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© 2025 Garrett Motion Inc. © 2025 Garrett Motion Inc. © 2026 Garrett Motion Inc. Q3 2026 FINANCIAL RESULTS OCTOBER 29, 2026
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© 2026 Garrett Motion Inc. Forward Looking Statements This communication and related comments by management may include “forward -looking statements” within the meaning of the U.S. fe deral securities laws. Forward-looking statements are any statements other than statements of historical fact and can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should, ” “target,” “will,” and similar expressions. Forward -looking statements represent our current judgment about possible future activities, events, or developments that we intend, expect, project, believe, or anticipate will or may occur in the future. In making these statement, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factor s we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future per formance, events, or results, and actual performance, events, or results may differ materially from those envisaged by our forward -looking statements due to a variety of important factors, many of which are described in our most recent Annual Report on Form 10 -K and our other filings with the U.S. Securities and Exchange Commission, including risks related to the automotive industry, the competitive landscape and our ability to compete , and macroeconomic and geopolitical conditions, among others. You are cautioned not to place undue reliance on forward -looking statements, which speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward -looking statements, whethe r as a result of new information, future events, or other factors that affect the subject of these statement, except where we are expressly requir ed to do so by law. Non-GAAP Financial Measures This communication includes the following non -GAAP financial measures, which are not calculated in accordance with generally acc epted accounting principles in the United States (“GAAP”): constant currency sales growth, Adjusted EBITDA, Adjusted EBITDA margin, Consolidat ed EBITDA, Adjusted EBIT, Adjusted EBIT margin, Adjusted free cash flow, Adjusted free cash flow conversion , Gross debt, and Net debt . We believe these measures are useful to investors and management in understanding our ongoing operations and analysis of ongoing operating trends and are i mportant indicators of operating performance because they exclude the effects of certain non -operating items, therefore making them more closely reflec t our operational performance. Our calculation of these non -GAAP measures, including a reconciliation of such measures to the most closely related GAAP measure, are set forth in the Appendix to this presentation. These non -GAAP measures may not be comparable to similarly titled measures of ot her companies due to potential differences between companies in the method of calculation. As a result, the use of these non -GAAP measures has limita tions and should not be considered superior to, in isolation from, or as a substitute for, related GAAP measures. For additional information regar ding our non-GAAP financial measures, see our most recent Annual Report on Form 10 -K and our other filings with the U.S. Securities and Exchange Commission.
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© 2026 Garrett Motion Inc. Key business highlights 1 Reconciliations of Non-GAAP financial measures are included in Appendix Monitoring global dynamics • Adapting to evolving demand • Building momentum across data center power generation and industrial cooling applications Net Sales of $930M • +3% reported, +3% at constant currency1 vs. Q3 2025 • Strong commercial vehicle and industrial growth; outperformed light vehicle industry production Adjusted EBIT1 of $152M, 16.3% Margin1 • +$19M vs. Q3 2025, driven by favorable product mix and strong