Slides
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Third Quarter 2025Financial ResultsRay Scott, President and CEOJason Cardew, Senior Vice President and CFO October 31, 2025
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Safe Harbor StatementForward-Looking StatementsThis presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regardinganticipated financial results and liquidity. The words “will,” “may,” “designed to,” “outlook,” “believes,” “should,” “anticipates,” “plans,” “expects,” “intends,”“estimates,” “forecasts”, “targets” and similar expressions identify certain of these forward-looking statements. The Company also may provide forward-lookingstatements in oral statements or other written materials released to the public. All statements contained or incorporated in this press release or in any other publicstatements that address operating performance, events or developments that the Company expects or anticipates may occur in the future are forward-lookingstatements. Factors that could cause actual results to differ materially from these forward-looking statements are discussed in the Company's Annual Report onForm 10-K for the year ended December 31, 2024, its Quarterly Reports on Form 10-Q for the quarters ended March 29, 2025 and June 28, 2025, and its otherSecurities and Exchange Commission filings. Future operating results will be based on various factors, including actual industry production volumes, the impact of,and our ability to mitigate the effects of, U.S. or foreign policies regarding trade, including tariffs and export restrictions and any changes to tariffs or exportrestrictions, any resulting volume reductions or changes in vehicle production schedules by our customers, the duration and scope of the government shutdown andany other industry disruptions, supply chain disruptions, labor disruptions, commodity prices, changes in foreign exchange rates, the impact of restructuring actionsand the Company's success in implementing its operating strategy. Information in this presentation relies on assumptions in the Company’s core sales backlog. TheCompany’s core sales backlog reflects anticipated net sales from formally awarded new programs less lost and discontinued programs and excludes the impact ofnon-core products winding down in our E-Systems business. The Company enters into contracts with its customers to provide production parts generally at thebeginning of a vehicle’s life cycle. Typically, these contracts do not provide for a specified quantity of production, and many of these contracts may be terminated bythe Company’s customers at any time. Therefore, these contracts do not represent firm orders. Further, the calculation of the core sales backlog does not reflectcustomer price reductions on existing or newly awarded programs. The core sales backlog may be impacted by various assumptions embedded in the calculation,including vehicle production levels on new programs, foreign exchange rates and the timing of major program launches.The forward-looking statements in this presentation are made as of the date hereof, and the Company does not assume any obligation to update, amend or clarifythem to reflect events, new information or circumstances occurring after the date hereof.Non-GAAP Financial InformationThis presentation also contains non-GAAP financial information. For additional information regarding the Company’s use of non-GAAP financial information, as well as reconciliations of non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), please see slides titled “Non-GAAP Financial Information” at the end of this presentation. 2
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Agenda 3010203BUSINESS UPDATERay Scott, President and CEOFINANCIAL REVIEW Jason Cardew, Senior Vice President and CFOCONCLUDING REMARKSRay Scott, President and CEO
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Business UpdateRay ScottPresident and CEO
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Lear Proprietary: The information contained herein is the property of Lear Corporation. Financial OverviewThird Quarter 2025 5Please see appendix for discussion of non-GAAP financial measures, as well as reconciliations of non-GAAP financial measures tothe most directly comparable financial measures calculated and presented in accordance with GAAP. ]$5.6B$257M$2.89$183MSALESCORE OPERATING EARNINGSADJUSTED EARNINGS PER SHAREOPERATING CASH FLOW$5.7B$241M$2.79$444MQ3 2025 Q3 2024
