Garrett Motion Inc.

Hello, my name is Cindy and I will be your operator this morning. I would like to welcome everyone to the Garrett Motion First Quarter 2026 Financial Results Conference Call. This call is being recorded and a replay will be available later today. After the company's presentation, there will be a Q&A session. I would now like to hand over the call to Cyril Grandjean, Garrett's Vice President, Investor Relations and Treasurer.

Thank you, Cindy, and good day, everyone. We appreciate you joining us to review Garrett Motion's first quarter 2026 financial results. Our presentation and press release are available on the Investor Relations section of our website. Today's discussion includes forward-looking statements that involve risks and uncertainties. Please refer to our SEC filings, including our most recent annual report on Form 10-K, for a discussion of factors that could cause our results to differ materially from these forward-looking statements. Today's presentation also includes certain non-GAAP metrics which we use to help describe how we manage and operate our business. Please review the disclaimers on slide two of our presentation as the content of our call will be governed by this language. With me today are Olivier Rabillet, our President and Chief Executive Officer, and Sean Deason, our Senior Vice President and Chief Financial Officer. Olivier will begin by sharing highlights from a very strong quarter both in terms of financial performance and strategic wins. Sean will then review our first quarter financial results and updated 2026 outlook. With that, I'll turn the call over to Olivier. Thank you, Cyril, and thank you all for joining the call today.

We started the year by delivering another very strong set of financial results in the first quarter, driven by growth in a muted industry and disciplined operational execution. Net sales for the first quarter were $985 million, up 6% at constant currency. We deliver growth across all verticals, including commercial vehicles and industrial. Considering that light vehicle production was down in Q1, Garrett's growth reflects share of demand gains in passenger vehicles, as well as continued strong performance in commercial, off-highway, and industrial. Through continued productivity actions and disciplined execution, we have been able to convert this growth into a very solid operating performance. Adjusted EBIT was $151 million, and our adjusted EBIT margin was 15.3%. In addition, we generated an adjusted free cash flow of $49 million in the quarter. Together, these strong results support our decision to increase the upper range of our 2026 full-year outlook. Lastly, we continue to allocate capital in line with our stated framework and our commitment to return capital to shareholders. During the first quarter, we maintained our share repurchase activity, buying back $87 million of common stock, and we also paid $16 million in quarterly dividends. With that, let me now turn to slide four to share more on Garrett's continued success across our differentiated technologies. Indeed, we continue to win across our turbo portfolio with multiple gasoline awards, including VNT Turbo for hybrids and range-extended electric vehicle applications. At the same time, we kept on the successful trend we have seen in industrial as we secured additional wins, including for large power generation applications. Turning now to our zero-emission technologies, we have made solid progress in Q1 2026 as we secured our second commercial vehicle e-powertrain production award in China with start-up production planned again for 2027. We also won a major production award for our industrial cooling compressor with TonFi in China, a leading supplier for battery energy storage system cooling solutions. Overall, I'm very pleased with our progress. These wins demonstrate customer adoption of our differentiated technologies across a broad range of applications, supporting both portfolio expansion and growth while continuing to deliver strong financial results. I will now hand it over to Sean We'll talk you through our financial results and outlook.