Financial Performance - Q2 2025 - Net sales for the quarter were $1.54 billion[5], a decrease of $96.1 million compared to the same period in 2024[15] - Adjusted EBITDA was $202.2 million, representing 13.2% of sales[5] - Adjusted Free Cash Flow for the quarter was $48.7 million[5] - Net income was $39.3 million, or $0.32 diluted EPS[15] Financial Outlook - 2025 - Full year sales are projected to be between $5.75 billion and $5.95 billion[13] - Adjusted EBITDA is targeted between $695 million and $745 million[13] - Adjusted Free Cash Flow is expected to be between $175 million and $215 million[13] Business Updates - AAM and Dowlais stockholders approved the proposed combination on July 15 and 22, 2025, respectively[9] - AAM completed the divestiture of its commercial vehicle business in India to Bharat Forge Limited (BFL) for approximately $65 million[11] - AAM will supply front electric drive units (EDUs) and rear e-Beam axles for Scout Motors' new SUV and pickup truck[10] Liquidity and Debt - Net debt stood at $2.0 billion[22] - The net leverage ratio was 2.8x[22] - The company maintains strong liquidity of over $1.5 billion[22]

Core Insights - American Axle & Manufacturing (AAM) has appointed David B. Walker to its Board of Directors, enhancing the board's expertise in financing, strategy, acquisitions, and investment opportunities [1][2]. Company Overview - AAM is a leading global Tier 1 Automotive and Mobility Supplier, specializing in designing, engineering, and manufacturing Driveline and Metal Forming technologies for electric, hybrid, and internal combustion vehicles [4]. - The company is headquartered in Detroit and operates over 75 facilities across 15 countries, focusing on creating a safer and more sustainable future [4]. Leadership Background - David B. Walker has 35 years of experience in advising global companies and recently served as Vice Chairman of Investment Banking at J.P. Morgan until June 2025 [2]. - His previous roles at J.P. Morgan included Head of the Automotive Group and Global Co-Head of the Diversified Industries Group, indicating a strong background in the automotive sector [2].

[Executive Summary](index=1&type=section&id=Executive%20Summary) AAM reported strong Q2 2025 results with significant net income and Adjusted EBITDA margin growth, updating full-year targets [Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) American Axle & Manufacturing (AAM) reported Q2 2025 financial results, showing year-over-year growth in net income and Adjusted EBITDA margin despite decreased sales | Metric | Q2 2025 ($ million) | Q2 2024 ($ million) | YoY Change | YoY % Change | | :-------------------------------- | :------------------ | :------------------ | :--------- | :----------- | | Sales | $1,540 | $1,630 | -$90 | -5.5% | | Net Income | $39.3 | $18.2 | +$21.1 | +115.9% | | Net Income (% of sales) | 2.6% | 1.1% | +1.5 pp | - | | Adjusted EBITDA | $202.2 | $208.4 | -$6.2 | -3.0% | | Adjusted EBITDA (% of sales) | 13.2% | 12.8% | +0.4 pp | - | | Diluted EPS | $0.32 | $0.15 | +$0.17 | +113.3% | | Adjusted EPS | $0.21 | $0.19 | +$0.02 | +10.5% | | Net Cash Provided by Operating Activities | $91.9 | $142.8 | -$50.9 | -35.6% | | Adjusted Free Cash Flow | $48.7 | $97.9 | -$49.2 | -50.3% | - AAM posted year-over-year **Adjusted EBITDA margin growth** in the second quarter driven by productivity and cost controls[4](index=4&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) David C Dauch, AAM's Chairman and CEO, highlighted Q2 2025 Adjusted EBITDA margin growth and excitement for the Dowlais combination - AAM's Chairman and CEO, David C Dauch, stated that the company posted year-over-year **Adjusted EBITDA margin growth** in Q2 2025, driven by productivity and cost controls[4](index=4&type=chunk) - The company is excited about its **upcoming combination with Dowlais**, having passed a critical milestone with **shareholder approval**, moving closer to forming a premier global driveline and metal forming auto supplier[4](index=4&type=chunk) [Financial Outlook](index=2&type=section&id=Financial%20Outlook) AAM updated its full-year 2025 targets for sales, Adjusted EBITDA, and free cash flow, based on key production assumptions [Full Year 2025 Targets](index=2&type=section&id=Full%20Year%202025%20Targets) AAM updated its full-year 2025 financial targets, showing an increase in the lower end of ranges for sales, Adjusted EBITDA, and Adjusted free cash flow | Metric | Updated 2025 Target Range | Prior 2025 Target Range | Change (Lower End) | | :-------------------- | :------------------------ | :---------------------- | :----------------- | | Sales | $5.75 - $5.95 billion | $5.65 - $5.95 billion | +$0.10 billion | | Adjusted EBITDA | $695 - $745 million | $665 - $745 million | +$30 million | | Adjusted Free Cash Flow | $175 - $215 million | $165 - $215 million | +$10 million | - The Adjusted free cash flow target assumes capital spending of **approximately 5% of sales**[16](index=16&type=chunk) [Key Assumptions for 2025 Outlook](index=2&type=section&id=Key%20Assumptions%20for%202025%20Outlook) The 2025 financial targets are based on specific assumptions, including North American light vehicle production estimates and exclusions for the Dowlais combination - North American light vehicle production is estimated to be **14.6 - 15.1 million units**[16](index=16&type=chunk) - The outlook reflects AAM on a stand-alone pre-combination basis only, excluding costs and expenses associated with the announced combination with Dowlais[16](index=16&type=chunk) - Assumptions include no changes to USMCA and mitigation of a majority of incremental tariff costs[16](index=16&type=chunk) [Non-GAAP Financial Measures](index=2&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and explains AAM's non-GAAP financial measures, including Adjusted EBITDA, EPS, and free cash flow [Explanation and Usefulness](index=2&type=section&id=Explanation%20and%20Usefulness) AAM provides non-GAAP financial measures to supplement GAAP results, useful for analyzing performance and decision-making - **Non-GAAP financial measures** are useful to management, investors, and banking institutions for analyzing AAM's business and operating performance, and for operational planning and decision-making[11](index=11&type=chunk) - **Non-GAAP financial measures** are not and should not be considered a substitute for any GAAP measure and may not be comparable to similarly titled measures reported by other companies[12](index=12&type=chunk) [Definitions of Key Non-GAAP Measures](index=2&type=section&id=Definitions%20of%20Key%20Non-GAAP%20Measures) The report defines key non-GAAP financial measures, outlining adjustments made to GAAP figures for Adjusted EPS, EBITDA, Adjusted EBITDA, and Adjusted free cash flow - **Adjusted earnings per share** excludes restructuring and acquisition-related costs, debt refinancing and redemption costs, gains/losses on the Dowlais business combination derivative, gains/losses on equity securities, pension charges, impairment charges, and non-recurring items, including tax effects[13](index=13&type=chunk) - **Adjusted EBITDA** is defined as EBITDA (earnings before interest, taxes, depreciation, and amortization) excluding similar items as Adjusted EPS, such as restructuring and acquisition-related costs, debt refinancing costs, and gains/losses on the Dowlais derivative[14](index=14&type=chunk) - **Adjusted free cash flow** is defined as free cash flow (net cash provided by operating activities less capital expenditures net of proceeds from asset sales and government grants) excluding cash payments for restructuring and acquisition-related costs[15](index=15&type=chunk) [Company Information](index=4&type=section&id=Company%20Information) This section covers AAM's business, risk factors, profit forecasts, and investor and media contact information [Company Description](index=4&type=section&id=Company%20Description) American Axle & Manufacturing (AAM) is a leading global Tier 1 Automotive and Mobility Supplier, specializing in Driveline and Metal Forming technologies - AAM is a **leading global Tier 1 Automotive and Mobility Supplier**, designing, engineering, and manufacturing Driveline and Metal Forming technologies[17](index=17&type=chunk) - The company supports electric, hybrid, and internal combustion vehicles and has **over 75 facilities in 15 countries**, with its headquarters in Detroit[17](index=17&type=chunk) [Forward-Looking Statements and Risk Factors](index=5&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) The report includes forward-looking statements subject to various risks and uncertainties that could cause actual results to differ materially - Statements concerning expectations, beliefs, plans, objectives, goals, strategies, and future events or performance are forward-looking and **not guarantees of future results**[18](index=18&type=chunk) - Important factors that could cause differences include **global economic conditions (inflation, recession)**, **reduced purchases by major customers (GM, Stellantis, Ford)**, ability to respond to technology changes, increased competition, supply