Slides
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DAUCH TM Second Quarter 2026 Earnings Call August 7 , 2026
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Forward-Looking Statements In this presentation, Dauch Corporation (“Dauch”) makes statements concerning its expectations, beliefs, plans, objectives, goals, strategies, and future events or performance, including, but not limited to, certain statements related to future capital expenditures, expenses, revenues, economic performance, synergies, financial conditions, market growth, dividend policy, losses and future prospects and business; and management strategies and the expansion and growth of Dauch’s operations. Such statements are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 and relate to trends and events that may affect Dauch’s future financial position and operating results. The terms such as “will, ”“may, ” “could, ”“would, ”“plan, ”“believe, ”“expect, ”“anticipate, ”“intend, ”“project, ”"target, "and similar words or expressions, as well as statements in future tense, are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties related to Dauch include factors detailed in the reports Dauch files with the United States Securities and Exchange Commission (the “SEC”), including those described under “Risk Factors” in its most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. These forward-looking statements speak only as of the date of this communication. Dauch expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. 2
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2Q 2026 Financial Highlights* * For definitions of Adjusted EBITDA and Adjusted Free Cash Flow and other non -GAAP reconciliations, please see the attached appendix. Top-Line Profitability Cash Continued Positive Acceleration As The New Dauch Corporation $3.0B Quarterly Sales $390M Quarterly Adj. EBITDA 13.2% of Sales $148M Quarterly Adj. Free Cash Flow
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Synergy Status 4 PURCHASING • Leveraging economies of scale to reduce supply costs • Vertical integration (insourcing) • Achieving global freight and logistical savings through scale SG&A • Public company and other costs • Workforce optimization • Streamlining ER&D expenses • Elimination of duplicate offices ~50% ~20% ~30% OPERATIONS • Operating efficiencies through best-of-best operating system • Optimizing manufacturing footprint SOURCE OF COST SAVINGS ESTIMATE TOTAL TARGET ANNUAL RUN-RATE COST SYNERGIES ~$300M SYNERGY ACHIEVEMENT GAUGE ANNUAL RUN RATE SAVINGS >$100M $180M $300M$0 ~$70M YEAR 1 TARGET YEAR 2 TARGET YEAR 3 TARGET AS OF AUG 7, 2026 Strong start in reaching our outlined >$100M in run-rate savings by year end 4
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Business Update 5 Positive Momentum Continues In The Second Quarter Quality Award Dauch was named a Ford Supplier of the Year in the Quality category by Ford Motor Company, honoring its outstanding performance, dedication, and collaboration during the 2025 fiscal year. Growth Opportunities The company is actively quoting on over $2 billion of new and incremental business and continuing to secure next generation platforms and program extensions. Business Awards During the quarter, the company was awarded multiple new and replacement Driveline and Metal Forming programs with leading global OEMs.
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2026 Financial Outlook (as of August 7, 2026) 6 Other Items • The financial outlook incorporates partial year contribution from Dowlais as of February 3, 2026 • Based on production estimates of key programs that we support and regional production estimates of: ❑ NA: ~15.1M ❑ EU: ~16.9M ❑ China: ~31.6M ❑ Global: ~91.1M • Assumes no changes to USMCA and mitigation of a majority of incremental tariff costs and assumes the current operating environment * Please also refer to our August 7, 2026, earnings press release for additional information. ** Prior to the amortization of intangible assets attributable to SDS of approximately $25 million per year. For the definitions of Adjusted EBITDA and for Adjusted Free Cash Flow and non -GAAP reconciliations, please see the attached appendix. Assumptions Capital Spending 4.5% - 5.0% of Sales Restructuring Cash Payments $115 - $150 Million Synergy Implementation Cash Payments $95 - $110 Million Equity income from China JV** $70 - $80 Million 2026 Financial Targets* Current Prior Full Year Sales $10.6 - $10.8B $10.3 - $10.8B Adjusted EBITDA $1.36 - $1.425B $1.3 - $1.425B Adjusted Free Cash Flow $260 - $325M $235 - $325M
