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PHINIA INVESTOR DAY 2026 WEDNESDA Y, FEBRUARY 25, 2026 NEW YORK STOCK EXCHANGE 1
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Kellen Ferris VP Investor Relations 2026 INVESTOR DAY 2
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FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning ofU.S. federal securities laws. Forward-looking statements are statements other than historical fact that provide current expectations or forecasts of future events based on certain assumptions and are not guarantees of future performance. Forward-looking statements use words such as “anticipate,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “likely,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or other words of similar meaning. Forward-looking statements are subject to risks, uncertainties, and factors relating to our business and operations, all of which are difficult to predict and which could cause our actual results to differ materially from the expectations expressed in or implied by such forward-looking statements. Risks, uncertainties, and factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: adverse changes in general business and economic conditions, including recessions, adverse market conditions or downturns and other factors, including geopolitical tensions and related trade restrictions, impacting the global transportation and industrial equipment industries; our inability to deliver new products, services and technologies in response to changing consumer preferences and evolving exhaust emissions regulations, or acceleration of the market for electric vehicles and deceleration of the market for alternative fuel technologies; competitive industry conditions; failure to identify, consummate, effectively integrate or realize the expected benefits from acquisitions, partnerships or other strategic investments; failure of or disruption in our technology infrastructure, including a disruption related to cybersecurity; pricing pressures from customers; elevated inflation rates and volatility in the costs of commodities used in the production of our products; difficulties launching new machine, engine or vehicle programs; changes in U.S. and foreign administrative policy, including increases in tariffs, changes to existing trade agreements and import or export licensing requirements and exchange controls, and any resulting changes in international trade relations; our inability to identify, attract, retain and develop a qualified global workforce; our inability to protect our intellectual property; failure to achieve the anticipated savings and benefits from restructuring and other actions, including those intended to improve future profitability and competitiveness, optimize our product portfolio and operations and execute our strategy; extraordinary events, including natural disasters or extreme weather events, political disruptions, terrorist attacks, pandemics or other public health crises, and acts of war; risks related to our international operations; economic, geopolitical, social and market conditions impacting our business in China; supply chain disruptions, including due to U.S. and foreign government actions; our reliance on a limited number of OEM customers; work stoppages, production shutdowns and similar events or conditions; liabilities related to product warranties, litigation and other claims; current and future environmental, health and safety, human rights and other laws and regulations related to corporate sustainability; taxaudits or similar processes, and changes in tax laws or tax rates taken by taxing authorities; governmental investigations and related proceedings regarding vehicle emissions standards, including related to diesel defeatdevices; the impacts of climate change, regulations related to climate change, various stakeholders’ emphasis on reducing the impacts of climate change and other related matters; compliance with and changes in other laws and regulations impacting our operations; impairment charges on goodwill, indefinite-lived intangible assets and long-lived assets; changes in interest rates and asset returns that increase our pension funding obligations; restrictive covenants and other requirements impacting our financial and operating flexibility pursuant to the agreements governing our indebtedness;; risks relating to the spin-off from our former parent, including a determination that the spin-off does not qualify as tax-free for U.S. federal income tax purposes, our or our former parent’s failure to perform under, or additional disputes that may arise between the parties relating to, various transaction agreements executed in connection with the spin-off and any amendments and restatements thereto, and the availability of, and our ability to use, various credits and offsets detailed in such agreements or the settlement agreement between the Company and our former parent; and other risks and uncertainties described in our reports filed from time to time with the Securities and Exchange Commission. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. NON-GAAP FINANCIAL MEASURES This presentation contains information about PHINIA’s financial results that is not presented in accordance with accounting principles generally accepted in the United States (GAAP). Such non-GAAP financial measures are reconciled to their most directly comparable GAAP financial measures in the Appendix. The reconciliations include all information reasonably available to the company at the date of this presentation and the adjustments that management can reasonably predict. Management believes that these non-GAAP financial measures are useful to management, investors, and banking institutions in their analysis of the Company's business and operating performance. Management also uses this information for operational planning and decision-making purposes. Non-GAAP financial measures are not and should not be considered a substitute for any GAAP measure. Additionally, because not all companies use identical calculations, the non-GAAP financial measures as presented by PHINIA may not be comparable to similarly titled measures reported by other companies. A reconciliation of each of projected Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow, which are forward-looking non-GAAP financial measures, to the most directly comparable GAAP financial measure, is not provided because the Company is unable to provide such reconciliationwithout unreasonable effort. The inability to provide each reconciliation is due to the unpredictability of the amounts and timing of events affecting the items we exclude from the non-GAAP measure. 3
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VALUE CREATION AND STRATEGIC VISION Brady D. Ericson – President and Chief Executive Officer PRODUCT LEADERSHIP Todd Anderson – VP and Chief Technology Officer MARKET OVERVIEW AND INDEPENDENT AFTERMARKET STRATEGY Neil Fryer – VP and General Manager, Global Aftermarket OE STRATEGIES BY END MARKET Pedro Abreu – VP and Chief Strategy Officer FINANCIALLY DISCIPLINED Chris Gropp – SVP and Chief Financial Officer SUMMARY AND CLOSING REMARKS Brady D. Ericson – President and Chief Executive Officer AGENDA 4
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Brady D. Ericson President and Chief Executive Officer VALUE CREATION & STRATEGIC VISION 5
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PHINIA TODAY 2025 SNAPSHOT MARKET LEADERS • Fuel Systems • Electrical Systems • Aftermarket RECOGNIZED BRANDS $3.5B Net Sales 13.7% Adjusted EBITDA Margin $212M Adjusted Free Cash Flow 40+ Locations ~12,500 Employees Worldwide 20 Countries (1) (1) (1) Non-GAAP metric. See Appendix for Adjusted EBITDA Margin and Adjusted FCF definitions and reconciliations to the most direct ly comparable GAAP measures. DELCO REMY is a registered trademark of General Motors LLC, licensed to PHINIA Technologies Inc. 6
