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Creating Sustainable Solutions TOGETHER Investor Presentation June 2025
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2 This presentation includes “forward-looking statements” within the meaning of U.S. federal securities laws, and we intend that such forward-looking statements be subject to the safe harbor created thereby. Our use of words “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “believe,” “outlook”, “guidance”, “forecast,” or future or conditional verbs, such as “will,” “should,” “could,” “would,” or “may,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, we cannot assure you that these expectations, beliefs and projections will be achieved. Forward-looking statements are not guarantees of future performance and are subject to significant risks and uncertainties that may cause actual results or achievements to be materially different from the future results or achievements expressed or implied by the forward-looking statements. Among other items, such factors may include: volatility or decline of the Company’s stock price, or absence of stock price appreciation; impacts and disruptions related to the wars in Ukraine and the Middle East; our ability to achieve commercial recoveries and to offset the adverse impact of higher commodity and other costs through pricing and other negotiations with our customers; work stoppages or other labor disruptions with our employees or our customers’ employees; prolonged or material contractions in automotive sales and production volumes; our inability to realize sales represented by awarded business; escalating pricing pressures; loss of large customers or significant platforms; our ability to successfully compete in the automotive parts industry; availability and increasing volatility in costs of manufactured components and raw materials; disruption in our supply base; competitive threats and commercial risks associated with our diversification strategy; possible variability of our working capital requirements; risks associated with our international operations, including changes in laws, regulations, and policies governing the terms of foreign trade such as increased trade restrictions and tariffs; foreign currency exchange rate fluctuations; our ability to control the operations of our joint ventures for our sole benefit; our substantial amount of indebtedness and variable rates of interest; our ability to obtain adequate financing sources in the future; operating and financial restrictions imposed on us under our debt instruments; the underfunding of our pension plans; significant changes in discount rates and the actual return on pension assets; effectiveness of continuous improvement programs and other cost savings plans; significant costs related to manufacturing facility closings or consolidation; our ability to execute new program launches; our ability to meet customers’ needs for new and improved products; the possibility that our acquisitions and divestitures may not be successful; product liability, warranty and recall claims brought against us; laws and regulations, including environmental, health and safety laws and regulations; legal and regulatory proceedings, claims or investigations against us; the potential impact of any future public health events on our financial condition and results of operations; the ability of our intellectual property to withstand legal challenges; cyber-attacks, data privacy concerns, other disruptions in, or the inability to implement upgrades to, our information technology systems; the possible volatility of our annual effective tax rate; the possibility of a failure to maintain effective controls and procedures; the possibility of future impairment charges to our goodwill and long- lived assets; our ability to identify, attract, develop and retain a skilled, engaged and diverse workforce; our ability to procure insurance at reasonable rates; and our dependence on our subsidiaries for cash to satisfy our obligations; and other risks and uncertainties, including those detailed from time to time in our periodic reports filed with the securities and exchange commission. You should not place undue reliance on these forward-looking statements. Our forward-looking statements speak only as of the date of this presentation, and we undertake no obligation to publicly update or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except where we are expressly required to do so by law. This presentation also contains estimates and other information that is based on industry publications, surveys, and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information. Forward-Looking Statements
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A Compelling Investment Opportunity
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4 Cooper Standard – A Compelling Investment Opportunity Key Supplier / Valued Partner Strong market share in our product segments Laser Focused on ROIC Achieving and sustaining double-digit ROIC World-class Operations Performance Consistently excellent product quality, launch execution and employee safety Value-add Innovation Strong new business awards, higher CPV and expanded total addressable market Continuing Profit Margin Expansion Streamlined segment management, aggressive cost reduction initiative, increasing VCM on new launches
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Our Foundational Business
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6 Leading Market Position Across Core Product Lines 1 Global Market Size based on S&P Global light vehicle production data and estimated average content per vehicle 2 2024 Revenue by product / % of total revenue (includes automotive and commercial truck business only). Numbers subject to rounding. #1 GLOBAL LEADER1 Sealing Systems $8.5b Global Market 16% Cooper Standard ($1.4b / 52%)2 14% Cooper Standard ($1.2b / 45%)2 #2 GLOBALLY1 Fluid Handling Systems $8.3b Global Market
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7 A Trusted Partner With a Strong Global Customer Base 56% N.A. 5% S.A. 21% E.U. 15% A.P. Regional sales as % of 2024 Total Revenue; 3% of 2024 Total Revenue attributable to our ISG and AMS businesses is combined and disclosed in a separate category entitled “Corporate, eliminations and other”. $2.7b 2024 revenue by customer Ford27% Renault- Nissan 5% GM19% Other39% Stellantis 10%
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Strategic Imperatives to Accelerate Value Creation
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9 Relentless Focus on Our Strategic Imperatives FINANCIAL STRENGTH Execute our business plans achieving and sustaining double-digit EBITDA margins, ROIC and strong free cash flow generation. WORLD-CLASS EXECUTION Attain world-class results across all our business allowing the Company to Be the First Choice of the Stakeholders We Serve. PROFITABLE GROWTH DRIVEN BY INNOVATION Leverage our materials science and product knowledge, innovation and manufacturing expertise across our product groups in the pursuit of organic and inorganic growth. CORPORATE RESPONSIBILITY Deliver value to all our stakeholders through our environmental, social and governance initiatives to ensure the long-term sustainability of the Company.