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2Q 2026 Sales Walk (Yr/Yr) 7 $ in MM, unless noted otherwise Yr/Yr Changes of the Dowlais Contribution: Vol, Mix & Other: ~$42 Sale of business: ~($31) MM/FX: ~$8 $1,536 $1,517 $2,956 ($4) ($16) ($34) $35 $1,454 ($15) 2Q 2025 Sales Legacy Dauch Pricing Volume, Mix & Other Sale of CV Axle Business in India Metal Markets & FX 2Q 2026 Sales Legacy Dauch Dowlais Acquisition Intercompany elimination Reported 2Q 2026 Sales
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$202 $195 $390 ($4) ($3) ($3) $8 ($8) $3 $180 $15 2Q 2025 Adj EBITDA Legacy Dauch Pricing Volume, Mix & Other Sale of CV Axle Business in India Performance & Other UAW Work Stoppage Metal Markets & FX Subtotal Dowlais Acquisition Realized Synergy 2Q 2026 Adjusted EBITDA 2Q 2026 Adjusted EBITDA Walk (Yr/Yr)* 8 $ in MM, unless noted otherwise Yr/Yr Changes of the Dowlais Contribution: Vol, Mix & Other : ~$9 Sale of business: ~($4) Performance & Other: ~$9 MM/FX: <$1 *For the definition of Adjusted EBITDA and non-GAAP reconciliation, please see the attached appendix.
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Capital Markets Day November 17, 2026 New York, New York More Details To Come
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Appendix / Supplemental Data 10
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Additional Disclosures 11 Non-GAAP Financial Information This presentation refers to certain financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Earnings per Share, Adjusted Free Cash Flow, Net Debt, Net Leverage Ratio and Liquidity that are not required by, or presented in accordance with, accounting principles generally accepted in the United States, or GAAP . These measures are presented to provide additional useful measurements to review Dauch’s operations, provide transparency to investors and enable period-to- period comparability of financial performance. These non-GAAP measures should not be considered a substitute for any GAAP measure. Additionally, non-GAAP financial measures as presented by Dauch may not be comparable to similarly titled measures reported by other companies.
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Reconciliation of Non-GAAP Measures 12 In addition to the results reported in accordance with accounting principles generally accepted in the United States of America (GAAP) included within this presentation, we have provided certain information, which includes non-GAAP financial measures. Such information is reconciled to its closest GAAP measure in accordance with Securities and Exchange Commission rules and is included in the following slides. Certain of the forward-looking financial measures included in this earnings release are provided on a non-GAAP basis. A reconciliation of non-GAAP forward-looking financial measures to the most directly comparable forward-looking financial measures calculated and presented in accordance with GAAP has been provided. The amounts in these reconciliations are based on our current estimates and actual results may differ materially from these forward-looking estimates for many reasons, including potential event driven transactional and other non-core operating items and their related effects in any future period, the magnitude of which may be significant.
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$1,536 $2,956 $2,956$1,432 ($12) $22 ($65) $43 2Q 2025 Sales Legacy Dauch 2Q 2025 Sales Dowlais Pro Forma Intercompany elimination 2Q 2025 Pro Forma Combined Sales Volume, Mix & Other Sale of Businesses Metal Markets & FX Reported 2Q 2026 Sales 2Q 2026 Pro Forma Sales Walk 13 $ in MM, unless noted otherwise DCH: ~($20) DWL: ~$42 DCH: ~($34) DWL: ~($31) DCH: ~$35 DWL: ~$8
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$202 $368 $390 $166 $2 ($7) ($8) $17 $3 $15 2Q 2025 Adj EBITDA Legacy Dauch 2Q 2025 Pro Forma Adj EBITDA Dowlais 2Q 2025 Combined Pro Forma Adj EBITDA Volume, Mix & Other Sale of Businesses UAW Work Stoppage Performance & Other Metal Markets & FX Realized Synergy Reported 2Q 2026 Adj EBITDA 2Q 2026 Pro Forma Adjusted EBITDA Walk* 14 $ in MM, unless noted otherwise DCH: ~($7) DWL: ~$9 DCH: ~($3) DWL: ~($4) DCH: ~$8 DWL: ~$9 DCH: ~$3 DWL: <$1 * Please refer to definition of Non-GAAP measures.
