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Appendix

Page 1

Adient plc

Condensed Consolidated Statements of Income (Loss)

(Unaudited)


	Three Months Ended September 30,				Twelve Months Ended September 30,
(in millions, except per share data)	2025		2024		2025		2024
Net sales	$	3,688	$	3,562	$	14,535	$	14,688
Cost of sales	3,441		3,317		13,574		13,760
Gross profit	247		245		961		928
Selling, general and administrative expenses	124		124		522		507

Restructuring and impairment costs	11		16		392		168
Equity income	8		25		68		90
Earnings before interest and income taxes	120		130		115		343
Net financing charges	49		50		193		189
Other pension expense	7		16		10		21
Income (loss) before income taxes	64		64		(88)		133
Income tax expense (benefit)	26		(36)		103		32
Net income (loss)	38		100		(191)		101
Income attributable to noncontrolling interests	20		21		90		83
Net income (loss) attributable to Adient	$	18	$	79	$	(281)	$	18

Diluted earnings (loss) per share	$	0.22	$	0.91	$	(3.39)	$	0.20

Shares outstanding at period end	79.2		84.9		79.2		84.9
Diluted weighted average shares	81.3		86.5		83.0		90.1

Appendix

Page 2

Adient plc

Condensed Consolidated Statements of Financial Position

(Unaudited)


	September 30,
(in millions)	2025		2024
Assets
Cash and cash equivalents	$	958	$	945
Accounts receivable - net	1,873		1,896
Inventories	695		758

Other current assets	607		487
Current assets	4,133		4,086

Property, plant and equipment - net	1,409		1,410
Goodwill	1,807		2,164
Other intangible assets - net	319		371
Investments in partially-owned affiliates	276		338
Assets held for sale	9		8
Other noncurrent assets	1,001		974
Total assets	$	8,954	$	9,351

Liabilities and Shareholders' Equity
Short-term debt	$	11	$	9
Accounts payable and accrued expenses	2,942		2,910

Other current liabilities	734		759
Current liabilities	3,687		3,678

Long-term debt	2,386		2,396

Other noncurrent liabilities	723		743
Redeemable noncontrolling interests	95		91
Shareholders' equity attributable to Adient	1,766		2,134
Noncontrolling interests	297		309
Total liabilities and shareholders' equity	$	8,954	$	9,351

Appendix

Page 3

Adient plc

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Three Months Ended September 30,				Twelve Months Ended September 30,
(in millions)	2025		2024		2025		2024
Operating Activities
Net income (loss) attributable to Adient	$	18	$	79	$	(281)	$	18
Income attributable to noncontrolling interests	20		21		90		83
Net income (loss)	38		100		(191)		101
Adjustments to reconcile net income to cash provided (used) by operating activities:
Depreciation	72		72		279		285
Amortization of intangibles	11		12		46		47
Pension and postretirement benefit expense	9		18		16		27
Pension and postretirement contributions, net	(3)		1		(18)		(20)
Equity in earnings of partially-owned affiliates, net of dividends received	20		2		36		(17)
(Gain) on sale / impairment of nonconsolidated partially owned affiliate	—		(1)		(4)		(1)




Deferred income taxes	(29)		(8)		(28)		(1)
Non-cash impairment charge	(2)		9		341		9

Equity-based compensation	12		3		32		31
Other	(12)		3		(15)		7
Changes in assets and liabilities:
Receivables	(49)		(15)		31		12
Inventories	31		42		75		111
Other assets	8		2		(129)		(57)
Accounts payable and accrued liabilities	73		72		(61)		72
Accrued income taxes	34		(49)		39		(63)
Cash provided by operating activities	213		263		449		543
Investing Activities
Capital expenditures	(79)		(72)		(245)		(266)
Sale of property, plant and equipment	18		1		34		15


Business divestitures	—		1		27		(2)


Other	2		—		(2)		—
Cash used by investing activities	(59)		(70)		(186)		(253)
Financing Activities
Increase (decrease) in short-term debt	2		(2)		1		(1)
Increase in long-term debt	—		—		795		—
Repayment of long-term debt	(2)		(134)		(803)		(137)
Debt financing costs	—		—		(13)		(5)
Share repurchases	(50)		(50)		(125)		(275)
Cash paid to acquire a noncontrolling interest	—		(3)		(28)		—