year-over-year operating performance • Margin expanded +160 bps vs. Q3 2025, including (70) bps dilution from foreign exchange Adjusted Free Cash Flow1 of $136M • Reflecting strong cash generation, in line with full-year expectations Deploying capital effectively • Repurchased $57M of common stock in Q3 2026 • Declared Q4 dividend of $0.08 per share on Oct. 29, 2026 • Repaid $50M of term loan debt on Oct. 21, 2026 Continuing to deliver strong financial performance • Reaffirming 2026 mid-point outlook, strong operating performance offsetting foreign exchange headwinds • Continuing fixed and variable cost productivity execution • Passing through tariff & inflation impacts, incl. recoveries Q3 2026 Financial Performance Industry and Business Trends
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© 2026 Garrett Motion Inc. 1. 1. Continued success across differentiated technologies • Launched new high-volume E-Turbo with Mercedes E-Cooling CompressorE-Powertrain Industrial Turbo Commercial Vehicle TurboLight Vehicle Turbo • Secured E-Cooling compressor award with Multistack for multiple applications including computer room air conditioning (CRAC), launching in 2027 • Completed multiple E-Powertrain proof-of-concept tests, advancing discussions with OEMs • Secured several commercial vehicle awards across all regions Fuel Cell Compressor Turbo and Hybrid Technologies Zero Emission 1 Technologies • Field testing remains on track and continues to validate our E-Cooling solutions, multiple launches in 2027 • E-Powertrain for heavy-duty vehicles in China on track for launch in 2027 1Zero Emission includes Battery Electric and Fuel Cell Vehicle • Growth across existing industrial programs continues to exceed prior expectations, with sales expected to reach ~$230M in 2026 and ~$300M in 2027 • Launched a new turbo application for off-road recreational vehicles for Polaris • Expanding industrial aftermarket through Garrett MEG turbo drop-in replacements • Secured multiple light vehicle turbo wins, including programs for both China domestic and export
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© 2026 Garrett Motion Inc. 133 122 151 152 152 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Reported Net Sales ($M) Adjusted FCF1 ($M) Quarterly financial trends: Q3 2025 – Q3 2026 Adjusted EBIT1 ($M) 107 139 49 122 136 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 • Net Sales growth in Commercial Vehicle/Industrial and Aftermarket offset by sequentially lower gasoline and diesel • Adjusted EBIT margin1 improvement primarily from favorable product mix • Continued strong Adj. Free Cash Flow 1 48% 19% 29% Q3 2025 48% 19% 31% Q4 2025 51% 18% 28% Q1 2026 52% 18% 27% Q2 2026 Q3 2026 902 891 985 976 19% 49% 930 28% Europe North America Asia Others 14.7% 80% Adj. EBIT% 1 Adj. FCF Conv.%1 13.7% 114% 15.6% 80% 15.3% 32% 16.3% 89% 1 Reconciliations of Non-GAAP financial measures are included in Appendix
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© 2026 Garrett Motion Inc. % change at constant currency1 (5)% 6% 23% 6% (37)% 3% % of Reported Q3’26 Net Sales 41% 23% 22% 13% 1% • Q3 2026 Net Sales of $930M, up $28M or 3% on a reported basis , 3% at constant currency 1 • Mixed light vehicle performance driven by gasoline softness in China and higher demand for light commercial vehicle diesel applications in Europe • Strong commercial vehicle and industrial expansion, and c ontinued aftermarket off -highway and industrial replacement part growth • Pass-through of US tariff recoveries reduced organic sales growth by 3 pts in the quarter ($M) Net Sales bridge: Q3 2026 38 Q3 2025 (19) Gasoline 13 Diesel Commercial Vehicle/Industrial 6 Aftermarket (7) Others (3) FX Q3 2026 902 930 1 Reconciliations of Non-GAAP financial measures are included in Appendix
