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FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

(United States dollars in millions, except per share figures) (Unaudited)

Prepared in accordance with U.S. GAAP

		2023															2024															2025
	Note	1st Q			2nd Q			3rd Q			4th Q			TOTAL			1st Q			2nd Q			3rd Q			4th Q			TOTAL			1st Q			2nd Q			3rd Q			TOTAL

VEHICLE VOLUME STATISTICS (in millions)
North America			3.883			4.079			3.929			3.720			15.611			3.975			4.090			3.669			3.662			15.396			3.636			3.963			3.875			11.474
Europe			4.640			4.659			3.867			4.447			17.613			4.556			4.450			3.705			4.135			16.846			4.235			4.379			3.847			12.461
China			5.941			6.798			7.576			8.788			29.103			6.390			7.101			7.298			9.745			30.534			7.100			7.800			7.626			22.526
Other			6.927			6.693			6.959			7.114			27.693			6.659			6.643			6.748			7.037			27.087			6.944			6.971			6.820			20.735
Global			21.391			22.229			22.331			24.069			90.020			21.580			22.284			21.420			24.579			89.863			21.915			23.113			22.168			67.196
Magna Steyr vehicle assembly volumes			0.034			0.027			0.023			0.021			0.105			0.022			0.019			0.015			0.016			0.072			0.017			0.016			0.015			0.048

AVERAGE FOREIGN EXCHANGE RATES
1 Canadian dollar equals U.S. dollars			0.740			0.745			0.746			0.735			0.742			0.741			0.731			0.733			0.715			0.730			0.697			0.723			0.726			0.715
1 euro equals U.S. dollars			1.073			1.089			1.088			1.076			1.082			1.085			1.076			1.099			1.066			1.082			1.053			1.134			1.169			1.118
1 Chinese renminbi equals U.S. dollars			0.146			0.143			0.138			0.138			0.141			0.139			0.138			0.140			0.139			0.139			0.138			0.138			0.140			0.139

CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Sales
Body Exteriors & Structures			4,439			4,540			4,354			4,178			17,511			4,429			4,465			4,038			4,067			16,999			3,966			4,253			4,147			12,366
Power & Vision			3,323			3,462			3,745			3,775			14,305			3,842			3,926			3,837			3,786			15,391			3,646			3,857			3,854			11,357
Seating Systems			1,486			1,603			1,529			1,429			6,047			1,455			1,455			1,379			1,511			5,800			1,312			1,433			1,520			4,265
Complete Vehicles			1,626			1,526			1,185			1,201			5,538			1,383			1,242			1,159			1,402			5,186			1,276			1,226			1,085			3,587
Corporate & Other			(201	)		(149	)		(125	)		(129	)		(604	)		(139	)		(130	)		(133	)		(138	)		(540	)		(131	)		(138	)		(144	)		(413	)
			10,673			10,982			10,688			10,454			42,797			10,970			10,958			10,280			10,628			42,836			10,069			10,631			10,462			31,162

Costs and expenses
Cost of goods sold			9,416			9,544			9,264			8,961			37,185			9,642			9,494			8,828			9,073			37,037			8,827			9,127			8,973			26,927
Selling, general and administrative			488			505			491			566			2,050			516			523			487			535			2,061			539			565			531			1,635
Equity income			(33	)		(36	)		(40	)		(3	)		(112	)		(34	)		(9	)		(13	)		(45	)		(101	)		(20	)		(32	)		(44	)		(96	)
Adjusted EBITDA			802			969			973			930			3,674			846			950			978			1,065			3,839			723			971			1,002			2,696
Depreciation			353			353			358			372			1,436			377			373			384			376			1,510			369			388			389			1,146
Adjusted EBIT			449			616			615			558			2,238			469			577			594			689			2,329			354			583			613			1,550
Amortization of acquired intangible assets			12			13			32			31			88			28			28			28			28			112			26			29			27			82
Other expense (income), net	1		142			86			(4	)		164			388			356			68			(188	)		228			464			53			6			48			107
Interest expense, net			20			34			49			53			156			51			54			54			52			211			50			52			65			167
Income from operations before income taxes			275			483			538			310			1,606			34			427			700			381			1,542			225			496			473			1,194
Income tax expense			58			129			121			12			320			8			99			192			147			446			72			102			140			314
Net income			217			354			417			298			1,286			26			328			508			234			1,096			153			394			333			880
Income attributable to non-controlling interests			(8	)		(15	)		(23	)		(27	)		(73	)		(17	)		(15	)		(24	)		(31	)		(87	)		(7	)		(15	)		(28	)		(50	)
Net income attributable to Magna International Inc.			209			339			394			271			1,213			9			313			484			203			1,009			146			379			305			830

