Dana Incorporated

and we will take questions from the telephone only. To ensure that everyone has an opportunity to participate in today's Q&A, we ask that callers limit themselves to one question at a time. If you'd like to ask an additional question, please return to the queue. At this time, I'd like to begin the presentation by turning the call over to Dana's Senior Director of Investor Relations and Corporate Communications, Craig Barber. Please go ahead, Mr. Barber.

Thank you, Regina, and good morning and welcome to Dana Incorporated's earnings call for the third quarter of 2025. Today's presentation includes forward-looking statements about our expectations for Dana's future performance. Actual results could differ from what we present here today. For more details about the factors that may affect future results, please refer to our safe harbor statement found in our public filings and our reports at PIDC. I encourage you to visit our investor website where you'll find this morning's press release and presentation. As stated, today's call is being recorded and the supporting materials are the property of Dana Incorporated. They may not be recorded, copied, or rebroadcast without our written consent. With me this morning is Bruce McConnell, Dana's Chairman and Executive Officer, and Timothy Krause, Senior Vice President and Chief Financial Officer. Bruce, the call is yours.

Thank you, Craig, and good morning, everyone, and thanks for joining Craig, Tim, and I for a discussion here on Dana's Q3 earnings. Maybe just before I get into my my slide here, just stepping back and talking about kind of puts and takes in terms of the third quarter. I guess here's what I sort of see as the highlights. First of all, I think you'll see improving business performance and that's something that we expect to see accelerate as we get into our fourth quarter and the driver for that would really be a few restructuring initiatives that have been completed or substantially complete and will start to turn from sort of headwinds that are in our numbers right now to tailwinds for us going forward. Secondly, on the volume side, even though we're down year over year, the comps are getting better. They're negative, but they're getting better, and that drives improved financial performance. On the tariff side, less of a headwind. You'll see we have minimal impact here in Q3. Our full year charge in terms of tariffs is lower than we thought a quarter ago. And then cost savings, we're on track to deliver the $310 million we talked about last quarter, but we are realizing those quicker, and that's helping us with some of the uplift to our outlook here. In terms of negatives, I I'd say we have some volume softness, particularly in CV North America and to a lesser extent Brazil. We did have JLR down for about five five weeks in the quarter, so those were headwinds against us. And then the last thing I'd sort of point out is we do have there has been some supplier or some EV program cancellations and we have some charges in the quarter that we took associated that that we expect will recover here in the fourth quarter. So just turn into the highlights in terms of the off highway divestiture. That remains on track. We do expect that to close here later in the fourth quarter. In terms of regulatory approvals, we've received almost all of them. We have one minor European country that we expect to wrap up here in the next week or so. I'd say the joint teams between ourselves and Allison are working hard to sort out all the plethora of work streams that we have in place to affect an orderly transition here in the quarter. In terms of our capital returns, you'll see in our note, we talked about buying between 100 and 150 million of shares in the third quarter. We actually bought more than that, 9.5 million or 7% of our shares outstanding. We have had a 10B5 plan in place throughout the quarter. And as of we sit here today, we've bought nearly 30 million shares or just over 20% of our shares outstanding, and we expect to complete the balance of the share repurchase here over the next month or so. As I said in my earlier remarks on cost savings side, a really good number here in the quarter. We're almost up to our full year run rate at 73 million. We continue to look for other opportunities. I guess really pleased with the progress our team has made on bringing these home. Tariffs, the situation I guess is getting a little bit better. We continue to make progress getting USMCA compliance, which reduces the sort of headwind both from an on-charge point of view, but also the margin deterioration that we see. And our outlook, our recovery rate is now up in the upper 80%. Then lastly, in terms of the balance of your outlook, I'd say the light truck demand remains relatively stable. We do have the odd production interruption here and there, but overall, light vehicles looking good for the quarter. In terms of commercial vehicle, we continue to see deteriorations in North America and to a lesser extent Brazil. Nonetheless, the fact that we've got a better outlook in terms of tariffs, quicker realization of cost recovery, we are taking our four-year guide up $15 million at the midpoint. I would note that within our guidance, we do have some volume catch-up factored in here, JLR. We factored in the lower commercial vehicle outlook here in North America in line with estimates out there. And then we've factored in the latest super duty schedule releases that we have as of this week. So with that, a good solid quarter. And Tim, I'll turn it over to you to go through the financials.