Slides
Page 1
1 66 106 89 124 190 145 183 223 200 219 239 1 44 71 83 86 90 166 166 166 217 217 217 1 © Gestamp 2026 1 66 106 89 124 190 145 183 223 200 219 239 1 44 71 83 86 90 166 166 166 217 217 217 9M 2026 Results presentation November 04 th , 2026
Page 2
1 66 106 89 124 190 145 183 223 200 219 239 1 44 71 83 86 90 166 166 166 217 217 217 2 © Gestamp 2026 disclaimer This presentation has been prepared solely for use at this presentation of our results as of and for the quarter ended September 30 th, 2025 . By attending the conference call meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations . This presentation is not an offer for sale of securities in the United States or in any other jurisdiction . This presentation has been prepared for information and background purposes only . It is confidential and does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of Gestamp Automoci ό n , S . A . (the “Company”) or any member of its group nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any member of its group or with any other contract or commitment whatsoever . Neither this presentation nor any part of it may be reproduced (electronically or otherwise) or redistributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person or published in whole or in part for any purpose without the prior written consent of the Company . This presentation does not purport to be all - inclusive or to contain all of the information that any person may require to make a full analysis of the matters referred to herein . Each recipient of this presentation must make its own independent investigation and analysis of the Company . This presentation may contain certain forward - looking statements and judgements that reflect the management’s intentions, beliefs or current expectations . These forward - looking statements include, but are not limited to, all statements other than statements of historical facts, including, without, limitation, those regarding the Company’s future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where the Company participates or is seeking to participate . The Company’s ability to achieve its projected results is dependent on many factors which are outside management’s control . Actual results may differ materially from (and be more negative than) those projected or implied in the forward - looking statements . Such forward - looking information involves risks and uncertainties that could significantly affect expected results and is based on certain key assumptions . Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward - looking statements as a prediction of actual results . All forward - looking statements included herein are based on information available to the Company as of the date hereof . The Company undertakes no obligation to update publicly or revise any forward - looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law . All subsequent written and oral forward - looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements . Growth at constant exchange rates is a numerical translation of our figures from local currencies to euros, and not a description of the situation if the currencies had not moved . Capex split in categories is a management judgement and should not be considered as a substitute for additions of tangible and intangible assets, nor depreciation and amortization . In this presentation, we may rely on and refer to information regarding our business and the market in which we operate and compete . We have obtained this information from various third - party sources, including providers of industry data, discussions with our customers and our own internal estimates . We cannot assure you that any of this information is accurate or correctly reflects our position in the industry, and none of our internal surveys or information has been verified by any independent sources . No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information contained herein . None of the Company, its advisers, connected persons or any other person accepts any liability for any loss howsoever arising, directly or indirectly, from this presentation or its contents . This shall not, however, restrict or exclude or limit any duty or liability to a person under any applicable laws or regulations of any jurisdiction which may not lawfully be disclaimed (including in relation to fraudulent misrepresentation) .