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FLASHBACK TO 2023 REFLECTING ON OUR JOURNEY SO FAR 2023: WHAT WE SAID 2025: WHAT HAS HAPPENED Trends • Industry Volumes Declined and Battery Electric Vehicle Growth Slowed Markets • Successfully Established a Presence in New End Markets • Many New Business Wins Financial Stewardship • Stable Results • Executed Strategies • Strong Balance Sheet • Fully Independent • Significant Returns to Shareholders Trends • Internal Combustion Engine Vehicle is Here to Stay Markets • Opportunity in New Areas • Shifting Focus to CV/Industrial and Service (OES/IAM) Financial Stewardship • 2-4% Sales CAGR Over Decade • $5B in Sales by 2030 • Generate Cash While Being Good Allocators of Capital 7
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MOVING FORWARD CONSISTENT VISION TO LONG-TERM VALUE CREATION MAXIMIZING TOTAL SHAREHOLDER RETURNS Product Leadership Product, Process, Service Stable Growth Financial Discipline Diversified Industrial EVA, Cash, Capital Allocation 8
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PRODUCT LEADERSHIP PRODUCT SERVICE PROCESS PROVIDING VALUE TO OUR CUSTOMERS 9
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STABLE GROWTH THROUGH DIVERSITY OF END MARKETS ADVANCING SUSTAINABILITY TODAY, POWERING A CLEANER TOMORROW MEDIUM AND HEAVY-DUTY COMMERCIAL VEHICLE (MD/HD CV) Includes On-Road Vehicles Used for Commercial Transport Classified Class 4-8 (14,001 Pounds or Heavier) OFF-HIGHWAY, INDUSTRIAL, AND OTHER (OFF-HWY/IND./ OTHER) Includes Construction and Agricultural Machinery; Vocational Vehicles; Marine;Industrial Applications; Power Generation; Aerospace and Defense; and Other LIGHT COMMERCIAL VEHICLE (LCV) Includes On-Road Vehicles Used for Commercial Transport Classified Class 1-3 (14,000 Pounds or Lighter) LIGHT PASSENGER VEHICLE (LPV) Includes On-Road Vehicles Used Primarily for Carrying Passengers SERVICE Includes Vehicle Repair and Replacement Parts, including both new and remanufactured products sold via the Original Equipment Manufacturer Dealer Network (OES) and the Independent Aftermarket channel (IAM) 10
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DIVERSIFIED BUSINESS WITH EXPANSION OPPORTUNITY NET SALES SPLITS – 2025 RESILIENT, GROWTH, AND FLEXIBILITY Resilient End-Market with Unique Cycles & Dynamics. Strong Demand with Minimal Anticipated Impact from BEV Penetration Emerging Growth Industries: Off-Highway, Industrial, & Other Emerging Growth Technologies: Alternative Fuels, Higher Pressures, System Optimization Flexibility to Modify and Move Manufacturing Capital and Human Capital to Growing Regions and Markets Sales by Region Americas – 43% Europe – 40% Asia-Pacific – 17% Sales by Customer Top 5 – 37% Other – 63% Sales by End Market Service – 35% LPV – 25% MD/HD CV – 15% LCV – 19% Off-Hwy/Ind./Other – 6% STABLE GROWTH THROUGH DIVERSITY OF END MARKETS DIVERSIFIED INDUSTRIAL 11
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AVERAGE ADJUSTED ORGANIC SALESCAGR (1) Non-GAAP metric. See Appendix for Adjusted Sales definition and reconciliation to the most directly comparable GAAP measure. Excludes Contract Manufacturing and Future M&A; Includes SEM. (2) 2026 is Mid-Point of Guide Range. See Forward-Looking Statements disclaimer and the Appendix for further information. 2021 2022 2023 2024 2025 2026 (2) 2030 $3.35B $3.45B $3.38B $3.48B $3.62B $4.59B READY TO DELIVER GROWTH $4.21B2.3% SALES CAGR 2021 - 2026 $3.86B $3.23B (1) 12
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Dividends Greater than $40M Per Year Since 2024 FINANCIAL DISCIPLINE OPERATIONAL PERFORMANCE AND CAPITAL ALLOCATION 9.8M Shares Repurchased 1.3X Net Leverage(1) 2.3% CAGR 2021–2026 44% Adj. FCF Conversion(1) SEM Acquired in 2025 15% Internal Hurdle Rate $109M Life-to-Date Dividends Paid Share Repurchases Life-to-Date $436M in Repurchases 21% of Original Shares Outstanding Balance Sheet Target Net Debt Leverage(1) of ~1.5x and Ample Liquidity Organic Sales Growth Expect ~2-4% CAGR Over the Decade(2) Economic Value Added EVA = ATOI – (15% x AOI) All Investments Evaluated on EVA Focused on Driving Year-Over- Year Value Creation Cash Generation Well positioned to succeed during significant downturn / recession Acquisitions SEM Acquisition Completed in August 2025 (1) Non-GAAP metric. See Appendix for Net Leverage and Adjusted FCF definitions and reconciliations to the most directly comparable GAAP measures, as applicable (2) Expected Organic Sales Growth from 2021 to 2030. Excludes Contract Manufacturing and Future M&A; Includes SEM. (3) Dividends and share repurchases subject to approval by PHINIA Board of Directors. * Data is as of and for the year ended 12/31/2025, unless otherwise noted. (3) (3) 13
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-20.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 116.4% 47 .4% 25.8%Russell 2000 Total Shareholder Return (TSR) L2Y L1Y L3M 116.4% 33.0% 9.6% 47.4% 17.9% 2.7% 25.8% 12.8% 2.2% S&P 500 Russell 2000 TOTAL SHAREHOLDER RETURN STRONG PERFORMANCE OVER PRIOR 2 YEARS (1) Refer to Appendix for listing of peer companies utilized. Graph represents Total Shareholder Return from 12/31/2023 - 12/31/2025. S&P 500 December 2023 December 2024 December 2025 18.6%Peer Group 18.6% 23.9% 0.3%Peer Group (1) 14
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PRODUCT LEADERSHIP Todd Anderson VP and Chief Technology Officer 15
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EXECUTIVE SUMMARY PRODUCT LEADERSHIP INNOVATION APPROACH PRODUCT • Design, development, validation • Recognized experts PRODUCT LEADERSHIP INNOVATION ADDS VALUE TO CUSTOMERS, DRIVING BUSINESS GROWTH PROCESS • Manufacturing and remanufacturing innovation • Global and balanced technical footprint SYSTEM/SOFTWARE CALIBRATION • Software, controls, system integration , calibration • Custom solutions, high precision, technology SERVICES • Leadership in services to Aftermarket • First-to-market • Training 16
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TECHNOLOGY DEVELOPMENT SELECTION HOW WE CHOOSE WHAT TO DEVELOP DEVELOPMENT ALIGNED WITH BUSINESS NEEDS, INCLUDING CUSTOMER TECHNOLOGY ROADMAP REVIEWS PRODUCT LINE STRATEGY TEAMS SOURCES • Basis of tech development selection • Target product line growth needs • Adapts with change Customer Reviews, Tech Days, Industry Events Commercial Team Input on Opportunities Advanced Research Development 17
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OUR PRODUCTS A STRONG PIPELINE OF INNOVATION ACROSS THE ENTIRE PORTFOLIO IN LEGACY, CURRENT, AND FUTURE PRODUCTS ALTERNATIVE FUELSLIGHT PASSENGER VEHICLES DIESEL FUEL RAILS DIESEL INJECTORS GASOLINE FUEL RAILS GASOLINE INJECTORS DIESEL FUEL PUMPS FDM & CANISTERS GASOLINE PUMPS SCR DOSING UNITSSTARTERS & ALTERNATORS PFI INJECTORS Existing injectors adapted for use with zero-carbon and lower-carbon fuels DIESEL FUEL RAILS DIESEL INJECTORS DIESEL PUMPS GASOLINE FUEL RAILS GASOLINE INJECTORS GASOLINE PUMPS PFI INJECTORS SCR DOSING UNITS FDM & CANI STERS STARTERS & ALTERNATORS HEATED TIP PFI INJECTORS (E100/M100) DI INJ ECTORS (E100/M100) CV DI INJECTOR (HVO/FAME) DI INJ ECTORS LNG, CNG, HYDRO IGNITI ON SYSTEMS PFI INJECTORS (HYDROGEN/ CNG) AFTERMARKET SYSTEMS INTEGRA TION AND CALIBRATION ACROSS PRODUCT LINES FUEL SYSTEMS MAI NTENANCE SOLUTIONS TEST & DIAGNOSTICS VEHICLE ELECTRONICS STARTERS & ALTERNATORS ENGINE CONTROL UNITS & COMPONENT EMBEDDED CONTROLLERS LEADING SOFTWARE DEVELOPMENT & FUEL AGNOSTIC APPLICATIONS CALIBRATION & TEST CAPABILITIES IGNITI ON SYSTEMS COMMERCIAL VEHICLES AND INDUSTRIAL APPLICATIONS 18
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PRECISION TECHNOLOGIES AND PROCESSES PRODUCTS, PROCESSES, AND SYSTEMS INCORPORATE HIGH PRECISION TECHNOLOGY PRODUCT PRECISION AND TECHNOLOGY • Operating pressures up to 40,000 psi • Actuation speeds in milli -seconds • Tolerances less than one -millionth of a meter Example: Nozzle Control Valve Pin • Hardened, coated alloy steel • 22 key control characteristics SIGNIFICANT TECHNOLOGY PRECISION EMBEDDED IN PHINIA PRODUCTS, SYSTEMS AND MANUFACTURING PROCESSES HUMAN HAIR 50-180µm FINE BEACH SAND 90µM GRAIN OF SALT 60µM WHITE BLOOD CELL 25µM GRAIN OF POLLEN 15µM DUST PARTICLE (PM10) 10µM RED BLOOD CELL 7-8µM RESPIRATORY DROPLETS 5-10µMDUST PARTICLE (PM1.5) 2.5µM BACTERIUM 1.3µM WILDFIRE SMOKE 0.4-0.7µM CORONAVIRUS 0.1-0.5µM T4 BACTERIOPHAGE 0.225µM ZIKA VIRUS 0.045µM TOLERANCES 19
