Slides
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Investor Presentation Fourth Quarter 2025 NYSE: SMP
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Safe Harbor – Forward Looking Statements You should be aware that except for historical information, the matters discussed herein are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements, including projections and anticipated levels of future performance, are based on current information and assumptions and involve risks and uncertainties which may cause actual results to differ materially from those discussed herein. In addition, we use metrics such as Adjusted EBITDA and Income from Operations without Special Items throughout this presentation, which are non-GAAP measures. You are urged to review all of our filings with the SEC and our press releases from time to time for details of risks and uncertainties that could cause future performance to vary from the expectations expressed or implied by the forward-looking statements herein and for certain reconciliations of GAAP to non-GAAP results. 2
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Standard Motor Products: An Overview 3 Who We Are: Standard Motor Products is a leading global manufacturer and distributor of premium replacement parts in the automotive aftermarket and a custom-engineered solutions provider to vehicle and equipment manufacturers in diverse non-aftermarket end markets. Headquarters: Long Island City, NY Year Founded: 1919 Number of Employees1: ~6,200 Market Capitalization2: ~$979mm 2025 Revenue: $1.8B 2025 Adj. EBITDA3: $201M 68% 17% 15% North American Aftermarket European Aftermarket Engineered Solutions 2025 Revenue Three Markets Key FactsFinancial Composition 1. Includes JVs 2. As of February 24, 2026 3. Reflects adjusted EBITDA which is a non-GAAP financial measure North American Aftermarket European Aftermarket Engineered Solutions
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SMP Investment Thesis 4 1. A leading market position in global automotive aftermarket parts 2. Serves a stable and growing do-it-for-me (DIFM) market that benefits from non-discretionary vehicle repairs and increasing vehicle complexity that requires professional installation 3. Diversification in Europe and rest of the world with Nissens acquisition 4. Engineered Solutions provides diversified growth in large, global end markets 5. Demonstrated consistent financial performance, cash flow generation, and disciplined capital allocation that fuels growth and returns capital to shareholders
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Expansion of SMP’s Aftermarket Business 5 • Before the acquisition of November 2024, SMP’s aftermarket business was already a North American leader for Vehicle and Temperature Control products. • Acquisition helps turn SMP into an aftermarket leader in Europe & further strengthens its position in North America across key product categories. • Expands SMP’s product portfolio of powertrain-neutral & EV-specific categories. • The acquisition was highly accretive in its first full year post-acquisition. ($ in millions) $1,062 $1,102 $1,076 $1,143 $1,212 $277 $305 2021 2022 2023 2024 2025 SMP Nissens Aftermarket Revenue with Nissens2Nissens Acquisition Highlights 500+ Employees 17 Distribution centers / warehouses >90% Parc coverage1 >15,000 SKUs 3 Strong brands covering premium and value segments 2 Manufacturing facilities 1. For main product groups 2. 2024 revenue includes Nissens pro forma results Nissens at Glance $1,517
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Creating a Powerful Global Aftermarket Presence 6 Operational ExcellenceComplementary Offerings Across Combined Geographies Leading North American supplier for Vehicle Control and Temperature Control products Leading European supplier for Thermal Management products with a growing array of Vehicle Control (Engine Efficiency) technologies $8-12mm in Expected Cost Synergies Bi-directional savings potential Strong opportunities for growth through cross-selling Improved performance through collaboration and best practices Shared go-to-market strategy of being a full-line full-service supplier of professional grade products resonates across the customer base
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Diversified Manufacturing Footprint 7