Diluted earnings per common share		$	0.73		$	1.18		$	1.37		$	0.94		$	4.23		$	0.03		$	1.09		$	1.68		$	0.71		$	3.52		$	0.52		$	1.35		$	1.08		$	2.94

Weighted average number of Common Shares outstanding during the period (in millions):			286.6			286.3			286.8			286.6			286.6			287.1			287.3			287.3			285.9			286.9			282.0			281.7			281.8			281.9

NON-GAAP MEASURES
Adjusted EBITDA			802			969			973			930			3,674			846			950			978			1,065			3,839			723			971			1,002			2,696
Adjusted EBIT	2		449			616			615			558			2,238			469			577			594			689			2,329			354			583			613			1,550
Adjusted return on invested capital	2		8.7	%		11.0	%		10.3	%		9.6	%		9.9	%		7.8	%		9.4	%		9.0	%		11.8	%		9.5	%		5.7	%		9.6	%		9.2	%		8.2	%
Adjusted net income attributable to Magna International Inc.	2		329			441			419			383			1,572			311			389			369			482			1,551			219			407			375			1,001
Adjusted Diluted earnings per common share	2	$	1.15		$	1.54		$	1.46		$	1.33		$	5.49		$	1.08		$	1.35		$	1.28		$	1.69		$	5.41		$	0.78		$	1.44		$	1.33		$	3.55

PROFITABILITY RATIOS
Selling, general and administrative /Sales			4.6	%		4.6	%		4.6	%		5.4	%		4.8	%		4.7	%		4.8	%		4.7	%		5.0	%		4.8	%		5.4	%		5.3	%		5.1	%		5.2	%
Adjusted EBIT /Sales			4.2	%		5.6	%		5.8	%		5.3	%		5.2	%		4.3	%		5.3	%		5.8	%		6.5	%		5.4	%		3.5	%		5.5	%		5.9	%		5.0	%
Income (loss) from operations before income taxes /Sales			2.6	%		4.4	%		5.0	%		3.0	%		3.8	%		0.3	%		3.9	%		6.8	%		3.6	%		3.6	%		2.2	%		4.7	%		4.5	%		3.8	%
Effective tax rate Reported			21.1	%		26.7	%		22.5	%		3.9	%		19.9	%		23.5	%		23.2	%		27.4	%		38.6	%		28.9	%		32.0	%		20.6	%		29.6	%		26.3	%
Excluding Other expense (income) and amortization, net of taxes and valuation allowance adjustments			21.4	%		21.6	%		21.9	%		18.8	%		21.0	%		21.5	%		22.8	%		27.2	%		19.5	%		22.7	%		25.7	%		20.5	%		26.5	%		24.0	%

Q3 2025 Financial Review of Magna International Inc.

Page 1 of 6

Prepared as at 2025-10-27

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

(United States dollars in millions) (Unaudited)

Prepared in accordance with U.S. GAAP

		2023												2024												2025
		1st Q			2nd Q			3rd Q			4th Q			1st Q			2nd Q			3rd Q			4th Q			1st Q			2nd Q			3rd Q

CONSOLIDATED BALANCE SHEETS

FUNDS EMPLOYED
Current assets:
Accounts receivable			7,959			8,556			8,477			7,881			8,379			8,219			8,377			7,376			8,198			8,258			8,406
Inventories			4,421			4,664			4,751			4,606			4,511			4,466			4,592			4,151			4,184			4,207			4,233
Prepaid expenses and other			367			455			387			352			399			314			303			344			358			333			316
			12,747			13,675			13,615			12,839			13,289			12,999			13,272			11,871			12,740			12,798			12,955
Current liabilities:
Accounts payable			7,731			7,984			7,911			7,842			7,855			7,639			7,608			7,194			7,376			7,127			7,261
Accrued salaries and wages			822			858			900			912			883			862			962			867			893			917			994
Other accrued liabilities			2,526			2,637			2,537			2,626			2,728			2,650			2,642			2,572			2,723			2,845			2,906
Income taxes payable (receivable)			9			(14	)		33			125			132			79			176			192			152			88			109
			11,088			11,465			11,381			11,505			11,598			11,230			11,388			10,825			11,144			10,977			11,270

Working capital			1,659			2,210			2,234			1,334			1,691			1,769			1,884			1,046			1,596			1,821			1,685