Page 3
© Gestamp 2024 INDEX PRESENTATION KEY HIGHLIGHTS FOR 9M 2026 FINANCIAL OVERVIEW OUTLOOK AND REMARKS 3 © Gestamp 2026
Page 4
1 66 106 89 124 190 145 183 223 200 219 239 1 44 71 83 86 90 166 166 166 217 217 217 4 © Gestamp 2026 Key highlights of 9M 2026 1. Excluding Phoenix Plan impact on P&L of €17.9m in 9M 2026 and of €12.2m in 9M 2025 Revenues €8,432m Flat Organic Growth 11.3% (1) Margin (+27bps YoY) €954m EBITDA (1) LEVERAGE Ensuring Balance Sheet strength 1.4x Solid 9M 2026 results providing strong visibility for the year
Page 5
1 66 106 89 124 190 145 183 223 200 219 239 1 44 71 83 86 90 166 166 166 217 217 217 5 © Gestamp 2026 62.6 63.3 59.9 46.5 51.0 54.6 60.1 59.6 62.7 62.2 1.1% - 5.4% - 22.4% 9.7% 7.1% 10.0% - 0.7% 5.1% - 0.8% 9M 2017 9M 2018 9M 2019 9M 2020 9M 2021 9M 2022 9M 2023 9M 2024 9M 2025 9M 2026 Production volumes (Mveh) YoY growth (%) Light Vehicle Production Volumes (1) Slight decrease in 9M 2026 auto PRODUCTION Market volumes slightly down YoY in 9M 2026 with mixed regional dynamics +3.8% - 0.7% 1. Production volumes in Gestamp’s footprint according to S&P Global Mobility data as of October 2026. Includes content supplied by S&P Global Mobility Copyright © [IHS_LV_Production_Bodystyle_Global_2026M10]. All rights reserved 2. Western Europe data includes Morocco in line with our reporting 9M 2026 by Region – YoY Evolution Mercosur North America China Eastern Europe Western Europe (2) - 1 . 3 % - 1.4% 2.0 % 5 .3% - 5.5% Oct’26 - 1 .5% Feb’26 - 0. 9 Mveh 5 .5% Asia (ex. China)
Page 6
1 66 106 89 124 190 145 183 223 200 219 239 1 44 71 83 86 90 166 166 166 217 217 217 6 © Gestamp 2026 1. Gestamp’s organic growth (excluding Gescrap ) at FX constant used for comparability with production volumes. Production volumes in Gestamp’s footprint as of October 2026. Includes content supplied by S&P Global Mobility Copyright © [IHS_LV_Production_Bodystyle_Global_2026M10]. All rights reserved. Western Europe da ta includes Morocco in line with our reporting 2. Market and Gestamp weighted growth measured with 9M 2025 geographical weights as a base 3. Outperformance calculated excluding China Eastern Europe Gestamp revenues performance compared to the market Outperformance of +0.2 p.p. on a weighted basis (2) at FX constant in 9M 2026 9M 2026 Gestamp Auto Business Revenue Growth at FX Constant (1) vs. Market Production Growth in Gestamp Footprint Mercosur Western Europe North America Asia 2.0% 8.0% Market Gestamp -1.3% -4.3% Market Gestamp 5.3% 5.6% Market Gestamp Gestamp Auto Business at FX constant -0.8% 0.0% Market Gestamp +0 .8% -1.4% -5.4% Market Gestamp +15.9% Ex China 3 -1.3% 0.1% Market Gestamp
Page 7
1 66 106 89 124 190 145 183 223 200 219 239 1 44 71 83 86 90 166 166 166 217 217 217 7 © Gestamp 2026 Positive business performance YoY Reported Revenue ( €m) Bridge Chart 8,486 8,432 66 Revenues 9M 2025 - 2 Organic Growth - 118 Forex Revenues 9M 2026 Gescrap - 0.6% YoY Stable organic growth despite difficult market context in our key regions Gescrap top line positively impacted by higher scrap prices in 9M 2026 Negative forex evolution mainly due to currencies in Turkey, United States, India and Argentina flat +0.8% - 1.4 %
Page 8