Dividends paid to noncontrolling interests	(4)		—		(90)		(72)

Other	(1)		—		(4)		(12)
Cash used by financing activities	(55)		(189)		(267)		(502)
Effect of exchange rate changes on cash and cash equivalents	(1)		51		17		47
Increase (decrease) in cash and cash equivalents	$	98	$	55	$	13	$	(165)

Appendix

Page 4

Footnotes

1. Segment Results

Adient manages its business on a geographic basis and operates in the following three reportable segments for financial reporting purposes: 1) Americas, which is inclusive of North America and South America; 2) Europe, Middle East, and Africa ("EMEA") and 3) Asia Pacific/China ("Asia").

Adient evaluates the performance of its reportable segments using an adjusted EBITDA metric defined as income (loss) before income taxes and noncontrolling interests, excluding net financing charges, qualified restructuring and impairment costs, restructuring related-costs, net mark-to-market adjustments on pension and postretirement plans, transaction gains/losses, purchase accounting amortization, depreciation, stock-based compensation and other non-recurring items ("Adjusted EBITDA"). Also, certain corporate-related costs are not allocated to the segments. The reportable segments are consistent with how management views the markets served by Adient and reflect the financial information that is reviewed by its chief operating decision maker.

Financial information relating to Adient's reportable segments is as follows:


(in millions)	Three months ended September 30, 2025
	Americas			EMEA			Asia			Corporate/Eliminations		Consolidated

Net sales	$	1,786		$	1,145		$	783		$	(26)	$	3,688
Adjusted EBITDA	$	111		$	31		$	106		$	(22)	$	226
Adjusted EBITDA margin	6.2		%	2.7		%	13.5		%	N/A		6.1		%

	Three months ended September 30, 2024
	Americas			EMEA			Asia			Corporate/Eliminations		Consolidated

Net sales	$	1,719		$	1,103		$	765		$	(25)	$	3,562
Adjusted EBITDA	$	116		$	28		$	112		$	(21)	$	235
Adjusted EBITDA margin	6.7		%	2.5		%	14.6		%	N/A		6.6		%


(in millions)	Twelve months ended September 30, 2025
	Americas			EMEA			Asia			Corporate/Eliminations		Consolidated

Net sales	$	6,856		$	4,773		$	2,983		$	(77)	$	14,535
Adjusted EBITDA	$	402		$	124		$	440		$	(85)	$	881
Adjusted EBITDA margin	5.9		%	2.6		%	14.8		%	N/A		6.1		%

	Twelve months ended September 30, 2024
	Americas			EMEA			Asia			Corporate/Eliminations		Consolidated

Net sales	$	6,763		$	5,029		$	2,989		$	(93)	$	14,688
Adjusted EBITDA	$	375		$	155		$	439		$	(89)	$	880
Adjusted EBITDA margin	5.5		%	3.1		%	14.7		%	N/A		6.0		%

Appendix

Page 5


	Three Months Ended September 30,				Twelve Months Ended September 30,
(in millions)	2025		2024		2025		2024
Adjusted EBITDA
Americas	$	111	$	116	$	402	$	375
EMEA	31		28		124		155
Asia	106		112		440		439
Subtotal	248		256		966		969
Corporate-related costs (1)	(22)		(21)		(85)		(89)
Restructuring and impairment costs (2)	(11)		(16)		(392)		(168)
Purchase accounting amortization (3)	(12)		(12)		(47)		(48)
Restructuring related activities (4)	2		(3)		(11)		—


Equity based compensation	(12)		(3)		(32)		(31)
Depreciation	(72)		(72)		(279)		(285)
Gain (loss) on disposal transactions (5)	—		1		4		(7)
Other items (6)	(1)		—		(9)		2
Earnings before interest and income taxes	120		130		115		343
Net financing charges	(49)		(50)		(193)		(189)
Other pension expense	(7)		(16)		(10)		(21)
Income (loss) before income taxes	$	64	$	64	$	(88)	$	133

Refer to the Footnote Addendum for footnote explanations.