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© 2026 Garrett Motion Inc. • Q3 2026 Adjusted EBIT 1 of $152M, +$19M | Margin 1 of 16.3%, up 160 bps • Favorable product mix from commercial vehicle , industrial, and aftermarket growth, partially offset by lower light vehicle volumes • Strong operating performance • Unfavorable foreign exchange contributed (70) bps of margin dilution Adjusted EBIT 1 bridge: Q3 2026 21 19 18 14.7% Q3 2025 Adjusted EBIT1 (8) Volume Product Mix Pricing net of Inflation Passthrough (18) Commodity, Transportation and Energy Inflation Productivity, SG&A - net (6) RD&E (7) FX 16.3% Q3 2026 Adjusted EBIT1 133 152 +$13M operating performance year-over-year ($M) 1 Reconciliations of Non-GAAP financial measures are included in Appendix
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© 2026 Garrett Motion Inc. 152 136 (29) (15) 24 15 Adjusted EBIT Change in Working Capital (5) Cash Taxes Capital Expenditures Depr. & Amort. (6) Cash Interest Other Adjusted Free Cash Flow2 1 1 • Strong cash generation in the quarter with working capital, capital expenditures, cash interest & depreciation in line with expectations • Low cash taxes reflect timing of tax refunds • “Other” includes non-cash items, primarily cross-currency swaps and stock-based compensation ($M) Q3 2026 Adjusted EBIT 1 to Adjusted Free Cash Flow 1 Bridge 1 Reconciliations of Non-GAAP financial measures are included in Appendix 2 Change in Working Capital excludes the impact of $(10)M Factoring and p-notes
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© 2026 Garrett Motion Inc. • Net Consolidated leverage ratio2 of 1.66x • Total liquidity of $841M, including $211M of unrestricted cash • Repaid $50M of term loan debt on Oct. 21, bringing year-to-date repayments to $100M 1 Reconciliations of Non-GAAP financial measures are included in Appendix 2 Excluding Restricted Cash of $2M in Q2 2026 and $2M in Q3 2026 Q2 2026 Q3 2026 Unrestricted Cash2 158 211 Undrawn Revolver Credit Facility 630 630 Total Liquidity 788 841 2032 7Y Term Loan 583 581 2032 8Y Senior Unsecured Notes 800 800 Other 3 3 Gross Debt1 1,386 1,384 Net Debt1 (Gross Debt – Unrestricted Cash) 1,228 1,173 Liquidity and Net Debt1 Ample liquidity with no near-term debt maturities ($M)
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© 2026 Garrett Motion Inc. Targeting to return ~75% 1 of Adj. FCF2 to shareholders over time • Repurchased $57M of common stock in Q3 2026, $172M repurchased through Q3 YTD • Remaining share repurchase authorization of $78M for 2026 • Approximately 185 million shares outstanding as of September 30, 2026 • Declared Q4 2026 dividend of $0.08 per share on October 29, 2026 • Approved 2027 share repurchase authorization of $250M on October 28, 2026 1 Actual amount and pace of repurchases will vary over time and will depend on various factors including macro-economic and industry conditions 2 Reconciliations of Non-GAAP financial measures are included in Appendix 3 Includes Preferred A shares on an as-converted basis for periods prior to conversion Shareholder Returns ($M) Continuous Share Count Reduction3 213 296 52 46 208 172 570 2023 2024 2025 Q3 2026 YTD Preferred A shares buy back Common shares buy back Common shares dividends 333 264 243 238 227 221 215 206 204 202 195 191 188 187 185 Q1-23 Q2 Q3 Q4 Q1-24 Q2 Q3 Q4 Q1-25 Q2 Q3 Q4 Q1-26 Q2 Q3 44% Million shares outstanding
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© 2026 Garrett Motion Inc. Reaffirming 2026 mid -point outlook, offsetting unfavorable FX 35 15.3% Adj EBIT mid-point prior outlook (40) Volumes Product Mix 10 Price net of inflation Passthrough (5) Commodity, transportation and energy Inflation 10 Productivity, SG&A - net (10) FX 15.3% Adj EBIT mid-point current outlook $580 $580 Adj EBIT mid- point current outlook Excl FX $590 15.6% $15M operating performance improvement • 2026 Adjusted EBIT 1 mid-point outlook of $580M | Margin 1 of 15.3%, flat vs. prior outlook • Favorable product mix from higher commercial vehicle and industrial sales contribution • Improved full year operating performance and margin conversion versus prior outlook • Unfavorable FX drives (30) bps of margin dilution from stronger USD/CNY and EUR/USD weakening 1 Reconciliations of Non-GAAP financial measures are included in Appendix ($M) 1 11
