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2025 Third Quarter Results October 23, 2025 Proprietary © Gentherm
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Forward-Looking Statements Proprietary © Gentherm Except for historical information contained herein, statements in this presentation are forward-looking statements that are made by Gentherm Incorporated (the “Company”) pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements that address future operating, financial or business performance or strategies or expectations are forward-looking statements. The forward-looking statements included in this presentation are made as of the date hereof or as of the date specified herein and are based on management's reasonable expectations and beliefs. In making these statements we rely on assumptions and analysis based on our experience and perception of historical trends, current conditions and expected future developments, third party information and projections from sources that management believes to be reputable, as well as other factors we consider appropriate under the circumstances. Except as required by law, the Company expressly disclaims any obligation or undertaking to update any forward-looking statements to reflect any change in its strategies or expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. The forward-looking statements are subject to a number of significant assumptions, risks, uncertainties (some of which are out of our control) and other factors that may cause actual results or performance to differ materially from that expressed or implied by such statements. For a discussion of these risks and uncertainties and other factors, please see the Company’s earnings release (dated October 23, 2025), most recent Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission, including “Risk Factors.” In addition, the business outlook discussed in this presentation does not include the potential impact of any business combinations, acquisitions, divestitures, strategic investments and other significant transactions that may be completed after the date hereof, each of which may present material risks to the Company’s future business and financial results. Moreover, we operate in a very competitive and rapidly changing environment and new risks emerge from time to time.
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$745M 12.7% 3 Focused on delivering full year results, while executing against our strategic priorities Proprietary © Gentherm Third Quarter Highlights $88M $387M Automotive New Business Awards Adjusted EBITDA Margin Product Revenues YTD Operating Cash Flow → Automotive New Business Awards $1.8B year -to-date → Conquest lumbar and massage comfort solutions award with Mercedes -Benz, including Puls.A → Record quarterly revenue driven by Automotive Climate and Comfort Solutions growth over market of 160 bps → Operational excellence initiatives contributed to strong cash generation in the quarter
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Key long-term strategic actions progressed and remain on track - Strategic footprint realignment on schedule; expected to be substantially complete by the end of next year - M&A funnel development and target cultivation increased in Q3 with focus on strategic priorities including channel and product expansion Focused on leadership alignment and strengthening culture - Conducted Senior Leadership meeting to align on strategic priorities and operating system deployment Notable progress in adjacent markets; identified $300M+ lifetime opportunities - Furniture: Selected by leading global brand to supply comfort solutions; Start of production in 1Q26 with expected annual revenue of $3 -5M - Medical: New product development announcement expected near year -end - Other: Additional proof of concept products advancing with OEMs across multiple end markets 4 Strategic Actions Progress Proprietary © Gentherm Drive Strategic Profitable Growth Build Operational Excellence Achieve Superior Financial Performance September Senior Leadership Meeting in Novi, MI (HQ)
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Li Auto i6 Significant conquest award that further accelerates pneumatic solutions and Puls.A adoption Expanding ComfortScale to additional GM Platforms, delivering value added solutions to OEMs and consumers through integrated thermal & pneumatic hardware system Penetrating new markets with targeted Japanese OEMs, including a notable CCS ® award for India market vehicle 5Proprietary © Gentherm Third Quarter Automotive Highlights Awards of $745M Jeep Compass Subaru Forester Awards of $745M Notable program launches
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$73 $88 3Q24 YTD 3Q25 YTD $48.1 $49.0 3Q24 3Q25 $372 $387 3Q24 3Q25 Revenue Adjusted EBITDA Operating Cash Flow $387M +2.4% ex -FX $49.0M 12.7% margin $88M +$15 million vs. PY • Automotive Climate and Comfort Solutions up 7.0% ex -FX vs. PY • Planned exits in Other Automotive drove ($8M) of expected declines • Improved margin sequentially ~50 bps on higher volume • Tariffs drove ~10 bps of margin dilution • Net leverage reduced to ~0.2x • Net capex spend of $30M YTD, down $13M vs PY with continued focus on driving higher utilization Proprietary © Gentherm 6 Third Quarter Financial Review 12.9% 12.7% Figures are presented in $ millions and % of revenue, except where noted
