Forvia: Solid Q1 Sales - Ignite Priorities In Motion

PRESS
RELEASE

NANTERRE, FRANCE

Friday, April 24, 2026

1^st QUARTER INFORMATION

SOLID Q1 SALES

IGNITE PRIORITIES IN MOTION

• Q1 Sales of €5.1bn with organic growth across all regions except China
• 2026 guidance confirmed

Q1 organic sales: outperformance of 120 bps vs. market volume down 3.4%

• Organic growth and outperformance in Europe, North America and Rest of Asia; unfavorable customer mix in China
• Electronics supporting Growth cluster performance; moderate organic growth in the Value cluster

Good commercial momentum in high-growth regions and segment

• Accelerated development in India and customer diversification in China
• Market share gains in Interior Monitoring Systems technologies

Reinforced cost and cash discipline supporting performance

• Continued rigorous execution of EU-FORWARD and SIMPLIFY programs
• Objective to fully mitigate cost increase through supply chain optimizations and pass-through
• Resilience plans in place in case of further volume deterioration
  
  

Further progress on Interiors sale process

2026 guidance confirmed, including leverage ratio at 1.5x at year-end

Martin FISCHER, Chief Executive Officer of FORVIA, declared:

- The first quarter marked the launch of our IGNITE plan, with a clear and disciplined focus on execution. Our sales performance demonstrated the resilience of our portfolio despite volume declines across all regions and an adverse customer mix. The period was also marked by promising commercial wins, supporting future sales acceleration in India and further diversification of our customer base in China.

In an environment marked by inflationary pressures and ongoing uncertainty on volumes against the backdrop of the Middle East crisis, FORVIA is fully mobilized to protect its performance. We are executing with rigor on our fixed cost reduction programs and are firmly committed to offsetting rising production costs, while proactively preparing for potential downside risks to global demand.

At the same time, we have continued to make progress on the planned divestiture of our Interiors business, which we expect to materialize in the near term.

With a clearly defined and shared IGNITE roadmap across our leadership teams, we are stepping up execution on our strategic priorities-best-in-class performance, transformation, and culture."

• The Board of Directors, under the chairmanship of Michel de ROSEN, met on April 23 and reviewed the present press release
• All financial terms used in this press release are explained at the end of this document, under the section "Definitions of terms used in this document".
• All figures related to worldwide or regional automotive production refer to the S&P Global Mobility forecast dated April 2026 (91.4m LVs in 2026).

+120 bps OUTPERFORMANCE IN Q1 2026

SALES (in €m)		Q1 2025	Currency impact	Organic change	Q1 2026
GROUP		5,488	-235	-118	5,135
			-4.3%	-2.2%	-6.4%
Global auto production in million LVs*		22.3		-3.4%	21.5
Outperfomance (in bps)				+120

- S&P Mobility April estimate

In the first quarter of 2026, consolidated revenue amounts to €5,135 million, a decrease of 2.2% at constant exchange rates. This represents an outperformance of 120 bps vs global automotive production, including an estimated favorable geographic mix effect of 80 bps¹-

Change in currencies, which began to weigh from Q2 2025 onward, had a negative impact of €235 million on sales (-4.3%), mainly due to the US dollar, the Chinese yuan and the yen.

Organic growth and outperformance across all regions except China

	IFRS 52
In €m	Q1 2026	Q1 2025	Reported Change	Currency impact	Organic Change	Perf vs. auto prod
EMEA	2,670	2,632	+1.5%	-0.2%	+1.6%	+6pts
o/w Europe	2,622	2,582	+1.6%	-0.2%	+1.8%	+3pts
AMERICAS	1,228	1,302	-5.7%	-9.7%	+4.0%	+5pts
o/w North America	1,105	1,190	-7.2%	-10.3%	+3.1%	+5pts
ASIA	1,237	1,555	-20.4%	-6.7%	-13.7%	-10pts
o/w China	836	1,157	-27.8%	-4.3%	-23.5%	-14pts
o/w Rest of Asia	401	397	+1.0%	-13.9%	+15.0%	+11pts
GROUP	5,135	5,488	-6.4%	-4.3%	-2.2%	+1pt

• EUROPE and AMERICAS: growth amid declining volumes
  
  

In both regions, organic growth and outperformance were primary driven by Electronics, Clarion and Clean Mobility, largely offsetting the decline of Lighting.

