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2026 Third Quarter Results October 22, 2026 Proprietary © Gentherm
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Disclaimer 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 22, 2026), 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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97% 3% Proprietary © Gentherm 3 A fundamentally different Gentherm … positioned for sustainable, profitable growth A global leader of innovative thermal and precision flow management technologies A New Gentherm Leader of innovative thermal, comfort and valve solutions Leader of highly engineered, mission-critical thermal solutions Diversified end markets Expanded product platforms Clear path for value creation 63% 37% Non-Light VehicleLight Vehicle Revenue Mix $2.7B $3.5B 2026 Pro forma 2030 Opportunity Performance Technologies $525M+$346M RevenueAdj EBITDA 15%+~12.8% Note: 2026 Proforma figures represent LTM June 2026 metrics. Modine Performance Technologies figures include pro forma adjustments. Refer to reconciliations in Appendix.
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Team continues to execute well in a progressively challenging operating environment 4Proprietary © Gentherm Year-to-Date Highlights → Strong Automotive Climate and Comfort Solutions growth over market across all regions and product categories → Automotive New Business Awards of $555M in the third quarter; on track to secure $2B+ for fourth consecutive year → Launched innovative new solutions including ThermAffyx Patient Safety System and PulsA → Despite challenging environment, executing to deliver on full-year commitments $1.6B 11.8% $59M $1.2B Automotive New Business Awards Adjusted EBITDA Margin Product Revenues Adjusted Free Cash Flow
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$72 $59 3Q25 YTD 3Q26 YTD $49.0 $45.0 3Q25 3Q26 $387 $405 3Q25 3Q26 Revenue Adjusted EBITDA Adjusted Free Cash Flow $405M +4.4% ex -FX $45.0M 11.1% margin $59.5M Conversion rate of ~42% • Automotive Climate and Comfort Solutions up 8.5% ex-FX vs. PY • Strong growth over market (12%) across all regions, led by China • Planned exits in Other Automotive drove (~$9M) of expected declines • Strong operating leverage and continued progress on our operational excellence initiatives • Margins pressured by foreign exchange, higher net material costs and inflation • Liquidity of $494M; an increase of $32M year-over-year; net leverage of ~0.4x • Capex purchases of $22.6M, down ~$10.8M vs. prior year, with continued focus on asset utilization Proprietary © Gentherm 5 Third Quarter Financial Review 12.7% 11.1% Figures are presented in $ millions and % of revenue, except where noted
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Proprietary © Gentherm 6 2026 Guidance ❖ 2026 guidance based on tariffs currently in effect as of today, our current forecast of customer demand and expectations of n ear-term conditions, light vehicle production in our relevant markets decreasing at a low single digit rate for full year 2026 versus 2025, and a EUR to USD exchange rate of $1.15/Euro. ❖ The Company has not reconciled the non-GAAP forward-looking guidance included in this presentation to the most directly comparable GAAP financial measure due to the inherent difficulty of forecasting the timing and amount of certain items, such as taxes and non-recurring items, which cannot be done without unreasonable effort. Adjusted EBITDA $185M – $200M ~12% of product revenues • Managing margin headwinds from footprint, foreign exchange and inflation • Assumes Modine 4Q ~$28M Adjusted Free Cash Flow $85M – $100M • Capex of $50M – $60M • Adjusted Free Cash Flow Conversion rate of ~50% CommentsAs of Jul 2026 Product Revenues $1.55B – $1.65B ~5% growth YoY (ex-fx) • Maintained mid-point of prior guidance; performance trending above that level • Assumes Modine 4Q ~$275M Updated to reflect the expected Q4 contribution from Modine Performance Technologies $210M – $230M $100M – $120M As of Oct 2026 $1.825B – $1.925B