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Dauch 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 2Q 2026 LTM 2Q 2026 Sales 1,411.3 1,536.2 1,505.3 1,383.9 5,836.7 1,407.4 1,516.6 5,813.2 Adjusted EBITDA 177.7 202.1 195.7 176.7 752.2 182.4 194.9 749.7 Margin 12.6% 13.2% 13.0% 12.8% 12.9% 13.0% 12.9% 12.9% Dowlais 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 2Q 2026 LTM 2Q 2026 Sales 1,399.0 1,432.0 1,481.9 1,500.1 5,813.0 1,468.4 1,454.0 5,904.4 Adjusted EBITDA 163.2 166.3 174.0 276.7 780.2 199.9 194.7 845.3 Margin 11.7% 11.6% 11.7% 18.4% 13.4% 13.6% 13.4% 14.3% Intercompany Eliminations 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 2Q 2026 LTM 2Q 2026 Sales (17.0) (12.3) (23.5) (15.6) (68.4) (5.6) (15.0) (59.7) Combined Pro Forma 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 2Q 2026 LTM 2Q 2026 Sales 2,793.3 2,955.9 2,963.7 2,868.4 11,581.3 2,870.2 2,955.6 11,657.9 Adjusted EBITDA 340.9 368.4 369.7 453.4 1,532.4 382.3 389.6 1,595.0 Margin 12.2% 12.5% 12.5% 15.8% 13.2% 13.3% 13.2% 13.7% Pro Forma Financial Data By Quarter 15 LTM 2Q 2026 pro forma Adjusted EBITDA includes ~$200 million of items not comparable to Dauch’s 2026 reported results and guidance: ▪ ~$120 million of one-time Dowlais commercial settlements ▪ ~$14 million from businesses that were subsequently sold ▪ ~$73 million of Dowlais January 2026 contribution (results were prior to acquisition close) Note: The unaudited pro forma condensed combined financial information gives effect to the Business Combination, which includes adjustments for the following: the conversion of Dowlais’ historical financial statements from pound sterling to U.S. Dollars; certain reclassifications to conform Dowlais’ historical financial statement presentation to Dauch’s presentation; the conversion of Dowlais’ historical financial statements prepared in accordance with IFRS, as issued by the International Accounting Standards Board (“IASB”), to generally accepted accounting principles in the United States of America (U.S. GAAP); application of the acquisition method of accounting under the provisions of Accounting Standards Codification 805, “Business Combinations” (“ASC 805”), and to reflect consideration transferred in exchange for 100% of all outstanding Dowlais Shares. We are providing pro forma sales and Adjusted EBITDA as if the combination of Dauch and Dowlais occurred on January 1, 2025. Dowlais 1Q2025 and 1Q2026 data reflect January, February and March results.
