Core Insights - Dana Inc. (DAN) is a global leader in power-conveyance and energy-management solutions for on-highway vehicles, enhancing efficiency, performance, and sustainability of light and commercial vehicles [1] Stock Performance - Year-to-date, Dana shares have increased by 34.2%, outperforming the industry's decline of 5.2% and the auto sector's fall of 10% [2][8] Investment Case - Structural margin expansion is supported by cost actions, with the company achieving $248 million in savings and expecting a run-rate of $325 million by 2026, including $40 million from stranded costs related to off-highway divestiture. Adjusted EBITDA for 2026 is projected to be around $800 million, reflecting a margin improvement of about 250 basis points over 2025 [5][8] - A $750 million multi-year backlog has been secured, with approximately $200 million incorporated into the 2026 plan, providing revenue visibility despite market volatility [6][8] - The company has significantly improved its balance sheet, reporting a $1.9 billion debt reduction and liquidity of about $1.8 billion. Over $700 million was returned to shareholders in 2025, and the quarterly dividend was increased by 20% to 12 cents per share [7][9] Future Outlook - The outlook for Dana remains constructive, supported by improving EBITDA guidance and ongoing shareholder returns, with operational momentum and deleveraging progress enhancing the investment narrative [12][13]

Core Insights - BranchOut Food Inc. will present at the 38th Annual ROTH Conference on March 23-24, 2026, in Dana Point, California, focusing on its strategic growth initiatives and operational milestones [1][2] Company Overview - BranchOut Food Inc. specializes in high-quality dehydrated fruit and vegetable products using its proprietary GentleDry™ technology, partnering with global food brands to create innovative, shelf-stable products [5] - The company has a vertically integrated platform that allows for efficient global production and scalable distribution across retail and ingredient markets [5] Conference Participation - The management team, including CEO Eric Healy, will engage in one-on-one meetings with institutional investors to discuss the company's growth strategies and market opportunities [2][3] - The ROTH Conference is recognized as a premier investor event, facilitating networking and discussions among executives, investors, and industry leaders [3] Strategic Focus - The company aims to scale its dehydration technology, expand partnerships with leading brands, and meet the increasing demand for nutritious and sustainable food products [3][7] - Key areas of focus include the expansion of the GentleDry™ technology platform, growth in retail and private label channels, and strategic global manufacturing initiatives [7]

Core Insights - Dana Incorporated has appointed Byron Foster as the new Chief Executive Officer, effective July 1, following a structured transition plan where the current CEO, R. Bruce McDonald, will remain as Chairman of the Board [1][6]. Leadership Transition - R. Bruce McDonald has led Dana since 2024 and expressed confidence in Foster's ability to guide the company through its next growth phase, highlighting Foster's deep understanding of the business and his role in recent operational transformations [2]. - Byron Foster, currently the Senior Vice President and President of Light Vehicle Systems, has been credited with significant sales growth and improved profit margins since joining the company in 2021 [2]. Strategic Focus - Upon taking on the CEO role, Foster aims to build on Dana's foundation of engineering excellence and global collaboration, emphasizing innovation and value delivery in both light and commercial vehicle markets for long-term success [3]. - The transition period leading up to July is designed to maintain stability as the company adapts to evolving industry demands and strategic opportunities in the automotive and commercial sectors [3]. Company Overview - Dana Incorporated, along with its subsidiaries, provides power-conveyance and energy-management solutions for on-highway vehicles across North America, Europe, South America, and the Asia Pacific [4].

