PARISFebruary 26, 2026 Commitments met in 2025 Further improvement in profitability Record cash flow from operations Solid order intake Sales of 20.9 billion euros, up 0.5% on a like-for-like basis Solid commercial momentum, with order intake up 38% over the year to 24.6 billion euros (up 47% in the second half). Secured its first Battery Energy Storage System (BESS) contract worth 225 million dollarsFurther improvement in operating margin to 977 million euros, representing 4.7% of sales, in line with the ...

The agreements were signed with firms, including Kubota Corporation, The partnerships span sectors such as agricultural equipment manufacturing, industrial machinery, water and environmental infrastructure solutions, automobiles, electronics, industrial printing and graphics, hospitality and real estate. Officials said the agreements are expected to boost manufacturing capacity and deepen industrial collaboration between India and Japan. Founded in 1890 and headquartered in Osaka, Kubota Corporation is a ...

Core Insights - The company reported preliminary and unaudited figures for the fiscal year 2025, indicating a strong year-end performance despite ongoing uncertainty and volatility in the market [1][3] - The company is in a transformation phase, with significant investments aimed at launching new projects in cell contacting systems, which reflects its commitment to innovation and growth [3] - Operating free cash flow reached 2% of sales, demonstrating effective cash management and operational efficiency [3] Financial Performance - The E-Mobility business unit experienced significant sales growth, driven by the ramp-up of battery component projects [4] - The implementation of the STREAMLINE program was successful, contributing positively to the company's operational performance [4] - Detailed financials, including EBIT levels, will be provided in the final audited figures scheduled for release on March 26 [2]

Madrid-based automotive components group CIE Automotive has received advisory support from the European Investment Bank (EIB) to accelerate decarbonisation across its operations and value chain. The support was provided by EIB Advisory under the Advisory Programme to Support Climate Action and Sustainability for Corporates funded by the InvestEU Advisory Hub. CIE Automotive’s Decarbonisation Plan, reviewed with the assistance of the EIB, includes emissions reduction targets, a long-term strategy to achi ...

Core Insights - FORVIA has launched its new strategic roadmap called IGNITE, aimed at enhancing the Group's profile, reducing complexity, and enabling financial flexibility through disciplined deleveraging, which is expected to foster accelerated growth and sustained net cash flow generation in the medium term [2][4][25] Strategic Roadmap - IGNITE is structured around two key phases: Focus & Strengthen (2025-2028) and Lead & Grow (post-2028) [5][9] - The roadmap emphasizes a new portfolio framework that includes a Growth cluster (Electronics and Seating) and a Value cluster (Clarion, Clean Mobility, Lifecycle Solutions, and Lighting) [6][10] Financial Projections - By 2028, FORVIA anticipates sales of €21-22 billion at constant exchange rates, with an operating margin of at least 7.0% and net cash flow around 3.5% of sales [5][20] - The leverage ratio is projected to improve to 1.2x by 2028, indicating a solid financial structure [20] Growth and Value Clusters - The Growth cluster is expected to achieve sales of €8.7-€9.1 billion by 2028, with an operating margin of at least 6.5% [12] - The Value cluster's sales are projected to adjust to €8.4-€8.8 billion by 2028, with an operating margin expanding to at least 7.0% [15] Operational Excellence - IGNITE aims to enhance operational excellence through improved capital allocation and a focus on best-in-class performance, supported by initiatives like EU-FORWARD and SIMPLIFY [4][16] - The Group's approach is underpinned by the FORVIA Excellence System, which emphasizes execution discipline and profitability across operations [16][17] Cultural and Organizational Changes - FORVIA is evolving its organizational structure to become simpler and faster, with a focus on regional divisions that enhance proximity to customers and operational accountability [18][19] - The Group is reinforcing its leadership culture, emphasizing accountability, empowerment, and collaboration to support faster decision-making [19]

ZF Friedrichshafen is seeing stronger orders for hybrid and combustion-engine components as the pace of electric vehicles (EV) adoption moderates. Michael Frick, CFO of ZF, told Bloomberg the company is shifting from an EV-first approach to supplying components across electric, hybrid and internal combustion engine platforms. The German automotive supplier’s move is intended to bolster the balance sheet and improve refinancing prospects. ZF faces refinancing needs exceeding €13bn ($15.31bn) by the end ...