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1010 $8m Cost Initiative Savings 99% World-class Quality Green Customer Scorecards 97% World-class Service Green Launch Scorecards 47 World-class Safety Plants with perfect TIR of 0 $55m Net New Business Awards Continuing Strong Operating Performance; Cost Savings Being Realized as Planned World-class Execution - Q1 2025 Highlights $20m Manufacturing/Purchasing Lean Savings
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11 Innovating Next Generation Advanced Sealing Solutions Meeting Industry Needs and Enhancing Business Value Through Leading-edge Technology Enhanced Performance Digital Analysis Virtual Validation Elevated Styling FlushSeal Sealing System Frameless Sealing System Decorative Trim Solutions Improved Sustainability Lightweighting Recyclability Reduced Carbon Footprint
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12 Lightweight Materials Bio/Recycled Materials Award Winning Innovations Energy & CO2 Efficient Manufacturing Minimizing Environmental Impact Across the Product Lifecycle through Material and Process Innovations Providing Customers Innovative Solutions for CO2 Reduction and Circularity Advancing Sealing Strategies for Enhanced Sustainability
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13 Innovative Fluid Handling Solutions for All Powertrains Market-flexible Portfolio Supports All Scenarios for Hybrid and EV Adoption Evolutionary Coolant Hub Integrated Sensors Low Elution Fuel Tube TPV Hose Core PlastiCool® Multi Layer Tube Ergo-Lock® Connectors Easy-Lock® Connectors Transformational eCoFlow Switch Pump eCoFlow Coolant Module PFAS Free Tubing Accelerated Adoption & Proliferation Growth & Vertical Integration Portfolio & CPV Expansion
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14 Key Innovations Garnering Prestigious Recognition eCoFlow Switch Pump
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15 Powertrain Trends Creating Opportunity Hybrid Growth Trajectory Greater for Longer
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16 Powertrain Evolution Driving Increased CPV Opportunity Baseline Fluids CPV + 80% +20% Internal Combustion Engine Hybrid Electric Vehicle Battery Electric Vehicle 2025 – 2027 Mkt Volume CAGR -11.5% 2025 – 2027 Mkt Volume CAGR based on S&P December 2024 Forecast excluding Japan; Hybrid CAGR includes both Full and Mild Hybrids 2025 – 2027 Mkt Volume CAGR 14.9% 2025 – 2027 Mkt Volume CAGR 24.4% Innovative Solutions Address Increasingly Complex Thermal Management Requirements
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17 Strong Commitment to Core Values and Sustainability • Recognized by USA Today as one of America's Climate Leaders for the 2nd consecutive year • 8th straight year being recognized by EcoVadis • Employee engagement in environmental activities • 2024 Corporate Responsibility Report to be published online in May
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18 Sustainable Actions Cumulative Sustainable Cost-Saving Impact to Adjusted EBITDA (2019 – 2024) Sustainable Strategic Actions to Address Industry Volatility • Rationalized Manufacturing Footprint - Closed over a dozen manufacturing facilities and divested certain underperforming businesses • Streamlined Operations - Centralized equipment spec and sourcing decisions - Aggressive cost-saving initiatives continue to drive YoY cost improvement • Rightsized Headcount - Reduced headcount globally, including at the leadership level - Executed 2024 salaried workforce reduction • Renegotiated Contracts and Heightened Recovery Efforts - Expanded index-based contracts and supply agreements - Pushed back on unjustified price increases Averaged over $100 Million in Savings 2019 2020 2021 2022 2023 2024 Manufacturing Efficiency SGA&E Supply Chain Restructuring $630 $530 $480 $372 $271 $119
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19 Executing Plan to Deliver Sustainable Financial Results (USD millions, except for %) Key Points • Foundational customer pricing and indexing changes made in prior years coupled with a continued focus on and achievement of CPS operating efficiencies are delivering sustainable financial results • 2024 Adj. EBITDA improved despite the impact of weak volume and unfavorable exchange rates • Positive Free Cash Flow in 2023 and 2024; 2024 included the election to make the December 2024 interest payment on our First Lien and Third Lien Notes all cash (no PIK) • Leverage continues to decrease with 2024 and LTM Net leverage at 5.1x and 4.6x respectively • Liquidity of $300M remains sufficient to support ongoing operations and service debt Gross Profit and Margin % Adj. EBITDA and Margin % Free Cash Flow / Liquidity / Net Leverage 87 130 291 303 318 3.7% 5.1% 10.3% 11.1% 11.7% 2021 2022 2023 2024 LTM Gross Profit Gross Profit Margin % (8) 38 167 181 210 (0.3%) 1.5% 5.9% 6.6% 7.7% 2021 2022 2023 2024 LTM Adj. EBITDA EBITDA Margin % (212) (107) 37 26 25 396 342 317 339 300 2021 2022 2023 2024 LTM Free Cash Flow Liquidity Net Lev (98.1)x 22.4x 5.6x 5.1x 4.6x
