Slides
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motherson اس Samvardhana Motherson International Limited . Q1 FY 2026-27 Results August 2026 ( All figures are Rs . in Crores unless specifically mentioned )
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Key Highlights 01/02.Healthy Start to the Year.Performance at a glance.Q1FY27 vs Q1FY26.RevenueRs 35,244 Crores 17%EBITDARs 3,104 Crores 26%Normalized PAT1(Concern Share)Rs 1,032 Crores 55% External Environment 2 Notes :1. Please refer slide 8 for details on Normalized PAT Highest ever quarterly revenue driven by healthy performance across businesses Margins improved despite input cost pressures, supported by operational efficiencies and cost optimization •China slowdown weighed on global LV industry, whileSouth Asia remained a bright spot; Planned European OEM launchesexpected to support industry growth•Recovery in the North American CV market sustained CV industry growth momentum; outlook remains favorablefor FY27•Copper pricescontinued to rise, increasing~4% QoQ, continuing commodity cost pressures•Crude price inflation due to geopolitical tensions in the Middle East led to higher polymers, paint, rubber and other input costs
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Key Highlights 02/02.Investing Today to Accelerate Tomorrow 3 Lowest ever Net Leverage Ratio at 0.8x Strong balance sheet provides ample capacity to pursue inorganic growth Capex of INR 1,614 Crores(52% of EBITDA)Capex in-line with growth priorities and yearly guidance 01 New Acquisition Announced Capacity Expansion03 plants operationalized during the quarter Broadens Motherson's technology offerings in interior and exterior digital vision systems, strengthening its position in next-generation mobility. Shenzhen Autocruis(China); Interior and Exterior Digital Vision & Monitoring Systems •Camera Monitoring Systems (CMS) •Full Display Mirrors (FDM)•360 degree Around View Monitor (AVM) Systems•Driver Monitoring Systems (DMS)•Dashcam with Video Recording (DVR) Other Highlights02 Acquisitions Completed Key Products Nexans Autoelectric(Wiring Harness Business)(Completed on 03rdJuly 2026)Key Products•PV & CV Wiring Harnesses•Specialty Harnesses•Safety Components•Body Harnesses Yutaka Giken(Completed on 21stJuly 2026)Key Products•Exhaust Systems•Brake Discs •Drive Systems•EV Motor Components
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Macro Economic and Automotive Industry Outlook.
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5,318 2,983 2,279 4,166 Q1FY25Q1FY26Q1FY27 9,752 9,524 13,329 2,525 2,4503,562 Q1FY25Q1FY26Q1FY27 CopperAlum inium Sources: Bloomberg1. Based on average of spot rates for the quarter; 2. All the data points are average for the closing numbers for each month in the quarter EU, USA, India & China Inflation2(in %) EU, USA , India & China Interest rates2(in %) Copper & AluminiumUSD / Metric Tonne1 World Container Index(USD2) CHINAINDIAUSAEU 2.5 2.0 3.0 3.0 2.5 3.8 4.9 2.7 3.9 0.3 -0.0 1.1 Q1FY25Q1FY26Q1FY27 5.4%4.5%3.8%4.2% 2.2%2.4% 6.5%5.5%5.3% 3.4%3.0%3.0% Q1FY25Q1FY26Q1FY27 40% YoY & 83% QoQdue to ME crisis Geopolitical Tensions Driving Cost Inflation & Monetary Tightness.Polymer Price for GermanyEuro/ Metric Tonne55% YoY & 66% QoQdue to ME crisisCopper: 40% YoYAluminium: 45% YoY 1,543 1,458 1,360 2,253 Q1FY25Q1FY26Q1FY27 Rising inflation across geographies likely to drive hardening of interest rates 5
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22.121.624.422.222.923.124.821.922.5 Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27 China Slowdown and Geopolitical Disruption Drives Industry De-growth. Note: YoY represents production volume comparison between Q1FY27 vs Q1FY26Source: Light Vehicles: S&P Global Mobility; Light Vehicle Engine Type Production Forecast June 2026/ Commercial Vehicles: GlobalData; Commercial Vehicle Production Forecast July 2026 -1.8% 5.6%Light VehiclesCo mmer cial V ehicles -3.3% 0.0% Europe. Global. North America. India. Greater China.Production Volumes.Global Light Vehicles (Nos are in million) Global Commercial Vehicles (Nos are in thousand) 12.8% 2.3% Light VehiclesCommercial Vehicles Light VehiclesCommercial Vehicles Light VehiclesCommercial Vehicles 6 Data represents automotive production volumes on YoY basis -3.1% 16.2% Light VehiclesCo mmer cial V ehicles 853 746 822 874 854 808 928 942 902 Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27 -1.4% -5.0%YoY production remains impacteddue to EPA27
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Financial Performance.
