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Lear Proprietary: The information contained herein is the property of Lear Corporation. Fourth Quarter and Full Year 2025 Financial Results Ray Scott, President and CEO Jason Cardew, Senior Vice President and CFO February 4, 2026
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Safe Harbor Statement Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated 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-looking statements in oral statements or other written materials released to the public. All statements contained or incorporated in this press release or in any other public statements that address operating performance, events or developments that the Company expects or anticipates may occur in the future are forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, its Quarterly Reports on Form 10-Q for the quarters ended March 29, 2025, June 28, 2025, and September 27, 2025, and its other Securities 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 export restrictions, any resulting volume reductions or changes in vehicle production schedules by our customers, the duration and scope of any government shutdown and any other industry disruptions, supply chain disruptions, labor disruptions, unforeseen operational disruptions impacting our customers, commodity prices, changes in foreign exchange rates, the impact of restructuring actions and the Company's success in implementing its operating strategy. Information in this presentation relies on assumptions in the Company’s core sales backlog. The Company’s core sales backlog reflects anticipated net sales from formally awarded new programs less lost and discontinued programs and excludes the impact of non-core products winding down in our E-Systems business. The Company enters into contracts with its customers to provide production parts generally at the beginning 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 by the Company’s customers at any time. Therefore, these contracts do not represent firm orders. Further, the calculation of the core sales backlog does not reflect customer 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 clarify them to reflect events, new information or circumstances occurring after the date hereof. Non-GAAP Financial Information This 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 3 01 02 03 BUSINESS UPDATE Ray Scott, President and CEO FINANCIAL REVIEW Jason Cardew, Senior Vice President and CFO CONCLUDING REMARKS Ray Scott, President and CEO
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Business Update Ray Scott President 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 Overview Fourth Quarter and Full Year 2025 5 Please see appendix for discussion of non-GAAP financial measures, as well as reconciliations of non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP. ] $23.3B $1.1B $12.80 $1.1B SALES CORE OPERATING EARNINGS ADJUSTED EARNINGS PER SHARE OPERATING CASH FLOW $6.0B $259M $3.41 $476M Q4 2025 FY 2025
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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 Highlights 6 ✓ Awarded complete seat assembly on a major truck program from an American automaker, the largest conquest award in Lear’s history ✓ Lear will be supporting General Motors as the supplier of complete seats for Orion Assembly, building on our strong track record as the seating supplier for full-size pickups and SUVs ✓ Awarded several complete seat programs in Q4 with Chinese domestic automakers, including Changan, Dongfeng and Leapmotor, and a thermal comfort program with BYD ✓ Awarded nine wire and several electronics and connection systems programs in Q4, including with key Chinese domestic automakers BAIC, Geely and SAIC in Asia and the VW Group in Europe and South America ✓ Secured ≈$1.4 billion of E-Systems business awards, the largest annual total in over a decade ✓ Delivered record full-year operating performance of ≈$195 million, generating ≈60 basis points in Seating and ≈110 basis points in E-Systems ✓ Repurchased $325 million of Lear shares and paid $165 million in dividends ✓ Completed first cohort of the Lear Fellowship program with Palantir, the first of its kind, to accelerate our digital