Core Insights - Dana Incorporated will host a Capital Markets Day on March 25, 2026, in New York City to present its long-term strategy, Dana 2030 [1] Group 1 - The event will feature presentations from Dana's senior leadership team [1]

Financial Performance - Dana reported total external sales of $7,500 million for 2025, with Light Vehicle segment contributing $5,217 million (70.0%) and Commercial Vehicle segment contributing $2,283 million (30.0%) [22] - The company reported net sales of $7,500 million for 2025, a decrease of $234 million compared to 2024, with a gross margin of 8.0% [147] - Total sales in 2025 were $7,500 million, a decrease of $234 million or 3% compared to 2024, primarily due to lower production volumes in North America and South America [148] - Organic sales in North America decreased by 3%, driven by a 1% decline in full-frame light-truck production and a 23% decline in Class 8 and Classes 5-7 truck production compared to 2024 [149] - The sales outlook for 2026 is projected to be between $7,300 million and $7,700 million, reflecting a decline in global market demand but offset by $200 million of net new business backlog [143] - Adjusted EBITDA for 2026 is expected to be between $750 million and $850 million, with an adjusted EBITDA margin improvement of 260 basis points over 2025 [143] Cost Management and Savings - The company expects to achieve annualized savings of $325 million through cost reduction initiatives by 2026, with $260 million realized in 2025 and an additional $65 million expected in 2026 [16] - The company has been consolidating manufacturing operations and positioning operations in lower-cost locations to reduce costs [68] - The company has taken cost-reduction actions, which may expose it to additional production risks and could adversely affect sales and profitability [67] - Selling, general and administrative (SG&A) expenses in 2025 were $387 million, representing 5.2% of sales, down from $429 million or 5.5% of sales in 2024 [152] - Cost of sales decreased by $458 million or 6% compared to 2024, with cost of sales as a percentage of sales being 310 basis points lower than the previous year [150] Divestiture and Capital Return - Dana's divestiture of the Off-Highway business was completed on January 1, 2026, with initial cash proceeds of $2,664 million, aimed at strengthening the financial position and reducing debt [18] - The company plans to use net cash proceeds from the divestiture to pay down debt and return up to $2,000 million to shareholders through stock repurchases and/or special dividends by the end of 2030 [133] - Dana's board approved a capital return program of up to $2,000 million through share repurchases and/or special dividends by the end of 2030, with $750 million spent on repurchasing 37,943,413 shares as of January 31, 2026 [19] Research and Development - Research and development costs were $105 million in 2025, down from $184 million in 2024 and $196 million in 2023, indicating a focus on cost management [38] - Engineering expenses, including research and development, totaled $224 million in 2025, reflecting a strategic focus on innovation and product development [38] - The transition from internal combustion engine (ICE) vehicles to electric vehicles (EVs) is anticipated to increase the company's content per vehicle opportunity up to three-fold on a dollar basis [92] - The transition from internal combustion engine (ICE) vehicles to electric vehicles (EVs) may lead to increased research and development costs, capital investment, and inventory levels, negatively impacting profitability and cash flows [93] Customer Dependence and Sales Distribution - Ford Motor Company accounted for approximately 32% of Dana's total sales in 2025, highlighting significant customer dependence [27] - The company has a diverse customer base, with the top 10 customers accounting for approximately 76% of total sales in 2025 [27] - Sales from non-U.S. subsidiaries accounted for $3,211 million, or 43%, of total consolidated sales in 2025 [26] - Approximately 43% of the company's sales in 2025 were from operations located outside the U.S., making it susceptible to currency fluctuations [63] Operational and Market Risks - Rising interest rates could negatively affect demand for the company's products and its ability to obtain financing [55] - The company is facing increased competition for EV-based vehicle programs, with a higher number of competitors bidding compared to historical ICE vehicle programs [92] - The company is dependent on its suppliers for critical components, and any disruptions in the supply chain could adversely affect production schedules and sales [73] - Customer production levels are subject to significant cyclicality, which can adversely affect operational results if not appropriately anticipated [94] Employee and Safety Initiatives - The company employs a total of 26,900 people across various segments, with 17,000 in Light Vehicle and 8,100 in Commercial Vehicle [40] - The company is committed to enhancing employee safety through robust health and safety programs [41] - The company utilizes a global human resource information system to support talent development and performance management [45] - The company relies on retaining and attracting skilled talent to develop future technologies necessary for competitive products [95] Financial Position and Liquidity - As of January 31, 2026, Dana had consolidated debt obligations of $1,315 million, with cash and cash equivalents of $659 million and unused revolving credit capacity of $1,140 million [99] - Total liquidity as of January 31, 2026, was $1.799 billion, comprising $659 million in cash and cash equivalents and $1.140 billion available from the Revolving Facility [191] - Contractual cash obligations totaled $2.583 billion as of December 31, 2025, with significant future payments due for long-term debt and interest [202] Pension and Healthcare Obligations - U.S. defined benefit pension plans account for 61% of the consolidated defined benefit pension obligations as of December 31, 2025 [212] - A 25 basis point increase in the discount rate would decrease the U.S. pension liability by approximately $7 million [213] - The expected long-term rate of return on U.S. pension plan assets is set at 5.75% for 2026 based on recent analysis of projected portfolio returns [213] - Pension benefits are funded through deposits with trustees that meet applicable funding regulations [210]