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Lear Proprietary: The information contained herein is the property of Lear Corporation. Q3 2025 Highlights 6 Delivered positive operating performance in both segments, generating ≈50 basis points in Seating and ≈95 basis points in E-SystemsGenerated the second-highest third-quarter operating cash flow in Lear’s history Increased the midpoint of our full-year free cash flow outlook – on track to approach 80% conversion targetRepurchased $100 million of shares and paid $41 million in dividendsLaunched the Lear fellowship program with Palantir, the first of its kind, to accelerate Lear’s digital and AI capabilitiesSecured ≈$1.1 billion of E-Systems business awardsyear-to-dateAwarded several complete seat programs including with key Chinese domestic automakers BAIC, Dongfeng, Leapmotor, SAIC and SeresAwarded four new ComfortFlexTMprograms including a conquest award with Hyundai and awards with BMW, Leapmotor and SeresObtained operating control of a joint venture in China, which supports several Seres vehiclesAwarded eight wire programs, including withkey Chinese domestic automakers such as the Dongfeng GroupAchieved seven top-four finishes in the J.D. Power 2025 U.S. Seat Quality and Satisfaction StudySM, more than any other seating competitor for the third consecutive yearCustomer recognition by Ferrariwith their highly covetedFearless Organization Award and Nissan with the 2025 Global Quality Award in Interior, Exterior, and ClimateReleased 2024 Sustainability Report, highlighting progress on IDEA by Lear, environmental stewardship, social responsibility and governance Extending Seatingglobal leadership Expanding E-Systems margins through focused portfolio Growing our capabilities in operational excellence through IDEA by Lear Supporting sustainable value creation with disciplined capital allocation Please see appendix for discussion of non-GAAP financial measures, as well as reconciliations of non-GAAP financialmeasures to the most directly comparable financial measures calculated and presented in accordance with GAAP.
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Lear Proprietary: The information contained herein is the property of Lear Corporation. Key Growth and Margin Improvement Metrics Scorecard 7 Q3 UpdateGrowth Metric Status YTDMargin Improvement Metric2025 TargetsAwards with Chinese Domestic AutomakersWon five complete seat awards and four wire awardsNet PerformanceSeating ≈70 bpsE-Systems ≈105 bpsSeating ≈60 bps E-Systems ≈75 bpsWon conquest awards in Asia and South AmericaConquest Wins - JIT≈$50 millionIDEA / Automation Savings≈$70 millionConquest Wins - WireWon three low-voltage wire conquest awards; two with Stellantis and one with the Dongfeng GroupRestructuring Savings ≈$55 million≈$85 millionThermal Comfort / Modularity AwardsWon new ComfortFlexTMawards including a conquest award with Hyundai and awards with BMW, Leapmotor and SeresGlobal Hourly Headcount Reduction≈3,400 reduction≈10,000 reduction
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Lear Proprietary: The information contained herein is the property of Lear Corporation. U.S. Onshoring: Positioned for Growth 8 MAJOR U.S. ONSHORING OPPORTUNITIESIn advanced discussions with a North American customer on incremental volume for a key platform in the United StatesEngaged in discussions with a German luxury automaker to support onshoring production of a currently imported vehicle into an existing U.S. facilityEngaged in discussions with Korean and other European and Asian automakers for onshoring of complete seat and seat component productionEngaged in discussions with North America-based automakers to support announced U.S. production investmentsPositioned to maintain or increase our market share in both segments as onshoring accelerates:COMPETITIVE ADVANTAGESignificant U.S. manufacturing footprintExtensive vertical integration capabilities Ample capacity, available capex and operational flexibility to support incremental volumesAutomation and purpose-built capital driving lower costIndustry-leading speed to launch as demonstrated by the Jeep Wagoneer/Grand Wagoneer in under nine months
