AI cameras delivering real-time detection, faster response, and productivity improvement AI-Driven Line Monitoring ~10% Productivity Improvement 100% of System Internally Developed Click Here To Watch Video Scaling For Global Deployme
Slide 57: AI-Enabled Quality Monitoring System
AI-Enabled Quality Monitoring System Eliminates need for constant human intervention and efficiently drives higher quality AI Quality Monitoring 75% Reduction on False Rejections 100% of System Internally Developed Scaling Click Here To Watch Video Click Here To Watch Video For Global Deployment 3,0
Slide 58: Vertical Integration Enhances Margins and Supply Chain Resiliency
Vertical Integration Enhances Margins and Supply Chain Resiliency Increasing competitiveness through vertical integration Magnesium Injection Molding Powder Coating Lightweight structural parts molded into single structure High-quality cosmetic finishing Superior Thermal Applicable Across Reduces Ma
Slide 59: Preparing Operational Footprint for the Future
Preparing Operational Footprint for the Future Continued execution supporting growth while driving ongoing margin expansion Enabling Next-Generation Aligned with Enabling Ongoing Product Growth Growth Markets Margin Expansion Transition from clusters to complex Regional footprint revamped through In
Slide 60: Financial Performance & Outlook
Financial Performance & Outlook Jerome Rouquet | SVP, Chief Financial Officer 2026 Investor Day | 60
Slide 61: Financial Performance & Outlook Overview
Financial Performance & Outlook Overview Historical 2026 Guidance Mid-Term Capital Allocation Performance Update Financial Targets Framework Update 2026 Investor Day | 61 2026 Investor Day | 61
Slide 62: Historical Performance: 2019 – 2025
Historical Performance: 2019 – 2025 Delivered sales growth, robust margin expansion, and cash generation despite customer production declining ~14%(1) (Dollars in Millions) Sales Adj. EBITDA Adj. FCF(2) Recoveries $3,954 $3,866 $3,756 $3,768 $474 $492 $300 $292 $2,945 $2,773 $434 $2,548 $348 $234 $2
Slide 63: 2026 Guidance Update
2026 Guidance Update Trending towards high-end of 2026 sales and mid-point of Adj. EBITDA guidance Sales Adj. EBITDA Adj. FCF Trending towards Trending towards Trending towards $3.8B $475M $170M Resilient High Profile Memory Recoveries Other Cost Demand Launches on Track Inflation 2026 Investor Day
Slide 64: Memory Update: Managing through the Headwinds
Memory Update: Managing through the Headwinds Proactive supply chain resilience while targeting commercial recoveries and cost offsets to mitigate EBITDA impact Long Term Supply Supply Base Cost and Recoveries Agreements Diversification Cadence Entered multi-year strategic capacity Evaluating and se
Slide 65: What We've Accomplished Since 2023 Investor Day
What We’ve Accomplished Since 2023 Investor Day Despite industry challenges, Visteon grew margins and increased Adj. FCF from 2023 levels Financial 2023 Investor Day 2026 Key Metrics Target for 2026 Outlook Drivers Lower EV production, China market shift 2026 Sales $5.5B ~$3.8B and program cancellat
Slide 66: Detailed Sales Model Assumptions
Detailed Sales Model Assumptions A more diversified, resilient, and tailored growth algorithm not relying on vehicle production expansion Sales Metrics Over 2023 Investor Day 2026 2026 Investor Day Each Period Assumptions for ‘26 Outlook Assumptions for ‘29 Visteon Customer Production(1) 4% (1%) 0%
Slide 67: 2026-2029 Sales Targets: Laying Foundation for Sustainable Growth
2026-2029 Sales Targets: Laying Foundation for Sustainable Growth Targeting $4.8 billion of sales in 2029 driven by diversified growth algorithm (Dollars in Billions) ~8% Contribution to Sales Sales CAGR 2026 to 2029 Key Growth Drivers $4.8 $4.4 Toyota Expansion $4.15 ~$310M Significant market share
Slide 68: Sales Growth Driven by Asia and Europe
Sales Growth Driven by Asia and Europe Growth by region mirroring Software-Defined Vehicle speed of adoption (Dollars in Billions) Europe Americas $4.8 Contribution to Sales Key Growth Drivers China Rest of Asia(1) 2026 to 2029(1) India India Growth Engine ~$510M Vehicle production and content growt