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Supplemental Data* 16 *Please refer to definition of Non-GAAP measures. 2026 2025 2026 2025 Segment Sales Driveline 2,225.0$ 1,107.2$ 3,994.1$ 2,094.2$ Metal Forming 861.7 545.0 1,587.9 1,070.5 Total Sales 3,086.7 1,652.2 5,582.0 3,164.7 Intersegment Sales (131.1) (116.0) (247.5) (217.2) Net External Sales 2,955.6$ 1,536.2$ 5,334.5$ 2,947.5$ Segment Adjusted EBITDA Driveline 289.7$ 155.4$ 528.5$ 288.1$ Metal Forming 99.9 46.7 169.6 91.7 Total Segment Adjusted EBITDA 389.6$ 202.1$ 698.1$ 379.8$ Segm ent Financial Inform ation ($ in m illions) June 30, Three Months Ended Six Months Ended June 30,
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Supplemental Data* 17 *Please refer to definition of Non-GAAP measures. 2026 2025 2026 2025 Net income (loss) 1.5$ 39.3$ (98.5)$ 46.4$ Interest expense 89.8 43.1 179.4 86.0 Income tax expense (benefit) 16.1 28.1 (3.5) 42.1 Depreciation and amortization 215.4 113.5 397.2 225.7 EBITDA 322.8 224.0 474.6 400.2 Restructuring and acquisition-related costs 49.8 16.5 148.7 36.2 Debt refinancing and redemption costs 0.9 - 3.9 3.3 Gain on Business Combination Derivative - (46.3) (12.9) (68.2) Impairment charges - 8.0 - 8.0 Unrealized foreign exchange loss on acquired U.S. Private Placement Notes 3.5 - 14.4 - Mark-to-market on nondesignated foreign exchange derivatives assumed as part of the Business Combination with Dowlais 4.5 - 20.1 - Loss (gain) on disposal of property, plant and equipment 1.3 (0.1) 5.0 0.3 Interest income on debt in escrow - - (4.6) - Amortization of acquisition intangible asset attributable to SDS 6.8 - 11.2 - Non-recurring items: Acquisition-related fair value inventory adjustment - - 37.7 - Adjusted EBITDA 389.6$ 202.1$ 698.1$ 379.8$ Sales 2,955.6 1,536.2 5,334.5 2,947.5 as a % of sales 13.2% 13.2% 13.1% 12.9% EBITDA and Adjusted EBITDA Reconciliation ($ in millions) Three Months Ended Six Months Ended June 30, June 30,
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Supplemental Data* 18 *Please refer to definition of Non-GAAP measures. Adjusted earnings per share are based on weighted average diluted shares outst anding of 245.3 million and 124.1 million for the three months ended June 30, 2026 and 2025 respectively, and 223.0 million and 123.3 million for the six months ended June 30, 2026 and 2025 respectively. 2026 2025 2026 2025 Diluted earnings (loss) per share -$ 0.32$ (0.46)$ 0.38$ Restructuring and acquisition-related costs 0.19 0.13 0.67 0.29 Debt refinancing and redemption costs - - 0.02 0.03 Impairment charges - 0.06 - 0.06 Gain on Business Combination Derivative - (0.37) (0.06) (0.55) Unrealized foreign exchange loss on acquired U.S. Private Placement Notes 0.01 - 0.06 - Mark-to-market on nondesignated foreign exchange derivatives assumed as part of the Business Combination with Dowlais 0.02 - 0.09 - Loss on disposal of property, plant and equipment 0.01 - 0.02 - Net interest on debt held in escrow - - 0.04 - Amortization of intangible assets from acquisitions 0.09 0.16 0.20 0.33 Amortization of acquisition intangible asset attributable to SDS 0.03 - 0.05 - Non-recurring items: Acquisition-related fair value inventory adjustment - - 0.17 - Tax effect of adjustments (0.03) 0.04 (0.15) 0.02 Adjusted earnings per share 0.32$ 0.34$ 0.65$ 0.56$ Adjusted Earnings Per Share Reconciliation Three Months Ended Six Months Ended June 30, June 30,
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Supplemental Data* 19 *Please refer to definition of Non-GAAP measures. 2026 2025 2026 2025 Net cash provided by operating activities 107.5$ 91.9$ 43.1$ 147.8$ Less: Capital expenditures net of proceeds from the sale of property, plant and equipment (91.7) (52.9) (194.4) (121.6) Free cash flow 15.8 39.0 (151.3) 26.2 Cash payments for restructuring costs 40.6 4.3 76.4 7.0 Cash payments for acquisition-related costs 64.4 5.4 146.5 11.6 Cash payments for synergy integration costs 27.6 - 36.0 - Adjusted free cash flow 148.4$ 48.7$ 107.6$ 44.8$ Free Cash Flow and Adjusted Free Cash Flow Reconciliation ($ in m illions) Three Months Ended Six Months Ended June 30, June 30,