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Transformation Using DigitalTools and AutomatedProcesses 9 •≈$70 million cost savings targeted in 2025 •≈$65-$75 million incremental savings targeted in 2026 & 2027•Improves working capital and free cash flow•Enhances competitiveness and financial returns for new business quotes •First-mover advantage to digitize operations and embed AI capabilities globallywith Palantir •Launched the Lear fellowship program with Palantir to accelerate Lear’s digital and AI capabilities─Reflects Lear’s strong culture of integrating advanced technologies company-wide•Foundry platform fully embedded with 14,000+ users leveraging 10+ global centers of excellence to accelerate scaling of top projects•250+ digital tools and AI use cases in product engineering, material purchasing, manufacturing, testing, and inventory management•Acquired 8 companies in 7 years, focusing on product and process innovation including WIP and StoneShield •700+ individuals working on digital tools and automation globally •Developed proprietary AI tools such as Thagora RoboSCAN and LearVUE vision system•Capable of integrating ≈80% of capital for JIT operations at a ≈20-30% cost advantage•Industry first facility forfully-automated assembly of FlexAirTM, ComfortFlexTMand ComfortMaxTM VALUE CREATION
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Financial ReviewJason CardewSenior Vice President and CFO
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Global Vehicle Production and CurrencyThird Quarter 2025 11Source: S&P Global Mobility as of October 15, 2025. Production change on a Lear sales-weighted basis iscalculated using Lear’s prior year regional sales mix and fiscal calendar. NORTH AMERICA EUROPE AND AFRICA CHINAGLOBALINDUSTRY PRODUCTION(units in millions)KEY CURRENCIESEURO$1.10 / €CHINESE RMB7.18 / $$1.17 / €7.16 / $UP 6%FLATQ3 2024Q3 2025UP 4% YOY UP 5% YOYUP 1% YOYUP 10% YOYUP 4% YOYLear Sales-Weighted Basis 21.3 3.8 3.8 7.0Q3 2024Q3 202522.3 3.9 3.9 7.7
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Key FinancialsThird Quarter 2025 12Please see appendix for discussion of non-GAAP financial measures, as well as reconciliations of non-GAAP financialmeasures to the most directly comparable financial measures calculated and presented in accordance with GAAP. Net SalesAdjusted Earnings Per ShareCore Operating EarningsOperating Margin %Operating Cash Flow$5,584$2.89$183$2574.6%$5,680$2.79$444$2414.2%2024 2025Changes in foreign exchange rates, tariff recovery and sales backlog partially offset by the impact of the JLR production disruption and lower volume on Lear platformsThe impact of the JLR production disruption and lower volume on Lear platforms, partially offset by positive net performance and accretive sales backlogLower adjusted net income, partially offset by lower share countChanges in working capital, partially offset by lower earnings YEAR-OVER-YEAR DRIVERS($ in millions, except per share amounts)
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Seating Sales and Margin DriversThird Quarter 2025 13 SALESSALESADJUSTED EARNINGS AND MARGIN$4,112$4,250$29$42$70$30$44$(77)Q3 2024 Volume / Mix JLRProductionDisruptionBacklog FX TariffRecoveryOther Q3 2025($ in millions) ($ in millions)6.37%6.14%(25) bps(40) bps5 bps50 bps(10) bpsQ3 2024 Volume /MixJLR ProductionDisruptionBacklog FX NetPerformance /OtherQ3 2025$262$261Please see appendix for discussion of non-GAAP financial measures, as well as reconciliations of non-GAAP financialmeasures to the most directly comparable financial measures calculated and presented in accordance with GAAP.
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Lear Proprietary: The information contained herein is the property of Lear Corporation. E-Systems Sales and Margin DriversThird Quarter 2025 14 SALESSALESADJUSTED EARNINGS AND MARGIN$1,473$1,430$(54)$27 $31 $45 $(34)$(33)$(14)$(11)Q3 2024 Volume / Mix JLRProductionDisruptionBacklog Wind-downBusinessFX Acquisitions /DivestituresTariffRecoveryOther Q3 2025($ in millions) ($ in millions)5.02%4.20%(90) bps(55) bps15 bps95 bps(30) bps(15) bpsQ3 2024 Volume /MixJLRProductionDisruptionBacklog Wind-downBusinessAcquisitions /DivestituresNetPerformance /OtherQ3 2025$74$60Please see appendix for discussion of non-GAAP financial measures, as well as reconciliations of non-GAAP financialmeasures to the most directly comparable financial measures calculated and presented in accordance with GAAP.