1 66 106 89 124 190 145 183 223 200 219 239 1 44 71 83 86 90 166 166 166 217 217 217 8 © Gestamp 2026 Auto Business Revenues & EBITDA - excluding Phoenix Extraordinary Cost (1) Revenues EBITDA % EBITDA Margin (1) 9M 2025 9M 2026 Business resilience supporting profitability growth 11.2 % Resilient profitability - 1.5% YoY - € 119 m +1.1% YoY + € 10 m 8,091 7,972 916 906 11.5 % 1. Excluding Phoenix Plan impact on P&L of €17.9m in 9M 2026 and of €12.2m in 9M 2025 (1) (1) +30 bps Revenues EBITDA Further margin improvement despite challenging market conditions ❖ Rightsizing operations and reevaluating capacity to become more flexible ❖ Continued execution of cost reduction , efficiency measures and productivity initiatives ❖ Constructive customer negotiations ❖ Delivering on turnaround On track for the execution of the FY 2026 guidance >11.9%
Page 9
1 66 106 89 124 190 145 183 223 200 219 239 1 44 71 83 86 90 166 166 166 217 217 217 9 © Gestamp 2026 Phoenix plan bringing visibility to reach 2026 guidance Sequential and YoY Margin improvement along the year; on track to achieve FY guidance on Q4 seasonal strength 1. Production volumes in Gestamp’s footprint according to S&P Global Mobility data as of October 2026. Includes content supplied by S&P Global Mobility Copyright © [IHS_LV_Production_Bodystyle_Global_2026M10]. All rights reserved 2. Excluding Phoenix Plan impact on P&L of €3.4m in Q1 2026, €7.5m in Q2 2026 and of €7.0m in Q3 2026 North America excluding Phoenix Extraordinary Plan CAPEX €13 .7 m P&L €17.9m 9M 2026 Extraordinary impacts Q1 2026 Q2 2026 EBITDA Margin ( 2) Im provement QoQ and YoY in 2026 In a low - growth market Environment Production volumes in North America (1) 9M 2026 % YoY Evolution - 1.0 % USA - 1 .4% North America - 2.5 % MEX c. 80 % Incurred of Total 2026 Impacts FY 2026E EBITDA Margin Committed to deliver on our 2026 t arget > 10 % Q3 2026 7.1 % 8.8% 10.5% % EBITDA Margin +65bps FY 2026 bps YoY +108bps +293bps
Page 10
1 66 106 89 124 190 145 183 223 200 219 239 1 44 71 83 86 90 166 166 166 217 217 217 10 © Gestamp 2026 Gescrap: improving market conditions driving strong performance Revenue ( €m) 9M 2025 5.8 % 22.9 % EBIT Margin 395 9M 2026 6.2 % 28.5 460 9M 2026 9M 2025 Source: Bloomberg as of October 2026 1. Figures taken from an average between Turkey Steel Scrap (HMS 1/2 80:20) Spot CFR Index and Germany Steel Demolition Scrap (E3) Spot Ex - Works Index 2. North America Steel #1 Busheling Scrap Spot Index 3. China Heavy Steel Scrap Over 8mm Shanghai Price Index Note: Tons of scrap managed by Gescrap of 1,783k Tons as of 9M 2026 and 1,626kTons as of 9M 2025 EBIT ( €m) Improving market conditions driving to a significant performance improvement Europe (1) China (3) USA (2) ( €/Tn) 289 288 311 326 320 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 +11% 257 271 277 290 294 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 +8% 357 331 349 365 380 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 +15% Scrap prices have increased substantially compared to year - end 2025 levels +17% 8.2 % 9M 26 On track for the execution of EBITDA Margin FY 2026 Guidance >7.4 %
Page 11
1 66 106 89 124 190 145 183 223 200 219 239 1 44 71 83 86 90 166 166 166 217 217 217 11 © Gestamp 2026 INDEX PRESENTATION KEY HIGHLIGHTS FOR 9M 2026 FINANCIAL OVERVIEW OUTLOOK AND REMARKS 11 © Gestamp 2026
Page 12
1 66 106 89 124 190 145 183 223 200 219 239 1 44 71 83 86 90 166 166 166 217 217 217 12 © Gestamp 2026 Reported revenues have decreased by - 0.6% (3) YoY in 9M 2026 Reported EBITDA has increased by + 1. 2 % YoY Total Revenue 8,486 8,432 EBITDA 925 954 EBITDA margin (%) 10.9% 11.3% EBIT 399 400 EBIT margin (%) 4.7% 4.7% Net Income 104 9M 2026 Excluding Phoenix (2) (In €m) Financial Performance in 9M 2026 8,432 936 11.1% 9M 2026 Reported 382 4.5% 9M 2025 Reported 141 FCF (1) - 64 Net Debt 2,107 - 15 1,908 17 Note: All figures including IFRS 16 1. FCF calculated as change in net debt excluding acquisitions, dividends, share repurchases and a neutral forex (calculated by inc luding exchange gains and losses, hyperinflation effect and certain translation differences with equity impact) 2. Phoenix Plan impact in 9M 2026 on P&L of €17.9m & CAPEX of €13.7m and in 9M 2025 on P&L of €12.2m & CAPEX of €10.2m related t o r estructuring of North America business announced in FY 2023 3. Revenues for the Auto Business (excluding Gescrap ) at FX constant are stable (0.0% YoY) in 9M 2026 8,486 937 11.0% 411 4.8% 9M 2025 Excluding Phoenix (2) - 41