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Highest-ever Quarterly Revenues with Margin Improvement.(all figures are Rs. in Crores)Consolidated Financial Performance Q1FY27 vs Q1FY26 8 512 1,032 155 1667 0 0. 01 0. 02 0. 03 0. 04 0. 05 0. 06 0. 07 0. 08 0. 09 - 2 0 0 4 0 0 6 0 0 8 0 0 1 , 0 0 0 1 , 2 0 0 1 , 4 0 0 1 , 6 0 0 1 , 8 0 0 2 , 0 0 0 Q1FY26Q1FY27 RevenueEBITDANormalized PAT (Concern Share) 2,466 3,104 8.2%8.8% 6. 0% 8. 0% 10. 0% 12. 0% 14. 0% 16. 0% 18. 0% 20. 0% 22. 0% 1, 500 3, 500 Q1FY26Q1FY27RevenueRobust growth driven by healthy performance across businesses, especially, Wiring Harness & Emerging Businesses .EBITDAEBITDA outpaced revenue growth as operational efficiencies and cost optimization offset input cost inflation arising from geopolitical disruptions PATPAT growth driven by scale-up in business Notes 1.Q1FY26 PAT includes adjustment for (1) Impact of approximately 45 crores (post-tax) related to accelerated amortization of certain intangible assets, (2) Exceptional expense pertaining to provisions made in respect to business transformative measures being undertaken in Central & Western Europe, amounting to 110 crores post-tax (136 crores pre-tax). 30,212 35,244 2 0 , 0 0 0 2 2 , 0 0 0 2 4 , 0 0 0 2 6 , 0 0 0 2 8 , 0 0 0 3 0 , 0 0 0 3 2 , 0 0 0 3 4 , 0 0 0 3 6 , 0 0 0 3 8 , 0 0 0 4 0 , 0 0 0 4 2 , 0 0 0 4 4 , 0 0 0 Q1FY26Q1FY27 17% YoY26% YoY55% YoY
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Continued Investments across Businesses to Support Customers. Capex 1,078 946 891 1,518 1,208 1,445 1,594 1,664 1,614 39%36%32% 57%49%53%52%44%52% 0% 10% 20% 30% 40% 50% 60% - 5 0 0 1 , 0 0 0 1 , 5 0 0 2 , 0 0 0 2 , 5 0 0 Q1FY25Q2FY25Q3FY25Q4FY25Q1FY26Q2FY26Q3FY26Q4FY26Q1FY27CapexCapex / EBITDA Ratio (all figures are Rs. in Crores) Capex spend well within the reduced guidance for the year Growth capex specially in Emerging markets (non-auto businesses), continuesunabated ~50%GrowthCapex~50% Regular Capex ~60% on Non-Auto businesses Capex guidance for FY27 is Rs 6,000Cr (+/-10%) 9
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Business DivisionNo. of Ongoing ProjectsCountryProduct CapabilitySOP Wiring Harness03IndiaWiresBackward IntegrationQ4FY27MoroccoWiring HarnessCapacity ExpansionQ1FY28PolandWiresBackward IntegrationQ4FY27Vision System02MoroccoRear-view MirrorsCapacity ExpansionQ3FY28*India ORVMs and SMTCapacity ExpansionQ3FY28*Modules and Polymer Products01UAEPolymer ProductsCapacity ExpansionQ4FY27* Lighting and Electronics02IndiaPCBANew CapabilityQ2FY27Consumer ElectronicsCapacity Expansion and Backward IntegrationQ3FY27Aerospace01IndiaSurface TreatmentCapacity ExpansionQ4FY27*Elastomer01UAERubber ComponentsCapacity ExpansionQ3FY27*Logistics02IndiaPackage Handling SolutionsNew Capability Q3FY27Hungary New Capability Q3FY27Technology & Industrial Solutions01IndiaOffice CampusQ4FY27Notes:*SOP in alignment with delayed customer programs ORVM: Outside Rear-View MirrorSMT: Surface Mount Technology PCBA: Printed Circuit Board Assembly Capacity Expansion: 13 Facilities at Different Stages of Completion. 10 Emerging Markets (EMs) are the focal point of organic growth, with all expansion being done in EMs Actual photograph of an upcoming Greenfield Photograph to be added
