Lear : 2024 Q1 Earnings Presentation

April 30, 2024

First Quarter 2024 Financial Results

Ray Scott, President and CEO

Jason Cardew, Senior Vice President and CFO

Safe Harbor Statement

Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated financial results and liquidity. The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecasts" and similar expressions identify certain of these forward-looking statements. The Company also may provide forward-looking statements in oral statements or other written materials released to the public. All statements contained or incorporated in this presentation or in any other public statements that address operating performance, events or developments that the Company expects or anticipates may occur in the future are forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and its other Securities and Exchange Commission filings. Future operating results will be based on various factors, including actual industry production volumes, supply chain disruptions, labor disruptions, commodity prices, changes in foreign exchange rates, the impact of restructuring actions and the Company's success in implementing its operating strategy.

Information in this presentation relies on assumptions in the Company's core sales backlog. The Company's core sales backlog reflects anticipated net sales from formally awarded new programs less lost and discontinued programs and excludes the impact of non-core products winding down in our E-Systems business. The Company enters into contracts with its customers to provide production parts generally at the beginning of a vehicle's life cycle. Typically, these contracts do not provide for a specified quantity of production, and many of these contracts may be terminated by the Company's customers at any time. Therefore, these contracts do not represent firm orders. Further, the calculation of the core sales backlog does not reflect customer price reductions on existing or newly awarded programs. The core sales backlog may be impacted by various assumptions embedded in the calculation, including vehicle production levels on new programs, foreign exchange rates and the timing of major program launches.

The forward-looking statements in this presentation are made as of the date hereof, and the Company does not assume any obligation to update, amend or clarify them to reflect events, new information or circumstances occurring after the date hereof.

Non-GAAP Financial Information

This presentation also contains non-GAAP financial information. For additional information regarding the Company's use of non-GAAP financial information, as well as reconciliations of non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States ("GAAP"), please see slides titled "Non-GAAP Financial Information" at the end of this presentation.

Lear Proprietary: The information contained herein is the property of Lear Corporation.

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Agenda

01	02	03
BUSINESS UPDATE	FINANCIAL REVIEW	CONCLUDING REMARKS
Ray Scott, President and CEO	Jason Cardew, Senior Vice President and CFO	Ray Scott, President and CEO

Lear Proprietary: The information contained herein is the property of Lear Corporation.

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Business Update

Ray Scott

President and CEO

Financial Overview

First Quarter 2024

SALES

CORE OPERATING		ADJUSTED
EARNINGS		EARNINGS PER SHARE

OPERATING CASH FLOW

Q1 2023 Q1 2024

$6.0B

UP 3% YOY

$5.8B

$280M

UP 6% YOY

$263M

$3.18

UP 14% YOY

$2.78

$(35)M

$(36)M

Lear Proprietary: The information contained herein is the property of Lear Corporation.

Please see appendix for discussion of non-GAAP financial measures, as well as reconciliations of non-GAAP financial	5
measures to the most directly comparable financial measures calculated and presented in accordance with GAAP.

Q1 2024 Highlights

Delivered first quarter record revenue of $6.0 billion and increased adjusted earnings per share by 14%

Sales outperformed global industry production, driven by growth over market in E-Systems of 10 percentage points

Seventh consecutive quarter of year-over-year margin improvement in E-Systems

Announced the acquisition of WIP Industrial Automation to further strengthen our automation and artificial intelligence capabilities; expected to close by Q3 2024

Accelerating momentum in thermal comfort with two component modularity projects launching in late 2024; initiated validation work for our first complete seat module scheduled to launch in North America in 2026

Awarded our first complete seat program with FAW Toyota for a new sedan in China

Continued to build on our strong relationship with BMW with our second wire program award in E-Systems

Recognized as a GM Supplier of the Year for the seventh consecutive year and for the 23rd time overall

Increased share repurchase authorization to $1.5 billion and extended the term until December 31, 2026

Repurchased $30 million of Lear shares and paid $46 million in dividends in the quarter

Lear Proprietary: The information contained herein is the property of Lear Corporation.

Please see appendix for discussion of non-GAAP financial measures, as well as reconciliations of non-GAAP financial	6
measures to the most directly comparable financial measures calculated and presented in accordance with GAAP.

IDEA is the evolution of Lear's strategy to drive growth and improve profitability by developing innovative products and utilizing advanced technology to extend our leadership position in operational excellence

• Continuing competitive advantages in operational excellence, vertical integration and innovation have positioned Lear as a leading automotive supplier
• Automation and digital technologies are key enablers to driving margin expansion
• Innovative products and technologies are accelerating profitable growth in both Seating and E-Systems

Lear Proprietary: The information contained herein is the property of Lear Corporation.

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Expanding Leadership Position in Operational Excellence

Inorganic Acquisitions Have Expanded Capabilities

Organic Strategic Initiatives

ASI Automation

• Automated material delivery, storage and retrieval systems
• Increases equipment reliability, uptime and throughput
• Deployed in 100% of North America just- in-time facilities
• Expanding designated core material delivery system globally across Seating and E-Systems
• Expanding automated warehouse applications for component level warehousing across all segments

InTouch Automation

• Seat complete, component level and occupant detection product validation technology
• Leverages optical control systems to automate end of line mechanical and electrical testing
• Strengthens ability to collect and analyze real-time data while standardizing testing procedures
• Deployed in 33% of North America just- in-time facilities and expanding globally

Thagora Technology

• High performance vision systems and proprietary algorithms optimize the cutting of surface materials
• Reduces scrap, lowers energy usage and improves productivity
• Phase 1 capabilities deployed in 60% of our leather facilities globally; remaining 40% will be completed this year

WIP Industrial

Automation

• Automates manufacturing through use of robotics, vision systems and artificial intelligence
• Accelerates implementation of AI- based automation
• Strengthens European presence with opportunity to expand globally
• Enables advanced automation technology development for Seating and E-Systems operations
• Expected to close by Q3 2024

	Lear Forward			IDEA by Lear
•	Reshaping footprint		•	Accelerating
	to improve cost			automation
	structure and plant			deployment in
	utilization			Seating and
•	Expanding footprint in			E-Systems
	North Africa		•	Targeting additional
•	Leveraging			acquisitions to
		strengthen
	acquisitions to
			automation and
	increase deployment
			digital competencies
	of automation and
	improve efficiency to		•	Organically
	offset wage inflation			developing innovative
				products and
				solutions for
				customers
			•	Deploying Palantir's
				Foundry platform
				globally

Lear Proprietary: The information contained herein is the property of Lear Corporation.

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Leveraging Acquisitions and Organic Investment to Extend Competitive Advantage, Accelerate Growth and Expand Margins

SEATING		E-SYSTEMS
ConfigurE+TM		THERMAL COMFORT SYSTEMS

Component Modularity

FlexAirTM

Battery Disconnect Unit

INTUTM

ReNewKnitTM

Intercell Connect Board

Complete Seat Modularity

• Seating and E-Systems Collaboration

Lear Proprietary: The information contained herein is the property of Lear Corporation.

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Financial Review

Jason Cardew

Senior Vice President and CFO