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Engineered Solutions Offers a wide range of custom-designed products to vehicle and equipment manufacturers across diverse global end markets, including both on-highway and off- highway applications. 15% of 2025 Revenue European Aftermarket Contains the recently acquired Nissens business, a leading manufacturer and distributor of aftermarket engine cooling and air conditioning with a growing array of vehicle control technologies. 17% of 2025 Revenue North American Aftermarket A mission to be the best full-line, full-service supplier of premium Vehicle Control and Temperature products for all makes and models. Products are primarily sold to retailers and warehouse distributors. 68% of 2025 Revenue Our Operating Markets 8
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CustomersCustomers Examples3 • A major supplier to most retailers and distributors. North American Aftermarket 9 Business Overview • Contains the Vehicle Control and Temperature Control segments. • Full-line coverage that delivers 80,000 SKUs for both import and domestic vehicles. • Professional grade products with brands technicians know and trust that support all vehicle platforms. • Provides all needed support for customers and technicians who install SMP parts. Revenue & Sales by Segments ($ in millions) Key Market Drivers & Data • The Do-it-for-me (DIFM) has been steadily increasing since 2020 (~11% CAGR1) as cars continue to become more complicated. • There are currently 296 million2 registered cars and growing in the U.S. as of 2024, with 92%2 of American households owning at least one car or truck. • The average age of a car in the U.S. is currently 12.3 years old2 as consumers continue to hold on to their cars and trucks longer, which will result in an improved aftermarket for replacement parts. Revenue 2025 Sales by Segments 65% 35% Vehicle Control Temperature Control 1. Source: Auto Care Association / Modern Tire Dealer 2. Source: U.S. Vehicle Registration Statistics: Here 3. Logos represent only select customers and does not highlight all SMP’s customers $1,102 $1,076 $1,143 $1,212 2022 2023 2024 2025
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17% 42% 41% Engine Efficiency Air Conditioning Engine Cooling European Aftermarket 10 Business Overview • Contains the recently acquired Nissens business, a leading manufacturer and distributor of aftermarket powertrain cooling and air conditioning with a growing array of vehicle control (engine efficiency) technologies. • Operating through three distinct brands: Revenue & Sales by Products1 ($ in millions) Key Market Drivers & Data • There are ~280 million2 cars in the European Union as of 2023. • The average age of a car in the European Union is 12.3 years2 as of 2023 and continues to age. • The market value of just parts in the European aftermarket during 2023 was $122 billion.2 • No single customers is greater than 15% of sales, with the top six customers accounting for less than 37% of sales. Customer Examples 3 Revenue 2025 Sales by End Market Nissens: Premium segments of the passenger vehicle (PV), light commercial vehicle (LCV) as well as the heavy commercial vehicle (HCV) aftermarket AVA: Passenger vehicle and light commercial vehicle aftermarket Highway: Specialized business unit for developing the value segments of heavy commercial and agriculture 1. 2024 revenue includes Nissens pro forma results 2. Source: European Independent Automotive Aftermarket Panorama : Here $257 $277 $305 2023 2024 2025 3. Logos represent only select customers and does not highlight all SMP’s European customers
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$270 $283 $285 $274 2022 2023 2024 2025 Engineered Solutions 11 Business Overview • Offers a wide range of custom-designed products to vehicle and equipment manufacturers across diverse global end markets, including both on-highway and off-highway applications, such as: • Shared technologies and engineering expertise from other segments. Revenue & Sales by Products ($ in millions) Diverse Global End Markets • Servicing leading vehicle and equipment manufacturers, their tier suppliers, system integrators, and vehicle and equipment service part operations. • Commercial Vehicle • Light Vehicle • Construction & Agriculture • Marine • Lawn & Garden • Hydraulics Revenue 2025 Sales by End Market 30% 31% 13% 26% Commercial Vehicle Light Vehicle Const. / Agr. All Other Key Market Drivers & Data • Growth is driven by new customers, cross-selling to existing customers, new products and increasing platform content. • Commercial Vehicle and Construction / Agricultural applications enjoy a long product lifecycle (10 years+ of ongoing business). • Vehicle complexity creates new opportunities in electronics, active sensors, emission controls and fuel injection components. • Diverse customer base across global end markets; No single customer is more than 11% of sales, with the top ten customers accounting for 40% of sales.
