Slide 1: Q4 2024 Financial Results
FEBRUARY 20 2025 , Q4 2024 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 Delivered strong 2024 operating performance Well-positioned for 2025 Net Sales of $844M in Q4 and FY of $3,475M Stable sales in a softening industry • (11)% reported for both Q4 and FY vs. 2023 • Gains from new launches and program ramp-ups offset weak industry production (es
Slide 4: Strengthening our position in the turbo industry
Strengthening our position in the turbo industry >50% BUSINESS Light Vehicle applications: WINNING WIN RATE Winning across all geographies including Plug-in hybrids and across all hybrid Range Extenders, including with new Chinese automotive players types and with new players Commercial Vehicle On-H
Slide 5: Substantial progress of our electrified solutions in 2024
Substantial progress of our electrified solutions in 2024 E-POWERTRAIN FUEL CELL COMPRESSOR Broadest portfolio in the industry with best- Customers embracing in-class efficiency and size our differentiated & proprietary 3-in-1 high-speed technology (e-motor, • Started to launch first Gen3 applicatio
Slide 6: Quarterly financial trends: Q4 2023 – Q4 2024
Quarterly financial trends: Q4 2023 – Q4 2024 Reported Net Sales ($M) Adjusted EBITDA1 ($M) $945 $915 $890 $844 $826 47% 51% 49% 46% 43% $145 $151 $150 $144 $153 19% 19% 20% 19% 22% 32% 28% 30% 30% 34% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Europe North Asia
Slide 7: Net Sales bridge: Q4 and FY 2023 – 2024
Net Sales bridge: Q4 and FY 2023 – 2024 ($M) $945 (36) • Net Sales down $101M or (11)% on a reported (52) (3) $844 basis, (10)% at constant currency1 4 (5) (9) • Gasoline softness in China and North America partially offset by program ramp-ups in Europe • Diesel remains soft from impact of lower Q4
Slide 8: Adjusted EBITDA bridge: Q4 and FY 2023 – 2024
Adjusted EBITDA1 bridge: Q4 and FY 2023 – 2024 ($M) $145 (2) $153 (5) 17 • Q4 2024 Adjusted EBITDA1 of $153M, up 21 (30) 6 1 $8M | Margin1 of 18.1% up 280bps 15.3% +$37M operating performance improvement 18.1% • Volume decline from lower light vehicle sales year-over-year • Price, inflation recovery
Slide 9: 2024 Adjusted EBITDA to Adjusted Free Cash Flow bridge
2024 Adjusted EBITDA1 to Adjusted Free Cash Flow 1 bridge ($M) (7) (64) (91) • Full year adjusted Free Cash Flow1 conversion of 60% demonstrating our (88) continued ability to generate cash 10 $598 • Minimal working capital usage on a full $358 year basis • Cash taxes, capital expenditures, and cash
Slide 10: Balanced capital allocation framework with ample liquidity
Balanced capital allocation framework with ample liquidity Liquidity and Net Debt2 ($M) Common Shares Outstanding3 (M) Q4 2023 Q3 2024 Q4 2024 333 Unrestricted Cash1 259 96 125 Undrawn Revolver Credit Facility 570 600 600 264 -38% Total Liquidity 829 696 725 243 238 227 221 Term Loan B (2021-2028) 1
Slide 11: Industry-leading Adjusted EBIT Margins
Industry-leading Adjusted EBIT1 Margins ($M) 2022 2023 2024 • Enhances alignment with Adjusted EBITDA1 $570 $635 $598 reporting market practice Depreciation $84 $90 $90 • Highlights the benefits of Stock-Based our asset light model $11 $14 $23 Compensation Adjusted EBIT1 $475 $531 $485 • Further dem
Slide 12: 2025 outlook
2025 outlook Planning Assumptions Net Sales $3.3B to $3.5B • Light vehicle industry flat to down (-3% to 0%) Net Sales Growth • Commercial vehicle industry, including both off- at Constant Currency1 -3% to +2% highway and on-highway, flat to up (0% to +2%) • Average light vehicle BEV penetration of
Slide 13: 2025 outlook adjusted EBITDA bridge
1 2025 outlook adjusted EBITDA bridge ($M) $598 (4) (13) (7) (23) $575 (53) 77 0 EUR / USD 1.05 (1.08 in 2024) +$17M operating performance improvement offsetting volume and product mix headwinds 17.2% 17.2% Adj EBITDA12024 Volume Product Mix Price net of Commodity, Productivity, R&D FX Adj EBITDA1 i
Slide 14: 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 Cash Proven performance through business cycles with target of
Slide 15: Well-positioned to deliver strong performance again in 2025
