Slides
Page 1
Fourth Quarter 2025 Financial Results February 12, 2026
Page 2
2All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations. | www.ecarxgroup.com Disclaimers Forward-Looking Statements This presentation contains statements that are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management’s beliefs and expectations as well as on assumptions made by and data currently available to management, appear in a number of places throughout this document and include statements regarding, amongst other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we operate. The use of words “expects”, “intends”, “anticipates”, “estimates”, “predicts”, “believes”, “should”, “potential”, “may”, “preliminary”, “forecast”, “objective”, “plan”, or “target”, and other similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including, but not limited to statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance, and the markets in which we operate. For a discussion of these and other risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statement, see ECARX’s filings with the U.S. Securities and Exchange Commission. ECARX undertakes no obligation to update or revise and forward-looking statements to reflect subsequent events or circumstances, except as required by applicable law. Change in reporting currency During this quarter, the Company decided to change its reporting currency from Chinese Renminbi (“RMB”) to U.S. Dollars (“USD” or “US$”) This change was made as a result of the Company’s assessment that the change will help provide a clearer understanding of the Company’s financial performance to investors and improve comparability of our performance to peers, particularly due to the Company’s ongoing international expansion. The change in reporting currency represents a voluntary change in accounting policy, which is accounted for retrospectively. The unaudited condensed consolidated financial statements appended herewith for all periods presented have been translated into the new reporting currency. Non-GAAP Financial Measure We use adjusted EBITDA in evaluating our operating results and for financial and operational decision-making purposes. Adjusted EBITDA is defined as net loss excluding interest income, interest expense, income tax expenses, depreciation of property and equipment, amortization of intangible assets, and share-based compensation expenses. We present this non-GAAP financial measures because it is used by our management to evaluate our operating performance and formulate business plans. We believe that adjusted EBITDA helps identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that are included in net loss. We also believe that the use of the non-GAAP measure facilitates investors’ assessment of our operating performance. We believe that adjusted EBITDA provides useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision making. Adjusted EBITDA should not be considered in isolation or construed as alternatives to net loss or any other measures of performance or as indicators of our operating performance. Investors are encouraged to compare our historical adjusted EBITDA to the most directly comparable GAAP measure, net loss. Adjusted EBITDA presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure. For more information on non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of our press release issued in connection with these results.
Page 3
3All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations. | www.ecarxgroup.com 4Q 25: critical inflection point marking start of next phase of sustainable, profitable growth Currency in US Dollars (USD) Q4 Revenue US$305 mn Up 13% YoY and Historic High Q4 Adj. EBITDA US$22 mn Serving 18 OEMs across 28 vehicle brands As of December 31, 2025 Shipments of Antora®, Venado™, and Pikes® series Up 62% YoY Q4 Operating Income US$7 mn Q4 Gross Profit US$64 mn GM 21%
Page 4
4 4Q 2025 Financial Highlights
Page 5
