Gestamp Automoción S A : 2024 Individual Financial Statements

About this update from Gestamp Automocion S.a.

Audit Report on Financial St at ement s issued by an Independent Audit or GESTAMP AUTOMOCIÓN, S.A. Financial St at ement s and Management Report for t he year ended December 31, 2024 Ernst & Young, S.L. Tel: 902 365 456 C/ Raimundo Fernández Villaverde, 65 Fax: 915 727 238 28003 Madrid ey.com AUDIT REPORT ON FINANCIAL STATEMENTS ISSUED BY AN INDEPENDENT A UDITOR Translation of a report and financial statements originally issued in Spanish. In the event of discrepancy, the Spanish-language version prevails To the shareholders of GESTAMP AUTOMOCIÓN, S.A.: Repor t on t he f inancial st at ement s Opinion We have audited the financial statements of GESTAMP AUTOMOCIÓN, S.A. (the Company), which comprise the balance sheet as at December 31, 2024, the income statement, the statement of changes in equit y, the cash flow statement, and the notes thereto for the year then ended. In our opinion, the accompanying financial statements give a true and fair view, in all material respects, of the equity and financial position of the Company as at December 31, 2024 and of its financial performance and its cash flows for the year then ended in accordance with the applicable regulatory framework for financial information in Spain (identified in Note 2 to the accompanying financial statements) and, specifically, the accounting principles and criteria contained therein. Basis f or opinion We conducted our audit in accordance with prevailing audit regulations in Spain. Our responsibilities under those standards are further described in the Audit or's responsibilities for the audit of t he f inancial st at ement s section of our report . We are independent of the Company in accordance with the ethical requirements, including those related to independence, that are relevant to our audit of the financial statements in Spain as required by prevailing audit regulations. In this regard, we have not provided non-audit services nor have any situations or circumstances arisen that might have compromised our mandatory independence in a manner prohibited by the aforementioned requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Domicilio Social: Calle de Raimundo Fernández Villaverde, 65. 28003 Madrid - Inscrit a en el Regist ro Mercant il de Madrid, t omo 9.364 general, 8.130 de la sección 3 a del Libro de Sociedades, folio 68, hoja nº 87.690-1, inscripción 1 a . C.I.F. B-78970506. A member firm of Ernst & Young Global Limit ed. 2 Key audit mat t er s Key audit matters are those matters that , in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our audit opinion thereon, and we do not provide a separate opinion on these matters. Measur ement of invest ment s in group companies, joint ly cont r olled ent it ies, and associat es Descr ipt ion As explained in notes 8 and 9 to the accompanying financial statements, at December 31, 2024, the Company recognized equity instruments, loans to group companies and other financial assets, 5,262,198 thousand euros under long and short term Investments in group companies, and associates" . At each closing, management makes complex estimates that entail significant judgments to determine the existence of indications of impairment and, if necessary, estimates their recoverable amounts. Given that the amounts of the investments in group companies, jointly controlled entities, and associates are significant and the inherent complexit y of the analysis performed by management, we determined this to be a key audit matter. The Company's accounting policies and the Information included in conformit y with the applicable financial reporting framework are described in the accompanying notes 2.3, 4.7, 8, 9, and 19 to the financial statements. Our r esponse Among others, our audit procedures included the following: Understanding management's process to test its investments in Group companies, jointly controlled entities, and associates for impairment . Reviewing the reasonableness of the financial information and projected cash flows in the business plan used for investments with indications of impairment and for which fair value was determined based on value in use To this end, we contrasted the projected information with other information sources: historical trends, the business plan approved by the Board of Directors, and other external sources. Involving our valuation specialists to verify the reasonableness of the methodology used to calculate value in use, discount rates, long-term growt h rates, and the sensitivit y calculations performed by management . Where the recoverable amount was determined based on the investment's equity, corrected for any unrealized capital gains, we used the valuations performed by independent third-party appraisers based on the current market, and the analysis and evaluation of reasonableness of the amount recorded for these assets at year-end using these measurements. Reviewing the disclosures included in the notes to the financial statements in conformit y with the applicable financial reporting framework. A member firm of Ernst & Young Global Limit ed. 3 Ot her inf ormat ion: management report Other information refers exclusively to the 2024 management report, the preparation of which is the responsibility of the Company's directors and is not an integral part of the financial statements. Our audit opinion on the financial statements does not cover the management report . Our responsibility for the management report, in conformity with prevailing audit regulations in Spain, entails: Checking only that the non-financial statement and certain information included in the Corporate Governance Report and in the Board Remuneration Report, to which the Audit Law refers, were provided as stipulated by applicable regulations and, if not, disclose this fact . Assessing and reporting on the consistency of the remaining information included in the management report with the financial statements, based on the knowledge of the entity obtained during the audit, in addition to evaluating and