Commercial Vehicle Group, Inc. · NASDAQ:CVGI
Commercial Vehicle — Q3 2025 Earnings Presentation
21 slides from Commercial Vehicle's earnings presentation, Nov 11, 2025
Slide 1: Q3-2025 Earnings Presentation
Q3-2025 Earnings Presentation James Ray – President & Chief Executive Officer Andy Cheung – Executive Vice President & Chief Financial Officer November 11, 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: Q3 2025 Overview
Q3 2025 Overview Q3 HIGHLIGHTS Q3 FINANCIAL OVERVIEW IMPROVED GROSS MARGINS GLOBAL ELECTRICAL SYSTEMS IMPROVEMENT 12.1% ADJ. GROSS MARGIN • New business wins • Up 10bps sequentially contribution driving from Q2’25 and 370bps return to top-line growth REVENUE ADJUSTED EBITDA from Q4’24 $152.5 $4.6 •
Slide 4: Sequential Gross Margin Improvement
Sequential Gross Margin Improvement Sequential Improvement Key Drivers Revenue/Margin Trends Adjusted Gross Margin (%) Revenue ($M) • Gross margin up 10 basis points sequentially, despite a decline of ~11% in revenue compared to Q2’25; up 370 basis points since Q4’24, driven by continued 200 14% ope
Slide 5: Third Quarter 2025 Results
Third Quarter 2025 Results CONSOLIDATED RESULTS (Continuing Operations) Year-Over-Year Performance Commentary Three Months Nine Months • Revenue down 11.2% year-over-year in Q3 due to softening in GAAP Measures Ended Sep 30 Ended Sep 30 customer demand across Global Seating and Trim Systems & ($ in
Slide 6: Global Seating
Global Seating Sales and Adjusted Operating Income Q3 Year-Over-Year Performance Commentary YTD Revenue ($mm) • Q3 Revenue declined 10% year-over-year due to lower sales volume as a -10% result of decreased customer demand -10% 76.6 239.8 • Q3 adjusted OI increased $3.7 million year-over-year primar
Slide 7: Global Electrical Systems
Global Electrical Systems Sales and Adjusted Operating Income Year-Over-Year Performance Commentary Q3 YTD Revenue ($mm) • Q3 revenue up 6% year-over-year due primarily to the ramp of new business wins +6% -4% 159.1 ✓ Benefiting from ramp of previously awarded program wins in North 46.7 49.5 America
Slide 8: Trim Systems and Components
Trim Systems and Components Sales and Adjusted Operating Income Year-Over-Year Performance Commentary Q3 YTD Revenue ($mm) • Q3 revenue decreased 29% year-over-year primarily as a result of lower -23% customer demand in North America (key geography for this segment) -29% ✓ ACT Class 8 production -39
Slide 9: 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 and 2026 followed by a strong recovery in 2027 340 332 315 -2% 274 -28% 239 +34% -14% 205 Construction/Ag 20 – 25% 2022 2023 2024 2025F 2026F 2027F Units in Thousands Heav
Slide 10: Global Electrical Systems Growth
Global Electrical Systems Growth • Expect segment revenue to increase high single-digit to low double-digit Aldama, Mexico percentage in 2026 ✓ Driven by continued ramp up of new business, accelerating the utilization of additional capacity • Improved business model to drive growth and reduce volati
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 $30 million improvement in 2025, focused on reductions in inventory and accounts receivable ✓ Slight build in Q3, expect to reduce working capital in Q4 • SG&
Slide 12: Updated Fiscal 2025 Outlook
Updated Fiscal 2025 Outlook FY25 CVG Outlook ($M) Metric 2024 Results Prior 2025 Outlook Current 2025 Outlook Net Sales $723.3 $650 - $670 $640 - $650 Adjusted EBITDA $23.2 $21 - $25 $17 - $19 Free Cash Flow $12.2 > $30 > $30 • Class 8 truck build rate of 239k (down ~28% y/y); continued weakness in
Slide 13: Appendix
Appendix Q3 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) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Gross Profit 16.0 19.5 17.8 13.1 Restructuring 2.4 1.1 0.5 0.6 Adjusted Gross Profit 18.4 20.6 18.3 13.6 % of Revenues 12.1% 12.0% 10.8% 8.4% Note: totals may not match due to rounding Q3 2025 Earning
Slide 16: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (in millions) Q3 2025 Q3 2024 YTD 2025 YTD 2024 Operating Income/(Loss) (1.1) (1.1) 1.1 4.5 Restructuring 2.7 4.2 4.5 9.8 Gain on sale of fixed assets - (3.5) - (3.5) Adjusted Operating Income 1.6 (0.4) 5.7 10.7 % of Revenues 1.1% (0.2)% 1.2% 1.9
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) Q3 2025 Q3 2024 YTD 2025 YTD 2024 Net income/(Loss) from continuing operations (6.8) (0.9) (14.1) (0.7) Operating income (loss) adjustments 2.7 0.7 4.5 6.2 Loss on early extinguishment of d
Slide 18: Segment GAAP to Non-GAAP QTD
Segment GAAP to Non-GAAP QTD For the Three Months Ended September 30, 2025 (in millions) Global Global Trim Systems Seating Electrical Systems and Components Corporate Total Operating Income/(Loss) 1.4 0.8 (0.9) (2.4) (1.1) Restructuring 1.5 0.6 0.6 - 2.7 Adjusted Operating Income/(Loss) 2.9 1.4 (0.
Slide 19: Segment GAAP to Non-GAAP QTD
Segment GAAP to Non-GAAP QTD For the Nine Months Ended September 30, 2025 (in millions) Global Global Trim Systems Seating Electrical Systems and Components Corporate Total Operating Income/(Loss) 6.4 1.0 0.5 (6.8) 1.1 Restructuring 1.9 1.6 0.9 0.1 4.5 Adjusted Operating Income/(Loss) 8.3 2.6 1.4 (6
Slide 20: Reconciliation of GAAP to Non-GAAP Cash Flow Information
Reconciliation of GAAP to Non-GAAP Cash Flow Information (in millions) Q3 2025 Q3 2024 YTD 2025 YTD 2024 CONTINUING OPERATIONS Cash Flow from Operations $ (1.7) $ (4.2) $ 32.0 $ (2.3) Capital Expenditures1 (1.8) 1.6 (7.0) (9.3) Proceeds From Sale of Business - 19.8 - 23.0 Free Cash Flow from Continu
Slide 21: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (in millions) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Income/(Loss) (34.0) (3.1) (4.1) (6.8) Interest Expense 2.2 2.5 2.3 4.1 Provision (benefit) for income taxes 28.6 2.1 1.7 0.7 Depreciation Expense 3.5 3.4 3.5 3.6 Amortization Expense 0.1 0.1 0.1
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