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PROCESS INNOVATION DIAMOND-LIKE CARBON (DLC) COATING DLC COATING KEY FOR PRODUCT DURABILITY • Thin, hardened, successive multiple layers • Thicknesses below one-millionth of a meter • PHINIA has trade secret protection • Operates durably for over 1 billion cycles • High-volume production capability DLC COATING COMPETENCY, INTELLECTUAL PROPERTY STRENGTHENS PRODUCT PERFORMANCE, COMPETITIVE POSITIONING Example: Physical Vapor Deposition • On wear surfaces of key product features 20
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PROCESS INNOVATION LASER ABLATION FEMTO LASER PRODUCTION TECHNOLOGY • PHINIA’s laser ablation process is a trade secret • ‘Femto’ is femtosecond (10–15s) • Ablation precisely removes steel material with no heat, no burr, no chips • Result is extremely precise surface parallelism • Lab precision metrology integrated to the manufacturing process HIGH AND LOW VOLUME PRODUCTION CAPABILITY AT EXCEPTIONAL TOLERANCES Example: Armature Parallelism Precise measurement identifies needed material adjustments Laser ablation creates the precise surface needed 21
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PROCESS INNOVATION LASER DRILLING LASER DRILLING PRODUCTION TECHNOLOGY • To improve fuel efficiency, smaller holes are needed throughout fuel systems • Standard drilling technology is not sufficient • Laser drill capable for holes Ø < 100µm • This technology also offers • Accuracy & repeatability • Contactless process (no drill tool wear) PROPRIETARY PRODUCTION PROCESS ENHANCES COMPETITIVE POSITION, WITH STRONG PRODUCT PERFORMANCE Example: GDi Nozzle, Orifice Port GDi seat with micro holes 26M holes / year Inlet orifice is < 100µm Laser drilling consistent repeatable process 22
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SOFTWARE, SYSTEM INTEGRATION, CALIBRATION Calibration Software ~400 Embedded, application, Interface software engineering System Integration Software Engineers Experienced System Integration Engineers Provide full turn-key fuel systems for vehicles Strong expertise in system calibration Vehicle and engine calibration capabilities COMBUSTION EXPERTISE ADDS DIFFERENTIATED VALUE TO CUSTOMERS COMPREHENSIVE SKILLSET ENABLES STRONG CUSTOMER INTIMACY 23
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SERVICE TO AFTERMARKET LEVERAGING OE TECHNOLOGY TO ENHANCE AFTERMARKET PRODUCT LEADERSHIP CUSTOMER FOCUS PRODUCT LEADERSHIP • Distribution partners and technicians • >92% average first time order fill • Catalog excellence • Product Line Teams to drive timing • Market leading coverage • First-to-market for new vehicles • Leverage OE designs and processes, and product introduction processes SERVICE TO AFTERMARKET PRESENCE SUPPORTS COMPETITIVE ADVANTAGE AND STABLE, SUSTAINABLE GROWTH 24
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RECOGNIZED INDUSTRY LEADER ACTIVE INDUSTRY PARTICIPATION, STRONG INTELLECTUAL PROPERTY GLOBAL EMISSIONS REGULATIONS • Worldwide Emissions Booklets • Heavy-Duty/Off-Road & Light-Duty releases • Historical, recognized industry service • Industry collaboration SIGNIFICANT INDUSTRY PRESENCE • Act on global emissions changes • Meet government agencies globally • Involved in multiple industry associations • Present technical papers to industry GROWING INTELLECTUAL PROPERTY PORTFOLIO • 2000+ active patents worldwide • 350+ PHINIA patents since July 2023 • >200 Inventors engage in process • Growing trade secret portfolio STRONG, PROACTIVE INDUSTRY PRESENCE SUPPORTS MARKET AND SECURES FUTURE 25
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EXPERTISE, PRODUCT DESIGNS, AND PRODUCTION ASSETS ARE FLEXIBLE ACROSS MARKETS AND REGIONS TECHNOLOGY FLEXIBILITY LEVERAGE COMPETENCY TO SEAMLESSLY SUPPORT FUTURE TECHNOLOGIES Aftermarket Technical Center Fuel Systems Technical Center Application Engineering AMERICAS EUROPE ASIA PACIFIC 26
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TECHNOLOGY AND PRODUCT LAUNCHES RESULTS OF PHINIA PRODUCT LEADERSHIP 2024 • 30 new OE products launched • AFM w/>3,600 New -To- Range parts 2025 • 25 new OE products launched • AFM w/>5,800 New -To- Range parts 2026 – FUTURE • Product launches continue • Fuel systems strengthened via GDi 500bar and alternative fuels • Ignition systems growth, leveraging fuel systems synergies • Progress in new end-markets: aerospace, power gen, marine • Provide full system solutions in industry of reduced skills and capacity • Product line growth: 24 Volt starters & alternators, brushless motors, FDMs OUR EFFORTS ONLY MATTER WHEN THEY RESULT IN SUCCESSFUL, PROFITABLE BUSINESS AWARDS AND OPPORTUNITIES 27
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Neil Fryer VP and General Manager, Global Aftermarket MARKET OVERVIEW & INDEPENDENT AFTERMARKET 28
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GROWING ADDRESSABLE MARKET Sources: S&P Global / Power Systems Research and market pricing per company estimate for PHINIA’s product range 29 2024 2028E 106.4 116.9 115.7 2030E 121.0 2035E ADDRESSABLE MARKET EXPECTED TO GROW AT 1.4% CAGR FROM 2024 TO 2030 Total Addressable Market ($B) 8.0 6.7 4.3 20.8 66.6 14.9 6.0 4.3 16.5 74.0 15.6 5.6 3.9 15.2 76.6 17.9 4.8 3.8 12.4 82.1 Off-Highway, Industrial & Other Light Passenger Vehicle Light Commercial Vehicle Medium & Heavy-Duty Commercial Vehicle Service
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$40.6B Core Offered Market Existing core products in existing geographies Total Aftermarket SERVICE IS A GROWING MARKET $66.6B Addressable Market Existing products in all geographies 2024 Sources: S&P Global / PHINIA internal market model Favorable Market Fundamentals • Increasing number of vehicles in operation • Increasing vehicle age • Increasing miles travelled • BEV penetration slower than expected 30
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FOCUSED PORTFOLIO FOR TODAY AND TOMORROW CHASSIS & MAINTENANCE SOLUTIONS Braking | Steering & Suspension VEHICLE ELECTRONICS & ENGINE MANAGEMENT Ignition | Sensors | EGR | ECU | SCR CV Starters & Alternators OE Quality for Aftermarket Broad Range PV, MD/HD CV, Off Highway and All-Makes program Global Distribution Local inventory, Deployment and Distributors Remanufacturing Reducing new material waste and energy use GASOLINE FUEL SYSTEMS Fuel Delivery Modules | Fuel Pumps GDi Injection Systems | PFI Injectors DIESEL FUEL SYSTEMS Pumps | Injectors Repair Parts | Filtration Dedicated Services & Workshop Solutions DIAGNOSTICS TEST EQUIPMENT TRAINING & TECHNICAL SUPPORT CATEGORY MANAGEMENT 31
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OE Manufacturer Channel OEM Dealers | OEM Workshop Chains Independent Aftermarket Channel Wholesale | Retail | Online SYNERGISTIC SOURCING MODEL LEVERAGES OE PRODUCTS (1) Aftermarket produces Starters & Alternators, Sensors, Reman Fuel Systems, Test Equipment. AFTERMARKET MANUFACTURING (1) THIRD PARTY SUPPLIERS FUEL SYSTEMS MANUFACTURING 32
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PHINIA AFTERMARKET OE EXPERTISE, AFTERMARKET AGILITY DELCO REMY is a registered trademark of General Motors LLC, licensed to PHINIA Technologies Inc. 33
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WINNING IN THE INDEPENDENT AFTERMARKET Product Leadership Training & Workshop Solutions Product Lifecycle Management Catalog Excellence >92% Average First Time Order Fill First-to-Market for New Vehicles Market Leading Coverage CUSTOMER CENTRIC #1 TECHNICIANS DISTRIBUTION PARTNERS PUSH & PULL 34
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AFTERMARKET AGILITY IN A DYNAMIC MARKET AGING GLOBAL VEHICLE POPULATION Private Label Value Proposition Investment in Remanufacturing Accelerating Propulsion Agnostic Product Sales Rapid addition of Chinese Vehicle Coverage RAPIDLY EMERGING CHINESE OEMs 35
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IAM GROWTH OUTPACED MARKET SINCE 2022 1.11 1.26 1.00 1.05 1.10 1.15 1.20 1.25 1.30 2022 2023 2024 2025 1.08 IAM Sales Outgrowth From 2022 PHINIA IAM Sales Revenue Global Production (LPV, MD/HD CV) Global Vehicles in Operation (LPV, MD/HD CV) Future Growth Levers Market Penetration Market Expansion Extended Product Offer Strategic M&A Opportunities Sources: S&P Global Vehicles in Operation and Global Vehicles Production forecasts, PHINIA internal Growth rate index (2022 = 1) 36
