Commercial Vehicle Group, Inc. · NASDAQ:CVGI
Commercial Vehicle — Q3 2026 Earnings Presentation
22 slides from Commercial Vehicle's earnings presentation, Nov 3, 2026
Slide 1: Q3-2026 Earnings Presentation
Q3-2026 Earnings Presentation James Ray – President & Chief Executive Officer David Ruppel – President & Chief Executive Officer-Elect Angie O'Leary – Executive Vice President & Chief Financial Officer November 3, 2026
Slide 2: Forward Looking Statements and Non-GAAP Financial Measures
Forward Looking Statements and Non-GAAP Financial Measures These slides contain forward-looking statements that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “co
Slide 3: CEO Succession
CEO Succession • Appointed President and CEO and a member of the Board ✓ Effective November 9, 2026 • More than 25 years of operating and general management experience across many of CVG’s key end markets ✓ Serves as SVP and General Manager, Transportation & Logistics at Littelfuse, Inc. ✓ Former Pr
Slide 4: Q3 2026 Overview
Q3 2026 Overview Q3 HIGHLIGHTS Q3 FINANCIAL OVERVIEW REVENUE GROWTH GROSS MARGIN EXPANSION 36.5% INCREASE YEAR-OVER-YEAR 13.8% ADJ. GROSS MARGIN • Growth driven by all three • Up 170 bps year-over-year business segments from Q3’25 and up 90 bps REVENUE ADJUSTED EBITDA sequentially from Q2’26 $208.1
Slide 5: Gross Margin Improvement
Gross Margin Improvement Year-Over-Year Improvement Sequential Improvement Q3 Q3 Adjusted Gross Margin (%) Adjusted Gross Margin (%) +90 bps +170 bps +70 bps 13.8% +190 bps 13.8% 12.9% 12.1% 12.2% 10.3% Q3'25 Q3'26 Q4'25 Q1'26 Q2'26 Q3'26 Key Drivers of Margin Improvement Opportunities Going Forward
Slide 6: Proactively Driving Accretive Deleveraging
Proactively Driving Accretive Deleveraging • Taking proactive steps to reduce leverage Net Leverage (Net Debt/Adj. EBITDA) ✓ Sale-leaseback transactions have generated $20 million in proceeds YTD Net Debt Reduced $16.8M since the end of 2025 ✓ Proceeds from ATM issuance drove further deleveraging 4.
Slide 7: Third Quarter 2026 Results
Third Quarter 2026 Results CONSOLIDATED RESULTS (Continuing Operations) Year-Over-Year Performance Commentary Three Months Nine Months GAAP Measures Ended Sep 30 Ended Sep 30 • Revenue up 36.5% in Q3 due to increased demand ($ in millions except for share across all three business segments informati
Slide 8: Understanding SG&A
Understanding SG&A SG&A Expense Year-Over-Year Performance Commentary Q3 YTD SG&A ($mm) • Q3 and YTD SG&A up on higher incentive expense and advisory fees +13.5 • Higher incentive expense driven by: +6.4 65.8 52.2 ✓ Annual Incentive Plan accruals on YTD performance vs. no 2025 payout 23.5 17.1 ✓ Hig
Slide 9: Global Seating
Global Seating Sales and Adjusted Operating Income Year-Over-Year Performance Commentary Q3 YTD Revenue ($mm) • Q3 Revenue grew 23% driven by increased customer demand in North 23% American and Asia-Pacific markets 10% 84.7 • Q3 adjusted OI increased $1.6 million primarily attributable to higher sal
Slide 10: Global Electrical Systems
Global Electrical Systems Sales and Adjusted Operating Income Year-Over-Year Performance Commentary Q3 YTD Revenue ($mm) • Q3 revenue up 30% due primarily to improved customer demand +20% +30% ✓ Driven by ramp of previously awarded program wins in EMEA and 64.4 183.9 North America (including Zoox) 1
Slide 11: Trim Systems and Components
Trim Systems and Components Sales and Adjusted Operating Income Year-Over-Year Performance Commentary Q3 YTD Revenue ($mm) • Q3 revenue increased 72% primarily as a result of increased customer +22% demand in North America +72% 151.7 ✓ Driven by strong customer demand growth and product mix 58.9 124