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Global Vehicle Production and Currency2025 Full Year Outlook 15Source: S&P Global Mobility as of October 15, 2025, and Company estimates. NORTH AMERICA EUROPE AND AFRICA CHINAGLOBALINDUSTRY PRODUCTION(units in millions)KEY CURRENCIESEURO$1.08 / €CHINESE RMB7.20 / $$1.13 / €7.21 / $UP 4%FLATFY 2024FY 2025UP 2% YOY DOWN 2% YOY DOWN 2% YOY UP 6% YOYFLAT YOYLear Sales-Weighted BasisPrior Outlook: FLAT Prior Outlook: Down 4% Prior Outlook: Down 3% Prior Outlook: Up 3% FY 202488.3 15.4 17.6 29.0FY 202590.0 15.1 17.2 30.8Prior Outlook: Down 2%
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Lear Proprietary: The information contained herein is the property of Lear Corporation. 2025 Full Year Outlook 16 Adjusted EBITDA$1,605 - $1,665 millionCore Operating Earnings$995 - $1,055 millionNet Sales$22,850 - $23,150 millionPrior Outlook $22,470 - $23,070 millionPrior Outlook $955 - $1,095 millionPrior Outlook $1,570 - $1,710 million Operating Cash Flow$1,035 - $1,085 millionFree Cash Flow$475 - $525 millionPrior Outlook $420 - $520 million Effective Tax Rate20% - 22%Interest Expense≈$105 millionAdjusted Net Income$615 - $665 millionPrior Outlook $585 - $695 millionRestructuring Costs≈$235 millionCapital Expenditures≈$560 millionPrior Outlook $590 millionAssumptions and Source: 2025 Full Year Outlook assumes an average Euro of $1.13 and an average Chinese RMB of7.21/$ and reflects S&P Global Mobility production forecast as of October 15, 2025, and Company estimates.Certain of the forward-looking financial measures are provided on a non-GAAP basis. Please see appendix for discussionof non-GAAP financial measures. The company does not provide a reconciliation of forward-looking financial measures tothe most directly comparable financial measures calculated and presented in accordance with GAAP because to do so ispotentially misleading and not practical given the difficulty of projecting event driven transactional and other non-coreoperating items in any future period. The magnitude of these items, however, may be significant.Prior Outlook $215 million 2025 Full Year Outlook excludes any future impact of potential changes to tariffs or Company and industry-wide production disruptions due to supplier export constraints Prior Outlook $110 millionPrior Outlook $1,010 - $1,110 million
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Total Company July Outlook to October Outlook – at Mid-Point 17 SALESADJUSTED EARNINGS AND MARGIN$22,770$23,000$295$(255)$125 $75 $10 $(20)July2025 OutlookVolume / Mix JLRProductionDisruptionFX JVConsolidationTariffRecoveryOther October2025 Outlook($ in millions) ($ in millions)4.5%4.5%15 bps(30) bps0 bps0 bps15 bpsJuly2025 OutlookVolume / Mix JLR ProductionDisruptionFX JV Consolidation Net Performance /OtherOctober2025 Outlook$1,025 $1,025Full Year 2025 Assumptions and Source: 2025 Full Year Outlook assumes an average Euro of $1.13 and an average Chinese RMB of7.21/$ and reflects S&P Global Mobility production forecast as of October 15, 2025, and Company estimates.Certain of the forward-looking financial measures are provided on a non-GAAP basis. Please see appendix for discussionof non-GAAP financial measures. The company does not provide a reconciliation of forward-looking financial measures tothe most directly comparable financial measures calculated and presented in accordance with GAAP because to do so ispotentially misleading and not practical given the difficulty of projecting event driven transactional and other non-coreoperating items in any future period. The magnitude of these items, however, may be significant.