5All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations. | www.ecarxgroup.com 1. YoY change 121 131 182 27026 1 1 2 22 23 37 33 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Sales of Goods Revenue Software License Revenue Service Revenue + 30%1 + 11%1 Strategic execution and lean operating strategy driving revenue growth momentum and resilient recovery in gross margin Total revenue (US$ mn) 34 17 48 64 Q1 2025 Q2 2025 Q3 2025 Q42025 Gross profit (US$ mn) 11% 21% 20% Gross Margin 22% - 10%1 169 156 220 305 + 13%1
Page 6
6All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations. | www.ecarxgroup.com Second consecutive quarter of positive operating income and adj. EBITDA (25) (40) 3 7 Q1 2025 Q2 2025 Q3 2025 Q4 3035 Operating income (US$ mn) (14) (30) 8 22 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Adjusted EBITDA (US$ mn)
Page 7
7All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations. | www.ecarxgroup.com Fresh capital to drive next phase of global growth US$150 mn ATW Partners October 2025 US$45.6 mn Geely Investment Holding Ltd. January 2026 Build-out of R&D, delivery, and supply chain capabilities in key growth markets in South America and Southeast Asia Validates global growth strategy, technology leadership, and ability to capitalize on accelerating demand Fuel global expansion Powerful EndorsementUS$100 mn Completion of the Final Tranche of the Convertible Notes February 2026
Page 8
8 4Q 2025 Operational Highlights
Page 9
9All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations. | www.ecarxgroup.com Strategic execution driving momentum globally • Showcased scalable UI, agentic AI, cockpit-ADAS fusion solutions at CES. • Demonstrated Cloudpeak® running seamlessly across SiEngine & Qualcomm chips with Google Automotive Services. • Singapore HQ operationalizing soon, centralizing global IP , R&D, and treasury. • Pursuing US safety certifications to engage with automakers and expand addressable market. Global Compliance PlatformTechnological Leadership • Signed second agreement to supply digital cockpit solutions for multiple models in Latin America. • Deploying both Antora® 1000 (with Cloudpeak® & Google ecosystem) and cost-optimized Antora® 500 platforms. • Pikes® & Cloudpeak® power next-gen AI cockpit in Galaxy M9, Lynk & Co 07/08 EM-P. • AI-enhanced Antora® 1000 & Cloudpeak® powered Galaxy EX5 launch in UK, marking start of large-scale EU deliveries of these safety certified solutions • 12M+ units installed globally as of Dec 2025. Deepened Volkswagen Group Partnership AI Cockpits Powering Key Vehicle Launches
Page 10
10 1Q and Full Year 2026 Guidance
Page 11
11All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations. | www.ecarxgroup.com Guidance 2026 2028 2030 Global ≥ 30% overseas ≥ 50% overseas Global Revenue Mix Roadmap FY2026 Revenue US$1 - $1.1 bn + 20% - 30% YoY FY2026 Profitability Maintain positive operating income 1Q 26: anticipate typical industry seasonality but remain fully confident in delivering on full-year revenue and profitability targets: • Full-year order pipeline remains robust and aligns with the growth targets. • Proactive cost management strategies in place to mitigate margin pressure. • Underlying demand drivers for core solutions continues to strengthen.
Page 12
12 Q&A
Page 13
13 Appendix
Page 14
14All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations. | www.ecarxgroup.com Unaudited Condensed consolidated balance sheets 14 As of December 31 (Unaudited) As of December 31 (Unaudited) Millions, except otherwise noted 2024 2025 US$ US$ ASSETS Current assets Cash 44.3 87.1 Restricted cash 5.9 6.1 Short-term investments 17.9 31.2 Accounts receivable – third parties, net 30.1 14.8 Accounts receivable – related parties, net 187.3 185.5 Notes receivable 2.3 6.0 Inventories 31.9 62.3 Amounts due from related parties 5.0 53.7 Prepayments and other current assets 61.4 36.5 Total current assets 386.1 483.2 Non-current assets Long-term investments 2.2 61.5 Property and equipment, net 21.9 26.7 Intangible assets, net 42.2 40.4 Operating lease right-of-use assets 18.2 16.8 Goodwill 3.5 3.7 Other non-current assets – third parties 3.9 30.2 Other non-current assets – related parties 36.4 - Total non-current assets 128.3 179.3 Total assets 514.4 662.5 As of December 31 (Unaudited) As of December 31 (Unaudited) 2024 2025 US$ US$ LIABILITIES Current liabilities Short-term borrowings 185.2 310.7 Accounts payable - third parties 220.3 192.8 Accounts payable - related parties 70.0 104.5 Notes payable 19.3 19.3 Amounts due to related parties 24.1 54.6 Contract liabilities, current - third parties 0.9 0.1 Contract liabilities, current - related parties 20.5 7.3 Operating lease liabilities - current 5.6 5.0 Convertible notes payable - current 64.5 38.8 Accrued expenses and other current liabilities 85.5 88.9 Income tax payable 2.8 1.0 Total current liabilities 698.7 823.0 Non-current liabilities Contract liabilities, non-current - related parties 5.1 - Long-term borrowings - 5.6 Operating lease liabilities, non-current 16.7 15.7 Warrant liabilities, non-current 1.2 1.1 Provisions 15.0 17.8 Other non-current liabilities - third parties 13.3 20.7 Deferred tax liabilities 2.1 1.7 Total non-current liabilities 53.4 122.9 Total liabilities 752.1 945.9
Page 15
15All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations. | www.ecarxgroup.com Unaudited Condensed consolidated balance sheets 15 As of December 31 (Unaudited) As of December 31 (Unaudited) Millions, except otherwise noted 2024 2025 US$ US$ SHAREHOLDERS' DEFICIT Ordinary Shares - - Additional paid-in capital 895.0 958.1 Treasury shares, at cost (1.0) (30.0) Accumulated deficit (1,124.5) (1,190.5) Accumulated other comprehensive loss (9.2) (20.2) Total deficit attributable to ordinary shareholders (239.7) (282.6) Non-redeemable non-controlling interests 2.0 (0.8) Total shareholders' deficit (237.7) (283.4) Liabilities and shareholders' deficit 514.4 662.5
Page 16
16All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations. | www.ecarxgroup.com Unaudited Consolidated statements of operations and comprehensive loss 16 Three Months Ended December 31 (Unaudited) Full Year Ended December 31 (Unaudited) Millions, except otherwise noted 2024 2025 2024 2025 US$ US$ US$ US$ Revenue Sales of goods revenue 211.7 269.5 611.2 703.1 Software license revenues 12.6 2.0 42.5 29.7 Service revenues 45.5 33.2 117.8 115.1 Total revenues 269.8 304.7 771.5 847.9 Cost of goods sold (189.8) (230.1) (537.6) (610.3) Cost of software licenses (7.0) (0.4) (17.8) (17.2) Cost of services (15.6) (10.5) (56.0) (59.1) Total cost of revenues (212.4) (241.0) (611.4) (686.6) Gross profit 57.4 63.7 160.1 161.3 Research and development expenses (47.8) (29.1) (174.9) (123.3) Selling, general and administrative expenses and others, net (22.5) (27.5) (108.1) (92.7) Total operating expenses (70.3) (56.6) (283.0) (216.0) (Loss)/Income from operation (12.9) 7.1 (122.9) (54.7) Interest income 0.8 0.6 3.1 3.7 Interest expenses (8.4) (9.9) (18.6) (23.8) Share of results of equity method investments 16.2 0.8 5.6 1.2 Three Months Ended December 31 (Unaudited) Full Year Ended December 31 (Unaudited) 2024 2025 2024 2025 US$ US$ US$ US$ Foreign currency exchange (losses)/gain (0.6) 0.1 (1.1) (1.2) Others, net (1.0) 3.3 (3.7) 7.1 (Loss)/Profit before income taxes (5.9) 2.0 (137.6) (67.7) Income tax (expense)/benefit (0.1) 0.8 (0.2) (1.2) Net (Loss)/Profit (6.0) 2.8 (137.8) (68.9) Net loss/(profit) attributable to noncontrolling interests 0.5 (0.2) 8.0 2.9 Net (loss)/profit attributable to ECARX Holdings Inc. ordinary shareholders (5.5) 2.6 (129.8) (66.0) Net (loss)/profit (6.0) 2.8 (137.8) (68.9) Other comprehensive (loss)/income: Foreign currency translation adjustments, net of nil income taxes 10.7 (5.9) 3.8 (10.8) Comprehensive (loss)/income 4.7 (3.2) (134.0) (79.8) Comprehensive loss/(income) attributable to non- redeemable noncontrolling interests 0.6 (0.2) 8.2 2.8 Comprehensive (loss)/income attributable to ECARX Holdings Inc. 5.3 (3.4) (125.8) (77.0) (Loss)/Earnings per ordinary share - Basic and diluted (loss)/earnings per share, ordinary shares (0.02) 0.01 (0.39) (0.19) Weighted average number of ordinary shares used in computing loss per ordinary share - Weighted average number of ordinary shares - Basic 333,819,732 341,002,836 336,641,846 338,659,826 - Weighted average number of ordinary shares - Diluted 333,819,732 347,153,696 336,641,846 338,659,826