shortages, labor costs, and **risks related to the transition to hybrid and electric vehicles**[18](index=18&type=chunk) [Profit Forecasts and Directors' Confirmation](index=6&type=section&id=Profit%20Forecasts%20and%20Directors'%20Confirmation) The updated FY25 Adjusted EBITDA and Adjusted free cash flow targets constitute profit forecasts, confirmed by AAM's directors as valid and properly compiled - The FY25 Updated Profit Forecast for Adjusted EBITDA and Adjusted free cash flow is considered a profit forecast under **Rule 28.1(a) of the UK Takeover Code**[19](index=19&type=chunk) - AAM directors confirmed that the FY25 Updated Profit Forecast is **valid, properly compiled** based on stated assumptions, and consistent with AAM's accounting policies[21](index=21&type=chunk) [Investor and Media Contacts](index=7&type=section&id=Investor%20and%20Media%20Contacts) Contact information for investor relations and media inquiries is provided for stakeholders seeking further information - **Investor Contact: David H. Lim, Head of Investor Relations, (313) 758-2006, david.lim@aam.com**[22](index=22&type=chunk) - **Media Contact: Christopher M. Son, Vice President, Marketing & Communications, (313) 758-4814, chris.son@aam.com**[22](index=22&type=chunk) [Condensed Consolidated Financial Statements](index=8&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents AAM's condensed statements of income, balance sheets, and cash flows for the reported periods [Statements of Income](index=8&type=section&id=Statements%20of%20Income) The condensed consolidated statements of income present AAM's financial performance for the three and six months ended June 30, 2025, and 2024 | Metric | Three Months Ended June 30, 2025 ($ million) | Three Months Ended June 30, 2024 ($ million) | Six Months Ended June 30, 2025 ($ million) | Six Months Ended June 30, 2024 ($ million) | | :------------------------------------ | :------------------------------------------ | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | | Net sales | $1,536.2 | $1,632.3 | $2,947.5 | $3,239.2 | | Gross profit | $200.7 | $217.3 | $374.6 | $415.8 | | Operating income | $55.0 | $86.5 | $97.7 | $163.5 | | Income before income taxes | $67.4 | $35.4 | $88.5 | $71.8 | | Net income | $39.3 | $18.2 | $46.4 | $38.7 | | Diluted earnings per share | $0.32 | $0.15 | $0.38 | $0.32 | [Balance Sheets](index=9&type=section&id=Balance%20Sheets) The condensed consolidated balance sheets provide a snapshot of AAM's financial position as of June 30, 2025, compared to December 31, 2024 | Metric | June 30, 2025 ($ million) | December 31, 2024 ($ million) | | :-------------------------------- | :------------------------ | :-------------------------- | | Total current assets | $2,171.9 | $1,914.8 | | Total assets | $5,273.6 | $5,059.9 | | Total current liabilities | $1,227.4 | $1,175.2 | | Long-term debt, net | $2,599.8 | $2,576.9 | | Total liabilities | $4,600.6 | $4,497.1 | | Total stockholders' equity | $673.0 | $562.8 | [Statements of Cash Flows](index=10&type=section&id=Statements%20of%20Cash%20Flows) The condensed consolidated statements of cash flows illustrate the sources and uses of cash for operating, investing, and financing activities | Metric | Three Months Ended June 30, 2025 ($ million) | Three Months Ended June 30, 2024 ($ million) | Six Months Ended June 30, 2025 ($ million) | Six Months Ended June 30, 2024 ($ million) | | :------------------------------------ | :------------------------------------------ | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | | Net cash provided by operating activities | $91.9 | $142.8 | $147.8 | $160.6 | | Net cash used in investing activities | ($58.4) | ($46.7) | ($98.6) | ($94.9) | | Net cash used in financing activities | ($6.0) | ($42.5) | ($30.0) | ($58.5) | | Net increase in cash and cash equivalents | $37.3 | $50.1 | $33.6 | $0.0 | | Cash and cash equivalents at end of period | $586.5 | $519.9 | $586.5 | $519.9 | [Supplemental Financial Data](index=11&type=section&id=Supplemental%20Financial%20Data) This section provides detailed reconciliations for non-GAAP financial measures and segment performance data [EBITDA and Adjusted EBITDA Reconciliation](index=11&type=section&id=EBITDA%20and%20Adjusted%20EBITDA%20Reconciliation) This section reconciles net income to EBITDA and Adjusted EBITDA, detailing adjustments for non-recurring and non-operating items | Metric | Three Months Ended June 30, 2025 ($ million) | Three Months Ended June 30, 2024 ($ million) | Six Months Ended June 30, 2025 ($ million) | Six Months