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Balanced Capital Allocation Strategy 18 DEBT MATURITIES($ in millions)Strong Balance Sheet and Ample Liquidity•No debt maturities until 2027•Low cost of bonds averaging less than 4% with a weighted average life of ≈12 years•Total available liquidity of ≈$3.0 billion, including $2.0 billion available under revolver•Solid BBB credit rating with a stable outlook across all three rating agenciesGenerating Cash and Returning Excess Cash to Shareholders•On track to approach free cash flow conversion target of 80%•Repurchased $150 million of shares year-to-date•Targeting share repurchases of $250+ million in 2025•Remaining share repurchase authorization of $950 million through December 31, 2026•Annual dividend of $3.08 per share 3.8%$375 $350 $350 $625 $350 $2,0002025 2026 2027 2028 2029 2030 2031 2032 2049 2052$100Amounts and weighted average interest rates as of September 27, 2025. Excludes short-term borrowings and other miscellaneous debt.$375$550$350$350$6255.3%3.6%4.3%3.5%2.6%Available Revolver Bonds Term Loan$350Please see appendix for discussion of non-GAAP financial measures.
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Concluding RemarksRay ScottPresident and CEO
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Lear Proprietary: The information contained herein is the property of Lear Corporation. Positioned for Long-Term Success 20 Extending our global leadership in Seating Expanding margins through our focused portfolio in E-Systems Growing our capabilities in operational excellence through IDEA by Lear Supporting our sustainable value creation with disciplined capital allocation strategy
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Appendix
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Growth Over MarketThird Quarter 2025 22Year-over-year sales growth over market (GoM) excludes the impact of FX, commodities, tariff recoveries, andacquisitions and divestitures. The year-over-year change in production on a Lear sales-weighted basis is calculatedusing Lear’s prior year regional sales mix. S&P Global Mobility production has been adjusted to match Lear’s fiscalcalendar. •Seating: Favorable platform mix and backlog •E-Systems: Unfavorable platform mix and backlogEUROPE(13)%•Seating: Unfavorable platform mix and backlog•E-Systems: Unfavorable platform mix partially offset by backlogNORTH AMERICA1%CHINA(13)%•Seating: Unfavorable platform mix partially offset by backlog•E-Systems: Unfavorable platform mix partially offset by backlog(4)%Global(2)%Seating(10)%E-Systems(6)% excluding JLR and wind-down(8)% excluding wind-down(3)% excluding JLR(1)% excluding JLR
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Lear Proprietary: The information contained herein is the property of Lear Corporation. JLR Impact 23 Timeline Impact•August 31st– JLR’s systems were compromised by a cyberattack•September 1st– JLR halted global production across all manufacturing plants and retail operations•October 6th– JLR began initial production at its Wolverhampton Engine Manufacturing Centre•October 8th– Production at the Solihull and Nitra plants began at low volumes•Mid-October into November– Production ramps and additional plants resume production•Operating income amounts include impact from trapped labor•Q3 2025 impact─Revenue ≈$111 million ─Operating income ≈$31 million•Q4 2025 estimated impact ─Revenue ≈$143 million ─Operating income ≈$40 million•FY 2025 impact estimated impact─Revenue ≈$255 million ─Operating income ≈$71 million
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Seating July Outlook to October Outlook – at Mid-Point 24 SALESADJUSTED EARNINGS AND MARGIN$16,840$17,120$317$(177)$85 $75 $(20)July2025 OutlookVolume / Mix JLR ProductionDisruptionFX JV Consolidation Other October2025 Outlook($ in millions) ($ in millions)6.3%6.4%20 bps(25) bps0 bps0 bps15 bpsJuly2025 OutlookVolume / Mix JLR ProductionDisruptionFX JV Consolidation Net Performance /OtherOctober2025 Outlook$1,060$1,090Full Year 2025 Assumptions and Source: 2025 Full Year Outlook assumes an average Euro of $1.13 and an average Chinese RMB of7.21/$ and reflects S&P Global Mobility production forecast as of October 15, 2025, and Company estimates.Certain of the forward-looking financial measures are provided on a non-GAAP basis. Please see appendix for discussionof non-GAAP financial measures. The company does not provide a reconciliation of forward-looking financial measures tothe most directly comparable financial measures calculated and presented in accordance with GAAP because to do so ispotentially misleading and not practical given the difficulty of projecting event driven transactional and other non-coreoperating items in any future period. The magnitude of these items, however, may be significant.