Page 17
17All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations. | www.ecarxgroup.com Unaudited Reconciliation of GAAP and Non-GAAP Results 17 We use adjusted EBITDA in evaluating our operating results and for financial and operational decision-making purposes. Adjusted EBITDA is defined as net loss excluding interest income, interest expense, income tax expenses, depreciation of property and equipment, amortization of intangible assets, and share-based compensation expenses. Adjusted EBITDA should not be considered in isolation or construed as alternatives to net loss or any other measures of performance or as indicators of our operating performance. Investors are encouraged to compare our historical adjusted EBITDA to the most directly comparable GAAP measure,net loss. Adjusted EBITDA presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarlytitled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure. Three Months Ended December 31 (Unaudited) Full Year Ended December 31 (Unaudited) Millions, except otherwise noted 2024 2025 2024 2025 Millions, otherwise noted US$ US$ US$ US$ Net (Loss)/Profit (6.0) 2.8 (137.8) (68.9) Interest income (0.8) (0.6) (3.1) (3.7) Interest expense (8.4) (9.9) (18.6) (23.8) Income tax (benefit)/ expense 0.1 (0.8) 0.2 1.2 Depreciation of property and equipment 2.2 2.4 7.9 7.7 Amortization of intangible assets 3.3 2.5 12.7 12.2 EBITDA 7.2 16.2 (101.5) (27.7) Share-based compensation expenses 2.3 5.4 19.0 13.3 Adjusted EBITDA 9.5 21.6 (82.5) (14.4)
Page 18
18 Products & Operations
Page 19
19All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations. | www.ecarxgroup.com Major presence across three continents • EU operation center where our executive officers are based • SE Asia product compliance/adaptation and operation support • Cockpit R&D and delivery • Cockpit R&D center • Intelligent vehicle product solution center • EAS product center • Function module SW and HW R&D • Product integration testing and delivery • AD R&D center • AI R&D center • Big data, algorithm, cloud • Advanced research product and technology R&D • Automotive SoC R&D Gothenburg Hangzhou Wuhan Shanghai - HQ • Cockpit R&D and delivery • ADAS R&D and delivery Stuttgart – Boeblingen London - EU HQ Malaysia • R&D center San Diego, CA • IP holding • Global supply chain • Global R&D Singapore - HQ
Page 20
20All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations. | www.ecarxgroup.com ECARX main full-stack computing roadmap
Page 21
21All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations. | www.ecarxgroup.com ECARX Cloudpeak software solution Flexible and open SOA architecture design completely releases hardware performance, providing customizable cross domain software development solutions.
Page 22
22All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations. | www.ecarxgroup.com
Page 23
23All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations. | www.ecarxgroup.com Strong position from diversified and growing customer base Chinese Brands Global Brands
Page 24
24 Vehicle Launches
Page 25
25 Galaxy M9 A powerful computing base engineered to deliver a landmark AI cockpit revolution August 2025
Page 26
LYNK Flyme Auto 2.0 All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations. | www.ecarxgroup.com The next-generation cockpit: unifying 5nm flagship performance, a cross- domain software platform, and AI large models
Page 27
所有版权归亿咖通科技所有。任何人不得以任何方式部分或全部进行复制或传播。亿咖通科技保留追究法律责任的权利 | www.ecarxgroup.com Powered by ECARX technology, the Lynk & Co 08 and 07 electric vehicles have experienced a surge in sales, fueled by their highly acclaimed intelligent performance 2024 年 5 月2023 年 9 月 emp
Page 28
所有版权归亿咖通科技所有。任何人不得以任何方式部分或全部进行复制或传播。亿咖通科技保留追究法律责任的权利 | www.ecarxgroup.com ECARX delivers a full stack intelligent cockpit solution for the all-new Volvo XC70, built on two timeless principles: functionality devoted to safety, design dedicated to simplicity XC70
Page 29
ECARX Holdings, Inc. www.ecarxgroup.com ir@ecarxgroup.com All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations. Thank you.