Slide 1: 2025 Fourth-Quarter & Full-Year Earnings Conference Call
2025 Fourth-Quarter & Full-Year Earnings Conference Call February 18, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement Certain statements and projections contained in this presentation are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections
Slide 3: Agenda
Agenda Craig Barber R. Bruce McDonald Byron Foster Timothy Kraus Senior Director, Investor Chairman and Senior Vice President and Senior Vice President and Relations and Corporate Chief Executive Officer President, Light Vehicle Chief Financial Officer Communications Systems © 2026 Dana 3
Slide 4: Business Overview
Business Overview 2025 actual results stronger than preliminary estimates Fourth-quarter adj. EBITDA margin of 11.1%; 40 basis points higher Full-year adj. FCF of $331 million; $16 million higher Sale of Off-Highway business completed Debt reduction on-track: nearly $2 billion in debt reduction
Slide 5: Shareholder Return
Shareholder Return Capital return authorization doubled to $2 billion Repurchase authorization through 2030 Repurchased 34 million shares in 2025, or 23% of shares outstanding Returned $704 million to shareholders in 2025 $650 million in share repurchases $54 million in dividends Repurch
Slide 6: 2026 Market Outlook and Backlog
2026 Market Outlook and Backlog 2026 Market Outlook 3-Year Net New Sales Backlog: $750M ($ in millions) Light Trucks 2026 $200 $200 Flat 2027 $200 $300 $500 Commercial 2028 $500 $250 $750 Vehicle © 2026 Dana Flat 6 Strong New Business Backlog Primary third-party sources: S&P Global, ACT Research, Po
Slide 7: New Business Revenue Pursuit
New Business Revenue Pursuit © 2026 Dana 2018 2019 2020 2021 2022 2023 2024 2025 Traditional EV 7 OEMs are Revisiting Product Plans with More Emphasis on Traditional Vehicles
Slide 8: Financial Review
Financial Review © 2026 Dana 8
Slide 9: 2025 Q4 and Full-Year Financial Results
2025 Q4 and Full-Year Financial Results Lower full-year sales driven by Changes from Prior Year weakening market demand ($ in millions) across both light vehicle and commercial vehicle, partially offset by pricing actions, tariff Q4 ‘25 Q4 ‘24 Change FY ‘25 FY ‘24 Change recoveries, and currency S
Slide 10: 2025 Q4 Sales and Profit Changes
2025 Q4 Sales and Profit Changes Results are presented Sales excluding the Off-Highway $2,335M business, which is classified as discontinued operations $1,774M $2M $17M $27M $31M $16M $1,867M $0M Year-over-year light-vehicle ($561M) growth offset by weaker commercial-vehicle markets Improved c
Slide 11: 2025 Full-Year Sales and Profit Changes
2025 Full-Year Sales and Profit Changes Results are presented Sales excluding the Off-Highway $10,284M business, which is classified as discontinued operations $7,734M $81M $102M $28M $19M $7,500M Reduced year-over-year ($2,550M) $0M ($464M) volumes largely driven by lower demand in all end mark
Slide 12: 2025 Full-Year Adjusted Free Cash Flow
2025 Full-Year Adjusted Free Cash Flow Adjusted free cash flow includes cash generated from Changes from Prior Year both continuing and ($ in millions) discontinued operations, to align with Off-Highway deal structure 2025 2024 Change Full-year adjusted free cash Adjusted EBITDA Cont. Ops $ 610
Slide 13: 2026 Financial Guide
2026 Financial Guide 2026 Guidance Ranges Sales expected to be consistent with last year, as increased backlog and Change From recoveries offset lower market Guidance 2025 demand and product mix Adjusted EBITDA expected to increase by $200 million, driven Sales ~$7.5B ±$200M by cost savings, ope
Slide 14: 2026 Full-Year Sales and Profit Changes
2026 Full-Year Sales and Profit Changes Favorable mix on slightly lower Sales volumes driven by sales $7,500M ~$15M ~$7,500M backlog yielding better ~$60M decremental margins ~$50M Operating efficiency actions (~$95M) ~$0M expected to deliver additional (~$30M) margin growth Remaining cost sav
Slide 15: 2026 Full-Year Adjusted Free Cash Flow
2026 Full-Year Adjusted Free Cash Flow Adjusted free cash flow in 2025 includes cash generated from Changes from Prior Year both continuing and ($ in millions) discontinued operations, to align with deal structure 2026 2025 Change Lower one-time costs, net interest, taxes, and working Adjusted E
Slide 16: Strong Balance Sheet
Strong Balance Sheet Ample Liquidity and Further Actions Reduced Debt Capital $10 ($ in millions) Cash balance of $659 million1 as of Jan. 31 $164 $173 $152 $489 Expect average cash balance of ~$400 million $390 $400 $400 Prior $225 $218 $227 $198 Revolver capacity of $1.15 billion as of Jan.