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Financial Overview
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Sales by Market Segment¹ 13 ($ in millions) 1. 2024 revenue includes Nissens pro forma results $1,062 $1,102 $1,076 $1,143 $1,212 $277 $305 $237 $270 $283 $285 $274 2021 2022 2023 2024 2025 North American Aftermarket European Aftermarket Engineered Solutions 71% 8% 2% 19% USA Rest of North America Rest of World Europe Sales by Market Segment 2025 Sales by Geography
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Balance Sheet & Cash Flow 14 $25.9 $26.0 $28.6 $44.0 $38.7 $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 $50 2021 2022 2023 2024 2025 CapEx $106.7 $218.5 $123.7 $517.9 $546.7 0.7x 1.5x 1.0x 3.7x 2.7x 0 0.5 1 1.5 2 2.5 3 3.5 4 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 $550 $600 2021 2022 2023 2024 2025 Net Debt Leverage Ratio • The Nissens acquisition will help improve future free cash flow in year 2026. • Cash flow will be used to help lower debt balance over time. • Will continue to invest in the business to drive growth. Free Cash Flow1 Capital Expenditures2 Net Debt ($ in millions) $59.7 ($53.5) $115.7 $32.7 $18.7 ($80) ($60) ($40) ($20) $0 $20 $40 $60 $80 $100 $120 $140 2021 2022 2023 2024 2025 FCF 1. Lower 2022 FCF was driven by supply chain impacts 2. 2024 capital expenditures include $20.3 million to build out new distribution
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Capital Allocation Priorities 15 CapEx Investment • Support organic growth through reinvestment in the business Dividend • Continue to return capital to shareholders through quarterly dividend that has a 10-year CAGR of 8% • 10-year average dividend yield of 2.3% Debt Paydown • Continue to pay down debt to lower our net leverage ratio Opportunistic M&A • Actively looking for deals that align with SMP’s core competencies • Completed a total of six acquisitions over the last 5 years Share Repurchases • Spent $10.4mm in ‘24 to repurchase 321K shares • No repurchases in ‘25 • $19.6mm left under authorization as of December 31, 2025 • 10-year average share repurchase yield of 1.6%
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SMP Investment Thesis 16 1. A leading market position in global automotive aftermarket parts 2. Serves a stable and growing do-it-for-me (DIFM) market that benefits from non-discretionary vehicle repairs and increasing vehicle complexity that requires professional installment 3. Diversification in Europe and rest of the world with Nissens acquisition 4. Engineered Solutions provides diversified growth in large, global end markets 5. Demonstrated consistent financial performance, cash flow generation, and disciplined capital allocation that fuels growth and returns capital to shareholders
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Contact Investor Relations: Tony Cristello, VP of IR & Corporate Development investors@smpcorp.com
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Appendix Non-GAAP Reconciliations
