Slides
Page 1
Q2-2026 Earnings Presentation James Ray – President & Chief Executive Officer Angie O'Leary – Interim Chief Financial Officer August 4, 2026
Page 2
Q2 2026 Earnings Presentation - 2 These slides contain forward-looking statements that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and similar expressions. In particular, these slides may contain forward-looking statements about the Company’s expectations for future periods with respect to its plans to improve financial results, the future of the Company’s end markets, including, but not limited to, global commercial vehicle markets and electric vehicle markets, changes in the North America Class 8 and Class 5-7 truck build rates, performance of the global construction and agricultural equipment businesses, the Company’s prospects in the global commercial vehicle markets and electric vehicle markets, the Company’s initiatives to address customer needs, organic growth, the Company’s strategic plans and plans to focus on certain segments, competition faced by the Company, volatility in and disruption to the global economic environment including global supply chain constraints, inflation and labor shortages, tariffs and counter-measures, financial covenant compliance, anticipated effects of acquisitions or divestitures, production of new products, plans for capital expenditures, and the Company’s financial position or other financial information. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including those included in the Company’s filings with the SEC. There can be no assurance that statements made in these slides relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements. See slide 14 for use of non-GAAP financial measures. Forward Looking Statements and Non-GAAP Financial Measures
Page 3
Q2 2026 Earnings Presentation - 3 Q2 2026 Overview REDUCED DEBT AND IMPROVED LEVERAGE • Total debt decreased $14.6 million versus the end of 2025 • Net leverage ratio of 3.3x versus 4.1x at the end of 2025 REVENUE $195.2 MILLION ADJUSTED EBITDA $5.4 MILLION ADJUSTED OPERATING INCOME $2.6 MILLION ADJUSTED EPS ($0.13) PER DILUTED SHARE Q2 FINANCIAL OVERVIEW Q2 HIGHLIGHTS Note: US GAAP net loss was ($8.7M) for Q2 2026. GAAP loss per share was ($0.25) for Q2 2026. IMPROVED GROSS MARGINS 12.9% ADJ. GROSS MARGIN • Up 90bps year-over-year from Q2’25 and up 70bps sequentially from Q1’26 • Operational efficiency initiatives continue to drive improvement • New business wins contribution driving 16% top-line growth • Year-over-year margin expansion GLOBAL ELECTRICAL SYSTEMS IMPROVEMENT REVENUE GROWTH 13.5% INCREASE YEAR-OVER-YEAR • Growth driven by all three business segments • End market recovery expected throughout fiscal 2026
Page 4
Q4 2025 Earnings Presentation - 4 Zoox Momentum Building • Recent announcements by Zoox highlight the continued evolution of the robotaxi program • Program shifting from testing and pilot deployments toward commercial fleet manufacturing ✓ Introduction of a production-intent vehicle ✓ Preparations for large-scale manufacturing at its Hayward facility ✓ Plans to ramp production capacity to as much as 100 vehicles per week ✓ Represents a meaningful step toward volume manufacturing and fleet deployment • Zoox received NHTSA approval to begin charging for their robotaxi service and will be starting in Las Vegas this month • CVG continues to increase capacity throughout Q3 and deploying additional capex as program continues to ramp
Page 5
Second Quarter 2026 Results Year-Over-Year Performance Commentary • Revenue up 13.5% in Q2 due to increased customer demand across all three business segments • Adjusted EBITDA up $0.2 million to $5.4 on higher gross margin performance offset by higher SG&A expenses reflecting higher incentive compensation and advisory service fees, as well as foreign exchange headwinds • Incentive compensation increase primarily driven by long-term performance awards tied to higher stock price • Adjusted EPS down $0.04 due to higher interest and taxes • Free cash flow of ($1.4) million compared to $17.4 million • Net leverage at 3.3x, down from 4.1x at the end of 2025 Q2 2026 Earnings Presentation - 5 CONSOLIDATED RESULTS (Continuing Operations) GAAP Measures Three Months Ended Jun 30 Six Months Ended Jun 30 ($ in millions except for share information) 2026 2025 2026 2025 Revenue $ 195.2 $ 172.0 $ 366.7 $ 341.8 Operating Income 1.6 0.8 16.3 2.2 Operating Income Margin 0.8% 0.5% 4.4% 0.6% Diluted EPS (0.25) (0.12) (0.23) (0.21) Non-GAAP Measures Three Months Ended Jun 30 Six Months Ended Jun 30 ($ in millions except for share information) 2026 2025 2026 2025 Adjusted EBITDA $ 5.4 $ 5.2 $ 10.2 $ 10.9 Adjusted EBITDA Margin 2.8% 3.0% 2.8% 3.2% Adjusted Diluted EPS (0.13) (0.09) (0.23) (0.16) Free Cash Flow (1.4) 17.4 10.3 28.8
Page 6
• Structural improvement in operations • Supply chain optimization Q2 2026 Earnings Presentation - 6 Gross Margin Improvement Year-Over-Year Improvement 12.0% 12.9% Q2'25 Q2'26 Adjusted Gross Margin (%) Q2 Key Drivers of Margin Improvement Note: totals may not match due to rounding Sequential Improvement 10.3% 12.2% 12.9% Q4'25 Q1'26 Q2'26 Adjusted Gross Margin (%) Q2 +190bp • Improvements in plant productivity • Product mix improvement and pricing actions +90bp +70bp
Page 7
4.1 x 3.3 x 2025 Year-End Net Leverage Q2'26 Leverage Net Leverage (Net Debt/Adj. EBITDA) Total Debt Reduced $14.6M since the end of 2025 Q2 2026 Earnings Presentation - 7 Equity ATM Program Provides Accretive Deleveraging Focus Remains on Generating Free Cash Flow and Reducing Debt in 2026 • CVG launched a $25 million equity ATM issuance program in June 2026 ✓ Generated $11.6 million in net proceeds through the end of Q2’26 ✓ Proceeds used to pay down term loan debt ✓ Further reduces run-rate interest expense starting in Q3’26 • Total debt decreased by $14.6 million in H1’26 ✓ Helped by the equity ATM issuance and the sale- leaseback transaction in Q1’26, offset by borrowings on our ABL facility ✓ Reduces run-rate interest expense going forward • Net leverage decreased to 3.3x
Page 8
Q2 2026 Earnings Presentation - 8 Global Seating • Q2 Revenue grew 7% driven by higher international sales volume • Q2 adjusted OI increased $0.9 million primarily attributable to higher gross margins on increased revenue ✓ Continuing to benefit from cost and operational efficiency improvements driving margin expansion as revenue growth returns • Benefitting from geographical diversification and footprint consolidation in the Asia-Pacific region Year-Over-Year Performance Commentary Sales and Adjusted Operating Income Commercial & Off-Highway Seats Aftermarket Seats 147.9 154.5 H1'25 H1'26 5.8 7.6 H1'25 H1'26 74.5 80.0 Q2'25 Q2'26 +7% Revenue ($mm) 3.1 4.0 Q2'25 Q2'26 +0.9 Adjusted OI ($mm) +5% +1.8 Q2 First Half
Page 9
Q2 2026 Earnings Presentation - 9 Global Electrical Systems Year-Over-Year Performance Commentary • Q2 revenue up 16% due primarily to new business wins ✓ Driven by ramp of previously awarded program wins in North America (including Zoox) and EMEA ✓ Improved growth in our core markets • Q2 adjusted OI increased $0.5 million in the quarter primarily attributable to higher sales volumes and product mix • Zoox contract production continuing to ramp as program scales; EMEA and customer diversification expected to accelerate overall segment revenue growth in H2’26 Sales and Adjusted Operating Income Aldama Wire Harness Assembly 53.6 62.0 Q2'25 Q2'26 +16% Revenue ($mm) 1.2 1.7 Q2'25 Q2'26 +0.5 Adjusted OI ($mm) Q2 First Half 104.0 119.5 H1'25 H1'26 1.5 2.2 H1'25 H1'26 +15% +0.7 Morocco Production
Page 10
Q2 2026 Earnings Presentation - 10 Trim Systems and Components • Q2 revenue increased 21% primarily as a result of increased customer demand in North America ✓ Driven primarily by improved product mix • Q2 adjusted OI increased $1.9 million primarily due to improved demand levels and operational efficiencies • Well-positioned to benefit from ramp of North American Class 8 production in H2’26 Year-Over-Year Performance Commentary Sales and Adjusted Operating IncomeSales and Adjusted Operating Income Headliner Roof Panel Bunks Wiper Systems 43.9 53.2 Q2'25 Q2'26 +21% Revenue ($mm) 0.3 2.2 Q2'25 Q2'26 +1.9 Q2 First Half 1.9 2.3 H1'25 H1'26 0.4 Adjusted OI ($mm) 89.8 92.7 H1'25 H1'26 +3% Note: totals may not match due to rounding