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Leverage Ratio1,2 Financial Policy 2.5x Notes : 1.Please refer to Slide 23 for definition of Effective net debt. CCD related debt has not been considered as it is a mandatorily convertible instrument without any actual payout of this debt, except for the contracted coupon rate2.For less than 1 year old acquired assets, LTM EBITDA is considered for a like for like comparison for FY24 and FY25 Sustaining financial discipline and robust balance sheet strength (all figures are Rs. in Crores) Lowest-ever leverage ratio Stable Leverage Underpinned by Disciplined Capital Allocation and Prudent Growth Investments. 11 6,087 9,137 9,101 12,943 9,791 9,811 9,757 1.2 1.91.41.40.90.80.8 0. 0 0. 5 1. 0 1. 5 2. 0 2. 5 0 5 , 0 0 0 1 0 , 0 0 0 1 5 , 0 0 0 2 0 , 0 0 0 2 5 , 0 0 0 3 0 , 0 0 0 3 5 , 0 0 0 Mar-21Mar-22Mar-23Mar-24Mar-25Mar-26Jun-26Effective Net Deb tLeverage Ratio
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Divisional performance.
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Expanding the Product Portfolio to Unlock New Growth Opportunities. 07Lighting& Electronics08PrecisionMetals &Modules09Technology & Industrial Solutions10Aerospace11 LogisticsSolutions12Health & Medical13Services06Elastomers 01Wiring Harness02Vision Systems03 Modules& Polymer Products04IntegratedAssemblies05 EmergingBusinesses 13 05VehicleSystems Key Product range of Motherson Autoelectric•PV & CV Wiring Harnesses•Specialty Harnesses•Safety Components•Body Harnesses Key Product range of Motherson Yutaka•Exhaust Systems•Brake Discs •Drive Systems•EV Motor Components
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473 520 9.2%9.2% 0. 0% 2. 0% 4. 0% 6. 0% 8. 0% 10. 0% 12. 0% 14. 0% 16. 0% 18. 0% 1 5 0 2 5 0 3 5 0 4 5 0 5 5 0 6 5 0 7 5 0 8 5 0 9 5 0 Q1FY26Q1FY27 2,819 2,950 1 5 0 1 , 1 5 0 2 , 1 5 0 Q1 FY26Q1 FY27 Business Division Wise Financial Performance1: Q1FY27 vs Q1FY26.Wiring Harness. Vision Systems.Revenues EBITDA Revenues EBITDA Revenues EBITDA (all figures are Rs. in Crores) Emerging Businesses.Revenues EBITDA Integrated Assemblies.Revenues EBITDA Modules and Polymer Products. Notes: 1.Divisional numbers reported are including 100% of joint ventures and associates accounted as per equity method (Economic Revenue)14 1,253 983 11.4%11.1% 0. 0%2. 0%4. 0%6. 0%8. 0%10. 0%12. 0%14. 0%16. 0%18. 0% 1 5 0 3 5 0 5 5 0 7 5 0 9 5 0 1 , 1 5 0 1 , 3 5 0 1 , 5 5 0 1 , 7 5 0 1 , 9 5 0 Q1FY26Q1FY27 8,64011,280 1 5 0 Q1 FY26Q1 FY27 5,137 5,654 1 5 0 1 , 1 5 0 2 , 1 5 0 3 , 1 5 0 4 , 1 5 0 5 , 1 5 0 6 , 1 5 0 7 , 1 5 0 Q1FY26Q1FY27 15,008 16,695 1 5 0 Q1 FY26Q1 FY27 3,7024,795 Q1 FY26Q1 FY27 3094058.4%8.4% 0. 0% 2. 0% 4. 0% 6. 0% 8. 0% 10. 0% 12. 0% 14. 0% 16. 0% 18. 0% 20. 0% 150 250 350 450 550 650 750 850 950 Q1FY26Q1FY27 958 1,144 6.4%6.9% 0. 0%2. 0%4. 0%6. 0%8. 0%10. 0%12. 0%14. 0%16. 0%18. 0% 1 5 0 3 5 0 5 5 0 7 5 0 9 5 0 1 , 1 5 0 1 , 3 5 0 1 , 5 5 0 1 , 7 5 0 1 , 9 5 0 Q1FY26Q1FY27 321 372 11.4%12.6% 0. 0% 2. 0% 4. 0% 6. 0% 8. 0% 10. 0% 12. 0% 14. 0% 16. 0% 18. 0% - 1 0 0 2 0 0 3 0 0 4 0 0 5 0 0 6 0 0 7 0 0 8 0 0 Q1FY26Q1FY27 31% 11% 10% 5% 30% 31%16%10%19%27% Healthy Revenue and EBITDA Growth Across Business Divisions.