2. Earnings Per Share

The following table reconciles the numerators and denominators used to calculate basic and diluted earnings (loss) per share:


	Three Months Ended September 30,				Twelve Months Ended September 30,
(in millions, except per share data)	2025		2024		2025		2024
Income available to shareholders
Net income (loss) attributable to Adient	$	18	$	79	$	(281)	$	18

Weighted average shares outstanding
Basic weighted average shares outstanding	80.3		86.0		83.0		89.5
Effect of dilutive securities:
Stock options, unvested restricted stock and unvested performance share awards	1.0		0.5		—		0.6
Diluted weighted average shares outstanding	81.3		86.5		83.0		90.1

Appendix

Page 6

3. Non-GAAP Measures

Adjusted EBIT, adjusted EBIT margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income attributable to Adient, adjusted effective tax rate, adjusted earnings per share, adjusted equity income, adjusted interest expense, free cash flow, net debt, and net leverage ratio as well as other measures presented on an adjusted basis are not recognized terms under U.S. GAAP and do not purport to be alternatives to the most comparable U.S. GAAP amounts. Since all companies do not use identical calculations, our definition and presentation of these measures may not be comparable to similarly titled measures reported by other companies. Management uses the identified non-GAAP measures to evaluate the operating performance of the Company and its business segments and to forecast future periods. Management believes these non-GAAP measures assist investors and other interested parties in evaluating Adient's on-going operations and provide important supplemental information to management and investors regarding financial and business trends relating to Adient's financial condition and results of operations. Investors should not consider these non-GAAP measures as alternatives to the related GAAP measures. Reconciliations of non-GAAP measures to their closest U.S. GAAP equivalent are presented in the corresponding tables that follow the definitions below. Reconciliations of non-GAAP measures related to guidance for any future period have not been provided due to the unreasonable efforts it would take to provide such reconciliations.


(a)			Adjusted EBIT is defined as income (loss) before income taxes and noncontrolling interests excluding net financing charges, restructuring, impairment and related costs, purchase accounting amortization, transaction gains/losses, other significant non-recurring items, and net mark-to-market adjustments on pension and postretirement plans. Adjusted EBIT margin is adjusted EBIT as a percentage of net sales.

(b)			Adjusted EBITDA is defined as adjusted EBIT excluding depreciation and equity based compensation. Certain corporate-related costs are not allocated to the business segments in determining adjusted EBITDA. Adjusted EBITDA margin is adjusted EBITDA as a percentage of net sales.
(c)			Adjusted net income attributable to Adient is defined as net income (loss) attributable to Adient excluding restructuring, impairment and related costs, purchase accounting amortization, transaction gains/losses, expenses associated with becoming an independent company, other significant non-recurring items, net mark-to-market adjustments on pension and postretirement plans, the tax impact of these items and other discrete tax charges/benefits.

(d)			Adjusted income tax expense (benefit) is defined as income tax expense adjusted for the tax effect of the adjustments to income before income taxes and other discrete tax changes/benefits. Adjusted effective tax rate is defined as adjusted income tax expense (benefit) as a percentage of adjusted income before income taxes.

(e)			Adjusted diluted earnings per share is defined as adjusted net income (loss) attributable to Adient divided by diluted weighted average shares.

(f)			Adjusted equity income is defined as equity income excluding amortization of Adient's intangible assets related to its non-consolidated joint ventures and other unusual or non-recurring items impacting equity income.
(g)			Adjusted interest expense is defined as net financing charges excluding unusual or one-time items impacting interest expense.
(h)			Free cash flow is defined as cash provided by operating activities less capital expenditures.
(i)			Net debt is calculated as total debt (short-term and long-term) less cash and cash equivalents.
(j)			Net leverage ratio is calculated as net debt divided by adjusted EBITDA for the last four quarters.