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PROVEN STRATEGY EXECUTION CAPABILITY 2019 2021 2023 2025 CATEGORY SALES GROWTH SINCE LAUNCH 2027 2030 21% CAGR Steering and Suspension Launch in North America • Step 1: European program launched in North America, leveraging existing supply base and Delphi brand • Step 2: Extended range coverage to US and Asian vehicles • Step 3: Launched Severe Duty Program for Work Trucks and Last-Mile Delivery Vehicles in 2025 37
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INDEPENDENT AFTERMARKET IS A PLATFORM FOR GROWTH Consistent, reliable full-service partner with strong margins and cash flow OE expertise, Aftermarket agility Serving global market with focused product portfolio leveraging powerful brands 38
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Pedro Abreu VP and Chief Strategy Officer OE STRATEGIES BY END MARKET 39
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DESCRIPTION LIGHT PASSENGER VEHICLES COMPETITIVE LANDSCAPE* KEY DEVELOPMENTS CARS AND SPORT UTILITY VEHICLES PHINIA Bosch Denso Valeo SEG Mitsubishi Astemo Schaeffler Aisan Coavis Diesel Fuel Systems ✓ ✓ ✓ Gasoline Fuel Systems ✓ ✓ ✓ ✓ Starters & Alternators ✓ ✓ ✓ ✓ ✓ ✓ Electronics ✓ ✓ ✓ ✓ ✓ Fuel Handling ✓ ✓ ✓ ✓ ✓ ✓ Hydrogen ✓ ✓ ✓ • Optimize injection for efficiency & performance • Regionalization of production • Cost optimization • 500 bar adoption on gasoline • Alternative paths to carbon neutrality • System integration and calibration * This group is a representative sample of our broader competition. 40
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LIGHT PASSENGER VEHICLE PROVIDES GROWTH OPPORTUNITY CORE LV TECHNOLOGY WILL BE PREVAILING FOR LONGER… …WITH OPPORTUNITY TO GROW BUSINESS 82 82 2030 as of IHS July 2024 2030 as of IHS Oct 2025 • Projections of electrification in 2030 have dropped significantly over the last year • GDi will see secular growth with increased penetration on hybrid and PHEV applications • Opportunity for PHINIA to increase business with leading GDi technology and declining competition, improving efficiency IHS view of 2030 Global Light Vehicle Production (Millions) GDi (ICE + Hybrid) ElectricNon GDi (ICE + Hybrid) 40% 37% 23% 31% 44% 25% +900 BPS Estimated position based on 2025 CY Gasoline Direct Injection #3 Position Canisters #3 Position Fuel Delivery Modules #3 Position PHINIA Others#1 #2 Source: S&P Global and market positioning per company estimate 41
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LIGHT PASSENGER VEHICLES MARKETS & DRIVERS PHINIA POSITIONING SALES PROJECTION • Increasing BEV penetration outside of US • Evidence of suppliers exiting the market • Emissions regulations / timing under review • OEMs reinvesting for longer ICE tail • Hybrids expected to gain significant share in years to come • Enhanced customer intimacy • Selective investment in key technologies • Increase CPV through enhanced product offerings and value add in development process • Reduce reliance on light passenger vehicle segment but aim to keep existing line utilization • Global leader, especially in alternative fuels • Maintain absolute revenue despite declining market Targets Strategy @ $5B: 17%$0.9B2025: 25%$0.9B Less Than 20% Light Passenger Vehicle @ $5B of Sales 42 2024: 27%$0.9B
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LIGHT DUTY ON-HIGHWAY COMMERCIAL VEHICLES COMPETITIVE LANDSCAPE* KEY DEVELOPMENTS PHINIA Bosch Denso Valeo SEG Mitsubishi Astemo Schaeffler Aisan Coavis Diesel Fuel Systems ✓ ✓ ✓ Gasoline Fuel Systems ✓ ✓ ✓ ✓ Starters & Alternators ✓ ✓ ✓ ✓ ✓ ✓ Electronics ✓ ✓ ✓ ✓ ✓ Fuel Handling ✓ ✓ ✓ ✓ ✓ ✓ Hydrogen ✓ ✓ ✓ • Optimize injection for efficiency & performance • Alternative paths to carbon neutrality • 24V technology • Cost optimization • H2 lubrication free injectors, vehicle conversion and ignition * This group is a representative sample of our broader competition. DESCRIPTION SUB 3.5 TON COMMERCIAL VEHICLES 43
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Source: S&P Global data – vehicle volumes in millions of vehicles ICE TO REMAIN DOMINANT IN CORE LIGHT COMMERCIAL VEHICLE VANS • Local delivery and contractor vans are shifting to BEV roughly in line with passenger cars • Long haul vans will remain with ICE as they are not suited to electrification • Heavy long-range batteries are required • Vehicle weights in Europe limited to 3.5 ton so battery eats into payload • BEV penetration likely to peak at ~50% 89% 11% 2025 72% 28% 2030 55% 45% 2035 ICE BEV 7.8 7.7 7.9 2037 7.9 49% 51% TRUCKS • Trucks are often dual use vehicles (business and private) • Towing capacity is a key buying factor, along with long operating ranges • ICE and ICE Hybrid engines are better aligned to this duty cycle than BEV • BEV penetration likely to peak at ~20% 98% 2% 2025 94% 6% 2030 89% 11% 2035 ICE BEV 6.4 6.9 7.2 2037 7.1 15% 85% 44
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LIGHT DUTY ON-HIGHWAY COMMERCIAL VEHICLES MARKETS & DRIVERS PHINIA POSITIONING SALES PROJECTION • Target regions and segments which have best longevity • Leverage existing portfolio and manufacturing assets • Target business of existing players • Retain strong position in US truck market • Maintain absolute revenue • Global leader, especially in alternative fuels Targets • Increasing BEV penetration especially in Europe • Long range / high power applications will remain with ICE longer • Emissions regulations / timing under review • OEMs reinvesting for longer ICE tail Strategy @ $5B of Sales @ $5B: 13% $0.6B Less Than 15% Light Commercial Vehicle 2025: 19% $0.6B2024: 18%$0.6B 45
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MEDIUM AND HEAVY DUTY ON-HIGHWAY COMMERCIAL VEHICLES COMPETITIVE LANDSCAPE* KEY DEVELOPMENTS PHINIA Bosch Denso Cummins Prestolite SEG Mitsubishi Astemo Schaeffler Aisan Diesel Fuel Systems ✓ ✓ ✓ ✓ Starters & Alternators ✓ ✓ ✓ ✓ ✓ ✓ Ignition ✓ ✓ ✓ ✓ Electronics ✓ ✓ ✓ ✓ ✓ ✓ ✓ Fuel Handling ✓ ✓ ✓ Hydrogen ✓ ✓ ✓ ✓ ✓ • Optimize injection for efficiency & performance • 24V technology • Inductive & capacitive ignition technology • Electronic lift pumps • H2 high-pressure injector & compressor * This group is a representative sample of our broader competition. DESCRIPTION CLASS 4-8 ON HIGHWAY COMMERCIAL VEHICLES 46
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MEDIUM AND HEAVY DUTY ARE CORE TO PHINIA Source: S&P Global Oct 2025 Commercial vehicle unit volume RESILIENT AND ADAPTABLE ICE TO REMAIN PREVAILING TECHNOLOGY • Not directly tied to consumer spending • CVs and associated maintenance are non -discretionary purchases for fleet owners • Better visibility on production outlook given order books and longer manufacturing lead times Quick recovery during the Global Financial Crisis Post-COVID resiliency 24.6% CAGR (’09-11) 2.0% CAGR (22-25) 2008 2009 2010 2011 2020 2022 2025E • We see significant challenges for BEV adoption in CV long -haul trucking • Growth opportunity through supplier consolidation and leveraging our leading alternative fuel technologies 2024 2028E 2030E 2035E 95% 88% 85% 79% 3.4 3.9 3.7 4.0 3.2 3.4 3.2 3.2 0.80.60.50.2 ICE BEV 47
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MEDIUM AND HEAVY DUTY ON-HIGHWAY COMMERCIAL VEHICLES MARKETS & DRIVERS PHINIA POSITIONING SALES PROJECTION • Purchase decisions driven by long-term relationships • Stable market with limited BEV penetration rates • Strong focus on TCO – Fuel Efficiency / Reliability • Leverage customer intimacy • Continued targeted technology investment • Increase CPV through enhanced product offerings • Expand product offering for Medium Duty • Global leader, especially in alternative fuels • Starter & Alternator leader in the Americas and continued growth in other regions Targets Strategy @ $5B of Sales @ $5B: 20% $1.0B 20% MD/HD On Highway 2025: 15% $0.5B2024: 17%$0.6B 48