Page 11
340 332 251 274 301 339 2023 2024 2025 2026F 2027F 2028F North America 62% Europe 24% Asia Pacific 14% Construction 20 – 25% Heavy Truck 30 - 35% Bus/Auto/Ag/Other 20 – 25% Aftermarket & Accessories 5 – 10% Medium Truck 10 – 15% Q2 2026 Earnings Presentation - 11 Key CVG Markets Update CVG Revenue by End Market* • Construction equipment end market expected to grow at a mid- single digit rate in 2026. Construction Equipment Market Outlook* *Source: Customers’ estimates ACT Research is forecasting an improved 2026 followed by continued growth in 2027 and 2028 Source: ACT Research, dated July 10th -24% +9% +9% NA Class 8 Heavy Truck Build Outlook Units in Thousands +13% -2% 74 72 50 55 54 68 75 77 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26F Q4'26F CVG Revenue by Geography* * Based on YTD 2026 Results
Page 12
Q2 2026 Earnings Presentation - 12 • ACT Class 8 truck build forecast of 274k (up ~9% y/y) ✓ Class 8 expected to ramp sequentially throughout the year • Global Electrical Systems benefitting from ramp of new business, with Zoox program currently scaling production, as well as growth in construction end markets • Continued focus on operational efficiency • Positive Free Cash Flow expected in 2026 with a focus on paying down debt ✓ Expect capital expenditures at the lower end of targeted range (2-3% of revenue) ✓ Working capital investment required to support increased new business ramps • Expect net leverage to decline throughout FY26 toward our long-term target of ~2.0x FY26 CVG Outlook ($M) Metric 2025 Results Prior 2026 Outlook Updated 2026 Outlook Revenues $649.0 $660 - $700 $725 - $755 Adjusted EBITDA $17.8 $24 - $30 $26 - $31 Free Cash Flow $33.7 Positive Positive Guidance reflects new business ramps, continued operational improvement, and customer demand Updated Fiscal 2026 Outlook
Page 13
Q2 2026 Earnings Presentation - 13 Appendix
Page 14
This earnings presentation contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). In general, the non-GAAP measures exclude items that (i) management believes reflect the Company’s multi-year corporate activities; or (ii) relate to activities or actions that may have occurred over multiple or in prior periods without predictable trends. Management uses these non-GAAP financial measures internally to evaluate the Company’s performance, engage in financial and operational planning and to determine incentive compensation. Management provides these non-GAAP financial measures to investors as supplemental metrics to assist readers in assessing the effects of items and events on the Company’s financial and operating results and in comparing the Company’s performance to that of its competitors and to comparable reporting periods. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. The financial results calculated in accordance with GAAP and reconciliations to those financial statements are set forth in the supplemental information. Q2 2026 Earnings Presentation - 14 Non-GAAP Financial Measures
Page 15
Q2 2026 Earnings Presentation - 15Note: totals may not match due to rounding Reconciliation of GAAP to Non-GAAP Financial Measures (in millions) Q2 2026 Q1 2026 Q4 2025 Q2 2025 Gross Profit 24.7 19.8 15.0 19.5 Restructuring 0.5 1.2 0.9 1.1 Adjusted Gross Profit 25.2 21.0 15.9 20.6 % of Revenues 12.9% 12.2% 10.3% 12.0%
Page 16
Q2 2026 Earnings Presentation - 16Note: totals may not match due to rounding Reconciliation of GAAP to Non-GAAP Financial Measures (in millions) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Operating Income/(Loss) 1.6 0.8 16.3 2.2 Restructuring 1.0 1.1 2.2 1.8 Gain on sale of fixed assets - - (14.0) - Adjusted Operating Income 2.6 1.9 4.5 4.0 % of Revenues 1.3% 1.1% 1.2% 1.2% Net Income/(Loss) (8.7) (4.1) (7.8) (7.2) Interest Expense 2.9 2.3 7.0 4.8 Provision (benefit) for income taxes 2.0 1.7 3.9 3.8 Depreciation Expense 3.6 3.5 7.2 7.0 Amortization Expense 0.1 0.1 0.3 0.3 EBITDA (0.0) 3.6 10.6 8.6 % of Revenues -% 2.1% 2.9% 2.5% EBITDA Adjustments Restructuring 1.0 1.1 2.2 1.8 Warrant fair value adjustment 3.4 - 8.4 - Loss on extinguishment of debt 1.0 0.5 3.0 0.5 Gain on sale of fixed assets - - (14.0) - Adjusted EBITDA 5.4 5.2 10.3 10.9 % of Revenues 2.8% 3.0% 2.8% 3.2%