and AI capabilities ✓ Achieved 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 year ✓ Received a record 11 quality awards in E-Systems in 2025, demonstrating the success of our multi-year operational efficiency and quality improvement initiatives across our manufacturing facilities ✓ Won a 2025 Automotive News PACE award for our innovative Zone Control Module featuring a highly configurable software solution ✓ Obtained operating control of key joint ventures in China supporting several BYD and Seres vehicles ✓ Acquired StoneShield Engineering to enhance our IDEA by LearTM advanced automation capabilities, improving our wire harness production efficiency in E-Systems Extending Seating global leadership Expanding E-Systems margins through focused portfolio Growing our capabilities in operational excellence through IDEA by LearTM 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 financial measures 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. Supplier of complete seats for General Motors’ Orion Assembly Building on our strong track record as the seating supplier for full-size pickups and SUVs 7 Historic Seating Onshoring and Conquest Awards The largest Seating conquest award in Lear’s history ✓ Awarded complete-seats with an American automaker for a future truck program Winning conquest business in China ✓ Leapmotor C11 ✓ BMW X7
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Lear Proprietary: The information contained herein is the property of Lear Corporation. 8 Accelerating Innovation in Thermal Comfort Systems ≈$80M of awards in 2025 CORE COMPONENTS 2026 KEY LAUNCHES Seat Heat • Ferrari future EV Lumbar • Chevrolet Silverado / GMC Sierra 2026 KEY MODULARITY LAUNCHES ComfortFlex by LearTM ComfortMax Seat by LearTM • BYD Z7 • Seres M6 • Leapmotor C10 • BMW X3 • Chevrolet Colorado / GMC Canyon • Ceer P500 / P600 / P650 MODULARITY 28 AWARDS: 4 AWARDS: 1 AWARD: ≈$170M estimated average annual sales AWARDS BY REGION AWARDS BY AUTOMAKER TYPE North America Asia Europe European Other Asian North American Chinese Domestic 33 total awards with 15 customers 9 programs in production across all regions 14 programs launching in 2026 • Mercedes C-Class EQ / GLC EQ • Hyundai Tucson / Kona • Jeep Grand Wagoneer • Volvo EX60 Massage • AVATR 07 (Changan) 2025 KEY CONQUEST AWARDS • BMW 5 / 7 / 8 Series • Global EV Automaker Seat Heat
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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. Industry Leader in Automation and Digital Transformation 9 FlexAir® ComfortFlex by LearTM ComfortMax by LearTM Industry first facility for fully-automated assembly of ComfortFlex by LearTM, ComfortMax by LearTM and FlexAir® DIGITAL TRANSFORMATION • Launched the Lear Fellowship program with Palantir to accelerate our digital and AI capabilities • ≈17,000 users and over 300 applications for digital tools built on the Foundry platform • Completed 1st cohort of Lear Fellowship program, launching 2nd cohort in Europe in Q1 2026 ─ 1st cohort: 68 projects in process ✓ High performance vision systems ✓ Automated material movement ✓ Automated end of line testing ✓ Customized robotics and AI solutions ✓ Automated taping applications ✓ Precision cutting AUTOMATION CAPABILITIES
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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 Key Growth and Margin Improvement Metrics Scorecard 10 Growth Metric 2025 TargetMargin Improvement Metric 2025 Results Net Performance Seating ≈40 bps E-Systems ≈80 bps Seating ≈60 bps E-Systems ≈110 bps ≈$75 millionIDEA / Automation Savings ≈$70 million Restructuring Savings ≈$55 million ≈$85 million Global Hourly Headcount Reduction ≈10,000 reduction ≈7,000 reduction 2025 Target Awards with Chinese Domestic Automakers Conquest Wins - JIT Conquest Wins - Wire Thermal Comfort / Modularity Awards 2025 Results Progress expected Progress expected Supports revenue growth In China and globally American automaker truck, BMW X7 and Leapmotor C11 16 awards with 11 automakers American automaker truck, Global EV automaker programs, and Jeep Cherokee and Wrangler BAIC, BYD, Dongfeng, FAW, Leapmotor, SAIC, Seres and XPeng Note: Global hourly headcount includes non-Lear temporary and contract workers.