• ASIA: regional underperformance owing to unfavorable mix in China
  
  

In China, Lighting grew high single digit, but Seating was significantly penalized by an unfavorable customer mix. Cost flexibility measures are in place to protect margins.

In the Rest of Asia, growth was mainly driven by Electronics and Clarion.

Electronics supporting Growth cluster performance; moderate organic growth in the Value cluster

As part of its IGNITE strategic roadmap, FORVIA has designed a new portfolio structure around two business clusters, which have distinct strategic roles:

• The Growth cluster is comprised of Seating and Electronics3, with clear technology leadership and strong growth prospects,
• The Value cluster which gathers Clean Mobility, Lifecycle Solutions, Lighting and Clarion3, is managed for performance and cash.

	IFRS 5
In €m	Q1 2026	Q1 2025	Reported change	Organic Change
GROWTH CLUSTER	2,689	2,960	-9.2%	-5.8%
Seating	1,849	2,153	-14.1%	-11.1%
Electronics3	840	807	+4.1%	+8.2%
VALUE CLUSTER	2,442	2,525	-3.3%	+2.1%
Clean Mobility	961	1,002	-4.1%	+2.2%
Lifecycle Solutions	258	251	+2.9%	+5.2%
Lighting	839	935	-10.3%	-7.3%
Clarion3	384	337	+13.9%	+25.8%
Others	3	2	+24.8%	+37.2%
GROUP	5,135	5,488	-6.4%	-2.2%

Growth cluster: Organic sales were down 5.8%, penalized by unfavorable customer mix in the Seating business in China:

• Momentum in Electronics remained solid with sales up 8.2% on an organic basis, supported by ongoing success in radar and energy management technologies,
• Organic sales were down 11.1% at Seating. While performances were in line or better than local production in Europe (thanks to Renault and BMW) and North America (Nissan-Mitsubishi, Stellantis), activity in China suffered from an unfavorable customer mix, with a significant drop in BYD production.

Value cluster: Organic sales were up 2.1%, driven by Clean Mobility, Lifecycle Solutions and Clarion:

• Clean Mobility organic sales grew by 2.2%, supported by good momentum of the ICE segment in North America (notably with Stellantis and GM) and a favorable base effect reflecting the ramp-up of a major program takeover from a large European OEM in H2 2025,
• Lifecycle Solutions was up 5.2% on an organic basis, primarily supported by strong commercial vehicle business,
• Lighting organic sales were down 7.3%. In Europe and North America, end of programs with German OEMs were not offset by new launches. Conversely, growth was close to double-digit in China, supported by ongoing development with Chinese OEMs, notably Geely,
• Clarion posted strong organic growth (25.8%), driven by programs ramp up in Europe, North America and Japan.

KEY AWARDS IN INDIA, CHINA AND INTERIOR MONITORING SYSTEMS PRODUCTS

In the first quarter of 2026, FORVIA recorded good solid order intake in high-growth regions and segments at the core of its IGNITE strategic plan.

In India, the Group secured new business, marking a clear acceleration of its commercial development in the country. Key wins include:

• a first Seating contract with an international for a Complete Seat offering,
• an exhaust systems contract supporting the international expansion of a leading South Korean OEM,
• an exhaust systems contract with Mahindra in the commercial vehicle segment.
  
  

The Group further widened its Chinese OEMs customer portfolio with new program awards across all its Business Groups, notably with Great Wall Motors, Geely, FAW Group, Changan Automobile, BYD and Chery.

The Group also secured two contracts in Interior Monitoring Systems technologies with major OEMs in Europe and in the United States. These conquests strengthen the Group's position in this fast-growing segment.