Slide 17: 2030 Financial Targets
2030 Financial Targets 2030 Financial Targets Sales Adj. EBITDA Margin Adj. FCF Margin ~$10 14%-15% ~6% Aftermarket Growth billion Traditional ~33% ~400 bps ~200 bps Product Growth vs. mid 2026 Guide vs. mid 2026 Guide vs. mid 2026 Guide EV and Share Repurchase Target Through 2030 Applied Technologi
Slide 18: 2026 Capital Markets Day
S AV E T H E D AT E 2026 Capital Markets Day MARCH 25, 2026 © 2026 Dana 9:00 am ET For an invitation to join in-person, please send a request to: InvestorRelations@dana.com NEW YORK CITY 18
Slide 19: Appendix
© 2026 Dana 19 Appendix
Slide 20: 2025 Full-Year Sales and Profit Change by Segment
2025 Full-Year Sales and Profit Change by Segment $5,250M $22M $13M $5,217M $90M $53M $0M Sales ($211M) Light Vehicle Systems $99M $1M $0M $466M ($6M) $87M $334M Adjusted ($49M) EBITDA 6.4% 5.9% 8.9% 2024 Vol/Mix Performance* Cost Savings Tariff Currency Commodities 2025 $2,484M $28M $12M $6M $6M $2
Slide 21: Segment Sales Profiles
Segment Sales Profiles Light Vehicle Systems Commercial Vehicle Systems YTD 12/31/2025 YTD 12/31/2025 12% 8% 16% 21% 4% 20% 39% 4% 44% 14% 12% Customers Regions 51% Customers Regions 5% 8% 10% 70% 7% 33% 18% 4% Ford North America PACCAR North America © 2026 Dana Stellantis N.V. Europe Volkswagen (Tr
Slide 22: Segment Data
Segment Data DANA INCORPORATED DANA INCORPORATED Segment Sales and Adjusted EBITDA (Unaudited) Segment Sales and Adjusted EBITDA (Unaudited) For the Three Months Ended December 31, 2025 and 2024 For the Year December 31, 2025 and 2024 Three Months Ended Year Ended (In millions) December 31, (In mill
Slide 23: Segment Data Continued
Segment Data Continued DANA INCORPORATED DANA INCORPORATED Reconciliation of Loss From Continuing Operations Before Income Taxes Reconciliation of Loss From Continuing Operations Before Income Taxes to Adjusted EBITDA (Unaudited) to Adjusted EBITDA (Unaudited) For the Year December 31, 2025 and 2024
Slide 24: Cash Flow
Cash Flow DANA INCORPORATED Reconciliation of Net Cash Provided By Operating Activities to Adjusted Free Cash Flow (Unaudited) Three Months Ended (In millions) December 31, 2025 2024 Net cash provided by operating activities $ 406 $ 302 Purchases of property, plant and equipment - Continuing operati
Slide 25: Non-GAAP Financial Information
Non-GAAP Financial Information Adjusted EBITDA is a non-GAAP financial measure which we have defined as net income (loss) before interest, income taxes, depreciation, amortization, equity grant expense, restructuring expense, non-service cost components of pension and other postretirement benefit co