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© 2026 Garrett Motion Inc. Key Planning Assumptions • *Adjusted EBIT 1 outlook incl. $(10)M of unfavorable FX vs. prior outlook ; FY Euro/USD at 1.15, USD/CNY at 6.8 • Industry outlook unchanged: Light Vehicle industry -4% to -2%, LV BEV penetration ~19%; Commercial Vehicle industry (including on - and off-highway) at +1% to +2% • Net Sales midpoint unchanged; outlook range narrowed • Operating performance remains a significant source of margin improvement (up vs. prior outlook) • RD&E investment of ~ 4.2% of Sales (flat vs. prior outlook) • Capital expenditures of ~2.4% of Sales (flat vs. prior outlook) Reaffirming 2026 mid-point outlook, offsetting unfavorable FX Net Sales $3.75B to $3.85B $3.7B to $3.9B Net Sales Growth at Constant Currency 1 +2% to +6% +1% to +7% Net Income $337M to $352M $330M to $360M Adjusted EBIT 1 $570M to $590M* $560M to $600M Net Cash Provided By Operating Activities $460M to $500M $435M to $525M Adjusted Free Cash Flow 1 $410M to $450M $385M to $475M Outlook Prior Outlook 1 Reconciliations of Non-GAAP financial measures are included in Appendix
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© 2026 Garrett Motion Inc. Our roadmap for long -term value creation Leading a resilient turbo industry 1 Ramping up in Zero Emission2 Tech for mobility Powering a differentiated technology portfolio Propelling growth Driving shareholder value creation ~$1B sales beyond turbo expected by 2030 and ~$2.5B by 2035 >5% CAGR expected until 2035 Full portfolio anticipated to be launched by 2027 Energy infrastructure, HVAC & air compression Turbo sales expected to be greater in 2035 than in 2025 Best-in-class performance, strong cash generation and disciplined capital allocation Expanding further into Industrial compression 1 Turbo ranking based on 2025 results, as per management estimates 2 Zero Emission includes Battery Electric and Fuel Cell Vehicles
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© 2026 Garrett Motion Inc. Consistently delivering and continuing to transform Garrett Delivered strong Q3 2026 performance with significant year-over-year increase in Adjusted EBIT1 and Adjusted Free Cash Flow1 Multiple turbo wins for light and commercial vehicles across all regions Net Sales for existing industrial programs outperforming prior expectations Secured additional Industrial E-Cooling Compressor award with a chiller manufacturer in Asia and progressing towards Industrial HVAC and E-Powertrain 2027 SOP Reaffirming 2026 mid-point outlook with strong operating performance offsetting foreign exchange headwinds 1 Reconciliations of Non-GAAP financial measures are included in Appendix 2 Zero Emission includes Battery Electric and Fuel Cell Vehicles
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APPENDICES
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© 2026 Garrett Motion Inc. Income Statement ($ in millions) Q3 2026 Q3 2025 YTD Q3 2026 YTD Q3 2025 Net sales $930 $902 $2,891 $2,693 Cost of goods sold 724 716 2,277 2,147 Gross profit 206 186 614 546 Selling, general and administrative expenses 58 57 179 175 Other expense, net 1 1 3 9 Interest expense 27 29 78 83 Non-operating expense (income) 1 (3) (9) (10) Income before taxes $119 $102 $363 $289 Tax expense 22 25 70 63 Net income $97 $77 $293 $226