Page 13
1 66 106 89 124 190 145 183 223 200 219 239 1 44 71 83 86 90 166 166 166 217 217 217 13 © Gestamp 2026 Non - cash one - off impacts SIGNIFICANT NET INCOME IMPROVEMENT year-on-year 1. SFA amendment closed as of January 8 th . €1.7bn includes €500m of revolving credit facility that remains undrawn Reported Net Income (In €m) 9M 2025 9M 2026 104 137 141 4 Net one - offs Net Income excluding one - offs c. 31 % €15m of write - downs linked to the extraordinary actions to realign EV exposure initiated in H2 2025, in line with our customers strategy €20m accounting impact at financial income arising from the €1.7bn (1) SFA amend, and extension (IFRS 9) closed in January As a result, there is a €5m positive impact at EBT level or €4m net of taxes at net profit Strong net profit improvement excluding one-offs 183 225 127 9M 2024 9M 2023 9M 2022
Page 14
1 66 106 89 124 190 145 183 223 200 219 239 1 44 71 83 86 90 166 166 166 217 217 217 14 © Gestamp 2026 Geographic diversification supporting performance 1. North America excluding Phoenix Plan impact on P&L of €17.9m in 9M 2026 and of €12.2m in 9M 2025 9M 2025 9M 2026 Var. (%)9M 2025 9M 2026 Var. (%) 9M 2025 9M 2026 W e s t e r n Eu r o p e 298 0.0%2983,001 2,997 -0.1% E a s t e r n Eu r o p e 220 +2.0%2161,437 +1.3%1,418 North America 1 142 +13.2%1251,625 -6.1%1,730 M e rc o s u r 83 +13.0%74649 +7.6%604 A s i a 174 -10.3%1941,264 -5.6%1,338 954 +1.8%9378,432 -0.6%8,486 Gescrap 38460 31395 EBITDA ( €m) Revenues ( €m) EBITDA Margin (%) 9.9 9.9 15.2 15.3 7.2 8.7 12.2 12.8 14.5 13.8 7.9 8.2 11.0 11.3 +16.7% +21.0%
Page 15
1 66 106 89 124 190 145 183 223 200 219 239 1 44 71 83 86 90 166 166 166 217 217 217 15 © Gestamp 2026 free cash flow evolution in 9M 2026 FCF (1) generation of €17m (1,2) in nine month despite third quarter negative business seasonality Positive FCF generation maintained in 9M 2026 ❖ Positive FCF achieved in 9M 2026 despite the temporary impact of Q3 seasonality ❖ Q3 working capital negative effect due to regular seasonal business dynamics ❖ Strong FCF expected in Q4, reversing the temporary Q3 effect Note: All figures including IFRS 16 1. FCF calculated as change in net debt excluding acquisitions, dividends, share repurchases and a neutral forex (calculated by incl udi ng exchange gains and losses, hyperinflation effect and certain translation differences with equity impact) 2. Phoenix Plan impact in 9M 2026 on P&L of €17.9m and on CAPEX of €13.7m 3. Includes minorities’ acquisitions, M&A and equity contributions (Santander partnership signed as of September 2025 with €246m capital injection) - 1,821 1,908 Net Debt FY 2025 87 Net Debt Variation Net Debt 9M 2026 - 87 - 15 17 - 10 Net Debt Variation Minority acq. / M&A 82 Dividends FX Impact Free Cash Flow Phoenix Free Cash Flow 0 32 Excluding Phoenix Reported (2) (3) 34 % 9M 2026 Group Operating Cash Flow Conversion (3) On track for the execution of the FY 2026 Guidance c.35 %
Page 16
1 66 106 89 124 190 145 183 223 200 219 239 1 44 71 83 86 90 166 166 166 217 217 217 16 © Gestamp 2026 priority is to Preserve our financial strength 2,150 2,498 3,071 2,717 2,457 2,266 2,235 2,437 2,107 1,908 9M 2017 9M 2018 9M 2019 9M 2020 9M 2021 9M 2022 9M 2023 9M 2024 9M 2025 9M 2026 2.9x 3.5x 2.5x 2.4 x 2.6x 1.6x Net debt to LTM EBITDA (x) 1.9x Net Debt in €m 2.0x Note: 2017 & 2018 figures pre - IFRS 16 implementation Maintaining Deleverage Path 1.6x Lowest reported Net Debt in a nine - month period since IPO 1.4x Net Debt and Leverage reduction
Page 17
1 66 106 89 124 190 145 183 223 200 219 239 1 44 71 83 86 90 166 166 166 217 217 217 17 © Gestamp 2026 INDEX PRESENTATION KEY HIGHLIGHTS FOR 9M 2026 FINANCIAL OVERVIEW OUTLOOK AND REMARKS 17 © Gestamp 2026
Page 18