Core Insights - Dana reported stronger-than-expected fourth-quarter results and a record level of annual free cash flow since 2013, driven by effective cost reduction and operational improvements [4][7][2] Financial Performance - Fourth-quarter sales reached $1.867 billion, an increase of $93 million year-over-year, with an adjusted EBITDA margin of 11.1%, reflecting a 640-basis-point improvement from the previous year [8] - For the full year 2025, sales totaled $7.5 billion, down $234 million from 2024, while adjusted EBITDA was $610 million, up $215 million, resulting in an 8.1% margin [9][11] - Adjusted free cash flow improved to $331 million in 2025, the highest since 2013, driven by higher profitability and working-capital improvements [11][12] Cost Reduction and Capital Returns - Management achieved $248 million in cost savings in 2025, with a run-rate of $325 million heading into 2026, and plans to eliminate approximately $40 million of stranded costs from the Off-Highway sale [1][7][17] - The company returned over $700 million to shareholders in 2025 through share repurchases and dividends, with an increased buyback authorization of $2 billion through 2030 [6][12] Leadership Transition - Bruce McDonald announced that Byron Foster will become the new CEO, emphasizing a seamless transition and the management team's role in cost reduction and strategic planning [3] 2026 Guidance and Market Outlook - Dana reaffirmed its 2026 guidance, projecting approximately $7.5 billion in sales, around $800 million in adjusted EBITDA, and about $300 million in adjusted free cash flow [5][18] - The company anticipates flat year-over-year volume in light trucks and commercial vehicles, with some optimism for improved commercial vehicle volumes in the latter half of the year [15] Dana 2030 Strategy - The company outlined its Dana 2030 targets, aiming for nearly $10 billion in sales, EBITDA margins of 14%-15%, and adjusted free cash flow of 6%, driven by cost actions and manufacturing investments [19][20] - Management indicated that the growth plan does not include M&A and highlighted opportunities in traditional ICE vehicles, aftermarket growth, and selected EV opportunities [20][21]