Investments			1,390			1,287			1,311			1,273			1,195			1,161			1,165			1,045			1,062			1,129			1,098
Fixed assets, net			8,304			8,646			8,778			9,618			9,545			9,623			9,836			9,584			9,650			9,853			9,707
Goodwill, other assets and intangible assets			3,640			4,733			4,726			4,962			4,646			4,709			4,865			4,532			4,669			4,896			4,876
Operating lease right-of-use assets			1,638			1,667			1,696			1,744			1,733			1,688			1,780			1,941			2,032			2,061			2,024
Funds employed			16,631			18,543			18,745			18,931			18,810			18,950			19,530			18,148			19,009			19,760			19,390
FINANCING
Straight debt:
Cash and cash equivalents			(2,429	)		(1,281	)		(1,022	)		(1,198	)		(1,517	)		(999	)		(1,061	)		(1,247	)		(1,059	)		(1,536	)		(1,327	)
Short-term borrowings			4			150			2			511			838			848			828			271			614			349			433
Long-term debt due within one year			668			1,426			1,398			819			824			65			65			708			1,005			706			33
Long-term debt			4,500			4,159			4,135			4,175			4,549			4,863			4,916			4,134			3,892			4,984			4,967
Current portion of operating lease liabilities			285			303			384			399			306			306			319			293			305			318			323
Operating lease liabilities			1,318			1,345			1,289			1,319			1,407			1,378			1,458			1,662			1,742			1,759			1,722
			4,346			6,102			6,186			6,025			6,407			6,461			6,525			5,821			6,499			6,580			6,151
Long-term employee benefit liabilities			563			579			564			591			584			564			571			533			552			574			573
Other long-term liabilities			451			448			453			475			471			507			339			396			349			267			298
Deferred tax assets, net			(218	)		(242	)		(210	)		(437	)		(576	)		(592	)		(592	)		(542	)		(557	)		(564	)		(567	)
			796			785			807			629			479			479			318			387			344			277			304
Shareholders' equity			11,489			11,656			11,752			12,277			11,924			12,010			12,687			11,940			12,166			12,903			12,935
			16,631			18,543			18,745			18,931			18,810			18,950			19,530			18,148			19,009			19,760			19,390

ASSET UTILIZATION RATIOS
Days in accounts receivable			67.1			70.1			71.4			67.8			68.7			67.5			73.3			62.5			73.3			69.9			72.3
Days in accounts payable			73.9			75.3			76.9			78.8			73.3			72.4			77.6			71.4			75.2			70.3			72.8
Inventory turnover - cost of goods sold			8.5			8.2			7.8			7.8			8.5			8.5			7.7			8.7			8.4			8.7			8.5
Working capital turnover			25.7			19.9			19.1			31.3			25.9			24.8			21.8			40.6			25.2			23.4			24.8
Total asset turnover			2.6			2.4			2.3			2.2			2.3			2.3			2.1			2.3			2.1			2.2			2.2

CAPITAL STRUCTURE
Straight debt			26.1	%		32.9	%		33.0	%		31.8	%		34.1	%		34.1	%		33.4	%		32.1	%		34.2	%		33.3	%		31.7	%
Long-term employee benefit liabilities, other long-term liabilities & deferred tax liabilities, net			4.8	%		4.2	%		4.3	%		3.3	%		2.5	%		2.5	%		1.6	%		2.1	%		1.8	%		1.4	%		1.6	%
Shareholders' equity			69.1	%		62.9	%		62.7	%		64.9	%		63.4	%		63.4	%		65.0	%		65.8	%		64.0	%		65.3	%		66.7	%
			100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

Adjusted Debt to Adjusted EBITDA	2		2.19	x		2.19	x		2.02	x		1.85	x		1.98	x		1.91	x		1.93	x		1.75	x		1.92	x		2.03	x		1.88	x

Debt to total capitalization			37.1	%		38.8	%		38.0	%		37.0	%		39.9	%		38.3	%		37.4	%		37.2	%		38.3	%		38.6	%		36.6	%

Q3 2025 Financial Review of Magna International Inc.

Page 2 of 6

Prepared as at 2025-10-27

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

(United States dollars in millions) (Unaudited)

Prepared in accordance with U.S. GAAP

		2023															2024															2025
	Note	1st Q			2nd Q			3rd Q			4th Q			TOTAL			1st Q			2nd Q			3rd Q			4th Q			TOTAL			1st Q			2nd Q			3rd Q			TOTAL

CONSOLIDATED STATEMENTS OF CASH FLOWS
Operating activities
Net income			217			354			417			298			1,286			26			328			508			234			1,096			153			394			333			880
Items not involving current cash flows			351			525			404			362			1,642			565			353			277			662			1,857			394			368			454			1,216
			568			879			821			660			2,928			591			681			785			896			2,953			547			762			787			2,096
Changes in operating assets and liabilities			(341	)		(332	)		(24	)		918			221			(330	)		55			(58	)		1,014			681			(470	)		(135	)		125			(480	)
Cash provided from operating activities			227			547			797			1,578			3,149			261			736			727			1,910			3,634			77			627			912			1,616