Appendix

Page 7

Reconciliations of non-GAAP measures to their closest US GAAP equivalent:

(a) & (b) Adjusted EBIT and Adjusted EBITDA

The following table reconciles net income (loss) to EBIT, adjusted EBIT and adjusted EBITDA:


	Three Months Ended September 30,						Twelve Months Ended September 30,
(in millions)	2025			2024			2025			2024
Net income (loss)	$	38		$	100		$	(191)		$	101
Net financing charges	49			50			193			189
Other pension expense	7			16			10			21
Income tax expense (benefit)	26			(36)			103			32
Earnings before interest and income taxes (EBIT)	$	120		$	130		$	115		$	343
EBIT adjustments:
Restructuring and impairment charges (2)	11			16			392			168
Purchase accounting amortization (3)	12			12			47			48
Restructuring related activities (4)	(2)			3			11			—
(Gain) loss on disposal transactions (5)	—			(1)			(4)			7
Other items (6)	1			—			9			(2)

EBIT adjustments total	22			30			455			221
Adjusted EBIT	$	142		$	160		$	570		$	564
EBITDA adjustments:
Depreciation	72			72			279			285
Equity based compensation	12			3			32			31
Adjusted EBITDA	$	226		$	235		$	881		$	880

Net sales	$	3,688		$	3,562		$	14,535		$	14,688
Net income (loss) as % of net sales	1.0		%	2.8		%	(1.3)		%	0.7		%
EBIT as % of net sales	3.3		%	3.6		%	0.8		%	2.3		%
Adjusted EBIT as % of net sales	3.9		%	4.5		%	3.9		%	3.8		%
Adjusted EBITDA as % of net sales	6.1		%	6.6		%	6.1		%	6.0		%

Refer to the Footnote Addendum for footnote explanations.

Appendix

Page 8

The following table reconciles net income (loss) attributable to Adient to adjusted net income attributable to Adient:


	Three Months Ended September 30,				Twelve Months Ended September 30,
(in millions)	2025		2024		2025		2024
Net income (loss) attributable to Adient	$	18	$	79	$	(281)	$	18
Net income adjustments:
EBIT adjustments total - see table (a) & (b)	22		30		455		221
Tax impact of EBIT adjustments and other tax items - see table (d)	(4)		(63)		(16)		(82)
Pension mark-to-market & settlement loss	7		14		7		14
Fees paid on Term Loan B modifications	—		—		—		1

Write off of deferred financing costs upon repurchase of debt	—		—		2		—
Impact of adjustments on noncontrolling interests (7)	(1)		(1)		(6)		(6)
Net income (loss) adjustments total	24		(20)		442		148
Adjusted net income attributable to Adient	$	42	$	59	$	161	$	166

Refer to the Footnote Addendum for footnote explanations.

(d) Adjusted income tax expense and effective tax rate

The following tables reconcile income (loss) before income taxes to adjusted income before income taxes, income tax expense (benefit) to adjusted income tax expense (benefit) and presents the related effective tax rate and adjusted effective tax rate:


	Three months ended September 30,
	2025						2024
(in millions, except effective tax rate)	Income before income taxes		Income tax expense (benefit)		Effective tax rate		Income before income taxes		Income tax expense (benefit)		Effective tax rate
As reported	$	64	$	26	40.6	%	$	64	$	(36)	(56.3)	%
Adjustments
EBIT adjustments - see table (a) & (b)	22		3		13.6	%	30		3		10.0	%



Pension mark-to-market & settlement loss	7		4		57.1	%	14		—		—	%

UTP establishments and interest	—		(4)		nm		—		(2)		nm
Tax audit closures and statute expirations	—		2		nm		—		48		nm
Valuation allowances	—		—		nm		—		16		nm
FX remeasurements of tax balances	—		1		nm		—		(9)		nm
Other	—		(2)		nm		—		7		nm
Subtotal of adjustments	29		4		13.8	%	44		63		nm
As adjusted	$	93	$	30	32.3	%	$	108	$	27	25.0	%

Appendix

Page 9


	Twelve months ended September 30,
	2025						2024
(in millions, except effective tax rate)	Income before income taxes		Income tax expense (benefit)		Effective tax rate		Income before income taxes		Income tax expense (benefit)		Effective tax rate
As reported	$	(88)	$	103	nm		$	133	$	32	24.1	%
Adjustments
EBIT adjustments - see table (a) & (b)	455		23		5.1	%	221		10		4.5	%