REINFORCED COST AND CASH DISCIPLINE AMID GEOPOLITICAL UNCERTAINTY

In the current geopolitical environment, marked by rising energy prices and potential risks to market volumes, FORVIA continues to enforce rigorous cost control and disciplined cash management.

FORVIA's direct exposure to inflationary pressures is structurally limited. Energy costs represent around 1% of Group sales and are primarily composed of electricity, more than 70% of which is hedged for 2026. In addition, exposure to raw material price volatility is contained, as most fluctuations are managed through contractual indexation mechanisms with customers.

FORVIA is proactively taking additional measures to further protect its performance, with:

• the objective to fully pass through the residual impact of cost increase,

• targeted resilience plans in place to mitigate the impact of potential volume decline.

These actions complement the continued rigorous execution of EU-FORWARD and SIMPLIFY fixed cost reduction programs as well as the implementation of the Lighting turnaround plan

2026 FULL-YEAR GUIDANCE CONFIRMED

Based on:

• S&P Mobility's latest forecast of 91.4 million light vehicle production in 2026; and

• the assumption that no material changes occur in tariffs or trade restrictions in effect as of April 24, and that there is no material deterioration in the macroeconomic environment or significant supply chain disruptions,

the Group confirms its 2026 guidance:

• Sales between €20.0bn and €21.0bn, at constant exchange rates⁴ (€21.3bn in 2025 after IFRS 5 restatement)
• Operating margin between 6.0% and 6.5% of sales (6.0% in 2025 after IFRS 5 restatement)
• Net Cash-flow of at least 3.0% of sales (3.9% in 2025 after IFRS 5 restatement, excluding factoring variations)
• Net debt/Adjusted EBITDA ratio at 1.5x at December 31, 2026 (1.7x at end-2025, before IFRS 5)

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FINANCIAL CALENDAR

• June 4, 2026FORVIA 2026 General Assembly (Nanterre HQ)
• July 31, 2026 H1 2026 Results (before market hours)
• November 2, 2026Q3 2026 sales announcement (before market hours)
  
  

A webcasted conference call will be held today at 08:00am CET.

If you wish to follow the presentation using the webcast, please access the following link:
https://edge.media-server.com/mmc/p/vszd4zjq

A replay will be available as soon as possible.

You may also follow the presentation via conference call:

• France: [phone]
• United Kingdom: [phone]
• Germany: [phone]
• United States: [phone]

DISCLAIMER

This presentation contains certain forward-looking statements concerning FORVIA. Such forward-looking statements represent trends or objectives and cannot be construed as constituting forecasts regarding the future FORVIA's results or any other performance indicator. In some cases, you can identify these forward-looking statements by forward-looking words, such as "estimate," "expect," "anticipate," "project," "plan," "intend," "objective", "believe," "forecast," "foresee," "likely," "may," "should," "goal," "target," "might," "would,", "will", "could,", "predict," "continue," "convinced," and "confident," the negative or plural of these words and other comparable terminology. Forward looking statements in this document include, but are not limited to, financial projections and estimates and their underlying assumptions including, without limitation, assumptions regarding present and future business strategies (including the successful integration of HELLA within the FORVIA Group), expectations and statements regarding FORVIA's operation of its business, and the future operation, direction and success of FORVIA's business. Although FORVIA believes its expectations are based on reasonable assumptions, investors are cautioned that these forward-looking statements are subject to numerous various risks, whether known or unknown, and uncertainties and other factors, all of which may be beyond the control of FORVIA and could cause actual results to differ materially from those anticipated in these forward-looking statements. For a detailed description of these risks and uncertainties and other factors, please refer to public filings made with the Autorité des Marchés Financiers ("AMF"), press releases, presentations and, in particular, to those described in the chapter 2."Risk factors & Risk management" of FORVIA's 2025 Universal Registration Document filed by FORVIA with the AMF on March 13, 2026 under number D. 26-0086 (a version of which is available on www.forvia.com). Subject to regulatory requirements, FORVIA does not undertake to publicly update or revise any of these forward-looking statements whether as a result of new information, future events, or otherwise. Any information relating to past performance contained herein is not a guarantee of future performance. Nothing herein should be construed as an investment recommendation or as legal, tax, investment or accounting advice. The historical figures related to HELLA included in this presentation have been provided to FORVIA by HELLA within the context of the acquisition process. These historical figures have not been audited or subject to a limited review by the auditors of FORVIA. FORVIA HELLA remains a listed company. For more information on FORVIA HELLA, more information is available on www.hella.com. This presentation does not constitute and should not be construed as an offer to sell or a solicitation of an offer to buy FORVIA securities.