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10,236 8,640 11,280 Q4FY26Q1FY26Q1FY27 Wiring Harness: Strong Growth Momentum; Margins Impacted by Copper Inflation. •Margins remained impacted by the continued increase in copper prices and the denominator effect associated with the pass-through of absolute copper price increases from prior quarters•Pass-through of elevated input costs to support margins in the coming quarters •Strong momentum in India, coupled with a recovery in the North American CV business, drove 31% YoY revenue growth•Integration of Nexans Autoelectricto strengthen global presence and expand the addressable market from Q2FY27 onwards 31% YoY 10% QoQ 17% 29% 38% 9% 7%Eur opeNorth AmericaInd iaChinaRoW Revenue EBITDA Revenue by Geography (Q1FY27) Notes:1. Divisional numbers reported are including 100% of joint ventures and associates accounted as per equity method (Economic Revenue)15 1,170 983 1,253 Q4FY26Q1FY26Q1FY27 11.4%11.1% (all figures are Rs. in Crores) 11.4%27% YoY
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16,737 15,008 16,695 Q4FY26Q1FY26Q1FY27 MPP: Soft Demand; Margin Recovery Underway. •Higher crude-linked polymer prices weighed on margins, partly offset by transformation and cost-saving initiatives in Europe. Margins improved ~50 bps YoY•Pass-through of elevated input cost and ongoing cost optimization to drive gradual margin improvement •Demand remained soft across key markets, impacting business performance •Focused on driving growth by expanding presence in high-growth geographies and deepening engagement with faster-growing customers 1,545 958 1,144 Q4FY26Q1FY26Q1FY27 9.2%6.4%6.9% 57% 18% 10% 6% 9%Eur opeNorth AmericaInd iaChinaRoW Revenue EBITDA Revenue by Geography (Q1FY27) 16 (all figures are Rs. in Crores) Notes:1. Divisional numbers reported are including 100% of joint ventures and associates accounted as per equity method (Economic Revenue) 11% YoY 0% QoQ 19% YoY
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5,533 5,137 5,654 Q4FY26Q1FY26Q1FY27 Vision Systems: Resilient Performance; Sustained Margin Focus. •Q1FY27 margins remained stable, reflecting normal business seasonality•Focused on increasing content per vehicle, expanding the premium SKU order book, and driving operational efficiencies to sustain margins amid an industry slowdown •Delivered 10% YoY revenue growth, reflecting resilient execution amid a challenging industry environment•Shenzhen Autocruisacquisition to enhance product capabilities and competitiveness for exterior and interior digital mirrors 618 473 520 Q4FY26Q1FY26Q1FY27 Revenue EBITDA 11.2%9.2%9.2% 41% 20% 5% 18% 16%Eur opeNorth AmericaInd iaChinaRoW Revenue by Geography (Q1FY27) 17 (all figures are Rs. in Crores) Notes:1. Divisional numbers reported are including 100% of joint ventures and associates accounted as per equity method (Economic Revenue) 10% YoY 2% QoQ10% YoY
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2,877 2,819 2,950 Q4FY26Q1FY26Q1FY27 Integrated Assemblies: Near-Term Demand Headwinds; Strong Growth Pipeline. •Cost optimisation initiatives led to improved operational efficiency and YoY margin expansion•Ongoing digitization and automation initiatives to drive operational excellence and margin resilience •Demand slowdown in key markets with higher business exposure impacted quarterly revenue performance•Strong order book, supported by multiple customer program launches in FY27, expected to drive sustained business growth 448 321 372 Q4FY26Q1FY26Q1FY27 15.6%11.4%12.6% 62% 27% 8% 3%Eur opeNorth AmericaChinaRoW Revenue EBITDA Revenue by Geography (Q1FY27) 18 (all figures are Rs. in Crores) 5% YoY 3% QoQ16% YoY