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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. 2026 Key Growth and Margin Improvement Metrics Scorecard 11 2026 TargetGrowth Metric 2026 TargetMargin Improvement Metric Awards with Chinese Domestic Automakers Supports mid-term China revenue target of >50% from Chinese domestic automakers Net Performance Seating ≈40 bps E-Systems ≈80 bps Continued progress expectedConquest Wins - JIT ≈$75 millionIDEA / Automation Savings Conquest Wins - Wire Continued progress expected Restructuring Savings ≈$80 million Thermal Comfort / Modularity Awards Supports revenue growth
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Lear Proprietary: The information contained herein is the property of Lear Corporation. 2026–2027 CONSOLIDATED ≈$1.325B SALES BACKLOG* Core Sales Backlog (Net New Awarded Business) 12 ($ in millions) ≈$1,205 ≈$740 ≈$465 ≈ $120 ≈ $(140) ≈ $260 2026-2027 2026 2027 ≈$1,325 ≈$600 ≈$725 E-SYSTEMS SEATING • Audi Q7 / Q9 (Europe) • Jeep Cherokee (North America) • Seres M6 / M7 / M8 (Asia) SEATING E-SYSTEMS • BMW iX3 (Europe) • Mercedes GLC EQ (Europe and Asia) • Mercedes GLE (Asia) • BMW Neue Klasse (Europe) • Volvo EX30 (Europe) • Renault Oroch (South America) • Wire programs for a Global EV automakers (North America) * The impact from the wind-down of non-core products in E-Systems is not included in sales backlog. The impact is expected to be $120-$130 million in 2026 and $215-$230 million in 2027. 2026 –2027 NON -CONSOLIDATED ≈$550M SALES BACKLOG KEY BACKLOG PROGRAMS
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Financial Review Jason Cardew Senior Vice President and CFO
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Lear Proprietary: The information contained herein is the property of Lear Corporation. FINISHED THE YEAR STRONG IN Q4 2025 MET OR EXCEEDED KEY 2025 INITIATIVES CONTINUING MOMENTUM INTO 2026 Strong 2025 Builds Momentum for 2026 14 ✓ Total company sales increased 5% year-over-year ✓ Adjusted EPS increased by 16% year-over-year ✓ Seating outgrew the industry by 2 percentage points ✓ E-Systems margins improved ≈30 basis points year-over- year on strong net performance ✓ Delivered record net performance of ≈$195 million, while increasing target each quarter ✓ Generated ≈60 basis points in Seating and ≈110 basis points in E-Systems of net performance, exceeding targets of ≈40 and ≈80 basis points, respectively ✓ Strong free cash flow generation of $527 million with a 77% conversion ✓ Repurchased $325 million of shares, $75 million above original $250 million target ✓ Increasing year-over-year revenue, operating income, margins and free cash flow at midpoint of our guidance ✓ Grew two-year backlog by $125 million to $1.325 billion ✓ Committed to meeting or exceeding key growth and margin improvement targets ✓ Targeting share repurchases of greater than $300 million driven by free cash flow conversion above 80% Please see appendix for discussion of non-GAAP financial measures, as well as reconciliations of non-GAAP financial measures 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 Currency Fourth Quarter 2025 15 Source: S&P Global Mobility as of January 14, 2026. Production change on a Lear sales-weighted basis is calculated using Lear’s prior year regional sales mix and fiscal calendar. NORTH AMERICA EUROPE AND AFRICA CHINAGLOBAL INDUSTRY PRODUCTION (units in millions) KEY CURRENCIES EURO $1.07 / € CHINESE RMB 7.18 / $ $1.16 / € 7.10 / $ UP 8% UP 1% Q4 2024 Q4 2025 UP 1% YOY FLAT YOY DOWN 2% YOY UP 3% YOY UP 1% YOY Lear Sales-Weighted Basis 24.1 3.6 4.4 9.2Q4 2024 Q4 2025 24.4 3.6 4.4 9.5
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Key Financials Fourth Quarter 2025 16 Please see appendix for discussion of non-GAAP financial measures, as well as reconciliations of non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP. Net Sales Adjusted Earnings Per Share Core Operating Earnings Operating Margin % Operating Cash Flow $5,715 $2.94 $681 $258 4.5% $5,989 $3.41 $476 $259 4.3% 2024 2025 Changes in sales backlog, foreign exchange rates and the impact of commercial recoveries, partially offset by lower volume on Lear platforms Positive net performance and accretive sales backlog, offset by lower volume on Lear platforms Lower share count and lower effective tax rate Changes in working capital YEAR-OVER-YEAR DRIVERS($ 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 Drivers