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Income Statement Non-GAAP 19 (In millions, except per share amounts) 2025 2024 2025 2024 Vehicle Control Revenue 193.7$ 187.4$ 785.4$ 762.6$ Gross Margin 62.1 32.1% 59.6 31.8% 247.1 31.5% 244.1 32.0% Selling, General & Administrative 38.6 19.9% 34.5 18.4% 151.0 19.2% 140.4 18.4% Factoring Expenses 6.6 3.4% 7.9 4.2% 27.9 3.6% 32.1 4.2% Operating Income 16.9$ 8.7% 17.2$ 9.2% 68.2$ 8.7% 71.6$ 9.4% Adjusted EBITDA 21.5$ 11.1% 20.8$ 11.1% 85.7$ 10.9% 86.2$ 11.3% Temperature Control Revenue 61.5$ 58.0$ 426.4$ 380.1$ Gross Margin 22.9 37.3% 19.2 33.0% 144.8 34.0% 117.8 31.0% Selling, General & Administrative 13.8 22.4% 13.1 22.5% 66.8 15.7% 65.6 17.3% Factoring Expenses 1.9 3.1% 2.3 4.0% 16.7 3.9% 16.4 4.3% Operating Income 7.3$ 11.8% 3.8$ 6.6% 61.3$ 14.4% 35.8$ 9.4% Adjusted EBITDA 8.0$ 13.0% 5.5$ 9.5% 67.1$ 15.7% 43.1$ 11.3% (1) All operating results provided except for revenues are on a non-GAAP basis. See financial statements in earnings release for reconciliation of GAAP to non-GAAP earnings. TWELVE MONTHS ENDED DECEMBER 31, THREE MONTHS ENDED DECEMBER 31,
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Income Statement Non-GAAP Cont. 20 (In millions, except per share amounts) 2025 2024 2025 2024 Nissens Automotive Revenue 64.1$ 35.7$ 305.4$ 35.7$ Gross Margin 27.2 42.4% 14.6 40.8% 126.6 41.5% 14.6 40.8% Selling, General & Administrative 23.6 36.8% 14.2 39.7% 91.8 30.1% 14.2 39.7% Operating Income 3.6$ 5.6% 0.4$ 1.1% 34.8$ 11.4% 0.4$ 1.1% Adjusted EBITDA 6.5$ 10.1% 3.2$ 8.9% 48.5$ 15.9% 3.2$ 8.9% Engineered Solutions Revenue 66.1$ 62.2$ 274.5$ 285.5$ Gross Margin 11.9 18.0% 10.7 17.2% 49.1 17.9% 49.9 17.5% Selling, General & Administrative 8.4 12.7% 8.8 14.2% 34.4 12.5% 34.3 12.0% Operating Income 3.5$ 5.3% 1.9$ 3.0% 14.8$ 5.4% 15.6$ 5.5% Adjusted EBITDA 6.3$ 9.6% 5.3$ 8.5% 27.1$ 9.9% 29.5$ 10.3% (1) All operating results provided except for revenues are on a non-GAAP basis. See financial statements in earnings release for reconciliation of GAAP to non-GAAP earnings. TWELVE MONTHS ENDED DECEMBER 31, THREE MONTHS ENDED DECEMBER 31,
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Income Statement Non-GAAP Cont. 21 (In millions, except per share amounts) 2025 2024 2025 2024 Consolidated Results Revenue 385.1$ 343.4$ 1,791.2$ 1,463.8$ Gross Margin 124.1 32.2% 104.1 30.3% 567.7 31.7% 426.4 29.1% Selling, General & Administrative 89.2 23.2% 76.1 22.2% 371.7 20.8% 276.2 18.9% Factoring Expenses 8.5 2.2% 10.2 3.0% 44.6 2.5% 48.5 3.3% Operating Income 26.4$ 6.9% 17.8$ 5.2% 151.4$ 8.5% 101.7$ 6.9% Net Earnings from Continuing Operations 12.8$ 10.5$ 90.3$ 70.5$ Adjusted EBITDA 37.4$ 9.7% 29.0$ 8.4% 200.9$ 11.2% 140.1$ 9.6% Interest Expense 7.9$ 5.5$ 31.3$ 13.5$ Diluted Earnings per Share 0.56$ 0.47$ 4.02$ 3.17$ TWELVE MONTHS ENDED DECEMBER 31, (1) All operating results provided except for revenues are on a non-GAAP basis. See financial statements in earnings release for reconciliation of GAAP to non-GAAP earnings. THREE MONTHS ENDED DECEMBER 31,
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Balance Sheet & Cash Flow Metrics¹ 221. Metrics include Nissens results only from the November 1, 2024 acquisition date. (In millions) 2025 2024 Working Capital Stats Accounts Receivable, Net 232.0$ 210.7$ Inventories 712.2$ 624.9$ Cash Flow Stats (YTD) Operating cash flows 57.4$ 76.7$ Capex (38.7)$ (44.0)$ M&A -$ (372.5)$ Dividends (27.3)$ (25.3)$ Share repurchases -$ (10.4)$ Net Change in Debt 27.7$ 392.6$ Debt & Leverage Total debt 618.7$ 562.3$ Cash 72.0$ 44.4$ Net debt 546.7$ 517.8$ LTM Adjusted EBITDA 200.9$ 140.1$ Leverage ratio 2.7x 3.7x Remaining borrowing capacity 137.0$ 193.4$ Total Liquidity 209.0$ 237.8$ DECEMBER 31,