Investment activities
Fixed asset additions			(424	)		(502	)		(630	)		(944	)		(2,500	)		(493	)		(500	)		(476	)		(709	)		(2,178	)		(268	)		(246	)		(267	)		(781	)
Increase in investments, other assets and intangible assets			(101	)		(96	)		(176	)		(189	)		(562	)		(125	)		(170	)		(115	)		(207	)		(617	)		(148	)		(94	)		(100	)		(342	)
Net cash (outflow) inflow from disposal of facilities	1(f), 1(g)		(25	)		-			(23	)		-			(48	)		4			-			78			-			82			-			-			-			-
Investment in Public and Private Equity Investments			-			(3	)		(7	)		(1	)		(11	)		(23	)		2			(1	)		10			(12	)		(1	)		(3	)		(2	)		(6	)
Proceeds from disposition			19			44			32			27			122			87			57			38			37			219			26			14			27			67
Business combinations			-			(1,475	)		-			(29	)		(1,504	)		(30	)		(56	)		-			-			(86	)		(4	)		4			(1	)		(1	)
Cash used for investment activities			(531	)		(2,032	)		(804	)		(1,136	)		(4,503	)		(580	)		(667	)		(476	)		(869	)		(2,592	)		(395	)		(325	)		(343	)		(1,063	)

Financing activities
Net issues (repayments) of debt			1,636			544			(135	)		(119	)		1,926			757			(416	)		(47	)		(513	)		(219	)		322			341			(583	)		80
Common Shares issued on exercise of stock options			6			-			8			6			20			30			-			-			-			30			-			-			-			-
Repurchase of Common Shares			(9	)		(2	)		-			(2	)		(13	)		(3	)		(2	)		-			(202	)		(207	)		(51	)		-			-			(51	)
Tax withholdings on vesting of equity awards			(9	)		(1	)		-			(1	)		(11	)		(4	)		(1	)		-			(3	)		(8	)		(4	)		-			-			(4	)
Contributions to subsidiaries by non-controlling interests			-			-			-			11			11			-			-			-			-			-			-			-			-			-
Acquisition of non-controlling interest			-			-			-			-			-			-			-			-			-			-			-			-			(40	)		(40	)
Dividends paid to non-controlling interests			(7	)		(24	)		(18	)		(25	)		(74	)		-			(26	)		(10	)		(10	)		(46	)		-			(25	)		(15	)		(40	)
Dividends paid			(132	)		(129	)		(128	)		(133	)		(522	)		(134	)		(134	)		(138	)		(133	)		(539	)		(136	)		(137	)		(136	)		(409	)
Cash provided from (used for) financing activities			1,485			388			(273	)		(263	)		1,337			646			(579	)		(195	)		(861	)		(989	)		131			179			(774	)		(464	)

Effect of exchange rate changes on cash and cash equivalents			14			(51	)		21			(3	)		(19	)		(8	)		(8	)		6			6			(4	)		(1	)		(4	)		(4	)		(9	)
Net increase (decrease) in cash and cash equivalents, during the period			1,195			(1,148	)		(259	)		176			(36	)		319			(518	)		62			186			49			(188	)		477			(209	)		80

Cash and cash equivalents, beginning of period			1,234			2,429			1,281			1,022			1,234			1,198			1,517			999			1,061			1,198			1,247			1,059			1,536			1,247
Cash and cash equivalents, end of period			2,429			1,281			1,022			1,198			1,198			1,517			999			1,061			1,247			1,247			1,059			1,536			1,327			1,327

Q3 2025 Financial Review of Magna International Inc.

Page 3 of 6

Prepared as at 2025-10-27

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

(United States dollars in millions, except per share figures) (Unaudited)

Prepared in accordance with U.S. GAAP

This Analyst should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2024.

Note 1: OTHER EXPENSE (INCOME), NET

Other expense (income), net consists of significant items such as: impairment charges; restructuring costs generally related to significant plant closures or consolidations; net losses (gains) on investments; gains or losses on disposal of facilities or businesses; and other items not reflective of on-going operating profit or loss. Other expense (income), net consists of:

		2023												2024													2025
		1st Q		2nd Q			3rd Q			4th Q		TOTAL		1st Q		2nd Q			3rd Q			4th Q		TOTAL			1st Q		2nd Q			3rd Q		TOTAL
Restructuring activities	[a]		118		(35	)		(1	)		66		148		38		55			-			94		187			44		13			46		103
Investment revaluations, (gains) losses on sales, and impairments	[b]		2		85			(1	)		5		91		2		3			1			3		9			9		(7	)		2		4
Impacts related to Fisker Inc. [“Fisker”]	[c]		22		13			(18	)		93		110		316		19			(189	)		52		198			-		-			-		-
Impairments	[d]		-		-			-			-		-		-		-			-			79		79			-		-			-		-
Gain on business combination	[e]		-		-			-			-		-		-		(9	)		-			-		(9	)		-		-			-		-
Veoneer AS transaction costs	[f]		-		23			-			-		23		-		-			-			-		-			-		-			-		-
Operations in Russia	[g]		-		-			16			-		16		-		-			-			-		-			-		-			-		-
			142		86			(4	)		164		388		356		68			(188	)		228		464			53		6			48		107