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Lear Proprietary: The information contained herein is the property of Lear Corporation. E-Systems July Outlook to October Outlook – at Mid-Point 25 SALESADJUSTED EARNINGS AND MARGIN$5,930$5,880$(22)$(78)$40 $10 July2025 OutlookVolume / Mix JLR ProductionDisruptionFX Tariff Recovery October2025 Outlook($ in millions) ($ in millions)4.9%4.5%(10) bps(30) bps0 bpsJuly2025 OutlookVolume / Mix JLR Production Disruption FX October2025 Outlook$290$265Full Year 2025 Assumptions and Source: 2025 Full Year Outlook assumes an average Euro of $1.13 and an average Chinese RMB of7.21/$ and reflects S&P Global Mobility production forecast as of October 15, 2025, and Company estimates.Certain of the forward-looking financial measures are provided on a non-GAAP basis. Please see appendix for discussionof non-GAAP financial measures. The company does not provide a reconciliation of forward-looking financial measures tothe most directly comparable financial measures calculated and presented in accordance with GAAP because to do so ispotentially misleading and not practical given the difficulty of projecting event driven transactional and other non-coreoperating items in any future period. The magnitude of these items, however, may be significant.
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Lear Proprietary: The information contained herein is the property of Lear Corporation. 26 In addition to the results reported in accordance with GAAP included throughout the presentation, the Company has provided information regarding “pretax income before equity income, interest, other expense, restructuring costs and other special items” (core operating earnings or adjusted segment earnings), “pretax income before equity income, interest, other expense, depreciation expense, amortization of intangible assets, restructuring costs and other special items” (adjusted EBITDA), “adjusted net income attributable to Lear” (adjusted net income), “adjusted diluted net income per share attributable Lear” (adjusted earnings per share), “effective tax rate excluding the impact of restructuring and other special items” (adjusted effective tax rate) and “free cash flow” (each, a non-GAAP financial measure). Other expense includes, among other things, non-income related taxes, foreign exchange gains and losses, gains and losses related to certain derivative instruments and hedging activities, gains and losses on certain disposals of assets and the non-service cost components of net periodic benefit cost. Adjusted net income and adjusted earnings per share represent net income attributable to Lear and diluted net income per share attributable to Lear, respectively, adjusted for restructuring costs and other special items, including the tax effect thereon. Free cash flow represents net cash provided by operating activities less capital expenditures.Management believes the non-GAAP financial measures used in this presentation are useful to both management and investors in their analysis of the Company’s financial position and results of operations. In particular, management believes that core operating earnings, adjusted EBITDA, adjusted net income, adjusted earnings per share and adjusted effective tax rate are useful measures in assessing the Company’s financial performance by excluding certain items that are not indicative of the Company's core operating performance or that may obscure trends useful in evaluating the Company’s continuing operating activities. Management also believes that these measures provide improved comparability between fiscal periods. Management believes that free cash flow is useful to both management and investors in their analysis of the Company’s ability to service and repay its debt. Further, management uses these non-GAAP financial measures for planning and forecasting future periods.Core operating earnings, adjusted EBITDA, adjusted net income, adjusted earnings per share, adjusted effective tax rate and free cash flow should not be considered in isolation or as a substitute for net income attributable to Lear, diluted net income per share attributable to Lear, cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP or as a measure of profitability or liquidity. In addition, the calculation of free cash flow does not reflect cash used to service debt and, therefore, does not reflect funds available for investment or other discretionary uses. Also, these non-GAAP financial measures, as determined and presented by the Company, may not be comparable to related or similarly titled measures reported by other companies.Set forth on the following slides are reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP. Non-GAAP
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Lear Proprietary: The information contained herein is the property of Lear Corporation. 27 Non-GAAP
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Lear Proprietary: The information contained herein is the property of Lear Corporation. 28 Non-GAAP
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Lear Proprietary: The information contained herein is the property of Lear Corporation. 29 Non-GAAP
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Lear Proprietary: The information contained herein is the property of Lear Corporation. 30 Non-GAAP