Well-positioned to deliver strong performance again in 2025 Delivered strong 2024 operating performance, achieving an Adjusted EBITDA margin1 of 17.2%, up 90bps versus 2023 Deploying cash in an impactful way for shareholders | generated $358M of Adjusted Free Cash Flow1, further reducing shares by 1
Slide 16: Appendices
APPENDICES
Slide 17: Income Statement
Income Statement ($ in millions) Q4 2024 Q4 2023 FY 2024 FY 2023 Net sales $844 $945 $3,475 $3,886 Cost of goods sold 662 756 2770 3130 Gross profit 182 189 705 756 Selling, general and administrative 62 69 240 247 expenses Other expense, net 1 2 6 5 Interest expense 26 55 156 159 Gain on sale of eq
Slide 18: Balance Sheet Summary
Balance Sheet Summary ($ in millions) Assets December 31, 2024 December 31, 2023 Cash and cash equivalents $125 $259 Restricted cash 1 1 Other 1,067 1,146 Total current assets 1,193 1,406 Property, plant and equipment-net 449 477 Deferred income taxes 207 216 Other 427 428 Total assets $2,276 $2,527
Slide 19: Summary of Cash Flows
Summary of Cash Flows ($ in millions) Q4 2024 Q4 2023 FY 2024 FY 2023 Net income $100 $52 $282 $261 Net cash provided by operating activities 131 135 408 465 Net cash provided by (used for) investing activities (15) (7) (14) (55) Net cash (used for) provided by financing activities (81) (37) (520) (
Slide 20: Reconciliation of Constant Currency Sales % Change
Reconciliation of Constant Currency Sales % Change Garrett Q4 2024 Q4 2023 FY 2024 FY 2023 Reported sales % change (11%) 5% (11%) 8% Less: Foreign currency translation (1%) 2% (1%) 0% Constant Currency sales % change (10%) 3% (10%) 8% Gasoline Reported sales % change (9%) 12% (13%) 16% Less: Foreign
Slide 21: Reconciliation of Cash Flow from Operations to Adjusted Free Cash Flow
Reconciliation of Cash Flow from Operations to Adjusted Free Cash Flow and Adjusted Free Cash Flow Conversion Full year ($ in millions) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Net cash provided by operating activities $135 $84 $126 $67 $131 $408 Expenditures for property, plant and equipment (2
Slide 22: Reconciliation of Net Income to Adjusted EBIT, Adjusted EBITDA and Consolidated EBITDA
Reconciliation of Net Income to Adjusted EBIT, Adjusted EBITDA and Consolidated EBITDA1 LTM Q3 Full year Full year Full year ($ in millions) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 2024 2023 2022 Net income $52 $66 $64 $52 $100 $234 $282 $261 $390 Interest expense, net of interest income 54 29
Slide 23: Reconciliation of Long-Term Debt to Net Debt and Related Ratios
Reconciliation of Long-Term Debt to Net Debt and Related Ratios ($ in millions) Q4 2023 Q3 2024 Q4 2024 Long-term term debt $1,643 $1,464 $1,464 Short-term term debt $7 $7 $7 Deferred finance costs $46 $24 $22 Gross Debt $1,696 $1,495 $1,493 Cash and cash equivalents $259 $96 $125 Net Debt $1,437 $1
Slide 24: Full Year 2025 Outlook Reconciliation of Net Sales Growth
Full Year 2025 Outlook Reconciliation of Net Sales Growth to Net Sales Growth at Constant Currency 2025 Full Year Low 2025 Full Year High End End Net sales (% change) (6%) 0% Foreign currency translation (3%) (2%) Full Year 2025 outlook Net Sales Growth at Constant Currency (3%) 2% © 2025 Garrett Mo
Slide 25: Full Year 2025 Outlook Reconciliation of Net Income to Adjusted EBITDA
Full Year 2025 Outlook Reconciliation of Net Income to Adjusted EBIT to Adjusted EBITDA 2025 Full Year Low 2025 Full Year High ($ in millions) End End Net income $209 $254 Interest expense, net of interest income* 123 123 Tax expense 70 85 Discounting costs on factoring 1 1 Repositioning costs 24 24
Slide 26: Full Year 2025 Outlook Reconciliation of Cash Flow to Adjusted Free Cash Flow
Full Year 2025 Outlook Reconciliation of Cash Flow from Operations to Adjusted Free Cash Flow 2025 Full Year Low 2025 Full Year High ($ in millions) End End Net cash provided by operating activities $357 $447 Expenditures for property, plant and equipment ($94) ($94) Net cash provided by operating a
Slide 27: 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.