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Reconciliation of GAAP & Non-GAAP Measures 23 ($ in thousands, except per share amounts) 2025 2024 2023 2022 2021 (Unaudited) EARNINGS FROM CONTINUING OPERATIONS GAAP EARNINGS FROM CONTINUING OPERATIONS 79,033$ 53,628$ 63,144$ 73,042$ 99,353$ RESTRUCTURING EXPENSES 2,580 7,668 2,642 1,891 392 CUSTOMER BANKRUPTCY CHARGE - - - 7,002 - ACQUISITION AND INTEGRATION EXPENSES 8,583 15,245 - - 1,711 OE PROGRAM WINDDOWN 4,067 - - - - CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD - (380) (312) (249) (259) INCOME TAX EFFECT RELATED TO RECONCILING ITEMS (3,960) (5,705) (687) (2,312) (547) NON-GAAP EARNINGS FROM CONTINUING OPERATIONS 90,303$ 70,456$ 64,787$ 79,374$ 100,650$ DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS 3.52$ 2.41$ 2.85$ 3.30$ 4.39$ RESTRUCTURING EXPENSES 0.11 0.34 0.12 0.08 0.02 CUSTOMER BANKRUPTCY CHARGE - - - 0.32 - ACQUISITION AND INTEGRATION EXPENSES 0.38 0.69 - - 0.07 OE PROGRAM WINDDOWN 0.18 - - - - CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD - (0.02) (0.01) (0.01) (0.01) INCOME TAX EFFECT RELATED TO RECONCILING ITEMS (0.17) (0.25) (0.04) (0.10) (0.02) NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPS 4.02$ 3.17$ 2.92$ 3.59$ 4.45$ TWELVE MONTHS ENDED DECEMBER 31, MANAGEMENT BELIEVES THAT EARNINGS FROM CONTINUING OPERATIONS AND DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS, EACH OF WHICH ARE NON-GAAP MEASUREMENTS AND ARE ADJUSTED FOR SPECIAL ITEMS, ARE MEANINGFUL TO INVESTORS BECAUSE THEY PROVIDE A VIEW OF THE COMPANY WITH RESPECT TO ONGOING OPERATING RESULTS. SPECIAL ITEMS REPRESENT SIGNIFICANT CHARGES OR CREDITS THAT ARE IMPORTANT TO AN UNDERSTANDING OF THE COMPANY'S OVERALL OPERATING RESULTS IN THE PERIODS PRESENTED. SUCH NON-GAAP MEASUREMENTS ARE NOT RECOGNIZED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND SHOULD NOT BE VIEWED AS AN ALTERNATIVE TO GAAP MEASURES OF PERFORMANCE.
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Reconciliation of GAAP & Non-GAAP Measures Cont. 24 ($ in thousands) 2025 2024 2023 2022 2021 (Unaudited) EBITDA WITHOUT SPECIAL ITEMS ATTRIBUTABLE TO SMP GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES 110,523$ 73,989$ 81,716$ 98,332$ 130,465$ DEPRECIATION & AMORTIZATION 43,848 31,413 29,022 28,298 27,243 INTEREST EXPENSE 31,339 13,512 13,287 10,617 2,028 EBITDA 185,710 118,914 124,025 137,247 159,736 RESTRUCTURING EXPENSES 2,580 7,668 2,642 1,891 392 CUSTOMER BANKRUPTCY CHARGE - - - 7,002 - ACQUISITION AND INTEGRATION EXPENSES 8,583 13,476 - - 1,711 OE PROGRAM WINDDOWN 4,067 - - - - SPECIAL ITEMS 15,230 21,144 2,642 8,893 2,103 EBITDA WITHOUT SPECIAL ITEMS 200,940$ 140,058$ 126,667$ 146,140$ 161,839$ TOTAL DEBT 618,715$ 562,314$ 156,211$ 239,620$ 128,436$ CASH 72,031$ 44,426$ 32,526$ 21,150$ 21,755$ NET DEBT 546,684$ 517,888$ 123,685$ 218,470$ 106,681$ NET DEBT TO EBITDA RATIO (TTM) 2.7:1 3.7:1 1.0:1 1.5:1 0.7:1 TWELVE MONTHS ENDED DECEMBER 31, MANAGEMENT BELIEVES THAT EBITDA WITHOUT SPECIAL ITEMS, WHICH IS NON-GAAP MEASUREMENT, IS MEANINGFUL TO INVESTORS BECAUSE IT PROVIDES A VIEW OF THE COMPANY WITH RESPECT TO ONGOING OPERATING RESULTS. SPECIAL ITEMS REPRESENT SIGNIFICANT CHARGES OR CREDITS THAT ARE IMPORTANT TO AN UNDERSTANDING OF THE COMPANY'S OVERALL OPERATING RESULTS IN THE PERIODS PRESENTED. SUCH NON-GAAP MEASUREMENTS ARE NOT RECOGNIZED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND SHOULD NOT BE VIEWED AS AN ALTERNATIVE TO GAAP MEASURES OF PERFORMANCE.