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20 Liquidity - March 31, 2025Free Cash Flow1 Cash on hand ABL availability Three Months Ended March 31, 2025 2024 Net cash used in operating activities $ (14.9) $ (14.2) Capital expenditures (17.5) (16.8) Free cash flow $ (32.4) $ (31.0) Continuing Solid Liquidity (millions)(millions) 1 See Appendix for definitions and reconciliation to U.S. GAAP. Note: Numbers may not add due to rounding Current Liquidity Remains Sufficient to Support Ongoing Operations
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21 Manageable Debt Maturities 1 PIK option on First Lien and Third Lien notes ended in 2024 $43 $617 $180 $392 $0 $200 $400 $600 $800 $1,000 $1,200 2024 2025 2026 2027 2028 2029 5.625% Unsecured Note due Nov 2026 13.5% (PIK Option1) First Lien Senior Secured Notes due 2027 5.625/10.625% PIK1/Toggle Third Lien Secured Notes due 2027 ABL Due May 2029 – Remains Undrawn Key Points • The no call provisions on our First Lien and Third Lien Notes expired in January • Recent uncertainty in the market does not support a refinancing in the near term • We continue to have discussions with our banks and other stakeholders and are preparing for a refinancing when capital markets improve (USD millions)
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22 2025 Outlook: Further Margin Expansion, Market Uncertainty Uncertainty around trade policy makes forecasting difficult/impossible • Potential costs from tariffs • Potential impacts on light vehicle demand • Indirect impact on light vehicle production volumes Confident in our ability to measure and manage the impacts of tariffs • Expect that the vast majority of tariff related costs can be mitigated or recovered from our customers Underlying demand for new light vehicle production remains solid Confident in our ability to drive further margin expansion in the remainder of the year
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23 Cooper Standard – A Compelling Investment Opportunity Key Supplier / Valued Partner Strong market share in our product segments Laser Focused on ROIC Achieving and sustaining double-digit ROIC World-class Operations Performance Consistently excellent product quality, launch execution and employee safety Value-add Innovation Strong new business awards, higher CPV and expanded total addressable market Continuing Profit Margin Expansion Streamlined segment management, aggressive cost reduction initiative, increasing VCM on new launches
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2424 Appendix
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25 Three Months Ended March 31, 2025 2024 Sales $ 667.1 $ 676.4 Gross Profit $ 77.2 $ 61.6 % Margin 11.6 % 9.1 % Adjusted EBITDA1 $ 58.7 $ 29.3 % Margin1 8.8 % 4.3 % Income Tax Expense $ 2.7 $ 4.1 Effective Tax Rate % 62.8 % (15.2)% Net Income (Loss) $ 1.6 $ (31.7) EPS (Fully diluted) $ 0.09 $ (1.81) Adjusted Net Income (Loss)1 $ 3.5 $ (30.6) Adjusted EPS (Fully diluted)1 $ 0.19 $ (1.75) CAPEX $ 17.5 $ 16.8 % of Sales 2.6 % 2.5 % 1 See Appendix for definitions and reconciliation to U.S. GAAP. Q1 2025 Financial Results (USD millions, except per share amounts)
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26 (USD millions) Adjusted EBITDA1Sales 2 1 See Appendix for definitions and reconciliation to U.S. GAAP. 2 Net of customer price adjustments. Includes impact of material cost and inflation recoveries. Totals may not add due to rounding. Q1 2025 Bridge Analysis 2 $0$0