Fourth Quarter 2025 17 SALESSALES ADJUSTED EARNINGS AND MARGIN $4,186 $4,408 $120 $110 $20 $32 $(38) $(22) Q4 2024 Volume / Mix Backlog FX Acquisitions / Divestitures Tariff Recovery Other Q4 2025 ($ in millions) ($ in millions) 6.1% 6.0% (30) bps 5 bps 20 bps (5) bps 0 bps Q4 2024 Volume / Mix Backlog FX Acquisitions / Divestitures Net Performance / Other Q4 2025 $257 $263 Please see appendix for discussion of non-GAAP financial measures, as well as reconciliations of non-GAAP financial measures 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 Drivers Fourth Quarter 2025 18 SALESSALES ADJUSTED EARNINGS AND MARGIN $1,529 $1,580 $42 $49 $35 $54 $(119) $(10) Q4 2024 Volume / Mix Backlog FX Acquisitions / Divestitures Tariff Recovery Other Q4 2025 ($ in millions) ($ in millions) 5.0% 5.3% (105) bps 10 bps 10 bps 120 bps (5) bps Q4 2024 Volume / Mix Backlog FX Acquisitions / Divestitures Net Performance / Other Q4 2025 $77 $84 Please see appendix for discussion of non-GAAP financial measures, as well as reconciliations of non-GAAP financial measures 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. Seating Sales and Margin Drivers Full Year 2025 19 SALESSALES ADJUSTED EARNINGS AND MARGIN $17,222 $17,283 $274 $158 $86 $199 $(553) $(103) FY 2024 Volume / Mix Backlog FX Acquisitions / Divestitures Tariff Recovery Other FY 2025 ($ in millions) ($ in millions) 6.5% 6.4% $1,103 (70) bps 5 bps (5) bps 60 bps (0) bps FY 2024 Volume / Mix Backlog FX Acquisitions / Divestitures Net Performance / Other FY 2025 $1,116 Please see appendix for discussion of non-GAAP financial measures, as well as reconciliations of non-GAAP financial measures 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 Drivers Full Year 2025 20 SALESSALES ADJUSTED EARNINGS AND MARGIN $6,084 $5,976 $(347) $148 $66 $108 $113 $(154) $(42) FY 2024 Volume / Mix Backlog Wind-Down Business FX Acquisitions / Divestitures Tariff Recovery Other FY 2025 ($ in millions) ($ in millions) 5.1% 4.9% (105) bps 0 bps 110 bps 15 bps (35) bps (5) bps FY 2024 Volume / Mix Backlog Wind-down Business FX Acquisitions / Divestitures Net Performance / Other FY 2025 $310 $293 Please see appendix for discussion of non-GAAP financial measures, as well as reconciliations of non-GAAP financial measures 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 Currency 2026 Outlook 21Source: S&P Global Mobility as of January 14, 2026, and Company estimates. NORTH AMERICA EUROPE AND AFRICA CHINAGLOBAL INDUSTRY PRODUCTION (units in millions) KEY CURRENCIES EURO $1.13 / € CHINESE RMB 7.20 / $ $1.16 / € 7.10 / $ UP 3% UP 1% FY 2025 FY 2026 DOWN <1% YOY DOWN 2% YOY DOWN <1% YOY DOWN 2% YOY DOWN 1% YOY Lear Sales-Weighted Basis FY 2025 91.6 15.3 17.4 32.0 FY 2026 91.2 15.0 17.3 31.4
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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. 2026 Full Year Outlook 22 Adjusted EBITDA $1,650 - $1,820 million Core Operating Earnings $1,030 - $1,200 million Net Sales $23,210 - $24,010 million Operating Cash Flow $1,210 - $1,310 million Free Cash Flow $550 - $650 million Effective Tax Rate 19% - 21% Interest Expense ≈$110 million Adjusted Net Income $645 - $765 million Restructuring Costs ≈$175 million Capital Expenditures ≈$660 million Assumptions and Source: 2026 Full Year Outlook assumes an average Euro of $1.16 and an average Chinese RMB of 7.10/$ and reflects S&P Global Mobility production forecast as of January 14, 2026, and Company estimates. Certain of the forward-looking financial measures are provided on a non-GAAP basis. Please see appendix for discussion of non-GAAP financial measures. The company does not provide a reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP because to do so is potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant. 2026 Full Year Outlook excludes any future impact of potential changes to tariffs or Company or industry-wide production disruptions due to supplier export constraints