Financial Data and Key Metrics Changes - For Q4 2025, sales were $1.867 billion, an increase of $93 million compared to the previous year, driven by customer recoveries and currency translation [18] - Adjusted EBITDA for Q4 was $208 million, resulting in an 11.1% margin, a 640 basis points improvement over the prior year's fourth quarter [19] - Full-year sales for 2025 were $7.5 billion, down $234 million from 2024, reflecting weakening market demand across both light vehicle and commercial vehicle sectors [20] - Full-year adjusted EBITDA was $610 million, an improvement of $215 million from the prior year, resulting in an 8.1% margin, up 300 basis points [21] Business Line Data and Key Metrics Changes - The light vehicle segment saw growth, while certain commercial vehicle markets experienced weaker demand, impacting overall sales [23] - Performance actions contributed an additional $17 million in Q4, driven by commercial recoveries and pricing initiatives [24] - For the full year, performance actions added $981 million in sales, primarily from pricing and commercial actions [26] Market Data and Key Metrics Changes - The light truck market is expected to hold steady, with flat volume year-over-year from 2025 levels [13] - There is optimism for improved volumes in the commercial vehicle sector towards the latter half of the year [14] - The company has a three-year net backlog of $750 million, with $200 million expected to flow through in 2026 [14] Company Strategy and Development Direction - The company is focused on its Dana 2030 strategy, which includes growth in aftermarket, traditional light vehicle and commercial vehicle businesses, and EV technologies [52][54] - The company plans to return $2 billion to shareholders through stock buybacks, with $300 million targeted for 2026 [53] - The management team is confident in their ability to deliver on financial objectives and capitalize on growth opportunities [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to eliminate stranded costs post-divestiture and achieve substantial growth [9] - The outlook for 2026 remains unchanged, with expected revenue of approximately $7.5 billion and adjusted EBITDA around $800 million [34][35] - The company anticipates continued operational execution and benefits from cost reduction initiatives [37] Other Important Information - The company completed the sale of its Off-Highway business, using most of the $2 billion proceeds to repay debt [8] - The company has reduced total debt by approximately $1.9 billion, resulting in a strong capital structure with no near-term maturities [47][48] Q&A Session Summary Question: Follow-up on the target for sales of $10 billion by 2030 - Management explained that the growth target includes normalization in the North American commercial vehicle market and several growth strategies in traditional and adjacent markets [57][58] Question: Impact of EV cancellations on cash flow - Management indicated that while there were some recoveries, many programs have not completely canceled, leading to adjustments in ongoing sales prices [64] Question: Guidance on EBITDA margins by 2030 - Management stated that margin enhancement will come from structural cost reductions and operational efficiencies, with confidence in achieving the targets [71][72] Question: CapEx guidance and its relation to sales - Management confirmed that a CapEx rate of around 4% is expected going forward to support growth initiatives and margin expansion [100] Question: Plans for excess cash flow - Management indicated flexibility in using excess cash flow for debt reduction or further shareholder returns, depending on market conditions [90][92]

Financial Data and Key Metrics Changes - For Q4 2025, sales were $1.867 billion, an increase of $93 million compared to the previous year, driven by customer recoveries and currency translation [18] - Adjusted EBITDA for Q4 was $208 million, resulting in an 11.1% margin, a 640 basis points improvement over the prior year's fourth quarter [19] - Full-year sales for 2025 were $7.5 billion, down $234 million from 2024, reflecting weakening market demand across both light vehicle and commercial vehicle sectors [20] - Full-year adjusted EBITDA was $610 million, an improvement of $215 million from the prior year, resulting in an 8.1% margin, up 300 basis points [21] Business Line Data and Key Metrics Changes - The light vehicle segment saw growth, while certain commercial vehicle markets experienced weaker demand, impacting overall sales [23] - Performance actions contributed an additional $17 million in Q4, driven by commercial recoveries and pricing initiatives [24] - For the full year, performance actions added $981 million in sales, primarily from pricing and commercial actions [26] Market Data and Key Metrics Changes - The light truck market is expected to hold steady, with flat volume year-over-year from 2025 levels [13] - There is optimism for improved volumes in the commercial vehicle sector towards the latter half of the year [14] - The company’s backlog is $750 million, with $200 million expected to flow through in 2026 [9] Company Strategy and Development Direction - The company is focused on its Dana 2030 strategy, which includes a target of close to $10 billion in sales by 2030, with a margin increase to 14%-15% at the EBITDA line [52] - The strategy includes growth in aftermarket business, traditional light vehicle and commercial vehicle sectors, and EV and Applied Technologies [54] - The company plans to return $2 billion to shareholders through stock buybacks, with $300 million targeted for 2026 [53] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s ability to deliver on financial objectives and highlighted strong momentum exiting 2025 [10] - The outlook for 2026 remains unchanged, with expectations for revenue to be approximately $7.5 billion and adjusted EBITDA around $800 million [34] - Management noted that the operational execution and cost reduction initiatives are expected to drive meaningful profit expansion [35] Other Important Information - The company completed the sale of its Off-Highway business and used most of the $2 billion proceeds to repay debt [8] - The company returned just over $700 million to shareholders in 2025, including a 20% increase in dividends [11] - The company’s balance sheet is significantly stronger post-divestiture, with reduced debt and improved liquidity [46] Q&A Session Summary Question: Follow-up on the target for sales of $10 billion by 2030 - Management explained that the growth target includes normalization in the North American commercial vehicle market and several growth strategies in traditional vehicles and aftermarket opportunities [58][60] Question: Impact of EV cancellations on 2025 guidance - Management indicated that while there were some recoveries, many programs have not completely canceled, leading to adjustments in ongoing sales prices [64][68] Question: Breakdown of contributions to EBITDA margin targets - Management refrained from providing detailed breakdowns but emphasized structural cost reductions and operational efficiencies as key drivers for margin enhancement [71][72] Question: Sustainability of commercial vehicle margins - Management expressed confidence in the sustainability of margin levels, attributing improvements to operational efficiencies and new plant performance [75][78] Question: Future capital deployment strategies - Management indicated flexibility in capital deployment, considering both shareholder returns and potential acquisitions to accelerate growth [82][90]