Core Insights - The company delivered a record 2025 Adjusted EBITDA of $492 million with a margin of 13.1% despite facing significant challenges from softer US EV demand and market share shifts in China [1] - New business wins reached a record $7.4 billion, marking a 20% year-over-year increase, driven by high demand for SmartCore and advanced display systems [1] - Strategic diversification efforts are reducing reliance on legacy OEMs, with $500 million in new business from Toyota and nearly 15% of wins coming from two-wheeler and commercial segments [1] - Vertical integration initiatives were accelerated in 2025, including in-house molding of metal brackets and optical bonding to simplify supply chains and capture incremental value [1] - Global growth over the market was limited to 2% due to a seven percentage point drag from Battery Management Systems (BMS) and global OEM share loss in China [1] - The company reinforced its advanced technology leadership through significant OLED display wins with luxury OEMs and the expansion of the Cognito AI smart assistant [1]

Financial Performance - In 2025, the company reported net sales of $3,768 million, a decrease of $98 million or 3% year-over-year, with adjusted EBITDA reaching a record $492 million, representing 13.1% of sales, the highest in the company's history [3][4][27] - Adjusted free cash flow for the year was strong at $292 million, reflecting continued strength in the underlying earnings profile [30] - The company maintained a strong net cash position of $472 million at the end of the fourth quarter [27] Business Line Performance - Displays were a standout product line, with sales growing approximately 20% year-over-year, while battery management systems (BMS) faced headwinds due to softer EV demand in the U.S. [3][4] - Nearly 50% of new business wins in 2025 were for displays, indicating a strong market position in this segment [9] - The company secured significant OLED display wins with luxury OEMs, establishing leadership in this segment [9] Market Performance - Sales in the Americas were impacted by lower customer vehicle production and a steep drop in EV production at GM and Stellantis, resulting in an 8% headwind to sales [11] - Europe showed strong performance with an 11% growth over market, driven by new product launches with Audi, Ford, and Renault [12] - Sales in China declined year-over-year due to market share losses among global OEMs, but there was sequential sales growth in Q4 supported by new product launches [13] Strategic Direction - The company is diversifying its customer base by expanding its presence with specification automakers, securing $500 million of new business with Toyota [5][6] - There is a focus on software-defined vehicles and adjacent markets, with nearly 15% of new business wins coming from two-wheeler and commercial vehicle manufacturers [7] - The company is increasing vertical integration in manufacturing to simplify the supply chain and capture incremental value [8] Management Commentary - Management acknowledged challenges in the operating environment, particularly in the U.S. EV market and ongoing shifts in China [3][4] - The outlook for 2026 anticipates sales in the range of $3.65 billion to $3.85 billion, with headwinds from lower BMS volumes and discontinued Ford models [19][20] - Management expressed confidence in the company's ability to navigate market volatility and drive growth through strategic initiatives [14] Other Important Information - The company deployed approximately $275 million of capital in 2025, including investments in vertical integration and shareholder returns [31] - S&P upgraded the company to BA1, reflecting expanded margins and strong free cash flow generation [32] - The company plans to increase its quarterly dividend by 36% to $0.375 per share, reflecting confidence in cash flow durability [40] Q&A Session Summary Question: Can you elaborate on DRAM exposure and its impact on guidance? - Management indicated that memory chips are used in virtually all products, with an anticipated increase in memory costs representing about 2% of sales [43][49] Question: What is the revenue weighting for the first half versus the second half of 2026? - Management expects the second half of 2026 to be better than the first half due to backloaded launches, particularly with Toyota [51] Question: What is the M&A pipeline looking like? - The company is considering small, bolt-on acquisitions that enhance technology capabilities and are margin accretive from day one [65][66]