Ended June 30, 2024 ($ million) | | :------------------------------------ | :------------------------------------------ | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | | Net income | $39.3 | $18.2 | $46.4 | $38.7 | | EBITDA | $224.0 | $202.9 | $400.2 | $406.1 | | Restructuring and acquisition-related costs | $16.5 | $5.0 | $36.2 | $7.5 | | Gain on Business Combination Derivative | ($46.3) | — | ($68.2) | — | | Impairment charge | $8.0 | — | $8.0 | — | | Adjusted EBITDA | $202.2 | $208.4 | $379.5 | $414.0 | [Adjusted Earnings Per Share Reconciliation](index=11&type=section&id=Adjusted%20Earnings%20Per%20Share%20Reconciliation) This reconciliation details adjustments from diluted earnings per share to Adjusted earnings per share, providing a clearer view of core operating performance | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Diluted earnings per share | $0.32 | $0.15 | $0.38 | $0.32 | | Restructuring and acquisition-related costs | $0.13 | $0.04 | $0.29 | $0.06 | | Impairment charge | $0.06 | — | $0.06 | — | | Gain on Business Combination Derivative | ($0.37) | — | ($0.55) | — | | Tax effect of adjustments | $0.07 | — | $0.09 | — | | Adjusted earnings per share | $0.21 | $0.19 | $0.30 | $0.38 | [Free Cash Flow and Adjusted Free Cash Flow Reconciliation](index=12&type=section&id=Free%20Cash%20Flow%20and%20Adjusted%20Free%20Cash%20Flow%20Reconciliation) This section reconciles net cash provided by operating activities to free cash flow and Adjusted free cash flow, illustrating cash generated for debt repayment and capital returns | Metric | Three Months Ended June 30, 2025 ($ million) | Three Months Ended June 30, 2024 ($ million) | Six Months Ended June 30, 2025 ($ million) | Six Months Ended June 30, 2024 ($ million) | | :------------------------------------ | :------------------------------------------ | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | | Net cash provided by operating activities | $91.9 | $142.8 | $147.8 | $160.6 | | Less: Capital expenditures net of proceeds from asset sales and government grants | ($52.9) | ($46.6) | ($121.6) | ($91.5) | | Free cash flow | $39.0 | $96.2 | $26.2 | $69.1 | | Cash payments for restructuring and acquisition-related costs | $9.7 | $1.7 | $18.6 | $7.4 | | Adjusted free cash flow | $48.7 | $97.9 | $44.8 | $76.5 | [Segment Financial Information](index=12&type=section&id=Segment%20Financial%20Information) AAM's segment financial information provides a breakdown of sales and Adjusted EBITDA for its Driveline and Metal Forming segments | Segment | Three Months Ended June 30, 2025 ($ million) | Three Months Ended June 30, 2024 ($ million) | Six Months Ended June 30, 2025 ($ million) | Six Months Ended June 30, 2024 ($ million) | | :-------------------- | :------------------------------------------ | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | | **Segment Sales:** | | | | | | Driveline | $1,082.1 | $1,124.5 | $2,039.9 | $2,230.9 | | Metal Forming | $598.4 | $653.1 | $1,174.2 | $1,297.2 | | Total Sales | $1,680.5 | $1,777.6 | $3,214.1 | $3,528.1 | | Net External Sales | $1,536.2 | $1,632.3 | $2,947.5 | $3,239.2 | | **Segment Adjusted EBITDA:** | | | | | | Driveline | $148.9 | $151.8 | $274.2 | $309.2 | | Metal Forming | $53.3 | $56.6 | $105.3 | $104.8 | | Total Segment Adjusted EBITDA | $202.2 | $208.4 | $379.5 | $414.0 | [Full Year 2025 Targeted Adjusted EBITDA and Free Cash Flow Reconciliation](index=13&type=section&id=Full%20Year%202025%20Targeted%20Adjusted%20EBITDA%20and%20Free%20Cash%20Flow%20Reconciliation) This section reconciles AAM's full-year 2025 targeted net income to Adjusted EBITDA and net cash provided by operating activities to Adjusted free cash flow | Metric | Low End ($ million) | High End ($ million) | | :------------------------------------ | :----------------- | :------------------ | | **Targeted Adjusted EBITDA:** | | | | Net income | $5 | $15 | | Interest expense | $170 | $180 | | Income tax expense | $10 | $40 | | Depreciation and amortization | $460 | $460 | | Full year 2025 targeted EBITDA | $645 | $695 | | Restructuring-related costs | $35 | $35 | | Dowlais acquisition-related costs | $65 | $65 | | Other, principally Business Combination Derivative | ($50) | ($50) | | Full year 2025 targeted Adjusted EBITDA | $695 | $745 | | **Targeted Adjusted Free Cash Flow:** | | | | Net cash provided by operating activities | $375 | $415 | | Capital expenditures net of proceeds from asset sales | ($290) | ($290) | | Full year 2025 targeted Free Cash Flow | $85 | $125 | | Cash payments for restructuring-related costs | $25 | $25 | | Cash payments for Dowlais acquisition-related costs | $65 | $65 | | Full year 2025 targeted Adjusted Free Cash Flow | $175 | $215 |