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© 2026 Garrett Motion Inc. Balance Sheet Summary ($ in millions) Assets September 30, 2026 December 31, 2025 Cash and cash equivalents $211 $177 Restricted cash 2 2 Other 1,315 1,140 Total current assets $1,528 $1,319 Property, plant and equipment-net 422 462 Deferred income taxes 200 210 Other 382 376 Total assets $2,532 $2,367 Liabilities Total current liabilities 1,470 1,363 Long-term debt 1,359 1,411 Other 321 395 Total liabilities $3,150 $3,169 Equity (deficit) Additional paid-in capital 1,261 1,240 Retained deficit (1,138) (1,384) Treasury Stock (714) (520) Accumulated other comprehensive income (loss) (27) (138) Total deficit (618) (802) Total liabilities and deficit $2,532 $2,367
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© 2026 Garrett Motion Inc. Summary of Cash Flows ($ in millions) Q3 2026 Q3 2025 YTD Q3 2026 YTD Q3 2025 Net income $97 $77 $293 $226 Net cash provided by operating activities $135 100 378 314 Net cash used for investing activities ($8) ($1) (46) ($27) Net cash used for financing activities ($74) (98) (296) ($187) Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash $0 (2) (2) 6 Net increase / (decrease) in cash, cash equivalents and restricted cash $53 (1) 34 106 Cash, cash equivalents and restricted cash at beginning of the period $160 233 179 126 Cash, cash equivalents and restricted cash at the end of the period $213 $232 $213 $232
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© 2026 Garrett Motion Inc. Reconciliation of Constant Currency Sales % Change We define constant currency sales growth as the year-over-year change in reported sales relative to the comparable period, excluding the impact on sales from foreign currency translation. We believe this measure is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. Garrett Q3 2026 Q3 2025 YTD Q3 2026 YTD Q3 2025 Reported sales % change 3% 9% 7% 2% Less: Foreign currency translation (0%) 3% 2% 1% Constant Currency sales % change 3% 6% 5% 1% Gasoline Reported sales % change (5%) 13% 3% 7% Less: Foreign currency translation 0% 3% 3% 0% Constant Currency sales % change (5%) 10% 0% 7% Diesel Reported sales % change 5% 12% 8% (2%) Less: Foreign currency translation (1%) 5% 3% 2% Constant Currency sales % change 6% 7% 5% (4%) Commercial vehicles Reported sales % change 23% 6% 17% 3% Less: Foreign currency translation 0% 2% 1% 1% Constant Currency sales % change 23% 4% 16% 2% Aftermarket Reported sales % change 5% (1%) 9% (7%) Less: Foreign currency translation (1%) 3% 2% 1% Constant Currency sales % change 6% (4%) 7% (8%) Other Sales Reported sales % change (38%) 14% (11%) 18% Less: Foreign currency translation (1%) 4% 2% 2% Constant Currency sales % change (37%) 10% (13%) 16%
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© 2026 Garrett Motion Inc. Reconciliation of Cash Flow from Operations to Adjusted Free Cash Flow and Adjusted Free Cash Flow Conversion ($ in millions) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Net cash provided by operating activities $135 $145 $98 $99 $100 $158 $56 Expenditures for property, plant and equipment (15) (17) (29) (21) (10) ($15) (26) Net cash provided by operating activities less expenditures for property, plant and equipment $120 $128 $69 $78 $90 $143 $30 Capital structure transformation costs 0 0 0 1 0 0 0 Acquisition and divestiture expenses 0 0 0 0 1 4 1 Cash payments for repositioning 3 4 8 8 4 3 3 Cash proceeds from cross currency swap 3 5 3 2 6 11 4 Debt refinancing costs 0 1 0 0 1 0 6 Factoring and P-notes 10 (16) (31) 50 5 (40) (8) Adjusted free cash flow $136 $122 $49 $139 $107 $121 $36 Net income 97 101 95 84 77 87 62 Adjusted EBITDA 183 183 183 159 164 154 159 Operating cash flow conversion % 139% 144% 103% 118% 130% 182% 90% Adjusted free cash flow Conversion % 74% 67% 27% 87% 65% 79% 23% Adjusted EBIT 152 152 151 122 133 124 131 Adjusted free cash flow Conversion % 89% 80% 32% 114% 80% 98% 27%