[a]

Restructuring activities

	2023												2024										2025
	1st Q		2nd Q			3rd Q			4th Q		TOTAL		1st Q		2nd Q		3rd Q		4th Q		TOTAL		1st Q		2nd Q		3rd Q		TOTAL
Power & Vision		105		(44	)		(1	)		57		117		-		55		-		49		104		11		13		34		58
Complete Vehicles		-		-			-			-		-		26		-		-		29		55		33		-		12		45
Body Exteriors & Structures		13		9			-			9		31		12		-		-		16		28		-		-		-		-
		118		(35	)		(1	)		66		148		38		55		-		94		187		44		13		46		103

Restructuring charges generally related to significant plant closures and consolidations primarily in Europe and to a lesser extent in North America and Asia Pacific. During the third quarter of 2025, the Company’s Power & Vision segment recorded $10 million of equity losses associated with its share of significant rightsizing activities at an equity method investee. During the second quarters of 2025 and 2024, the Company recorded $6 million and $35 million, respectively, of restructuring charges associated with its acquisition of the Veoneer Active Safety Business [“Veoneer AS”]; during the second and third quarters of 2023, the Company’s Power & Vision segment recorded a $10 million and $8 million gain on the sale of a building as a result of restructuring activities, respectively; during the second quarter of 2023, the Company’s Power & Vision segment reversed $39 million of charges due to a change in the restructuring plans related to a plant closure.

[b]

Investment revaluations, (gains) losses on sales, and impairments

	2023											2024												2025
	1st Q		2nd Q		3rd Q			4th Q		TOTAL		1st Q		2nd Q		3rd Q		4th Q			TOTAL			1st Q		2nd Q			3rd Q		TOTAL
Gains and losses related to revaluation and disposition		2		-		(1	)		-		1		2		3		1		(10	)		(4	)		9		(7	)		-		2
Non-cash impairment charges		-		85		-			5		90		-		-		-		13			13			-		-			2		2
		2		85		(1	)		5		91		2		3		1		3			9			9		(7	)		2		4

The Company revalues its public and private equity investments and certain public company warrants every quarter. The gains and losses related to this revaluation, as well as gains and losses on disposition, are primarily recorded in Corporate. The non-cash impairment charges on private equity investments are primarily recorded in Corporate. During the second quarter of 2023, the non-cash impairment included a charge with respect to related long-term receivables within Other Assets. During the fourth quarter of 2023, the non-cash impairment charges were recorded in the Company's Power & Vision segment.

[c]

Impacts related to Fisker Inc. [“Fisker”]

During 2023 and 2024, the Company recorded impairment charges on its Fisker related net assets, including its Fisker warrants, which were received in connection with the agreements with Fisker for platform sharing, engineering and manufacturing of the Fisker Ocean SUV. The Company also recorded additional restructuring charges during the first quarter of 2024 related to its Fisker related assembly operations. In the course of such bankruptcy proceedings, the Company terminated its manufacturing agreement for the Fisker Ocean SUV and recognized the remaining $196 million of deferred revenue into income.

	2023											2024												2025
	1st Q		2nd Q		3rd Q			4th Q		TOTAL		1st Q		2nd Q		3rd Q			4th Q		TOTAL			1st Q		2nd Q		3rd Q		TOTAL
Impairment of Fisker related net assets		-		-		-			-		-		261		19		7			43		330			-		-		-		-
Impairment of Fisker warrants		22		13		(18	)		93		110		33		-		-			-		33			-		-		-		-
Additional restructuring related to Complete Vehicles		-		-		-			-		-		22		-		-			9		31			-		-		-		-
Recognition of related deferred revenue		-		-		-			-		-		-		-		(196	)		-		(196	)		-		-		-		-
		22		13		(18	)		93		110		316		19		(189	)		52		198			-		-		-		-

	[d]	Impairments

		During 2024, the Company recorded an impairment charge of $79 million on fixed assets, right of use assets and intangible assets at two European facilities in its Power & Vision segment.

	[e]	Gain on business combination

		During 2024, the Company acquired a business in the Body Exteriors & Structures segment for $5 million, resulting in a bargain purchase gain of $9 million.

	[f]	Veoneer AS transaction costs

		During 2023, the Company incurred $23 million of transaction costs related to the acquisition of the Veoneer Active Safety Business.

	[g]	Operations in Russia

		As a result of the expected lack of future cashflows and the continuing uncertainties connected with the Russian economy, during 2023, the Company completed the sale of all of its investments in Russia resulting in a final loss of $16 million including a net cash outflow of $23 million.