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Reconciliation of GAAP & Non-GAAP Measures Cont. 25 (In thousands) Vehicle Control Temperature Control Nissens Automotive Engineered Solutions All Other Consolidated Vehicle Control Temperature Control Nissens Automotive Engineered Solutions All Other Consolidated OPERATING INCOME GAAP OPERATING INCOME 65,796$ 61,485$ 10,598$ 26,900$ (28,272)$ 136,507$ 67,306$ 34,937$ 14,820$ (2,768)$ (33,671)$ 80,624$ RESTRUCTURING EXPENSES 2,271 190 118 - 1 2,580 4,248 847 843 - 1,730 7,668 ACQUISITION AND INTEGRATION EXPENSES - - - 8,006 577 8,583 - - - 3,165 10,311 13,476 OE PROGRAM WINDDOWN - - 4,067 - - 4,067 - - - - - - OTHER INCOME, NET 154 (373) (20) (99) - (338) 6 (2) (67) (12) - (75) NON-GAAP OPERATING INCOME 68,221$ 61,302$ 14,763$ 34,807$ (27,694)$ 151,399$ 71,560$ 35,782$ 15,596$ 385$ (21,630)$ 101,693$ EBITDA WITHOUT SPECIAL ITEMS GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES 62,040$ 61,139$ 10,776$ 5,384$ (28,816)$ 110,523$ 61,119$ 36,612$ 16,666$ (6,087)$ (34,321)$ 73,989$ DEPRECIATION AND AMORTIZATION 16,178 3,285 10,088 12,935 1,362 43,848 14,841 3,307 9,608 1,943 1,714 31,413 INTEREST EXPENSE 5,185 2,469 2,071 22,160 (546) 31,339 5,976 2,360 2,364 4,147 (1,335) 13,512 EBITDA 83,403 66,893 22,935 40,479 (28,000) 185,710 81,936 42,279 28,638 3 (33,942) 118,914 RESTRUCTURING EXPENSES 2,271 190 118 - 1 2,580 4,248 847 843 - 1,730 7,668 ACQUISITION AND INTEGRATION EXPENSES - - - 8,006 577 8,583 - - - 3,165 10,311 13,476 OE PROGRAM WINDDOWN - - 4,067 - - 4,067 SPECIAL ITEMS 2,271 190 4,185 8,006 578 15,230 4,248 847 843 3,165 12,041 21,144 EBITDA WITHOUT SPECIAL ITEMS 85,674$ 67,083$ 27,120$ 48,485$ (27,422)$ 200,940$ 86,184$ 43,126$ 29,481$ 3,168$ (21,901)$ 140,058$ % of Net Sales 10.9% 15.7% 8.9% 17.7% 11.2% 11.3% 11.3% 10.3% 8.9% 9.6% TWELVE MONTHS ENDED DECMBER 31, 2024 (Unaudited) MANAGEMENT BELIEVES THAT NON-GAAP OPERATING INCOME AND EBITDA WITHOUT SPECIAL ITEMS, EACH OF WHICH ARE NON-GAAP MEASUREMENTS AND ARE ADJUSTED FOR SPECIAL ITEMS, ARE MEANINGFUL TO INVESTORS BECAUSE THEY PROVIDE A VIEW OF THE COMPANY WITH RESPECT TO ONGOING OPERATING RESULTS. SPECIAL ITEMS REPRESENT SIGNIFICANT CHARGES OR CREDITS THAT ARE IMPORTANT TO AN UNDERSTANDING OF THE COMPANY'S OVERALL OPERATING RESULTS IN THE PERIODS PRESENTED. SUCH NON-GAAP MEASUREMENTS ARE NOT RECOGNIZED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND SHOULD NOT BE VIEWED AS AN ALTERNATIVE TO GAAP MEASURES OF PERFORMANCE. TWELVE MONTHS ENDED DECEMBER 31, 2025 (Unaudited)