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Lear Proprietary: The information contained herein is the property of Lear Corporation. 2025 Actual to 2026 Outlook – at Mid-Point 23 SALES ADJUSTED EARNINGS AND MARGIN $23,259 $23,610 $600 $305 $100 $265 $(794) $(125) FY 2025 Volume / Mix Backlog Wind-Down Business FX Tariff Recovery Other FY 2026 Outlook ($ in millions) ($ in millions) 4.6% 4.7% (55) bps 20 bps 5 bps 50 bps (10) bps FY 2025 Volume / Mix Backlog Wind-Down Business FX Net Performance / Other FY 2026 Outlook $1,062 $1,115 Assumptions and Source: 2025 Full Year Outlook assumes an average Euro of $1.16 and an average Chinese RMB of 7.10/$ and reflects S&P Global Mobility production forecast as of January 14, 2026, and Company estimates. Certain of the forward-looking financial measures are provided on a non-GAAP basis. Please see appendix for discussion of non-GAAP financial measures. The company does not provide a reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP because to do so is potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating 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. Capital Allocation Strategy 24 DEBT MATURITIES ($ in millions) Strong Balance Sheet and Ample Liquidity • Low cost of bonds averaging less than 4% with a weighted average life of ≈11 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 agencies Generating Cash and Returning Excess Cash to Shareholders • Achieved ≈77% free cash flow conversion in 2025 and targeting >80% free cash flow conversion in 2026 • Repurchased $325 million of shares in 2025 • Targeting share repurchases of >$300 million in 2026 • Remaining share repurchase authorization of ≈$775 million through December 31, 2026 • Annual dividend of $3.08 per share 3.8% $375 $350 $350 $625 $350 $2,000 2026 2027 2028 2029 2030 2031 2032 2049 2052 $50 Amounts and weighted average interest rates as of December 31, 2025. Excludes short-term borrowings and other miscellaneous debt. $550 5.3% 3.6%4.3% 3.5% 2.6% Available Revolver Bonds Term Loan Please 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 Remarks Ray Scott President 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 26 Extending our global leadership in Seating Expanding margins through our focused portfolio in E-Systems Growing our capabilities in operational excellence through IDEA by LearTM 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. Key Financials Full Year 2025 28 Please see appendix for discussion of non-GAAP financial measures, as well as reconciliations of non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP. Net Sales Adjusted Earnings Per Share Core Operating Earnings Operating Margin % Operating Cash Flow $23,306 $12.62 $1,120 $1,096 4.7% $23,259 $12.80 $1,089 $1,062 4.6% 2024 2025 Lower volume on Lear platforms and the winddown of non-core products, partially offset by commercial recoveries, sales backlog and changes in foreign exchange rates Lower volume on Lear platforms and the winddown of non-core products, partially offset by positive net performance and accretive sales backlog Lower share count, partially offset by lower earnings Lower earnings and changes in working capital YEAR-OVER-YEAR DRIVERS($ in millions, except per share amounts)
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Growth Over Market Full Year 2025 29 Year-over-year sales growth over market (GoM) excludes the impact of FX, commodities, tariff recoveries, and acquisitions and divestitures. The year-over-year change in production on a Lear sales-weighted basis is calculated using Lear’s prior year regional sales mix. S&P Global Mobility production has been adjusted to match Lear’s fiscal calendar. • Seating: Unfavorable platform mix offset by backlog • E-Systems: Unfavorable platform mix and backlog EUROPE(6)% • Seating: Unfavorable platform mix and backlog • E-Systems: Unfavorable platform mix partially offset by backlog NORTH AMERICAFLAT CHINA(7)% • Seating: Unfavorable platform mix partially offset by backlog • E-Systems: Unfavorable platform mix partially offset by backlog (2)% Global (1)% Seating (5)% E-Systems (2)% excluding JLR and wind-down (3)% excluding wind-down (1)% excluding JLR FLAT excluding JLR
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Seating 2025 Actual to 2026 Outlook – at Mid-Point 30 SALES ADJUSTED EARNINGS AND MARGIN $17,283 $17,750 $740 $215 $40 $135 $(663) FY 2025 Volume / Mix Backlog FX Tariff Recovery Other FY 2026 Outlook ($ in millions) ($ in millions) 6.4% 6.5% (55) bps 25 bps (0) bps 40 bps FY 2025 Volume / Mix Backlog FX Net Performance / Other FY 2026 Outlook $1,103 $1,155 Assumptions and Source: 2025 Full Year Outlook assumes an average Euro of $1.16 and an average Chinese RMB of 7.10/$ and reflects S&P Global Mobility production forecast as of January 14, 2026, and Company estimates. Certain of the forward-looking financial measures are provided on a