Magna Q1 Report 2023

HIGHLIGHTS
Comparing the first quarter of 2023 to the first quarter of 2022:

• Global light vehicle production increased 3%, including 8% and 7% higher production in our two largest markets, North America and Europe, respectively.
• Total sales increased 11% to $10.7 billion, largely reflecting higher global light vehicle production, the launch of new programs and higher complete vehicle assembly volumes. These were partially offset by the net weakening of foreign currencies against the U.S. dollar.
• Diluted earnings per share were $0.73 and adjusted diluted earnings per share decreased $0.17 to $1.11 primarily as a result of higher production input costs, net of customer recoveries, partially offset by earnings on higher sales.
• Cash from operating activities increased $47 million to $227 million.

In addition, in the first quarter of 2023:

• We raised debt of $1.6 billion in the form of Senior Notes.
• We announced the awards of significant new business including:

1. battery enclosures for General Motors’ full-size electric pick-up trucks and SUVs;
2. eDrive systems for a Europe-based global premium OEM;
3. complete seat assemblies for General Motors’ electric pick up-trucks to be produced at their Orion Assembly Plant; and
4. complete vehicle engineering and contract manufacturing for INEOS Automotive’s off-road electric vehicle.