Financial Data and Key Metrics Changes - Total revenue reached nearly $4.6 billion, increasing 7.2% compared to 2024, marking record revenue for the third consecutive year [4][22] - Adjusted revenue growth, excluding foreign exchange and commodity impacts, was 6.9% year-over-year, outperforming the market by approximately 320 basis points [22][25] - EBITDA grew 11.2% year-over-year, with margins expanding by 40 basis points to 10.3% [22][29] - Net profit attributable to equity holders was $102 million, compared to $62 million in 2024, reflecting a significant increase [24][22] - Free cash flow was $124 million in 2025, down from $166 million in 2024 due to increased working capital investments [24][33] Business Line Data and Key Metrics Changes - Successfully launched 57 customer programs, with 42 being new or conquest wins, and 36 for electric vehicle platforms [5][7] - New business bookings totaled $4.9 billion, including significant steer-by-wire wins with leading Chinese NEV OEMs [10][14] - APAC revenue reached approximately $1.5 billion, representing a 9.8% increase year-over-year, marking the fourth consecutive year of record revenue in this region [5][6] Market Data and Key Metrics Changes - North America revenue increased by 4.4% year-over-year, while APAC led with 10.2% growth [26][27] - EMEA SA revenue increased by 8.5% year-over-year, supported by program ramp-ups [26][27] - North America remains the largest region, contributing 50% of total revenue, followed by APAC at 32% and EMEA/SA at 17% [27] Company Strategy and Development Direction - The company focuses on long-term profitable growth, emphasizing technology leadership and alignment with industry megatrends such as electrification and connectivity [36][37] - Expansion of manufacturing and technical footprint across Asia-Pacific to support long-term growth and localization [16][17] - Development of integrated solutions, including steer-by-wire and electromechanical braking systems, to enhance competitiveness [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving record revenue in 2026 despite expectations for modestly lower global OEM production [34][35] - Continued margin expansion is anticipated, driven by performance improvements and increased volume leverage [35] - Geopolitical risks, including ongoing conflicts and trade tensions, are acknowledged, with active management strategies in place [35][36] Other Important Information - The board approved a $46 million dividend, representing a 45% payout ratio, up from 35% in 2024 [6][22] - The company opened new manufacturing facilities in China and Thailand to support growing demand [17][18] Q&A Session Summary Question: Long-term focus on steer-by-wire and integrated solutions - Management confirmed a focus on becoming a chassis motion-by-wire supplier, leveraging experience in safety-critical vehicle systems to enhance competitiveness [41][42] Question: Impairments and compensation expectations - Management indicated that further recoveries related to program cancellations are expected in 2026, with ongoing negotiations with customers [46][47] Question: Revenue growth estimates for 2026 - Management anticipates revenue growth above market by 200-300 basis points, primarily in the Asia-Pacific region, with continued margin expansion expected [50][51]

Financial Data and Key Metrics Changes - Total revenue reached nearly $4.6 billion, increasing 7.2% compared to 2024, marking record revenue for the third consecutive year [4][22] - Adjusted revenue growth, excluding foreign exchange and commodity impacts, was 6.9% year-over-year, outperforming the market by approximately 320 basis points [22][25] - EBITDA grew 11.2% year-over-year, with margins expanding by 40 basis points to 10.3% [22][29] - Net profit attributable to equity holders was $102 million, up from $62 million in 2024, reflecting a significant increase in profitability [24][22] Business Line Data and Key Metrics Changes - Successfully launched 57 customer programs, with 42 being new or conquest wins, and 36 for electric vehicle platforms [5][7] - New business bookings totaled $4.9 billion, including significant wins in Steer-by-Wire technology [10][14] - APAC revenue reached approximately $1.5 billion, representing a 9.8% increase year-over-year, marking the fourth consecutive year of record revenue in this region [5][6] Market Data and Key Metrics Changes - North America revenue increased by 4.4% year-over-year, while APAC led with 10.2% growth, and EMEA/SA saw an 8.5% increase [26][27] - North America remains the largest region, contributing 50% of total revenue, followed by APAC at 32% and EMEA/SA at 17% [27] Company Strategy and Development Direction - The company focuses on long-term profitable growth, emphasizing technology leadership and alignment with industry megatrends such as electrification and autonomy [16][36] - Expansion of manufacturing and technical footprint across Asia-Pacific to support growth and localization [17][36] - Strategic targeting of customer diversification, serving over 60 OEMs globally, including both established and emerging players [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving another year of record revenue in 2026, despite expectations for modestly lower global OEM production [34][36] - Continued margin expansion is anticipated, driven by operational efficiency and execution improvements [35][36] - Geopolitical risks, including ongoing conflicts, are acknowledged, with a commitment to managing these risks through close engagement with stakeholders [35][36] Other Important Information - The board approved a $46 million dividend, representing a 45% payout ratio, up from 35% in 2024 [6][23] - The company is developing a modular, high-precision Electromechanical Braking (EMB) system, marking a significant step in Motion-by-Wire technology [18][19] Q&A Session Summary Question: Long-term focus on Steer-by-Wire and integrated solutions - Management confirmed a focus on becoming a chassis Motion-by-Wire supplier, leveraging commonalities between Steer-by-Wire and EMB technologies for competitive advantage [41][42] Question: Impairments and compensation expectations - Management indicated expectations for further recoveries related to program cancellations in 2026, with ongoing negotiations with customers [46][47] Question: Revenue growth estimates for 2026 - Management anticipates revenue growth above market by 200-300 basis points, primarily driven by the Asia-Pacific region, with continued margin expansion expected [50][51]

