Q4 & Full Year 2025 Earnings 2025 Ford Maverick Safe Harbor Statement And Disclosures Contents Delivering Ford + Page 4 - 5 Q4 Results Page 6 Full Year Results Page 7 Financials Page 9 - 17 2026 Guidance Page 19 - 20 Appendix Page 23 - 36 2026 Ford Kuga This presentation includes forward-looking statements. Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to diffe ...

Core Insights - Ford Motor Company achieved solid sales growth in 2025, with U.S. vehicle sales increasing by 6% year over year, marking the best annual sales and fourth-quarter performance since 2019 [1][10] - The company outperformed the industry for the 10th consecutive month in December 2025 [1] Sales Performance - Total sales for Ford in 2025 reached 2.2 million vehicles, with a market share of 13.2% [2] - In Q4 2025, Ford's sales rose by 2.7% to over 545,200 vehicles, with a market share increase of 0.9% [2] Truck Segment - The Ford F-Series remained the best-selling truck in America, with sales exceeding 828,832 units, an increase of 8.3% [3] - The Ford Maverick had its strongest sales year on record, selling 155,051 vehicles, with Q4 sales up 54.2% to 34,147 pickups [3] - Total truck sales, including pickups and vans, reached 1,268,749 vehicles in 2025 [3] SUV Segment - The Ford Explorer was the best-selling SUV in America, with sales jumping 14.7% to 222,706 units in 2025, and Q4 sales increased by 30.6% to 61,777 units [4] - The Ford Bronco also had a record year with 146,007 vehicles sold, up 33.7%, and Q4 sales increased by 12% to 36,086 units [4] - Overall SUV sales for Ford in 2025 totaled 783,174 vehicles, reflecting a 1.6% year-over-year increase [4] Electric and Hybrid Vehicles - Ford's electric vehicle sales totaled 84,113 vehicles in 2025, including 51,620 Mustang Mach-E [5] - The company sold a record 228,072 hybrid vehicles in 2025, marking a 21.7% increase, with Q4 hybrid sales reaching 55,374 vehicles [6] - Ford's strong performance in 2025 highlights the effectiveness of its balanced product strategy, with trucks, SUVs, and hybrids driving growth [6] Competitive Context - General Motors (GM) experienced a 7% decline in deliveries year over year, totaling 703,001 vehicles in Q4 2025, with EV deliveries dropping about 43% [7] - Stellantis reported Q4 2025 deliveries of 332,321 vehicles, reflecting a 4% year-over-year increase, while total sales for 2025 were down 3% [8] Stock Performance - Ford shares have gained 16.2% in the past six months, compared to the industry's growth of 44.4% [9] - The company trades at a forward price-to-sales ratio of 0.33, above the industry average and its own five-year average, carrying a Value Score of A [11]

Core Insights - Rivian's stock has experienced significant volatility, rallying during the pandemic but subsequently falling over 80% in the past five years, despite a 48% gain in 2025 [1] - The expiration of the U.S. EV tax credit and ongoing net losses pose challenges for Rivian, even as it reported 78% year-over-year revenue growth in Q3, likely driven by a temporary surge in EV purchases [2] - December 2025 production and delivery numbers for Rivian were lower than the previous year, indicating skepticism about the company's future performance [3] Industry Context - The EV market is facing a downturn, with major automakers like Ford scaling back or abandoning their EV plans, suggesting a challenging environment for Rivian [4] - Ford's vehicle sales have outperformed the industry average for nine consecutive months, with only a 0.9% decline compared to an average of 7% for the industry, attributed to its diverse vehicle lineup [5] - The Ford Maverick hybrid model has set new sales records, indicating that entry-level vehicles are helping Ford gain market share, contrasting with Rivian's focus on high-net-worth individuals [6] - The fading EV boom makes Rivian less attractive as an investment, while Ford remains a reliable stock with a strong growth trajectory [7]

Core Viewpoint - Ford Motor Co. has announced a recall of over 680,000 vehicles in the U.S. due to various safety issues, continuing a trend of multiple recalls in 2025 [1] Group 1: Recall Details - The recall includes over 291,901 units of 2020-2022 F-250 SD, F-350 SD, and F-450 SD models due to a malfunction in the 360-degree view camera systems, which may not display a rearview image properly in certain lighting conditions [2] - A separate recall involves 59,006 units of 2016-2019 Lincoln MKC, 2016-2023 Explorer SUVs, and other models due to potential engine fire risks stemming from a cracked heater block that could lead to coolant leaks and short circuits [4] - Additionally, over 332,778 units of the Ford Mustang (2015-2017) were recalled for a seatbelt anchor pretensioner cable issue that can corrode and break, and over 197,432 Mustang Mach E vehicles were recalled due to rear door issues that could trap occupants [5] Group 2: Operational Challenges - The recalls occur amid a technician shortage at Ford, with 6,000 empty bays across U.S. dealerships and an average customer repair wait time of two weeks, indicating operational impacts [6] Group 3: Company Performance Insights - Ford is noted to offer satisfactory momentum, growth, and quality, while also scoring well on the value metric, with a favorable price trend in the medium and long term [7]