Write off of deferred financing charges upon repurchase of debt	2		—		—	%	—		—		nm
Fees paid on Term Loan B modifications	—		—		nm		1		—		—	%
Pension mark-to-market & settlement loss	7		4		57.1	%	14		—		—	%
NOL DTA adjustments	—		(19)		nm		—		—		nm
UTP establishments and interest	—		(17)		nm		—		(7)		nm
Tax audit closures and statute expirations	—		25		nm		—		70		nm
Valuation allowances	—		—		nm		—		16		nm
FX remeasurements of tax balances	—		2		nm		—		(17)		nm
Other	—		(2)		nm		—		10		nm
Subtotal of adjustments	464		16		3.4	%	236		82		34.7	%
As adjusted	$	376	$	119	31.6	%	$	369	$	114	30.9	%

(e) Adjusted diluted earnings per share

The following table shows the calculation of diluted earnings per share on an adjusted basis:


	Three Months Ended September 30,				Twelve Months Ended September 30,
(in millions, except per share data)	2025		2024		2025		2024
Numerator:
Adjusted net income attributable to Adient - see table (c)	$	42	$	59	$	161	$	166

Denominator:
Basic weighted average shares outstanding	80.3		86.0		83.0		89.5
Effect of dilutive securities:
Unvested restricted stock and unvested performance share awards	1.0		0.5		0.4		0.6
Diluted weighted average shares outstanding	81.3		86.5		83.4		90.1

Adjusted diluted earnings per share	$	0.52	$	0.68	$	1.93	$	1.84

Appendix

Page 10

The following table reconciles diluted earnings (loss) per share as reported to adjusted diluted earnings per share (see table (c) for corresponding dollar amounts):


	Three Months Ended September 30,				Twelve Months Ended September 30,
	2025		2024		2025		2024
Diluted earnings (loss) per share as reported	$	0.22	$	0.91	$	(3.39)	$	0.20
EBIT adjustments total	0.27		0.35		5.47		2.45
Tax impact of EBIT adjustments and other tax items	(0.05)		(0.73)		(0.18)		(0.91)
Pension mark-to-market & settlement loss	0.09		0.16		0.08		0.16
Fees paid on Term Loan B modifications	—		—		—		0.01

Write off of deferred financing costs upon repurchase of debt	—		—		0.02		—
Impact of adjustments on noncontrolling interests	(0.01)		(0.01)		(0.07)		(0.07)
Adjusted diluted earnings per share	$	0.52	$	0.68	$	1.93	$	1.84

(f) Adjusted equity income

The following table reconciles equity income to adjusted equity income:


	Three Months Ended September 30,				Twelve Months Ended September 30,
(in millions)	2025		2024		2025		2024
Equity income	$	8	$	25	$	68	$	90
Equity income adjustments:

Gain on disposal transactions (5)	—		(1)		(4)		(1)
Restructuring charges at an affiliate	(1)		—		5		—
Purchase accounting amortization and other	1		—		2		2
Equity income adjustments total	—		(1)		3		1
Adjusted equity income	$	8	$	24	$	71	$	91

(g) Adjusted interest expense

The following table reconciles net financing charges to adjusted net financing charges:


	Three Months Ended September 30,				Twelve Months Ended September 30,
(in millions)	2025		2024		2025		2024
Net financing charges	$	49	$	50	$	193	$	189
Interest expense adjustments:

Write off of deferred financing costs upon repurchase of debt	—		—		(2)		—
Fees paid on Term Loan B modifications	—		—		—		(1)
Interest expense adjustments total	—		—		(2)		(1)
Adjusted net financing charges	$	49	$	50	$	191	$	188

Appendix

Page 11

(h) Free cash flow

The following table reconciles cash from operating activities to free cash flow:


	Three Months Ended September 30,				Twelve Months Ended September 30,
(in millions)	2025		2024		2025		2024
Operating cash flow	$	213	$	263	$	449	$	543
Capital expenditures	(79)		(72)		(245)		(266)
Free cash flow **	134		191		204		277

** Free cash flows for the twelve months ended September 30, 2025 and 2024 exclude dividends paid to noncontrolling interests of $90 million and $72 million, respectively.