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Proprietary © Gentherm 7 2025 Guidance ❖ Guidance based on tariffs currently in effect as of today, our current forecast of customer orders and expectations of near-term conditions, flat to slightly increasing light vehicle production in our relevant markets for full year 2025 versus 2024, and a EUR to USD exchange rate of $1.13/Euro. ❖ Due to the inherent difficulty of forecasting the timing and amount of certain items that would impact net income margin, such as foreign currency gains and losses, we are unable to reasonably estimate net income margin, the GAAP financial measure most directly comparable to Adjusted EBITDA margin. Accordingly, we are unable to provide a reconciliation of Adjusted EBITDA margin to net income margin with respect to the guidance provided. Revenue Mid-point Raised Previous (July 24, 2025) Revised (October 23, 2025) Comments Product Revenues $1.43B – $1.5B $1.47B – $1.49B • Stronger demand and improved light vehicle industry production • Does not include any potential impact from recent supply chain developments Adjusted EBITDA Margin 11.7% – 12.5% 11.9% – 12.3 % • Delivered 12.0% year to date Adjusted Effective Tax Rate 26% – 29% No Change • Trending towards higher end of range Capital Expenditures $55M – $65M $45M – $55M • Continued focus on driving higher capital equipment utilization
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8 Accelerating value-creation actions to deliver enhanced shareholder returns Continuous improvement mindset to drive margin expansion and solid cash flow conversion Strong financial position with ability to efficiently deploy capital and drive shareholder value Innovative leader uniquely positioned for profitable growth driven by scalable technology platforms and broad market applications Why Gentherm? Proprietary © Gentherm
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Appendix Proprietary © Gentherm
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Use of Non-GAAP Financial Measures Proprietary © Gentherm In addition to the results reported herein in accordance with GAAP, the Company has provided here or may discuss on the related conference call adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”); Adjusted EBITDA margin; adjusted earnings per share (“Adjusted earnings per share” or “Adjusted EPS”); free cash flow; net capital expenditures (“net CAPEX”); Net Debt; liquidity; net leverage ratio (“net leverage”); revenue, segment revenue and product revenue excluding foreign currency translation and other specified gains and losses; and adjusted operating expenses, each a non-GAAP financial measure. See the Company’s earnings release dated October 23, 2025, for the definitions of each non-GAAP financial measure, information regarding why the Company utilizes such non-GAAP measures as supplemental measures of performance or liquidity, and their limitations, and for certain reconciliations of GAAP to non- GAAP historical financial measures.
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(Dollars in thousands, except per share data) 2025 2024 2025 2024 Product Revenues $ 386,870 $ 371,512 $ 1,115,814 $ 1,103,210 Automotive 374,211 358,804 1,079,937 1,067,444 Medical 12,659 12,708 35,877 35,766 Gross Margin 95,148 94,873 271,375 280,327 Gross Margin % 24.6% 25.5% 24.3% 25.4% Operating Expenses 71,290 62,536 206,447 196,953 Operating Income 23,858 32,337 64,928 83,374 Adjusted EBITDA 49,007 48,103 134,245 141,518 Adjusted EBITDA Margin 12.7% 12.9% 12.0% 12.8% Diluted EPS - As Adjusted $ 0.73 $ 0.75 $ 1.78 $ 2.03 Nine Months Ended September 30 Proprietary © Gentherm 11 Select Income Statement Data Three Months Ended September 30
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Proprietary © Gentherm 12 Select Balance Sheet Data September 30, 2025 December 31, 2024 Cash and Cash Equivalents $ 154,250 $ 134,134 Total Assets 1,381,335 1,247,556 Debt 189,109 220,201 Current 109 137 Non-Current 189,000 220,064 Revolving LOC Availability 307,938 280,000 Total Liquidity 462,188 414,134 (Dollars in thousands)
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(Dollars in thousands) 2025 2024 2025 2024 Net Income $ 14,949 $ 15,965 $ 15,298 $ 49,626 Add Back: Depreciation and Amortization 13,274 12,351 39,120 38,742 Income Tax Expense 5,935 3,445 10,204 16,531 Interest Expense, net 3,313 4,710 10,911 11,956 Adjustments: Non-Cash Stock-Based Compensation 3,980 2,927 10,569 10,334 Restructuring Expenses, net 3,986 2,662 10,608 12,342 Unrealized Currency Loss 1,865 8,604 30,349 6,251 Leadership Transition Expenses 777 – 2,935 – Loss on Sale of Land and Building, net – – 2,196 – Non-Automotive Electronics Inventory Benefit – (2,679) – (4,451) Other 928 118 2,055 187 Adjusted EBITDA 49,007 48,103 134,245 141,518 Product Revenues 386,870 371,512 1,115,814 1,103,210 Net Income Margin 3.9% 4.3% 1.4% 4.5% Adjusted EBITDA Margin 12.7% 12.9% 12.0% 12.8% Nine Months Ended September 30 Proprietary © Gentherm 13 Reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin Three Months Ended September 30
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Proprietary © Gentherm 14 2025 2024 2025 2024 Diluted EPS - As Reported $ 0.49 $ 0.51 $ 0.50 $ 1.57 Amortization of acquisition related intangibles 0.05 0.05 0.16 0.15 Restructuring Expenses, net 0.13 0.08 0.34 0.39 Unrealized Currency Loss 0.06 0.27 0.99 0.20 Leadership Transition Expenses 0.03 – 0.10 – Loss on Sale of Land and Building, net – – 0.07 – Non-Automotive Electronics Inventory Benefit – (0.09) – (0.14) Other 0.03 – 0.07 0.01 Tax Effect of Above (0.05) (0.09) (0.44) (0.14) Rounding (0.01) 0.02 (0.01) (0.01) Diluted EPS - As Adjusted 0.73 0.75 1.78 2.03 Nine Months Ended September 30 Reconciliation of Adjusted EPS Three Months Ended September 30