Slide 12: Key CVG Markets Update
Key CVG Markets Update NA Class 8 Heavy Truck Build Outlook CVG Revenue by End Market* CVG Revenue by Geography* ACT Research is forecasting an improved 2026 followed by continued growth in 2027 and 2028 Asia 340 332 334 Pacific 14% -2% 298 Heavy 272 +12% Truck 30 - 35% 251 +9% Bus/Auto/Ag/Other -24
Slide 13: Updated Fiscal 2026 Outlook
Updated Fiscal 2026 Outlook FY26 CVG Outlook ($M) Metric 2025 Results Prior 2026 Outlook Updated 2026 Outlook Revenues $649.0 $725 - $755 $755 - $775 Adjusted EBITDA $17.8 $26 - $31 $26 - $29 Free Cash Flow $33.7 Positive Positive • Revenue mid-point: $740M $765M (+$25M) 2026 EBITDA Guidance Mid-Poi
Slide 14: Appendix
Appendix Q3 2026 Earnings Presentation - 14
Slide 15: Non-GAAP Financial Measures
Non-GAAP Financial Measures This earnings presentation contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). In general, the non-GAAP measures exclude items that (i) management believes reflect the Company’s multi-year corporat
Slide 16: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (in millions) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Gross Profit 28.1 24.7 19.8 15.0 16.0 Restructuring 0.7 0.5 1.2 0.9 2.4 Adjusted Gross Profit 28.8 25.2 21.0 15.9 18.4 % of Revenues 13.8% 12.9% 12.2% 10.3% 12.1% Note: totals may not match du
Slide 17: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (in millions) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Operating Income/(Loss) 7.7 (1.1) 24.6 1.1 Restructuring 1.0 2.7 3.2 4.5 Gain on sale of fixed assets (3.1) - (17.0) - Adjusted Operating Income 5.6 1.6 10.8 5.7 % of Revenues 2.7% 1.1% 1.9% 1.2% Ne
Slide 18: Reconciliation of GAAP to Non-GAAP Financial Measures – Diluted EPS
Reconciliation of GAAP to Non-GAAP Financial Measures – Diluted EPS (in millions except for share information) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Net income/(Loss) from continuing operations 5.6 (6.8) (1.6) (14.1) Operating income (loss) adjustments (2.1) 2.7 (13.8) 4.5 Loss on early extinguishment o
Slide 19: Segment GAAP to Non-GAAP QTD
Segment GAAP to Non-GAAP QTD For the Three Months Ended September 30, 2026 (in millions) Global Global Trim Systems Seating Electrical Systems and Components Corporate Total Operating Income/(Loss) 3.6 3.7 5.8 (5.4) 7.7 Restructuring 1.0 0.0 - - 1.0 Gain on sale of fixed assets - - (3.1) - (3.1) Adj
Slide 20: Segment GAAP to Non-GAAP YTD
Segment GAAP to Non-GAAP YTD For the Nine Months Ended September 30, 2026 (in millions) Global Global Trim Systems Seating Electrical Systems and Components Corporate Total Operating Income/(Loss) 23.4 5.3 7.9 (12.7) 23.9 Restructuring 2.5 0.5 0.2 - 3.2 Gain on sale of fixed assets (13.7) - (3.1) (0
Slide 21: Reconciliation of GAAP to Non-GAAP Cash Flow Information
Reconciliation of GAAP to Non-GAAP Cash Flow Information (in millions) Q3 2026 Q3 2025 YTD 2026 YTD 2025 CONTINUING OPERATIONS Cash Flow from Operations $ 1.6 $ (1.7) $ 1.7 $ 32.0 Capital Expenditures (5.1) (1.8) (10.8) (7.1) Proceeds From Sale of Property, Plant and Equipment 4.1 0.1 20.0 0.1 Free
Slide 22: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (in millions) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net Income/(Loss) (4.1) (6.8) (6.4) 0.9 (8.7) 5.6 Interest Expense 2.3 4.1 4.2 4.1 2.9 3.4 Provision (benefit) for income taxes 1.7 0.7 0.2 1.9 2.0 1.7 Depreciation Expense 3.5 3.6 3.6
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