Note 2:		NON-GAAP MEASURES

		The Company presents Adjusted EBIT (Earnings before interest, taxes, Other expense (income), net and amortization of acquired intangible assets); Adjusted Net Income (Net Income before Other expense (income), net, net of tax excluding significant income tax valuation allowance adjustments, and amortization of acquired intangible assets); Adjusted Diluted Earnings per Share; Adjusted EBIT as a percentage of sales; Adjusted Return on Invested Capital; and Adjusted Debt to Adjusted EBITDA. The Company presents these financial figures because such measures are widely used by analysts and investors in evaluating the operating performance of the Company. However, such measures do not have any standardized meaning under U.S. generally accepted accounting principles and may not be comparable to the calculation of similar measures by other companies.

The following table reconciles Income from operations before income taxes to Adjusted EBIT:

	2023						2024						2025
	1st Q	2nd Q	3rd Q		4th Q	TOTAL	1st Q	2nd Q	3rd Q		4th Q	TOTAL	1st Q	2nd Q	3rd Q	TOTAL
Income from operations before income taxes	275	483	538		310	1,606	34	427	700		381	1,542	225	496	473	1,194
Exclude:
Amortization of acquired intangible assets	12	13	32		31	88	28	28	28		28	112	26	29	27	82
Other expense (income), net	142	86	(4	)	164	388	356	68	(188	)	228	464	53	6	48	107
Interest expense, net	20	34	49		53	156	51	54	54		52	211	50	52	65	167
Adjusted EBIT	449	616	615		558	2,238	469	577	594		689	2,329	354	583	613	1,550

Q3 2025 Financial Review of Magna International Inc.

Page 4 of 6

Prepared as at 2025-10-27

The following table shows the calculation of Adjusted Return on Invested Capital:

	2023										2024										2025
	1st Q		2nd Q		3rd Q		4th Q		FY		1st Q		2nd Q		3rd Q		4th Q		FY		1st Q		2nd Q		3rd Q		TOTAL
Net income	217		354		417		298		1,286		26		328		508		234		1,096		153		394		333		880
Add (deduct):
Interest expense, net	20		34		49		53		156		51		54		54		52		211		50		52		65		167
Amortization of acquired intangible assets	12		13		32		31		88		28		28		28		28		112		26		29		27		82
Other expense (income), net	142		86		(4	)	164		388		356		68		(188	)	228		464		53		6		48		107
Tax effect on Interest expense, net, Amortization of acquired intangible assets and Other expense, net	(38	)	(4	)	(14	)	(46	)	(103	)	(93	)	(32	)	30		(38	)	(133	)	(19	)	(18	)	(22	)	(59	)
Adjustments to Deferred Tax Valuation Allowances	-		-		-		(47	)	(47	)	-		-		-		51		51		-		-		-		-
Adjusted After-tax operating profits	353		483		480		453		1,768		368		446		432		555		1,801		263		463		451		1,177
Total Assets	30,654		31,837		31,675		32,255				32,678		31,986		32,790		31,039				32,074		33,175		32,907
Excluding:
Cash and cash equivalents	(2,429	)	(1,281	)	(1,022	)	(1,198	)			(1,517	)	(999	)	(1,061	)	(1,247	)			(1,059	)	(1,536	)	(1,327	)
Deferred tax assets	(506	)	(535	)	(527	)	(621	)			(753	)	(807	)	(811	)	(819	)			(862	)	(902	)	(920	)
Less Current Liabilities	(12,045	)	(13,358	)	(13,165	)	(13,234	)			(13,566	)	(12,449	)	(12,600	)	(12,097	)			(13,068	)	(12,350	)	(12,059	)
Excluding:
Short-term borrowing	4		150		2		511				838		848		828		271				614		349		433
Long-term debt due within one year	668		1,426		1,398		819				824		65		65		708				1,005		706		33
Current portion of operating lease liabilities	285		303		384		399				306		306		319		293				305		318		323
Invested Capital	16,631		18,542		18,745		18,931				18,810		18,950		19,530		18,148				19,009		19,760		19,390
Adjusted After-tax operating profits	353		483		480		453		1,768		368		446		432		555		1,801		263		463		451		1,177
Average Invested Capital	16,318		17,587		18,644		18,838		17,771		18,871		18,880		19,240		18,839		18,875		18,579		19,385		19,575		19,077
Adjusted Return on Invested Capital	8.7	%	11.0	%	10.3	%	9.6	%	9.9	%	7.8	%	9.4	%	9.0	%	11.8	%	9.5	%	5.7	%	9.6	%	9.2	%	8.2	%

The following table shows the calculation of Adjusted Debt to Adjusted EBITDA:

		2023								2024								2025
		1st Q		2nd Q		3rd Q		4th Q		1st Q		2nd Q		3rd Q		4th Q		1st Q		2nd Q		3rd Q
Debt per balance sheet		6,775		7,383		7,208		7,223		7,924		7,460		7,586		7,068		7,558		8,116		7,478
Long-Term Employee Benefit Liabilities	[i]	148		148		148		125		125		125		125		127		127		127		127
Adjusted Debt	[A]	6,923		7,531		7,356		7,348		8,049		7,585		7,711		7,195		7,685		8,243		7,605

Rolling four quarter Adjusted EBITDA		3,007		3,258		3,449		3,674		3,718		3,699		3,704		3,839		3,716		3,737		3,761
Capitalized operating lease expense	[i]	344		344		344		353		353		353		353		410		410		410		410
Pension adjustment	[i], [ii]	(6	)	(6	)	(6	)	4		4		4		4		(20	)	(20	)	(20	)	(20	)
Interest income	[i]	45		45		45		86		86		86		86		98		98		98		98
Rolling four quarter cash portion of other expense, net		(227	)	(200	)	(198	)	(152	)	(94	)	(161	)	(149	)	(219	)	(203	)	(161	)	(196	)
	[B]	3,163		3,441		3,634		3,965		4,067		3,981		3,998		4,108		4,001		4,064		4,053

Adjusted Debt to Adjusted EBITDA	[A] / [B]	2.19	x	2.19	x	2.02	x	1.85	x	1.98	x	1.91	x	1.93	x	1.75	x	1.92	x	2.03	x	1.88	x

	[i]	The long-term employee benefit liabilities, capitalized operating lease expense, interest income and pension adjustment figures included in the Adjusted EBITDA calculations are based on the annual figures for the years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively.
	[ii]	Pension adjustment calculated as Net Periodic Pension Benefit Cost less Current Service Cost for defined benefit pension plans.

Note 2: NON-GAAP MEASURES (Continued)

The following table reconciles Net income attributable to Magna International Inc. to Adjusted net income attributable to Magna International Inc.:

		2023									2024								2025
		1st Q	2nd Q		3rd Q		4th Q		TOTAL		1st Q	2nd Q		3rd Q		4th Q	TOTAL		1st Q	2nd Q		3rd Q	TOTAL
Net income attributable to Magna International Inc.		209	339		394		271		1,213		9	313		484		203	1,009		146	379		305	830
Exclude:
Amortization of acquired intangible assets		10	11		25		25		71		22	23		22		22	89		21	24		22	67
Restructuring activities		92	(26	)	(2	)	60		124		32	45		-		82	159		44	9		46	99
Investment revaluations, (gains) losses on sales, and impairments		2	85		(1	)	4		90		1	2		3		6	12		8	(5	)	2	5
Impacts related to Fisker Inc. [“Fisker”]		16	10		(13	)	70		83		247	15		(140	)	39	161		-	-		-	-
Impairments		-	-		-		-		-		-	-		-		79	79		-	-		-	-
Gain on business combination		-	-		-		-		-		-	(9	)	-		-	(9	)	-	-		-	-
Veoneer AS transaction costs		-	22		-		-		22		-	-		-		-	-		-	-		-	-
Operations in Russia		-	-		16		-		16		-	-		-		-	-		-	-		-	-
Adjustments to Deferred Tax Valuation Allowance	[iii]	-	-		-		(47	)	(47	)	-	-		-		51	51		-	-		-	-
Adjusted net income attributable to Magna International Inc.		329	441		419		383		1,572		311	389		369		482	1,551		219	407		375	1,001

Q3 2025 Financial Review of Magna International Inc.

Page 5 of 6

Prepared as at 2025-10-27

The following table reconciles diluted earnings per common share to Adjusted diluted earnings per common share:

		2023														2024													2025
		1st Q		2nd Q			3rd Q			4th Q			TOTAL			1st Q		2nd Q			3rd Q			4th Q		TOTAL			1st Q		2nd Q			3rd Q		TOTAL
Diluted earnings per common share		$	0.73	$	1.18		$	1.37		$	0.94		$	4.23		$	0.03	$	1.09		$	1.68		$	0.71	$	3.52		$	0.52		1.35			1.08	$	2.94
Exclude:
Amortization of acquired intangible assets			0.04		0.04			0.09			0.09			0.25			0.08		0.08			0.08			0.08		0.31			0.08		0.08			0.08		0.24
Restructuring activities			0.31		(0.09	)		-			0.20			0.43			0.11		0.15			-			0.29		0.55			0.15		0.03			0.16		0.35
Investment revaluations, (gains) losses on sales, and impairments			0.01		0.30			(0.01	)		0.01			0.31			-		0.01			0.01			0.01		0.04			0.03		(0.02	)		0.01		0.02
Impacts related to Fisker Inc. [“Fisker”]			0.06		0.03			(0.05	)		0.25			0.29			0.86		0.05			(0.49	)		0.14		0.56			-		-			-		-
Impairments			-		-			-			-			-			-		-			-			0.28		0.28			-		-			-		-
Gain on business combination			-		-			-			-			-			-		(0.03	)		-			-		(0.03	)		-		-			-		-
Veoneer AS transaction costs			-		0.08			-			-			0.08			-		-			-			-		-			-		-			-		-
Operations in Russia			-		-			0.06			-			0.06			-		-			-			-		-			-		-			-		-
Adjustments to Deferred Tax Valuation Allowance	[iii]		-		-			-			(0.16	)		(0.16	)		-		-			-			0.18		0.18			-		-			-		-
Adjusted diluted earnings per common share		$	1.15	$	1.54		$	1.46		$	1.33		$	5.49		$	1.08	$	1.35		$	1.28		$	1.69	$	5.41		$	0.78	$	1.44		$	1.33	$	3.55