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OFF-HIGHWAY, INDUSTRIAL, AND OTHER APPLICATIONS DESCRIPTION COMPETITIVE LANDSCAPE* KEY DEVELOPMENTS PHINIA Bosch Denso Cummins Prestolite SEG Schaeffler Collins Woodward Eaton Fuel Systems ✓ ✓ ✓ ✓ ✓ ✓ Starters & Alternators ✓ ✓ ✓ ✓ Ignition ✓ ✓ ✓ Electronics ✓ ✓ ✓ ✓ ✓ Hydrogen ✓ ✓ ✓ ✓ Aerospace ✓ ✓ ✓ ✓ ✓ ✓ • Optimize injection for efficiency & performance • High torque starters • Capacitive ignition technology • Tailored design solutions • Hydrogen compressor technology • Fuel system componentry * This group is a representative sample of our broader competition. OFF HIGHWAY, INDUSTRIAL, STATIONARY ENGINES, AEROSPACE, MARINE 49
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OFF-HIGHWAY, INDUSTRIAL, AND OTHER APPLICATIONS MARKETS & DRIVERS PHINIA POSITIONING SALES PROJECTION • Diverse markets characterized by high technology & lower volumes driving higher CPV • Minimal impact from Electrification • Customers attracted by opportunity to leverage automotive expertise • Leverage core technologies to conquest adjacent markets • Redeploy existing resources to leverage current competencies & reduce new investment • Gain sales organically and through targeted acquisitions • Grow to 10% of sales • Credible player in Aerospace and Industrial sectors Targets Strategy @ $5B of Sales 10% Off Hwy, Industrial & Other @$5B:10% $0.5B 2025:6%$0.2B 2024:4%$0.2B 50
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OFF-HIGHWAY, INDUSTRIAL, AND OTHER APPLICATIONS AEROSPACE INDUSTRIAL OFF-HWY / RECREATIONAL • ~$8B market today, with expected growth at ~5% CAGR over the next 10 years • Estimated hydro-mechanical portion of the market for Aerospace Fuel Systems to be worth ~$4B, growing in line with overall market • PHINIA capabilities meet or exceed the requirements in this sector • PHINIA has won Fuel System Components with a major European Aerospace company and is targeting substantial sales growth • Segment less affected by BEV transition • Leverages core capabilities and skills benefiting from strong demand for fuel system performance • H2 construction program with UK customer • The acquisition of SEM in 2025 has increased PHINIA’s access to industrial engine segment • PHINIA now able to use SEM’s business in Small Engine to complement existing Marine and recreational range • Using GDi-based (Low-Pressure Common Rail) systems offer cost development and competitive advantages for diesel off-highway applications Aerospace TAM estimates based on PHI NIA internal analysis 51
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TECHNOLOGY STRATEGY IN ACTION BUSINESS WINS M&ANEW MARKETS • SEM successfully integrated • M&A criteria focused into aftermarket, commercial vehicle or industrial segments • Established a position in aerospace • Stationary power generation fuel system supplier • Start of production on a H2 program in construction and agro applications • 3 CNG program nominations in India • 500bar GDi fuel system – first to market • Disciplined R&D investments • Leading within alternative fuels • 92% win rate as incumbent • $500M conquest wins in past three years 2025 highlights include: • Alternators for Industrial engines • GDi win with a new Chinese OEM • Fuel valve business with a major European Aerospace company 52
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CLEAR, VIABLE PATH TO DELIVER CONSISTENT GROWTH WELL POSITIONED FOR GROWTH • Strong global Aftermarket business • Top tier player in stable CV segment • Sustained longer ICE demand for LPV • Expanding foothold in Aerospace • M&A targeting CV, Industrial & IAM WELL DIVERSIFIED TO NAVIGATE VOLATILITY • Growing sales in all regions • Targetting 80% of sales from CV, Industrial, & IAM • Increasing exposure to hybrid and powertrain agnostic products • Diverse product lines with high barriers to entry 53
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Chris Gropp SVP and Chief Financial Officer FINANCIALLY DISCIPLINED 54
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(1) Adjusted diluted earnings per share, adjusted EBITDA, adjusted EBITDA margin and total segment adjusted operating margi n are Non-GAAP metrics. See Appendix for definitions and reconciliations to the most directly comparable GAAP measures. (2) Net leverage is a Non -GAAP metric and is calculated as net debt divided by adjusted EBITDA. STRONG BALANCE SHEET • $359M Cash & Cash Equivalents • Net Leverage(1) Target of ~1.5x • $859M of Liquidity $3.5B Net Sales FULL-YEAR 2025 HIGHLIGHTS KEY FINANCIAL METRICS • 13.1% Total Segment Adjusted Operating Margin • 16.2% Aftermarket • 11.2% Fuel Systems $478M 13.7% Adjusted EBITDA(1) & Margin(1) $4.96 Adjusted Diluted EPS(1) 1.3x Net Leverage(1) $42M Dividends Paid to Shareholders (1) Non-GAAP metric. See Appendix for Adjusted Operating Margin, Net Leverage, Adjusted EBITDA, Adjusted EBITDA Margin, and Ad justed Diluted EPS definitions and reconciliations to the most directly comparable GAAP measures, as applicable. COMMITTED TO FINANCIAL SUCCESS $200M Share Repurchases 55
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THRIVING IN GROWING MARKETS STRATEGIES FOR GROWTH INDUSTRIES & FISCAL RESPONSIBILITY Diversified Business with Expansion Opportunity 2026 PROJECTED SALES % (COMPARED TO 2025) MEASURED MOMENTUM Resilient End-Market with Unique Cycles & Dynamics. Strong Demand with Minimal Impact from BEV Penetration Emerging Growth Industries: Off-Hwy, Industrial, and Other Emerging Growth Technologies: Alternative Fuels, Higher Pressures, System Optimization Drive Competitive Advantage by Cultivating Financial Discipline, Lowering Risk with Faster Paybacks, and Accelerating the Velocity of Capital Sales % by Region Americas Europe Asia-Pacific Sales % by Customer Top 5 Other Sales % by End Market Service LPV MD/HD CV LCV Off-Hwy/Ind./Other 56
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FINANCIAL PERFORMANCE – SALES & AOI (BY SEGMENT) TRACK RECORD OF DELIVERING STRONG RESULTS (2023 – 2025) (1) Non-GAAP metric. See Appendix for Adjusted Sales, Adjusted AOI and Adjusted AOI Margin definitions and reconciliations to th e most directly comparable GAAP measures. (2) Refer to 2023 – 2025 ICE vehicle production market based on October 2025 IHS on highway forecasts. STRONG AOI EXECUTION SUPPORTING BUSINESS GROWTH AND CAPITAL ALLOCATION ADJUSTED SALES ($M) Fuel Systems Aftermarket 2023 2024 2025 $2,177 $1,306 $3,483 ADJUSTED OPERATING INCOME ($M) Fuel Systems Aftermarket $3,450 $2,225 $1,225 2023 2024 2025 $244 11.2% $211 16.2% $455 $438 $411 8.9% 2-Year CAGR Fuel Systems $224 10.1% $187 15.3% $228 10.8% $210 16.5% 12.8% 2-Year CAGR Aftermarket 260 Basis Points Outpaced Market $3,380 $2,108 $1,272 (1) (1) (2) 57
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FINANCIAL PERFORMANCE – ADJUSTED SALES & EBITDA TRACK RECORD OF DELIVERING STRONG RESULTS (1) Non-GAAP metric. See Appendix for Adjusted Sales and Adjusted EBITDA definitions and reconciliations to the most directly co mparable GAAP measures. 2026 figures are midpoint of guide range. See Forward -Looking Statements disclaimer and the Appendix for further information. GROWTH DISCIPLINED PERFORMANCE TO ACHIEVE GOALS PROFITABILITY FREE CASH FLOW RETURNS ADJUSTED SALES ($M) 2024 2025 Projected 2026 $3,380 $3,483 $3,615 ADJUSTED EBITDA ($M) 3.4% CAGR 2024 2025 $478 $505 2.8% CAGR $478 (1) (1) Projected 2026 58
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(1) Adjusted Effective Tax Rate excludes the tax effect of adjusted items and tax amounts not reflective of the Company's ong oing operations. STREAMLINED OPERATIONS & ENHANCED EFFICIENCY DRIVING BUSINESS AGILITY RESTRUCTURING • Focused Legal Structuring • Operating and IT Restructure • Global Supply Management >$60M in Cumulated Savings Since 2023 RIGHTSIZING • Closed Euro Facility – Relocated Product to Customer Regions • Optimized Locations – Reduced European Warehouse Needs for Aftermarket 2024 2025 41.5% Adj. Effective Tax Rate $94M Cash Taxes Paid 32.5% Adj. Effective Tax Rate $61M Cash Taxes Paid STREAMLINED OPERATIONS & ENHANCED EFFICIENCY Sustainable Tax Efficiencies Driving Positive Impact on Cash Flow (1) (1) 59
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OPERATIONAL EXCELLENCE ADJUSTED FREE CASH FLOW & CONVERSION 2024 $253M 2025 $212M 2026 $220M (1) 53% 2024 44% 2025 44% 2026 42% Industrial Tier 1 39% Aftermarket 31% (1) Non-GAAP metric. See Appendix for Adjusted FCF and conversion definition and reconciliation as applicable. (2) 2026 is a projection (midpoint of guidance range). (3) Refer to Appendix for listing of peer companies utilized. Industrial Peers Tier 1 Peers Aftermarket Peers COMPETITION PHINIA (3) (2) 60 (1)