Core Insights - American Axle & Manufacturing Holdings, Inc. (AAM) reported a year-over-year increase in Adjusted EBITDA margin for Q2 2025, attributed to productivity improvements and cost controls [2][4] - AAM's sales for Q2 2025 were $1.54 billion, a decrease from $1.63 billion in Q2 2024, primarily due to lower volume and mix [2][4] - The company is progressing towards a combination with Dowlais, having received approval from both sets of shareholders, which is expected to enhance its position as a global auto supplier [2][3] Financial Performance - AAM's net income for Q2 2025 was $39.3 million, or $0.32 per share, compared to $18.2 million, or $0.15 per share in Q2 2024, representing an increase in net income margin from 1.1% to 2.6% [3][4] - Adjusted EBITDA for Q2 2025 was $202.2 million, or 13.2% of sales, down from $208.4 million, or 12.8% of sales in Q2 2024 [4][29] - Net cash provided by operating activities decreased to $91.9 million in Q2 2025 from $142.8 million in Q2 2024, while Adjusted free cash flow also fell to $48.7 million from $97.9 million [4][33] Updated Financial Outlook - AAM has updated its full-year 2025 financial targets, now projecting sales between $5.75 billion and $5.95 billion, and Adjusted EBITDA between $695 million and $745 million [7][35] - The company anticipates Adjusted free cash flow to be in the range of $175 million to $215 million, assuming capital spending of approximately 5% of sales [7][35] - AAM's production estimates for North American light vehicles are approximately 14.6 to 15.1 million units for 2025 [7]

Industry Overview - The Auto-Tires-Trucks sector is currently in the second-quarter earnings season, with companies like Tesla, Ford, General Motors, Aptiv, and O'Reilly Automotive reporting quarterly numbers that exceeded earnings estimates [1] - The auto sector's earnings for Q2 2025 are projected to decline by 27.7% year-over-year, with revenues expected to decrease by 6% [2] Market Performance - U.S. vehicle sales showed modest year-over-year growth in Q2, driven by strong demand for gasoline-powered and hybrid vehicles, with a seasonally adjusted annual rate of 15.3 million units in June [4] - Retail vehicle inventory reached 2.16 million units in June, marking a 22.9% increase from June 2024, while average transaction prices rose to $46,233, up $1,400 from the previous year [4] Impact of Tariffs - Higher tariffs on imports initially increased demand among price-sensitive buyers, but as prices stabilized, this momentum began to wane [5] - Elevated operating costs, particularly in R&D for advanced technologies, are likely to have negatively impacted earnings [5] Potential Winners - Companies identified as well-positioned to exceed earnings estimates include Cummins Inc. (CMI), Rivian Automotive, Inc. (RIVN), Lucid Group, Inc. (LCID), and American Axle & Manufacturing Holdings, Inc. (AXL) [3] Company Highlights Cummins Inc. (CMI) - Cummins is the largest engine manufacturer globally, with a strong product lineup and a focus on electrification and clean energy technologies [8][9] - The company has an Earnings ESP of +2.79% and a Zacks Rank of 3, with Q2 earnings and revenues estimated at $4.99 per share and $8.47 billion, respectively [10][11] Rivian Automotive, Inc. (RIVN) - Rivian is targeting budget-conscious consumers with its upcoming R2 and R3 models, with the R2 expected to launch in H1 2026 at a starting price of around $45,000 [12] - The company has an Earnings ESP of +8.53% and a Zacks Rank of 3, with Q2 revenue estimated at $1.26 billion [14] Lucid Group, Inc. (LCID) - Lucid's vehicles are now compatible with Tesla's Supercharger network, enhancing convenience for owners and potentially boosting sales [15] - The company has an Earnings ESP of +3.08% and a Zacks Rank of 3, with Q2 revenue estimated at $253.4 million, reflecting year-over-year growth of 26.4% [17] American Axle & Manufacturing Holdings, Inc. (AXL) - American Axle is advancing in the electric drive space and has a strong electrification portfolio, with key launches driving growth [18] - The company has an Earnings ESP of +17.59% and a Zacks Rank of 3, with Q2 earnings and revenues estimated at 13 cents and $1.51 billion, respectively [20]