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27 EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), adjusted earnings (loss) per share and free cash flow are measures not recognized under U.S. GAAP and which exclude certain non-cash and special items that may obscure trends and operating performance not indicative of the Company’s core financial activities. Net new business is a measure not recognized under U.S. GAAP which is a representation of potential incremental future revenue but which may not fully reflect all external impacts to future revenue. Management considers EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), adjusted earnings (loss) per share, free cash flow and net new business to be key indicators of the Company’s operating performance and believes that these and similar measures are widely used by investors, securities analysts and other interested parties in evaluating the Company’s performance. In addition, similar measures are utilized in the calculation of the financial covenants and ratios contained in the Company’s financing arrangements and management uses these measures for developing internal budgets and forecasting purposes. EBITDA is defined as net income (loss) adjusted to reflect income tax expense (benefit), interest expense net of interest income, depreciation and amortization, and adjusted EBITDA is defined as EBITDA further adjusted to reflect certain items that management does not consider to be reflective of the Company’s core operating performance. Adjusted net income (loss) is defined as net income (loss) adjusted to reflect certain items that management does not consider to be reflective of the Company’s core operating performance. Adjusted EBITDA margin is defined as adjusted EBITDA as a percentage of sales. Adjusted basic and diluted earnings (loss) per share is defined as adjusted net income (loss) divided by the weighted average number of basic and diluted shares, respectively, outstanding during the period. Free cash flow is defined as net cash provided by operating activities minus capital expenditures and is useful to both management and investors in evaluating the Company’s ability to service and repay its debt. Net new business reflects anticipated sales from formally awarded programs, less lost business, discontinued programs and replacement programs and is based on S&P Global (IHS Markit) forecast production volumes. The calculation of “net new business” does not reflect customer price reductions on existing programs and may be impacted by various assumptions embedded in the respective calculation, including actual vehicle production levels on new programs, foreign exchange rates and the timing of major program launches. When analyzing the Company’s operating performance, investors should use EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), adjusted earnings (loss) per share, free cash flow and net new business as supplements to, and not as alternatives for, net income (loss), operating income, or any other performance measure derived in accordance with U.S. GAAP, and not as an alternative to cash flow from operating activities as a measure of the Company’s liquidity. EBITDA, adjusted EBITDA, adjusted net income (loss), adjusted earnings (loss) per share, free cash flow and net new business have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of the Company’s results of operations as reported under U.S. GAAP. Other companies may report EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), adjusted earnings (loss) per share, free cash flow and net new business differently and therefore the Company’s results may not be comparable to other similarly titled measures of other companies. In addition, in evaluating adjusted EBITDA and adjusted net income (loss), it should be noted that in the future the Company may incur expenses similar to or in excess of the adjustments in the below presentation. This presentation of adjusted EBITDA and adjusted net income (loss) should not be construed as an inference that the Company’s future results will be unaffected by special items. Reconciliations of EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss) and free cash flow follow. Non-GAAP Financial Measures
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28 Three Months Ended March 31, 2025 2024 Net income (loss) attributable to Cooper-Standard Holdings Inc. $ 1,552 $ (31,660) Income tax expense 2,703 4,131 Interest expense, net of interest income 28,619 29,281 Depreciation and amortization 23,828 26,463 EBITDA $ 56,702 $ 28,215 Restructuring charges 2,111 1,133 Gain on sale of businesses, net (1) (98) — Adjusted EBITDA $ 58,715 $ 29,348 Sales $ 667,069 $ 676,425 Net income (loss) margin (Net income (loss)/sales) 0.2 % (4.7)% Adjusted EBITDA margin (Adjusted EBITDA/sales) 8.8 % 4.3 % (Unaudited, dollar amounts in thousands) EBITDA and Adjusted EBITDA Reconciliation 1. Gain on sale of businesses related to divestiture in 2024.