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Component Design Prototyping Supply chain management Advanced ManufacturingAssembly & Integration Project lifecycle management Sales & Marketing Support Sustainability Trained Human CapitalFinancial Prudence Agile plant setup Experienced management teamOwn IT infrastructure management Seamless integration of acquired entities Well diversified global presence Fastest to React to customer requirements Operational CapabilitiesMindset Capabilities Automotive Rolling StockLogistics AerospaceConsumer Electronics Health & MedicalTechnology and Software Semi Conductor Not yet company. Unlocking new growth opportunities across multiple industries Our VisionTo be a globally preferred sustainable solutions provider Combining operational excellence, capabilities and strategic global presence to power multi-industry expansion 19 Aglobal Design, Engineering, Manufacturing, Assembly and Logistics (D.E.M.A.L.) specialist…
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•Third facility on track for Q3FY27 commissioning, with added upstream integration capabilities Consumer Electronics. Aerospace. •Aerospace business delivered 20%+ YoY revenue growth Continued Investments to Drive Accelerated Growth within New Businesses entered leveraging D.E.M.A.L. Capabilities 20 •Order book grew 17%+ since FY26-end, providing strong growth visibility•Capex for the third facility to be ~₹ 65 billion, over a period of ~3 years, with manufacturing capability of 40 million units annually at full capacityD.E.M.A.L.: Design, Engineering, Manufacturing, Assembly & Logistics
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Annexure
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Summary of Divisional Financial Performance.BusinessDivisionFY26 Q1FY26Q1FY27RevenueEBITDAEBITDA%RevenueEBITDAEBITDA%RevenueEBITDAEBITDA%Wiring Harness36,5083,92810.8%8,64098311.4%11,2801,25311.1%Modules & Polymer Products62,8945,1208.1%15,0089586.4%16,6951,1446.9%Vision Systems21,0012,0429.7%5,1374739.2%5,6545209.2%Integrated Assemblies11,0351,50413.6%2,81932111.4%2,95037212.6%Emerging Businesses1 17,0721,82510.7%3,7023098.4%4,7954058.4%Less: Eliminations/Intersegment Sales/ Unallocated(5,222)52 (1,203)(59) (1,381)(8)Reported including JVs/ (Economic Value2) 143,28814,47110.1%34,1032,9868.8%39,9933,7029.3%Less: JVs consolidated as per equity method3 (17,184)(2,439)(3,891)(520)(4,749)(598) Reported126,10412,0329.5%30,2122,4668.2%35,2443,1048.8% Notes:1.Emerging businesses include –Elastomer, Lighting and electronics, Precision Metals and Modules, Services, Aerospace, Health andMedical, Logistics Solutions and Technology and Industrial Solutions.2.Divisional numbers include 100% of joint ventures and associates which are accounted as per the equity method (Economic Revenue)3.Data for JVs consolidated as per equity method is net of intercompany transactions (all figures are Rs. in Crores) 22
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Consolidated Debt Status, Reference Rates, and Notes.A. Net Debt including Lease liabilities. All numbers are on Consolidated basis as per reported financials. Data above is as of the end of the stated quarter. Copper Rates. Exchange Rates (Average). Exchange Rates (Closing). Rs.In CroresJun-24Sep-24Dec-24Mar-25Jun-25Sep-25Dec-25Mar-26Jun-26 Gross Debt20,11422,81916,35414,64417,99016,83017,66815,89516,606 Cash & Bank6,74412,3236,8215,9318,223*6,6797,1087,8588,606 NetDebt13,37010,4969,5338,7139,76710,15110,5608,0368,000Add Lease liability2,6492,5982,5212,5782,9612,9482,9333,2753,257 LessCCD1,5001,5001,5001,5001,5001,5001,5001,500Effective Net Debt16,01911,59410,5549,79111,22811,59911,9939,8119,757 AverageQ1 FY26Q4 FY26Q1 FY27LME Copper (USD / MT)9,51912,85213,324Copper (INR / KG)8831,2591,348 Currency (equal to Rs.)Q1 FY26Q4 FY26Q1 FY27INR to EUR97.07107.11110.03INR to USD85.5991.5294.66INR to YEN0.590.5830.594Euro to USD1.131.171.16 Currency30.06.202531.03.202630.06.2026Rs./Euro101.07109.55108.11Rs./USD85.7694.8394.66Argentine Peso / USD1,2031,3821,484 (all figures are Rs. in Crores) * Cash & Bank balance is higher in June-25 due to NCD amounting to INR 2,025 crores raised during the quarter 23