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Supplemental Data* 20 *Please refer to definition of Non-GAAP measures. June 30, 2026 Current portion of long-term debt $ - Long-term debt, net 5,025.9 Total debt, net 5,025.9 Less: Cash and cash equivalents (880.8) Net debt at end of period 4,145.1 Adjusted pro forma LTM EBITDA 1,595.0 Less: EBITDA from businesses subsequently sold (14.3) Adjusted pro forma LTM EBITDA used for net leverage ratio $ 1,580.7 Pro forma net leverage ratio 2.6x ($ in m illions) Net Debt and Pro Form a Net Leverage Ratio
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Supplemental Data* 21 *Please refer to definition of Non-GAAP measures. LTM September 30, December 31, March 31, June 30, June 30, 2025 2025 2026 2026 2026 Net income (loss) 18.9$ (71.3)$ (33.4)$ 1.5$ (84.3)$ Interest expense 96.3 96.2 96.9 89.8 379.2 Income tax expense (benefit) (6.1) 48.5 1.5 16.1 60.0 Depreciation and amortization 217.9 227.4 236.7 215.4 897.4 Pro forma EBITDA 327.0 300.8 301.7 322.8 1,252.3 Restructuring and acquisition-related costs 29.3 94.0 58.4 49.8 231.5 Debt refinancing and redemption costs - 2.9 3.0 0.9 6.8 (Gain)/loss on Business Combination Derivative 16.0 (0.7) (12.9) - 2.4 Impairment charges - 50.1 - - 50.1 Unrealized foreign exchange loss on acquired U.S. Private Placement Notes - - 10.9 3.5 14.4 Mark-to-market on nondesignated foreign exchange derivatives assumed as part of the Business Combination with Dowlais (9.2) (11.6) 15.9 4.5 (0.4) Loss on disposal of property, plant and equipment 1.6 6.5 3.7 1.3 13.1 Interest income on debt held in escrow - (13.6) (4.6) - (18.2) Amortization of acquisition intangible asset attributable to SDS 5.0 5.0 6.2 6.8 23.0 Non-recurring items: Impact of EV cancellation settlement - 20.0 - - 20.0 Pro forma Adjusted EBITDA 369.7$ 453.4$ 382.3$ 389.6$ 1,595.0$ Pro forma EBITDA and Pro forma Adjusted EBITDA Reconciliations Quarter Ended
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Supplemental Data* 22 Full Year 2026 Financial Outlook ($ in millions) *Please refer to definition of Non-GAAP measures. Low End High End Net loss (200)$ (135)$ Interest expense 350 350 Income tax expense 20 15 Depreciation and amortization 825 825 Full year 2026 targeted EBITDA 995 1,055 Acquisition-related costs 65 65 Restructuring costs 105 105 Synergy integration costs 110 110 Acquisition-related fair value inventory adjustment 38 38 Amortization of acquisition intangible asset attributable to SDS 25 25 Unrealized foreign exchange loss on acquired U.S. Private Placement Notes 15 15 Mark-to-market on nondesignated foreign exchange derivatives assumed as part of the Business Combination with Dowlais 20 20 Other (13) (8) Full year 2026 targeted Adjusted EBITDA 1,360$ 1,425$ Adjusted EBITDA
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Supplemental Data* 23 Full Year 2026 Financial Outlook ($ in millions) *Please refer to definition of Non-GAAP measures. Commentary Possible impact to 2027 Low End High End Net cash provided by operating activities 395$ 410$ Capital expenditures net of proceeds from the sale of property, plant and equipment (500) (500) Full year 2026 targeted Free Cash Flow (105) (90) Cash payments for acquisition costs 155 155 Discrete 2026 item1 POSITIVE Impact to 2027 3 Cash payments for restructuring costs 115 150 Decrease meaningfully in 20272 POSITIVE Impact to 2027 4 Cash payments for synergy integration costs 95 110 Expect a significant decrease in 2028 Full year 2026 targeted Adjusted Free Cash Flow 260$ 325$ 1This represents transaction closing costs for the Dowlais acquisition funded by our 2025 cash build and acquisition financing. This is a discrete 2026 event. 2Currently anticipate meaningful decrease in restructuring costs in 2027. 3As these are discrete 2026 events, we expect positive benefits to cash provided by operating activities in 2027 vs. 2026. 4Anticipated lower restructuring costs to positively benefit cash provided by operating activities in 2027 vs. 2026. Adjusted Free Cash Flow