1 66 106 89 124 190 145 183 223 200 219 239 1 44 71 83 86 90 166 166 166 217 217 217 18 © Gestamp 2026 As of Feb 26 92.8 90. 9 90.7 91.1 2026 recovery but Yet to Reach Initial Year Expectations LV Production (1) in S&P Global Mobility Geographies ( Mveh ) 1. Production volumes according to S&P Global Mobility data as of October 2026. Includes content supplied by S&P Global Mobility Co pyright © [IHS_LV_Production_Bodystyle_Global_2026M10]. All rights reserved 92.1 91.4 As of Mar 26 As of Apr 26 As of May 26 As of Jun 26 As of Jul 26 FY2025 93.1 Gradual recovery since June, yet 2026 volumes remain below the 2025 forecast and the early initial expectations 0.4 91.3 As of A ug 26 0.2 91.5 As of Sep 26 0. 1 As of Oct 26 91.6 0.1 0.7 - 1.7 % YoY FY 2026 Volumes Evolution by Region % YoY Growth ( 1 ) Mercosur Western Europe Eastern Europe North America - 1 . 2 % 3.3 % - 1.9 % 4. 6 % 4 .5 % Asia (ex. China) - 6.4 % China 0. 8 0. 5 0. 2
Page 19
19 © Gestamp 2026 Reinforced market positioning and financial profile ✓ Market outperformance amidst mixed auto volumes dynamics ✓ Flexible Strategy Across Low - and High - Growth Regions ✓ New plants driving a more diversified footprint ✓ Operational efficiencies supporting Group margin expansion ✓ Delivering on PHOENIX plan ✓ Profitable and cash - generative Gescrap business ✓ Positive cash flow generation ✓ Low leverage ratio providing financial flexibility and optionality Market Context Geopolitical Turmoils Regulatory Uncertainty L imited M arket growth Well positioned to navigate uncertainty and capture opportunities Inflationary Pressures Regulatory developments creating potential opportunities Benefiting from structural industry trends Financial flexibility supporting strategic optionality PROFITABILITY IMPROVEMENT BALANCE SHEET STRENGTH DIVERSIFIED PORTFOLIO ASSETS
Page 20
20 © Gestamp 2026 Guidance 2026 Reiterating our 2026 guidance Note: All figures including IFRS 16 and based on current S&P Global Mobility estimated LV production as of February 2026 grow th, at FX constant and extraordinary impacts not forecasted at the time of this release 1. Reported EBITDA margin excluding Phoenix impact on P&L and in the Auto business precisely 2. Operating cash flow defined as reported EBITDA minus net cash capex (investment minus asset disposals). Group operating cash flo w conversion defined as operating cash flow over EBITDA Group EBITDA Margin (1) >11.7% at YE 2026 Auto Gescrap >7.4% at YE 2026 Group Operating Cash Flow Conversion (2) in the 35% range at YE 2026 Operating cash flow defined as reported EBITDA minus net cash capex(2) 20 © Gestamp 2026 >11.9% at YE 2026
Page 21
21 © Gestamp 2026 CLOSING REMARKS 9M 2026 Solid Performance FY 2026 On - track Phoenix Plan Delivering Results Balance Sheet Strong and Flexible Well positioned to navigate all market scenarios and capture opportunities Delivering on our commitments despite a challenging environment 21 © Gestamp 2026
Page 22
© Gestamp 2020 1 66 106 89 124 190 145 183 223 200 219 239 1 44 71 83 86 90 166 166 166 217 217 217 the Partner supplier Gestamp www.gestamp.com 22 © Gestamp 2026
Page 23
1 66 106 89 124 190 145 183 223 200 219 239 1 44 71 83 86 90 166 166 166 217 217 217 23 © Gestamp 2026 2027 Strategic pillars the Partner supplier Gestamp Clear ROADMAP FOR THE long run… 01 Growth Ambition 02 Trusted Partner Supplier 03 Technology & Innovation to be Differential 06 04 Profitable Growth05 Disciplined Balance Sheet Profile 07 Pioneering the Circular Economy Operational Excellence
Page 24