Core Viewpoint - The market anticipates a year-over-year decline in earnings for American Axle & Manufacturing (AXL) due to lower revenues, with a focus on how actual results compare to estimates [1][2]. Earnings Expectations - American Axle is expected to report quarterly earnings of $0.13 per share, reflecting a year-over-year decrease of 31.6% [3]. - Revenues are projected to be $1.51 billion, down 7.8% from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised 16.88% higher in the last 30 days, indicating a reassessment by analysts [4]. - The Most Accurate Estimate for American Axle is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +17.59% [12]. Earnings Surprise Prediction - A positive Earnings ESP is a strong indicator of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10]. - American Axle currently holds a Zacks Rank of 3, suggesting a likelihood of beating the consensus EPS estimate [12]. Historical Performance - In the last reported quarter, American Axle exceeded the expected earnings of $0.02 per share by delivering $0.09, resulting in a surprise of +350.00% [13]. - Over the past four quarters, the company has consistently beaten consensus EPS estimates [14]. Industry Context - Another player in the automotive industry, Adient (ADNT), is expected to post earnings of $0.47 per share, indicating a year-over-year increase of 46.9% [18]. - Adient's revenues are anticipated to be $3.56 billion, down 4.2% from the previous year, with a revised EPS estimate up by 15.3% in the last 30 days [19].

Group 1 - American Axle & Manufacturing Holdings, Inc. (AAM) will hold a conference call to discuss second quarter financial results on August 8, 2025 [1] - A press release with the financial results will be issued before the market opens on the same day [1] - The conference call can be accessed via phone or live audio webcast, with a replay available for a limited time [2] Group 2 - AAM is a leading global Tier 1 Automotive and Mobility Supplier, focusing on driveline and metal forming technologies for various vehicle types [3] - The company is headquartered in Detroit, MI, and operates over 75 facilities across 16 countries [3] - AAM aims to support the transition to electric, hybrid, and internal combustion vehicles for a safer and more sustainable future [3]

Core Viewpoint - American Axle & Manufacturing Holdings, Inc. (AAM) has received approval from its stockholders for the proposed acquisition of Dowlais Group plc, marking a significant step towards creating a leading global automotive supplier [1][4] Group 1: Transaction Details - AAM stockholders approved all proposals related to the acquisition of Dowlais, which is expected to close in the fourth quarter of 2025, pending Dowlais shareholder approval and other regulatory conditions [1][3] - The combined entity is projected to generate annual revenues of approximately $12 billion on a non-adjusted basis, enhancing AAM's geographic presence across various automotive segments, including internal combustion engines, hybrids, and electric powertrains [2] Group 2: Leadership and Strategic Vision - David C. Dauch, Chairman and CEO of AAM, will continue to lead the combined company, emphasizing the value creation opportunity and the ability to navigate industry shifts and volatility [4] - AAM plans to seek a secondary listing on the London Stock Exchange for its common stock, including new shares issued in connection with the acquisition [2]

Group 1 - The stock of American Axle & Manufacturing Holdings, Inc. (AXL) is experiencing significant attention due to high implied volatility in the options market, particularly the July 18, 2025 $2.00 Put option [1] - Implied volatility indicates the market's expectation of future price movement, suggesting that investors anticipate a significant change in the stock's price, potentially due to an upcoming event [2] - American Axle currently holds a Zacks Rank of 3 (Hold) in the Automotive - Original Equipment industry, which is in the bottom 26% of the Zacks Industry Rank, with recent earnings estimates being revised downward [3] Group 2 - The high implied volatility surrounding American Axle may indicate a developing trading opportunity, as options traders often seek to sell premium on such options to capitalize on time decay [4]

February 2024 Investor Presentation Forward-Looking Statements In this presentation, we make statements concerning our expectations, beliefs, plans, objectives, goals, strategies, and future events or performance. Such statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and relate to trends and events that may affect our future financial position and operating results. The terms such as "will," "may," "could," "would," "plan," "believe," "ex ...