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DISCIPLINED CAPITAL ALLOCATION PHINIA MODEL (1) Dividends and Share Repurchases are subject to approval by PHINIA Board of Directors. (2) Forward-looking non-GAAP measure. See Appendix for definition. (3) Non-GAAP metric. See Appendix for Adjusted Diluted EPS, Adjusted FCF, Adjusted FCF Conversion, and Net Leverage definitions and reconciliations to the most directly comparable GAAP measures, as applicable. (4) Based on 12/31/2023 -12/31/2025 stock prices. DELCO REMY is a registered trademark of General Motors LLC, licensed to PHINIA Technologies Inc. >$2 Billion Cumulative Adjusted Free Cash Flow From 2023 Through End of Decade Growth Areas • Aerospace & Industrial • Commercial Vehicle • Alternative Fuels • Aftermarket Strong Balance Sheet Robust Liquidity Levels Strategic and Accretive Mergers & Acquisitions Investm entforGrowth StrongFoundation CompetitiveCapital Return 28.5% Adj. Diluted EPS Year Over Year Increase(3) 21% Outstanding Shares Repurchased 2023-2025 107% Stock Price Increase Since Jan. 2024 Through FYE 2025(4) 44% Adj. FCF Conversion in 2025(3) 80% Revenue Produced in Best Cost Countries 40+ Locationsin 20 Countries Life-to-Date $109M Dividends Paid Life-to-Date $436M / 9.8M Shares Repurchased Net Leverage of 1.3x Target of ~2.0x ROIC-Focused (1) (1) (2) (3) 8.0% Dividend Growth Since Inception 61
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62 (1) Based on 12/31/2023 -12/31/2025 stock prices. (2) Adjusted FCF used for PHINIA. Adjusted FCF Yield, Adjusted Diluted EPS, and Adjusted P/E Ratio are Non -GAAP metrics. See Appendix for definitions and reconciliations to the most directly comparable GAAP measures, as applicable. (3) Refer to Appendix for listing of peer companies utilized. (4) Source: Auto Index Stock Prices (S&P 500 Automobiles & Components Index (SP500 -2510). Assumes $100 invested on December 29th , 2023, in stock or index, including reinvestment of dividends. BUILDING VALUE THROUGH PROFITABILITY Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 PHINIA PEER GROUP TOTAL SHAREHOLDER RETURN PHINIA VERSUS PEER GROUP Shareholder Return 116.4% TSR 2024 - 2025 Free Cash Flow Yield (2) 8.9% Yield = FCF ÷ Market Cap Adj. Diluted EPS (2) 28.5% 2024 - 2025 YoY Growth Adj. P/E Ratio (2) 12.6 Undervalued Compared to Peers Shareholder Return 18.6% 9,780 Basis Points Below PHINIA Free Cash Flow Yield 6.1% 280 Basis Points Below PHINIA Adj. Diluted EPS 5.2% 2,330 Basis Points Below PHINIA Adj. P/E Ratio 13.0 Share Price ÷ Adj. Diluted EPS PHINIA INC. (PHIN) NYSE – NASDAQ REAL TIME PRICE • USD 107% Stock Price Increase Since January 2024(1) Auto & Component Index PHINIA COMPARISON OF CUMULATIVE TOTAL RETURN (4) (3)
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2026 FULL YEAR OUTLOOK $485 - $525M 13.7% - 14.3% Adj. EBITDA & Margin $3,515 - $3,715M 1% to 7% YoY Growth Net Sales $200 – $240M Adj. Free Cash Flow 30% - 34% Adj. Effective Tax Rate (1) (1) (2) (1) Forward-looking Non-GAAP metric. See Appendix for Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted FCF definitions.. (2) Adjusted Effective Tax Rate excludes the tax effect of adjusted items and tax amounts not reflective of the Company's ong oing operations. 63
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Brady D. Ericson President and Chief Executive Officer CLOSING 64
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RECAP EXECUTING STRATEGIES TO DELIVER CONSISTENT SHAREHOLDER VALUE Now let’s talk about where we are going PRODUCT LEADERSHIP • Leading Competitive Position MAXIMIZING TOTAL SHAREHOLDER RETURNS STABLE GROWTH • Diverse Industrial Markets FINANCIAL DISCIPLINE • Consistent and Reliable Performer 65
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EXPECTED JOURNEY FROM 2025 TO 2030 DRIVING RESULTS, ACCELERATING PERFORMANCE (1) 2030 figures are targets based on current expectations, with dividends, share repurchases, and certain strategic investments subject to PHINIA Board approval. (2) Net Sales excludes any future M&A. Includes SEM. (3) Non-GAAP metric. See Appendix for Adjusted EBITDA, Net Leverage, and Adjusted FCF definitions and reconciliations to the most di rectly comparable GAAP measures, as applicable (4) Adjusted effective tax rate excludes the effect of adjusted items and tax amounts not reflective of the Company’s ongoing ope rations. Defining Our Future: 2025 → 2030 KPI’s 2025 Cash for Capital Allocation (2026-2030) 2030E Decisions Based on Maximizing Long-Term Shareholder Value (1) Higher / Special Dividends Share Repurchases Net Debt Reduction Increased Liquidity Capex to Support Higher Organic Growth Acquisitions ~$225M of Dividends $600M Additional Debt ~$1.9B $1.3B Adj. FCF Cash available for Capital Allocation RETURN TOSHAREHOLDERSGROW TH BALANCE SHEET Net Sales Adj. EBITDA $3.5B $478M $4.2B ~$630M (3) Net Leverage Adj. Effective Tax Rate Adj. Free Cash Flow 1.3x 33% $212M 2.0x ~27% ~$285M(3) (4) (3) (2) 66
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SALES TARGET PERCENTAGE BY END MARKET PHINIA’S STRATEGIC FOCUS 2024 2024 Sales: 17% 2025 Sales: 15% @ $5B Sales: 20% MD/HD CV 2025 @ $5B Greater Than 80% Service, LCV, MD/HD CV, Off-Hwy/Ind./ Other @ $5.0 Billion of Sales 2024 Sales: 34% 2025 Sales: 35% @ $5B Sales: 40% Service 2024 Sales: 27% 2025 Sales: 25% @ $5B Sales: 17% LPV 2024 Sales: 18% 2025 Sales: 19% @ $5B Sales: 13% LCV 2024 Sales: 4% 2025 Sales: 6% @ $5B Sales: 10% Off-Hwy / Ind. / Other 67
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@ $5B PROJECTED FINANCIALS @ $5B OF SALES READY TO DELIVER (1) Non-GAAP metric. See Appendix for Adjusted EBITDA, Adjusted EBITDA Margin, Cash Conversion, Adjusted FCF, and Net Leverage d efinitions and reconciliations to the most directly comparable GAAP measures, as applicable. * Figures are a target based on achieving $5B of revenues and targeted end -market distribution. Target Sales CAGR 3 – 6% Adj. EBITDA (1) $750M+ Adj. Free Cash Flow (1) ~$350M Liquidity $1.0B Adj. EBITDA (1) 15%+ Cash Conversion (1) 45% Net Leverage(1) Target 2.0X Diversified Industrial End -Market Distribution Global Scale With Growth World Class Adjusted EBITDA Highly Cash Generative Strong Balance Sheet 68
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APPENDIX 69
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$1.27 Billion Aftermarket Sales $2.11 Billion Fuel Systems Sales FUEL SYSTEMS $2.11B 95% 64% 20% AFTERMARKET $1.27B $2.01B $100M $205M $256M $811M OE OES OES IAMOE 2024 ADJUSTED SALES BY CHANNEL (OE, OES, & IAM) $3.38B TOTAL SALES 16% 5% (1) (1) Non-GAAP metric. See Appendix for reconciliation to the most directly comparable GAAP measure. 70
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FUEL SYSTEMS $2.18B $1.30 Billion Aftermarket Sales $2.18 Billion Fuel Systems Sales 67% AFTERMARKET $1.30B $2.05B $127M $214M $222M $869M 94% OE OES 17% OES IAMOE 2025 NET SALES BY CHANNEL (OE, OES, & IAM) $3.48B TOTAL SALES 16% 6% 71
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2025 $3.38B 2024 Sales $2.21B OE Sales 66% $811M IAM Sales 24% $3.48B 2025 Sales $2.26B OE Sales 65% $869M IAM Sales 25% $356M OES Sales 10% $349M OES Sales 10% 24% 24% OE OES IAM ADJUSTED SALES BY CHANNEL (OE, OES, & IAM) 2024 TO 2025 SEGMENTATION 2024 25% SERVICE OE OES IAM 25% OE 34% 35% (1) Non-GAAP metric. See Appendix for reconciliation to the most directly comparable GAAP measure. (1) 72
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Propulsion Agnostic Propulsion Agnostic SERVICE SALES PROPULSION VERSUS PROPULSION AGNOSTIC 2024 TO 2025 $885M 75.6% Propulsion Sales $285M 24.4% Propulsion Agnostic Sales $1.17B Total Service Sales 2024 2025 $894M 73.3% Propulsion Sales $326M 26.7% Propulsion Agnostic Sales $1.22B Total Service Sales Propulsion Propulsion OES & IAM SALES FROM PREVIOUS SLIDE IS TOTAL SERVICE SALES SHOWN HERE 73