The following table reconciles adjusted EBITDA to free cash flow:


	Three Months Ended September 30,				Twelve Months Ended September 30,
(in millions)	2025		2024		2025		2024
Adjusted EBITDA	$	226	$	235	$	881	$	880
Adjusted equity income	(8)		(24)		(71)		(91)
Dividend	28		25		100		71
Restructuring (cash)	(30)		(19)		(131)		(52)
Net customer tooling	(2)		46		(51)		33
Trade working capital (Net AR/AP + Inventory)	(28)		(5)		22		41
Accrued compensation	13		9		35		(32)
Interest paid	(46)		(42)		(188)		(195)
Tax refund/taxes paid	(22)		(20)		(92)		(96)
Non-income related taxes (VAT)	40		4		(12)		(18)
Commercial settlements	43		42		56		56
Capitalized engineering	(9)		(27)		(44)		(33)
Other	8		39		(56)		(21)
Operating cash flow	213		263		449		543
Capital expenditures	(79)		(72)		(245)		(266)
Free cash flow	$	134	$	191	$	204	$	277

Appendix

Page 12

(i) & (j) Net debt and net leverage ratio

The following table presents calculations of net debt and net leverage ratio:


	September 30,		September 30,
(in millions)	2025		2024
Numerator:
Short-term debt	$	2	$	1
Current portion of long-term debt	9		8
Long-term debt	2,386		2,396
Total debt	2,397		2,405
Less: cash and cash equivalents	(958)		(945)
Net debt	$	1,439	$	1,460

Denominator:
Adjusted EBITDA - last four quarters
Q1 2024	na		216
Q2 2024	na		227
Q3 2024	na		202
Q4 2024	na		235
Q1 2025	196		na
Q2 2025	233		na
Q3 2025	226		na
Q4 2025 - see table (a) & (b)	226		na
Last four quarters	$	881	$	880

Net leverage ratio	1.63		1.66

Appendix

Page 13

Footnote Addendum

(1) Corporate-related costs not allocated to the segments include executive office, communications, corporate development, legal and corporate finance.

(2) Reflects restructuring charges for costs that are probable and reasonably estimable and one-time asset impairments, including a $333 million goodwill impairment and an $8 million impairment of the Adient Aerospace joint venture recorded during the twelve months ended September 30, 2025, and a $9 million impairment of the Adient Aerospace joint venture recorded during the twelve months ended September 30, 2024.

(3) Reflects amortization of intangible assets including those related to partially owned affiliates recorded within equity income.

(4) Reflects restructuring-related charges for costs that are recorded as incurred or as earned and other non-recurring impacts that are directly attributable to restructuring activities:


	Three Months Ended September 30,				Twelve Months Ended September 30,
(in millions)	2025		2024		2025		2024
Restructuring related charges	$	(11)	$	(3)	$	(29)	$	(10)
Restructuring adjustments/(charges) at an affiliate	1		—		(5)		—
Gain on sale of restructured facilities	12		—		23		10
	$	2	$	(3)	$	(11)	$	—

(5) Gain (loss) on disposal transactions include:


	Three Months Ended September 30,				Twelve Months Ended September 30,
(in millions)	2025		2024		2025		2024
Loss on sale of 51% interest in Langfang	$	—	$	—	$	—	$	(8)
Gain on sale of Setex and other nonconsolidated partially-owned affiliates	—		1		4		1
	$	—	$	1	$	4	$	(7)

(6) Other items include:


	Three Months Ended September 30,				Twelve Months Ended September 30,
(in millions)	2025		2024		2025		2024
Non-recurring contract related settlement	$	—	$	—	$	2	$	3
Consulting costs associated with strategic planning	(1)		—		(10)		(1)
Other	—		—		(1)		—




	$	(1)	$	—	$	(9)	$	2

(7) Reflects the impact of adjustments, primarily purchase accounting amortization on noncontrolling interests.