EV Startup Slate's Potential - Slate is targeting the affordable EV market, differentiating itself from high-end EV manufacturers [2][3] - Slate's simplified manufacturing process, including injection-molded body panels, aims to reduce capital expenditures [3] - The average vehicle cost is approximately $48,000, creating an opportunity for more affordable options [4] - Slate's pickup truck size is reminiscent of the smaller, commuter-focused pickups of the mid-90s [5] Challenges and Risks - Scaling manufacturing and supply chains is a significant challenge for EV startups [6] - Sourcing components solely from the US may shield Slate from tariffs but could increase costs [8] - The removal of federal incentives for EVs impacts the final price for consumers [9] - Pre-order numbers can be misleading and may not accurately reflect actual sales [11][12] - Increased competition is expected with Ford and other manufacturers entering the small EV pickup market [13][14] Pricing and Market Positioning - Slate initially announced a price of around $27,000, which was expected to be reduced to approximately $20,000 after federal incentives [9] - Vehicles priced below $30,000 could appeal to first-time buyers and those seeking affordability [10] - Maintaining the target price point will be challenging but crucial for success [14] Production Capacity - Slate's plant has a production capacity of 150,000 units [10]

Core Insights - The truck and SUV segments remain highly sought after by American consumers, prompting Mercury Insurance to compile a list of the most affordable new trucks and SUVs to insure for 2025 [1][3] - This marks the 10th year Mercury has published this list, which includes vehicles from the 2025 and 2026 model years [2] Truck Segment - The top 10 list for trucks includes models such as Chevrolet Colorado LT, Chevrolet Silverado C3500, and Ford Maverick/Ford Ranger, ranked by affordability to insure [6] - Factors influencing insurance costs include claims on similar vehicles, repair costs, and vehicle safety records [2] SUV Segment - The top 10 list for SUVs features models like Hyundai Sante Fe, Honda Pilot, and Kia Sportage, also ranked by affordability to insure [6] - The variety in this year's list caters to consumers with different budgets and lifestyles, from compact SUVs to larger midsize options [3] Company Overview - Mercury Insurance is a multiple-line insurance carrier offering personal auto, homeowners, renters, and commercial insurance across several states [5] - The company has a strong reputation, earning an "A" rating from A.M. Best and recognition as "Best Auto Insurance Company" by Forbes and Insure.com [7]

Core Viewpoint - The implementation of President Trump's 25% tariffs on imported vehicles is expected to significantly impact the automotive industry and investor sentiment, with potential long-term effects on earnings and market dynamics [1][2][3]. Industry Impact - The tariffs apply to vehicles not assembled in the U.S., affecting 46% of the approximately 16 million vehicles sold domestically in the previous year [2]. - Analysts express concerns that prolonged tariffs could lead to a recession in the automotive sector, with significant negative implications for company earnings [2][3]. - The tariffs are anticipated to increase vehicle prices, with estimates suggesting new vehicle prices could rise by as much as $10,000 if costs are fully passed on to consumers [20]. Company-Specific Effects - Automakers such as Volvo, Mazda, Volkswagen, and Hyundai are identified as most at risk, with over 60% of their U.S. sales being imported [11]. - General Motors (GM) is projected to face the highest exposure to tariffs, with estimates indicating a potential 79% drop in earnings before interest and taxes (EBIT) and an 81% decline in earnings per share (EPS) [13]. - Ford is expected to see a 16.5% hit to EBIT and a 23% decline in EPS due to the tariffs [14]. - Tesla, Rivian Automotive, and Lucid Group are positioned more favorably as their vehicles are assembled in the U.S., insulating them from the tariffs [15][16]. Market Dynamics - U.S. auto sales in the first quarter exceeded expectations as consumers rushed to purchase vehicles before the tariffs took effect [17]. - S&P Global Mobility forecasts that U.S. light-vehicle sales could decline to between 14.5 million and 15 million units annually if tariffs remain in place, down from approximately 16 million in 2024 [18]. - Entry-level vehicles, which typically have lower profit margins, are particularly vulnerable to price increases due to the tariffs [18][19]. Supply Chain Considerations - The concept of a fully U.S.-sourced vehicle is deemed unrealistic, as even domestically assembled vehicles rely on a global supply chain for parts [7][8]. - Automakers are awaiting clarity on potential tariffs for auto parts, which could further complicate their supply chain and financial outlook [6][10].