Financial Data and Key Metrics Changes - Total revenue reached nearly $4.6 billion, increasing 7.2% compared to 2024, marking record revenue for the third consecutive year [4][22] - Adjusted revenue growth, excluding foreign exchange and commodity impacts, was 6.9% year-over-year, outperforming the market by approximately 320 basis points [22][25] - EBITDA grew 11.2% year-over-year, with margins expanding by 40 basis points to 10.3% [22][28] - Net profit attributable to equity holders was $102 million, or 2.2% of revenue, compared to $62 million in 2024 [22][24] - Free cash flow was $124 million in 2025, down from $166 million in 2024 [22][32] Business Line Data and Key Metrics Changes - Successfully launched 57 customer programs, with 42 being new or conquest wins, and 36 for electric vehicle platforms [5][6] - New business bookings totaled $4.9 billion, including significant steer-by-wire wins with two leading Chinese NEV OEMs [10][13] - APAC revenue reached approximately $1.5 billion, representing a 9.8% increase year-over-year [5][26] Market Data and Key Metrics Changes - North America revenue increased by 4.4% year-over-year, while APAC led with 10.2% growth [26][27] - EMEA SA revenue increased by 8.5% year-over-year, supported by program ramp-ups [26][27] - North America remains the largest region at 50% of total revenue, followed by APAC at 32% and EMEA/SA at 17% [27] Company Strategy and Development Direction - Focus on long-term profitable growth through new business wins and program launches [4][6] - Emphasis on expanding the motion-by-wire product portfolio, including steer-by-wire and electromechanical braking systems [10][20] - Strategic partnerships with OEMs aligned with industry megatrends such as electrification and autonomy [14][15] Management's Comments on Operating Environment and Future Outlook - Management expects above-market revenue growth in 2026 of approximately 200-300 basis points, driven primarily by continued growth in APAC [34] - Anticipated margin expansion due to net performance improvements and increased volume leverage [34] - Ongoing geopolitical risks are acknowledged, with management actively managing these through engagement with customers and suppliers [34] Other Important Information - The board approved a $46 million dividend, representing a 45% payout ratio, up from 35% in 2024 [6][22] - The company opened new manufacturing facilities in Thailand and expanded existing facilities in China and India to support growth [17][18] Q&A Session Summary Question: Long-term focus on steer-by-wire or integrated solutions? - Management indicated a focus on becoming a chassis motion-by-wire supplier, with the development of electromechanical braking as a critical milestone [40][41] Question: Expectations for customer compensation related to impairments? - Management expects to recover costs related to program cancellations in 2026, with $24 million of impairments recorded in 2025 [44][46] Question: Estimated revenue growth and EBITDA margin by area for 2026? - Management anticipates revenue growth above market by 200-300 basis points, with EBITDA margins in APAC expected to maintain around 16%-17% [50][51]

Financial Data and Key Metrics Changes - The company reported $800 million in bookings for Q1 and forecasts $5 billion in bookings for the full calendar year [11] - North America operations generated $2.2 billion in revenue during 2024, with $1.3 billion from U.S. operations and $900 million from Mexico operations [18] Business Line Data and Key Metrics Changes - The company achieved 23 new program launches in Q1, including 14 for battery electric vehicle platforms and 19 for new or conquest business [7] - Electric powered steering accounted for 36% of new business bookings, while columns accounted for 45% [11] Market Data and Key Metrics Changes - Nearly 40% of total bookings are from China OEMs, indicating alignment with growth megatrends in China [12] - The company is experiencing strong customer schedules in North America, with no significant changes related to recent tariff impacts [30] Company Strategy and Development Direction - The company is focusing on motion by wire technology, which is central to long-term growth and aligns with the shift from hydraulic to electric systems [22] - The strategy includes expanding into steer by wire and brake by wire technologies, with expectations for increased bookings in the China market [23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about navigating the dynamic tariff environment and expects above-market revenue growth of 200 to 300 basis points year over year [20] - The company is closely monitoring tariff developments and their implications on North American production volume [21] Other Important Information - The company has successfully resecured an important column business with a North American customer, which had been lost to a competitor [10] - The company is actively working to mitigate tariff costs through changing sourcing locations and negotiating recoveries with customers [20] Q&A Session Summary Question: Updates on the latest trend in the North America market - Management noted that North America volumes are performing according to expectations, with strong customer schedules in the near term [26][28] Question: Changes in customer order trends due to new tariffs - Management indicated that customer production schedules remain strong and have not changed significantly due to the new tariffs [30] Question: Clarification on USMCA tariff compliance - Management confirmed that to be USMCA compliant, 75% of content must come from North America, and compliant goods can be imported with zero tariffs [32][33]