Slide 69: Sales Growth Driven by Cockpit Domain Controllers and Displays
Sales Growth Driven by Cockpit Domain Controllers and Displays Growth by product line reflecting digitalization trend (Dollars in Billions) Displays Infotainment Cluster Contribution to Sales 2026 to 2029 Key Growth Drivers CDC $4.8 Cockpit Domain Controllers ~$830M Growth driven by launch with prem
Slide 70: 2026-2029 EBITDA Targets: Continued Margin Expansion
2026-2029 EBITDA Targets: Continued Margin Expansion Strong operational focus and cost discipline resulting in 14.1% adjusted EBITDA margin in 2029 (Dollars in Millions) +160 bps Margin Expansion Margin Drivers $680 Sales Growth $590 Benefiting from scale by leveraging manufacturing and engineering
Slide 71: 2026-2029 Adj. Free Cash Flow Target: Anticipating to Generate ~$1B
2026-2029 Adj. Free Cash Flow Target: Anticipating to Generate ~$1B Targeted conversion ratio of ~50% driven by consistent execution across the business (Dollars in Millions) $330 Adj. Free Cash Flow Drivers $292 $290 $200 ~$1B 2026-29 Cumulative Adj. Free Cash Flow $170 EBITDA Expansion Benefiting
Slide 72: Capital Allocation Framework Update
Capital Allocation Framework Update Maintain financial resilience, continue to invest for growth, and return meaningful capital to shareholders Balance Sheet Strength Invest for Growth Shareholder Returns Maintain financial flexibility and strong Organic investments and selective bolt-on Return mean
Slide 73: Capital Allocation: Targeting ~$1B Return to Shareholders
Capital Allocation: Targeting ~$1B Return to Shareholders Returning 85% of available cash to shareholders through share repurchases and ongoing dividends Capital Allocation: 2026 – 2029 Deployment Rationale Minimum Cash Target Maintaining appropriate liquidity for efficient business operations suppo
Slide 74: 2026 Share Repurchase Authorization
2026 Share Repurchase Authorization New share repurchase authorization supporting our capital allocation philosophy and demonstrating our commitment to create shareholder value $800M (1) Authorization for share repurchases until end of 2029 2026 Investor Day | 74 1) In addition to the $44 million re
Slide 75: Why Invest in Visteon?
Why Invest in Visteon? Diversified growth with continued margin expansion, cash flow generation and returns to shareholders Growth Margin Expansion Capital Allocation Digitalization at Global Scale Sales Growth Organic Investments Product Transition to Enable SDV Operational Efficiencies Programmati
Slide 76: Q&A
Q&A 2026 Investor Day | 76 2026 Investor Day | 76
Slide 77: Appendix
Appendix 2026 Investor Day | 77 2026 Investor Day | 77
Slide 78: Use of Non-GAAP Financial Information
Use of Non-GAAP Financial Information • Because not all companies use identical calculations, Adjusted Gross Margin, Adjusted SG&A, Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, Free Cash Flow and Adjusted Free Cash Flow used throughout this presentation may not be comparable to other similarl
Slide 79: Reconciliation of Non-GAAP Financial Information
Reconciliation of Non-GAAP Financial Information Adjusted EBITDA The Company defines Adjusted EBITDA as net income / (loss) attributable to the Company adjusted to eliminate the impact of depreciation and amortization, restructuring and impairment expense, net interest expense, equity in net (income
Slide 80: Reconciliation of Non-GAAP Financial Information (cont'd)
Reconciliation of Non-GAAP Financial Information (cont’d) Free Cash Flow and Adjusted Free Cash Flow • The Company defines Free Cash Flow as cash flow from (for) operating activities less capital expenditures. • The Company defines Adjusted Free Cash Flow as cash flow from (for) operating activities
Slide 81: Reconciliation of Non-GAAP Financial Information (cont'd)
Reconciliation of Non-GAAP Financial Information (cont’d) Adjusted EBITDA Build-up (Dollars in millions) Full Year 2019 2020 2021 2022 2023 2024 2025 Sales $2,945 $2,548 $2,773 $3,756 $3,954 $3,866 $3,768 Gross margin $324 $245 $254 $368 $487 $531 $532 Intangibles amortization 4 2 1 1 1 1 4 Stock-ba