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29 1. Non-cash impairment charges in 2024 related to idle assets in certain locations in Asia Pacific. Non-cash impairment charges in 2023 related to certain assets in Europe and Asia Pacific. 2. Gain on sale of businesses related to divestitures in 2024 and 2023. 3. Gain on sale of building and land related to a Canadian facility. 4. Loss on refinancing and extinguishment of debt related to refinancing transactions in 2023. 5. Non-cash net pension settlement and curtailment charges and administrative fees incurred related to certain of our U.S. and non-U.S. pension plans. Quarter Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Net income (loss) attributable to Cooper-Standard Holdings Inc. $ 40,214 $ (55,152) $ (78,746) $ (201,985) Income tax (benefit) expense (38,420) (528) (23,348) 8,933 Interest expense, net of interest income 28,598 32,020 115,639 130,077 Depreciation and amortization 25,313 26,914 103,565 109,931 EBITDA $ 55,705 $ 3,254 $ 117,110 $ 46,956 Restructuring charges 3,171 5,094 23,601 18,018 Impairment charges (1) 713 4,114 713 4,768 Gain on sale of businesses, net (2) (1,971) (920) (1,971) (586) Gain on sale of buildings and land, net (3) (3,317) — (3,317) — Loss on refinancing and extinguishment of debt (4) — — — 81,885 Pension settlement and curtailment (credit) charges (5) (18) 16,035 44,553 16,035 Adjusted EBITDA $ 54,283 $ 27,577 $ 180,689 $ 167,076 Sales $ 660,753 $ 673,643 $ 2,730,893 $ 2,815,879 Net income (loss) margin (Net income (loss) / sales) 6.1 % (8.2)% (2.9)% (7.2)% Adjusted EBITDA margin (Adjusted EBITDA / sales) 8.2 % 4.1 % 6.6 % 5.9 % (Unaudited, dollar amounts in thousands) EBITDA and Adjusted EBITDA Reconciliation
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30 1. Loss attributable to deconsolidation of a joint venture in the Asia Pacific region, which required adjustment to fair value. 2. Non-cash impairment charges in 2022 related to recent operating performance and idle assets in certain locations in North America, Europe and Asia Pacific. Impairment charges in 2021 related to fixed assets and goodwill. 3. During 2021, the Company recorded subsequent adjustments to the net gain on sale of business, which related to the 2020 divestiture of our European rubber fluid transfer and specialty sealing businesses, as well as its Indian operations. In 2020, the gain on sale of business primarily related to divestitures. 4. In 2022, the Company recognized a gain on a sale-leaseback agreement on one of its European facilities. 5. Lease termination costs no longer recorded as restructuring charges in accordance with ASC 842, Leases. 6. Impact of prior period indirect tax and customs adjustments. 7. Non-cash net pension settlement and curtailment charges and administrative fees incurred related to certain of our U.S. and non-U.S. pension plans. Quarter Ended December 31, Year Ended December 31, 2022 2021 2022 2021 (dollar amounts in thousands) Net loss attributable to Cooper-Standard Holdings Inc. $ (88,091) $ (102,187) $ (215,384) $ (322,835) Income tax expense (benefit) 15,467 23,794 17,291 39,392 Interest expense, net of interest income 21,136 18,359 78,514 72,511 Depreciation and amortization 28,303 33,987 122,476 139,008 EBITDA $ (23,185) $ (26,047) $ 2,897 $ (71,924) Restructuring charges 5,290 2,699 18,304 36,950 Deconsolidation of joint venture (1) — — 2,257 — Impairment charges (2) 42,873 23,762 43,710 25,609 Gain on sale of business, net (3) — — — (696) Gain on sale of fixed assets, net (4) — — (33,391) — Lease termination costs (5) — 318 — 748 Indirect tax and customs adjustments (6) (68) — 1,409 — Pension settlement and curtailment charges (7) 2,682 1,279 2,682 1,279 Adjusted EBITDA $ 27,592 $ 2,011 $ 37,868 $ (8,034) Sales $ 649,337 $ 601,349 $ 2,525,391 $ 2,330,191 Net loss margin (13.6)% (17.0)% (8.5)% (13.9)% Adjusted EBITDA margin 4.2 % 0.3 % 1.5 % (0.3)% EBITDA and Adjusted EBITDA Reconciliation (Unaudited, dollar amounts in thousands)