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$620M 53.0% Produced Service Sales $550M 47.0% Purchased Service Sales $622M 51.0% Produced Service Sales $598M 49.0% Purchased Service Sales OES & IAM SALES FROM PREVIOUS SLIDES IS TOTAL SERVICE SALES SHOWN HERE $1.17B Total Service Sales $1.22B Total Service Sales SERVICE SALES PRODUCED VERSUS PURCHASED 2024 TO 2025 2024 2025 Produced Purchased Produced Purchased 74
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$3.5B Sales in 2025 $3.4B Sales in 2024 @ $5.0B 2024 Sales: $0.9B (27%) 2025 Sales: $0.9B (25%) @ $5B in Sales: $0.9B (17%) : $0.5B (10%) LPV 2024 Sales: $0.6B (17%) 2025 Sales: $0.5B (15%) @ $5B in Sales: $1.0B (20%) MD/HD CV 2024 Sales: $0.6B (18%) 2025 Sales: $0.7B (19%) @ $5B in Sales: $0.6B (13%) LCV 2024 Sales: $0.1B (4%) 2025 Sales: $0.2B (6%) @ $5B in Sales: $0.5B (10%) Off-Hwy / Ind. / Other 2024 Sales: $1.2B (34%) 2025 Sales: $1.2B (35%) @ $5B in Sales: $2.0B (40%) Service 2024 2025 @ $5B END MARKET SEGMENTATION 2024, 2025, AND @ $5B 75
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• 4 wheeled vehicles primarily designed to carry passengers • Typically no more than eight seats • European class: M1 • US class: Passenger Car • Less than 3.5 ton GVWR Cars and Sport Utility Vehicles DIESEL FIS GASOLINE FIS ST ARTERS & AL TERNA TORSELECTRONICS FUEL HANDLING HYDROGEN FISIGNITION APPLICATION DEFINITIONS 76
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APPLICATION DEFINITIONS • Mostly single rear axle with single rear wheels, although occasionally single axle dual rear wheels, primarily designed to carry goods • Includes car derived vans, panel vans, box vans, and dropside vans • Van derived minibuses • European class: N1 • US class: Class 1 – 2a • Less than ~3.5 ton GVWR Light Commercial Vehicles DIESEL FIS GASOLINE FIS ST ARTERS & AL TERNA TORSELECTRONICS FUEL HANDLING HYDROGEN FISIGNITION 77
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APPLICATION DEFINITIONS • Large vehicles designed to carry goods • Includes long haul tractors, heavy rigid trucks, construction, and vocational vehicles • Category also includes buses and coaches • European class: N2 & N3 • US class: Class 4-8 • Over ~3.5 ton GVWR Medium and Heavy Duty On-Highway Commercial Vehicles DIESEL FIS ST ARTERS & AL TERNA TORSELECTRONICS FUEL HANDLING HYDROGEN FISIGNITION 78
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APPLICATION DEFINITIONS • Small engine applications for applications like Chainsaws and for 2 and 3 wheelers • Stationary engines for power generation and backup • Marine applications for private and commercial boats • Civil and military aerospace applications, including drones Off Hwy, Industrial, Small Engine, Aerospace, Marine Off Hwy, Industrial, and Other DIESEL FIS GASOLINE FIS ST ARTERS & AL TERNA TORSELECTRONICS FUEL HANDLING HYDROGEN FISIGNITION 79
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FINANCIAL PERFORMANCE – ADJUSTED DILUTED EPS BUILDING VALUE THROUGH PROFITABILITY PHINIA Purchased ~4M Shares of Outstanding Stock (~$200M) in 2025 through Share Repurchase Program Evolved Adjusted Effective Tax Rateand Improved Interest from Debt Repayment Primarily Driven by Supplier Savings, Overhead Cost Control Measures, and FX Hedging Supports Exploration of Adjacent Market Opportunities and Provides Customers with a Wider Range of Products and Turnkey Solutions SHARE REPURCHASES FINANCIAL STEWARDSHIP OPERATIONAL EFFICIENCIES SEM ACQUISITION ~$0.45 ~$0.10 ~$0.02 ~$0.52 $3.86 $4.96 2024 Adj. Diluted EPS Share Buyback Financial Stewardship Operational Efficiencies SEM Acquisition 2025 Adj. Diluted EPS (1) Non-GAAP metric. See Appendix for Adj. Diluted EPS definition and reconciliation to the most directly comparable GAAP measur es. (1) 80
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INDUSTRY VOLUME ASSUMPTIONS 2026 VERSUS 2025 (EXPECTATION BY REGION) Year-over-year 2026 vs 2025 vehicle production based on October 2025 IHS on highway forecasts. Light Vehicle includes all propul sion types. Light Vehicle ICE (Internal Combustion Engine) includes combustion and hybrid applications. LV ICE INDUSTRY VOLUME EXPECTED TO BE DOWN MID-SINGLE DIGITS, WHILE CV ICE INDUSTRY VOLUME EXPECTED TO BE DOWN LOW-SINGLE DIGITS CV Up Mid-Single Digits % CV Up Mid to Upper-Single Digits % LV Flat to Up Flat to Low-Single Digits % CV Down Low-Single Digits % AMERICAS LV Down Low-Single Digits % APACEMEA LV Flat to Down Low-Single Digits % 81
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IMPACTFUL INVESTMENT RESEARCH & DEVELOPMENT AND CAPITAL & TOOLING (1) Research & Development is a net number (total spend minus total reimbursements). $124M $105M $150M $105M $112M $108M 2025 2024 2023 3.3% of Net Sales 3.0% of Net Sales 3.1% of Net Sales 3.6% of Net Sales 4.3% of Net Sales 3.1% of Net Sales RESEARCH & DEVELOPMENT Includes Technologies, Product Research and Development, Operational and Product Support, Customer Interaction, Compliance, and Future Technologies Innovation Target 3% or Less CAPITAL & TOOLING Includes All Capital Expenditures (Fixed Assets, Buildings, and Equipment), and Tooling Expenses (Net of Amortization) Target 4% or Less DISCIPLINED MANAGEMENT OF SPEND, FUNDING CV, AFTERMARKET AND ALTERNATIVE FUEL TECHNOLOGY (1) 82
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NET LEVERAGE LIQUIDITY LEVERAGE & LIQUIDITY STRONG BALANCE SHEET WITH ROBUST LIQUIDITY LEVELS STRONG LIQUIDITY AND PRUDENT LEVERAGE SUPPORTS BUSINESS STABILITY & OPTIONALITY Short-Term Debt $3M Long-Term Debt $967M Less: Cash & Cash Equivalents ($359M) Net Debt $611M 2025 Adjusted EBITDA $478M Total Debt (Net) Leverage Ratio 2.0x (1.3x) Total Revolver Commitment $500M Less: Revolver Draw Outstanding $(0) Available Revolver Capacity $500M Cash & Cash Equivalents $359M Total Liquidity $859M 83
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HISTORICAL FINANCIAL METRICS (1) (2) 2025 2024 2023 Fuel Systems $ 2,177 $ 2,108 $ 2,225 Aftermarket 1,306 1,272 1,225 Adjusted Sales $ 3,483 $ 3,380 $ 3,450 Fuel Systems 244 228 224 Margin % 11.2% 10.8% 10.1% Aftermarket 211 210 187 Margin % 16.2% 16.5% 15.3% Segment Adj. Operating Income $ 455 $ 438 $ 411 Margin % 13.1% 13.0% 11.9% Corporate Costs (104) (92) (64) Adj. Operating Income $ 351 $ 346 $ 347 Margin % 10.1% 10.2% 10.1% Depreciation Expense 127 132 143 Adj. EBITDA $ 478 $ 478 $ 490 Margin % 13.7% 14.1% 14.2% Year Ended December 31, (1) Includes non-GAAP metrics. See Appendix for definitions and reconciliations to the most directly comparable GAAP measures. 84
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ADJUSTED EBITDA AND MARGIN RECONCILIATION TO US GAAP The Company defines adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) as net earnings less interest, taxes, depreciation and amortization, adjusted to exclude the impact of restructuring expense, separation-related costs, merger and acquisition expense, other postretirement income and expense, equity in affiliates' earnings, net of tax, impairment charges, other net expenses, and other gains and losses not reflective of our ongoing operations. Adjusted EBITDA margin is defined as adjusted EBITDA dividedby adjusted sales. Management utilizes adjusted EBITDA and adjusted EBITDA margin in its financial decision-making process and to evaluate performance of the Company's consolidated results. Management also believes adjusted EBITDA and adjusted EBITDA margin are useful to investors in assessing the Company’s ongoing consolidated financial performance, as they provide improved comparability between periods through the exclusion of certain items that management believes are not indicative of the Company’s core operating performance. The Company defines adjusted operating income as operating income adjusted to exclude the impact of restructuring expense, separation-related costs, merger and acquisition expense, impairment charges, other net expenses, and other gains and losses not reflective of the Company’s ongoing operations, and intangibles amortization expense associated with acquisitions that occurr ed prior to the Spin-off. Adjusted operating margin is defined as adjusted operating income divided by adjusted sales. Management utilizes adjusted operating income and adjusted operating margin as key performance measures of segment income and for