non-GAAP basis. Please see appendix for discussion of non-GAAP financial measures. The company does not provide a reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP because to do so is potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating 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 2025 Actual to 2026 Outlook – at Mid-Point 31 SALES ADJUSTED EARNINGS AND MARGIN $5,976 $5,860 $(140) $90 $60 $130 $(131) $(125) FY 2025 Volume / Mix Backlog Wind-Down Business FX Tariff Recovery Other FY 2026 Outlook ($ in millions) ($ in millions) 4.9% 5.0% (35) bps (10) bps 5 bps 80 bps (30) bps FY 2025 Volume / Mix Backlog Wind-Down Business FX Net Performance / Other FY 2026 Outlook $293 $295 Assumptions and Source: 2025 Full Year Outlook assumes an average Euro of $1.16 and an average Chinese RMB of 7.10/$ and reflects S&P Global Mobility production forecast as of January 14, 2026, and Company estimates. Certain of the forward-looking financial measures are provided on a non-GAAP basis. Please see appendix for discussion of non-GAAP financial measures. The company does not provide a reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP because to do so is potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating 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. Key 2026 Product Launches Seating 32 JIT, Foam, Trim, Components ASIA JIT, Trim EUROPE JIT EUROPE JIT, Foam, Trim EUROPE / ASIA Audi Q7 / Audi Q9 Volkswagen ID.2 Mercedes GLC EQ Mercedes GLE JIT, ComfortFlex by LearTM ASIA Seres M6 JIT EUROPE JIT, Foam, Trim ASIA BMW iX3Mercedes C-Class EQ JIT EUROPE DS 7 JIT NORTH AMERICA Jeep Recon BACKLOGBACKLOG / CONQUEST BACKLOGBACKLOG BACKLOG JIT, ComfortFlex by LearTM ASIA Leapmotor C10 BYD Tang Domestic Chinese Automaker JIT ASIA NON -CONSOL BACKLOG JIT ASIA NON -CONSOL BACKLOG Note: Vehicle images for the Audi Q7 and Mercedes-Benz GLE represent the 2026 model year. Images of the 2027 model year vehicles (launching in calendar year 2026) are currently unavailable. BACKLOG BACKLOG BACKLOG
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Lear Proprietary: The information contained herein is the property of Lear Corporation. Key 2026 Product Launches E-Systems 33 Low Voltage Wiring SOUTH AMERICA Low Voltage Wiring ASIA Low Voltage Wiring ASIA Low Voltage Wiring NORTH AMERICA Low Voltage Wiring ASIA Audi A6 SAIC E-SUV Global EV Automaker (Dongfeng) Nissan NX8 BMW X1 Low Voltage Wiring ASIA (Dongfeng) Nissan Sylphy Zone Control Module EUROPE Battery Management System and Onboard Charger EUROPE Zone Control Module, Power Distribution Box EUROPE Low Voltage Wiring ASIA Power Distribution Box, Low Voltage Wiring NORTH AMERICA BMW Neue Klasse JLR EVA2 Platform BAIC Stelato SUV Ford Super DutyVolvo XC40 / Polestar 2 Power Distribution Box NORTH AMERICA Ford Mustang Mach-E BACKLOG BACKLOG BACKLOG Note: Vehicle images for the Audi A6, BMW X1, Ford Super Duty and Mustang Mach-E represent the 2026 model year. Images of the 2027 model year vehicles (launching in calendar year 2026) are currently unavailable. BACKLOGNON -CONSOL BACKLOG BACKLOG BACKLOG BACKLOG
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Lear Proprietary: The information contained herein is the property of Lear Corporation. 34 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 ea rnings), “pretax income before equity income, interest, other expense, depreciation expense, amortization of intangible assets, restructuring costs and other special items” (adjuste d 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 a nd 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 incom e 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. 35 Non-GAAP
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Lear Proprietary: The information contained herein is the property of Lear Corporation. 36 Non-GAAP
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Lear Proprietary: The information contained herein is the property of Lear Corporation. 37 Non-GAAP
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Lear Proprietary: The information contained herein is the property of Lear Corporation. 38 Non-GAAP
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Lear Proprietary: The information contained herein is the property of Lear Corporation. 39 Non-GAAP
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Lear Proprietary: The information contained herein is the property of Lear Corporation. 40 Non-GAAP