Page 17
Q2 2026 Earnings Presentation - 17Note: totals may not match due to rounding Reconciliation of GAAP to Non-GAAP Financial Measures – Diluted EPS (in millions except for share information) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Net income/(Loss) from continuing operations (8.7) (4.1) (7.8) (7.2) Operating income (loss) adjustments 1.0 1.1 (11.7) 1.8 Loss on early extinguishment of debt 1.0 0.5 3.0 0.5 Warrant fair value adjustment 3.4 - 8.4 - Adjusted (benefit) provision for income taxes (1.4) (0.4) 0.0 (0.6) Adjusted net income (loss) from continuing operations (4.6) (2.9) (8.1) (5.5) Diluted EPS (0.25) (0.12) (0.23) (0.21) Adjustments to diluted EPS 0.12 0.03 - 0.05 Adjusted diluted EPS (0.13) (0.09) (0.23) (0.16)
Page 18
Q2 2026 Earnings Presentation - 18Note: totals may not match due to rounding Segment GAAP to Non-GAAP QTD For the Three Months Ended June 30, 2026 (in millions) Global Seating Global Electrical Systems Trim Systems and Components Corporate Total Operating Income/(Loss) 3.0 1.7 2.2 (5.3) 1.6 Restructuring 1.0 - - - 1.0 Adjusted Operating Income/(Loss) 4.0 1.7 2.2 (5.3) 2.6 % of Revenue 5.0% 2.7% 4.2% - 1.3% For the Three Months Ended June 30, 2025 (in millions) Global Seating Global Electrical Systems Trim Systems and Components Corporate Total Operating Income/(Loss) 2.7 0.7 0.1 (2.7) 0.8 Restructuring 0.4 0.5 0.2 - 1.1 Adjusted Operating Income/(Loss) 3.1 1.2 0.3 (2.7) 1.9 % of Revenue 4.1% 2.3% 0.8% - 1.1%
Page 19
Q2 2026 Earnings Presentation - 19Note: totals may not match due to rounding Segment GAAP to Non-GAAP YTD For the Six Months Ended June 30, 2026 (in millions) Global Seating Global Electrical Systems Trim Systems and Components Corporate Total Operating Income/(Loss) 19.8 1.7 2.1 (7.3) 16.2 Restructuring 1.6 0.5 0.2 - 2.2 Gain on sale of fixed assets (13.7) - - (0.2) (14.0) Adjusted Operating Income/(Loss) 7.6 2.2 2.3 (7.5) 4.5 % of Revenue 4.1% 2.3% 0.8% - 1.1% For the Six Months Ended June 30, 2025 (in millions) Global Seating Global Electrical Systems Trim Systems and Components Corporate Total Operating Income/(Loss) 5.4 0.3 1.6 (5.2) 2.2 Restructuring 0.4 1.1 0.3 0.1 1.8 Adjusted Operating Income/(Loss) 5.7 1.5 1.9 (5.1) 4.1 % of Revenue 3.9% 1.4% 2.1% - 1.2%
Page 20
Q2 2026 Earnings Presentation - 20Note: totals may not match due to rounding Reconciliation of GAAP to Non-GAAP Cash Flow Information (in millions) Q2 2026 Q2 2025 YTD 2026 YTD 2025 CONTINUING OPERATIONS Cash Flow from Operations $ 1.7 $ 18.7 $ 0.1 $ 33.7 Capital Expenditures (3.1) (1.5) (5.7) (5.3) Proceeds From Sale of Property, Plant and Equipment 0.0 - 15.9 - Free Cash Flow from Continuing Operations (1.4) 17.2 10.3 28.5 DISCONTINUED OPERATIONS Cash Flow from Operations $ - $ 0.1 $ - $ 0.3 Free Cash Flow from Discontinued Operations - 0.1 - 0.3 TOTAL COMPANY Cash Flow from Operations $ 1.7 $ 18.9 $ 0.1 $ 34.0 Capital Expenditures (3.1) (1.5) (5.7) (5.3) Proceeds From Sale of Property, Plant and Equipment 0.0 - 15.9 - Free Cash Flow (1.4) 17.4 10.3 28.8
Page 21
Q2 2026 Earnings Presentation - 21Note: totals may not match due to rounding Reconciliation of GAAP to Non-GAAP Financial Measures (in millions) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Income/(Loss) (3.1) (4.1) (6.8) (6.4) 0.9 (8.7) Interest Expense 2.5 2.3 4.1 4.2 4.1 2.9 Provision (benefit) for income taxes 2.1 1.7 0.7 0.2 1.9 2.0 Depreciation Expense 3.4 3.5 3.6 3.6 3.6 3.6 Amortization Expense 0.1 0.1 0.1 0.1 0.1 0.1 EBITDA 5.1 3.6 1.7 1.7 10.6 (0.0) EBITDA Adjustments Restructuring 0.7 1.1 2.7 0.9 1.2 1.0 (Gain) loss on sale of fixed assets - - - (0.4) (14.0) - Loss on Early Extinguishment of Debt - 0.5 - - 2.0 1.0 Warrant fair value adjustment - - 0.3 - 5.0 3.4 Adjusted EBITDA 5.8 5.2 4.6 2.3 4.8 5.4 Adjust EBITDA (TTM) 17.8 16.9 17.1 Long-Term Debt at End of Quarter 104.0 89.7 86.9 Current Portion of LT and ST Debt at End of Quarter 2.4 3.8 4.8 Cash at End of Quarter (33.3) (28.7) (36.0) Net Debt at End of Quarter 73.1 64.9 55.8 Leverage Ratio (Continuing Operations) 4.1x 3.8x 3.3x