Financial Data and Key Metrics Changes - For Q4 2025, sales were $1.867 billion, an increase of $93 million compared to the previous year, driven by customer recoveries and currency translation [16] - Adjusted EBITDA for Q4 was $208 million, resulting in an 11.1% margin, a 640 basis points improvement over the prior year's fourth quarter [16] - Full-year sales for 2025 were $7.5 billion, down $234 million from 2024, reflecting weakening market demand across both light vehicle and commercial vehicle sectors [18] - Full-year adjusted EBITDA was $610 million, an improvement of $215 million from the prior year, resulting in an 8.1% margin, up 300 basis points [19] Business Line Data and Key Metrics Changes - The light vehicle segment saw growth, while certain commercial vehicle markets experienced weaker demand, impacting overall sales [21] - Performance actions contributed an additional $17 million in Q4, driven by commercial recoveries and pricing initiatives [21] - The company secured a backlog of $750 million, with $200 million expected to flow through in 2026, despite challenges in the EV sector [6] Market Data and Key Metrics Changes - The light truck market is expected to hold steady, with plans built around flat volume year-over-year from 2025 levels [12] - There is optimism for improved volumes in the commercial vehicle sector towards the latter half of the year [12] Company Strategy and Development Direction - The company is focused on its Dana 2030 strategy, which includes cost reduction initiatives and growth in traditional and electric vehicle markets [4] - The company plans to return $2 billion to shareholders through stock buybacks by 2030, reflecting confidence in long-term financial targets [7] - The company aims for $10 billion in sales by 2030, with a target EBITDA margin of 14%-15% [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on financial objectives and navigate a dynamic market environment [4] - The outlook for 2026 remains unchanged, with expectations for revenue to be approximately $7.5 billion and adjusted EBITDA around $800 million [29] - Management highlighted the importance of operational execution and cost management in driving future profitability [28] Other Important Information - The company completed the sale of its Off-Highway business, using proceeds to repay debt, resulting in a significantly improved balance sheet [5] - The company has reduced total debt by approximately $1.9 billion, enhancing its financial strength and flexibility [38] Q&A Session Summary Question: Follow-up on the $10 billion sales target by 2030 - Management explained that the growth will come from a normalization in the North American commercial vehicle market, new business wins, and expansion in the aftermarket and applied technologies [45][46] Question: Impact of EV cancellations on cash flow - Management noted that while there were some recoveries, the impact on profit drivers was limited, primarily covering costs incurred [51][52] Question: Breakdown of margin expansion drivers - Management indicated that margin enhancement would come from structural cost reductions and operational efficiencies, with a focus on low-risk, high-return actions [57][58] Question: CapEx guidance and its implications - Management confirmed that CapEx is expected to be around 4% of sales going forward, necessary for both growth initiatives and margin expansion [86][88]

2025 Fourth-Quarter & Full-Year Earnings Conference Call February 18, 2026 Safe Harbor Statement Certain statements and projections contained in this presentation are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-lo ...