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31 Three Months Ended March 31, 2025 2024 Net income (loss) attributable to Cooper-Standard Holdings Inc. $ 1,552 $ (31,660) Restructuring charges 2,111 1,133 Gain on sale of businesses, net (1) (98) — Tax impact of adjusting items (2) (111) (75) Adjusted net income (loss) $ 3,454 $ (30,602) Weighted average shares outstanding: Basic 17,712,568 17,462,136 Diluted 17,911,855 17,462,136 Income (loss) per share: Basic $ 0.09 $ (1.81) Diluted $ 0.09 $ (1.81) Adjusted income (loss) per share: Basic $ 0.20 $ (1.75) Diluted $ 0.19 $ (1.75) 1. Gain on sale of businesses related to divestiture in 2024. 2. Represents the elimination of the income tax impact of the above adjustments by calculating the income tax impact of these adjusting items using the appropriate tax rate for the jurisdiction where the charges were incurred and other discrete tax expense. (Unaudited, dollar amounts in thousands except share and per share amounts) Adjusted Net Income (Loss) and Adjusted EPS
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32 Twelve Months Ended March 31, 2025 (Unaudited, dollar amounts in thousands) Twelve Months Ended Q2 2024 Q3 2024 Q4 2024 Q1 2025 March 31, 2025 Net (loss) income attributable to Cooper-Standard Holdings Inc. $ (76,243) $ (11,057) $ 40,214 $ 1,552 $ (45,534) Income tax expense (benefit) 8,080 2,861 (38,420) 2,703 (24,776) Interest expense, net of interest income 28,635 29,125 28,598 28,619 114,977 Depreciation and amortization 25,873 25,916 25,313 23,828 100,930 EBITDA $ (13,655) $ 46,845 $ 55,705 $ 56,702 $ 145,597 Restructuring charges 17,781 1,516 3,171 2,111 24,579 Impairment charges (1) — — 713 — 713 Gain on sale of businesses, net (2) — — (1,971) (98) (2,069) Gain on sale of buildings and land, net (3) — — (3,317) — (3,317) Pension settlement and curtailment charges (credit) (4) 46,787 (2,216) (18) — 44,553 Adjusted EBITDA $ 50,913 $ 46,145 $ 54,283 $ 58,715 $ 210,056 Debt Debt payable within one year $ 42,501 Long-term debt 1,058,460 Total debt $ 1,100,961 Less: cash and cash equivalents 140,368 Net debt $ 960,593 Leverage ratio (Total debt/TTM Adjusted EBITDA) 5.2 Net leverage ratio (Net debt/TTM Adjusted EBITDA) 4.6 Interest coverage ratio (TTM Adjusted EBITDA/Interest expense) 1.8 Sales $ 708,362 $ 685,353 $ 660,753 $ 667,069 $ 2,721,537 Net (loss) income margin (Net (loss) income/Sales) (10.8)% (1.6)% 6.1 % 0.2 % (1.7)% Adjusted EBITDA margin (Adjusted EBITDA/Sales) 7.2 % 6.7 % 8.2 % 8.8 % 7.7 % Adjusted EBITDA Margin, Financial Ratios 1. Non-cash impairment charges in 2024 related to idle assets in certain locations in Asia Pacific. 2. Gain on sale of businesses related to divestiture in 2024. 3. Gain on sale of building and land related to a Canadian facility. 4. Non-cash net pension settlement and curtailment charges (credit) and administrative fees incurred related to certain of our U.S. and non-U.S. pension plans.
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33 Three Months Ended March 31, 2025 2024 Net cash used in operating activities $ (14,851) $ (14,199) Capital expenditures (17,543) (16,834) Free cash flow $ (32,394) $ (31,033) Free Cash Flow (Unaudited, dollar amounts in thousands)
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34 Quarter Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Net cash provided by operating activities $ 74,722 $ 79,661 $ 76,369 $ 117,277 Capital expenditures (11,484) (17,559) (50,498) (80,743) Free cash flow $ 63,238 $ 62,102 $ 25,871 $ 36,534 Free Cash Flow (Unaudited, dollar amounts in thousands)
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35 Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 2022 2021 Net cash (used in) provided by operating activities $ (25,790) $ (4,022) $ (36,150) $ (115,510) Capital expenditures (12,659) (20,142) (71,150) (96,107) Free cash flow $ (38,449) $ (24,164) $ (107,300) $ (211,617) Free Cash Flow (Unaudited, dollar amounts in thousands)