reporting on whether the content and presentation of this part of the management report are in conformit y with applicable regulations. If, based on the work we have performed, we conclude that there are material misstatements, we are required to disclose this fact . Based on the work performed, as described above, we have verified that the information referred to in paragraph a) above is provided as stipulated by applicable regulations and that the remaining information contained in the management report is consistent with that provided in the 2024 financial statements and its content and presentation are in conformity with applicable regulations. Responsibilit ies of t he dir ect or s and t he audit commit t ee f or t he f inancial st at ement s The directors are responsible for the preparation of the accompanying financial statements so that they give a true and fair view of the equit y, financial position and results of the Company, in accordance with the regulatory framework for financial information applicable to the Company in Spain, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors eit her intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The audit committee is responsible for overseeing the Company's financial reporting process. A member firm of Ernst & Young Global Limit ed. 4 Audit or 's r esponsibilit ies f or t he audit of t he f inancial st at ement s Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit or's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with prevailing audit regulations in Spain will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance wit h prevailing audit regulations in Spain, we exercise professional judgment and maintain professional skepticism throughout the audit . We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management . Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's abilit y to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report . However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, st ructure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. A member firm of Ernst & Young Global Limit ed. 5 We communicate wit h the audit committee of the Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit . We also provide the audit committee of the Company with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with the audit committee of the Company, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter. Repor t on ot her legal and r egulat or y r equirement s Eur opean single elect r onic f or mat We have examined the digital file of the European single electronic format (ESEF) of GESTAMP AUTOMOCIÓN, S.A. for the 2024 financial year, consisting of an XHTML file containing the financial statements for the year, which will form part of the annual financial report . The directors of GESTAMP AUTOMOCIÓN, S.A. are responsible for submitting the annual financial report for the 2024 financial year, in accordance with the formatting requirements set out in Delegated Regulation EU 2019/ 815 of 17 December 2018 of the European Commission (hereinafter referred to as the ESEF Regulation). In this regard, the Corporate Governance Report and the Board remuneration report have been incorporated by reference in the management report . Our responsibility consists of examining the digital file prepared by the directors of the Company, in accordance with prevailing audit regulations in Spain. These standards require that we plan and perform our audit procedures to obtain reasonable assurance about whether the contents of the financial statements included in the aforementioned digital file correspond in their entirety to those of the financial statements that we have audited, and whether the financial statements and the aforementioned file have been formatted, in all material respects, in accordance with the ESEF Regulation. In our opinion, the digital file examined corresponds in its entirety to the audited financial statements, which are presented, in all material respects, in accordance with the ESEF Regulation. A member firm of Ernst & Young Global Limit ed. 6 Addit ional r epor t t o t he audit commit t ee The opinion expressed in this audit report is consistent with the additional report we issued to the audit committee on February 27, 2025. Term of engagement The ordinary general shareholders' meeting held on May 9, 2024 appointed us as auditors for one year, for the year ended December 31, 2024. Previously, we were appointed as auditors by the shareholders for one year and we have been carrying out the audit of the financial statements continuously since December 31, 1999. ERNST & YOUNG, S.L. (Registered in the Official Register of Auditors under No. S0530) (Signed in the original version in Spanish) __________________________________ Ramón Masip López (Registered in the Official Register of Auditors under No. 16253) February 27, 2025 A member firm of Ernst & Young Global Limit ed. GESTAMP AUTOMOCIÓN, S.A. Financial Statements and Management Report for the financial year ended 31 December 2024 Additional note for English Translation This document is a translation into English of an original document drafted in Spanish. This document contains: Individual Annual Financial Statements for Fiscal Year 2024, drawn up by the Board of Directors at its meeting of February 27, 2025; Individual Management Reports of the Company drawn up by the Board of Directors at its meeting of February 27, 2025; the signing page and the Responsibility Statement of the Directors of the Company. This translation is for information purposes only, therefore, it is not considered as financial information. In case of discrepancy, the Spanish version shall prevail. The Spanish version of this document is available on the official website of the Company (www.gestamp.com). CONTENTS Balance sheet. Income statement for the financial year. Statement of changes in equity for the financial year. Cash flow statement for the financial year. Notes to the financial statements for the financial year. Directors' Report for the financial year.

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