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© 2026 Garrett Motion Inc. Reconciliation of Net Income to Adjusted EBIT, Adjusted EBITDA and Consolidated EBITDA 1 1 As defined in our credit agreement 2 Relates to qualifying expenses such as costs of public company registration, listing and compliance, facility start-up and transition costs and other non-recurring expenses as defined under our credit agreement. ($ in millions) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 LTM Q1 2026 LTM Q2 2026 LTM Q3 2026 Net income - GAAP $97 $101 $95 $84 $77 $87 $62 $343 $357 $377 Interest expense, net of interest income 26 25 26 24 28 23 29 101 103 101 Tax expense (benefit) 22 25 23 19 25 15 23 82 92 89 Repositioning costs 4 1 12 4 3 (2) 7 17 20 21 Foreign exchange gain on debt, net of related hedging gain 0 0 0 0 0 (1) 1 (1) 0 0 Discounting costs on factoring 1 1 1 1 0 1 1 3 3 4 Other non-operating income 2 (2) (6) (10) (1) (2) (1) (19) (19) (16) Acquisition and divestiture expenses 0 0 0 0 0 3 3 3 0 0 Debt refinancing and redemption costs 0 1 0 0 1 0 6 1 2 1 Adjusted EBIT $152 $152 $151 $122 $133 $124 $131 $530 $558 $577 Depreciation 24 24 25 29 25 23 22 102 103 102 Stock compensation expense 7 7 7 8 6 7 6 28 28 29 Adjusted EBITDA $183 $183 $183 $159 $164 $154 $159 $660 $689 $708 Unrealized Foreign exchange gain (1) (18) 1 0 (6) 5 10 0 (23) (18) Interest Income 1 0 1 1 2 0 0 4 4 3 Other expenses 1 5 0 6 3 0 0 9 14 12 Consolidated EBITDA $184 $170 $185 $166 $163 $159 $169 $673 $684 $705 Net Sales $930 $976 $985 $891 $902 $913 $878 $3,691 $3,754 $3,782 Net income margin 10.4% 10.3% 9.6% 9.4% 8.5% 9.5% 7.1% 9.3% 9.5% 10.0% Adjusted EBIT margin 16.3% 15.6% 15.3% 13.7% 14.7% 13.6% 14.9% 14.4% 14.9% 15.3% Adjusted EBITDA margin 19.7% 18.8% 18.6% 17.8% 18.2% 16.9% 18.1% 17.9% 18.4% 18.7%
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© 2026 Garrett Motion Inc. Reconciliation of Long -Term Debt to Net Debt and Related Ratios 1 Net leverage ratio defined as Net Debt divided by Consolidated EBITDA ($ in millions) Q3 2026 Q2 2026 Q3 2025 Long-term term debt $1,359 $1,360 $1,460 Short-term term debt $7 $7 $7 Deferred finance costs $18 $19 $23 Gross Debt $1,384 $1,386 $1,490 Cash and cash equivalents $211 $158 $230 Net Debt $1,173 $1,228 $1,260 Consolidated EBITDA LTM (Non-GAAP) $705 $684 $643 Gross Debt to Consolidated EBITDA LTM 1.96x 2.03x 2.32x Net Debt to Consolidated EBITDA LTM 1.66x 1.8x 1.96x
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© 2026 Garrett Motion Inc. Full Year 2026 Outlook Reconciliation of Net Sales Growth to Net Sales Growth at Constant Currency
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© 2026 Garrett Motion Inc. Full Year 2026 Outlook Reconciliation of Net Income to Adjusted EBIT to Adjusted EBITDA * Excludes the effects of marked-to-market fluctuations from our interest rate swap contracts ($ in millions) 2026 Full Year Low End 2026 Full Year High End Net income - GAAP $337 $352 Interest expense, net of interest income $100 $100 Tax expense $110 $115 Repositioning costs $25 $25 Factoring and notes receivables discount fees $3 $3 Other non-operating income $(6) $(6) Debt refinancing and redemption costs $1 $1 Full Year 2026 Outlook Adjusted EBIT (Non-GAAP) $570 $590 Depreciation $98 $98 Stock compensation expense $28 $28 Full Year 2026 Outlook Adjusted EBITDA (Non-GAAP) $696 $716
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© 2026 Garrett Motion Inc. Full Year 2026 Outlook Reconciliation of Cash Flow from Operations to Adjusted Free Cash Flow ($ in millions) 2026 Full Year Low End 2026 Full Year High End Net cash provided by operating activities (GAAP) $460 $500 Expenditures for property, plant and equipment ($90) ($90) Net cash provided by operating activities less expenditures for property, plant and equipment (Non-GAAP) $370 $410 Cash payments for restructuring $25 $25 Cash proceeds from cross currency swaps $14 $14 Cash payments for debt refinancing costs $1 $1 Full year 2026 outlook Adjusted Free Cash Flow (Non-GAAP) $410 $450
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© 2026 Garrett Motion Inc. Investors Cyril Grandjean +1 (734) 392-5504 investorrelations@garrettmotion.com