Financial Data and Key Metrics Changes - In Q1 2025, the company achieved record bookings of $800 million and forecasts total bookings of $5 billion for the full year [12][22] - North America operations generated $2.2 billion in revenue during 2024, with $1.3 billion from U.S. operations and $900 million from Mexico operations [19] Business Line Data and Key Metrics Changes - The company launched 23 new programs in Q1 2025, including 14 for battery electric vehicle platforms and 19 for new or conquest business [8] - Electric powered steering accounted for 36% of new business bookings, while columns accounted for 45% [12] Market Data and Key Metrics Changes - Nearly 40% of total bookings are from China OEMs, indicating alignment with growth megatrends in China [12] - The company is experiencing strong demand for by-wire technology, particularly in the China market [24] Company Strategy and Development Direction - The company is focused on expanding its motion by wire technology, which includes steer by wire and brake by wire systems, to enhance precision and efficiency in EV platforms [15][23] - The strategy includes reducing fixed costs, optimizing footprint, and improving supply chain efficiency to drive margin expansion [22] Management's Comments on Operating Environment and Future Outlook - Management acknowledges ongoing challenges such as a dynamic tariff environment and supply chain restrictions but remains optimistic about strong customer schedules and revenue growth [6][30] - The company is well-positioned to navigate tariff impacts and is actively working with customers to mitigate costs [22] Other Important Information - The company successfully resecured an important column business with a North American customer, which had been lost to a competitor [11] - The company expects to start production of rear wheel steering contracts with leading Chinese OEMs in 2026 [14] Q&A Session Summary Question: Updates on the latest trend in the North America market - Management noted that year-to-date volumes in North America are performing according to expectations, with strong customer schedules [27][30] Question: Changes in customer order trends due to new tariffs - Management indicated that customer production schedules remain strong and have not changed significantly due to the new tariffs [31] Question: Clarification on USMCA tariff compliance - Management confirmed that for USMCA compliant shipments, there is no tariff if 75% of content comes from North America; otherwise, a 25% tariff applies [33][34]

Financial Data and Key Metrics Changes - The company reported $800 million in bookings for Q1 2025 and forecasts $5 billion in bookings for the full calendar year [11] - North America operations generated $2.2 billion in revenue during 2024, with $1.3 billion from U.S. operations and $900 million from Mexico operations [17] - The company expects above-market revenue growth of 200 to 300 basis points year over year for 2025 [20] Business Line Data and Key Metrics Changes - In Q1 2025, the company achieved 23 new program launches, including 14 for battery electric vehicle platforms [7] - Electric powered steering accounted for 36% of year-to-date new business bookings, while columns accounted for 45% [11] - The company secured significant steer by wire bookings, including contracts with a global EV leader and a leading Chinese NEV OEM [21] Market Data and Key Metrics Changes - Nearly 40% of total bookings are from Chinese OEMs, indicating alignment with growth megatrends in China [12] - The company is experiencing strong customer schedules in North America, with no significant changes related to recent tariff impacts [28] Company Strategy and Development Direction - The company is focusing on motion by wire technology as a central part of its long-term growth strategy, transitioning from hydraulic to electric control systems [21] - The company aims to expand its motion by wire chassis portfolio, including steer by wire and brake by wire technologies [10][14] - The strategy includes reducing fixed costs, optimizing footprint, and improving supply chain efficiency to drive margin expansion [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing challenges such as dynamic tariff environments and supply chain restrictions but expressed confidence in navigating these issues [5][20] - The company remains optimistic about the North American market, despite potential volatility due to tariffs [26][27] Other Important Information - The company launched several new programs at the Shanghai Auto Show, emphasizing its commitment to innovative technology [6] - The company is actively working to mitigate tariff costs through changing sourcing locations and negotiating recoveries with customers [19] Q&A Session Summary Question: Updates on the latest trend in the North America market - Management noted that North America volumes are performing according to expectations, with strong customer schedules in the near term [24][26] Question: Changes in customer order trends due to new tariffs - Management indicated that customer production schedules remain strong and have not changed significantly due to the new tariffs [28] Question: Clarification on USMCA tariff compliance - Management confirmed that to be USMCA compliant, 75% of content must come from North America, and compliant goods can be imported with zero tariffs [30][31]