1 66 106 89 124 190 145 183 223 200 219 239 1 44 71 83 86 90 166 166 166 217 217 217 24 © Gestamp 2026 Reported revenues have decreased by - 0.1% (3) YoY in Q3 2026 Reported EBITDA has increased by 4.2% YoY Total Revenue 2,642 2,638 EBITDA 284 303 EBITDA margin (%) 10.7% 11.5% EBIT 113 124 EBIT margin (%) 4.3% 4.7% Net Income 30 Q3 2026 Excluding Phoenix (2) (In €m) Financial Performance in Q3 2026 2,638 296 11.2% Q3 2026 Reported 117 4.4% Q3 2025 Reported 31 FCF (1) - 148 Net Debt 2,107 - 81 1,908 - 70 Note: All figures including IFRS 16 1. FCF calculated as change in net debt excluding acquisitions, dividends, share repurchases and a neutral forex (calculated by inc luding exchange gains and losses, hyperinflation effect and certain translation differences with equity impact) 2. Phoenix Plan impact in Q3 2026 on P&L of €7.0m & CAPEX of €4.1m and in Q3 2025 on P&L of €2.7m & CAPEX of €5.2m related to re str ucturing of North America business announced in FY 2023 3. Revenues for the Auto Business (excluding Gescrap ) at FX constant have declined by - 2.8% YoY in Q3 2026 2,642 287 10.8% 116 4.4% Q3 2025 Excluding Phoenix (2) - 141
Page 25
25 © Gestamp 2026 Appendix – alternative performance measures This results presentation and any related conference call or webcast (including any related question and answer session) (the " Presentation "), in addition to financial information detailed in the Gestamp Group ´ s financial statements prepared in accordance with International Financial Reporting Standards, contains alternative performance measures (" APMs ") as defined in the Guidelines on Alternative Performance Measures published by the European Securities and Markets Authorit y ( ESMA) on October 5, 2015. A breakdown of the explanations and reconciliations of the APMs used in the Presentation, as well as further details about it s d efinitions, can be found, as applicable, in Note 4.6. of the Notes to the Consolidated Financial Statements of the Gestamp Group as of December 31, 2024, in the Management Re por t of the Gestamp Group corresponding to the third quarter of 2025 as well as in the Presentation itself, available both on Gestamp's corporate website ( https://gestamp.com/Investors - Shareholders/Economic - Financial - information ) and on the website of the National Securities Market Commission (Comisión Nacional del Mercado de Valores) ( www.cnmv.es ). Our APMs are described below: ➢ Outperformance: Gestamp’s organic growth at FX constant, compared to market production volume growth in Gestamp’s production footprint accord ing to IHS data for a given period ➢ Weighted Outperformance: Market and Gestamp weighted growth measured with Gestamp’s previous year geographical weights as base for the given period ➢ EBITDA: Earnings before interests, taxes, depreciation and amortization ➢ EBIT: Earnings before interests and taxes ➢ Capex: Capital Expenditures calculated as sum of additions to other intangible assets and property, plant and equipment ➢ FCF: calculated as change in net debt excluding acquisitions, dividends, share repurchases and a neutral forex (calculated by including exchange gains and losses, hyperinflation effect and certain translation differences with equity impact) ➢ Net Debt: Total short - term and long - term debt, minus cash and equivalents ➢ Backlog : Represents sales of parts that the company expects to record including production and awarded business, over a period of ti me ➢ Sales of Parts: Revenues excluding revenues from Gescrap , as well as scrap and tooling prototypes ➢ ROCE: Return on capital employed calculated as EBIT divided by capital employed minus growth capex for the last 1.5 years ➢ Capital Employed: calculated by total assets adjusted for those balance sheet items that do not generate EBIT for the company and minus current li abilities ➢ Total Assets adjustments: Goodwill (excluding Gescrap Goodwill), Patents & Licences , Prepayment, Other NCA, Deferred Tax Liabilities, Other Receivables, Current Income Tax Assets, Receivables from Public Authorities, Cash and Cash Equivalents and Other Current Financial Assets ➢ Current Liabilities adjustments: Short Term debt, Current Tax Liabilities, Payables with Public Authorities, Other Short Term Fi nancial Liabilities, Financial Debts with Associates and Dividends ➢ EV (Electric Vehicle): Includes battery electric vehicles (BEV), plug - in hybrid electric vehicles (PHEV), fuel cell electric vehicle (FCEV) & plug - in f uel cell electric vehicle (PFCEV)