Financial Data and Key Metrics Changes - Net sales for 2025 were $3,768 million, a decrease of $98 million or 3% year-over-year, with customer production down 1% and pricing representing a 4% headwind [29][30] - Adjusted EBITDA reached a record $492 million, or 13.1% of sales, marking the highest level in the company's history [4] - Adjusted free cash flow for the year was $292 million, reflecting strong underlying earnings [32] Business Line Data and Key Metrics Changes - Displays were a standout product line, with sales growing approximately 20% year-over-year, driven by strong customer demand for larger and advanced displays [3] - Battery management systems (BMS) faced headwinds due to softer EV demand in the U.S. and impacted overall growth by about 7 percentage points [3] - Nearly 50% of new business wins in 2025 were for displays, surpassing previous records and positioning the product for sustainable revenue growth [9] Market Data and Key Metrics Changes - In the Americas, sales were impacted by lower customer vehicle production and a significant drop in EV production at GM and Stellantis, resulting in an 8% headwind to sales [11] - Europe showed strong performance with an 11% growth over market, driven by new product launches with Audi, Ford, and Renault [12] - Sales in China declined year-over-year due to market share losses among global OEMs, but there was sequential sales growth in Q4 supported by new product launches [13] Company Strategy and Development Direction - The company is diversifying its customer base by expanding its presence with specification automakers, securing $500 million of new business with Toyota [5] - Strategic initiatives include increasing vertical integration in manufacturing to simplify the supply chain and capture incremental value [7] - The focus remains on investing in technology development and aligning closely with market trends, particularly in software-defined vehicles and AI [8] Management's Comments on Operating Environment and Future Outlook - Management expects sales for 2026 to be in the range of $3.65 billion to $3.85 billion, with headwinds from lower BMS volume and discontinued Ford vehicle models [20][21] - Despite anticipated challenges, management is optimistic about new product launches and strategic initiatives contributing to growth in 2026 and beyond [22][23] - The company is addressing supply chain challenges, particularly in memory chips, and is working closely with suppliers to mitigate gaps [24] Other Important Information - The company returned capital to shareholders through $50 million in share repurchases and $7 million in dividends [28] - S&P upgraded the company to BA1, reflecting expanded margins and strong free cash flow generation [34] - The company plans to increase its quarterly dividend by 36% to $0.375 per share, reflecting confidence in cash flow durability [42] Q&A Session Summary Question: Can you elaborate on DRAM exposure and its impact on guidance? - Management indicated that memory chips are used in virtually all products, with an anticipated increase in memory costs representing about 2% of sales [48][52] Question: What is the revenue weighting for the first half versus the second half of 2026? - Management expects the second half of 2026 to be slightly better than the first half due to backloaded product launches, particularly with Toyota [55][56] Question: Can you provide details on the M&A pipeline? - The company is looking at small, bolt-on acquisitions that enhance technology capabilities and are margin accretive from day one [71][74]

Core Insights - Gentherm achieved record annual revenue of $1.5 billion in 2025, marking a 2.9% increase from $1.46 billion in 2024 [2][5] - The company reported a 7% year-over-year increase in full-year operating cash flow, reducing net leverage to approximately 0.2x [2][6] - Gentherm has established guidance for 2026 with a preliminary revenue outlook of approximately $1.7 billion for 2027 [2][7] Financial Performance - In Q4 2025, product revenues reached $382.8 million, an 8.5% increase from $352.9 million in Q4 2024 [6][28] - Full-year product revenues were $1,498.6 million, up 2.9% from $1,456.1 million in 2024 [6][28] - Automotive Climate and Comfort Solutions revenue increased by 11.1% year-over-year, outperforming S&P Global's light vehicle production report by 820 basis points [6][30] Profitability Metrics - Gross margin for Q4 2025 was 23.7%, down from 24.4% in the prior year, primarily due to higher material costs [6][28] - Net income for Q4 2025 was $3.0 million, a decrease from $15.3 million in Q4 2024 [6][28] - Adjusted EBITDA for the full year was $174.8 million, or 11.7% of revenue, compared to $182.9 million, or 12.6% of revenue, in the prior year [6][28] Strategic Initiatives - The company is focused on transforming its business and expanding into adjacent markets, with a planned combination with Modine Performance Technologies expected to close by the end of 2026 [3][6] - Gentherm secured automotive new business awards totaling $2.2 billion in 2025, indicating strong future growth potential [6][28] Guidance and Outlook - For 2026, Gentherm projects product revenues between $1.5 billion and $1.6 billion, with adjusted EBITDA expected to be between $175 million and $195 million [7] - The company anticipates adjusted free cash flow of $80 million to $100 million for 2026 [7]