[iii] Adjustments to Deferred Tax Valuation Allowance

The Company records quarterly adjustments to the valuation allowance against its deferred tax assets and liabilities in continents like North America, Europe, Asia, and South America. The net effect of these adjustments is an increase to income tax expense in the fourth quarter of 2024 and a reduction in the fourth quarter of 2023.

Note 3: SEGMENTED INFORMATION

	2023										2024										2025
	1st Q		2nd Q		3rd Q		4th Q		TOTAL		1st Q		2nd Q		3rd Q		4th Q		TOTAL		1st Q		2nd Q		3rd Q		TOTAL
Body Exteriors & Structures
Sales	4,439		4,540		4,354		4,178		17,511		4,429		4,465		4,038		4,067		16,999		3,966		4,253		4,147		12,366
Adjusted EBIT	272		394		358		280		1,304		298		341		273		371		1,283		230		347		305		882
Adjusted EBIT as a percentage of sales	6.1	%	8.7	%	8.2	%	6.7	%	7.4	%	6.7	%	7.6	%	6.8	%	9.1	%	7.5	%	5.8	%	8.2	%	7.4	%	7.1	%

Power & Vision
Sales	3,323		3,462		3,745		3,775		14,305		3,842		3,926		3,837		3,786		15,391		3,646		3,857		3,854		11,357
Adjusted EBIT	92		124		221		231		668		98		198		279		235		810		124		162		236		522
Adjusted EBIT as a percentage of sales	2.8	%	3.6	%	5.9	%	6.1	%	4.7	%	2.6	%	5.0	%	7.3	%	6.2	%	5.3	%	3.4	%	4.2	%	6.1	%	4.6	%

Seating Systems
Sales	1,486		1,603		1,529		1,429		6,047		1,455		1,455		1,379		1,511		5,800		1,312		1,433		1,520		4,265
Adjusted EBIT	37		67		70		44		218		52		53		51		67		223		(30	)	42		62		74
Adjusted EBIT as a percentage of sales	2.5	%	4.2	%	4.6	%	3.1	%	3.6	%	3.6	%	3.6	%	3.7	%	4.4	%	3.8	%	-2.3	%	2.9	%	4.1	%	1.7	%

Complete Vehicles
Sales	1,626		1,526		1,185		1,201		5,538		1,383		1,242		1,159		1,402		5,186		1,276		1,226		1,085		3,587
Adjusted EBIT	52		34		(5	)	43		124		27		20		27		56		130		44		28		29		101
Adjusted EBIT as a percentage of sales	3.2	%	2.2	%	-0.4	%	3.6	%	2.2	%	2.0	%	1.6	%	2.3	%	4.0	%	2.5	%	3.4	%	2.3	%	2.7	%	2.8	%

Corporate and other
Intercompany eliminations	(201	)	(149	)	(125	)	(129	)	(604	)	(139	)	(130	)	(133	)	(138	)	(540	)	(131	)	(138	)	(144	)	(413	)
Adjusted EBIT	(4	)	(3	)	(29	)	(40	)	(76	)	(6	)	(35	)	(36	)	(40	)	(117	)	(14	)	4		(19	)	(29	)

Total
Sales	10,673		10,982		10,688		10,454		42,797		10,970		10,958		10,280		10,628		42,836		10,069		10,631		10,462		31,162
Adjusted EBIT	449		616		615		558		2,238		469		577		594		689		2,329		354		583		613		1,550
Adjusted EBIT as a percentage of sales	4.2	%	5.6	%	5.8	%	5.3	%	5.2	%	4.3	%	5.3	%	5.8	%	6.5	%	5.4	%	3.5	%	5.5	%	5.9	%	5.0	%

Q3 2025 Financial Review of Magna International Inc.

Page 6 of 6

Prepared as at 2025-10-27