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Definition of Non-GAAP Measures 24 EBITDA and Adjusted EBITDA We define EBITDA to be earnings before interest expense, income taxes, depreciation and amortization. As revised, Adjusted EB ITDA is defined as EBITDA excluding the impact of restructuring, acquisition -related and synergy costs, debt refinancing and redemption costs, gains or losses on the derivative associated with our Business Comb ination with Dowlais, interest income on debt held in escrow, gains or losses on equity securities, impairment charges, unrealized foreign exchange gains and losses on acquired U.S. Private Placement Notes, mark-to-market on nondesignated foreign exchange derivatives assumed as part of the Business Combination with Dowlais, gains and losses on the disposal of property, plant and equipment, amortization of the acquisition intangible asset attributable to our investment in SDS, net of tax, and non-recurring items. We believe that EBITDA and Adjusted EBITDA are meaningful measures of performance as they are commonly util ized by management and investors to analyze operating performance and entity valuation. Our management, the investment community and the banking institutions routinely use EBITDA and Adjusted EB ITDA, together with other measures, to measure our operating performance relative to other Tier 1 automotive suppliers. We also use Segment Adjusted EBITDA as the measure of earnings to assess the p erformance of each segment and determine the resources to be allocated to the segments. EBITDA and Adjusted EBITDA are also key metrics used in our calculation of incentive compensation. EBITDA and Adju sted EBITDA should not be construed as income from operations, net income or cash flow from operating activities as determined under GAAP. Other companies may calculate EBITDA and Adjusted EBITDA differ ently. Adjusted Earnings Per Share We define Adjusted earnings per share to be diluted earnings (loss) per share excluding the impact of restructuring and acqui sition-related costs, debt refinancing and redemption costs, gains or losses on the derivative associated with our Business Combination with Dowlais, net interest on debt held in escrow, gains or losses on equ ity securities, impairment charges, unrealized foreign exchange gains and losses on acquired U.S. Private Placement Notes, mark-to-market on nondesignated foreign exchange derivatives assumed as part of the Bu siness Combination with Dowlais, gains and losses on the disposal of property, plant and equipment, amortization of the acquisition intangible asset attributable to our investment in SDS, net of tax, amortization of intangible assets from acquisitions, and non -recurring items, including the tax effect thereon. We believe Adjusted earnings per share is a meaningful measure as it is commonly utilized b y management and investors in assessing ongoing financial performance that provides improved comparability between periods through the exclusion of certain items that management believes are not indic ative of core operating performance and which may obscure underlying business results and trends. Other companies may calculate Adjusted earnings per share differently. Free Cash Flow and Adjusted Free Cash Flow We define free cash flow to be net cash provided by operating activities less capital expenditures net of proceeds from the sale of property, plant and equipment. Adjusted free cash flow is defined as fr ee cash flow excluding the impact of cash payments for restructuring and acquisition -related costs, including net interest on debt held in escrow. We believe free cash flow and Adjusted free cash flow are meaningful measures as they are commonly utilized by management and investors to assess our ability to generate cash flow from business operations to repay debt and return capital to our stockholders. Free cash flow and Adjusted free cash flow are also key metrics used in our calculation of incentive compensation. Other companies may calcu late free cash flow and Adjusted free cash flow differently. Net Debt and Net Leverage Ratio We define net debt to be total debt, net less cash, cash equivalents, and restricted cash. We define Net Leverage Ratio to be net debt divided by the trailing 12 months of Adjusted EBITDA. We believe that Net Leverage Ratio is a meaningful measure of financial condition as it is commonly used by management, investors and creditors t o assess capital structure risk. Other companies may calculate Net Leverage Ratio differently. Liquidity We define Liquidity as cash on hand plus amounts available on our revolving credit facility and non-U.S. credit facilities.