DEFINITIONS OF TERMS USED IN THIS DOCUMENT

Segment reporting - Electronics

As outlined during the Capital Markets Day of February 24, 2026, the Group's strategy is built around two clusters: Value and Growth. The Hella Electronics Business Group has been allocated to the Growth cluster ("Electronics"), while the Clarion Business Group has been assigned to the Value cluster ("Clarion").

Consequently, each of these two activities is now reported in a specific segment, whereas they were previously included within the single segment "Electronics". In line with this new strategy, the Group has also updated accordingly the presentation of its sales.

Sales growth

FORVIA's year-on-year sales evolution is made of three components:

• A "Currency effect", calculated by applying average currency rates for the period to the sales of the prior year,
• A "Scope effect" (acquisition/divestment),
• And "Growth at constant currencies".
  
  

As "Scope effect", FORVIA presents all acquisitions/divestments, whose sales on an annual basis amount to more than €250 million.

Other acquisitions below this threshold are considered as "bolt-on acquisitions" and are included in "Growth at constant currencies".

Operating income

Operating income is the FORVIA group's principal performance indicator. It corresponds to net income of fully consolidated companies before:

• Amortization of intangible assets acquired in business combinations.
• Other non-recurring operating income and expense, corresponding to material, unusual and non-recurring items including reorganization expenses and early retirement costs, the impact of exceptional events such as the discontinuation of a business, the closure or sale of an industrial site, disposals of non-operating buildings, impairment losses recorded for property, plant and equipment or intangible assets, as well as other material and unusual losses.
• Income on loans, cash investments and marketable securities; Finance costs.
• Other financial income and expense, which include the impact of discounting the pension benefit obligation and the return on related plan assets, the ineffective portion of interest rate and currency hedges, changes in value of interest rate and currency instruments for which the hedging relationship does not satisfy the criteria set forth in relationship cannot be demonstrated under IFRS 9, and gains and losses on sales of shares in subsidiaries.
• Taxes.
  
  

Adjusted EBITDA

In compliance with the ESMA (European Securities and Markets Authority) regulation, the term "Adjusted EBITDA" has been used since January 1, 2022.

Net cash flow

Net cash flow is defined as follows: Net cash from (used in) operating and investing activities less (acquisitions)/disposal of equity interests and businesses (net of cash and cash equivalents), other changes and proceeds from disposal of financial assets, and new or extended leases. Repayment of IFRS 16 debt is not included.

Net financial debt

Net financial debt is defined as follows: Gross financial debt less cash and cash equivalents and derivatives classified under non-current and current assets. It includes the lease liabilities (IFRS 16 debt).

Press	Analysts
Christophe MALBRANQUE Group Influence Director [phone] [e-mail]	Adeline MICKELER Group Vice President Investor Relations [phone] [e-mail]
Audrey ÉPÈCHE Head of Media Relations [phone] [e-mail]	Sébastien LEROY Group Deputy Investor Relations Director [phone] [e-mail]

1 Global automotive production was down 3.4% in Q1, of which China at -9.8%, Europe at -1.7% and North America at -2.0%
2 The planned Interior's divestiture requires the application of IFRS 5 accounting treatments in financial statements, with Interiors business classified as "discontinued operations"

3 The Hella Electronics Business Group has been allocated to the Growth cluster ("Electronics"), while the Clarion Business Group has been assigned to the Value cluster ("Clarion"). Consequently, each of these two activities is now reported in a specific segment, whereas they were previously included within the single segment "Electronics".
4 2025 average exchange rates: EUR/USD = 1.13, EUR/CNY = 8.11