planning and forecasting purposes to allocate resources to our segments. Management believes these measures provide useful information to investors, when reconciled to the corresponding U.S. GAAP measure, as they are reflective of the operational profitability or loss of our segments. ADJUSTED OPERATING INCOME AND MARGIN RECONCILIATION TO US GAAP $ in millions FY FY Net earnings $ 130 $ 79 Depreciation and tooling amortization 127 132 Provision for income taxes 68 108 Intangible asset amortization expense 30 28 Interest expense, net 67 83 EBITDA $ 422 $ 430 Separation-related costs 43 31 Asset impairment — 21 Restructuring expense 17 14 Merger and acquisition costs 9 — Equity in affiliates' earnings, net of tax (15) (11) Other postretirement (income) expense 4 — Other non-comparable items (2) (7) Adjusted EBITDA $ 478 $ 478 20242025 2023 $ in millions FY FY FY Operating income $ 254 $ 259 $ 241 Separation-related costs 43 31 80 Merger and acquisition costs 9 — — Asset impairment — 21 — Intangible asset amortization expense 30 28 28 Restructuring expense 17 14 12 Royalty income from Former Parent — — (17) Other non-comparable items (2) (7) 3 Adjusted operating income $ 351 $ 346 $ 347 Net sales $3,483 $3,403 $3,500 Operating margin % 7.3% 7.6% 6.9% Adjusted sales $3,483 $3,380 $3,450 Adjusted operating margin % 10.1% 10.2% 10.1% 20242025 85
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ADJUSTED SALES RECONCILIATION TO US GAAP (1) The Company defines adjusted sales as net sales adjusted to exclude certain agreements with our former parent that were enter ed into in connection with the spin -off. Management believes that adjusted sales is useful to investors, as it provides improved comparability between periods through the exclusion of certain temporary agreements with o ur former parent that are not indicative of the Company’s ongoing operations. ADJUSTED FREE CASH FLOW RECONCILIATION TO GAAP The Company defines adjusted free cash flow as net cash provided by operating activities after adding back adjustments relate d to the ongoing effects of separation -related transactions, less capital expenditures, including tooling outlays. Management believes that adjusted free cash flow is useful to investors in assessing the Company's ability to service and repay its debt and return capital to shareholders. Further, management uses this non -GAAP measure for planning and forecasting purposes. $ in millions 2023 Fuel Systems net sales $ 2,131 $ 2,275 Spin-off agreement adjustment (23) (50) Fuel system adjusted sales $ 2,108 $ 2,225 Aftermarket net sales 1,272 1,225 Adjusted sales $ 3,380 $ 3,450 2024 Year Ended December 31, $ in millions 2025 2024 Net cash provided by operating activities $ 312 $ 308 Capital expenditures, including tooling outlays (124) (105) Effects of separation-related transactions 24 50 Adjusted free cash flow $ 212 $ 253 Year Ended December 31, 86
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ADJUSTED NET EARNINGS RECONCILIATION TO US GAAP The Company defines adjusted net earnings and adjusted net earnings per diluted share as net earnings and net earnings per sh are adjusted to exclude: (i) the tax-effected impact of restructuring expense, separation -related costs, merger and acquisition expense, impairment charges and other gains, losses and tax effects and adjustments not reflective of the Company’s ongoing o perations; and (ii) acquisition -related intangibles amortization expense because it pertains to non -cash expenses that the Company does not use to evaluate core operating performance. Management believes that adjusted net earnings and adjusted net earnings per diluted share are useful to investors in assessing the Company’s ongoing financial performance, as they provide improved comparability between periods through the exclusion of certain items that management believes are not indicative of the Company’s core operating performance. ADJUSTED NET EARNINGS PER DILUTED SHARE RECONCILIATION TO US GAAP 2025 2024 Net earnings per diluted share $ 3.24 $ 1.76 Amortization of acquisition-related intangibles 0.75 0.63 Restructuring expense 0.42 0.31 Separation-related costs 1.07 0.69 Asset impairment — 0.47 Merger and acquisition costs 0.22 — (Gains) losses for other one-time events (0.05) (0.16) Loss on extinguishment of debt — 0.49 Tax effects and adjustments (0.69) (0.33) Adjusted net earnings per diluted share $ 4.96 $ 3.86 Year Ended December 31, 2025 2024 Net earnings $ 130 $ 79 Amortization of acquisition-related intangibles 30 28 Restructuring expense 17 14 Separation-related costs 43 31 Asset impairment — 21 Merger and acquisition costs 9 — (Gains) losses for other one-time events (2) (7) Loss on extinguishment of debt — 22 Tax effects and adjustments (28) (15) Adjusted net earnings $ 199 $ 173 Year Ended December 31, 87
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DEFINITIONS & CALCULATIONS The Company utilized the following calculations and definitions on the foregoing slides, some of which include Non -GAAP measures , as defined below: • Adjusted Effective Tax Rate - Excludes the tax effect of adjusted items and tax amounts not reflective of the Company's ongoing operations • Adjusted Free Cash Flow Conversion – Calculated as Adjusted FCF divided by Adjusted EBITDA • Adjusted Free Cash Flow Yield – Calculated as Adjusted FCF divided by Market Capitalization • Adjusted P/E Ratio – Calculated as Share Price divided by Adjusted Diluted EPS • Net Leverage – Calculated as Net Debt divided by Adjusted EBITDA • Total Shareholder Return – Calculated as (Ending Share Price minus Beginning Share Price plus Dividends) divided by Beginning Share Price • Service – Includes IAM and OES PEER GROUP The Company utilized the following competitors for purposes of showing comparison to peers. Competitor data utilized was as o f the most recently publicly available full-year data at time of preparation of materials, as shown below. Company Year-End Categorization Atmus Filtration 12/31/2024 Industrial Autoliv 12/31/2024 Tier 1 Dana Inc 12/31/2024 Tier 1 Dauch (formerly American Axle) 12/31/2024 Tier 1 Donaldson 7/31/2024 Industrial Federal Signal Corporation 12/31/2024 Industrial Fox Factory 1/3/2025 Aftermarket Gates Industrial 12/28/2024 Industrial Sensata Tech 12/31/2024 Industrial Standard Motor Products 12/31/2024 Aftermarket The Timken Co 12/31/2024 Industrial Visteon 12/31/2024 Tier 1 88
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GLOSSARY Adj Adjusted AOI Adjusted Operating Income AOI (relating to EVA) - Average Operating Investment APAC Asia-Pacific ATOI After Tax Operating Income BEV Battery Electric Vehicle CAGR Compound Annual Growth Rate CPV Content Per Vehicle CV Commercial Vehicle DI-CHG Direct Injector-Compressed Hydrogen Gas EBITDA Earnings Before Interest, Tax, Depreciation & Amortization ECU Electronic Control Unit E-Fuels Electrofuel - synthetic fuels made by combining green hydrogen, with captured carbon dioxide or nitrogen EGR Exhaust Gas Recirculation EMEA Europe, Middle East and Africa EPS Earnings Per Share EVA Economic Value Added FCF Free Cash Flow FDM Fuel Delivery Module FIS Fuel Injection System GDI Gasoline Direct Injection GOLD Globally Optimized. Locally Driven. GSM Global Supply Management GVWR Gross Vehicle Weight Rating HD Heavy Duty Hwy Highway IAM Independent Aftermarket ICE Internal Combustion Engine LCV Light Commercial Vehicle LPV Light Passenger Vehicle LV Light Vehicle LV GDI Light Vehicle Gasoline Direct Injection L2Y Last two years L1Y Last one year L3M Last three months M&A Mergers & Acquisitions MD Medium Duty OE Original Equipment OEM Original Equipment Manufacturer OES Original Equipment Service PFI Port Fuel Injection P/E Price to Earnings Ratio PHEV Plugin Hybrid Electric Vehicle PHIN PHINIA NYSE Symbol PV Passenger Vehicle ROIC Return On Invested Capital SCR Selective Catalytic Reduction SEM Swedish Electromagnet Invest AB TCO Total Cost of Ownership TSR Total Shareholder Return WACC Weighted Average Cost of Capital YoY Year Over Year ALL TERMS CAN BE FOUND WITHIN OUR RESOURCE CENTER BY SCANNING THE QR CODE Acronym Definition Acronym Definition 89
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THANK YOU 90