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Note:1.Rs ~1,500 cr of CCD portion of fund raise, assumed as equity and is not included in the debt stack on the chart due to its nature of being compulsorily convertible instrument Robust Balance Sheet with Comfortable Debt Maturities and Strong Liquidity. 24 Liquidity –Rs. 15,633 Crores(as of 30thJun 2026) Unrestricted cash and cash equivalents8,606 Commited Undrawn Facilities7,027 Gross Debt –Rs. 16,606 Crores(as of 30thJun 2026)Comfortable Debt Repayment Schedule1 638881457971,807 3,9013,886 209 2,944 Q2 FY27Q3 FY27Q4 FY27FY28FY29FY30FY31FY32 a ndbeyon d Short Term Debt Including RCF Roll Over facilities
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FY2025-26Q1FY26Q1FY27Gross revenue194,01046,99354,424Less: Throughput revenue1 50,72212,89014,431 Economic Revenue(including JVs)143,28834,10339,993 Less: JVs consolidated as per equity method17,1843,8914,749 Reported/ Net Revenue126,10430,21235,244 Gross Revenues.(all figures are Rs. in Crores) 25Note:1. Some business divisions such as Integrated assembly perform assembly of highly customized components by procuring various parts from suppliers identified by the customers. It acts as an agent as per IndAS15 under these contracts and as required under the standard, it recognizes revenue only for the net amount it retains for the assembly services
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Safe Harbour Statement 26 Thecontentsofthispresentationareforinformationalpurposesonlyandforthereader’spersonalnon-commercialuse.Thecontentsareintended,butnotguaranteed,tobecorrect,complete,orabsolutelyaccurate.Thispresentationalsocontainsforward-lookingstatementsbasedonthecurrentlyheldbeliefsandassumptionsofthemanagementoftheCompany,whichareexpressedingoodfaithand,intheiropinion,arereasonable.Forward-lookingstatementsinvolveknownandunknownrisks,contingencies,uncertainties,marketconditionsandotherfactors,whichmaycausetheactualresults,financialcondition,performance,orachievementsoftheCompanyorindustryresults,todiffermateriallyfromtheresults,financialcondition,performanceorachievementsexpressedorimpliedbysuchforward-lookingstatementTheCompanydisclaimsanyobligationorliabilitytoanypersonforanylossordamagecausedbyerrorsoromissions,whetherarisingfromnegligence,accidentoranyothercause.Recipientsofthispresentationarenottoconstrueitscontents,oranypriororsubsequentcommunicationsfromorwiththeCompanyoritsrepresentativesasinvestment,legalortaxadvice.Inaddition,thispresentationdoesnotpurporttobeall-inclusiveortocontainalloftheinformationthatmayberequiredtomakeafullanalysisoftheCompany,targetentitiesorproposedtransaction.RecipientsofthispresentationshouldeachmaketheirownevaluationoftheCompanyandoftherelevanceandadequacyoftheinformationandshouldmakesuchotherinvestigationsastheydeemnecessary.Also,thesematerialsarenotfordistribution,directlyorindirectly,inorintotheUnitedStates(includingitsterritoriesandpossessions,anyStateoftheUnitedStatesandtheDistrictofColumbia).ThesematerialsdonotconstituteorformapartofanyofferorsolicitationtopurchaseorsubscribeforsecuritiesintheUnitedStates.AnysecuritiesoftheCompanymentionedhereinhavenotbeen,andwillnotbe,registeredundertheUnitedStatesSecuritiesActof1933(the“SecuritiesAct”).SuchsecuritiesmaynotbeofferedorsoldintheUnitedStatesexceptpursuanttoanexemptionfromtheregistrationrequirementsoftheSecuritiesAct.TherewillbenopublicofferofsecuritiesintheUnitedStates. 1.Revenue:Revenuefromoperations2.EBITDA:Profit/(Loss)beforeexceptionalitems+Financecost+amortizationexpenses&depreciationexpenses–interestincome–dividendincome3.Leverageratio=(EffectiveNetDebt+LeaseLiability)/LTMEBITDA Glossary
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