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Accelerating value-creation actions to deliver enhanced shareholder returns 7 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 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 net income; Adjusted earnings per share (“Adjusted earnings per share” or “Adjusted EPS”); Quarter-to-date Operating Cash Flow; Free Cash Flow; Adjusted Free Cash Flow; Adjusted Free Cash Flow Conversion rate; 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; Adjusted operating expenses; Pro Forma Revenue; Pro Forma Adjusted EBITDA; and Pro Forma Adjusted EBITDA Margin, each a non-GAAP financial measure. See the Company’s earnings release dated October 22, 2026, 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. Proprietary © Gentherm 9
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(Dollars in thousands, except per share data) 2026 2025 2026 2025 Product Revenues $ 405,102 $ 386,870 $ 1,214,974 $ 1,115,814 Automotive 390,597 374,211 1,177,578 1,079,937 Medical 14,505 12,659 37,396 35,877 Gross Margin 94,304 95,148 287,958 271,375 Gross Margin % 23.3% 24.6% 23.7% 24.3% Operating Expenses 79,941 71,290 251,621 206,447 Operating Income 14,363 23,858 36,337 64,928 Adjusted EBITDA 45,004 49,007 143,134 134,245 Adjusted EBITDA Margin 11.1% 12.7% 11.8% 12.0% Diluted EPS - As Adjusted $ 0.33 $ 0.73 $ 1.90 $ 1.78 Nine Months Ended September 30 Proprietary © Gentherm 10 Select Income Statement Data Three Months Ended September 30
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Proprietary © Gentherm 11 Select Balance Sheet Data September 30, 2026 December 31, 2025 Cash and Cash Equivalents $ 252,098 $ 160,833 Total Assets 1,562,299 1,396,429 Debt 320,443 189,073 Current 912 73 Non-Current 319,531 189,000 Revolving LOC Availability 242,141 307,935 Total Liquidity 494,239 468,768 (Dollars in thousands)
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(Dollars in thousands) 2026 2025 2026 2025 Net (Loss) Income $ (2,590) $ 14,949 $ 6,048 $ 15,298 Add Back: Depreciation and Amortization 14,704 13,274 43,087 39,120 Income Tax Expense 13,430 5,935 19,730 10,204 Interest Expense, net 3,832 3,313 9,755 10,911 Adjustments: Non-Cash Stock Based Compensation 2,925 3,980 10,371 10,569 Restructuring Expenses, net 4,838 3,986 17,493 10,608 Unrealized Currency Loss 681 1,865 855 30,349 Merger and Acquisition Expenses 6,528 — 34,187 — Leadership Transition Expenses 328 777 1,738 2,935 Loss on Sale of Land and Building, net — — — 2,196 Other 328 928 (130) 2,055 Adjusted EBITDA 45,004 49,007 143,134 134,245 Product Revenues 405,102 386,870 1,214,974 1,115,814 Net (loss) Income Margin (0.6)% 3.9% 0.5% 1.4% Adjusted EBITDA Margin 11.1% 12.7% 11.8% 12.0% Nine Months Ended September 30 Proprietary © Gentherm 12 Reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin Three Months Ended September 30
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Proprietary © Gentherm 13 2026 2025 2026 2025 Diluted EPS - As Reported $ (0.08) $ 0.49 $ 0.19 $ 0.50 Amortization of Acquisition Related Intangibles 0.08 0.05 0.19 0.16 Restructuring Expenses, net 0.16 0.13 0.56 0.34 Unrealized Currency Loss 0.02 0.06 0.03 0.99 Merger and Acquisition Expenses 0.21 — 1.10 — Leadership Transition Expenses 0.01 0.03 0.06 0.10 Loss on Sale of Land and Building, net — — — 0.07 Other — 0.03 (0.02) 0.07 Tax Effect of Above (0.07) (0.05) (0.21) (0.44) Rounding — (0.01) — (0.01) Diluted EPS - As Adjusted 0.33 0.73 1.90 1.78 Nine Months Ended September 30 Reconciliation of Adjusted EPS Three Months Ended September 30
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14 Reconciliation of Financial Figures Proprietary © Gentherm Gentherm LTM September 30, LTM June 30, (Dollars in millions) 2025 2026 Revenue $1,469 $1,580 Adjusted EBITDA $176 $188 Note: Pro forma represents normalization adjustments to reflect latest business structure and go-forward operational alignment. Stock-based compensation is included within Modine Performance Technologies reported financials. Modine Performance Technologies LTM September 30, LTM June 30, (Dollars in millions) 2025 2026 Reported Revenue $1,129 $1,124 Less: Pro Forma Adjustments (21) (3) Pro Forma Adjusted Revenue $1,108 $1,121 Adjusted EBITDA as per Modine Reporting $152 $155 Less: Pro Forma Adjustments (11) (2) Less: Estimated Incremental Corporate Costs & Other Adjustments (19) (19) Pro Forma Adjusted EBITDA (pre-synergies) $123 $135 Plus: Estimated Synergies 24 24 Pro Forma Adjusted EBITDA (post-synergies) $147 $159