Aumovio (AMV0) Pre-close call summary

Executive summary

• Achieved significant transformation progress, strengthened performance culture, and increased agility since listing in September.

• Inclusion in the MDAX at the end of December marked a key milestone.

• FY 2025 sales are expected in the range of €18.0-19.0bn, with adjusted EBIT margin at the upper end of 2.5%-4.0% guidance.

• Free cash flow generation remains a top priority, with ambitions for positive adjusted free cash flow in 2025, even after restructuring and spin-off costs.

• Focused on projects contributing positively to midterm profitability and streamlined portfolio through divestments and winding down non-core businesses.

Trading performance and revenue trends

• Global light vehicle production rose 1% in Q4, but Europe and North America declined, impacting sales as these regions represent ~75% of group sales.

• Global light vehicle production is expected to increase by 4% in FY 2025 compared to FY 2024, with China showing double-digit growth (+10%).

• Sales were negatively affected by winding down build-to-print business, contract manufacturing phase-out, divestments, and currency effects from a stronger euro.

• Q4 sales development aligns with current guidance for FY2025.

• Europe and North America are expected to see slight decreases in vehicle production (-1%).

Profitability and margins

• Adjusted EBIT margin for the first nine months was 2.9%; year-end expected at the upper end of 2.5%-4% guidance.

• Q4 was seasonally strongest due to customer reimbursements.

• Self-help programs continue to drive fixed-cost savings in administration and R&D, supporting mid-term profitability targets.

• Tariff impacts remain limited due to high share of USMCA-compliant imports.